For the 3rd consecutive day (following the 1 million ounce withdrawal Monday and 651k ounce withdrawal Tuesday) we have a massive silver withdrawal to report from Scotia’s vault Wednesday.
SD reader Saddle has noted that the previous 2 silver withdrawals almost exactly equal a coinciding massive new silver deposit just reported into the SLV fund.
As Harvey Organ has long alleged, it would not surprise us if the cartel is currently scrambling to move around what little PHYSICAL silver they have left to meet delivery requests at the SLV.
Saddle notes:
I want to point out something very important. SLV is allowed to increase its inventory through paper contracts, physical, and futures. If you look at the SLV inventory for July 10, 2012 you’ll see it increased from 311,271,605.500 ounces up to 312,823,227.900. This is a net increase of: 1,551,622.4 ounces.
Remember that number.
Scotia has lost a lot of (supposedly physical) silver in their COMEX vaults on the following dates:
July 11, 2012 – 651306 ounces withdrawn
July 10, 2012 – 996615 ounces withdrawn
Add these up and you get: 1,646,921 ounces removed from the vaults. This is extremely close and only about 6% different. Its so close and when you’re talking over a million ounces moving around, these are big movements. Remember how hard it was for Eric Sprott to get physical silver in quantity? Well, I can tell you these two movements are very likely connected.
We need only look to the famous FOFOA for an explanation of the relationship between ETFs and actual physical/delivery demands: http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html
A clearer picture is over at Victor the Cleaner’s site: http://victorthecleaner.wordpress.com/2012/06/01/gld-the-central-bank-of-the-bullion-banks/
So here is what is likely going on:
The authorized participants need more physical silver urgently. A large withdraw request was thrown at the Scotia Mocatta vault to deliver the physical. Once the receipt was available, the SLV ETF was able to consider the silver purchased and part of their inventory. It takes time to move large quantities of silver, so the movement was done over two days.
Now we’re left to wonder why they so urgently needed physical in the SLV ETF…
Go back to FOFOA and Victor’s explanation and we realize that someone needs to borrow the silver out of “the central bank of the bullion banks” and this was done to load up the ETF with actual physical (rather than paper claims or derivatives on silver which are normally part of the SLV inventory)… or maybe…. just maybe a bank has resupplied physical silver they borrowed from their “central bank” — that being the SLV ETF.
COMEX SILVER INVENTORY UPDATE 7/12/12
| METAL DEPOSITORY STATISTICS | ||||||||
| SILVER | Report Date: 7/12/2012 | |||||||
| Troy Ounce | Activity Date: 7/11/2012 | |||||||
| DEPOSITORY | PREV TOTAL | RECEIVED | WITHDRAWN | NET CHANGE | ADJUSTMENT | TOTAL TODAY | ||
| BRINK’S, INC. | ||||||||
| Registered | 17,150,042.090 | 0.000 | 0.000 | 0.000 | 5,193.000 | 17,155,235.090 | ||
| Eligible | 11,394,032.820 | 596,154.500 | 0.000 | 596,154.500 | -5,193.000 | 11,984,994.320 | ||
| Total | 28,544,074.910 | 596,154.500 | 0.000 | 596,154.500 | 0.000 | 29,140,229.410 | ||
| DELAWARE DEPOSITORY | ||||||||
| Registered | 2,292,012.912 | 0.000 | 0.000 | 0.000 | 20,872.522 | 2,312,885.434 | ||
| Eligible | 21,480,361.826 | 0.000 | 10,187.877 | -10,187.877 | -20,872.522 | 21,449,301.427 | ||
| Total | 23,772,374.738 | 0.000 | 10,187.877 | -10,187.877 | 0.000 | 23,762,186.861 | ||
| HSBC BANK, USA | ||||||||
| Registered | 4,645,996.540 | 0.000 | 0.000 | 0.000 | 0.000 | 4,645,996.540 | ||
| Eligible | 35,591,118.650 | 0.000 | 0.000 | 0.000 | 0.000 | 35,591,118.650 | ||
| Total | 40,237,115.190 | 0.000 | 0.000 | 0.000 | 0.000 | 40,237,115.190 | ||
| JP MORGAN CHASE BANK NA | ||||||||
| Registered | 7,447,368.180 | 0.000 | 0.000 | 0.000 | 0.000 | 7,447,368.180 | ||
| Eligible | 9,391,803.206 | 0.000 | 0.000 | 0.000 | 0.000 | 9,391,803.206 | ||
