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Silver Wheaton Corp. Message Board

  • sivr6651 sivr6651 Jul 13, 2010 12:30 PM Flag

    1.3 million ounces

    left the COMEX yesterday. In just one day. No new silver deposited. It's a one way door, out only.

    The COMEX can't withstand these massive withdrawals for a sustained period. It seems like there are big trucks leaving the COMEX almost everyday. A few hundred thousand here, and then every so often, a million there.

    How can the price of silver stay so low? The M word is all that comes to mind. Imagine the demand if silver breaks 20, and momentum players pile in, followed by Joe Q. Public. Unlike gold, Joe Q. can afford quite a few ounces of silver, and seriously increase existing demand, practically over night.

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    • From Harvey Ogborn's blog.....

      Ok let us begin.

      There was dramatic action in the silver comex again. For starters there were zero oz withdrawn from the dealer.

      The next set of transactions are quite dazzling.

      There was a 440,000 deposit into the customer silver inventory with a corrresponding 360,000 oz immediate exit leaving a net deposit of 77,434 oz which I have recorded for you.

      The 440,000 oz of silver deposit was probably silver that was leased in prior months being asked to be returned. Most of that silver was removed as fast as their little feet would carry them.

      To boot,we got one of those classic 1.03 million oz of "internal transfers" where the customer leased his silver to give to the dealer. He prays that his silver will be returned in the next delivery cycle.

      On the delivery front, a very large 267 contracts were served upon the longs. This totalled 1.335 million oz of silver. The internal transfer was necessary in order to satisfy these patient longs.

      By golly, look at the no. of oz left to served...it declined by only 17 contracts to 736 or 3.6 million oz of silver. Many in the know players are jumping queue in order to get the last

      supplies of available physical silver. The number of contracts on silver served upon so far totals 2150 contracts or 10.8 million oz

      The number of oz of silver standing for this delivery month of July is as follows:

      10.8 million oz (already served) + 3.6 million oz (left to be served) + .200 million oz (options exercised from prev. month) = 14.6 million oz of silver. a jump of 1.4 million oz of silver.

      This is huge and I can safely say that the silver comex is in trouble

    • 400,000 more ounces of silver leave the COMEX. If the number of COMEX silver ounces drops below 100,000 million, then it'll be news. At the pace we're going, that could be by September.

      Eventually, if this keeps up, the withdrawls could start to accelerate, even from here. It's starting to look like a run on the bank.

      I'm sure everyone saw the same bank that gave Harvey Organ the run around when he wanted to see his silver, just put a cancer patient through hell to take delivery of her silver. They even claimed the bank could determine if it was in her best interest to take delivery.

      Ever since Jeff Christian announced at the CTFC hearings, PMs are leveraged 100 to 1 with paper, the rush to take delivery has been accelerating.

    • 900,000 more ounces yesterday, means 3.2 million in 5 days withdrawn from the COMEX. There are 111 million left. Obviously a few more weeks like this last one, and the COMEX will need to do something to stop the run. All the more reason to hurry up and get your silver out of there, while you can.

    • 470,000 ounces of silver withdrawn from the COMEX yesterday. That's something like 2,300,000 ounces in the last four days. How long before the cupboard is dry?

      It looks like a game of musical chairs, with everybody trying to sit down at once, and not enough chairs for everyone.

    • 300,000 more ounces yesterday.

      The new ETF, with redeemable silver is going to be a game changer. SLV will be sold, and Sprott's new fund will be bought.

      IF SLV is on the level, and not being used to cover shorts, then it should be nuetral. However, if JPM and the COMEX are using the SLV silver, they won't be able to for long.

      • 1 Reply to sivr6651
      • "The new ETF, with redeemable silver is going to be a game changer. SLV will be sold, and Sprott's new fund will be bought."

        Sprott's gold etf trades at up to a 20% premium. It's cheaper to get on a plane and open an account in Toronto or Vancouver. It takes a 7 figure deposit so it won't work for the people on this board, but if you have the money to open a 7 figure account you can get a safety deposit box (they are tough to get at Canadian banks but if you open a premium account you can still get one), buy the gold and just store it.

        Sprott's also has minimum size limitations for payment in kind on their gold fund of 400 oz. which at current prices would be approx. $500,000. Any way you slice it if you are fantasizing about having gold put away in Canada you better have some money to play with. I assume it's the same with silver but we will see. I like Eric Sprott and Marc faber is on his baord which is a plus but...it's hardly a game changer at these premiums and the size of his gold fund reflects that reality.

    • Pay no mind to the *ss ho*e mbbf49a He works for JP Morgan and the Fed.

    • "How can the price of silver stay so low? The M word is all that comes to mind."

      It's all that comes to mind when I contemplate (briefly) your posts...moron. Seriously. It's "all that comes to mind".

 
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