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Scotia Mocatta Loses 60% Of Its Physical Silver In One Month To "Reclassification", Total Comex Registered Silver Now Under 30 Million Ounces
About a month ago we indicated that Comex depository Scotia Mocatta "lost" 25% of its Registered (aka Physical) silver after the vault encountered a "reporting reclassification" which saw 5,287,142 ounces of silver moved from Registered to Eligible status, dropping the vault's true holdings from 11.8 million ounces to 6.5 million. Naturally, the response from the peanut gallery was that this was a tempest in a teacup and it was "temporary" and a-ha, any minute it would reverse, and all shall be well, everyone would live happily ever after, and the Comex would actually have silver available for delivery purposes. We decided to not hold our breath. Which after pulling today's most recent Comex warehouse data appears to have been a prudent decision, because for the first time ever total registered silver has dropped below 30 million ounces, after experiencing a 5% overnight drop across the board, primarily driven by yet another 1,456,488 ounce "adjustment" of warehoused silver from Registered To Eligible at Scotia Mocatta. As of last night, total Scotia physical silver was now 4,740,447 ounces, a 24% drop overnight, and a massive 60% drop from the total which we captured on April 20. Still think it's temporary?
Oh, and Scotia was not alone: there were comparable reclassifications at both HSBC and Delaware. But the kicker: total silver at Scotia Mocatta has barely budged. The only thing that has changed is the shift from real silver to "Eligible", or that which has no warehouse receipt issued against it, or as was described previously "a private arrangement" which has nothing to with the Comex. This is non-deliverable silver! Thus, starting with a ratio of 11.8MM to 8.8MM ounces of Registered/Eligible (or 57%/43%) a little over a month ago (on April 19), the most recent Scotia Moccata physical silver now just 23.4% of the "total." And just as troubling is that the total amount of silver available for dlivery has just fallen to a fresh all time low. Luckily, we have margin call driven liquidations such as today which will probably buy a few more days before registered Scotia silver hits 0 (but don't worry: it's only temporary).
Source: Comex
As a reminder, here is the same chart from April 20:
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We make great armaments, bullets, bombs, ships, airplanes, all that stuff. The military requires so much more. The expense side of the ledger is huge, comparable to any huge corporation. Actually not, because the military is not very efficient. We (USA) do not make the other stuff that a huge organization needs. Foreign entities will stop selling it to us because we have funny money, it aint real. then what happens to the military machine? Rome, 300 AD, same thing.
They will roll over anyone in the way, til they run out of money. War can be best be described as economies going to war with each other. Our economy is fucked, thus we cannot wage real war. This bullshit we been doing is not real war. If Barry's bosses decide to have a war with China, or + Iran, +Pakistan, + India, even the Rothschilds will not be able to support the cost. And we will lose. But more likely, it will all just come to a stop one day.
Everything the military uses has to be made in the USA. I work in sales and we just recieved an order for 600 pinch point crowbars for the US Navy that had to be made in the USA. The military helps keep this economy going believe it or not. And as long as people keep going to work everyday to make a buck money is very real because regular people only care about paying the bills and buying stuff.
By the way India and Pakistan hate eachother they won't fight on the same side. This country has the most powerful military in the world. It can wage war better than anyone.
'cept most of the high tech stuff - microprocessors, guidance systems, etc. I guess when WW3 does break out we can just throw your crow bars at then from the decks of our ships.
I agree the military is keeping the economy running though...that's PRECISELY what Eisenhower warned about when he coined the term "military-industrial complex." That's the definition of a fascist/corporatist economic system. Check out "The Wages of Destruction" to see how that worked out for the Germans.
And, no, we don't have the most powerful military in the world. We have the most over-extanded war machine in the world. A powerful military can win wars, because it is backed up by a powerful economy and a powerful political structure. A war machine just blows stuff up and stumbles around. That's the difference between Scipio Africanus's armies and the Roman Empire circa 400 AD. That's the difference between Japan after the Russo-Japanese War, and the Japanese military in 1944. That's the difference between the US in 1945 and the USA today.
Yeah I know we live in a fascist nation. Thanks, I probably know more about than you do, that's why I have to try and put up with this bullshit petty argument. But for as smart as you try to portray yourself, you are pretty naive to believe that the US military is not the most powerful military in the world. The US is technologically head and shoulders above the rest of the world. And it's pretty funny you try to compare the US to the Japanese because the US played that country like a fiddle since TR, read "Imperial Cruise" to see how it was set up for the Japanese.
Have you ever played the game Risk? It's the same principle you spread yourself out as you take over the world. You just have to place you power into the right spots at the right time. It doesn't make you weak. Nice try.
Ya i mean just look at iraq. That was an installed dicator. That had precisely what it needed to jack over it's citizens and precisely what it didn't need to stop an invasion and it was so easy. Didn't bush say it wold cost 100 million and be over in a few months. Now what happened in the really real world?
