Guest Post: Price Suppression Mechanics of GLD and SLV, by Andrew Maguire

227
Tue, Nov 20, 2012 - 12:34pm

Most of us have been baffled over the years by the almost daily withdrawals and additions to the primary metal ETFs, GLD and SLV. There are seemingly no correlations to price movements, just additions and subtractions of inventory without basis in fundamentals. Today, we attempt to solve this riddle.

The daily metal movements into and out of the funds is only a small part of the much larger trend. Do you recall these charts from the HardAssetsAlliance and Casey Research? They show that, even while prices have increased dramatically over the past three years, net additions have fallen precipitously.

The key word above is "NET". While there is clearly some metal flowing into the funds over time, there is also a tremendous amount that is being withdrawn. The question then becomes: Which firms make withdrawals and why?

I posed this question to our friend, Andrew Maguire, and asked him for an explanation. Are these withdrawals a normal part of the day-to-day operations of an ETF or is there something more nefarious going on? Are the Custodians and Authorized Participants simply managing the funds and their own risks or are they using these stores of metal as a vehicle to suppress price and meet the ever-increasing demand for physical metal?

What follows below is Andy's answer. He laid this out for "Army" members a couple of weeks ago and he has generously offered to share it with you today. The hope is that by gaining an understanding of the inner workings of this process, you will have a greater appreciation of the true depth of metals markets manipulation and price suppression. The Bullion Banks are currently playing every possible angle in their increasingly desperate attempt to maintain power and preserve the current Comex/LBMA system. Though simple supply and demand dynamics dictate that they will ultimately lose this fight, they are certainly "going down swinging" and may even bring about a permanent change in the global financial system as a result.

____________________________________________________________________________

{As an aside, Andy's weekly commentary and Paul Coghlan's daily technical analysis are just two of the additional services that Army members enjoy when they enroll in the program. I feel that I cannot recommend this service emphatically enough. It is essential to your comprehension of daily and weekly events in the metals. Additionally, if you're attempting to trade these markets and you're not utilizing this service, you're crazy! Andy has over thirty years of experience trading and working the paper and physical markets. His willingness to share this experience with Turdville represents an exclusive and once-in-a-lifetime opportunity to work with, and learn from, the best. More can be found by clicking here: https://www.tfmetalsreport.com/podcast/3621/tfmr-podcast-16-special-announcement-andrew-maguire and here: https://www.coghlancapital.com/daytrades-application?ak=turd_army}

_____________________________________________________________________________

THE PRICE SUPPRESSION MECHANICS OF GLD & SLV

The bullion banks finance their ‘physical inventory’ by leasing it or selling it to GLD and SLV shareholders/investors, then the bullion banks in turn use these ETF’s inventories as a ‘flywheel’ to both manage and leverage their physical reserves. For this walk-through, I will use GLD as an example. (One can substitute SLV for all that is described below relating to GLD except the basket sizes are smaller, constituting 50,000 shares).

Baskets of GLD shares are bought and sold through a limited number of Authorised Participants. The authorised participants, (AP’s), are JPMorgan, Merrill Lynch, Morgan Stanley, Newedge (a joint venture between Société Générale and Credit Agricole CIB), RBC, Scotia Mocatta, UBS and Virtu Financial. This is how it is supposed to work. The size of each GLD basket comprises of 100,000 shares, each share representing just less than 1 troy oz. The AP’s, transfer ALLOCATED physical gold to the trustee who in turn creates the required number of new baskets of shares and then transfers these newly created shares back to the AP. To redeem the shares for physical gold or silver, the AP’s transfer any number of the baskets of 100,000 shares back to the trustee who then redeems these shares and transfers allocated gold back to the AP.

This is all well and good on the face of it, but there are a number of ways this ‘allocated’ gold backing the shares in the ETF can be diluted /hypothecated in order for the bullion banks to ‘manage’ their physical reserves.

