| | | Note who the author is ? The article is obviously wrong about where the market is.. and not coincidentally:
We're days away from another COMEX contract expiration... with more likely standing for delivery... when there's obviously less physical silver in the market now than there was in February...
Anecdotally, there are still 1000 oz bars available in the market... but recent dated bars from the Royal Canadian Mint are up to $35.50 per ounce from $31.50 recently... only a single seller on Ebay... the rest of the 1000 0z bars for sale on Ebay are $33, $32 or $31.50... but, importantly, they are "random maker" bars... with older dates on them...
That increases risks to buyers in lower grade silver that's been poured a long time ago... not made with the same higher standards more recently, or by a respected name that's still in the business... The older bars are often offered by recently arrived and nameless sellers without any proven track record as sellers... again increasing the risks that what is being sold might not be what the buyer hopes it to be.
Beyond the risks in longer storage periods... what it means (along with increasing risk of fraud in fake bars... or perhaps in the source being someone like the Perth Mint liquidating "deep storage" and now stolen bars) is that the banks are scraping the bottom of the barrel to supply the market. Silver is heavy, so in storage and accounting it is managed as LIFO... last in first out... So, when all you see is much older bars being sold... rather than bright shiny new ones... it means the vaults are almost empty. And that is what I'm seeing now... not bright shiny new bars... but tarnished old "random maker" bars... even the RCM bars are looking long in the tooth... been in storage for many years and have acquired a bit of a patina over time...
There is a movement afoot to try to coordinate another big push of buyers buying silver on May 1st...
There are 400 million ounces still under contract at the COMEX as the expiry approaches... which is rather a high number... I think it was 88 million that stood for delivery in February... and the ask couldn't be delivered.
While SLV tries to down play the risks... the opposite is true. Even the long mute LBMA has been forced to become a bit more transparent, recently...
The April 9 report... Record Stocks of Silver in London Vaults - End March 2021 was quickly followed by another: LBMA acknowledges “Buying Frenzy” in Silver Market and silver shortage Fears
That they address it at all is a huge change... they normally just ignore the market and say nothing. They way they address it in the most recent report... is clearly part of an effort being curated by their lawyers... to ensure fingers get pointed in the right direction when they do get pointed... as seems is coming.
And, you might note, a number of their statements directly contradict what the SLV is saying about 2021 demand falling. Demand for SLV is failling... as consumers get wise to the game and move to PSLV or take physical delivery themselves...It's not just the pace of growth in demand they're lying about... given the banks are clearly also lying about the amount of silver "held" against the contracts they have a requirement to hold silver against.
And, on May 24th and 25th... an oddity in Congressional hearings being held... with the CEO's of banks that are supposed to be holding and delivering the silver... with the subject of the hearing not being published ?
The event in February was WAY too obvious... and they're being watched carefully this month by "non-participants" in the lawlessness... Congress making some noise... still unlikely to result in anyone going to jail... as should happen... but it is also unlikely that it will help them enable the suppression trade while continuing to practice frauds... rather than clue in more people that there's a massive short squeeze coming... "soon"...
Still, I don't think you should expect to see anything much different in May than you saw in March.
There are some rumors, though, that China and Russia might be sticking fingers into the silver pie soon ? |
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