dan norcini thinks the millions of ounces of silver that came out of the hsbc warehouses went directly into the silver etf. since ted butler believes slv was missing millions of ounces of silver, that would make sense. the shell game goes on a little longer:

As far as silver goes, many are looking for it to break out at some point this year, and the key may lie in some New York warehouses.

As Norcini wrote: “Silver drawdowns out of the Comex continue on their torrid pace with another 2 million ounces coming out yesterday. Whoever is taking the silver out of the HSBC warehouses has managed to draw down stocks from near the 80 million ounce mark (registered category) in December of last year to yesterday’s 63 million ounce mark. That is no small feat.”

Norcini goes on to speculate, “I think it no coincidence that the reported holdings of the silver ETF, SLV, have also shown a reported increase since the first of this year of some 52 million ounces.” If there is a connection, that would be most interesting.

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