Eric Sprott was on BNN today talking about Silver. You can read the reuters coverage of the appearance and the video clip on the interview here; Is this silver's decade?
Sprott made an interesting comment about the COMEX:
- "You're probably aware that when we launched our Silver Trust we had to go out and buy 15 million ounces. It took us about 10 weeks to get 15 million ounces delivered and I would point out that Silver trades 400 million ounces a day on the COMEX but trying to get 15 million ounces was very, very difficult."
The comments on the COMEX are indicative of the pressures and the short squeeze currently going on. The reality is that the 'paper silver market' and the 'physical silver market' are experiencing a huge disconnect right now.
It the words of Trader Dan Norcini (you can see his blog here):
- "Nothing will unnerve the paper shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard bullion to make good on deliveries. 'Stand and Deliver or Go Home' should be the rallying cry of the longs to the paper shorts."
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