Pakistan hates us. They've been fucked over way too many times.
India is part of the system but they can only suck 10 percent of their population into the game.
Complete frikkin delusion.
600 crow bars? You are saying all kinds of stupid shit over 600 crow bars. That's like a couple thousand feet of bar stock and few guys running a few different machines for a coupe days.
What 30 grand and only 10 or 15 of it's profit you want people to die over 15 grand at most.
600 crowbars was used to make a point in how the military draws from domestic sources you stupid shit. I love you bozos. Sadam was placed into power by the US and was a former CIA agent look it up. We gave him those weapons. Pakistan funded 9/11
http://www.dailymotion.com/video/x1d6m4_911-the-pakistan-connection_news
So know what the frikk your talking about before you go ahead and run your mouth!
Romans thought they would roll over anyone in their way as well.
And they did for a very long time.
Not everyone.
All the cash I could lay hand on went into PM's as I sat there in stunned disbelief...I said to myself, the financial system is collapsing and everyone is running toward it?
Never lost a moments sleep over it, afterall its easier for a sane person to act insane than vice versa ;-)
"its easier for a sane person to act insane than vice versa "
Really?
So how have the bankers (etc) convinced the sheeple that they are in control for so long? They're very good at that. They are insane, right?
IAAR,
"So how have the bankers (etc) convinced the sheeple that they are in control for so long?"
The "etc" controls the education system do they not? If one were taught the "teacher" is always the smartest person in any room, one would believe it to be true.
But, if you were raised by your parents to be predisposed to question everything until proven otherwise one could not be a sheeple. It would be impossible.
"They are insane, right?"
No, you don't have to be insane to be corrupt, whether enabling pol or banker or cop.
There's a drop or two of larceny in everyone...and I do mean everyone. The good ones know it and control it.
The bad ones don't, they give in to it.
Its really as simple as that.
I had some stupid fucking teachers. I guess I should be thankful.
You and me both Temporalist ;-)
"They are insane, right?" wasn't a question. It was a statement ... the ? was added for the hell of it. You didn't get it, but your reply is sound nevertheless.
"You didn't get it, but your reply is sound nevertheless."
I seem to be getting more serious than ever these days ;-)
Teddy,
Truly, this time WILL be different.
The world has figured out, we HAVE no safe havens any longer.(at least that are worth a damn).
So,expect a different Flight to Saftey, this go round.
Egypt is appealing compared to the US.
It's really quite simple. When the market crashes you can buy more with your dollars.
-
So suppose that on the day the market crashes gold is at $1600 and silver $50.
And you have none.
But you have lots of FRN's.
How rapidly do you think gold and silver might rise and how likely do you think it will be that you can purchase some before it either is unavailable or too costly?
Wouldn't it have been better to have ALL - gold, silver AND FRN's on that day?
Commodities will crash with the market. I'm not saying don't be diversified. All I'm saying is don't go all in.
Commodities will crash with the market. I'm not saying don't be diversified. All I'm saying is don't go all in.
First they have to come up with a written contract.
And that seems to be a tad of a problem these days.
Too many dollars are held beyond their reach. They can't shrink the money supply because they bought too much worthless crap for many times its real market value. The Chinese could flood the FX markets with dollars any time they wanted, and it would be the end, in an instant.
You need to ditch the defeatism. Gold and silver are money. They always have been, always will be.
The check is in the mail.
I won't cum in your mouth.
We'll keep your silver safe for you....
now, if jpmorgue has 0 registered silver & 750,761 oz eligible, we shall have fun seeing how the fuk they fill this order, below!
hard to tell scotia's book from the peanut gallery, but their parent co, the Bank of Nova Scotia (same for these purposes?) has been taking down quite a bit of silver on a near-daily basis. today, + 870,000 oz, (790,000 from blythe & jpmorgue):
May 31, 2011 (Dow Jones Commodities News via Comtex) --
DELIVERY DATE: Jun 1FIRM NAME ORG ISSUED
J.P. Morgan Futures Inc. CUSTOMER 158
Rosenthal-Collins Group CUSTOMER 20
TOTAL 178
FIRM NAME ORG STOPPED
Prudential Bache Commodities, LLC CUSTOMER 3
The Bank of Nova Scotia HOUSE 174
Adm Investor Services, Inc. CUSTOMER 1
TOTAL 178
SO FAR FOR JUNE 178
Have you all considered that given that Comex inventories represent only 5% of all investible silver, that it is in fact the easiest thing to manipulate? Particularly in light of the FT Alphaville/BBC revelations about the copper market. Think about it.
http://darienwealth.com/post/6082283671/more-on-metal-inventories
So after a 200% runup and 30% correction investors are holding onto the silver for...what exactly? Possibly for a new currency to be issued? I assume that if the metal isn't disclosed on any exchange there can be no claim on it and it can't be considered part of supply.