If, as is often the case, there is insufficient allocated inventory available to the bullion bank at the current Comex driven & discounted spot fix price to create the necessary new GLD shares backed by allocated gold, then it is possible for a bullion bank to borrow short these GLD shares from the ETF instead of providing the required Allocated physical to the trustee to meet this obligation thereby ‘fly wheeling’ this physical demand in order to meet obligations elsewhere, likely at the day’s gold fix. This obviously has the effect of manipulating price lower vs. the true immediate supply demand fundamentals as no allocated physical metal has to be bought on the open market at that days fix to meet this new share demand as should be the case.

This is now the point where transparency evaporates. The AP claims to be Short GLD while concurrently claiming to be backing it with an equal size long ‘UNALLOCATED’ spot gold position. However, LBMA unallocated gold accounts are run upon a fractional reserve requirement and leveraged around 100/1 so there is very little need to back this transaction with any real physical at this point; this is left until later as explained below. To unwind this short GLD position, the bullion bank has to ALLOCATE the required amount of unallocated gold and then transfer this gold back to the trustee thereby receiving back the required # of shares in order to repay the original GLD shares sold short.

However, in conjunction with concurrent concentrated short futures positions, the sole object of this entire charade is to assist in depressing the price of gold at times of strong physical demand so that the futures price can be capped, usually at key inflection points where the price would break out and also swamp the very large concentrated Comex short positions. If this were not the case, the bullion bank would simply bid up that days fix price until it reflected that days true supply demand price levels for that fix and provide allocated gold to meet this real demand at that higher price.

The resulting distortion now created between the real and paper market price is exacerbated through the use of heavy position concentration and leverage in the futures and derivatives markets, where these very same bullion banks then seek to profitably repay the shorted GLD shares at a lower price at the point at or below where the lines cross profitably. This then puts these bullion banks in a position to finally spot index UNALLOCATED gold against this naked short position only then moving to buy the now discounted unallocated gold into the Comex contrived dips. These discounted unallocated long spot index positions are then ALLOCATED at the upcoming fix, enabling both the repayment of the GLD short position at a profit but most importantly controlling the rise in price against much larger derivative positions elsewhere.

Conversely, as evidenced by the steady 12-year stair step rise in prices easily observed in the daily and weekly charts, despite this many-year capping, we have also seen an ever larger and untenable LBMA unallocated short positions grow to what I now consider to be extreme danger levels. The reason is as follows: When the Bullion bank needs to make good on the unplanned/unanticipated CB and sovereign physical allocations at the fixes, they have regularly achieved this by going long GLD vs. short/selling UNALLOCATED gold. They then immediately turn around and transfer the required number of baskets of GLD shares to the trustee and receive ALLOCATED gold in return. Instead of settling/covering the short UNALLOCATED leg with this ALLOCATED gold, they are forced to satisfy these CB and Sovereign allocations by providing them this metal instead. The longer term price charts reveal this stair step higher, whereas we see no reduction, in fact from 2008 an increase, in the naked short Comex, (and unallocated OTC), bullion bank positions.

I hope this has been helpful in providing an insight into the internal dynamics of the ETFs and how the bullion banks continue to operate in the shadows.

A.M.

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  227 Comments

tmosley
Nov 23, 2012 - 9:23pm

Victor >Posts opinion as

Victor

>Posts opinion as fact

>engages in character assassination

>refuses to back up assertions

Tell me, Victor, should anyone with the above characteristics be taken seriously? What makes you so special? Do you believe yourself to be something more than human? Are you the "smartest guy in the room"?

lol

pforth
Nov 23, 2012 - 9:52pm

I will work on this for next week

As I want everyone to understand but that's not entirely the point of this exercise. Please understand that there are larger forces in play here.

maravich44 TF
Nov 23, 2012 - 10:34pm

even though.....

