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U.S. Debt Clock Shows The Current DOLLAR TO SILVER Price: $813 Per Ounce

by SGT, SGT Report:

When I produced the micro-doc ‘The Curious Case For $936 Ounce Silver‘ in September of 2010, silver had barely begun it’s climb to its 2011 high of $48. But the numbers didn’t lie. If silver and gold were allowed to rise to their fair market prices based on all of the Petrodollars printed, then silver was eventually going to head to over $900 per ounce and gold was headed north of $10,000 according to the quantified research of GATA’s Adrian Douglas. And you all know what happened next.

Within a year silver had skyrocketed higher, nearly breaking the Hunt brothers all-time high of $50 before being hammered all the way back down to today’s levels by the international criminal banking cartel.

When I released the micro-doc  ‘WHY SILVER, WHY NOW?’ on December 7, 2010 I wrote,

Never in the history of mankind has one nation engaged in such a rapid dissent. In 1980 the United States was the world’s largest creditor nation. Today, it’s not only the largest debtor in the world, but in the history of the world.”

And so I ask today, what has changed?  Nothing. In fact, in the nearly six years hence, things have only gotten far worse. The United States is now mired in more than $19.2 Trillion of publicly stated debt. And more than $100 Trillion in unfunded liabilities.

Which gets me to the title of this article. The debt clock at USdebtclock.org highlights all of America’s ever compounding debt problems. Spend a minute staring at it as the numbers race ever higher. This is what a Ponzi scheme looks like… in real time.

Now, take a look at the lower right corner of that page. Recently, the creator of the debt clock has updated two very important numbers in order to reflect REALITY: The Dollar to SILVER and the DOLLAR to GOLD price. And this harkens back to numbers we were discussing back in 2010!

According to US Debt Clock.org the CURRENT Dollar to SILVER price is $813.82, while the DOLLAR to Gold number sits at $7,345.

Are you really surprised?

As we have been documenting for many years now, the paper metals charade at the LBMA and COMEX is nothing more than a coat of fresh paint on a dilapidated, crumbling, rat infested mansion. It’s a bad joke. And thanks to the work of Adrian Douglas, Bill Murphy, Bix Weir, Steve St. Angelo, Andy Hoffman, Bill Holter, and the rest of the fine folks over at GATA [and more recently, thanks to Deutsche Bank‘s own admissions], the whole world knows it.

PHYSICAL silver is worth a hell of a lot more than $17 an ounce. And that’s a hardcore FACT.

GOT PHYSICAL?

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61 comments to U.S. Debt Clock Shows The Current DOLLAR TO SILVER Price: $813 Per Ounce

  • KRELL427

    Thats puts the silver gold ratio at 9.025 to 1, that would make silver 141.40 per oz at current gold price.

    • mike

      Krell the only reason it is mined 9 to 1 is because that is all the market needs. The miners could bring that ratio to 1000 to 1. For instance the world uses 1 billion oz of silver in a year that is roughly what the mines will provide to keep prices high, like now. Has nothing to do with how much gold or silver is in the ground that determines that ratio, the market price determines the ratio. If the world needed 2 billion oz of silver next year for industry it would be provided by mines, they would ramp up production. They must keep the lights on and pay employees. It does not make sense for them to over produce at a loss and bring prices down. It makes perfect since to produce as needed and not over produce.

      • Eric

        mike, you have no idea how mining or markets work.

        If the world all of a sudden needed 2 billion oz of silver, the price would rise dramatically. Mines don’t all of a sudden double their production overnight.

        • mike

          I know the price would go up a little so it would be worth it to mines to produce more and they would. It would be a case of real demand… Then from that point forward the ratio would be 18 to 1 due to market forces. I like that your able to catch on finally..Good going Eric Bravo!! Now, question for you since you finally are understanding.. What would the ratio be if the world needed 3 billion oz but purchased 50% less gold?
          It is supply and demand that determines these things not in ground supply resources.

          • Eric

            How can you be so certain the Silver to Gold ratio would automatically become 18 to 1? Did you pull that number out of a hat?

            You are talking about something so far different than the fundamentals are today, there is no way of knowing how the market will react. Right now we need some equilibrium of markets. That means the Silver and Gold prices need to go up substantially.

            Supply and Demand determines fair market value in a freely traded market. In a centrally planned market with price suppression, distortions create shortages and disruptions.

