UPDATE Jan 22: It was correct the first time.
UPDATE: I think I have “backwardation” incorrect. It’s when the front month SIFO’s are greater than rear month SIFO’s. Not when they go below zero.
According to LBMA data, silver was in backwardation for 13 business days. The Silver Forward Offered rates are still low relative to historical prices. Premiums of silver sold on eBay are still rather high at 50%+. And so far there are 383 contracts (1.9 million oz’s; 3% of registered COMEX inventory) being scheduled for delivery in the first 2 days of January.
I mistakenly wondered when the gold would be removed from the warehouse. It seems gold was “delivered” but just from one party to another. Only about 3% of registered gold (and about 17% of registered silver) was either physically removed, or put into the “eligible” category. But apparently, ownership of about 45% of registered gold and 38% of registered silver did change hands which appears to be quite high.