COMEX Silver Inventory Under 100million OZ..

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#1 Tue, Jun 14, 2011 - 7:15pm
Jake
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COMEX Silver Inventory Under 100million OZ..

I've always wondered about this. Two Million oz. Left the Comex Today. It won't be long before something big happens I guess. Of course everyone has been saying this for years. What puzzles me is that it is physically impossible to move 2 million oz. in and out of vaults inside of a 24 hour period. So I guess they allocate some here and there and just keep track of it on a computer inside the vault, but if that much were to actually leave the vaults, wouldn't it take a few semi trucks and a few good men to carry it out? Two million oz. is 2000 bars. I know if I try to carry something that weighs 62 pounds, I need sit down every so often to rest. It seems to me that something's wrong with this picture.

https://www.cmegroup.com/trading/energy/files/Silver_Stocks.xls

Edited by: Jake on Nov 8, 2014 - 5:10am
Tue, Jun 14, 2011 - 7:35pm
jackmeoff
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paper game

All this is a paper game. A tractor trailer can handle 40,000 pounds on main roads so if they loaded it in trailers it would take 5 and they use armored trucks. The M1025/M1026 and M1043/M1044 armament carriers only hold 6000 pounds each so it makes it 24 trucks to move it. What blows my mind is that people cant do this simple math to know it is just paper.

Tue, Jun 14, 2011 - 7:36pm
H8Fiat
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paper game

They should get one of those scanners to organize. I'm sure they could store the whole vault on one disk.

Tue, Jun 14, 2011 - 7:43pm (Reply to #2)
Jake
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Well I'd like to see a vid of

Well I'd like to see a vid of this silver exodus. After all these years, you'd think someone like Alex Jones of Max Keiser would have stationed someone outside the vault door on the street to film this.

Your Silver--I Want to Buy it! Sell Me Your Silver!
Tue, Jun 14, 2011 - 9:28pm (Reply to #4)
Fred Hayek
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What about . .

I'm sorry I can't find it right now. But there was a video over at Max Keiser's site in which he interviewed a guy who apparently worked in Hong Kong. And that guy claimed that they're increasingly paying off COMEX contracts with SLV etf shares. He claimed that a 2005 regulation allowed them to do this. 

Perhaps I remember this wrong (if so, I apologize). This seemed to imply scary things about actual COMEX inventory volumes. 

Being a policeman is only easy in a police state -- Touch of Evil(1957)
Tue, Jun 14, 2011 - 10:53pm (Reply to #5)
tmosley
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What about..

Fred Hayek wrote:

I'm sorry I can't find it right now. But there was a video over at Max Keiser's site in which he interviewed a guy who apparently worked in Hong Kong. And that guy claimed that they're increasingly paying off COMEX contracts with SLV etf shares. He claimed that a 2005 regulation allowed them to do this. 

Perhaps I remember this wrong (if so, I apologize). This seemed to imply scary things about actual COMEX inventory volumes. 

You are correct, but I think the date on the regulation change is off. I remember reading about that change, and I think it was shortly after it happened, which means it was after 2007, when I started paying attention to the PMs market for the first time in several years.

Tue, Jun 14, 2011 - 11:03pm
Tradersgame
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COMEX silver withdrawal

Silver is typically stored on pallets, 10 bars or 10,000 oz to a pallet, which are simply moved by forklift. An 18-wheeler will haul 40,000 lbs: 580 bars of about 68.5 lbs each (there are 14.58333 troy oz to a lb avoir), or 58 pallets of silver bars. These could be loaded in a couple of hours if the loading dock was nearby. So 2000 bars would require 4 tractor-trailers, which would probably be loaded over two days. Allow a couple of hours more for the paperwork. A silver warehouse is more like an industrial warehouse than a bank vault that holds safe deposit boxes. 

Tue, Jun 14, 2011 - 11:08pm
tmosley
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@Tradersgame Silver is NEVER

@Tradersgame

Silver is NEVER shipped in an 18-wheeler. Armored cars only. Those have a capacity of 2-3 tons, depending on the model.

If I ordered twenty tons of silver, and it came in an 18-wheeler, I'd sue somebody. Or fire them. Maybe both.

Wed, Jun 15, 2011 - 1:43pm (Reply to #8)
Jake
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Silver Exodus using only Armored Cars

Thanks Tmosley, gave you a hat tip.

There must be a lot of armored cars lined up at the Comex every day now.

Thanks for all the replies. 

Your Silver--I Want to Buy it! Sell Me Your Silver!

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