By Michael Lynch
Econanalytics.Substack.com
Saturday, June 7, 2025
In Comex silver trading this week 684 new contracts (3.4 million ounces) were written and 704 delivery notices were issued. News flash: NONE of those delivery notices were from the HSBC "customer" account that I have been calling out for more than a year.
This HSBC account issued 94 delivery notices (470,000 oz) on first notice day for the May contract (May 29). Since then they have not sold any silver. This is far below the average 5.5 million ounces per month they have issued over the prior 18 contracts.
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This HSBC account has sold over 100 million ounces of physical at Comex since December 2023. That metal has accounted for nearly a quarter (23%) of all physical silver sold at Comex during that span. In some months HSBC's metal accounted for more than half of all physical silver transactions.
Since a good portion of the total delivered silver is just bankers flipping metal back and forth to each other, the real impact of this HSBC account is much more than a quarter of the market. If bankers flipping metal account for half of Comex deliveries, then this HSBC metal would account for about half of the non-flip transactions.
Based on my tracking, all of the metal sold by HSBC was brought to Comex from outside the comex system. And all of that metal was brought in via 2 vaults -- Asahi's vault (79 million ounces) and MTB's vault (22.6 million ounces). Furthermore, he Asahi vault appears to have been set up solely for this HSBC account,taking its first deposit in mid 2023. That is an indication of the depth of planning by this HSBC account. ...
... For the remainder of the analysis:
https://econanalytics.substack.com/p/comexs-biggest-silver-short-is-suddenly [4]
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