So, neither party remains obligated then. Does that mean not even on a cash settlement basis? If so legally interpreted, it would be demoralizing too the extreme.

Is there a psychological or manipulative effect in that that some might interpret that other silver delivery obligations may not be honored? If the COMEX defaults, what about London? Will there be a knee jerk reaction away from silver and then a flood back into it driving it skyward...benefiting you know who?

I can't see 'them' letting a good crisis go to waste can you? They know what is coming so what do they have planned? How will the shares react? In short order (no pun intended) one should assume that the real physical shortage will drive all bullion and shares soaring.

OR, will the price of silver just go nuts? What machinations await? Will margin calls swamp the markets for a few days?

There are a million questions because somehow I just can't see things playing out the way they normally should in otherwise free trading markets. This thing just has to be planned to the benefit of big players somehow.

Look what they've done to my song, ma: http://www.youtube.com/watch?v=O0-bbSSaNFE