Silver (COMEX : US$17.46), Net Change: $0.24, % Change: 1.39%

Hmmm...?

Seeking Alpha reported yesterday that total silver withdrawn from inventory on October 30 at the COMEX depositories was a massive 3,627,012 ounces. More than two thirds of that amount, 2,585,384 ounces came off the Registered Side of the equation. The blog highlighted that since the end of July 2009, the Total Registered amount of silver (that which is held by depositories to directly offset futures) has fallen by 10 million ounces. The October 30 drawdown was one of the largest ever seen and would indicate that some of the players are in agreement with the thought that if you don’t have silver in hand, you don’t have silver. The inventory level at the Comex depositories for the end of October showed 113,681,260 ounces (Registered silver was 52,695,755 and Eligible silver totaled 60,985,505), the lowest level of stocks since 2006. Of interest, the Midas Letter in a section of a report titled: "Market Dilution via Endemic Corruption and Fraud", recently highlighted, "It seems that there may be also problems in the silver ETFs. Zero Hedge analyzed SLVs bar list and found that during their research into the inventory lists of the iShares (SLV) and London-based ETFS physical silver funds, there were discovered multiple nomalies which cannot be easily dismissed. These included the presence of internal duplicates, rough internal duplicates, weight duplicates, statistical clustering, and cross-reference duplicates (Zero Hedge). Jason Hommel estimates silver paper derivatives dwarf physical bullion by around 100-1."