*Sigh* Platinum takes a dump, again...
- Thread starter DoChenRollingBearing
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my majic 8 ball just keeps comming up "ask again later" ......
Shh... be very, very quiet. Off to a good start just since 4pm close.
Ahh forget quiet, Let's Ride.
We did make the first technical target in Platinum from the chart. However, I don't have any pure or leveraged Platinum trade (just some physical) and a miner sorta tied to Pt so I don't plan on doing anything with this but still...
So I just realized they have another page that tracks the movement day to day. However, there is a VERY interesting thing on the Platinum.
Look at that HUGE EFP trade for Platinum... Someone stood for 2,165 Contracts or 108,250 oz yesterday. Comparing that to Silver only had 100 or 50,000 oz.
They even took delivery from some October contracts??? Am i reading that right, paying an extra $11 or so premium.
Look at that HUGE EFP trade for Platinum... Someone stood for 2,165 Contracts or 108,250 oz yesterday. Comparing that to Silver only had 100 or 50,000 oz.
They even took delivery from some October contracts??? Am i reading that right, paying an extra $11 or so premium.
That is why there are significant premiums on the Shanghai Exchange where delivery is assumed. Lots of dealers performing arbitrage for quick $. What happens when western dealers are exposed where they cannot deliver or go bankrupt in a squeeze?
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Salesman: "Well, that's the price if you take delivery. If you agree to never take delivery, we can give you a huge discount! Will 50% off make the deal today?"
I like these kinds of dumps.
Besides the normal deliveries someone has been taking an EFP of 500-600 contracts almost Everyday lately. That's like $40 million bucks a day.
Oops, that was silver. Try again. Holy cow Pt is MUCH bigger.
Wed June 25 - 2,750 contracts
Thurs - 785 contracts
Fri - 2,591 contracts in OCT
Mon - 850 contracts EFP plus normal 2,088 delivered in July
Tues - 1,450 contracts
Total - 10,514 contracts or 525,000 troy oz or about $735 Million dollars.
Besides the normal deliveries someone has been taking an EFP of 500-600 contracts almost Everyday lately. That's like $40 million bucks a day.
Oops, that was silver. Try again. Holy cow Pt is MUCH bigger.
Wed June 25 - 2,750 contracts
Thurs - 785 contracts
Fri - 2,591 contracts in OCT
Mon - 850 contracts EFP plus normal 2,088 delivered in July
Tues - 1,450 contracts
Total - 10,514 contracts or 525,000 troy oz or about $735 Million dollars.
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I need a little help from PMBug or someone who has paid more attention. This is the latest CME Group Pt warehouse supply.
I think the Eligible total is what they can deliver, correct? It can't be only 93,834 oz.... that has to be in thousands or something. That's only 1,877 contracts. Now I'm just getting confused. Although I do know that's why they send so much to EFP in London is because they just don't have that much supply.
| TOTAL REGISTERED | 220,633.806 | 0.000 | 0.000 | 0.000 | 0.000 | 220,633.806 | |
| TOTAL ELIGIBLE | 105,710.879 | 0.000 | 11,876.219 | -11,876.219 | 0.000 | 93,834.660 | |
| COMBINED TOTAL | 326,344.685 | 0.000 | 11,876.219 | -11,876.219 | 0.000 | 314,468.466 |
I think the Eligible total is what they can deliver, correct? It can't be only 93,834 oz.... that has to be in thousands or something. That's only 1,877 contracts. Now I'm just getting confused. Although I do know that's why they send so much to EFP in London is because they just don't have that much supply.
No, it's the Registered category that is used to deliver against contracts. I'm not at my computer at the moment and don't follow COMEX platinum, so I'm not sure how many ounces are represented by a platinum contract off the top of my head. A COMEX silver contract is 5k troy ounces. Gold is 100 or 400 IIRC.
Platinum is 50 oz per contract. That I know.
Ok so if they have the Registered category available that's still only enough to cover 4,400 contracts. And they delivered at least 2,000 contracts just on Monday.... And someone has been standing for delivery/EFP for over 1,000 / day. Anyone see a possible problem here? The market might be catching on.
