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Subject ***GOT SILVER??*** Massive Drain Of COMEX Silver Inventories Continues

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[quote:Anonymous Coward 992893:MV8xMTIyMzA4X0MyREQ1NUQz]
By Patrick A. Heller on July 1st, 2010
[b]

On June 16th, the COMEX reported total silver inventories of 119.5 million ounces.  Ten trading days later, on June 30, total inventories had fallen to 113.56 million ounces, a 5.94 million ounce (4.97%) decline.

There have been significant declines on nine of the last ten trading days, but this story has received almost no coverage by the mainstream media.

One reader of my June 25th column where I broke this story commented that this pattern was consistent with activity a year ago.  It is true that inventory levels do fluctuate.  For instance, the COMEX gold inventories are much higher now than they were a year ago.

However, some information I have learned in the past five days further demonstrates that the current run on COMEX silver inventories is not just something that happens occasionally in a stable exchange.

In particular, a high percentage of the withdrawn silver has apparently been from two specific depositories, not just all of the COMEX depositories in general.  Those who have studied the details closely state that the banks losing the bulk of silver have been Scotia Bank and HSBC.[/b]

http://news.coinupdate.com/massive-drain-of-comex-silver-inventories-continues-0344/
[/quote]

Original Message By Patrick A. Heller on July 1st, 2010

On June 16th, the COMEX reported total silver inventories of 119.5 million ounces. Ten trading days later, on June 30, total inventories had fallen to 113.56 million ounces, a 5.94 million ounce (4.97%) decline.

There have been significant declines on nine of the last ten trading days, but this story has received almost no coverage by the mainstream media.

One reader of my June 25th column where I broke this story commented that this pattern was consistent with activity a year ago. It is true that inventory levels do fluctuate. For instance, the COMEX gold inventories are much higher now than they were a year ago.

However, some information I have learned in the past five days further demonstrates that the current run on COMEX silver inventories is not just something that happens occasionally in a stable exchange.

In particular, a high percentage of the withdrawn silver has apparently been from two specific depositories, not just all of the COMEX depositories in general. Those who have studied the details closely state that the banks losing the bulk of silver have been Scotia Bank and HSBC.

[link to news.coinupdate.com]

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