FoxHat,
Maybe there is a cash aspect but it is not total? I am still trying to get my head around all this, I got into silver about 2-3 months ago.
Apparently this March is going to be some sort of record when it comes to silver contracts on the COMEX, take a look,
http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_futures.html
I found this bloke explains stuff pretty well on the matter,
http://www.youtube.com/watch?v=UX1IvTMxy0o
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