Mr Hyde has sent the Hendrick's Gin stock up a notch or so; I believe that he abides. https://www.youtube.com/watch?v=KngiJUNdsu0

S Roche
Nov 23, 2012 - 11:52pm

@Pforth

I'll find the links if people insist but Jeff Christian subsequently clarified he meant b)

tmosley
Nov 23, 2012 - 11:56pm

Seriously, Victor, I'm a dog

Seriously, Victor, I'm a dog with a bone here. I'm not going to let this go until you provide some facts to back your assertions. You won't be posting here again without hearing these questions from me.

steveo
Nov 24, 2012 - 12:10am

FREE 10 Ounce Silver Bar OK

FREE 10 Ounce Silver Bar

OK they closed the November contest today. And December is now open. IMPORTANT to put your estimate in NOW, because only the first right guess to the penny, wins. In September there were 4 winners and they handed out 4 silver bars, guess they got tired of that.

ENTER HERE---
https://oahutrading.blogspot.com/2012/11/free-silver-new-contest.html

The Watchman
Nov 24, 2012 - 1:38am
The Watchman
Nov 24, 2012 - 1:55am

Victor

14 Characteristics of a Classic Internet Troll


What exactly is an internet troll? How can you spot one with any degree of certainty? Aren't they just people who express a contrary opinion? Who are you to call anyone a "troll"?

To answer such questions, and to help you detect the presence of that peculiar species of creature called the internet troll, no matter where they may be slithering, here's a list of Key Troll Attributes commonly found in the wild. When you see someone engaged in any, or a combination of, these behaviors, they are almost certainly the entity known as the troll.




(1) Posts inflammatory comments, not to engage in serious conversation, but to "grief" or annoy an online community.

(2) An obvious glee and elated satisfaction is aroused in them when people join the fight and reply to their deliberately disruptive comments.

(3) Copies and pastes large blocks of text to exhaust the readers of a topic thread, thus driving away legitimate posters of sincere comments. These blocks of text are often recycled and appeared on a variety of threads.

(4) Tends to avoid complimenting people who disagree with them, even when those in opposition to the troll make some valid points.

(5) Shuns any conciliatory statements like "You have obviously spent a lot of time studying this subject, and I'm not certain how to reply to your last remark, so let's shake hands, part as friends, and move on."

(6) Never ends a debate with "Thanks for the discussion" or "I'll consider what you say" or any other finalizing remark, because they love arguing and disrupting civilized conversations.

(7) Keeps an argument going a lot longer than a normal person would, to the point where people will start asking a moderator to turn off comments or block the troll. However, sometimes people will do this just because they can't tolerate contrary opinions and are angry at seeing them posted to a thread they enjoyed reading. The mark of a troll is to keep hammering away at a point in an obsessive manner.


Click on image above for larger view
so you can read the text.
(8) Acts innocent when called a troll, and states "I'm just stating a contrary opinion, and you can't handle it", but the reality is they are not innocent, they are trouble-makers who only post inflammatory remarks, rarely contributing any real value or good information to a discussion.

(9) Starts saying filthy words and making wild accusations when confronted. Their hostility and provoking rhetoric escalates when you ask them if they might be a troll or if they are simply trying to stir up trouble.

(10) When you mention the name of another well-known forum, Second Life, or blogospheric troll, they defend them and accuse you of not understanding that person because you're a tyrannical censoring fascist or whatever.

(11) Will try to bring up issues that they are angry about, no matter what the topic of a thread is. For example, they will say things like "sounds like the Open Source movement" or "reminds me of Tea Baggers" or "you're sounding like a typical commie libtard now" or "you sound like some irrational Creationism crank" or "you atheists are all the same", or whatever it is they're hostile toward, in an attempt to start a new argument within the current debate.

(12) When people realize or are warned that the person is a troll, and the troll is then ignored, and nobody will respond to anything they say, the trolling person tends to give up and go to some other thread. They crave attention and they try to get it by being obnoxious in a juvenile, or scholarly, manner.

(13) They use a nickname, are anonymous, or use a real sounding name, but do not embed a link to their blog or website in their name, as is common in comment forms. This lack of accountability enables them to get away with saying anything they want, to anybody, and even tell outright lies about what they saw or heard.

