COMEX silver games

pmbug

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JP Morgan has made a MASSIVE adjustment of PHYSICAL SILVER into its REGISTERED VAULTS, moving over 1 MILLION OUNCES from eligible into REGISTERED OVERNIGHT!

For those inquiring as to the significance of an inventory adjustment from eligible to registered vaults, please see The Doc's explanation of registered vs. eligible COMEX categories for a full understanding of the implications.
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http://silverdoctors.blogspot.com/2011/11/jp-morgan-triples-registered-silver.html

Why would JPM need to lease 1MM ounces of silver to make deliveries if the COMEX really had over 30MM ounces of silver already allocated for that purpose? If you have been following COMEX movements regularly (I read Harvey Organ's blog daily), you would know that it has been over a month since there was any movement into (or out of) the registered category. I've been asking around for help in understanding this from people smarter than me, but so far have not found any answers.
 

pmbug

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Having said that, in studying the Comex open interest and inventories for nearly 10 years, I can say that the outright size of this inventory move by JP Morgan is unusually large and would suggest that JP Morgan is anticipating the probabilty of having to deliver a lot of silver for the December delivery month, of which JP Morgan is likely short at least 17k of the current 34k open interest, or 85 million ounces. Please note that there are still 9 trading days until the "first notice" day, November 30th, for December silver and I expect that the open interest will decline substantially between now and then. However - remember I like to look at the truth behind "however" - in order for the December open interest to get down to a level which represents just the total amount of registered silver - roughly 33 million ounces - the December open interest will have to bleed down to 6600 contracts. This is a big liquidation in just 9 days. I would suggest that JP Morgan's inventory behavior implies that delivery supply could get very tight this month.
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More: http://truthingold.blogspot.com/2011/11/situation-developing-with-comex-silver.html
 

pmbug

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My guess is they are in serious trouble and trying to shake leaves from the tree.
 

DSAbug

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My guess is they are in serious trouble and trying to shake leaves from the tree.

Well.. It's opx so naturally we have some BS but this is a complete route. I'd really like to know the rational behind this move.
 

Steven Douglas

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I absolute LOATHE the terms "Eligible" and "Registered", as their meanings are counter-intuitive. I believe that is a deliberate obfuscation.

Eligible sounds like "eligible for purchase" when it means the exact opposite. It only means that the silver met "eligibility standards". However, silver cannot go on EITHER list without meeting eligibility standards, so the term is redundant.

Registered sounds to the casual observer like "spoken for", when really it means silver that the silver is "eligible" for purchase (long delivery).

How about Available and Unavailable, or something along those lines?

Over the past few years more silver has been taken out of circulation (Registered to Eligible), which gives the perception that there is less available physical, which in turn puts upward pressure on its value - given its new scarcity. The massive overnight move from Eligible (out of circulation) to Registered (in circulation) is tantamount to putting silver into circulation. Most silver investors don't track warehouse movements, so moving silver from Eligible in a sudden move to Registered is just one more way, I believe, of artificially suppressing prices.

I could be wrong, but it's the only plausible explanation I can see that fits with reality.
 

pmbug

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More COMEX vault games?
Blythe just tried to sneak a massive 613,738 ounce silver adjustment past the market this afternoon on one of the thinnest trading days of the year, but The Doc's all over it like white on rice- and WAIT TILL YOU SEE WHERE THE RABBIT TRAIL THE DOC JUST RAN DOWN LEADS!

The Morgue adjusted 613,738 ounces of silver from eligible vaults into REGISTERED vaults on Wednesday!

Not to be beaten, Scotia topped its 1.2 M oz deposit reported Wednesday, by receiving a massive deposit of 2,395,835 ounces!

Rather coincidental seeing Brink's had a nearly identical withdrawal Tuesday of 2,346,587 ounces!
...

More: http://silverdoctors.blogspot.com/2011/11/did-jp-morgan-just-convert-614000.html

Read the source material for a breakdown of vault movements leading to a conclusion that the ~613K movement is likely metal stolen from MF Global client accounts.
 

dali lambone

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Let them continue to play games and suppress the price.. I laugh every time I make a purchase! True price discovery is in the not to distant future!
 

pmbug

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ancona

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When looking at recent charts, it is beginning to look like a default at either the LME or Comex is becoming more of a reality. As sovereigns show stronger desire to back up their reserves with real money, and demand delivery of their gold, more and more pressure is exerted on the paper pushers to deliver the real thing. Nations liekk the U.S. and England, who actively lease their/our reserves are running out of ammunition.
 

pmbug

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swissaustrian

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mh, has anybody informed the CFTC? :doodoo:
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Just kidding :rotflmbo:
This scam is gonna implode big time :popcorn:
 

pmbug

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swissaustrian

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Another observation: The fact that this fake accounting seems to take place at every vault, regardless of the owner (HSBC, Brinks to name just two) tells me that the CME is involved in the scam, too. It's not just the single bullion banks.
 

ancona

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SA,
I, just as you do, believe all this to be one big fractional reserve scam. Unlike the fiat scam, silver cannot be printed, however promises to deliver can, as well as vault receipts with serial numbers. The problem with this is that those serial numbers have been promised to more than one person or entity. When the price starts to get crazy again, and it will as a result of the faltering/failing EU, that is when the glue comes loose and the wheels fall off. I do not expect it to be a one-off rapid fire event, rather I expect the PTB to try and buy their way out with massive fiat premiums. This could work for a long time if faith in fiat remains relatively high. However, if the EU breaks apart, and i view that as an extremely likely event, then all bets are off. Folks will want to hold their wealth. Just look at Greece. Tax revenues are down. Banks are recording record outflows of cash. Banks across Europe are limiting how much cash people can withdraw in a single day to try and stop the bleeding. It is too late for Greece and the little mentioned Italy, and Spain, Portugal and Ireland are not far behind. There is a groundswell movement all over Europe to take back sovereignty from the EU and their draconian requirements that put tens of millions of people under the regulatory thumb of an unelected elite.