            • mike

              Well if you doubled silver production because the world demanded it to 2 billion oz instead of 1 billion and gold production stayed the same you would get 18 to 1..Really just double the silver mined is all. Pretty easy. I am more than happy to help you with your adding and subtracting.
              Gold and silver do not have to go up at all. If the Market meaning the people dont buy it. Since at least silver is virtually free to mine being a byproduct the price could go to it equilibrium of .25/oz and it will still be available for you to buy. The only miners hurt would be primary silver miners that can not compete in a freely traded market.
              That being said massive demand could happen and prices could skyrocket but it all depends on supply and more importantly demand.

              • Eric

                Your linear thinking is hilarious.

                You are talking about 2 totally different things. If production increases, then the price will automatically go to this.

                Haha!

                Economics is a closed science. You can’t just mess with one area and assume it won’t have any effect on other areas.

                Gold and Silver do not “go up.” They sit in vaults. If you are referring to “price,” and it is as you say “free to mine” then why aren’t you mining it??? I’ve asked you this a million times and you always avoid my question. If it is so easy to mine Gold, why aren’t you doing it? You could make a fortune!

                Last time I checked on my Silver miners, they were doing exceptionally well. Especially First Majestic and that’s with only a 20% increase in the price of Silver.

                Demand for physical Silver has been rising steadily the entire time. You just haven’t been paying attention.

                Thank you for your basic introduction to the laws of supply and demand. But I’m on the advanced courses and you have more homework to do.

                • Ed_B

                  @Eric

                  “Economics is a closed science.”

                  Unfortunately, economics is not a science at all because the one thing that science demands of itself is reproducibility… and everything that I’ve seen published by the economists of the world is anything but reproducible. In science, the same input generates the same result. In economics? Who knows?!

                  Some very fine examples of this are available to all via the way that the Fed and the BLS make their “calculations”. I won’t say that these are “measurements” because that would indicate that facts were gathered when nothing could be further from the truth. Neither the Fed nor the BLS has any interest whatever in accuracy, predictability, or the facts. All that interests both of these entities is how they can spin the truth to benefit their political masters. Otherwise, they would not be telling us that there is 4.7% unemployment when the labor participation rate is at an all time low, when inflation is running at 8-9% when calculated via the US Gov’s own method ca 1980, or that the US economy is “recovering” when it clearly is not. Science DEMANDS truth and anyone who suborns the truth to their politics is not a scientist… of ANY kind.

                  /rant/end

                • Eric

                  I would certainly not consider government (mis) calculation science.

                  But is math not a science or is it just calculation? How about astronomy?

                  Merriam Webster definition of science: : knowledge about or study of the natural world based on facts learned through experiments and observation.

                  I’m just curious where it states that science demands reproducibility?

                  Can dollars be reproduced? Can Gold? Certainly the Gold supply and the fiat currency supply can both grow.

                  But I would disagree that science requires reproducibility, and say that “science” can be confined to simply knowledge or study.

                • Ed_B

                  @Eric

                  Clearly, you are NOT a scientist. Turning to Webster’s for a definition of science will result in a VERY limited description of what science is and how it is defined… by SCIENTISTS. In any case, yes, reproducibility is HUGE in science and everyone who studies it gets this message over and over. If scientist A runs an experiment and publishes claims based on that work, scientist B had better be able to duplicate both the experiment and the results EXACTLY as described in the original work. If s/he can’t, then all hell breaks loose in the scientific literature. It might not make it into Webster’s but I can assure you that very few scientists around the world will be unaware of the controversy that it generates.

                  Yes, astronomy is a science and so are chemistry, geology, biology, and physics. Below these are many sub-levels of science, such as zoology and oceanography.

                  Math? That’s a bit more difficult to ascertain. Many consider math to be a science. It may well be. It is certainly exact and reproducible. But I will leave defining that to the mathematicians who know it best. To many scientists, including myself, math is a very powerful tool that assists science and engineering is virtually everything that scientists and engineers do. It is a critical component of these fields of study and highly valued on that basis.

                  “Can dollars be reproduced?”

                  Easily and in VAST quantities!

                  “Can Gold?”

                  Gold has purity and weight. If those meet the specifications laid out in the coinage laws, then they are reproducible. Once governments begin to cheapen their money via adding cheaper metals, such as copper and lead to gold or zinc to silver, they become non-reproducible in the sense that they no longer meet the original coinage law specifications. We know that from history, every government that tries this comes to a bad end. This is not a solution but it might buy them a bit of time. If they can make use of that time to accomplish something that they otherwise could not, perhaps the effort was worthwhile. More likely, it’s not worthwhile even in the short run but it is an attractive idea to some so they try it anyway.

