Silver Leaving the Comex As Investors Want to Get Physical

Posted by Jesse at 3:28 PM
22 June 2010

Dave from Denver reports that:

"On Friday 516,522 ounces of silver were withdrawn from the Comex from Brinks.

Yesterday another 1.6 million ounces were withdrawn from Brink's and HSBC. It all came from the "eligible" category, which is the investor silver being kept at the Comex. This means it wasn't the banks and SLW playing a "shell game" with their "fractional" silver holdings. This was real stuff leaving and going into real hands off-Comex.

This is a lot of silver leaving the Comex and at least the silver leaving HSBC is motivated investors taking physical delivery.

I know that, at least with HSBC, the only way they will ship silver out of their warehouse now is if you arrange an armored car service or come pick it up yourself (they used to allow us to arrange Fed Ex delivery).

In the context of gold/silver holding up as well as it has so far this week (silver contract roll, options expiry Thurs, 2-day FOMC meeting), it would seem that the demand for actual physical delivery of gold/silver maybe starting to overwhelm the cartel."

http://jessescrossroadscafe.blogspot.com/2010/06/silver-leaving-comex-as-investors-want.html

Dan