(14) They, when not confronted or exposed sufficiently, will seek to have the last word in an online discussion. When nobody responds to their last troll comment, they will proudly proclaim that they "won" what they fantasize as a "content" or "battle".

Blogocombat means friendly online discussions, as well as heated debates. I use the term "blogocombat" to refer to both. But where the rubber meets the road is when you have to deal with the internet troll.

There are no winners or losers in a civilized discussion. There are just people who express their thoughts and people who learn a bit more about a subject and improve their presentation of ideas by engaging in conversations with worthy opponents.

"Trolling" has nothing to do with sincere expression of contrary opinions or stubborn dedication to an idea. Trolling is all in how the comments are phrased and how the comment poster behaves, especially when confronted.

You know it's an immature attention-getting scheme when they respond quickly to every single comment posted in response to theirs, and their rhetoric tends to escalate in intense hatred, absurd rambling, and malicious provocation.
The Watchman
Nov 24, 2012 - 2:20am

From Jesse:

Posted by Jesse at 11:56 AM

Closer Look at Gold Chart's "Cup and Handle" and the Handle Details - Blitzsilberkrieg


As a reminder there are option expiration in gold and silver on the Comex next week on Tuesday the 27th.

My friend Dave says he sees a bulge around 1800 in the gold option positions that could mark the heart of the resistance. This coincides with my own thinking.

As you know, I have anticipated this inverse H&S targeting that outer perimeter from 1790 to 1810 of the bears' Maginot line at 2000-2100.

Let's see if gold can be broken out by a distracting run from silver that shocks the bullion banks in a blitzsilberkrieg, a quick advance from out of this trading range to to upper limits of resistance at 40.

The terrain is easily marked as in the last chart below, and the potential for it is in the market positioning of bullion demand and the big paper shorts.





Posted by Jesse at 10:49 AM Category: blitzsilberkrieg, Comex, cup and handle formation, Gold Options, Silver Options

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds


The dichotomy in premiums between the Spicer Funds (CEF, GTU) and the Sprott Funds (PHYS,PSLV) is remarkable.

Either the Sprott Funds have now become large and liquid enough to become trading vehicles for the desks, including those who have underwritten the shelf offerings, or investors have become shy given the repeated and somewhat heavy-handed treatment of the expansions. Perhaps a bit of both.

A highly simplified pair trade would be to go long SLV and to short PSLV, for example, to take the premium on PSLV. This would tend to compress the volatility in PSLV into sharp bursts as these trades strengthen and weaken, and then fall apart. The pros can manage the risk in it, but the specs will get something more than the premium handed to them on the breaks. This is one of those 'LTCM trades' that look quite good on paper, and supply some nice gains, with a hidden barb of risk.

Next week is an option expiration in gold and silver bullion futures, and there is a fairly obvious attempt to 'hold the line in price' before then. As I have said, the next big resistance on my charts is in the 1790-1810 area. It is the outer permimeter bears' Maginot Line at 2000-2100.

From a Nov 19 posting:
"The inverse H&S pattern measures to 1810 as a minimum objective. That is also the point at which the handle would be at a breakout to validate the entire cup and handle formation.

I would expect gold to break out and run to that point, with resistance heavier around 1790-1810. There may be some time to actually break out, as the shorts will attempt to hold a strong line there and at the next major objective at 2100 or so, which is the first objective of the cup and handle."
S Roche
Nov 24, 2012 - 2:22am

Oh dear...

Well, this is deteriorating from what I hoped it would be.

Tabberto
Nov 24, 2012 - 2:40am

S Roche

I applaud your determination to debate but he has it coming....

He has been given MANY opportunities to extrapolate on his assertions and my alltime favourite Victorism still hasnt been attended to at all:

'I call bullshit on all the manipulation stuff'

When shown the updated class action with names, methodologies and detail and asked to explain, we get tumbleweeds.

