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I'm hearing a lot of speculation in the silver world
about a possible run on the COMEX inventories and I want to share my thoughts
on this possibility. I too believe that we are in the midst of a run on
silver BUT I do not believe it will be visible until the default is already
done and gone. Religiously following the COMEX inventory withdrawals or
delivery notices is NOT where the default truth will be
revealed....NOT A CHANCE!
Hopefully, we all know by now that the COMEX/NYMEX is corrupt to the core and
the CFTC facilitates the market manipulation by running a fake oversight
operation. That has been fully analyzed, discussed and proven by many in the
silver manipulation camp… but what about the actual physical silver
those warehouses claim to possess? How do we know that the "Authorized
COMEX Warehouses" are holding any metal at all?
Let's first take a look at the COMEX Approved Warehouses and try to see who's
side they may be on....
There are 4 authorized depositories for COMEX silver and they are the
Delaware Depository, Brinks, Scotia Mocatta and HSBC.
1) Delaware
Depository - Currently holds 9% of COMEX silver inventory and is owned by
FideliTrade which from their website
"comprises the former precious metals investor service operations of
Wilmington Trust Company, Citibank, Bank of America, Bank of Delaware and
Sunshine Mining Company". Although not a big holder of metal, the fact
that the Delaware Depository is registered as a Delaware Corporation could
give great tax shelters to corporations holding silver there. This is all
well and good but the only time I see Bank of America’s name in the
silver world is when they are delivering large chunks of physical silver on
the COMEX (for example on 11/28/08 they were called to deliver 2,000
contracts or 10,000,000
oz!) Is it a coincidence that 10M oz equates to almost
all of the silver in "their" warehouse? Maybe, maybe not but
clearly a large, physical silver, long position was called for delivery and
Bank of America was named as the counter party (short) to deliver.
2) Brinks - Currently holds 7% of COMEX silver inventory. At quick
glance, Brinks is a legitimate security company without much history of cabal
banking ties. I have no reason to assume that Brinks would have any
motivation to lie about the amount of physical silver they hold in their warehouse.
If I had to hold my physical silver in a COMEX warehouse (which I don't) I
would choose Brinks if only for their lack of banking ties.
So I am not too worried about the first two COMEX warehouses and although the
B of A connection doesn't sit too well with me, the amount of silver held in
the Delaware warehouse is not enough to shake the foundations of silver
manipulation. Together these warehouses only claim to hold 16% of the COMEX
cache of physical silver. So far so good.
Now let's look at the 2 major COMEX warehouses:
3) Scotia Mocatta - Currently claims to hold
29.6M oz or 23% of COMEX silver in inventory. Scotia Mocatta
has long been suspected as a MAJOR manipulator by silver analyst Ted Butler (Fighting Back) and for me Ted Butler's work is proof enough that Scotia is one of
the "bad guys" in silver....So why should we believe them when they
say they hold almost 30M oz of silver in a warehouse that nobody is allowed
to audit except them? And while we’re on that issue, has anyone noticed
that the Scotia Mocatta silver depository is
located at the JFK Airport? How much of that silver is there or needs to be flown in/out to
satisfy the global silver market manipulation machine? How much of that
silver, so conveniently located next to the Virgin Airlines cargo loading, is
pledged to the silver ETF that JP Morgan is the custodian for in the UK? Why
should we believe Scotia Mocatta about anything? I
don't.
4) HSBC - Currently claims to hold 78M oz or 61% of COMEX silver in
inventory. HSBC holds the mother load of physical silver at the COMEX
approved warehouses. HSBC! Where do I start with these guys?! Just run a
Google search on “HSBC Conspiracy” and you can start to connect
the dots. Or you go to the best source IN THE WORLD for the history of
gold/silver market manipulation....LemetropoleCafe.com! I ran a search in the
Cafe search function of "HSBC" and found HUNDREDS of entries where
HSBC was either involved in blatant manipulation, suspected of manipulation
and even had employees ADMITTING manipulation going all the way back to
10/10/2000. Are we supposed to believe that HSBC is not lying when they
report silver inventories of 78M oz in THEIR warehouse? If you believe in
silver market manipulation you need to understand that the operation is
global in scope and includes EVERYONE in the silver metal complex that could
influence the operation. If you believe that HSBC is in on the manipulation
operation you must seriously question their honesty in silver warehouse
reporting.
Hopefully, after understanding how these facilities are connected to the
banking cabal, you will look at the COMEX warehouse reporting with the proper
amount of skepticism as the run on silver
progresses.
As for the SLV inventory, once you read the Prospectus you can easily see that this ETF is nothing more than a market
rigging mechanism by the banking cabal. This truth was made even more clear when iShares CHANGED
the original Prospectus to REMOVE the word “bullion” from all
references to silver. From that point on silver “held” in the
silver ETF could be almost anything including certificates, pooled accounts,
COMEX contracts, 90% silver, 50% silver, 0.001% silver….it stopped
mattering.
And what’s that mysterious connection between JP Morgan controlling the
SLV inventories at the same time they are MASSIVELY shorting COMEX silver (as
exposed by Ted Butler (Real Story) to
manipulate the price down? Did the CFTC justify the silver short manipulation
by claiming JPM had access to the physical metal because they are the
custodian for SLV so they could naked short to their heart’s content?
Just because they have custodial responsibilities for a large amount of
physical silver does not give them the legal right to manipulate the price of
silver.
Who ultimately owns all that silver? SLV shareholders or the
“Authorized Participants” who also have “pooled
accounts”, metal loans, leases, swaps, etc.? As I exposed in my Road to Roota
III article, there is a very blurry line
between the COMEX silver inventories and the SLV inventories. David Kass of the CFTC should have never answered my emails and
exposed this grey area (…since then Commissioner Bart Chilton has
blocked all my emails!). It is my contention that not only is there a
tremendous amount of double counting in those “un-auditable”
inventories, but I highly suspect that there are multiple owners for EVERY
bar that is controlled by the bullion banks. The regulatory agencies
are well aware of these practices and the Morgan Stanley Silver Fraud shows just how prevalent this practice is.
Your average silver investor can have no idea how much physical silver is
available with the 2 largest publicly reported holdings (the HSBC Depository
and iShares Silver) being controlled and
inventoried by the 2 largest banking cabal manipulators, JP Morgan and HSBC! So
how much physical silver do YOU think is actually available for sale? My
guess is a lot less than meets the eye!
Pile all this information on top of the fact that GOVERNMENT MINTS around the
world have stopped the production of silver coins (which happens to be
illegal in the US), the
price of silver being cut in half by JP Morgan in a matter of months and a
SERIOUS shortage of physical silver around the world and you’ve got
yourself one genuine global silver market rigging conspiracy!
So my advice is KEEP UP THE FIGHT!
WE MAY BE LOSING BATTLES BUT WE’RE WINNING THE WAR!
Bix Weir
Bix Weir is a freelance author and analyst dedicated
to exposing the long term manipulation of the gold and silver markets. He has
worked closely with the Gold Anti-Trust Action Committee helping to pull the
curtain away from the Cabal of International Bankers that have taken control
of our free market system.
Information contained
herein is obtained from sources believed to be reliable, but its accuracy
cannot be guaranteed. It is not intended to constitute individual investment
advice and is not designed to meet your personal financial situation. The
opinions expressed herein are those of the author and are subject to change
without notice. The information herein may become outdated and there is no
obligation to update any such information. The author, 24hGold, entities in
which they have an interest, family and associates may from time to time have
positions in the securities or commodities discussed. No part of this
publication can be reproduced without the written consent of the author.
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