90% silver JFK halves down to about 2% over premium (apmex.com), indicating refineries have HALTED nearly all melting of junk silver. Likely because the lease rates are too high. Refineries in the past have not actually purchased the silver, but only lease it until refining is complete from what I understand.
A silver refiner expert may opine on whether this is changing.
Currently we are .16 from backwardation.
If it continues refinery can't hedge,so they quit buying silver,so they don't make any 1,000 crimex's bars.....
We are down to 7 cents at the end of trading (5PM ET). See if spot takes off when trading resumes. $64.13 contract vs $64.06 spot (cnbc).
.04 right now.
90% silver JFK halves down to about 2% over premium (apmex.com), indicating refineries have HALTED nearly all melting of junk silver. Likely because the lease rates are too high. Refineries in the past have not actually purchased the silver, but only lease it until refining is complete from what I understand.
A silver refiner expert may opine on whether this is changing.
JUNK is only 90% they haven't been refining that for months,from what I heard.
If we go into backwardation,they will quit refining. 999 silver even,as it's to expensive to hedge or borrow.