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COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!

 
Punk A$$ets
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03/03/2010 03:56 PM

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COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
By Adrian Douglas

For more than 6 months I have been gathering data released daily by the COMEX concerning delivery notices and inventory levels of gold and silver. This data must be captured and recorded each day as there is no database of historical data available to the general public.

Studying data on a daily basis is not conducive to seeing the big picture so I have just completed a study of what can be discerned by looking at the entire 6 months of data. The results are very revealing.

First of all for those who are not familiar with the delivery process of the COMEX I will summarize some key information.

Only a small fraction of the contracts, less than 1%, that are bought or sold on COMEX ever go into the delivery process. The contracts are typically terminated by rolling them to a future month or by closing out the position (either selling a long contract or covering a short contract).

If a long contract is held into the delivery month then the contract holder is said to be “standing for delivery”. The holders of the short interest are then obliged to issue delivery notices to the longs between the first notice day and the last notice day. Anyone receiving such notice must pay in full for the contract. The long will then receive a numbered warehouse delivery receipt via the clearing house. The rules of the COMEX are that the shorts must honor the warehouse delivery receipts by delivering bullion that is in a form that meets the contract specifications and that the delivery must take place through a COMEX licensed warehouse facility. There is a possibility that the long could re-tender his warehouse receipt for cash settlement. Removal or deposit of metal into or out of the warehouse may occur days or weeks after the issuance of the delivery notice. So while day to day reconciliation of delivery notices and metal inventory movements is impossible over a long period of time reconciliation should be meaningful, provided that cash settlement is not very common.

The inventory held in the COMEX warehouses is split into two categories which are “registered” and “eligible”. The registered category is metal that is available to be delivered against warehouse receipts. This is essentially inventory belonging to the commercial dealers. There are many traders on the COMEX who sell gold or silver short but much of this is for speculative or hedging purposes; they are not doing it because they have gold or silver to sell. However, there are investors who buy long contracts and want to take delivery. It is, therefore, the commercial dealers, the bullion banks, who provide delivery against such long contracts.
The “eligible” category is inventory that is not available for delivery against futures contracts. It is being stored in the COMEX warehouses by its owners. Although some of this inventory may belong to the dealers for simplicity I refer to it as “customer inventory”.


Table 1: SUMMARY OF COMEX WAREHOUSE ACTIVITY

Table 1 summarizes the data collected from August 6, 2009 to February 12, 2010.

What is immediately clear is that the cumulative withdrawals from the “registered” category (the dealers) are inferior to the amount of silver and gold obligations implied by the delivery notices.

In silver the equivalent of 33.5 Mozs of delivery notices were issued yet only 16.3 Mozs (49%) of silver bullion left the registered inventory over the same period. In gold, 2.8 Mozs of delivery notices were issued and only 2.04 Mozs (73%) of gold left the registered inventory. What happened to the difference? There are a few possibilities

1) the delivery receipts were re-tendered for cash
2) the deliveries have not been made yet
3) metal was leased from the customers (eligible inventory) and so the difference, therefore, appears included in the total withdrawals from the customer inventory
4) there were large deliveries between dealers not requiring any movement of metal in the registered category

Of these possibilities (4) seems the least likely. Why would a dealer stand for delivery only to leave the metal on the exchange?

Option (3) is a distinct possibility because the cumulative withdrawals from both eligible and registered categories in silver are 38.9 Mozs and in gold 2.47 Mozs which are very comparable to the delivery notice totals of 33.5 Mozs and 2.8 Mozs for silver and gold respectively. If the dealers are leasing metal to meet delivery this would be extremely bullish.

Options (1) and (2) are also possibilities.

So the conclusion that can be drawn from this data is that the metal being delivered from the registered category is not on its own high enough by a substantial margin to meet the obligations represented by the delivery notices. It is not, however, possible to say where the balance has come from.

