think it was a few billion on 1 March to push the paper price back below 29
but you still are not quite getting it - there is no direct pressure from long physical demand into the futures market price
so when you buy physical silver it has no direct connection to the paper comex price
there is indirect pressure if global investment demand for silver drives investors or smelters to buy long futures contracts for delivery
there would be an influence from the price the futures contract issuers buy their wholesale bars for
- but JPM supposedly has a warchest of a billion ounces of silver or whatever with an avg price of sub $us10 + can tap lending of custodial ounces from friendly holders
so if they have low cost ounces on hand to back the contracts - they dont have to worry about their margin for selling at lower prices.
and remember 90+% of futures contracts dont lead to delivery/change of hands. they just expire or get rolled over to the next period
