Another Decline In Registered Silver Brings Total Comex Physical To Multi-Year Lows

Tyler Durden's picture

One would think that following the total "annihilation" (as it has already been pegged by some) in silver over the past few days, that Comex would promptly reverse its "temporary" reclassification of Registered into Eligible silver, or so the believers in Comex holdings claim. Which is why to our surprise we noticed that today, the Comex announced that the ongoing inverse reclassification from Registered into Eligible continues, with Scotia Mocatta seeing another 186 thousand ounces of physical silver moving into that dark pool known as "eligible" holdings.

This, following on the footsteps of last week's massive reclass action, which saw 20% of the Comex Registered silver being shifted away, means that today's Comex physical silver has now fallen to a fresh multi-year low of just 33.152 million ounces. Add to this the fact that there was another withdrawal of 300k ounces from Brinks, and one may wonder just how "justified" the fall in silver price has been over the past 2 days.

And for those who enjoy seeing long-term charts below, courtesy of 24 hour gold, is a long-term chart showing Registered silver inventories at the Comex. It kinda speaks for itself.

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High Plains Drifter's picture

keep the pressure on bitchez. we are close now.  BUY BUY BUY !!!!!!

tmosley's picture

You just confirmed that you are yet another troll.

COMEX inventories shouldn't be moving like this if these prices are real.  They should remain fairly static.  But they are declining precipitously.

But a troll like you doesn't understand market dynamics.

Doña K's picture

Price goes up and down, but the trend is intact. Have a nice day.

Thomas's picture

I have absolutely no idea if you are a troll but you definitely are the Junkmaster.

disabledvet's picture

just a guy who drives a truck.  what could a truck driver possibly know?

What does it all mean's picture

Not that it necessary matters and definitely not super relevant... but I bet good money that I am better educated than you.  

Wow, I heard this has happened in the past, but for the first time, ZH deleted my post.  

Cool, there you go.  Now I know.

Tyler Durden's picture

Actually what happened is that your post hit 50 junks.

akak's picture


Color me unsurprised.

Curious how the silver-bashing and naysaying trolls have really started to proliferate and run amok these last few weeks.

GetZeeGold's picture



Junked to oblivion.....and beyond.



ColonelCooper's picture

I'm hoping I missed the sarcasm there.  I don't think I did.

"what could a truck driver possibly know?"

Answer: Every bit as much as an ex-grunt in a wheelchair.  Kindly pull your head from your ass and quit trying to catch the high off of the smell of your own farts.

I am a truck driver, heavy equipment operator, and general all around blue collar dirt guy.  That doesn't preclude the ability to read, and/or "use the google".

Mr Lennon Hendrix's picture


Troll to soon rival punk as worst prison insult, lol

WeeWilly's picture

An interesting aside... in NC the worst prison insult is to call another inmate a "waterhead". News you can use on ZH!!

DoChenRollingBearing's picture

Colonel, good seeing you around again!

Disclosure: I drove a Ryder truck when I moved from Texas to DC in 1981...

tmosley's picture

The fact that you can be presented with the above chart, showing a distinct trend in falling silver inventories at the COMEX, with a sudden sharp drop off NOW, and ask "what pressure" means you are not rational.  Most people are rational, but some people have an agenda, so they pretend to be irrational.  Which is what you are doing.


What does it all mean's picture

I reply to the first poster's comment (High Plains Drifter).  Keeping up the pressure, and remarked that there is CLEARLY no pressure today.  Longterm fundamental aside, your personal p/l aside, my post was pretty straight forward...  Judging from all the people who got bent on calling me names and what not, I wonder who is off topic.  

You can track my comments, and I have always stated that Silver is going back to 40 handle, and it did today.  Face it, I wasn't along in that belief.  And there are always more readers that feel the same way, but I am just more immune to all the attacks.  It is what it is, SI dropped more than 10% today... 46 to 40.  Like it or not.  20 points round trip is more signifant than you guys are giving it credit for.  It is a trading market, not a buy and hope market.  

Guess what, I didn't even trade a single share/contract of ETF/Future/Physical.  So there are big boys out there taking your money, hand over fist.

Good luck.

tmosley's picture

You apparently don't even know what we are talking about.

The pressure isn't on the price, it's on the supply.  You know, the white, shiny stuff?  