But what is more important is that the data reveals a very shocking trend. That is that the registered (dealer) inventory is being drawn down at a phenomenal rate. In silver the inventory has dropped by 24% in 6 months while in gold it has dropped an eye-popping 41% in 6 months! The withdrawal to deposit ratio for registered silver is 14:1 and in gold it is 5:1. If this rate of drawdown continues the registered inventory of silver will be exhausted in 18.8 months and in just 8.5 months for gold!

This inventory drawdown is very revealing. Over the same period the open interest in gold increased 15% while in silver it increased 19%. By way of an analogy one would not expect a company with increasing orders to decrease its stock levels! Why would the inventory not be replenished when Open Interest is increasing? The most likely reason is a growing shortage of bullion.

This rapidly shrinking inventory is coherent with other indications of a growing shortage of precious metals. During the last two years the US mint has periodically suspended production of gold and silver eagles due to shortages of bullion, the COMEX futures have displayed contracting contango and/or mild backwardation, which is indicative of physical market stress. There is anecdotal evidence of the LBMA OTC market in London having difficulties in making deliveries and requiring central bank gold to do so. There are also rumors of large premiums being offered for cash settlement in lieu of the bullion. Sources active in the London market tell us it is difficult to find bullion in size. The Central Banks have stopped selling and have become net buyers of gold. Furthermore, the politically connected Barrick Gold announced a panicked buying back of its hedges at the end of last year.

Investors should make sure they own physical bullion and not a paper substitute. When the music stops, and it looks like it could be soon, paper promises will not be honored with bullion. When a shortage becomes obvious to investors the price of bullion will be multiples of its current price. But those holding paper promises will not benefit. At best they will be paid in fiat currency and probably after months or years of legal wrangles, and most likely at the price on the day of default, not at the price on the day of settlement. Why accept anything but physical bullion?

I have previously written articles discussing how much “paper gold” has been sold, principally through the unallocated accounts of the LBMA although there are other vehicles that achieve the same end such as pool accounts, unbacked ETF’s, futures, and derivatives etc.

www.gata.org/node/7911

www.gata.org/node/7908

I estimate that as much as 50,000 tonnes of gold has been sold that does not exist. That is equivalent to all the gold reserves in the world that are yet to be mined, or put another way, 25 years of gold production. That is the grand-daddy of all short positions! As physical market shortages lead inevitably to exposing this scandal there will be the grand-daddy of all short squeezes and the grand-daddy of a bull market in precious metals….but only in REAL physical precious metals and quality mining equities, not in paper promises for physical metals. It would be a tragedy for an investor to have correctly identified the huge investment potential to wind up with nothing. It would be like winning the lottery only to discover that someone sold you a counterfeit lottery ticket!

Adrian Douglas
February 25, 2010

[link to beforeitsnews.com]

Last Edited by Punk-A$$ets on 03/03/2010 04:02 PM
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Punk A$$ets (OP)

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03/03/2010 05:38 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
shameless bump
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
User ID: 812925
United States
03/03/2010 05:42 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
bump
Anonymous Coward
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03/03/2010 05:50 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
I estimate that as much as 50,000 tonnes of gold has been sold that does not exist. That is equivalent to all the gold reserves in the world that are yet to be mined, or put another way, 25 years of gold production. That is the grand-daddy of all short positions! As physical market shortages lead inevitably to exposing this scandal there will be the grand-daddy of all short squeezes and the grand-daddy of a bull market in precious metals….but only in REAL physical precious metals and quality mining equities, not in paper promises for physical metals. It would be a tragedy for an investor to have correctly identified the huge investment potential to wind up with nothing.It would be like winning the lottery only to discover that someone sold you a counterfeit lottery ticket!Adrian Douglas
February 25, 2010

[link to beforeitsnews.com]
 Quoting: Punk A$$ets



I love that line.
Anonymous Coward
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03/03/2010 05:53 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?
Sargon

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03/03/2010 05:54 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
I believe this guy.
AC not DC
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03/03/2010 05:57 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
tick, tock ... just waiting for the bell to ring


and it will
Apocalypse Troll
Trollicus Apocalyptus

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03/03/2010 05:59 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?
 Quoting: Anonymous Coward 904282


It means people are buying pyrite.
attxflag
"Honor the Texas flag; I pledge allegiance to thee, Texas, one state under God, one and indivisible."

