Big bank buys up silver, A LOT OF SILVER!!!

HSBC is custodian for SLV which supposedly recently received a big allocation of silver registered in one day.

Its too late at night for my brain for me to do the math but is $860 million anywhere near 572 tonnes by any chance ;-)

They've probably been drip feeding it into SLV then registered it..


Keep Rocking
 
$860 million @ $30 an ounce gives you 28,666,666 troy ounces of silver. Divide that by 32.15 to kilograms gets you 891,653 kgs of silver. 1,000 kgs to the ton so its 891 tons of silver.
 
FSN reported it was 572tonnes... So a 300+tonne discrepancy?!!

http://financialsurvivalnetwork.com...f-silver-in-one-day-more-than-in-all-of-2012/

And since there has been no move in the price of silver, which certainly would have soared had this amount been purchased in the open market we can only assume this has to do with in kind basket creation taking place. Whether this was due to arbitrage, or simply the need to create inventory we don't know: we are confident however, that SLV custodian, money laundering expert extraordinaire HSBC, will have no comment
Click to expand...
 
The 12th topic in the list has this very same subject.
http://forums.silverstackers.com/to...ilver-in-one-day-more-than-in-all-of-201.html

During 2011 march+april they bought near to 8000 tonnes. Then they dumped it all again.
So I wonder, should I, as a silver stacker thus long term holder, care?
I'd rather prefer that that amount silver was bought by and delivered to stackers instead of this paper-represented play.

This topic is old, and outdated news too. Because in meantime, half of that 'record 572 tonnes', was already dumped again.

But I guess news like this has to be parrotted into eternity, as to create a hype that should make people buy more silver. I think we all know what happens after a hype.
 
House said:
FSN reported it was 572tonnes... So a 300+tonne discrepancy?!!

http://financialsurvivalnetwork.com...f-silver-in-one-day-more-than-in-all-of-2012/

And since there has been no move in the price of silver, which certainly would have soared had this amount been purchased in the open market we can only assume this has to do with in kind basket creation taking place. Whether this was due to arbitrage, or simply the need to create inventory we don't know: we are confident however, that SLV custodian, money laundering expert extraordinaire HSBC, will have no comment
Click to expand...
Click to expand...

The topics article gives this article as source:
http://www.goldcore.com/goldcore_blog/silver-bars-being-secured-hsbc-–-buy-876-million-worth-poland
There I read this:
The bank has secured another deal to buy silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion.
Click to expand...
It's a total over a year, so that 300 tonnes was from earlier.
Rather funny, and also typical, your article claims that the price didnt move and derives various 'wonderings' from it.
But the price DID move during the last 12 months.
Only that, well, in the end, it's not that much silver. The Comex futures market players added a rough 30000x5000=4665 tonnes silver since juli/august to the price. So SLV wasn't the big price mover here, the Comex was.
 
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