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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: Wade	7/1/2010 8:44:49 PM
	1 Recommendation Read Replies (1) of 48092

gata.org Jeff Nielson: Inventory fraud increases in silver market Submitted by cpowell on Thu, 2010-07-01 21:10. Section: Daily Dispatches 5p ET Thursday, July 1, 2010 Dear Friend of GATA and Gold (and Silver): Jeff Nielson of Bullion Bulls Canada reports that the silver purportedly being held by silver exchange-traded funds is being counted as part of silver inventories, not as silver removed from the market by investment demand. Since any silver held by EFTs can be sold quickly by investors and returned to the market by the ETFs, this may not be quite the fraud that Nielson calls it. But it would seem that ETF silver is easily available for shorting and that silver investors who purchase ETF shares instead of taking possession of their metal or otherwise removing it from the control of ETF custodians like J.P. MorganChase & Co., the big silver short, are handicapping themselves and contributing to the silver price suppression scheme. Nielson's commentary is headlined "Inventory Fraud Increases in Silver Market" and you can find it at Bullion Bulls Canada here: bullionbullscanada.com Or try this abbreviated link: tinyurl.com CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. "Let me begin with a definition. An “inventory” is the quantity of a particular good which is warehoused and ready to be sold. When an investor decides to purchase an ounce of silver, obviously that ounce is then subtracted from inventories. It should not make any difference how or where that ounce of silver is purchased. However, suppose our hypothetical silver investor has not read my commentaries – and thus does not know that SLV (the largest, so-called silver bullion-ETF) is nothing but a massive JP Morgan sham. Instead of buying the ounce of silver directly, our foolish investor chooses to purchase a unit of SLV. Essentially, he is designating SLV as his “agent” to buy and store the bullion on his behalf. So, SLV buys the ounce of silver, and it is then subtracted from inventories (like any other purchase). However, immediately after purchase, SLV takes the investor's ounce of silver and dumps it back into the silver inventory – where anyone else in the world can buy that ounce of silver."

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