[link to www.statutes.legis.state.tx.us]

Live free! [link to coinbase.com (secure)]
Anonymous Coward
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03/03/2010 05:59 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?
 Quoting: Anonymous Coward 904282


Buy real gold...and LOTS of it.
Anonymous Coward
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03/03/2010 06:00 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
man, thats all fucked up!
Apocalypse Troll
Trollicus Apocalyptus

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03/03/2010 06:00 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
[link to lmgtfy.com]
attxflag
"Honor the Texas flag; I pledge allegiance to thee, Texas, one state under God, one and indivisible."

[link to www.statutes.legis.state.tx.us]

Live free! [link to coinbase.com (secure)]
ANNONYMOUS
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03/03/2010 06:00 PM
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bump
acer51

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03/03/2010 06:00 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
This again? Comes up about every two months. Nothing here move on to the NASA/MOON thread, a lot more entertaining.

Last Edited by acer51 on 03/03/2010 06:01 PM
Anonymous Coward
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03/03/2010 06:01 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?
 Quoting: Anonymous Coward 904282


Suckers are buying paper promises of UNALLOCATED gold (which has been sold many times over, already)!

Said suckers will find out just how virtual their gold is when this house of bullshit collapses, and they're screaming and waving their paper, demanding the physical!

How stupid can you get?

cruise
Punk A$$ets (OP)

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03/03/2010 06:02 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?
 Quoting: Anonymous Coward 904282

It would seem that at some point comex might not be able to deliver physical metal.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Andromeda

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03/03/2010 06:03 PM
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Got Cliff's Notes, OP?
Punk A$$ets (OP)

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03/03/2010 06:04 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
This again? Comes up about every two months. Nothing here move on to the NASA/MOON thread, a lot more entertaining.
 Quoting: acer51

LOL. I posted a few interesting threads. Glad one of them got some attention. I was gonna try the NASA thing next and say they found out comex was storing gold on the moon. Heh...
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
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Mexico
03/03/2010 06:06 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
Inept Sovereign Fund or Gold Scam?
(Does anyone know anyone who has 10 tonnes of gold to sell at 6-10% under spot?!)
Silver Stock Report
by Jason Hommel, March 2nd, 2010

In a previous email, I said that my mom handles the small orders, under 100 oz. of silver, and we handle the major bullion trades.
My Mom's Silver Shop February 22nd, 2010

After that, I was contacted by three people who were inquiring about potentially large orders.

The largest group, a man claiming to represent a sovereign wealth fund, wanted to buy a minimum of up to 10 tonnes of gold, and had $20 billion in cash set aside to buy $20 billion of gold. Wow! I know major gold sellers, so that's quite a potential opportunity! At today's prices, 10 tonnes x 32,151 oz./tonne = 321,510 oz. x $1119.30/oz. = $359,866,143, that's about $360 million dollars. But, the buyers would entertain smaller orders, if more gold would be forthcoming. Even better!

In years past, I've discerned that such offers, both to buy or sell, are a scam because they want a letter of intent, and a letter of credit. I've since learned that a letter of credit basically gives your "partner" access to all the money up front, hence the scam. This did not seem like a scam, as that is not what was requested.

But there is another reason I suspect that this was a scam. Trouble is that they want the name of the source of the seller, which never happens; that's why there are brokers, to hide the sources and keep them anonymous. Also, a broker goes out of business if he reveals his supplier, because then there is no need to deal with the broker anymore!

