Nobody Understands This Huge Scam In The Silver Market
by Ed Steer, Gold Silver Worlds Surprisingly enough, there was a withdrawal from GLD yesterday, as an authorized participant took out 57,622 troy ounces. But when it comes to the SLV action, words fail me. I must admit that when I checked the iShares.com website early yesterday evening, I wasn’t sure what to expect, although unchanged or a small deposit wouldn’t have surprised me. But what I found was one of the biggest one-day withdrawals in my memory, as an authorized participant took out a stunning 6,749,403 troy ounces. What the **** is going on? Since January 1, 2015—11.3 million ounces of silver have been withdrawn from SLV—and from the beginning of December, just under 32 million troy ounces of silver have been taken out—about 1,000 tonnes of the stuff. Let me quote, in part, what I had to say about this state of affairs in yesterday’s column: Ignoring the price shenanigans in silver from November 28 to the end of December 2014—silver has rallied over $2.50 from the beginning of the 2015 calendar year—and not one ounce has been deposited. Only withdrawals. So it’s obvious that authorized participants, particularly JPMorgan, have been shorting the shares of SLV in lieu of depositing real metal, as the metal to deposit obviously doesn’t exist. The confounding thing about all this, is that only Ted Butler is talking about it. The other so-called silver analysts out there—and they’re all “so-called”—treat this issue like they would the Ebola virus. They won’t come near it. As I said last week, dear reader, you have to ask yourself why this is the case? This, and the manic in/out movements in COMEX warehouse silver stocks—and the record high silver eagles and silver maple leaf sales in the face of punk retail sales—are the silver stories of the decade, if not this very young 21st century. Why is nobody else talking about this?! This whole thing screams of what some might call a fraud or a scam—and on a biblical scale!