I am sure Turd and Andy will in due course attempt to provide the clarity you want, but it is a holiday weekend so expecting immediate follow-up to questions is a bit unrealistic. Giving space to flamers/trolls isn't for everyone....despite the fact that welcoming debate should always be important.

S Roche
Nov 24, 2012 - 3:24am

I want it now...

Thanks Tab, all good.

You could flash-fry a buffalo in 40 seconds
thurd aye
Nov 24, 2012 - 7:02am

OK,most of us here may

OK,most of us here may consider ourselves as contrarians of a sort. I don't follow anyone ,so am I a contrarian ,I don't know. We all buy PMs,stack and hold. But how many of 'us' are also selling? I found some extra ounces of AU that I had miscounted. I decided to test the waters.Sold one ounce for $400+- above my average buy price.I considered that a deal.Especially as my bank accounts are too low now (I keep fiat under the bed,wherever).So to put that ounce to good use was very handy. How many of you would take $400 profit I wonder.Then,of course, it shot up .Typical.Not bothered ,sold and happy to have done.It feels good to be able to sell some,and not feel guilt or stupidity at my move.

Now I have the confidence not to hang onto my stack whatever,as my holdings are rising at the same time.That one ounce of Au,provided twelve+- free ounces of Ag.Not bad I reckon. ;O))

As a small aside.What, maravich44, are you doing on a PMs site? I haven't seen a word of yours relating to this topic.Are you the little troll that we put up with,as the exception to the rule,or the DJ ? You seem pretty harmless,so tell us,what is the plot?

القراع عصفور pforth
Nov 24, 2012 - 9:03am

pforth

you posted,

"The original quote about the LBMA having 100:1 leverage came from Jeff Christian's testimony to the CFTC. One thing that has always bothered me about this is that if you read what he actually said, it is unclear whether or not he was saying:

a) At any one point in time claims for 100 times the bullion that the LBMA has on hand are in circulation. In other words, 100 people have simultaneous claims to each ounce of bullion.

b) 100 times more bullion is traded back and forth than there is physical bullion. In other words each ounce of bullion changes hands 100 times each day--but there is never multiple simultaneous claims on it.

Most of the gold/silver community assumes Christian meant (a), but Christian's testimony alone is not clear. I would love to see at least one additional source to support (a)."

I do not think there is any difference between a) and b) above. the manipers are using HFT (high frequency trading) to negate any transaction cost, or any transaction delay, so at any given moment, it does not matter who owns what.. again, this is provable, but to only those trained in calculus - i think i could show how this works using mathematical limits.

here is the commonly used money velocity equation.

where

is the price level associated with transactions for the economy during the period
is an index of the real value of aggregate transactions.
more here... https://en.wikipedia.org/wiki/Quantity_theory_of_money
i think if you can conceptually understand this equation, you also will also conclude that a) and b) above are, in fact identical.
i would love it, if someone could explain this better - or if i am wrong, show me why.
thank you.
القراع عصفور
Nov 24, 2012 - 9:22am

m44

makes me smile. i don't care why he is here. i don't know if this is the case, but he also could be a modern version of the "court jester". read up on this. the role was one of respect, and purpose - a good purpose.

see ya later for a brewski, m44 :-)

pforth
Nov 24, 2012 - 9:27am

"A" is fraudent, "B" is not...

The difference is fraud...If 100 people all own the same house at the same time and think that they own it all to themselves it is fraudulent. If the house is sold to a different person each day for 100 days in a row but at no point in time is there more than a single owner, it is not fraudulent. HFT may manipulate and obscure the price level but it doesn't change the fraud element.

So Christian has since said that he meant "b"? I didn't know that. That makes it even MORE important for our community to find alternate proofs for "a" because we are constantly quoting it in our commentaries and if it is fundamentally incorrect it doesn't help our arguments.

¤
Nov 24, 2012 - 10:10am

Obvious

I've withheld comment and observed the conversation up until this point.

What I see (and have seen since VTC first showed up) is how the AM or GLD/SLV conversation always turns into some type of anti-Sprott comparison in an effort to undermine or bad mouth Sprotts business model. The timing of VTC is always interesting and obvious and his smug demeanor neutralizes his validity due to his agenda.

