The open interest in silver is now over a billion ounces. This is greater than all annual mine production in the world. As it comes with falling prices, it is most likely initiated by the bears, and is 'undeliverable' at these prices from a purely practical standpoint.
How it resolves will be another matter. But the fact that it exists, apparently unexamined and largely unremarked, is one of the reasons why I refer to the US Precious Metals Futures market as The Bucket Shop. If this does end badly, and the analysts, regulators, and exchanges dare to say 'we could not see it coming,' then we might want to nominate them for the next Oscar awards.
Addendum: After the bell, Tsipras has called for a special referendum vote on July 5 to decide on the ultimatum given to Greece by the Troika.
“After five months of hard negotiations our partners, unfortunately, ended up making a proposal that was an ultimatum towards Greeks democracy and the Greek people. An ultimatum at odds with the founding principles and values of Europe. The values of our common European construction. We have been presented with an ultimatum, and it is the historic responsibility of our country and people to answer this ultimatum.”
Have a pleasant weekend.