Bill,
Did you see the delivery notices?
http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf
5016 notices issued in gold…look at who issued them 4,996 came from JPM and HSBC (as if there was any doubt who the big shorts are!). But the shocker is only 56 notices issued in silver!! The shorts don’t have any silver!
Cheers
Adrian