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SLV ETF Adds Massive 523 Tonnes Of Silver In Current Week
There were some very odd occurrences in the world's largest silver ETF, the iShares SLV. After the exponential increase of the price of silver in the spot market, almost hitting $30/share on November 9, the SLV ETF, which like GLD purports to holding the underlying precious metal, saw a massive basket creation demand, amounting to a whopping 523 tonnes of actual silver added to the fund's holdings (equivalent to 16.8 million ounces, at a cost of about $456 million) for the week ending November 12, currently at a record 10,718 tonnes. While we don't purport to knowing how much free silver is available in the open market, the possibility that any one entity could have manged to purchase such a massive amount of actual silver, of which 352 tonnes was supposedly acquired on November 10, without completely destabilizing the actual supply and demand mechanics, and creating a vicious loop where basket creation leads to a further surge in prices, is just slightly mind boggling. As we have speculated earlier, we expect comparable activity in the GLD ETF to follow suit. Additionally, we will shortly look at this week's CFTC COT data to determine just how massively JPM's silver short has impacted the firm's P&L.
P.S. for those who may be wondering, the custodian, i.e., entity in charge of vaulting the "silver", is good ole RICO-lawsuit embroiled HSBC. (full SLV prospectus link)
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(c) Gartman ?
sorry, try again
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If every small business in the country gave each employee an ounce of silver for Christmas, you would have your wish. Getting individuals to buy silver is a waste of time. Getting employers to do it is possible.
Oh, and it goes out of circulation and likely stays out of circulation.
Nobody I know buys gold and silver. Tried telling them about it, but all I get is the equivelent of a Peleliu Marine with a 1000 yard stare. I grab every chance I get to swap pieces of inked up paper for real money. How much longer is this going to be possible?
I don't think SLV fund can get 16.8 Mil oz. of Physical Silver
It must be paper silver ... Monex and Apmex don't have that much
on the shelf... The silver mines don't leave that much sitting
around for sale.. Silver is a small market...
Silver can go to $ 85.00 / oz. real fast if 21 big shot bankers
each buy $ 70 million worth of Physical Silver ... and they will
when they see things are falling apart...more and more...
Government will halt all commodity etfs in the name of national security and mankind. Silver will implode. Banks make a triliion. Think like a pigman.
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