The 'owners per ounce' for silver is trending a bit higher, thanks to the enormous open interest.
The most impressive hoard accumulated in recent times is the silver bullion held in the JP Morgan warehouse for 'someone.'
CNT is the big dealer in silver, using the COMEX warehouses to stage is silver wholesale business to the US government mint among others.
Look at the mass of registered (deliverable) silver which they hold. They are almost an anomaly in the paper markets of New York. And it is CNT that is boosting the deliverable silver that keeps the 'owners per ounce' down in the face of the increasing open interest.
