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COMEX Registered Silver Bullion Inventories Fall Sharp 38.5% in Two Weeks – Risk of COMEX Silver Default Remains
From GoldCore
COMEX Registered Silver Bullion Inventories Fall Sharp 38.5% in Two Weeks – Risk of COMEX Silver Default Remains
Spot gold and silver prices rose slightly again this morning after hitting a one-month high yesterday as equity markets internationally came under selling pressure. The Moody's downgrade of Greece and worryingly poor US economic data again pushed investors to seek the safe haven of bullion. Gold reached new record nominal highs in sterling yesterday (£945.62/oz) as the pound fell on concerns about the UK economy.
Silver Prices and Rates
Markets await key U.S. data on nonfarm payrolls Friday, while ongoing concerns over Greek sovereign debt and contagion in the Eurozone also affected market sentiment and supported the precious metals.
COMEX Silver Bullion Registered Inventories – January 1996 to May 31st 2011
Friday's U.S. payrolls is likely to show that the world's largest economy is weakening and may be on the verge of a double dip which will likely lead to further safe haven demand.
Seeing as the extent of the recovery was always exaggerated, this is not a surprise to us.
The supply situation in the silver market gets more interesting by the day.
Registered COMEX silver inventories have fallen to multiyear lows at 29,631,268 ounces. In the last 5 days they fell from 32,132,903 ounces to Tuesday’s holdings of 29,631,268 ounces. As can be seen in the table below registered silver inventories fell every single day last week leading to a sharp fall of 8.4% in 5 days.
Registered metals are those metals which meet the standards for delivery under the silver futures contracts and for which a receipt from an Exchange-approved depository or warehouse has been issued. Eligible metals are those which meet the delivery standards as stated in the rules for which no receipt from an Exchange-approved warehouse has been issued.
This is a long term trend that has been seen since the early 1990’s when total COMEX silver stockpiles were over 101.45 million ounces.
However, the scale of the drop in inventories since early 2008 is significant and the trend has accelerated in recent weeks.
Registered silver inventories are down a sharp 38.5% in just two weeks – from 41,044,280 to 29,631,268.
COMEX Silver Bullion Registered Inventories – June 2009 to May 31st 2011
The record nominal highs near $50/oz, seen 31 years ago and again at the end of April, are likely to be seen again sooner rather than later due to the increasingly delicate supply demand balance.
The scale of current investment demand and industrial demand, especially from China and the rest of Asia, is such that it is important to keep monitoring COMEX warehouse stocks.
The Hunt Brothers were one of a few dozen billionaires in the world in the late 1970’s when they attempted to corner the market. Today there are thousands of billionaires in the world, any number of whom could again attempt to corner the silver market.
Also, today unlike in the 1970s, there are sovereign wealth funds and hundreds of hedge funds with access to billions in capital.
COMEX Silver Bullion Stockpiles – 05/31/11
The possibility of an attempted cornering of the silver market through buying and taking delivery of physical bullion remains real. However it would be very difficult to corner the silver market due to the very small nature of the silver bullion market.
A COMEX default remains a risk as does a massive short squeeze which could see silver surge as it did in the 1970s and again recently leading to silver targeting the inflation adjusted record high of $140/oz.
As ever price predictions from gurus should be take with a pinch of salt and diversification remains of paramount importance.
