Concentration of traders in the COMEX

Click on chart to enlarge.

I wasn't aware that investment banks were in the gold and silver mining business. If not, then why are they selling so many futures contracts? Do they even have any physical inventory? Farmers hedge their crops, selling forward contracts. Miners hedge against falling metals prices. Why are the eight largest bullion banks selling 160 and 120 days of worldwide production for silver and gold, respectively? Most contracts are settled with cash. What if buyers demanded physical delivery?

See disclaimers in the side bar.

Disclosure: long gold and silver, long precious metals mining shares, and thankful the bullion banks keep pushing prices down.