It's anti-Sprott almost every time.

I wonder whose paying VTC? London Bullion Bankers?

ancientmoney ¤
Nov 24, 2012 - 10:12am

@DPH re: obvious

I have read FOFOA for years, where VTC is a regular.

FOFOA believes the Euro was designed to allow for the concept of Freegold. He thinks all CBs still retain their gold reserves--that it wasn't leased out or sold into the market. These CBs and other "giants" (oil sheiks, etc.) who hold large gold stacks, will be the initiators of freegold, as they stand to benefit from it.

He also says silver is essentially not much more than a base metal, and because the "giants" don't own it in size, they will not allow silver to reach 16:1 SGR, but will go to 100:1 or more. He seems to dismiss the industrial uses/strategic values of silver as not worthy. He only seems to believe that the very high stocks-to-flows of gold make it worthy to be a wealth preserver.

I have had a concern that FOFOA and some of his followers are bankers or banker-funded. In a backhanded way, he tries to dissuade people from buying silver, which would be right up JPM's alley. Silver is the Achille's heel of the Ponzi scheme we know as the fractional reserve banking system gone amuck in credit/debt. There is enough gold to continue the charade for a long time. silver, not so much.

murphy
Nov 24, 2012 - 10:32am

Re: FOFOA

For anyone interested in brushing up on the topic of JC and AM right from the writings of FOFOA. I haven't re-read them but don't recall him saying anything negative about AM.

To me, this feels like finally seeing the Grand Canyon, after years of only hearing about it. You hear about how big it is, and you truly believe it is big. But until you actually see it, until you lay your eyes on the detail of the landscape and on the sheer depth and size of the canyon, you never really know.

https://fofoa.blogspot.com/2010/03/whistleblower.html

https://fofoa.blogspot.com/2010/03/1001.html

@Ancientmoney I seem to remember the original author, FOA writing that his contact was part of the central banking establishment. I'll will try to locate.

ancientmoney murphy
Nov 24, 2012 - 10:44am

@Murphy re: FOA

The original author was Another, and FOA came on later (Friend of Another).

"Another" thought that freegold would happen in 1999-2000 era. Apparently, FOFOA now feels the reason it didn't happen then is because China came on the scene, which allowed the Ponzi to continue for several more years until they, too, became victims of the debt-web.

Another didn't think silver would go up like gold under freegold. I don't think Another had any idea of silver fundamentals--he was from the banking background as you said. And, as we know, since then, silver fundamentals (and manipulations) have only become even bigger factors positive for silver going forward.

I don't know if freegold will happen or not, but I do think the only way the powers currently in control can resolve the debt crisis and remain in power at the same time, is to utilize gold in a way that makes the debt manageable once again. Freegold would do this, too. However, I see silver as every bit as valuable as gold, or moreso, from current ratios.

murphy
Nov 24, 2012 - 10:55am

Ancient

Yes, I meant Another. I also agree with you, TPTB will make new rules, use gold and accounting, create new bonds and whatever else to write down/delay the debt, in order to keep them in control and the system intact. That said, gold and silver have always been money and will continue to be.

silver66 ancientmoney
Nov 24, 2012 - 11:00am

ancientmoney --Another/FOA

https://www.usagold.com/goldtrail/archives/another1.html

here is the link for those that want to see that discussion

I understand their take on gold silver to be that gold will be the big winner and silver will be along for the ride. Just not to the extent that gold will be. That gold will be the ultimate store of value.

History seems to me to favour gold as the ultimate store of value.

All their writings say paper will burn, so you should probably own physical.

Silver66

ancientmoney silver66
Nov 24, 2012 - 11:13am

@silver66

Yes, FOFOA proposes physical ownership. Paper will go to zero, he says--and with this, I fully agree. For both gold and silver.

