If there are words to characterize the precious metals markets for July, it would be divergences and shortages. There was heavy selling in the leveraged futures market and extraordinary buying demand and shortages in physical coins, rounds, and bars.
Despite turmoil surrounding Greece and a huge sell-off in Chinese equities, traders dumped wheelbarrow loads of paper gold and silver. The expected safe-haven buying was concentrated entirely in physical bullion. Spot prices fell relentlessly during the month.
This divergence has been reported recently. But some surprising new data has come to light
In silver futures, the number of contracts where holders opted to take delivery of the bars rather than roll their contracts over, or close the position and take cash, jumped unexpectedly and dramatically in July.
If there are words to characterize the precious metals markets for July, it would be divergences and shortages. Investment silver demand draining COMEX vaults | MINING.com
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