A few days ago I speculated that there might already be a commercial failure underway in the precious metals markets.
Let's look at Silver.
There was a massive Silver withdrawal from the COMEX on Friday 10-12-2012.
- 17% (3.6 million oz) of the Brinks registered inventory was removed (this equals ~10% of the COMEX warehouse).
- HSBC also saw a withdrawl of 558,390 oz.
The two deposits by JPM of 456,000oz and Scotia Moccatta of 1.177 million oz leave us with:
- 1.6 million oz deposited
- 4.16 million oz withdrawn
= net 2.5 million oz withdrawn
Of course, this has NOTHING to do with the recent (or ongoing) bullion Silver market manipulation by the paper players.
- You can go back to sleep
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