                  “Certainly the Gold supply and the fiat currency supply can both grow.”

                  Indeed they can and so can the body of knowledge discovered by science.

                  “But I would disagree that science requires reproducibility, and say that “science” can be confined to simply knowledge or study.”

                  Reproducibility is how knowledge is PROVED to be correct, is then accepted and absorbed into the total body of scientific knowledge, and ends up being used for other scientists to increase our knowledge base. It is a good part of the vetting system that professional scientists use to ensure that the things that exist in science are proven facts and not merely hearsay, opinion, or imagination. Note that this was what tripped up the cold fusion guys a couple of decades ago. They reported what could have been a VERY exciting scientific breakthrough that got the whole world’s attention. But when others tried to duplicate this work, variable and not constant results were achieved… ergo, not science.

                  I am not picking on you over this. It’s just a pet peeve of mine when science is represented as being anything other than what it really is. The term “junk science” comes into this. There is no such thing as “junk science” because science is not junk and junk is not science. The two are completely unrelated, yet journalists and others who know little to nothing about science use it all the time. Instead, they should call it what it is: fraud.

                  Most of my complaint here is with the US Gov and the Fed for the way that they misuse science and math to create political cover for the mistakes that are being made these days. These mistakes are not simple errors but are huge cover-ups of gross negligence and incompetence. The voting public would be absolutely enraged if they knew what many of us on this and other alt media sites know about a lot of the things that are presented as science or math proof that are absolute fabrications that are dressed up and made to look reasonable and factual when they are neither.

                  /rant/off

                  OK, I am going to go have a cool drink now and settle down a bit. 😉

                • Eric

                  Okay Ed, so after reading all that and agreeing with most of it, let’s go back to my original point…

                  Economics is a closed end science that can’t be tampered with in one area without effecting another area. There are laws of economics just like there are laws of nature or science. Some laws can be bent. But they cannot be broken.

                  Whether or not it is a “science” is trivial. The point is that one cannot print more currency without affecting the VALUE of the underlying currency. If the supply of Silver increases dramatically while the demand stays constant, it would reason that the fair market value of Silver at today’s market price would decrease.

                  But you and I both know there is very little chance of that happening.

                  Junk science. Junk Silver. There is only science and there is only Silver. Junk is worthless. Silver is money. Not junk.

      • KRELL427

        And flying unicorns exist and bitcoin has value we know mike , keep preaching. I have not seen yo produce one shred of evidence supporting your theory. Nor have I found any.

        • Eric

          But Krell look, I can just snap my fingers and double my Gold holdings.

          See? It works!

        • mike

          Your attacking me Krell..Your reported Besides BTC $666 right now low..At least the devil loves it.

          • Eric

            That’s because he’s running out of physical Silver.

            • mike

              I know I am spending my Silver like mad at the store..As soon as I can find any store on earth that would accept it as money..No luck yet, just have to go shopping with my BTC aka Real spendable money 🙂

              • Eric

                except BTC doesn’t have a long history of being used as money nor is it a long term store of value. Not only that but you can’t hold it in your hand or place it in your pocket so it’s not really portable.

                I have no problem finding people and places that accept Silver as a medium of exchange. Where do you live? In a box?

          • KRELL427

            Mike, with all due respect, that is quite literally one of the dumbest things anyone has ever written in the comments here at SGTreport. thank you Mike for providing a good laugh. I am suprised you have not provided a link to back your claims. perhaps you can make your own video “The Mining World According to Mike” looking forward to viewing it.

            • mike

              Krell you do understand markets and value correct? What would happen if silver went to parody with gold? Do you think miners would mine more silver than gold?..I’ll bet they would see dollar signs and mine the crap out of it completely changing the “Mined Ratio”.. I see your problem you think the mined ratio has to do with in ground resources. If geologist say there is 20 times more silver in the ground than gold it must be mined in that ratio but it doesn’t. In ground supply and actual mining of material is not the same. The thing that keeps the ratio now at 9 to 1 isnt the resource in the ground it is the market. If miner mined just 12 to 1 it would kill the silver price and believe it or not mines want to keep the lights on and make money. I am amazed you need an explanation?

              • Eric

                Please provide links to your outrageous claims.

