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Another Decline In Registered Silver Brings Total Comex Physical To Multi-Year Lows
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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LBMA sets the spot/physical rate every day. If you take your physical metal into a dealer, you will get LBMA minus the spread/dealer costs. Best bet is to go to a reputable refiner, and ask what they quote off of. I'll stick with paper. In and out!
some fine comments, i think some of you pissing contest guys have big comic book collections also
Paper silver is as about as valuable as paper vaginas.
Genuine value of silver is spot plus what the Morgue pay to not take delivery. How much will it cost the Morgue to get its hands on the physical silver to cover its contracts? Thats where the genuine price is.
The 'market' value of silver is always way below what it would be without heavy illegal manipulation. What would the price of silver and gold be if the CFTC had done its job and naked shorting really banned?
We don't have a market in silver, we have CFTC supported charade market.
Eventually this will blow up, too many want and or need the physical product. The criminals will be having to pay more and more to stay physical collection.
paper vaginas?
at least make it haiku form
In the long term you are absolutely correct! These are short term hedges. Read my previous post. Buy the way. I'm up almost 100k in equity on those 4 trades in 36 hours. Not much for me, but a nice nut for some.
get a grip
http://jessescrossroadscafe.blogspot.com/2011/05/gold-daily-and-silver-w...
It ain't even close to where I bought. I am cheering this crash and hoping to get some real silver at a cheaper price. I'm hoping the coin guy isn't too smart. He sold the shit out of it at much, much lower prices, so there is hope.
Hedge/cost average. Call it what you want. Nice work.
didnt gold go through a similar shortage scare a year or two ago? People talking of gold evaporating from comex registered gold?
Geeze, what a waste of a comment section. Worse than the boxer wringing over in the Kitco forum. What a disappointment. Sparing with words and endless bickering over the same old points. Man.
is that blue line a moving average??? LOL! the places we see linear technical indicators sometimes just blows my mind.
The banksters are taking their chips off of the table. They totally expect to get away with the default scot-free then they can have some bullion at the table when the new values are discovered. They have got a really big set. I'm just riding the draft until default man. This is great. There is a discount sale on the number one investment vehicle for the past 10 years. It is too bad that only 1% of the US population is taking advantage of these events.
I think its time to let it go, the silver topic. For 1 year. Focus on gold until 50/60:1 ratio is restored.
Here we go again. Silver is crashing to 30, during May: (the chart is so old (March 13th) and bit off in timing, its already boring, but its still valid):
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
Hahahahahahahahahahahaha.
Hahahahahahahahahahahahaha.
Yeah, paper silver may crash to $30.... or even $0.
But physical silver will never see $40 again. Never.
Get ready for the bifurcation. The smart crowd with inside information are selling paper silver and gold to generate funds to accumulate physical.
Get real... or be a paper sucker. Your choice.
I only own physical G&S, and the quick price run up to cover short selling was demand that quickly evaporated. Disappointing but not surprising. I haven't sold, and am not intending to. In fact, I'm looking for a bottom to buy some more.
What I'm not sure I get is the religious fervor of those who 'scream' at people who post here who have a difference of opinion. I think a lot of us would like to see the grand schemers lose the game; and further that we'd be able to make some money and hold onto some assets with 'real' v. fiat value.
But markets are markets; and we've just seen some action in the past month that many market watchers have never seen before (not in a good way). On the same token, we are playing ball on a field where we *know* the game is rigged; and the physical market is truly detached from the paper market.
Both Turd Ferguson and Dan Norcini had very good comments on silver today. Turd said he thought it would go lower. So do I. Dan pointed out that volume was a concern. So down she blows. To the patient investor: so what?
A period of stability and consolidation will give a nice foundation for continued upward movement. Another alternative is that PMs get clobbered like in 2008 if there is a great 'unwinding' of the derivative markets.
Even so I hold PMs primarily for insurance; and hopefully to offset the inevitable and continued currency debasement. Hardly a trolling perspective...
The smart money with inside information are indeed dumping paper silver and gold... to generate funds to sink into physical silver and gold.
Get ready for the great bifurcation. Various paper silver and gold vehicles may in fact crash to $0 as their fraud unwinds (inability to get physical to back their paper).
At the same time, watch real, physical silver and gold rise and rise and rise... as fiat, fake, fraud, fiction, fantasy, fractional-reserve debt-ball-and-chain paper dollars crash and burn along with many other paper games.
Silver is down 20% in the past week or so... we're up 10.5% in the past week or so. Got to love slv options. I look forward to their raids. I make money on the raid itself, then I get to reload on more paper before it shoots higher.
Really, you guys should take a look at the system. Perfect vehicle for turning paper silver volatility into paper profits, which you can then turn into physical silver, gold, lead, food or enough cases of jim beam to supply Prohibition II, if you like. Autotrade the system via your brokerage account. Our returns are getting mighty hard to ignore.
Trending at a 941% Annualized return based on a 3 month track record. Up 7% in May already. Winning.
http://slv.collective2.com
cognitive dissonance