Hmmm... Are we just stuck inside some big fake game? This goes way beyond physical silver and gold into the behemoth of OTC, off-exchange trades/swaps and derivatives. The stuff that makes public exchanges look like a joke, just another slaughter ground for us sheep to get fleeced by the shadow bankers. Even if you are not trading or stacking or buying realestate you are still at the mercy of rising commodity prices, a debt based monetary system and whatever boom/bust cycle next fancies the banksters. How far removed from reality can we get before enough is enough. Is the only solution to this a world wide labour strike to bring down the whole economy? The bankers can play their games if they want but there won't be anyone to chauffer them around, fly their planes, tailor their suits or fight their wars!
By my numbers COMEX delivers about 3% of their contracts. I left this comment to the blog re the Peth Mint Costata: "Incidentally, many people seem to forget that Comex is not a major physical silver exchange. It's a paper price discovery mechanism that handles less than 5 per cent of the physical silver traded annually. The Perth Mint on its own accounts for around 10 per cent. That's right, double." Checking the stats at www.sharelynx.com for silver ounces delivered on COMEX: 2006 - 169,135,000 2007 - 137,080,000 2008 - 142,455,000 2009 - 95,955,000 2010 - 90,575,000 By comparison Perth Mint's refining is only 7,000,000oz a year plus you can add on extra as we source additional silver as we sell more than we refine, but it is still fractions of COMEX's numbers. Gold is a different story. COMEX deliveries: 2006 - 8,963,000 2007 - 9,657,800 2008 - 9,035,200 2009 - 6,091,300 2010 - 7,448,300 Perth Mint refines around 10,000,000oz a year.
This is EXACTLY the sort of thing I'm talking about when I say that people should be thinking and researching for themselves. How many people just took Costata's figures as being correct? I know that I did and I'm willing to bet that EVERY single reader bar Bron did as well!
But isn't it what Costata is trying to emphasize when he writes... Costata: "Incidentally, many people seem to forget that Comex is not a major physical silver exchange. It's a paper price discovery mechanism that handles less than 5 per cent of the physical silver traded annually. The Perth Mint on its own accounts for around 10 per cent. That's right, double." Checking the stats at www.sharelynx.com for silver ounces delivered on COMEX: 2006 - 169,135,000 2007 - 137,080,000 2008 - 142,455,000 2009 - 95,955,000 2010 - 90,575,000 These figures are for the PAPER PRICE discovery, shuffling only between ETFs and others... So in 2010 there were only approximately 90M x 5% = 4.5 M If the Perth Mint was 7M, the ratio is still 1.55 times the Comex physical silver exchange. If, as Bron is saying, they only trade 3% physical, then Perth Mint is actually 3 times the Comex ! Remember the Perth Mint is NOT in the Paper Trade... physical only ! Another thing, it's interesting to notice the trend between 2006 and 2010... that should tell quite a bit to the reality of it all.
thanks dom thats how i seen it too i thought it was 5% which was still an eye opener so brons 3% makes it higher someone correct us if were wrong
Sorry, to be clear those numbers are actual PHYSICAL silver delivered by COMEX. The 3% number is based on average open interest over the whole year, which is 129839 contracts or 649,197,162oz. With 5 active/deliverable contracts a year I then take the 90,575,000oz and divide by 5 to get 18,115,000oz as average amount delivered on each contract. 18,115,000oz divided by average number of contracts open as contract goes into delivery 649,197,162oz = 2.8% It is all a bit rough, but ballpark I assume.