NEWS
(MarketWatch) -- Gold, silver futures drop as dollar rises
http://www.marketwatch.com/story/gold-silver-futures-drop-as-dollar-rises-2011-06-02?link=MW_latest_news
(Wall Street Journal) -- PRECIOUS METALS: Gold Marginally Down In Asia; Silver Up
http://online.wsj.com/article/BT-CO-20110602-701855.html
(Bloomberg) -- Gold May Advance as Economic Slowdown, Greece's Debt Turmoil Spur Demand
http://www.bloomberg.com/news/2011-06-02/gold-may-advance-as-economic-slowdown-greece-s-debt-turmoil-spur-demand.html
(Reuters) -- Gold steady on weak US data, Greek crisis
http://www.reuters.com/article/2011/06/02/markets-precious-idUSL3E7H202820110602
COMMENTARY
(Zero Hedge) -- Why Gold Is Still a Good Long-Term Investment
http://www.zerohedge.com/article/why-gold-still-good-long-term-investment
(David McWilliams) -- There is life after default, take a look at Argentina
http://www.davidmcwilliams.ie/2011/06/01/there-is-life-after-default-take-a-look-at-argentina
(ZeroHedge) -- Scotia Mocatta Loses 60% Of Its Physical Silver In One Month To "Reclassification", Total Comex Registered Silver Now Under 30 Million Ounces
http://www.zerohedge.com/article/scotia-mocatta-loses-60-its-physical-silver-one-month-reclassification-total-comex-registere
(National Review) -- Keynesians vs. the Entrepreneurs
http://www.nationalreview.com/articles/267555/judge-jury-and-economist-kevin-d-williamson
(Reuters) -- Gold crash: What could trigger the inevitable (Comments are more astute than column)
http://blogs.reuters.com/reuters-wealth/2011/05/30/gold-crash-what-could-trigger-the-inevitable/#commentform
(Wall Street Journal) -- Double Fear: Gold and Dollar Rising Today
http://blogs.wsj.com/marketbeat/2011/06/01/double-fear-gold-and-dollar-rising-today/
»
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OT
TSA Stuck Their Fingers Up Miss America's Vagina at a Dallas Airport, Last Straw!
This is crossing the line. I don't care what the perceived threat is. Government thugs don't get to stick their fingers up Miss America's Vagina ever, PERIOD!
The Department of Homeland Security TSA stuck their fingers up Miss America's Vagina at a Dallas Airport recently and they knew who she was. I don't get it. Are we in North Korea now?
If you personally enjoy being treated that way, then please move to China or Cuba. I will personally buy you a free one way ticket there.
TSA agents must feel like the most humiliated employees on the planet. Too bad. This is how we must show it to make them quit their jobs and make them realize, IT'S NOT WORTH IT.
I just want to hear one TSA employee standing up for themselves, SCREAMING AT THE TOP OF THEIR LUNGS ON FILM saying; I DON'T WANT TO FEEL UP INNOCENT PEOPLE AS A PREREQUISITE FOR MY PAYCHECK!
http://www.youtube.com/watch?v=oe6mqI-x1CI
The TX house passed a bill to make this molestation a crime, but then a few letters got sent to TX senators (from the TSA) and the bill died. Threats were made of flights leaving Texas not being allowed to land in other states.
Now that gov. Rick Perry is looking to run in 2012, he's starting to kiss-ass with Washington. Maybe he can replace Biden on the ticket with BHO.
You keep thinking government is a something logical. It's not it's a violence and religous cult. Go to court get sworn in. They use a bible. That bible is full of lies. Yet they demand you tell the truth the whole truth and nothing but the truth.
Enjoy some corporate CULTure.
Oh my bad they make you raise your right hand.
The ministry in the right hand of control of Jesus are an annointed ministry - set apart by the sanctifying blood of Jesus and the annointing of the Holy Ghost. In the Old Testament the right hand of the High Priest (who then was Aaron and his sons after him) was annointed with the blood of the sacrifice of consecration. Today our spiritual High Priest is Jesus, and he has the blood of the sacrifice also in his right hand. Today, Jesus is also the lamb that was sacrificed for us, so it is his blood (in his own right hand) that is also on the door of the true ministry's heart. They are blood washed servants of the Lord, that is why they are in his right hand of control.
Hey Hep
Go spew your religion of hate elsewhere. You really make me vomit with your ignorance. While your at it, why don't you condem the Jews, and the Satanist, and what ever else your sorry ass mind can think of. What a waste of atoms.
"Go spew your religion of hate elsewhere. You really make me vomit with your ignorance."
http://www.youtube.com/watch?v=jG36OjxQWRg
Did I just get a morality check by a guy named Mass Deception.
No, I am a Female, and I conform to your beliefs. Thank you for showing me the RIGHT way to believe. I would have been lost without you. Now I am at peace...... silver shortage anyone.
Hep speaks a modicum of truth. The Christianity people follow today is a false Christianity, bastardized throughout history and subverted for political gain in which the flock now follows Babylonian pagan rituals.
I support Christianity pre Council of Nicaea 325AD.
Christianity pre Council of Nicaea 325AD.
Find us a Bible from that time and people might listen.
The church existed before bible and put the bible together, and the gates of hell have not prevailed against it, and has preserved the correct doctrine and interpretation of scripture, as was it's charge. Christian Orthodoxy my friend. A foreign concept to an American.
"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful." -Lucius Annaeus Seneca (4?BCE - 61CE)
Truer words were never spoken.
