This just posted by Jesse...

Regards - VHF

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This note just received from a metals trader:

"Today is first notice day for the silver futures contract. The open interest as of the end of yesterday is a good approximation for the number of contracts that will stand for delivery, as brokers typically require any longs not funded for delivery to be sold or rolled forward by the end of trading the day before 1st Notice (some require this up to 3 days before).

Comex May silver Open Interest as of yesterday's close was 4365. I don't think this includes the old CME contract, which is the NYSE Liffe contract, so this number ultimately may be low.

These 4365 contracts equate to 21.8 million ounces, or 33% of the amount of silver on the Comex that is registered for delivery. Not enough to do real damage to the Comex inventory, but probably enough raise some eyebrows around the world. I am absolutely convinced that part of this week's pure paper attack on silver was designed to discourage longs from taking delivery."