An interesting note from my friend, Chuck Butler:
“there are short positions in Silver that are equal to 180 days of Silver production…. And that’s down from where they used to be…. Silver Guru Ted Butler, no relation that I know of, says that when the September delivery date comes around there won’t be enough Silver to meet all the delivery requirements…. And that’s when Silver not only jumps but leaps to new highs…”
It doesn’t change any views for us, but it will be interesting to see if this happens. Either way, we’re doing great on our SLV position.