But further, they wanted only LBMA gold. Well, all the LBMA refiners and banks are already on well published lists, you can find them all here:
[link to www.lbma.org.uk]

Good Delivery List of Acceptable Refiners
[link to www.lbma.org.uk]
[link to www.lbma.org.uk]

Market-Making Members
[link to www.lbma.org.uk]

Full Members
[link to www.lbma.org.uk]

Associates
[link to www.lbma.org.uk]

So, then why would they need me or anyone else to act as a broker?

The 10 tonne amount is weird. That should be a maximum, not a minimum. The world's gold output averages to about 10 tonnes per day. The world's mines produce about 2500 tonnes of gold per year, and there are about 250 business days per year, (5 x 52) (minus 10 holidays). 2500 / 250 = 10 tonnes!

What this says is that this buyer wants to buy 100% of all the gold produced by all the world in a year. Or, they want to buy 100% of all the world's gold for at least an entire quarter, with their $20 billion or more. Clearly, no buyer is doing that in the marketplace, because if they did, then the gold price would exceed $5000/oz., or maybe even $30,000/oz.!

Thus, it smells like a scam, because the numbers are just wrong.

But interestingly, China has announced that they want to buy about $80 billion of gold, which, at $1000/oz., is 80 million oz., which, at 32,151 oz. per metric tonne, is 2488 tonnes. That would work out to about 10 tonnes per day, of course. And China, with over $2 trillion of foreign exchange, could buy a lot more, of course, if only it can be found.

Is this a legit offer from China? Or is it a bogus offer, posing as if they could be China?

Another sign it's bogus is that they claim to be the largest current buyer in the marketplace. Well, that's India, not China.

China announced that they have managed to accumulate only about 500 tonnes over the last 5 years, or only about 100 tonnes per year, far less than the apparent goals. I have no idea if the sovereign wealth fund is China. Maybe it is, and maybe it isn't, but that's not the point.

The point is that it appears to me as if this sovereign wealth fund, if real, is going about the attempt to accumulate gold entirely the wrong way.

How? They did not include a price in the terms of their offer!

Who would be motivated to sell gold to an anonymous source at an unknown price? What kind of buy offer, or bid, is it if the price is unknown? There's almost no need to respond. I did respond, for fun, and just to get the term sheet, but again, no price. It appears as if they want to buy at a discount to London afternoon price fix. Discount? How?!

Term sheet:
[link to www.silverstockreport.com]

This is the most professional looking term sheet for this kind of offer that I've ever seen, and it still reeks of a scam. It's kind of funny.

Price is everything.

India manages to accumulate up to 800 tonnes of gold per year, but that's because the price of gold in India is always quoted at a premium, that means India pays higher, than western prices, plus the import duty or tax. I hear from large bullion traders that they can get about 2% above spot in Europe, and less in the USA. What I hear makes sense to me, because the USA does not buy nearly as much gold, hence the lower prices here.

We buy gold under spot all day long, if, and only if, people who are selling scrap gold walk in the door. We don't get to choose the amount that comes in, and we only get about a mere 30 ounces per month or so of scrap gold. We get more gold in the form of coins, and we are paying higher for that, about 1-3% under spot for popular gold coins such as American Eagles, Philharmonics, Maples, Krugerrands, etc., but again, we don't get to choose the amount, and it's never more than about $250,000 of gold coin in a month at those prices in our area.

Thus, offers to buy gold at 5-8% under spot, at 10 tonnes or more minimum, are clearly scams.

We are hesitant to pay more than the largest most reliable refiners in the USA, but we do for premium coins.

There are reliable refiners who will pay up to 1.5% under spot, or 2% under spot, but only to dealers who have a regular supply. Therefore, any "major" offer to buy gold at a significant discount under that, is clearly not real. Nobody would sell for less to an anonymous buyer when they can sell for more to known public refiners!

