"July is traditionally a big delivery month for silver, and the Comex is scraping the bottom of the barrel. Unless it can obtain a sizable relief of physical bullion at the right price, it faces at least a de facto default in delivery by way of forced settlements. A Brink's customer pulled 1,426,355 oz. out of the Comex eligible warehouse inventory today. It seems as though hardly anyone sees it coming, which is quite interesting in and of itself since the math is fairly straightforward. Your leverage keeps increasing until your financial arrangements implode. And then there is a run on assets that are not there."

Whither goest the gold/silver COMEX? Empty cupboards there = greater...uh, make that insatiable, demand for actual and potential ounces-in-the-ground.

SFMI seems to be building nicely so far.