                I have yet to see you do this.

                • mike

                  This is the first video on when I searched “The basics of supply and demand” on the youtubes ..Good god.

                • Eric

                  Mined Silver supply to Gold supply moving from 9:1 to 12:1 will not move the price as much as much as demand does when the price is 76:1 Silver to Gold and negative interest rates are on the horizon, as well as 23X physical to paper standing for delivery, a brexit vote on the horizon, war in the south china sea, etc.

                  That’s an extra 295 million ounces that is required. Do you have 295 million ounces of Silver you can supply to the market each year mike? Or do you know anyone who does?

        • mike

          What theory is that? Supply and Demand?..Keep searching the youtubes, I am sure there is plenty on the subject.

      • SGT

        the only reason it is mined 9 to 1 is because that is all the market needs. The miners could bring that ratio to 1000 to 1.”

        Mike, with all due respect, that is quite literally one of the dumbest things anyone has ever written in the comments here at SGTreport. I suggest you start interviewing some geologists and mining experts as I have, then site your sources to quantify your fantastic claims, right here. Thanks.

        • Eric

          I know. I just about fell out of my chair laughing.

        • mike

          SO you don’t find it interesting that world happens to need about a billion ozs a year and that is exactly what mines provide? If they mined more and took that mined ratio from 9 to 1 to 12 to 1 there would be a surplus. A surplus in Pms without demand would equal lower prices for silver…Its about the dumbest thing I have ever heard to actually deny Supply and Demand has a direct effect on mining output and price??
          I am simply saying the ratio would be 100 to 1 mined silver IF the market demanded it it..Supply and demand…Its a hypothetical, I apologize I wasn’t clear enough for you guys?? I am amazed you would call that dumb? Its impossible for mines to produce more than current production if there was a real demand for it?? Wow..

          • Eric

            mike, its not even “exactly” that much.

            Get informed. You obviously haven’t done any study in this area.

            https://www.silverinstitute.org/site/supply-demand/silver-production/

            • mike

              I said about a billion Oz’s and that’s what miners provide meaning “about”. If it was about 2 billion oz’s the world needed the miners would provide that amount as well. Not sure exactly what is happening with your thinking? You seriously do understand that if 20% of the population got into silver the price would go up right? Called Supply and Demand..On the other side of that trade would be the miners and yes they would increase production to meet demand and it would cause the price to level out. I dont know how you got SGT to pull something I said completely out of context and attack me and manage to attack the fundamentals of supply and demand..Okay well its his site so I guess the quantity of silver makes no difference. There could 500 trillion above ground oz of silver and its all worth $1000/oz. Doesn’t matter supply its worth that just because its silver and has “Intrinsic” value. I get it now, thank you for your patience and understanding working me out of the free market ideas and into zombie thinking.

              • Eric

                You said the mines provide “exactly” a billion ounces.

                So you don’t think the Gold and Silver mines would double production if they could? How does one do that exactly?

                I didn’t do anything. You simply don’t understand the mining industry or how commodities trade on markets.

                The price will go up when the bankers need the price to go up or when there is a failure to deliver. These are artificially low prices fixed in London twice a day.

                The real world price is affected in supply disruptions, shortages, long wait times, and premium increases.

                You still haven’t told me why you aren’t mining Gold since its so easy according to you? What do you do anyways? Anything productive at all?

                • mike

                  A miner would increase production by getting more employees and more equipment like any business, come on are you really that dull?. There is no PEAK production unless demand increased but prices do not…That situation would cap most miners or producers of anything. If price increases then mines can afford more employees and equipment to meet demand. Mining is not rocket science at all..It is a business that produces a product..Wheres your head at?
                  I not saying prices can’t go up? I am not saying PMs are not manipulated, I am saying the market determines price and production period..Not the banksters. IF real demand happens then the paper price would be overwhelmed..That is basic as well. But REAL demand is the only thing that will free the PMs. I am really amazed you would start an argument with me very something so basic and stupid? Why do you do that?

              • mike

                I said ..”SO you don’t find it interesting that world happens to need about a billion ozs a year and that is exactly what mines provide”..
                I did not say Mines provide EXACTLY 1 billion ozs I said the world needs about 1 billion and that is exactly what the mines produce..About a billion? Do you comprehend English? In other words the Mines produce Exactly to the OZ what the world demands…Huh? Why not over produce or under produce?

