A whale is accumulating silver futures
“By a process of elimination, it looks like a commercial entity, which uses silver for manufacturing purposes and is a continuing buyer of the metal. It would make sense that such a buyer would wish to hedge against future price rises by going long of futures. This being the case, it is a behemoth, larger than any individual processor. And that leads to one conclusion: it is probably the Peoples’ Bank of China, the state institution charged with managing all China’s silver distribution.”
USAGOLD note: Alasdair Macleod is a highly respected researcher and analyst. As a result, this report will be given broad consideration in the precious metals industry. Please keep in mind, though, that this report is opinion – well-formulated opinion, but opinion nevertheless.