Those "revelations" came originally from Sean Corrigan back in early 2009, and are absolutely nothing new. Also, they are completely unrelated to whatever is happening in the Comex.
And we have thought about it.
once again, 95% of investible silver is held outside of Comex. You (and your readers) are making grand conclusions about movements in this tiny slice of the market. The copper story showed how players hide inventory from LME. It is not much of a leap of faith that the same thing may be going on with silver. Maybe you are seeing a "run" on Comex warehouses, because that is exactly what they want you to believe.
If we count total bank gold reserves as part of total gold supply in which case gold would be even more overvalued, if that is what you're implying.
Actually we are just seeing a diagonal line that points 45 degrees down and to the right. And a whole lot of "transitory" adjustments.
Yes, the first domino weighs 5% of the total system. That's not going to stop the rest from falling.
What do you think is going to happen when everyone who is keeping bullion in the bullion banks sees those same bullion banks default in a very public way?
do you think that cld be what he thinks they want us to think? just kidding...lol...
A default would be practically impossible.
Notice that Tyler posted registered inventories. How would that chart look next to ETF holdings? Who controls the ETFs?
The folks who own those shares might have something to say about that, lol.
That is, IF there is any bullion in them. You think the bullion banks are just going to commit fraud in 5% of the market?
Christ, you're like a wee little baby. You just take anything at face value, and never think beyond that level. Like a baby, one day you will learn. Probably the hard way.
fraud? No. Keeping inventory out of publicly reported warehouses is entirely legal. In fact, Warren Buffet did exactly that.
As far as access to the ETF's silver is concerned, that silver can be acquired any day by simply buying shares in the open market and redeeming.
Have any facts to debate me with, or are you only good for insults?
Wow, nice non sequitur there.
Look, douche. The COMEX inventory is in TERMINAL DECLINE. The bullion banks aren't keeping bullion outside the system, because if they did, they would be forced to assay them prior to delivery, a practically impossible task.
lol, you sure do seem to think it's easy to redeem those ETF shares. Nevermind that the actual silver that they have has multiple claims against it, if it exists at all. And what, exactly, do you think would happen to the price of silver if someone had to buy 30 million shares of SLV?
I also lol that you claim I have nothing but insults, when all I did was call you naive and pepper you with facts and arguments. What, are my arguments so weighty that you have to pretend you are being repressed? Only proves you ever more the baby.
weighty arguments? Did you not know that LBMA members trade an average of 179 million ounces per day? Did you not know that SLV trades 70 million shares per day? You obviously do not understand that primary physical silver market is London. You obviously do not understand how bullion banks are really positioned in the market (they control a lot more than you think). Your claims that SLV silver is unallocated or has some claims against it are completely unfounded.
I suggest you do some reading - beyond the conspricy tin foil hat blogs - and learn how the market really works. Until then, you are not capable of debating me.
I know all these things. You are the one here who doesn't understand the concept of a domino effect. You think the LBMA or SLV is going to save the COMEX. Good luck with that, when both houses are on fire already.
Hurp a durp, u r nut cupabl of dirbatin me, hurp!
Do you understand that anyone depositing physical silver in SLV is issued shares? They don't have to buy shares and they can redeem them any time they want. You are kidding yourself if you think you have the Morgue on the ropes. COMEX is a tiny fraction of the total picture. Get real. Also, they don't have to assay the bars. Those bars are London Good Delivery.
Upon the deposit of the corresponding amount of silver with the custodian, and the payment of the trustee’s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the trustee delivers the appropriate number of Baskets to the DTC account of the depositing Authorized Participant. The sponsor and the trustee maintain a current list of Authorized Participants. Silver deposited with the custodian must meet the London Good Delivery Standards.
http://www.wikinvest.com/stock/IShares_Silver_Trust_%28SLV%29/Deposit_Si...
Yeah, I'm sure they just deposited those shares for the hell of it, and never sold them. I'm sure they would hold onto said shares forever rather than, I don't know, try to make more fiat.
You really think they would make all of these desperate moves in public if they weren't DESPERATE?
But hey, you can be poor if you want. I don't mind.
Well, one of us will probably end up poor. A wise man once said 'Time will prove all things.' We will wait and see.
Actually, no, you have gold, don't you? You won't be poor, you will be in the upper class. You can move higher or lower from there based on your actions after the currency collapse, of course.
Yes, freegold versus your hard money standard. If you don't like the current monetary system, you will hate the next one!
Nope. There is only one way to go when you hit rock bottom. NOTHING is worse than fiat. Not even nothing (ie barter).
I doubt the world will follow you to Bartertown. Fiat money and freegold, transactional currency and store of value, separate and not equal.
