Comex Physical Silver Drops To Fresh All Time Low Of 28.8 Million Ounces, 3% Drop Overnight

zero hedge ^ | Tyler Durden

[Nachum]

When we first started paying attention to the physical ("Registered") silver held in COMEX warehouses on April 20 following the explosion in the silver price, the total amounted to just over 41 million ounces. As of today, a short 6 weeks later, the total physical silver held throughout the entire Comex complex, has dropped by 30% over that period. As of close today, the total amount of Registered silver is now 28,773,375 ounces, a decline of 2.9% overnight from 29,636,513. This is due to a withdrawal of physical from both Brinks and Scotia Mocatta, as well as the ongoing reclassification of 438,708 ounces of Registered into Eligible silver over at HSBC (but wait, it will revert back to Registered any moment... we promise). At this rate of withdrawal and "adjustment", there will be no physical silver left in the entire Comex in about 5 months. At that point, even one delivery intention will send the price of silver to previously unseen levels.

[Nachum]

Full Title: Comex Physical Silver Drops To Fresh All Time Low Of 28.8 Million Ounces, 3% Drop Overnight, 30% Drop In Six Weeks

For all you silver and gold buyers: Do not get 'paper' metals. Take physical possession.

[Nachum]

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[OpusatFR]

I wouldn’t bet against Blythe “Vadar.”

[Steely Tom]

How much does “non-physical” silver go for these days?

[Nachum]

Current silver prices

http://www.kitco.com/charts/livesilver.html

It is trading at just under $37 per troy oz.

Silver dollars which are about 90% silver are going for about $36 or more today per coin today.

http://www.montanararities.com/1921s-morgan-dollar.html

http://www.apmex.com/Category/88/Morgan_Dollars_1878_1904.aspx

[Steely Tom]

Wow. An ounce of silver buys about as many of today’s dollars as an ounce of gold did eighty years ago.

[King_Corey]

When the COMEX finally can’t deliver Silver (real physical) will be a rocket ship. Paper SLV will be the joke. Real silver will be all that matters. At this price it is possible for one rich person to crash the silver market (paper) and rocket the physical.

I would say if you don’t already own some physical to buy now. I don’t think you wil regret it.

[PA Engineer]

Thanks. Worth repeating. For all you silver and gold buyers: Do not get 'paper' metals. Take physical possession.

I'm willing to bet there is significantly less than 28.8 million ounces.

[stockpirate]

I would like to be on the list, long on silver.....turdite

[hinckley buzzard]

Well, I sold a bunch of silver ounces from a pool account at Kitco a month or so ago at the end of the big run-up. No problem, received a check about five days later.

I'll be back into silver but not real soon.

[pcpa]

I might suggest that you take your profits from the paper and then go to a reputable dealer and acquire some tangible silver. Do not forget dimes and nickles are also silver so you do not have to put it all into dollars halves or quarters.

There are advantages to having some of the smaller denominations as well.