Another monstrous withdrawl from SLV ETF

[bellevuebully]

http://www.caseyresearch.com/displayGsd.php


The CME Delivery Report shows that 101 gold and 49 silver contracts are up for delivery on Friday. So far this month, 453 silver contracts have been delivered on the Comex. That's 2.3 million ounces... which ain't too shabby for a non-delivery month for silver... and the month is only half over. There were no changes reported in GLD yesterday... but the SLV had another whopping amount of silver taken out of it. This time it was an eye-watering 3,431,792 troy ounces. That's two full days of world silver production! Since February 26th... 14.4 million ounces of silver have been withdrawn from SLV by the 'authorized participants' because silver in quantity is not available anywhere else. The U.S. Mint had no report on Wednesday... but the Comex-approved depositories indicated that 367,866 ounces of silver were withdrawn on Tuesday. There was a lot of in-and-out activity... and if you want to see it for yourself... here's the link.


So, are they now emptying what is in the ETF? I wouldn't trust owning the etf any more than owning US$'s.

[Defender]

but the SLV had another whopping amount of silver taken out of it. This time it was an eye-watering 3,431,792 troy ounces. That's two full days of world silver production! Since February 26th... 14.4 million ounces of silver have been withdrawn from SLV by the 'authorized participants' because silver in quantity is not available anywhere else.
This datum, while easy to spin a shocking conclusion around, is relatively meaningless in isolation. SLV selling silver is not indicative of foul play unless there is not a corresponding decrease in shares. I didn't see any mention of that in the article.

[Neuro]

^ I would like to add another criteria, they need to have the 300 million ounces, they say they have and sold shares for over the last few years too. If they had say 20 million ounces and they sold 15 million of them, that would leave SLV holders naked, even if the shareholders reduced their holdings by 15 million ounces. It is completely impossible that SLV has bought up close to 300 million ounces of physical silver the last 3 years... I don't think it is impossible that they have sold off most of the physical that they did have though...