Massive Silver Withdrawals From The Comex

[traelin0]

It could prove to be a watershed event, or at least an interesting scandal to observe as it unfolds.


Harvery Organ's commentary:

"And now for the big silver report.

We witnessed a massive withdrawal of silver unprecedented in the history of the comex. First there was a smallish 6507 oz of silver deposited to two customers, one being 497 oz and the other 6010 oz). But just look at the huge withdrawals:

Four customers (not dealers) withdrew a total of 1,019,310 oz from the comex vaults. This is real silver leaving from 4 registered vaults. The individual withdrawals are: 579,081, 30,380, 399,994 and 9855 oz.

The dealer (our bankers) also were involved in the withdrawal of silver to the tune of 769,941 oz (there were 2 dealers involved removing 102,866 and 667,875 ozs). When you see this massive drain of silver, the fire is raging. The total silver withdrawal by both dealer and customer totalled an astronomical 1,789,251. The Brink's trucks must have been very busy yesterday.

The comex folk notified us that an amazing 85 notices were sent down for servicing for a total of 425,000 oz of silver. The total number of silver notices sent down so far total 323 or 1,615,000 oz. To obtain what is left to be served, I take the open interest for January at 153 and subtract 85 deliveries leaving a total of 68 notices or 340,000 oz left to be serviced.

Thus the total number of silver ounces standing in this non delivery month of January is as follows:

1,615,000 oz + 340,000 = 1,955,000 oz (Thursday total = 1,625,000). As promised to you, this number is rising and will continue to rise until the end of the month as our banker cartel scrambles to get any morsel of silver to satisfy the massive demand for this metal. Our bankers are stunned to see such a huge amount of silver options in a traditionally slow month.

I hope everyone caught the Eric Sprott story on Kingworld news that he is having trouble locating silver."

Read more here.

[burnsattornincan]

I am noticing 1 and ten ounce bars are "sold out". All they have locally is some 1kg bar at around 1k. If thats my only option then I'm going to need a metal suitcase because I'm getting at least 10 of them.

[handyman2]

My question is what is a sound conclusion to be drawn from this.
Sounds a bit like the Hunt Bros. attempt to corner the market a few years ago.

[traelin0]

Jan 11, 2011 23:31:24 GMT -5 handyman2 said:

My question is what is a sound conclusion to be drawn from this.
Sounds a bit like the Hunt Bros. attempt to corner the market a few years ago.

The Hunt Bros. attempted to corner the paper markets themselves. The Giants are those who demand delivery, in bulk, of physical until the paper price collapses and the paper markets with them.

To put it differently: The CFTC can raise margins all they want to. The big players know the dollar game will eventually be over and are demanding silver in their hands, regardless of what the paper silver price is.