Thus, it seems to me that if a sovereign wealth fund wants to buy gold at significant discounts to spot, in this market, they are dreaming. It's just not going to happen. That's my opinion, and I could be wrong, but it seems to me that China has also announced that they like to buy gold on the dips, and at under spot, and it seems to me like they are not really meeting their goals, because they don't understand how price functions as a means to communicate intent to the broader market.

Price is everything in capitalism and free market theory! Price is the ultimate means of communication to markets; it's far more important than "who you know," or a bunch of bogus terms. But what is interesting is that it appears to me that the main way the Chinese do business is through the "who you know" theory of business, rather than through the capitalistic method, which is by price.

How can a buyer communicate intent without mentioning price?

(As an aside, I'm glad for the profile on me in my local paper, but that's not the important thing you need to know to do business with us, you need to know the prices, which is why our price board is up front at www.silverstockreport.com and www.jhmint.com.)

If anyone wants a continuous supply of gold to come their way, they merely need to offer more for gold, a higher price, than anyone else. Then, gold will easily flow their way. Similarly, if any of our customers want gold to flow their way, they need to pay over the spot gold price, plus manufacturing costs, plus our replacement costs to get it, that means they must be willing to pay about 6-10% over spot for manufactured gold coins.

This is why I don't believe recent internet rumors that large futures contract buyers refused a "cash settlement" of 25% over spot to cash out their gold futures contracts. Any such buyer could take the 25% premium, and take the cash, and then start cleaning out up to 20 of the USA's largest major gold dealers, placing many multi million dollar orders with each of them, and get far more gold for far less.

Business is really rather simple, and it seems that this sovereign wealth fund does not understand basic business. (And I'd expect that from a government agency, too.) If they want gold to flow their way, they have to offer better terms than the competition. Why would anyone sell gold to an anonymous source, for less than they can get from other established markets?

To be competitive, any entity has to offer to buy gold on better terms, such as higher prices, than other established markets. Better terms also include such things as more convenient sized lots, faster methods of payment, reliable markets, and established jurisdictions in which to do business, etc.

Everything is wrong about this sovereign offer to buy gold. There's no price! And it's a less convenient larger lot size! And you have to give up the name of your supplier for no consideration! And you cannot sue a sovereign wealth fund if things go bad.

Finally, words of wisdom for any potential gold buyer. You are a customer. He who has the gold makes the rules. Why? Because the owner of gold realizes and has realized certain truths; that only gold has value, and paper money might not. Hence, any time I've ever bought gold, I ALWAYS had to pay first; that's what customers do. And I never buy from anonymous sources, I only buy from reputable dealers that I know. Even when I go to buy gold from my suppliers, I pay first; that's simply how it works. I know all the major dealers in the USA, or know of them. None of them would respond to an offer of the kind I ran across. If you want gold, you buy gold on terms set buy the people who have the gold, not on your own terms.

Who walks into a grocery store and starts issuing demands and setting up terms on how you will buy food? Nobody.

I don't want to conclude that this is a scam. Maybe it's not. I don't know everything. On the off chance this is not a scam, I publish here. Maybe somebody else who knows this sovereign wealth fund is paying attention, and can clue them in on how to really buy real gold, for real.

Here's a similar offer that is clearly a scam. For about six months, I would get about 1 of these every day, offers for both buying and selling:

=====

Silver Bullion I can have the 12MT per month with possible rolls and extensions 8/5 discount bank to bank sellers banking details in tact FOB drafted to him. The buyer takes delivery F.O.B. at Free Trade Zone of Benito Juarez Airport in Mexico city as destination port. (to be negotiated). Bank to Bank; sellers bank officer will extend invitation to buyers bank officer.

COMMODITY: (ARGENTUM) Silver Bars
ORIGIN: Mexico.
FINENESS: 999.95 or Better
SIZE: 12.5 kgs in standard Silver Bars
HALLMARKS: HALLMARK Met-Mex PEÑOLES
International Accepted
QTY IN TOTAL: 12 MT (960) SILVER BULLIONS X month per 5 years with possible Rolls & Extensions

PRICE: Based on the prevailing London Bullion Market Association
Second Fix Price (LBMA Price), Silver Fixing on the day of sign of the
contract, less discount, plus taxes.