Christianity has been co-opted in America, the heart of Protestantism, by Zionists and the industrial complex. You don't need to go back to pre Nicean Council. Christian Orthodoxy since Nicea had been preserved (mostly) uncorrupted, and is still being persectuted. Did you ever think it odd that we support Sunni Muslims against the Christian Serbs in Kosovo, Bosnia, Croatia? Why do we hate the Russians so much, although they are no longer the Soviets? Because Orthodox Christianity IS the ancient enemy of the elitists, not Protestantism, Catholisism, or even Islam.
The Forged Origins of The New Testament
http://www.thepeoplesvoice.org/cgi-bin/blogs/voices.php/2007/08/06/p18661
So now they are changing the slogan to
"Don't Mess With TEXAS! (Unless you are TSA wanting to molest women and children)"
I'd ride a burro before I let one of Jerkoff's thugs touch me.
How does someone junk this? It is a very disturbing video.
Although his comment does not pertain to the article, why would you folks "junk" this? Thanks for the post Michael.
Off to the dealer in a bit. Very strange energy in the silver market this last week. Waffling. Or more like in irons, for the sailors out there.
Perhaps action awaits over the weekend? Who knows, eh? It will be a weekend, that we know well.
ORI
http://aadivaahan.wordpress.com/2011/05/26/the-video-trailer/
Yep we got 7 planets in cardinal signs right now so place is getting flooded with all the authority. So people are doing things but there's a lot of reluctance. Which is like inductance with resistance added.
Interesting Heph.
Inductance + Tunable resistance = Resonance
Perhaps a big wave is coming to a stand-still soon.
ORI
Wow just wow.
When was the change made from tunable capacitance? I didn't realize the laws of physics were legislated.
You are right and I stand corrected. A tunable capacitence indeed.
ORI
We got hundreds of millions of induced bullshit sheeple here. We will resonate the bullshit well in this country.
Yawn! Yeah sure! This silver thing has been a big bust. Stuff is posted here to get you all riled up and the big man comes in and takes all your money. Best to ignor all this hype about silver.
Hmmm, up 100% in a year does suck...WTF was I thinking?
Physical bitches
"Well, you act as if you don't remember,
the way it all used to be.
Now, one man locks up the money, another man holds the key!
A million dollar reserve note, is right there in my hand...and I can't stand the thing." -- Montrose, "Paper Money"
HOLY S**T, I thought it was only 10% down in 2 weeks.
Come on people, empty the COMEX of registered silver.
I have a purchase for next Monday.
WOOHOO
Let the FED's suck on that! YIPEEEEEEEEEEEEE!
make that your signature
Great little piece on the Argentinian default above. Please send to your greek, irish, portuguese and spanish friends. For Americans, please post on telephone poles and other message boards.
Argentina has turned default into an art form. If they could just get rid of their crony corrupt government they could make one of them work.
Yeah, unfortunately all government is corrupt. We just need to get rid of government in general.
All external government, that is. Social harmony relies on self-government.
Voluntaryism, FTW!
Using naked shorts on the futures market to knock the fiat dollar price down is only draining it quicker than would otherwise be the case.
There may be a default before the end of July.
The crimex are probably creating this shortage, just to suck everybody in and BAM, down she goes
Now THAT is some more clever psyops than the usual crap: Appeal to conspiracy.
Yea and your so smart. They use to bring in trucks to empty the wheat inventory at the end of the month to show a shortage so they could manipulate it. Trucks, to PHYSIALLY remove it. NOW it is as easy as a book entry, from one column to the other. Good luck, load up on that silver
lol, sure, they have been carrying out this "operation" for the last three years straight.
lulz
LOL, Silver only broke above 20 on 9/2010, hardly three years. Before that it was FLAT the proir 2 years. Who's the Troll now. LOLOLOL
You are, or you're fucking retarded. We are talking about COMEX silver inventories, not the price.
Check your Facts, Shortage only became an issue when the price broke above 20. But your right, who the hell am I, you make your own deluded decision.
You are spouting random crap. Why don't you try reading and understanding what people are talking about?
Go pull a chart of COMEX silver inventory. It has been declining at a 45 degree angle for three years. The price has been all over the place during that time.
And I never asked "who the hell are you", or any such crap, so stop trying to play the "I'm so oppressed" role.
You are really thick headed, I said it only became an issue when the price broke above 20.
