Wednesday, March 2, 2011

Blythe is dealing out cash premiums on Silver like it's crack

CRIMEX/COMEX NEWS

Gold:
-OI rose by 6060 contracts
-Demand for physical Gold remains robust
-ZERO activity in the vaults today. Let me repeat. ZERO activity in the vaults as Gold launches to historical 5000 year highs. Let me repeat. COMEX is a fraud.

Silver:
-still in backwardation
-(someone please check for me if we are still near ZERO contango on silver thx)
-2833 to 2251 for a loss of 582 contracts
-only 42 deliveries! Blythe handing cash out like candy
-volume sucked today (Gensler asleep here 31 year highs! where you at???)
-someone is standing for delivery at 954K ounces
-Verbatim from Harvey: "The comex folk notified us that a minuscule 9 contracts (45000 oz) were served upon our longs today. This is the third straight day that the deliveries have been tiny which indicate that the vaults are empty of silver metal."
-LOST 8.4 million oz in last 48 hrs. You can thank Ben Blythe, good for you.

SPROTT PSLV @ 19.37% Got silver SLV? Everyone is buying PSLV now, no trust in SLV anymore.

I'm leaving my commentary until I get a real linked original posting board where the Wynter message was today. If you have it, put into comments asap, thanks.

QUICK NEWS:

Lybia launches missiles at oil refinery, Interest free on GM cars, again..., Goldman Sack and Morgue launder Gadafis $$, Chile extends summer by 3 weeks to save energy b/c of inflation, $US on its way to zero, and wynter benton reappears??

10 comments:

  1. Final numbers on the backwardation shows that we are in SLIGHT contango of one or two cents for a few months on the near months, and then zoom down to over a dollar in backwardation. The contango picture is weaker than it was on the past few days.

    SE

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  2. SGS,

    No one is refusing your request. You might be used to having people jump when you tell them but don't presume I'm one of them. A little politeness goes a long way.

    http://screwtapefiles.blogspot.com/2011/02/wb-claim-reminder.html

    Check the comments section.

    ReplyDelete
  3. SGS;

    The original link posted on your site was to the comments section of this post on the blog Screwtape files. I don't see that comment in the comments section of that post on your blog, so I assume that is what you are looking for.

    If it is, here is where the link took you to...

    http://screwtapefiles.blogspot.com/2011/02/wb-claim-reminder.html#comments

    The key comment is from Amber (13th comment down). Amber's blogger profile is here:

    http://www.blogger.com/profile/12644215593285430961

    The comment from Amber was reposted as an entry of it's own later on Screwtape files.

    Hopefully this is what you were looking for.

    ReplyDelete
  4. thank you Louis, the first time would have been better other than telling me "Victor, SGS and all,
    I would like to step in and give you a definitive answer but we are all just anonymous dorks. I do know WB looks at a number of Blogs and can step in at anytime to clarify.
    The ball is in the WB court. We shall see"

    Thank you, I have a special commentary to commence.

    ReplyDelete
  5. SGS,
    To clarify I put all the Wynter Benton stuff up there is to keep a record and to allow people to make up their own minds. It's not to persuade anyone to do anything. If anything I discourage people from taking anything they read at face value and trading on it.

    ReplyDelete
  6. No need to explain yourself Louis, people have brains, brains are used to interpret data, I just lay out what I see, and then they interpret for themselves. Thank you for bring this post to our attention, its vital information.

    ReplyDelete
  7. COMEX backwardation is 3rd chart down:
    http://wp.me/p1ePZy-Hn

    ReplyDelete
  8. LC, +1. Thanks, that blog is a great reference (without referring to the actual validity, as we all know).

    Also of course sgs +1.

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  9. SGS, still curious as to what your contact was talking about last Friday when he/she said they saw something they had never seen before?

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  10. A comment on the backwardation.

    First, contrary to numerous claims by the silver bugs, backwardation in silver does not indicate any supply shortage. It rather indicates counterparty risk in silver swaps - the risk that the silver might not be returned.

    It first started at the LBMA (Jan 19, 2011) and was then arbitraged over to the physical market at the Comex where the term structure inverted around Feb 7, 2011. I would therefore watch the

    LBMA Silver Forward Offered Rate

    The left couple of columns (SIFO) is basically the OTC analogue of 'future minus spot' aka 'base rate'. You see that for 3 months and less, the negativity recently got a bit better, but at 12 months the backwardation is unchanged.

    I recommend looking at the LBMA because their OTC market is bigger and because the LBMA SIFO indicates what bullion banks know about other bullion banks.

    Victor

    ReplyDelete