You want to know the median lifespan of a fiat currency? It's less than five years.
Funny that you keep harping on Freegold, yet you have yet to come up with a counter argument to my proof showing that it induces hyperinflation in the transactional currency AND collapses into a gold standard.
"COMEX is a tiny fraction of the total picture"
Yes, but how tiny? Their goings-ons appear to be having much more of an effect than their "tiny" weiner. Yes?
Too much talk about Comex with too little facts to support their actual position.
Facts anyone?
I wouldn't present the LBMA and its standards as reassuring. It is one organization that is anything but transparent. Since January 2007, (the beginning of the credit crisis and flatlining of central bank gold sales), the LBMA has cleared over 33,000 tons of gold. This represents a transfer of physical gold (in 400oz LGD bars) among LBMA members and their clients amounting to over 123% of the world's entire aboveground supply of investment gold (per WGC estimate). That entire supply (and baseline 123% calculation) would include (before raising the 123% figure): unreported official reserves, bars held by the ETFs (which can be audited over time), the entire pre-2007 worlwide gold coin supply (which could be relatively easily totaled and backed out), as well as the entire worldwide pre-2007 gold round and bar supply held by gold bugs.
"95% of investible silver is held outside of Comex"
Where are the stats? Would love to see them.
http://darienwealth.com/post/4262198839/on-comex-silver-inventories-you-see-what-they-want-you
lol, you wrote that, you big homo.
haha - yup BIG HOMO
Appreciate the reply BOF, but a single link to a blog site ... well...
Appreciated nevertheless.
the data is all in that post, as well as a link to the source
A source from the same blog site BOF?
Yup, that makes it real.
Come on... what are you up to?
here's the source of much of the blog post:
http://www.silverinstitute.org/images/pdfs/SilverInvestReport09.pdf
See, data is a funny thing. The key information THIS reader gets from the chart on the bottom left of page 32 of that report is that "Identifiable Bullion Stocks" have halved between 1990 and 2009. Also, 90%+ of these bullion stocks are 'held privately' - which I take to mean they are neither in exchange warehouses, nor in government mints.
The article you cite is indeed a very interesting and comprehensive one (if a bit dated at this point), but I would recommend a re-read with a (more) open mind as to the interpretation of the contents.
But they nevertheless "represent only 5% of all investible silver" Tyler?
Also, why are "they completely unrelated to whatever is happening in the Comex"
I'm doing my best to think about it.
Love ZH. Looking for the truth, as you are.
Why, that's odd... the charts indicate JP Morgan has no eligible silver. I guess they could borrow from the others if they happen to need some. Heck, there's 31 million ounces. Still, you'd think such a big bank would keep a ready supply for covering future uncertainties. Hm.
This doesn't represent their total physical holdings. The JPM "vault" is a baby vault - just recently opened under what many consider suspicious circumstances. Sort of like in 2008 when Goldman and MS said "Yeah, we're banks too" so they could get tons of free money. So now JPM has recently said "Yeah, we're a depository too!" Your guess is as good as mine as to how they intend to use it to perpetuate the shell game. So far, nothing worth mentioning has even been deposited there.
Tomorrow DJI up 100+ points and Silver back to $38+
Those who Sold today will buy higher tomorrow - end of
story. Silver already surging higher.. Too many housewifes
playing with computers, that's the only problem. :)))
nobody knows how much silver [or gold] remains - we haven't even drilled 1 inch into the mantle yet. I'm a Geologist, and I can tell you: there's alot more gold + silver in the mantle than in the crust [where we live.] Both are 'heavy' elements, and their concentrations can only increase as one heads towards the earth's core [which is iron]. No one can answer how much silver remains in the crust either...do you really believe we've discovered every last bit of it? Of course, the material in the mantle is inaccessible at the present time; we cannot yet drill that deeply into the crust to penetrate the Moho [crust / mantle boundary]. Same holds true with oil: there's no way we've discovered every last bit of it. However, our current rate of usage far outstrips any new supplies, no doubt there. Bottom line: I wouldn't worry about how much silver or gold remains, that's not the issue. It cannot be created with an <enter> keystroke, remember that! Every ounce you buy helps destroy the NWO boys, that's the important issue!
Do you know when the last new significant silver deposit was found, as opposed to just picking over the remains of what the old timers left in the 1800's?
As a geologist, you should also understand that the deeper you go into the crust, the more costly it is to collect the resource. A lot of silver/gold in the mantle does no one any good if it costs more to mine than you would ever see in return.
Which makes what has already been mined more valuable, in labor & fiat terms, not less.
Five dollars.
LOL!!!...to dig it.
you,re not a geologist, thats just what you call yourself (the earths core is iron). did your high school science teacher tell you that? silver is deposited close to the surface. the greater the depth a mine reaches, the less silver in the ore.