"And I never asked "who the hell are you", or any such crap, so stop trying to play the "I'm so oppressed" role".
You implied it and would it sound better if I said "go fuck yourself" so you wouldn't think I was oppressed or maybe showing some respect to somebodies opinion. So here goes, Fuck you and your Mother!!
Sorry, kid, respect has to be earned. You can't even stay on topic. The topic is COMEX INVENTORIES. Not the price. The price doesn't matter, save to the extent that a much higher price might save the COMEX. Only the open interest and the COMEX inventory matter.
Also--U mad.
My little hoard is not in play....because I'm playing with it right now ! Well, a small amount of it I keep in the house like Linus' security blanket ! Monedas 2011 Hoarders have more fun ! Let me entertain you : http://trololololololololololo.com/
who or where are these everyone that is getting sucked in. besides myself nobody i know ownes,cares, or thinks about silver. So i guess everyone really means the zero hedge community?? so the comex is trying to suck in .001 percent of the population?
It's those gullible Chinese. Imagine, they're so dummmm they have fallen for the classic trick - we've fooled them into buying up PMs as the world's reserve currency gets devalued, dumped, and printed into oblivion. And we thought they were stupid back in the days when they were buying up all our bonds. Who knew it ran that deep??
well you know, we do control the opium fields in Afghanistan, maybe we can pull a 'Hong Kong' on China again and see how it goes this time.
Opium in exchange for their silver. We still have a bigger navy than them.
Those commies, they have kinetic military action against many countries, they have a centrally planned economy, a centrally planned currency, a single party government, corruption is endemic to the congress, there is no middle class, they execute prisoners, and hold people without trial.
Wait...what country was I talking about again? I got confused.
That must be it! The acknowledged highly leveraged naked short selling that's been keeping the price down all this time must be a reverse psy-op campaign to trick everyone into believing that there actually IS massive inflation going on so that the price of PMs will go up. The manipulator's motto: "We must keep the price down in order to lure people in at a high price." Nice to see that someone thinks enough of the ZH crowd to keep us entertained. This is better than cable.
Remember, these people are powerful, not all-powerfull. They will ultimately fall.
You said it; I feel sorry for people who are scared off physical silver because they think they're swiming in a shark tank.
the JP morg and comex are bigger than you or I, but China, India, Russia, and the pure old free markets and bigger than they...
The silver thing is getting freaky. The big boys are turning into allocated bitter clingers of PM.
COMEX needs to die. Lets unionize it to speed things up.
I see that APMEX has its own little silver "coin" for sale at exhorbitant prices. They look a LOT more like a U. S. coin than anything that Von Nothaus ever coined.
Stay on top of his case because it is vitally important!
From GATA:
GATA files Liberty Dollar brief; New York Sun examines caseSubmitted by cpowell on Thu, 2011-06-02 01:54. Section: Daily Dispatches
6:53p PT Wednesday, June 1, 2011
Dear Friend of GATA and Gold:
GATA's legal brief filed in U.S. District Court for the Western District of North Carolina in support of acquittal or a new trial for Liberty Dollar founder Bernard von NotHaus is cited in today's editorial in the New York Sun, "Von NotHaus' Question" -- the question being whether anyone but the government has the right to issue money.
The Sun says: "So where does Congress find the power to prohibit private coinage? GATA's brief argues that the right is protected by the 10th Amendment, which reserves to the people rights not delegated to the government by the Constitution or prohibited by it to the states."
The Sun's editorial can be found here:
http://www.nysun.com/editorials/von-nothaus-appeal/87371/
GATA's brief can be found here:
http://www.gata.org/files/GATAAmicusBriefLibertyDollar-06-01-2011.pdf
The press release issued by the U.S. attorney for the Western District of North Carolina upon von NotHaus' conviction can be found here:
http://www.gata.org/files/USAttorneyPressRelease.pdf
The U.S. Justice Foundation, which also is assisting von NotHaus' appeal, has established a special fund to support the appeal. Please consider visiting the fund's Internet site to make a donation:
https://grassroots.cc/2598_Liberty_Dollar_Appeal
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
there's no law against alternate currency, matter of fact there are 100's of them in the USA already....google social currency. Liberty Dollar's demise was in their naming the product w/ "DOLLAR", that's why the TPTB used the conterfiet laws against them; and it seems to me they ,LD, new this and pushed the envelope. why, to scare away others?