Gold and silver will only achieve their full values when the paper trading halts. So long as COMEX exists, physical will be held back by phantom (paper) gold and silver which can be created in any amount, at will, by those with access to unlimited fiat (bullion banks like JPM and HSBC). This is partly where the 100:1 leverage comes into play. There is nowhere near enough physical to meet paper-gold/silver if every long wanted to take delivery.

silver66 ancientmoney
Nov 24, 2012 - 11:25am

@ ancientmoney

I think that when trading gets close to stopping, this is when weak hands and strong hands will be reveled. My take is a weak hand is a hand that when paper gold drops in value will sell his physical gold for fiat as he does not want the "perceived"loss. Strong hands don't give a S#*t about the paper price and hold on to their real wealth regardless of what a computer screen says the price is or is not.

Once COMEX is toast you will want to own physical

Silver66

tmosley
Nov 24, 2012 - 1:38pm

There is a lot of something,

There is a lot of something, therefore it is more valuable.

BRILLIANT!


Nov 24, 2012 - 2:42pm

And here you go

in real time. Thanks, Harvey.

and now for silver:
Nov 23.2012:




Ounces of Silver in Trust 315,658,356.000
Tonnes of Silver in Trust 9,818.07



Nov 21:2012:





Ounces of Silver in Trust 317,642,788.800
Tonnes of Silver in Trust 9,879.80


Nov 20.2012:



Ounces of Silver in Trust 318,126,801.800
Tonnes of Silver in Trust 9,894.85



Nov 19.2012:





Ounces of Silver in Trust 318,126,801.800
Tonnes of Silver in Trust 9,894.85






Ounces of Silver in Trust 319,578,894.800
Tonnes of Silver in Trust 9,940.01


Nov 15.2012:




Ounces of Silver in Trust 322,483,146.800
Tonnes of Silver in Trust 10,030.35


nov 14.2012



Ounces of Silver in Trust 322,483,146.800
Tonnes of Silver in Trust 10,030.35



we lost 1.984 million oz of silver at the SLV today.
In one week we have lost over 7.648 million oz and yet silver rose $1.62
from $32.50 to $34.11


So much for the comex being a price discovery mechanism in silver and in gold!!

القراع عصفور
Nov 24, 2012 - 4:02pm

pforth

you do not understand what i am saying. i have too much to do, and its been a long time since i used some of the math, for me to properly explain it.

a) and b) are no different. it has to do with churning contracts. it has to do with derivatives again. it especially has to do with levering more and more, as the physical is depleted. you can not lever 0 (zero) - and they are approaching that limit with silver.

besides, just because something is legal, does not make it moral. they are engaged in a massive fraud, no matter what the finer details may be.

sorry, but that's the best i can do for now. someone fresh out of college here should be able to understand what i'm getting at, and explain it better. anyone? Buehler?

nonetheless, the Dec silver contract is going to be the end of Blythe. that is the HEH. i have no professional career in finance to protect, and i'm not afraid of the bastards anymore. buy some silver before it is all gone.

steveo
Nov 24, 2012 - 4:36pm

I have the UP DOWN volume

I have the UP DOWN volume indicator, extremely powerful, GDX, ES from Summer 2009, Magnetic Pole Shift (real info), Snorg Tee girls and Hawaii surf chicks in bikinis, Free Silver, and more.

for free, what a come on!

https://oahutrading.blogspot.com/2012/11/up-down-volume-days.html

Horst
Nov 24, 2012 - 6:18pm

I hope to be around for the

I hope to be around for the time when this has all been unwound and at least some people responsible have been brought to justice (by fair trial or guillotine, I don't much care), and they start to unpack. I bet there is still so much that they do that we haven't even thought of. They are criminals, but you gotta admit, they are master criminals.

Horst
Nov 24, 2012 - 6:33pm

PAGE

So anyway, what's up with that PAGE successor? Not that there could really be a successor to it, as it really never came into existence.

My guess is: it won't happen and they will use every measure up to national security and outright force to prevent a fully allocated gold/silver exchange from ever going into business.

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits