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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: haven't seen a 103 handle in a long time on silver, this is close to critical
Of even greater significance is the Registered inventories (silver ready for delivery) which are now below 46 million oz!
Since my Sept posting about Crimex inventories it's interesting to note Silver's up $10 or about 50 % on a drawdown of about 10% of registered inventories. If this is the end result of merely the beginning of a panic mad scramble for scarce Crimex physical then Silver could easily top $50 before this major upleg takes a breather.
ESL Post circa September:
"Hey Major. The drawdown of Registered (dealer) Silver inventories is real and ongoing. It just that you have to look at the situation over a longer period of time. 2 years ago dealer inventories were about 85 Million ounces of Silver Ready for Delivery. There was a huge drawdown during the 2008 Global economic crisis of Silver that was never returned to the dealers' grubby hands. Inventories have been in decline ever since although at a more gradual pace. According to the latest figures you posted, the dealers are down to 50 Million ounces. I believe what many analysts are predicting is that at some point inventories will decline to an unknown critical point which will spark a panic run to grab the last remaining ounces and this will translate into huge price increases. Make sense?
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