Nifty Down ....expecting a down move tomorrow tooo::
http://markettechnicals-jonak.blogspot.com/
COMEX fine print: settlement in cash/ETF no problem. The game goes on. We can’t have a third price for silver, cash delivery plus 25% $37 + $9.25 = $46.25
How many contracts does one need to buy to get the bonus?
Gee, imagine that.
Pretty close to what it takes to actually buy an American Silver Eagle.
Quelle surprise!
my stack has not been effected on the downside; however, today it will be effected to the upside. I could care less what the CRIMEX has to say, they are owned by the banks, the treasuary and the fed. The for the real spot price see your local coin dealer or eBay. When the local coin dealers run out, which has been the case here on more than one occassioin within the last month, the actual spot price will develop.
Bring it ON! It is TIME for the default! they have gotten away with the manipulation for years, but it needs to stop!
At the current rate of decline they have:
29,631,268 / 2,501,635 * 5 d = 59,22 d left.
Nice. Accurate too. The end of July is likely when they will admit defeat (though the data won't be made public until early August, more than likely), or else attempt to change the rules and neuter themselves as an exchange.
Is there anything drastic they could do, that wouldn't have similiar consequences to a default?
Settlement in cash would be considered equivalent to admitting there is nothing left.
Same for closing the market.
Anything else?
More margin hikes (though that is nothing but bluster). General rule changes in rapid fire succession. "Terrorist attack" on their depositories, perhaps.
Of course, even these will all have the same effect--it will start the domino effect where everyone flees paper for physical. Between now and then, you can continue to expect high volatility, and falling price. As predicted in February.
Internet hackers seems like it would work here, or perhaps they'll reveal a massive break-in to all the warehouses simultaneosly, they've been buttering us up with all the ocean's 11 remakes so we'll believe it.
TO: tmosley
on Thu, 06/02/2011 - 08:33
#1331816
"The end of July is likely when they will admit defeat (though the data won't be made public until early August, more than likely),"
......on 8/15/2011 the karmic circle will be complete.............
WTF is a karmic circle, and why should we believe that mumbo-jumbo?
TO: tmosley
on Thu, 06/02/2011 - 09:26
#1331989
"WTF is a karmic circle, and why should we believe that mumbo-jumbo?"
you just failed both your history and english finals.....and......have now demonstrated the depth and breadth of your credibility gap..................
Whatever you say, crazy person.
on Thu, 06/02/2011 - 10:19
#1332147
"Whatever you say, crazy person."
tricky dick nixon closed the gold window on august 15, 1971 setting in motion the current fiat cycle which has run it's course. the timing of current events is no accident...key players hold powerful hole cards and will reveal them in due time...sort of like an anniversary waltz for the dear old dollar..........
There, was that so hard?
Understand that when people use phrases like "karmic cycle", it makes one think they are talking about Eastern mysticism, rather than the all-too-predictable end to the fiat currency system.
I suggest you spend more time delineating your positions, and less time hurling insults.
Shit. It only took 4 stabs at getting to the matter (not including your replies).
Reading minds is not one of my strong abilities so thanks for drawing out what Mr. Obvious was saying.
Yes all the planetery motions are elliptical so it's definitely got to be a karmic ellipse. A circle would be a special case of a karmic ellipse. An International Monetary Fund would be a basket of karmic ellipses.
Source - Some greek dude.
I heard he was Polish.
Any idea what that first bberg page is? can't find it.
There we have it, 60 days CRIMEX default. The federal government has 60 days to start another conflict to add to the three ongoing conflicts.
Is that also the amount of time left until the US government defaults? Hmmm...
For humanitarian reasons...
How else can the CRIMEX avoid a default but by starting another conflict.
The COMEX running out of bullets, visualized by James Cameron:
http://www.youtube.com/watch?v=CGE_h4jBBXc&feature=related
Ggensler@cftc.gov
You are a useless POS, a bankster in regulator's garb.
COMEX has NO silver:
http://www.zerohedge.com/article/comex-registered-silver-bullion-invento...
The Morg is manipulating it:
http://jessescrossroadscafe.blogspot.com/2011/06/gold-daily-and-silver-w...
I guess if your silver is kept with Comex, you may as well kiss it goodbye
They're only keeping "your silver" if you drove up to the loading dock and gave them some to stash for you. Otherwise, you never owned any in the first place.