How funny is that it only takes $100 millions to control these silver stockpile. I think Gold and Silver shall be took out of future market and traded in a special physical market where people trade them by token and these tokens have to match physical on hand everyday.
You sell your gold and silver and within months Greece defaults, followed by Portugal, Ireland, Spain, etc. etc.
You sell your gold with Obama, Geithner and Bernank in charge.
You sell your gold and silver as the dollar slowly collapses into the abyss.
You sell your gold and silver as the global economy moves into recession and America moves closer to a depression.
Yup, really smart. Can't argue with the "brilliant ones"
It seems to be getting harder for the perps to explain the fix. You have to be smart to go long short.
Funny how a year's worth of silver production is bit-flipped on the SLV ETF and COMEX futures every single day.
They should just get rid of SLV and get rid of silver futures and let people trade physical only via coin and bullion dealers.
That will kill the volatility in one fell swoop.
doya think more ETFs opened than PM mines, RT? y-o-y.
Do you read anything posted here or just babble to yourself?
wonderful idea. So the bid/ask spread would go from 0.1% to 10%. Great for the dealers, not so good for investors.
Some people want to buy in decent quantities. Fragmenting.the market would reduce liquidity and reduce volatility as well as prices.
The comex is the bullion dealer for the small wealth players. The really big players dont.bother with the comex.
Only a tiny fraction of comex contracts ever deliver. It's a market to trade the price, not the metal.
100% of contracts that stand for delivery at the end of the front month must be settled by delivery of metal BY LAW.
If longs are unwilling to sell their positions, they can force shorts to remain in their positions past the end of the front month.
This WILL happen. Probably over the next two months.
NO shit..try hauling 12 Monsterboxes. That'll slow things down in a hurry at about box 8..LOL! But guess what.. no counterparty risk like GLD or SLV, which are basically Derivitives accounts. I'll take just one of my Monsterbox Eagles to any Gun or ammo dealer in Buenas Aires Argentina and I figure anyone crazy enough to take 100,000 shares of SLV in with me could pretty much wipe their ass with them purdy shares of shit while I'm backing up the truck to load anything I want in the store, including the store itself! COUNTERPARTY.. these ETF guys are totally forgetting there is zip value outside of Chicago or Manhattan. They must be living in cyber houses and driving Microsoft cars I guess. Hell..maybe they're vaporware too!
The coolest thing about this collapse is that I can start making valid comparables between personal holdings and those of a bank.
It's happened several times now where someone with a relatively small physical position in PM can be holding a meaningful percentage of a bank's physical position.
That's an indicator true wealth.
Yup. It's the most awesome feeling in the world. Until you realize you could haul that much around in the back of a pickup. Then you realize just how fucked the system is.
Then you buy more silver.
Can someone clarify this to me...From what I understand, the amount of Physical silver held has dropped(according to the article), so shouldn't this cause a supply demand issue and cause the price to go up?? Instead last night it dropped by 5%. Also the bad data out of the US and the debt issues of the EU should cause a price increase in Silver shouldn't it? http://macrobusiness.com.au/2011/06/qe3-chicken/
Just a newb at this so some simple clarification would be appreciated.
The law of supply and demand trumps everything else. Blythe, JPM, the FED are all just stupid. Sure, they knock silver down for a short while, but that only causes more physical buying, which causes a bigger shortage, then the law kicks in. What they are doing, is causing a bigger runup in silver in the long run.
Absolutely. Like how a pathaological liar, if part of their lie is exposed, will produce new lies to cover the old ones, and continue spinning new lies. And with each new lie, they hasten the time when all their lies come crashing down on them and they stand fully exposed. But these people have no shame. At this point, they may be suppressing the price for absolutely no other reason than to help each other accumulate the last little bits that are available at a discount price.
Are you sure these bullion dealers are not just trying to make people on sites like zerohedge think there is a silver shortage and wipe everyone into a frenzy and rush to buy silvers at inflated prices?
Oh yeah, that's it! When's the next turnip truck coming by?
All these silver pumping on sites like zerohedge has made silver price extremely volatile.
Go look at some charts for Au and Ag that date back a few years and then figure out how wrong you are.
Jonathan Lebed FTW !
More people buying something doesn't make the price volatile.
Oh ya! And JPMorgan is in on it too. They habitually short the market by billions of dollars all to create a buying frenzy at inflated...but....also....deflated prices.
Wait a minute...huh?
JP Morgan play both sides of the market, they run the price up to create a mini-bubble, then short it all the way down as the bubble burst
And you should also.
Behold the miracle.....a troll is born ! Monedas 2011
LOL!
