http://harveyorgan.blogspot.com/2011/02/silver-deliveries-2125-million-ozcivil.html

Snips from the daily report:

"All eyes are on the front delivery month of March. The open interest on silver turned out to be 4,250 contracts a fall from 14,259 a drop of 10,009 contracts..... It looks like we may have had 1500 contracts settled for in cash."

"The comex folk announced a very tiny 252 notices or 1,260,000 oz of silver.
I would like all of you to go back to Saturday's commentary where I saw this strange transaction in inventory movement at the HSBC warehouse where 1.26 million oz left a customer at HSBC and entered the HSBC dealer section of the warehouse. The math at the bottom of the screen did not match the figures which many of you figured out. Normally we see a transaction of this type as an adjustment where we see a negative 1.26 million oz to the customer and an equally positive entry to the dealer. Why did they do it in the receiving category of HSBC and not an adjusting entry? Is there an imperfection in the inventory?
To have 252 notices sent down on the first day out of 4250 and all of this inventory coming from a customer must surely scare bankers globally that something is terribly wrong in the silver comex."