this is from ed steer's daily report:

The CME Delivery Report showed that 76 gold and zero silver contracts have been posted for delivery on Monday. The GLD ETF showed no changes yesterday...but, once again, the silver ETF stole the show, as the boys and girls over at SLV reported another huge withdrawal... the second in as many days. This time it was 2,157,100 ounces. Since February 26th... 16.7 million ounces of silver have been withdrawn in ten consecutive tranches. That's 5% of SLV's silver removed by 'authorized participants'... almost ten days of world silver production. What entity [or entities] needed silver that badly, or in such a hurry... and how tight must the supply line be if they have to resort to getting it from SLV? I can tell you this, dear reader, if the silver users who have withdrawn this metal from SLV had to source it from the Comex... I can absolutely guarantee that the price of silver would not be $18.50 spot right now!

http://www.caseyresearch.com/displayGsd.php