PAYMENT: By Swift Wire to be done upon receipt of acceptable count/analysis certificate issued by refinery showing exact quantity and quality.

DISCOUNT: 8% Gross  5% Net to buyer and 3% to facilitator fees, as compensation, sharing 1% to buyer mandate, 1% to buyer side net and 1% to seller side net (closed)

=====

That is clearly a scam offer to sell silver. Why? Because I know that Penoles sells silver in lots of 300,000 oz., which is 9.3 tonnes, at a flat, non-negotiable price of $.15/oz. over spot, delivered to anywhere in the USA. They don't sell silver at 8% under spot, nor do they pay any commissions!

=====

People sometimes ask me, "Jason, why don't you buy silver off the COMEX, and clean them out?" I don't do that because the terms are horrible, and the reputation is even worse! I hear there are horrible delivery delays of up to a month or two beyond the delivery month. Because even if they do deliver in the right month, it's no good to have a delivery at a random time during 28 days! In this business, we need to replace product almost immediately, within 2 days or so. Instead, we buy silver from major wholesalers, who have it in stock, or who are getting it quickly from the refineries. Locking in gold or silver for delivery "at any time within a month" is about the worst possible terms that could be imagined. What kind of a lock is that? Who can do business on those terms? Ridiculous!

COMEX is a farce of a gold and silver market. Attempting to regulate it just seems silly.


=========

I strongly advise you to get real gold and silver, at anywhere near today's prices, while you still can.

Price Board:
[link to jhmint.com]

Our Coin Shops are open 10AM to 5PM Pacific, Monday to Friday
100 oz. silver minimum, USA shipping, wire transfer only!
Janelle (530) 913 0553 silver_support1@vzw.blackberry.net

JH MINT & Coin Shop, Grass Valley, CA
(530) 273-8175
[link to www.jhmint.com]

Rocklin Coin Shop, CA, 15 min north of Sacramento
[link to rocklincoinshop.com]

Or visit www.momsilvershop.com
(Mom will ship in lots of more or less than 100 ounces of silver, and overseas, and take credit cards or pay pal.)



Sincerely,

Jason Hommel

In case you miss an email, check the archives:
[link to silverstockreport.com]
Anonymous Coward
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03/03/2010 06:14 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
strongman shelford is right again

Thread: Hi, I am Strongman Shelford. I will teach how to easily diversify and protect your savings for what is coming!
Anonymous Coward
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03/03/2010 06:27 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
Another International PONZI SCHEME???
Anonymous Coward
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United Kingdom
03/03/2010 06:30 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
Another International PONZI SCHEME???
 Quoting: Anonymous Coward 688004


Perhaps the biggest one ever!
Anonymous Coward
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03/03/2010 06:36 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?


Suckers are buying paper promises of UNALLOCATED gold (which has been sold many times over, already)!

Said suckers will find out just how virtual their gold is when this house of bullshit collapses, and they're screaming and waving their paper, demanding the physical!

How stupid can you get?

cruise
 Quoting: Anonymous Coward 905902


I bought gold on Nov 3rd, I'm a little over breaking even now.....No, wait a minute! I was in "paper" gold (ultra ETF) & got stopped out on Dec. 4th with a cool 22.5% profit! (didn't do an "S & R" for a quick ride down, shame on me).

Point I'm trying to make is there is good money to be made TRADING (not investing!) paper gold. Just gotta be quick & don't be greedy when prices go parabolic when TSHTF over the Comex debacle.

The author makes a good point about mining stocks though. Been watching GDX & GDXJ.
Anonymous Coward
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03/03/2010 06:41 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
This again? Comes up about every two months. Nothing here move on to the NASA/MOON thread, a lot more entertaining.

