Millions of ounces of REGISTERED silver withdrawn!

[Copper Catcher]

From SilverDoctors....Last Friday we updated readers of an astonishing 3.6 million ounce REGISTERED silver withdrawal from Brink’s COMEX vaults.

The physical silver drain continued Tuesday, as a massive 1.2 million additional REGISTERED ounces were withdrawn- again from Brink’s vaults!!

This brings the total to nearly 5 million ounces of REGISTERED silver withdrawn from a SINGLE COMEX DEPOSITORY in the span of 3 days! This is approximately 25% of Brink’s entire REGISTERED inventory, and 12% of the entire COMEX REGISTERED SILVER INVENTORY!!!

This brings the total COMEX registered silver inventory down to 36.8 million ounces. Clearly there is a MASSIVE DEMAND for physical silver as the cartel hammers the paper price to prevent a breakout above $35, and extreme physical tightness among the cartel bullion banks!

Read more at: http://www.silverdoctors.com/5-million- ... more-15651

[BamaJoe]

If that keeps up it could get rather interesting.

[slvrbck]

So. . . does anyone know where claims like this can be substantiated? I dont know anything about silverdoctors, but its rather obvious where their interest lies. I always have to question the articles on coinflation by goldseek and such as they appear to be sooooo biased. Just seems lik alot of propaganda on both ends. I just keep stackin, slow and steady.

[slvrbck]

Ohh yeah and could someone with more market knowledge than myself please explain what this actually means???

[Copper Catcher]

http://harveyorgan.blogspot.com/ Harvey Organ is someone who posts daily and follows what is moving in and out of the COMEX vaults as they report it. So the numbers appear to be real.

What this means in short is that a lot of physical silver is being demanded...How much of the real stuff is left in the vaults is questionable. The more folks demand the physical and not accept paper settlements the more interesting this game becomes.

[68Camaro]

Wynter Benton and crew at work?

[slickeast]

All I was doing was adding to my stack. I didn't know it would be such a big deal

[Copper Catcher]

All I was doing was adding to my stack. I didn't know it would be such a big deal

Keep it up!

[shinnosuke]

All I was doing was adding to my stack. I didn't know it would be such a big deal

+1

[68Camaro]

With a stack that large, from the top, it is downhill all the way to anywhere in the world!

[Copper Catcher]

Silver & Signs of an Outright "Comex Default"
Written by Tom Cloud of National Numismatic Associates & John Rubin
Tuesday, 16 October 2012 08:27
Precious metals are correcting and rumors are swirling around Comex silver. It’s been an interesting couple of days for silver, with a big Comex draw-down being followed by a sizable price drop.

"Late Friday afternoon a big client of JP Morgan requested delivery of 3.6 million ounces, which is 17% of all the registered inventory of silver (assuming it’s all really there). But only 1.6 million ounces were reported moved. A lot of people are asking where the rest of it is. If it wasn’t immediately available and the client allowed JP Morgan to move it in pieces, that’s another sign of very tight supply".

"There is 100 times as much silver paper [in the form of futures contracts] as there is physical, which means a lot more people think they own silver than there is silver in the world. At some point someone will be left out. If 17% of Comex inventory is taken out in one move, then you don’t need that many more big players to take delivery to see this thing fall apart."


http://moneytalks.net/topics/precious-m ... aultq.html

[slvrbck]

Thanks catcher. Makes sense. Sounds like this is exactly what Benton was beating their drums about. Sounds like they have some inside information and were expecting a big bounce. Not quite sure why there wasn't a bounce but oh well.

[slvrbck]

Correct me I'm wrong but since silver price is based on all physical AND paper then this transfer into physical has a net effect of 0. However this could be equated to a sale of paper and "purchase" of physical theoretically putting significantly more strain on the physical/paper spread. If these Benton people truly do know something would you say it's possible to see another major delivery here soon. Say tomorrow maybe. They claim we will see fireworks and I don't think it ends until 10/26

[Copper Catcher]

Correct me I'm wrong but since silver price is based on all physical AND paper then this transfer into physical has a net effect of 0. However this could be equated to a sale of paper and "purchase" of physical theoretically putting significantly more strain on the physical/paper spread. If these Benton people truly do know something would you say it's possible to see another major delivery here soon. Say tomorrow maybe. They claim we will see fireworks and I don't think it ends until 10/26

I guess anything is possible...I'll break out my sparklers when I see the light!

[SilverDragon72]

Well, I'll just keep adding to my stack, slowly but surely. No matter what happens. No paper silver for me, thanks!

[Engineer]

Ohh yeah and could someone with more market knowledge than myself please explain what this actually means???

It's not that complicated when you think of it as a bank for silver. A few large withdrawls here and there aren't anything to worry about, but if it turns into a run on the bank things won't be pretty.

[Tourney64]

So explain to me why silver price dropped.

[Engineer]

So explain to me why silver price dropped.

Slowdown in China, weak Google report, etc. Lots of stuff went down today, and they even halted trading on Google after close to a 10% drop.

[Tourney64]

But if all this paper silver was converted to physical silver, and there is a shortage, shouldn't price have risen?

[Engineer]

If the shortage is smaller than the macroeconomic factors and level of market manipulation, the price can still fall. Likewise, it can also rise when there is ample supply.

As an example:
For several years the world was awash in oil, yet gas prices were still $3.00 and up. In the absence of market manipulation, gas prices should have dropped to $1.50. IMHO, the reason prices stayed up was because the Fed shoveled the TBTF banks money to bet in the commodity markets, and when that started to fall apart we suddenly needed to bomb Libya which in turn drove up north sea brent prices, and gave the refiners justification to base US gas prices on European prices rather than US demand.