Straight from my Harvey's Post, ENJOY:
"Gold closed in London (12 noon est) at $1408.50 a rise of $20.30. Silver exploded northbound with a rise
of $1.70 to finish at London closing price of $34.00 flat. There was a sense of panic on the shorts to cover as there were only buyers present and no sellers. It is getting closer and closer to a systemic commercial failure. The comex was closed today so all the fun with begin starting late tonight. I will be giving you open interests on the silver contracts and how many will be standing. Wednesday night the official March contract goes off the board. Also all option-holders with in the money silver that wish to take delivery of metal must exercise his option and then wait for a delivery of a March future contract and then stand for delivery. The March contract continues to trade as the stragglers must decide whether to roll their contracts or stand for delivery. On the 28th of February at precisely 1:30 pm, we get to see how many open interest will eventually stand. We also see the total number of notices filed to be sent down for servicing. Deliveries may begin on March 1.2011 and continue throughout the month. If we have greater number of oz than exist anywhere then a commercial failure is upon us. In that scenario, expect cash settlements and a run on the banks and the comex to fail. There has never been a failure in silver and gold. The closest we have been to a silver default was the Hunt brothers in 1980 but the bankers were bailed out by the Government. The USA had 2 billion oz of above ground silver then. Today they have none!!