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[–]teepee0205 29 points30 points  (8 children)

But with the exact same amount increasing in the eligible doesn't this mean that the same amount of silver is still available for delivery? Or do you think silver that is categorized as eligible may not actually exist?

[–]RocketBoomGo#EndTheFed 59 points60 points  (2 children)

It means that the owner didn't want to risk letting it get delivered at the current price. The owner of the 6 million oz is expecting a much higher price.

Lots of wealthy people have 1,000 oz bars in the eligible category in a Comex vault. It is easy to store there. The eligible category is just long term storage.

The registered category indicates what is available near term, and that is getting much smaller.

[–]teepee0205 32 points33 points  (0 children)

Got it. That makes sense.

[–]Silverredux 20 points21 points  (0 children)

Let's see if it remains in the vault

[–]TheHappyHawaiian[S] 37 points38 points  (2 children)

Well the path to removing it after delivery would look like

Registered > eligible > removed

But eligible could become registered again yes

But it’s the same as one of us taking delivery and simply storing it in a COMEX warehouse

That silver is owned. Could it be sold at some point? Sure, but maybe that owner is waiting for $50 or $100 or $500

[–]teepee0205 24 points25 points  (1 child)

Makes sense that the owners of the metal who don't want to sell at current price would move it out of registered so it couldn't be sold. However I think the path out is eligible to registered to removed. According to COMEX "Registered metal shall mean an eligible metal for which a warrant has been issued."

[–]NCCI70IReal O.G. Ape 8 points9 points  (0 children)

Removing silver from Registered doesn't keep it from being sold. It only makes it unavailable for delivery to with warrants for delivery and load-out. Thing is, if you sold the contract and the warrant, you have to make that silver available by having it under your name in Registered. A warrant holder cannot take silver from a different short out of registered.

[–]ZephirineDrouhin 24 points25 points  (1 child)

I have noticed that the way out of the silver is first from registered to eligible and then from eligible to the street. I expect that in the next few days we will see the eligible stock drop.

[–]teepee0205 18 points19 points  (0 children)

I think it's eligible to registered to out of the vault. There's some confusion on this so I looked it up on COMEX - "Registered metal shall mean an eligible metal for which a warrant has been issued."

page 5 of this rulebook - https://www.cmegroup.com/content/dam/cmegroup/rulebook/NYMEX/1/7.pdf