Nickel is the poor man's silver. At +$.06 scrap value the US five cent coin is a bargain. Get 'em before the mint changes the composition and they disappear from circulation.
Nickels Bitchez!
They made it against the law to melt them down. The $64 question is how they get away with melting the silver coins.
The real value in the nickel is the copper content (see below).
There was a melting ban in silver coinage from 1967 - 1969 and the cent melting ban of 1974 - 1978. When the composition of the nickel and cent is changed, and it will, the ban will be either lifted or ignored. The ban is designed for one purpose only: To prevent a hoarding of coinage which would put a strain on the Mint.
Stockpile away!
A $100 bank box of nickels is 2,000 count and weighs a total of 22lbs. which is 16.5 lbs of copper and 5.5 lbs of nickel.
Today's Coinflation.com tally:
Cent: Total melt value is $0.03.
Nickel: Total melt value is $0.06.
So, 6 cents is worth 9 cents melt. That's an instant 50% "profit" -- today.
Side note: The U. S. does not issue "pennies".
Side note: The U. S. does not issue "pennies".
Oh great. First the cake is a lie and now the penny loafers are a lie.
Just frikkin fantastic.
We are one goddamn minute away from being spoonless here. One goddamn minute I tell ya. :-)
Buck up, my friend. It's all ephemera anyhow.
Isn't the cent mostly zinc now?
----
Answer: 97.5% zinc and worth about $0.006
Those (1909-1982) 95% copper cents aren't too available anymore.
Does the SLV collapse if comex does? What would the spot price be based on?
This is so fucked up. Everybody hates the comex with a passion and their evil ways but Takes their inventory data as GOSPEL. Now I've seen it all.
Not gospel. It is probably lower. Certainly not higher. To report a lower figure pointlessly negates their authority.
am I missing something here or did they misspeak when they said that it would be difficult to corner the silver market because it's so small. I'm thinking it's easier to corner the market due to it's small size. No?
yeah, what he said. What gives?
Difficult to corner because it's small?
?? How does this make sense ??
right, my question exactly. It should be easier. Plus I'm thinking that the word is out from JPM (the government) that if anyone does corner the market if they aren't a US citizen they will send CIA hit squads after them, if they are a US citizen they will change the rules and do a Hunt brother on them. Otherwise I would think someone of Warren "The Lying Crook Hick" Buffet's monetary status would have already done it. just as Warren "I'm a GS crony POS" Buffet saw the ability of the market to be cornered so too would a Suadi, Chinese, Russian, etc billionaire see the same opportunity. So WHY hasn't it happened?
The Chinese are cornering the market. They are buying Silver directly from the miners. This is the reason Comex is not receiving physical Silver to restock it's vaults. I would really enjoy watching what would happen to CIA agents in China. I would pay to see them strapped in a metal chair with a Chinese man and his cart filled with all sorts of conversion promoting "toys".
I'm right there with you. You made a good point about the way the Chinese are cornering the market. And I love seeing the power of manipulation being taken away from the corrupt banks and US government as they cannot control the Chinese or to a lesser degree other nations. Soon there should be a short squeeze, there has to be.
Maybe he meant "thinly held". Cornering the market implies a single holder who can dictate the price, does it not?
Sprott had a hell of a time sourcing his big buy, and waited months for delivery. I think this is what he must mean.
Got my fingers crossed for more perfectly timed flash crashes that happen right when I get paid.
anyone here know if there's any silver left in London, and how do they fit into the mix, if at all ??
That number is a closely guarded secret. Metal can be shifted back and forth across the pond with a few keystrokes. Thing is, the actual metal doesn't move. This means that when one is insolvent, ALL are insolvent, that the dominos will start falling quickly.
What about ZKB? They claim they will redeem their ETF shares with physical and they also make a market in them close to the physical price. They allegedly have quite a stash in the basement vault in Zurich.
Alleged being the key word. Would YOU buy shares in their ETF after a COMEX default? If SLV imploded?
ZKB is the largest cantonal bank in Switzerland. They are independently audited. The Swiss have a better reputation then JPM in regards to their banking ethics.
You can take physical possession of the silver from them now, but you would either need to pay the VAT, export it or have it stored by someone like Viamat. I don't understand why they haven't had a run on their silver yet. Or maybe they have? Maybe because there's so few people know about them or how to buy their shares? Their ETF shares seem like a better deal than Sprott's fund.
