COMEX silver raid following 2.4 million ounce warehouse withdrawal

[DFF]

http://www.silverdoctors.com/2-4-million-ounces-of-silver-withdrawn-from-comex-stocks/

By SD Contributor SRSrocco:

BIG SILVER TAKE DOWN THE DAY AFTER 2.4 M OZ TAKE DOWN OF COMEX SILVER STOCKS

How interesting that silver was treated to a $1 waterfall takedown today, the DAY AFTER 2.4 million physical ounces of silver were withdrawn from COMEX vaults!

 

[ZzzImAsleep]

Is this like that raid that happened to that Van Notthaus guy?

 

[Brian4Liberty]

Who withdrew the silver? Wasn't there a recent story about the German Central bank taking their bullion out of US storage and moving it back to Germany?

Edit: story was about Gold bullion.

http://www.resourceinvestor.com/201...bullion-says-about-a-countr?t=precious-metals

 

[Brian4Liberty]

bump

 

[Matt Collins]

Is there another source for this?


Also this is why you shouldn't own stocks in PMs, you shouldn't own certificates, you shouldn't have people store it for you, you should only posess the bullion yourself. One exception is to hold it offshore, but to ensure that it's held in a bag with your name on it so they can't lend it out (no fractional reserve banking).

 

[UWDude]

I don't understand, and reading the entire message board, I still did not get it. What is the link between 2.4M physical being taken out of the vaults, and the attempt to drive down prices?

Are they saying JPM is trying to tank the price, so people will demand less physical?

 

[devil21]

I don't understand, and reading the entire message board, I still did not get it. What is the link between 2.4M physical being taken out of the vaults, and the attempt to drive down prices?

Are they saying JPM is trying to tank the price, so people will demand less physical?

Did you read the link to TFMetals blog? This explains it better than most of us could.

http://www.tfmetalsreport.com/blog/4336/shakeout?page=1

In short, it's about controlling futures contract prices and support levels. Ive noticed there's been considerable pressure to keep silver below $35/oz.

 

[thoughtomator]

Ive noticed there's been considerable pressure to keep silver below $35/oz.

Above $36 for 90 days is purportedly the condition that would sink JPM.

 

[John F Kennedy III]

Above $36 for 90 days is purportedly the condition that would sink JPM.

How can we help?

 

[Chester Copperpot]

I don't understand, and reading the entire message board, I still did not get it. What is the link between 2.4M physical being taken out of the vaults, and the attempt to drive down prices?

Are they saying JPM is trying to tank the price, so people will demand less physical?

well think of it this way... if silver is driving up in price people will flock to buy more... if its going down in price then people can get scared that they will lose their money and will sell to retain any profits.. they do this stuff in the stock market everyday

 

[itshappening]

Is there another source for this?


Also this is why you shouldn't own stocks in PMs, you shouldn't own certificates, you shouldn't have people store it for you, you should only posess the bullion yourself. One exception is to hold it offshore, but to ensure that it's held in a bag with your name on it so they can't lend it out (no fractional reserve banking).

Do you approve of BullionVault's operation?

 

[jclay2]

Sure the morgue is probably pushing around the price, but why should rp supporters get angry? A price supression scheme is the best gift a pm investor could ever have. We all know the end game is silver in the 100's and gld over 5k, so why the anger toward the jp morgue? Hopefully they can successfully keep the price down. That way I can accumulate more physical.

 

[thoughtomator]

How can we help?

Buy physical silver, take delivery.

 

[devil21]

Another big silver beatdown today, while pretty much no other asset classes were touched. Hmmm.

 

[UWDude]

Yeah. they did it at the end of the week this time, so it could not bounce back. They are hoping it will be the price at open on Monday. A smart move, we will see if it holds.

 

[Seraphim]

China says;

"Fank you vewy much mista Dimon."

Yeah. they did it at the end of the week this time, so it could not bounce back. They are hoping it will be the price at open on Monday. A smart move, we will see if it holds.

 

[Steven Douglas]

China says;

"Fank you vewy much mista Dimon."

The pendulum is swinging big time, in a world being turned upside down. I have a Dutch expat friend living in Shanghai now who just told me he has an account with ICBC that is denominated in and backed directly by silver, and another one in gold. I had to look up the words Land of the Free and the Home of the Brave again, just to see if I missed something along the way.

 

[devil21]

On a positive note, the raids are becoming less effective. The drops are smaller and short-lived as others step in to buy the dip. Remember when silver got knocked down for like $5 in two days early last year? Those sort of raids look almost impossible now.

 

[DFF]

Another big silver beatdown today, while pretty much no other asset classes were touched. Hmmm.

Today was first notice for delivery...employment figures next friday will be the next smackdown.

 

[DFF]

Sure the morgue is probably pushing around the price, but why should rp supporters get angry? A price supression scheme is the best gift a pm investor could ever have. We all know the end game is silver in the 100's and gld over 5k, so why the anger toward the jp morgue? Hopefully they can successfully keep the price down. That way I can accumulate more physical.

Not all of us buy only physical...I buy phys and I trade options/futures, and I loath JPM's manipulation...lost $500 today...