Weird. Didn't we see this exact comment and set of replies on a post a couple of weeks ago? Maybe it's a coincidence. There's really only one thing to keep as a guide here: in the absence of massive naked short selling by the banks, there would be a parabolic move to reach the true supply/demand price, which at this point no one really knows, but if Jeff Christian's moment of accidental truth-telling is any guide, it's a figure few silver bugs imagine. Thus, any talk of a run up in price that is favorable to the banks means merely an application of the brakes on naked short selling. Slow down the what's-supposed-to-be-illegal shorts that are simply making the market a lie as to how much supply there is, and the price rises. Pick up the pace again and the price drops. Yes, when one has carte blance to manipulate the market they will certainly make money going up and make money on the way down. However, there is a net net at work in the fact that the long positions they take equate to nothing more than if they had slowed the rate of naked shorting. In other words, every long position they enter will drive the price up and will need to be answered in short order (no pun intended) by a naked short to keep the price contained again.
Common sense should probably tell us that when the silver shit hits the fan it will be glossed over because of greater manufactured financial problems. We will bail out the Morgue but for different reasons that are offered coincidentally happening simultaneous to their silver short ass-cleaning.
They're called "Seminar Trollers" ! Monedas 2011
17 weeks, 6 days.
All posts trolling silver owners.
Hi Mr. Sock Puppet.
silver circle jerk
Do you make enough as a corporate forum plant to pay the bills or is this supplemental income?
ZH,
Can't we find an investigative reporter who can interview the controller and warehouse managers at Scotia, HBSC and Delaware to fine out what kind of silver inventory they really have? Are they cooking the books?
There must be someone who wants to talk if they are cooking the books.
People have tried. They don't talk.
Back up the truck. Buy physical. Demand settlement of futures in physical. Break the back of the predator paper manipulator crime syndicate.
Finally, start to demand payment in silver or gold.
I have.
I paid a titty dancer with a tenther american eagle but it took a while to convince her it was real. I showed her the golddealer.com website.
I got two hours of personal attention!
Show people the websites and educate. I saw a convenience store.clerk give away a silver american eagle to her friend.for a buck. Neither knew what it was worth. They thought it as a novelty of no greater than denomination value. Some person spent it ( probably stole a bunch and didnt know the value)
Richard Rusell very bullish on silver. His newsletter shows the 150 day moving average respected. Hi ho silver.
"Rebooting" of US currency just a matter of time...(fractionally backed by PM?).
When will Ben Bernanke come to a microphone and speak the magic words ?
The author speaks with a silver tongue.
After all, "Silverness is next to Godliness."
So What. That means the COMEX has a billion dollars of silver...Oh wait. The U.S racks up that much on interest to our debt every 3.6 seconds...or the Fed owns 1000 times that value in U.S. debt from just the past couple years. Ok. We're screwed.
Im so sad ... all invested in physical silver and gold ... no more paper to buy the dips ... just enough to handle a banking holiday ... but happy that any of my friends here with paper can do so. The European group GEAB predicts a black swan convention late Summer ... I think it may happen sooner ... my brother inlaw just left Denial City and converted a substantal IRA into physical PMs ... and this trend, friends, is not a fiat friendly and bankers should be shitting as this guillotine begins its rapd descent.
I have tried to convince everyone I can to keep only the minimal amount possible in banks. You arent losing any interest by keeping it elsewhere, even a safe deposit box, your freezer, etc. Anything but allow these criminal banks to use it.
Also right before you retire, if all you have is social security and anything else well hidden, run up your CIty, BOA, or other major criminal organization credit card. They cannot garnish your social security check.
Oh joy! I finally convinced my pops to retire, pull his 401K, build his house and buy silver. Right at the time we pushed through the debt ceiling. I hope this shit stays low all through summer and fall so the old man and others in my family can ride this train to the other side. Fucking Robin Hood ish.
I persuaded my mother to start buying gold four years ago ... her only investment which has turned out well, in spades. Few listen, it seems, but those who do have been rewarded and protected from the coming cataclysm.
I'm guessing that was a pleasant surprise for you? I thought my parents would tell me I'm mad. Turns out the only ones who treat me that way are my friends who just graduated law school or work in banks! Pretty validating responses coming from people in those positions.
She'd think you're a freakin genius if you told her to dump it now. The transition out of inflation thinking to deflation thinking will take about 6 months. Gold will absolutely crater and the boiled frogs will wonder what is going on as a "typical" correction turns into a rout. Soros is no idiot when it comes to selling a gozillion dollars worth of gold. Today's action was anything but bullish in the face of the long awaited equity "reckoning". Forex gold update on May 30th...
In the last two weeks we have experienced a lot of sell orders and the ratio of sell to buy orders has been the highest since our foundation in 2003. Value buyers emerged last week but much of the buying was by existing clients adding to their holdings.