It will not end well, and it will not be televised, but the columns of smoke will be visible all over Europe when it comes down.
 

swissaustrian

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SA,
I, just as you do, believe all this to be one big fractional reserve scam. Unlike the fiat scam, silver cannot be printed, however promises to deliver can, as well as vault receipts with serial numbers. The problem with this is that those serial numbers have been promised to more than one person or entity. When the price starts to get crazy again, and it will as a result of the faltering/failing EU, that is when the glue comes loose and the wheels fall off. I do not expect it to be a one-off rapid fire event, rather I expect the PTB to try and buy their way out with massive fiat premiums. This could work for a long time if faith in fiat remains relatively high. However, if the EU breaks apart, and i view that as an extremely likely event, then all bets are off. Folks will want to hold their wealth. Just look at Greece. Tax revenues are down. Banks are recording record outflows of cash. Banks across Europe are limiting how much cash people can withdraw in a single day to try and stop the bleeding. It is too late for Greece and the little mentioned Italy, and Spain, Portugal and Ireland are not far behind. There is a groundswell movement all over Europe to take back sovereignty from the EU and their draconian requirements that put tens of millions of people under the regulatory thumb of an unelected elite.

It will not end well, and it will not be televised, but the columns of smoke will be visible all over Europe when it comes down.
As you said. One can't bailout the CRIMEX. That's the beauty of hard money. :cheers:
 

pmbug

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Yesterday the big news was that someone had withdrawn 3 million ounces of silver out of the Brink's vault Tuesday. Well today's COMEX Warehouse update divulges the destination of the massive phyzz withdrawal Tuesday, as Scotia Mocatta reported an IDENTICAL 3 million ounce silver deposit Wednesday!

That's right...the 3 million ounces of silver were never actually withdrawn from the Brink's vault Tuesday, an intern was just busy scrawling Scotia's name on 3,000 new post it notes.
...
Must have been a long night for the intern tasked with moving the phyzz in and out of the vault...moving the pallet across the room.....writing Scotia's name on 3,000 new post-it sticky notes.
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http://silverdoctors.blogspot.com/2012/03/3-million-ounces-of-silver-withdrawn.html
 

ancona

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And we have a nice 82 cent downward spiral this morning in about a half hour of time. The games are getting so obvious that a small child could point out the manipulation.

Let them have their paper markets, because those with physical know what their shiny stuff is really worth. When they keep slamming it like this, the physical dealers will simply raise premiums on the real stuff. I foresee a two tiered marked that comes out of the shadows, where it is now, and in to the daylight. We already see how premiums rise when the paper price gets distorted with these obvious drive by shootings.
 

pmbug

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And now we're in the green. lol. Ride the rollercoaster!

 

swissaustrian

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Holy cow, look at the drop in registered COMEX inventory, that's impressive, something like 4.5 million oz in a few days (36 moz - 31.5 moz) :
ETFSILVERR1Y.png


This is a long term chart which includes both registered and eligible silver, also quite a trend:
comex-silber-stocks.gif
 
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pmbug

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Does anyone audit these numbers? Seems like a whole lot of shenanigans happen with the reported numbers. I wonder how much they reflect reality. A >10% drop in a couple days seems like it should be significant.
 

ancona

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Uh huh......looks like a piule of fucking paper to me......more SLV "inventory" most likely, but certainly not silver in the sense that we see it [physical].
 

pmbug

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swissaustrian

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In a rather bizarre move, COMEX registered inventory rose nearly 5.3 moz on friday (4-27), correspondingly eligible inventory fell by the same amount.
If the numbers are true, somebody sold 5.3 moz to a bullion bank righ after opex and the FOMC announcement :flail:
A different explanation is this: Deliveries for this month are still open, maybe a bank needed more metal, so they changed the category of 5.3 moz from registered to eligible.

And as you all already suspected, the bullion bank which received all the new silver in their registered category thereby quintuppling their ownership of physical silver was...

JP MORGAN CHASE BANK NA
Registered 1.268.416,700 + 4.991.883,650 = 6.260.300,350
Eligible 13.351.834,750 -4.991.883,650

:doodoo:

For detailed numbers see here: http://www.cmegroup.com/delivery_reports/Silver_stocks.xls
 

pmbug

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Smells like fertilizer in the Spring time.
 

ancona

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Bwahahahaha!!!!

These douchebags don't even try to hide it any more!

Where in the hell are they going to get the silver to cover those short contractrs when TSHTF and everyone wants their metal RIGHT NOW??
 

pmbug

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For the 3rd consecutive day (following the 1 million ounce withdrawal Monday and 651k ounce withdrawal Tuesday) we have a massive silver withdrawal to report from Scotia’s vault Wednesday.

SD reader Saddle has noted that the previous 2 silver withdrawals almost exactly equal a coinciding massive new silver deposit just reported into the SLV fund.

As Harvey Organ has long alleged, it would not surprise us if the cartel is currently scrambling to move around what little PHYSICAL silver they have left to meet delivery requests at the SLV.
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http://www.silverdoctors.com/is-the...-vaults-to-the-slv-to-meet-delivery-requests/
 
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