You don't think its odd that the volume has absolutely EXPLODED while the price has gone down in an environment of declining supply?

The fact that you can't see that means you are either irrational, or have an agenda.  Either way, no-one should pay ANY attention to anything you say.


What does it all mean's picture

Does it matter?  Good luck tracking the supply on one depository, with incomplete information and your supposed "connection".

I think it is odd that you deem it okay for silver to go from 40 to 49, but when it goes from 49 to 40, it is just odd.  

Silver can go to 59 tomorrow, and it was still a time to sell at 49, 2 weeks ago.  Period.

High Plains Drifter's picture

you don't understand the pm bull nor do you understand physical holdings. its all a big paper game for you isn't it?  well guess what?  that game is crooked. that game allows them to manipulate the real price that should be governed by supply and demand but because of illegal short selling of silver shares that have no physical backing even though they are supposed to by rule and  by law, nevertheless, they continue on with this charade. well guess what. i don't care what they do on wall street mi amigo. i look around and i don't see anything getting any better, but only getting worse. so we wait. we didn't get past 50 on this rush, but we shall be there again soon. have faith....i bought my stash a long, time ago and for me, the juice is not in the getting in and out of pm etf's etc, but in the holding of real money and watching as my stash grows and grows and grows and grows. i promise you nothing will change. as i look at this present crew of scumbags running the show, i don't see any bright lights there and they will muck it up, right on schedule as they have planned. so no worries here mate.

silberblick's picture

right on ... exactly my thoughts

Mec-sick-o's picture

Better shed some light:

"The existence of a precious metals lease market results in "double-counting" of the metal, (a possible source for the fact that more gold is reported to be held than probably exists). The result may be an artificially low market price for these metals. Some gold market participants consider the entire concept of gold and silver leasing to be a fraud on the market."

More detailed at:

"Originally, the role of the commodity futures market was as a mechanism for those in the business of producing (e.g. a mining company or farmer) or using a commodity (e.g., a jeweler or food producer) to "hedge" against the risks to their business if the price of the commodity rises or falls to their detriment in the future. In the hedging world, the sellers actually own the commodity and the buyers actually want to own the commodity. In the speculating world, however, futures traders generally have no interest in owning the commodity – they are making bets that they have a better "take" on the future market than do the counterparties of their trades. When the person in the short position on an option does not own the underlying security or commodity, he or she is required (at least in the case of a security) to borrow that asset so that the trade is "covered" and the short trader has the ability to deliver the asset if the long trader wants to take delivery. This borrowing generally is achieved by paying a sort of rental fee to a broker-dealer, who then effectively freezes the asset in the account of a customer who holds the asset in a margin account so that the owner cannot sell it to anyone else before the strike date. If the short trader does not borrow the asset, the trader’s position is called a "naked short," which, in the case of a security, in theory, is illegal but relatively common. Some prominent gold and silver bugs believe that many of the precious metals short option positions in the market are naked, and that many more ounces of gold or silver have been sold than can be delivered to the "long" traders. Naked short selling is a manipulative practice, because it holds the market price down from the price that would prevail if the market were honest.21

In the precious metals markets, it is possible for bullion banks to lease gold or silver from the central banks at a nominal lease rate (reportedly, in the range of 0.5-1.0%) in order to cover their short positions. While this used to be a common practice, central bank leases of gold bullion reportedly are rare in the current market. The following is a description of the bullion leasing process in an article by Adam Jay Doolittle entitled "Central Banks Lease Gold and Silver; Distorting Markets and Balance Sheets," published in Silver Monthly:

"The most basic form of precious-metal leasing involves central banks such as the Fed taking their gold or silver to an intermediary institution known as a "bullion bank." Major firms such as Bank of America, Barclays, Citigroup, Goldman Sachs, JP Morgan Chase, and UBS all operate as bullion banks. Typically, the bullion banks might pay a 1% interest rate on the gold or silver, with the promise to return it at a specified date. The bullion bank then takes the precious metal and sells it on the open market . . ."

The existence of a precious metals lease market results in "double-counting" of the metal, (a possible source for the fact that more gold is reported to be held than probably exists). The result may be an artificially low market price for these metals. Some gold market participants consider the entire concept of gold and silver leasing to be a fraud on the market."

