SLV Adds 4 Million Ounces
After not updating its silver holdings for a week, this afternoon Barclays finally reported its current position at just north of 200 million ounces. That appears to be an addition of 2 million ounces on top of the 198 million ounces as of the last reported date, August 11. I happen to know, however, that SLV had actually disposed of 2 million ounces sometime last week. So, today’s addition is actually 4 million ounces. The historical data has not been updated to reflect this, so you’ll just have to take my word for it right now. In any case, the fact that SLV only reduced its holdings by 2 million ounces as silver dropped almost $4, and then added 4 million ounces at a level we hope will be a bottom, is somewhat encouraging. Moreover, it supports the contention that this selling episode has been overwhelmingly in paper COMEX silver and not the “real thing”.
“In any case, the fact that SLV only reduced its holdings by 2 million ounces as silver dropped almost $4, and then added 4 million ounces at a level we hope will be a bottom, is somewhat encouraging.”
I know that you are an accounting expert, but are you sure about that?
The ZKB ETF shows the volume per value date and not per trade date. If Barclays does it the same way we haven’t seen the result yet.
Speaking about the ZKB ETF I am slightly surprised that the govvie protection of the ZKB obviously is no reason for investors to prefer the ZKB ETF. Silver investors are cautious and skeptic by nature but still they don’t care about who is the trustee of their silver.
Another 5 million ounces added! I think that’s now the result of the trades from Friday and Monday.
and yet another 100 tons added today!!!!! how can this not affect prices
That’s actually a total of 9.2 million ounces since last Friday, or almost 300 tons.
if my math isnt really wrong, isn’t that an an addition of about 120 million dollars since last friday?? how can that not put upward pressure on pricing? is the silver market that deep?
Metals Trader: The silver market is apparently deeper than many would have thought. Still, the supply at this price is being absorbed at a furious pace and will have implications in the future (for the price rise once the correction is over).