                The ratio of mined silver of 9 to 1 could change easily to 1000 to 1 depending on the market. I will put it in simple easy to understand terms for you guys who just do not seem to understand at all supply and demand.

                “IF” the entire world only demanded 1000 oz of silver and 1 oz of gold you would get 1000 to 1 mining ratio..Now that is a hypothetical and would never happen. It is very possible the world could demand far more silver than is being produced right now in the future and the same level of gold since it has no large industrial use. If that happened MINES would respond and mine more silver..Not hard to understand at all the market is currently in control of mining output and set that mined ratio at 9 to 1…Understand? I seriously doubt it. You even had SGT,Krell wrapped up in your ignorance of the most basic understanding of any market. Shame on you..

                • KRELL427

                  For starters no one wraps me up in their ignorance and second you are out to lunch on your understanding of the markets.

                • Eric

                  If “the world” only needs one billion ounce of Silver, then why are there all of a sudden 536 million ounces standing for physical delivery?

                  So at 1000:1 and $1275/oz. Gold, Silver would be $1.28 per ounce of physical Silver. Oh yes that is realistic in today’s world with 1 quadrillion in OTC derivatives, 20 trillion in US debt, 65 trillion plus in future liabilities, and 0.5% GDP.

                  Demand is not the same as Price.

                  Read at least ONE economics book and get back to me when you get a clue.

  • glitter 1

    All things eventually revert to the mean.

    Fiat Paper will revert towards it’s true value,which is $0.00

    Gold and Silver will revert towards their true value,which is much much higher.

    • Millicent

      Yes Glitter, SoS… When might that be?

      Glitter: I do not know but it will surely happen.

      “Some Day, Some Way, you will wake up and realize that you’ve been Blind”
      Brook Benton: “It’s just a matter of time”.

      • glitter 1

        Millicent:I know I’m niave and a bit convuluded,but ultimately;

        “Some Day, Some Way, you will wake up and realize that you’ve been Blind”
        Brook Benton: “It’s just a matter of time”.

        “In the long run we’re all dead” – John Maynard Keynes
        But when is that says the naïve/simpleton?

  • mike

    Hard to say how the National Debt Clock people got to that number..Who are they and what supply and supply numbers are they referring to exactly to make their calculations? The mines produce as much as necessary to supply the market currently. If mines over produce say mine 5 or 10 billion oz’s a year instead of just 1 billion then silver goes down resulting in more work for less money. It also doesn’t jibe with Gata at all at 50k/ or more an oz for gold.
    On the other hand the true number could easily be far worse making silver even more valuable than $813/oz, the sky would be the limit. But it makes more sense to me that mines are manipulating output numbers in order to stay profitable…It’s important to stay profitable as a business correct? I guess we will see if these National Debt Clock numbers are right on or skewed one way or the other. Right now there is not one reliable source as to true mining numbers, actual above ground amount, so it is impossible to tell. Guess we will have to wait for real investment demand to find out how high this stuff can go.

    PS really do love the Docs..Hopefully you can find some time to do a few more?

  • Silvers

    When I first looked at this debt clock page it seemed to me that the dollar to silver ratio wasn’t referring to silver’s value per ounce, it was how many dollars were in circulation in relation to how many ounces of silver were in circulation.

    • Eric

      Not exactly.

      The year over year increase in M2 money supply divided by the yearly production of Silver (in ounces).

      This does not account for M3 or MZM which we just don’t know not to mention all the covert dollars that may or may not be included. It also does not included future obligations and liabilities.

      Also, there is no way of knowing how many ounces of Silver are in circulation since most of them are not in circulation. They are stored in vaults or used in production.

      The true value of all commodities is technically infinite since all of the underlying fiat currencies are worthless. It all trades on a market somewhere. Markets determine price. Future market prices determine fair market value.

      Since Silver is trading at 1979 price levels, and the Federal Reserve quintupled the size of their balance sheet since 2008, and China just dumped another 200 billion in US Treasuries, and there are 536 million ounces standing for delivery in July with only 23 million ounces available for delivery, it is just my own opinion that $800/oz Silver could be a very accurate estimate.

  • anon

    RELATED:

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  • PAUL

    And thanks to the work of Adrian Douglas, Bill Murphy, Bix Weir, Steve St. Angelo, Andy Hoffman, Bill Holter, and the rest of the fine folks over at GATA
    ANDS OF COURSE THANKS TO “TICKTOC” FOR SHOWING THIS SAME SNAPSHOT AND MENTIONING IT IN ONE OF THE COMMENT SECTIONS A WEEK AGO.

