Last week at the Comex
Last week at the Comex there were 2,010 platinum contracts added to future months. That's equivalent to 67.8% of the registered platinum inventory. That sounds like a rather healthy way to close out the active delivery month of April. BofA's house account was the biggest buyer with a purchase rate of +40% of the 662 contracts settled. Today is last notice day for the remaining 2 contracts.
The most telling aspect of last week was the number of contracts that were privately settled via EFP. For gold and silver, this is the backdoor conduit for getting physical deliveries via the larger LBMA vaults. The LPPM (London Platinum and Palladium Market) is a blackbox for information regarding trading, inventories, and settlements- there is absolutely no transparency from them therefore we can only assume that they have the same approach to EFP settlements. If this is the case, then someone is gaming hard for draining them. Last week, 272% of the Comex inventory was settled via EFP- equivalent to over 403k oz, in just one week. Heading into last week, the EFP was already running heavy, but the past 5 days have pushed it off the charts.
For the month of April, the backdoor has allowed over 900k total oz to be removed from the LPPM vault. That's nearly 13% of the total platinum projected to be mined in 2024.
With a current paper to physical ratio of 28.9x and someone (or several entities) working to drain any and all platinum in the western world- how much longer do you think this game will continue, especially at these prices?