LOL. I posted a few interesting threads. Glad one of them got some attention. I was gonna try the NASA thing next and say they found out comex was storing gold on the moon. Heh...
 Quoting: Punk A$$ets


The moon is solid gold. Thats why they don't want anyone to go back there.
Anonymous Coward
User ID: 905902
United Kingdom
03/03/2010 06:41 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?


Suckers are buying paper promises of UNALLOCATED gold (which has been sold many times over, already)!

Said suckers will find out just how virtual their gold is when this house of bullshit collapses, and they're screaming and waving their paper, demanding the physical!

How stupid can you get?

cruise


I bought gold on Nov 3rd, I'm a little over breaking even now.....No, wait a minute! I was in "paper" gold (ultra ETF) & got stopped out on Dec. 4th with a cool 22.5% profit! (didn't do an "S & R" for a quick ride down, shame on me).

Point I'm trying to make is there is good money to be made TRADING (not investing!) paper gold. Just gotta be quick & don't be greedy when prices go parabolic when TSHTF over the Comex debacle.

The author makes a good point about mining stocks though. Been watching GDX & GDXJ.
 Quoting: Anonymous Coward 851621


Hey, I agree with you.

So long as the music hasn't stopped, yet, and you have the fortitude required for trading, GO FOR IT!

Just don't whine if you get caught with your pants down in a heavily margined position when TSHTF!
Anonymous Coward
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03/03/2010 06:42 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
 Quoting: Apocalypse Troll


+1000

I did not know about that.
Punk A$$ets (OP)

User ID: 763071
United States
03/03/2010 06:47 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
so in short.... what does it mean?


Suckers are buying paper promises of UNALLOCATED gold (which has been sold many times over, already)!

Said suckers will find out just how virtual their gold is when this house of bullshit collapses, and they're screaming and waving their paper, demanding the physical!

How stupid can you get?

cruise


I bought gold on Nov 3rd, I'm a little over breaking even now.....No, wait a minute! I was in "paper" gold (ultra ETF) & got stopped out on Dec. 4th with a cool 22.5% profit! (didn't do an "S & R" for a quick ride down, shame on me).

Point I'm trying to make is there is good money to be made TRADING (not investing!) paper gold. Just gotta be quick & don't be greedy when prices go parabolic when TSHTF over the Comex debacle.

The author makes a good point about mining stocks though. Been watching GDX & GDXJ.
 Quoting: Anonymous Coward 851621

Been trading GDXJ too.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
fred704
User ID: 906203
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03/03/2010 06:55 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
The big boys are acting to stupid to be stupid.

Expect Force Majure!
Anonymous Coward
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03/03/2010 08:04 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
But what is more important is that the data reveals a very shocking trend. That is that the registered (dealer) inventory is being drawn down at a phenomenal rate. In silver the inventory has dropped by 24% in 6 months while in gold it has dropped an eye-popping 41% in 6 months!
 Quoting: Punk A$$ets


Very important and thanks!
Anonymous Coward
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03/03/2010 08:06 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
I have my gold and silver.......


.
MI6
User ID: 905111
United States
03/03/2010 08:14 PM
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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
Naked Shorting at it`s finest.
The sheep getting sheared again. I mentioned a couple weeks back OP that gold was gonna tank, it`s just another buble and I`ve seen a few.

Remember? $650 gold by years end...
Punk A$$ets (OP)

User ID: 763071
United States
03/03/2010 08:32 PM

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Re: COMEX Gold And Silver Inventory Data Reveal An ALARMING Trend!
Naked Shorting at it`s finest.
The sheep getting sheared again. I mentioned a couple weeks back OP that gold was gonna tank, it`s just another buble and I`ve seen a few.

Remember? $650 gold by years end...
 Quoting: MI6 905111

If the stock market crashes, gold will too. Otherwise, no way. QE to infinity.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.