  • br8kaway

    Mike, I hate to pile on, but you forget that 80% of silver comes from mines that is a by-product of other mining operations. So to suggest companies will just ramp up production because of more demand might be a problem in you thesis.

    • mike

      Exactly..If more demand happens then price will go up..If price goes up then it is worth it for primary miners to produce silver. It will also encourage base metal miners to forget about the base metals and produce only silver and sell the base metals as by product. It is simply Supply and demand..Where there is demand someone will supply it. It is not difficult to understand . It is simply a matter of price and market demand. There is no problem at all in my hypothesis because it is not my Hypothesis..It is more the proven theory of Supply and Demand..Older than the PMs themselves.

      • Eric

        A copper mine that produces silver as a by product doesn’t just alter their strategy from producing copper and start drilling new holes and producing more silver on a dime. With base metals are historic lows, and a slowdown in china, it is more likely they will have to shut down mines.

        For someone who keeps talking about supply and demand, you seem to be pretty unaware that global Silver bar and coin demand more than quadrupled from 2007-2015.

        https://srsroccoreport.com/silver-outbreak-investment-demand-will-totally-overwhelm-the-market/

        • mike

          First do not reply to me..Second a Copper miner would if the price for silver is high enough it would off set their losses on copper..They are a business and miners right? Wow the ignorance is astounding.
          For someone who denies that innovation and supply and demand do not control markets and price, if the investment demand has quadrupled isn’t it amazing to you that you can still can go buy as much as you want? You can thank miners for supplying demand..Good God man? King of trolls

          • Eric

            I am not replying to you. I am replying to the mikebot.

            All I am saying is that it is not quite so easy for a primary copper mine to be turned suddenly into a primary silver mine using magical fairy pixie dust.

            Bankers control market prices as we have already discussed. The price is fixed in London twice a day. Are you aware that this is how it has been since the London Gold Pool closed? Do you require a link?

            It isn’t all that amazing to me that I can still go buy Silver and Gold. This is an extreeeeemely dumbed down and ignorant public. Some of them even think that digital blips are worth more than refined metal that takes years of research and dangerous work to extract from the ground and bring to market.

            How do miners supply demand? They supply the supply. Dude really?

          • KRELL427

            “the only reason it is mined 9 to 1 is because that is all the market needs. The miners could bring that ratio to 1000 to 1.”
            Mike, with all due respect, that is quite literally one of the dumbest things anyone has ever written in the comments here at SGTreport. I suggest you start interviewing some geologists and mining experts as I have, then site your sources to quantify your fantastic claims, right here. Thanks

            • Eric

              I have yet to see him site any sources for his fantastic claims.

              • KRELL427

                He did post a economics infomercial 😂

                • Eric

                  Hey Krell,

                  Didn’t Bill Holter just state that there are 536 million ounces of Silver standing for delivery in Silver?

                  Here Harvey Organ is saying OI is a billion ounces:

                  “In silver, the total open interest FELL by 63 contracts DOWN to 194,520 DESPITE THE FACT THAT THE PRICE OF SILVER WAS WELL UP by 6 cents with respect to FRIDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.972 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia &ex China)”

                  http://www.silverdoctors.com/gold/gold-news/harvey-organ-bank-run-on-comex-silver/#more-68466

                  I’ll check.

                • KRELL427a

                  Looking specifically at silver, we have a true potential atomic bomb in the works for July. COMEX claims to have 22,482,000 ounces registered and available for deliver. This number is an ALL TIME low for “registered” ounces. To put this number in perspective, it is less than $400 million dollars and only about 10 days of global production. Also in perspective, customers have already withdrawn 12,244,000 ounces of silver in just the first 8 days of June! Finally, the real shocker is the July contract. First, the open interest for July of over 107,000 contracts is more than 50% of the entire open interest. This represents over 536 MILLION OUNCES! Do you realize this amounts to over 60% of total global production on just one bourse and in just one single month? Obviously there will not still be 536 million ounces standing for delivery by July 1st, but as it stands now there are contracts open to deliver 24 ounces for every 1 ounce registered for delivery.

                • Eric

                  I’m guessing Harvey is referring to Total OI and Bill is referring to OI for July.

                • KRELL427

                  Jim and Bill are going to be on USwatchdog this week ,should be a good one.

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