Since Soros sold hasn't Gold gone up ? ...... The ratio of sell orders to buy orders is the highest since your foundation in 2003 ? Hmmm ? Does that mean there are more sell orders than buy orders ? Does that mean the sell volume in ozs is greater than the buy volume ? Girls can be trolls too ! They're called Trollettes ! Just askin' ! Monedas 2011 Trollin' for Trolls
Obviously no way to predict the future, but people bragging about convincing their parents to go all in to an undiversified speculation is often a sign of frothiness.
Thirty percent in precious metals of someone's net worth is about the limit of prudence.
Five to ten percent will insure you against a fiat.collapse. Even the great Tyler said so and showed the calculations.
Five to ten percent will insure you against a fiat.collapse.
Right; as long as you start out with 2000% to 1000% of what you need.
Scottia is a buillon bank with no buillon.
Story 6-9 months ago picked up by GATA about a father and son who wanted to see their pile of estate silver held by Scottia (perhaps 1 million $$ +/- worth or so), for which they were being charged storage. But Scottia refused to let them see it, and gave them the runaround for a long long time.
When they finally did get into the vault, they also noticed there was a shockingly low total amount of silver. They reported that the place was virtually empty except for their silver and a few other stacks and smatterings.
It also came out, naturally, that they were being charged the storage when the physical had not been there, but some silver had to be located in Asia to cover their claim, hence the delay.
I posted this before and believe this press release is the reason why they are writing-off their physical silver. They must have got stiffed on those so called "Physical Loans".
Oct. 11, 2006
ScotiaMocatta acquires approximately US$900-million of precious metals loans from Bank of America
TORONTO, October 11, 2006 – Scotiabank’s precious metals division,
ScotiaMocatta, today announced that it has completed the acquisition of
approximately US$900 million in precious metals loans from Bank of America,
further strengthening ScotiaMocatta’s position as a global bullion leader. The
transaction closed on October 10, 2006.
“This agreement fits well with Scotiabank’s strategy to seek growth opportunities
in selected areas where we have recognized global strength, expertise and
product capabilities,” said Rick Waugh, President and CEO, Scotiabank. “It will
further enhance our position as a market leader in dealing with industrial
manufacturers that have precious metal requirements. It also enables us to
expand our bullion relationships in the North American market, complementing
our existing leadership position in Europe, Hong Kong, India and the Middle
East.”
“We are very pleased to welcome these clients to ScotiaMocatta, a name that
has been synonymous with bullion for over three centuries,” said Barry
Wainstein, Vice-Chairman of Scotia Capital and Global Head of Foreign
Exchange and ScotiaMocatta. “As one of the world’s top bullion dealers, our
clients can access a full range of precious metals trading, financing and physical
products and services.”
A number of factors have made me and Im sure many others somewhat fearful of their high ratio of silver to gold exposure, mine being around 100 to 1. There is fofoa who, with his erudition and Olympian attitude, seems certain about freegold, minimizing silver and, of course, the recent smackdown of the Crimex price, plus the plethora of trolls. But nothing yet convinces me that there is not a real stortage and I see no change that would suggest that silver will not continue to appreciate faster. Eric Sprott and Bill Haynes of CMI are no babes in the woods and have in the PM business for decades ... I wonder what their take on fofoa is or other arguments that silver will not fare as well as gold. I suspect that Nassem Taleb of black swan fame might suggest a more even balance of silver to gold on the general principal that a rare event might render silver (or anything else) much less valuable and, so far, that is the only plausible argument that has convinced me to lower my silver-gold ratio. I would welcome any observations on the topic. Thanks.
Silver will become less valuable if it's too expansive, if silver goes over $100 dollars, it will cease to be an industrial metal because industrial users will substitute cheaer metals.
Silver may well go down in price, but silver is also known as "the indispenseable metal" precisely because cheaper alternatives are simply not possible - it has unique properties particularly in plastics catalysts, medical products, high quality bearing srfaces, aerospace, electronics, and other applications. The mined supply is not able to be ramped up quickly because silver is largely a byproduct of copper mining, which in turn is subject to a different sort of demand pressure.
There aren't many silver applications where a doubling of the price of the commodity would lead them to seek alternatives. When the cost of silver in a $1000 TV goes from $2 to $4, it doesn't really affect the bottom line that much, certainly not enough to reengineer the TV to use cheaper materials.
Maybe when silver gets close to parity with gold, pushing the production cost of said TV from $200 to $800, but that is in an environment of widespread inflation anyways. Those manufacturers would quickly go out of business anyways, as no-one would be buying TVs at any price, as food and fuel costs had increased 100-fold.
Lawrence1, what do you think? Are we being fooled at the COMEX as the Comex is only showing "what they want you to see"? If so, WHY the hell is everybody staring at these stupid inventory charts and not having f.i discussions how we could accelerate systemic risks to get rid of these manipulative systems & schmucks
The writer claims that there in plenty and plenty of investable silver available outside the Comex as the Comex inventory represents only 5% (five percent) of the investable silver.