You just explained why there has not been a run. If people feel that their silver is secure then there is no need to go get it. See? It's all about confidence, and its lack thereof moves markets as well as banked assets.
Yes, of course -- it's all about confidence. But the Big Question is where is that confidence misplaced/mispriced? If one can just figure that out. . . .
The actual cost of a run on ZKB isn't much -- much less than the other funds -- and you don't need to be a billionaire with inside connections either. It's mostly an inconvenience and liquidity issue.
The LBMA is different, but it has a very symbiotic and incestuous relationship with the Comex. In theory, it has a larger supply, or access to a larger supply, with a different rulebook on physical product entering the "system." However, in some respects it is a shell game, since for example if JPM is running low on its LBMA unallocated account inventory after a London fix transaction with Scotia Mocatta, JPM could engage in a swap with HSBC (London inventory for New York inventory) Silver would be transferred on the London paper ledger from HSBC to JPM to Scotia, but the swap transaction could be settled on paper by removing silver from the USA Comex dealer inventory at the JPM vault and moving it to Customer inventory within the same JPM vault (with HSBC as a customer of JPM as long as the silver remains in the JPM vault and isn't netted out in another transaction). You can try to keep an eye on the lady, but without a seat at the table and access to the data that comes with it, no one knows. Loco Londres está louco
http://www.lbma.org.uk/pages/index.cfm?page_id=28&title=good_delivery_rules Good
Delivery Rules Annex B – LBMA London Vaults
Barclays Bank PLC, Deutsche Bank AG- London HSBC Bank USA NA- London Branch, JP Morgan Chase Bank, The Bank of Nova Scotia – Scotia Mocatta, UBS AG
Good Delivery Rules Annex F – Approved Weighers
Bank of England (Gold only), Brink’s Limited Britannia Refined Metals Limited (Silver only), Deutsche Bank AG, HSBC Bank USA, JBR Recovery Limited (Silver only), Johnson Matthey PLC, JP Morgan Chase
http://www.cmegroup.com/trading/metals/silver-depositories.html
CME Group » Metals » Depositories/Warehouses Depository
New York
Brink's Inc., HSBC Bank USA, JP Morgan Chase Bank NA, ScotiaMocatta Depository, A Division of the Bank of Nova Scotia
Delaware
Delaware Depository Service Company, LLC
Weighmasters
HSBC Bank USA Weighmasters New York, NY Ledoux & Company Weighmasters Teaneck, NJ
thanks Tmosley....I appreciate the info...ag future looks brighter now !!
Does Sprott have more bullion than the COMEX now? Shouldn't he set the price? Maybe that's why his fund was demanding 20% premium to spot? If the COMEX gets down to negative oz of silver can they still tell us the what the metal is worth?
Great insight and question! Does the CRIMEX stop setting the spot price when they have ZERO ounces?
If Comex defaults, does it affect in any way LBMA?
Can CIA hit squads go after all the silver bugs all around the world ?
The community is not a huge number people but it surely is too big for have CIA hit squads go after.
We have the banksters where we want them.
They are about to transfer so much stolen wealth back to some of it's rightful owners.
I would not be suprised if Friday's NFP lights the blue touch paper on the next move up.
If Comex defaults, does it affect in any way LBMA?
Yes. The same players are present in both places. When one defaults in one place, their credit is ruined elsewhere. A COMEX default and the events following will look something like this: http://www.youtube.com/watch?v=mdT163r3dUQ
The CRIMEX sure are hastening the emptying of the registered silver what with the fiat dollar price now down to $36.30/oz
And yet silver prices are falling again today. It is down more than a buck to $39.95 as I type. Yes, registered silver on the COMEX is falling at a nice clip. Yes, electronic demand takes 45+% of silver production. Yes, investor demand is taking another 17+%. So why does the price keep falling? Are we missing something? I would like to here some theories if anyone has any.
http://www.TheAngryGrapes.Com
There be a void of gnashing of the teeth; but when there be, enough, a pandemik case of common sense will follow hence putting the spurs to mass rallies of the common and middling demanding social justice and accountability. Then you will see the elements price to trade for fiat increase hundreds and in some cases thousands fold.
After the comex defaults I hope there is an international recycling effort for copper. Just to rub salt into the wound.
There may be a default before the end of July but we can expect it to be called something else.
Perhaps the banking cartel will mount a domestic terrorist false flag operation on the COMEX.