Rick64's picture

Give it a rest not everyone is a troll.

jm's picture

+ a few ounces of silver. 

Zero Hedge isn't the 24/7 gold and silver channel, and it's not "asshat spotlight" either.

tmosley's picture

No, but the ones screaming to the rafters for everyone to sell their silver, and unable to use simple logic or even bother to read the short article above is either not rational, or their words are being dictated by their agenda.

johnnynaps's picture

I was one that mentioned last week that Silver would be targeted for manipulation. To think that our government plus the oligarchy are going to let the population drive the price to the moon is completely absurd. Not to mention, they made their quota, now it's time to crush the little guy. When a member of the oligarchy has a net worth 5000x us common folk, we are completely out of control. Add that to a FED that prints its own destiny and any monetary revolution from the common folk will be crushed. Sorry for crushing hopes and dreams!

Dangertime's picture

I think it's odd that tmosley has any money left after calls like his.

akak's picture

I find it much odder that you continue in your relentless silver-bashing, pro-bankster, pro-fiat trolling, even though it is quite obvious that NOBODY here is buying your disingenuous disinformation and outright lies.  Your credibility here was long ago exhausted --- give it up already.

tmosley's picture

Not everyone is an ultra leveraged newb like you.

I only hold physical.  There is no paper game that can be played to separate me from it.  

I have been "wrong" for about 2.5 weeks.  All of my bullish calls prior to that time are in the money.  But you wouldn't understand that, since you are a tenderfoot trader.

Dangertime's picture

Do all noobs double their money in two weeks?

Richard Head's picture

Your claims are about as believable as meth man's Ferrari.

tmosley's picture

No, half of them do.

The other half loses all of their money.

You want to flip the coin again?

Dangertime's picture

If you think I flipped a coin, you are more clueless than I originally thought.

tmosley's picture

NO, I don't think you flipped a coin, but you might as well have.  You claim to have turned your entire ten year investment strategy, which had been a raging SUCCESS around 180 degrees, and dropped your physical silver at the drop of a hat THIS TIME, but not any other time in the last ten years, when there have been numerous periods of silver being overbought, and looking "bubbly".

Look, you can keep claiming that you aren't a liar, but it is clear to all involved that you are.

Teamtc321's picture

I'm not selling one fucking bit of my physical silver. Not happening.

Silver paper, ever chance I get to make a profit and buy physical.

bruinjoe93's picture

Paper silver is a scam.  Want proof?

Here it is

First Majestic Silver (AG) is sellling physical silver way over spot. As of 4:36 PM the spot price is $41.19/oz.  First Majestic is selling the silver they mine at $47/oz. 

The other silver sellers such as Northwest Terroritorial Mint is selling silver for a lot less but you risk not having delivery. You will have to wait 6-8 weeks for them to deliver.  In the mean time the Comex may default.

ninj4master's picture

Comex may default ? so if it's true, maybe, it may be tempted to fraud too ? i just ask

Global Hunter's picture

First Majestic is usually close to spot even until last week if I've not mistaken.  Yikes.

A_MacLaren's picture

First Majestic sets it "price for the day", and then it is unchanged, unless prices are rising.  I've purchased from them during down price days and up price days.

Silver price today is US$47.00 per oz - Will potentially change tomorrow.

Q   How do you determine your silver pricing?   A   The price of our silver is determined by our management. Instead of following hourly and daily price fluctuations we watch for the trends and price our silver accordingly.
Wackzingo's picture

I actually live very close to the Northwest Territorial Mint and they sell it in their retail store without a wait. I have never purchased more than a hundred ounces at one time but they always have enough on hand for me to walk in/out same day.

Hephasteus's picture

I knew he was a troll months ago.

Silver and gold buyers get theft protection. Silver and gold sellers get stolen from.

Pants pissers get pushy.

It's all fun and games when you just pay for shit with promises. When people want to make it real they are going to go emotionally nuts and then psychologically completely nuts. Don't forgive. Make em pay.

What does it all mean's picture

Months?  I think I only posted on silver related topics less than 4 weeks ago.  (And what a 4 weeks it has been...  Let's admit that.)  I don't even have any position in SILVER.  Come on, somebody else is making fortunes and losing fortunes.  Get your facts right!