From $203 to $93 Billion in Silver Liabilities?
Posted: Sun Jul 10, 2011 8:39 amFrom $203 to $93 Billion in Silver Liabilities?
Source: Silver Stock Report by Jason Hommel, July 6th, 2011
The Bank of International Settlements (BIS) has changed, or revised, their silver derivatives data in their derivatives reports. The change took place between their June, 2010 report, and their December, 2010 report, for the period of June, 2009. The change was from $203 billion in "other precious metals" liabilities, changed down to $93 billion.
The change took place, in Table 22A: Amounts outstanding of OTC equity-linked and commodity derivatives, By instrument and counterparty, in the category of "other precious metals", for June, 2009, Notional amounts outstanding.
In June, 2009, the silver price was about $15/oz.
http://www.silverseek.com/quotes/5silver.php
This means that the $203 billion silver liability divided by $15/oz. shows that all the banks in the world that are tracked by the BIS owed 13.5 billion ounces of silver.
But the entire world silver mining production is only about 700 million oz. of silver annually, so this is an admission that the banks owed about 19.3 years worth of world annual mine production of silver.
My comments:
So folks I'm sure there is a reasonable explaination writing down the numbers, right?
I believe it is called: MANIPULATION others might call it FRAUD. Obviously the game is rigged on a global basis. Sad but true!
Source: Silver Stock Report by Jason Hommel, July 6th, 2011
The Bank of International Settlements (BIS) has changed, or revised, their silver derivatives data in their derivatives reports. The change took place between their June, 2010 report, and their December, 2010 report, for the period of June, 2009. The change was from $203 billion in "other precious metals" liabilities, changed down to $93 billion.
The change took place, in Table 22A: Amounts outstanding of OTC equity-linked and commodity derivatives, By instrument and counterparty, in the category of "other precious metals", for June, 2009, Notional amounts outstanding.
In June, 2009, the silver price was about $15/oz.
http://www.silverseek.com/quotes/5silver.php
This means that the $203 billion silver liability divided by $15/oz. shows that all the banks in the world that are tracked by the BIS owed 13.5 billion ounces of silver.
But the entire world silver mining production is only about 700 million oz. of silver annually, so this is an admission that the banks owed about 19.3 years worth of world annual mine production of silver.
My comments:
So folks I'm sure there is a reasonable explaination writing down the numbers, right?
I believe it is called: MANIPULATION others might call it FRAUD. Obviously the game is rigged on a global basis. Sad but true!