| Total | 16,839,171.386 | 0.000 | 0.000 | 0.000 | 0.000 | 16,839,171.386 | ||
| SCOTIA MOCATTA | ||||||||
| Registered | 7,152,902.780 | 0.000 | 0.000 | 0.000 | 0.000 | 7,152,902.780 | ||
| Eligible | 27,919,310.440 | 0.000 | 621,840.300 | -621,840.300 | 0.000 | 27,297,470.140 | ||
| Total | 35,072,213.220 | 0.000 | 621,840.300 | -621,840.300 | 0.000 | 34,450,372.920 | ||
| TOTAL REGISTERED | 38,688,322.502 | 0.000 | 0.000 | 0.000 | 26,065.522 | 38,714,388.024 | ||
| TOTAL ELIGIBLE | 105,776,626.942 | 596,154.500 | 632,028.177 | -35,873.677 | -26,065.522 | 105,714,687.743 | ||
| COMBINED TOTAL | 144,464,949.444 | 596,154.500 | 632,028.177 | -35,873.677 | 0.000 | 144,429,075.767 | ||
With this week’s segregated client theft by PFG, it might not be long until this list is expanded, but here is the missing phyzz from MFG:
www.cmegroup.com/delivery_reports/Silver_stocks.xls
Every day we’re shufflin….shufflin
While the CME is now reporting inventory levels to 3 decimal places, strangely enough- once again, NO MENTION FROM THE CME OF THE MISSING 1.4 MILLION OUNCES OF REGISTERED SILVER THAT SIMPLY DISAPPEARED IN THE AFTERMATH OF THE MF GLOBAL BANKRUPTCY!
As a strangely coincidental supply turned up in JPMorgan vaults almost simultaneously as the MFGlobal clients phyzz went missing, until the CME provides an update of what happened to this stolen inventory, The Doc will continue to provide the latest available info on this from the CME:
*Registered ounces of metal currently not available for delivery
as of 11/4/11 due to MFGI bankruptcy. Included in above totals.
| DEPOSITORY | Registered |
| Brinks | 210,320 |
| Delaware | 65,706 |
| HSBC | 793,734 |
| Scotia Mocatta | 351,156 |
TOTAL 1,420,916
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Interesting
It’s also possible that elites among the elites are exercising delivery before the hoi-poli get their ususal bank chits and raise holy hell. If all the bullion’s gone, no one can get a judgement against what ain’t there.
Saddle. Your insight into this paper shuffling game is very telling and appears to disclose an inportant factor to this manipulated silver shell game. Liars figure but figures don’t lie.
Blog hopping between several sites the message seems to be the same. Every one of the people in the know clearly report that silver is getting harder and harder to find in any quantity. Whether its many smaller quantities or a particularly large one, the buyers and those who’s profession it is to know these things appears to be coming to the same conclusion. There is a paper thin supply of silver available. Pun very much intended.
Wonder if it’s barrick buying physical for silver wheaton delivery contract?
just a guess
Paper cuts, Silver heals.
Yep, Cray Canuck There’s another 200,000,000 ounces Barrick has to deliver to get on the right side of the Silver Wheaton trade. Mining silver under a glacier seems a bit of a reach. Sprott wants 250,000,000 OZ India wants 125,000,000 OZ China wants 125 MOZ. Tears customer gets a monster box equivalent of silver. Gimme, gimme, gimme. Someone is going to get left behind when the music stops. Not us, hahaha
This SLV Depletion Has Been Occurring Dramatically Since 4-25-2011.
On 4-25-2011, The SLV Inventory was 366,199,066 Oz. On that Same Day, The Comex Showed an Inventory of 101,756,537 Oz.
The Comex Inventories are not out yet for yesterday, the 12th of July. For the purposes of comparison on exavt days, I’ll compare the totals of these two inventories as of 7-11-2012.
Those Numbers Are 311,271,606 for SLV and 144,429,076 for Comex.
The drop in the SLV since then, as registered on the above, chart is 54,927,460 Oz.
The Rise in the Comex since then, as registered on the above, chart is 42,672,539 Oz.
There is a difference of 12,254,921 Oz.—This must be the total withdrawn since then (The majority, probably shipped to China). The main point here is that the SLV has been used to scam SLV share holders into thinking it’s backed by real silver. Additionally, the SLV depletion rate is rapidly increasing.