If the writer is right, what is the fuzz about?
http://www.tumblr.com/tagged/comex+failure
Jesse has this comment:
"There are some rules passed a few years ago, delivery limits sanctioned by the CFTC, that prevent a large entity from taking too much physical bullion in a single month, and enforcing a paper settlement. I think that is why the inventory is undergoing a slow but very steady drain.
In other words, THEY can SELL as much as they wish, but YOU can only TAKE as much as they allow you to take at the current prices. That might sound like a con by any other name, but it is certainly no definition of market pricing of a physical commodity when you can sell what you wish at whatever prices you set, but then refuse delivery at those prices.
When and if this market leverage breaks, the silver on the periphery, the non-eligible supply of smaller bars and coins, is going to evaporate given the large amount of leverage in the unallocated silver bullion that people believe that they own, and the realization that the confidence which investors have had in the integrity of US markets has been abused. The silver on the periphery is a relative drop in the bucket compared to the growing demand from millions of buyers, however relatively smaller than the bullion banks which each individual buyer may be".
http://jessescrossroadscafe.blogspot.com/2011/02/registered-silver-ounce...
I dont trust Crimex or, for that matter, any other data from official sources. I believe that there is a severe physical silver shortage and that longstanding and often extreme manipulations of the Comex silver ... and gold price .... support the view of real shortages.
And I believe, too, that there is less silver available to buy than gold. I tend to believe Eric Sprott, Bill Haynes at CMI and others who have been in the business for decades.
excuse me, I've got to go and take a Hamy Wanker and wipe my Math Man........then wash my hands of course.
+1
The JPM bank might not have the gold or silver.
But the JPM banksters and Rothchilds have tons and tons of both metals.
What do you think because you have a few hundred ounces that you're going
to own those guys? Get real. These fuckers have shit loads of the stuff.
Just read on Rense a report that Putin was informed by Russian secret service that DSK was arrested for discovering-learning that there is no gold in Fort Knox ... DSK was investigating why the US had not met an IMF gold committment. And then his Egyptian banker friend (a 74 year old devout Muslim) is charged with molesting a hotel maid too. I smell black swans.
Tyler declared that story a fraud a few days ago.
Right, it's not like the crooks didn't raise margin requirements 5 times in 8 days or anything.
So some of the dealers want an inventory outside of the comex for the revaluation that will occur after a default. That is why when the new generation of trolls voice their concerns about confiscation I discount it because why would the dealers remove their inventory if a confiscation from the Treasury was pending unless of course they expected their inventories to be exempt from government confiscation hmm? JP Morgan pays off the traders standing for delivery of physical because they can and the price of Silver catapults to a new high. The majority of investors are aware of the actions taken by the government in 1933. Metal investors in America are much more poised locked and loaded for such a contingency this time around. The cost-benefit analysis of going house to house with swat teams to confiscate it doesn't look so good either. There's alot more involved emotionally when you are addressing confiscation. 99% of the public would let the banksters get away with stealing my metal. I can tell you unequivocally that I would deal out some lone wolf justice if they tried that stupid shit.
Myself I have a safe deposit box. A really big one. You can't leave this stuff lying around all in one place now. There are crooks you have to worry about in the street. A safe deposit box is really good protection against those bandits. A home invasion is much more probable tomorrow than a government confiscation. It gets to the point where you have to have several places to keep your metal. I am better off then 99% of the public if I have to escape to any one of my metal pods. Look at your safe deposit as bait for those stinking bastard bankers. When they take it clamp down.
Hey all, why is it that the price of Silver dropped when the amount of physical silver has declined? Should this be simple supply and demand?..The less silver, the higher the price right? Then why did it drop by 5% last night? I'm new at this. Thanks.
Because JP Morgan says so.
It would not surpise me at all to see JP Morgan kick the whole damn game board over upon a default of their little sideshow circus at the comex actually. FEMA camps bitchez!
If you really want investments absolutely safe from government confiscation one might consider investing in a stradivarius. They hold their value and appreciate in value impressively over time. They do have models starting at a measly 1200 bucks. Go long stradivarius. It will give you something to do as well while you watch everything burn.
Where is the latest bank participation report for showing long/short situation in silver ?
Was JPM trying another 'drive by shooting' yesterday ?
If so then it was a dismal failure.
JPM throwing flimsy paper at strong hands will become strong hands throwing JPM in stiff jail. Stiff ? I hear you say. Don't go there, I say, not pretty.
HaHaHaHaHaHaHa
After all the bad mouthing of gold/silver by the mainstream news media as irrelevant and only for crackpots, insolvent/bankrupt governments are supposed to do a 180 and nationalise gold/silver ?
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