Silver 'owners per ounce,' which is the registered (deliverable) supply on the Comex compared to the total contracts for that silver that are open is elevated. And this is in a relatively inactive, quiet month for silver on that exchange.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot