cost of synthroid without insurance 2011 pioglitazone flonase side effects loss of smell kamagra oral jelly 100mg suppliers australia no rx methotrexate online kamagra jelly sale prescription amitriptyline dosage bnf genuine retino-a cream 0,05 best price buy genuine cialis professional uk baclofen prescription viagra sublingual italiano brand cialis for sale philippines erexin-v next day buy promethazine mexican pharmacies naprosyn in canada top drugstore products for acne get himplasia las vegas buy actoplus met online cheap discount flomax dose timing non generic ventolin buying trileptal for dogs jelly sale cialis online tadalafil cialis sublingual no prescription lasix iv to po dosing exelon dosage recommended clomid without hcg shot zyprexa olanzapine 5mg coated tablets risperdal pills drugstore where to buy cheap clomid online cialis online price canada order amoxil will viagra do healthy male avalide precio mexico purchase lipitor in ireland arava legal us rx 7 costa rica can you order bupropion venda alli internet canadian fast delivery glimepiride tablets 1 mg where can i get some metoclopramide levofloxacin hydrochloride eye drops where can i get a prescription for doxycycline what is clonidine hcl prescribed for betnovate n cardizem reviews for men generic viagra soft tabs 50 mg order celexa online no prescription post cycle therapy periactin keflex during pregnancy 3rd trimester is voltaren legal in uk content aware fill cs6 where can i purchase retin-a ge how long before symptoms of chlamydia in men buy korean ginseng india two m365 pills pharmacokinetics of furosemide congestive heart failure donde puedo comprar levitra plus better than lasuna colchicine generic release date is generic ginseng effective emsam patch diet generic pills for furosemide benefits of american ginseng for men buy hoodia in singapore aciclovir where can i buy acai berry florida study discount casodex how to use reminyl tricor usa cvs prices what is vasotec used for urgent rx aspirin how to order l-tryptophan online capoten now co uk isoniazid online usa no prescription what is diltiazem hydrochloride cream used for dutas for sale is aygestin available over the counter zovirax tablets australia side effects of lipitor and alcohol tadapox phone orders best price minomycin lowest price cialis differin cream usage online pharmacy safety can i buy medicine without prescriptions order generic betoptic tulasi online coupon code kamagra usa cvs prices apo-azithromycin and pregnancy remeron with no rx best online pharmacies in canada cardizem pills online in the usa online tinidazole india hctz lisinopril overdose where to purchase flagyl er online drug stores how to get liv on line flagyl 400 medication in used for what is valtrex dosage for cold sores carafate medicine for dogs buy zantac australia cialis online sales how to buy tulasi in london voltaren dosering mirtazapine weight gain dosage seroquel xl wiki can i buy viagra delivery where finast cost comparison crestor rx help rx for motrin 800 non prescription ed drugs 2011 canada no perscription metronidazole paxil tablets used generic buspar side effects viagra ohne rezept aus deutschland lisinopril visa how to get bentyl in australia buy strattera sildenafil dose pediatric calan over counter uk accutane acne medication pictures propranolol drug class cabergoline side effects forum buy luvox 15mg online shatavari coupons buy lexapro online with mastercard lipothin prix en pharmacie en france grifulvin v on line for sale no script crestor online pay paypal best site to buy urispas buy coumadin boots pharmacy what drug category is topamax is there a difference between propecia and generic cheap xenical buy online celebrex cost costco alli medication dosage do i need a prescription for remeron moduretic pharmacy order fertomid over the couter buspar drug forum buy moduretic online no prescription united states cialis generic name online singulair purchase cost comparison buy prednisolone mg can you buy female cialis over the counter atacand spc prevacid order on web anafranil dosage recommended prednisone shopping ambien dosage change can you buy lisinopril over the counter overnight furosemide lawsuit craigslist usa northern virginia pharmacy chains in northern ireland side effects of tramadol capsules costco pharmacy prazosin price side effects of remeron voltaren sr 75 mg dosage buy gabapentin 300mg reviews on hoodia gordonii most reliable place to buy avapro online drug market order tofranil viagra professional medication side effects length of time for clomiphene citrate to raise testosterone levels in men can you buy parlodel online alli diet pill lawsuit happens women use viagra buy amaryllis bulbs seeds requip next day shipping feldene overnight rheumatoid arthritis patient uk van you order periactin canadian cymbalta generic availability 2013 gasex shop net synthroid lowest price buy snovitra super power cheap best over the counter inhaler for asthma 2013 purchase moduretic phenergan medicine buy nizoral shampoo in canada canada chloromycetin generic rumalaya gel cost cytotec pfizer 200 mg new alliance party mexico prescription drug motilium cheap imitrex injection what is rhinocort pills used for purchase live chickens online mircette order hydrochlorothiazide tablets price how to get high off ventolin order alli medication by mail can i order cymbalta no prescription in the usa how many pharmacies in japan tamoxifen without a perscription trental over counter uk light blue pill with watson 503 liv 52 promotes weight gain ventolin inhaler generic name pyridium order cialis and liver 10 different types of drugs buy cheap skelaxin pills florinef lawsuit settlements can you buy acivir pills prescription alesse from india nizoral 2 order online prednisone dose donepezil 10 mg daily cephalexin canadian source non prescription yasmin best pharmacy to order nymphomax is there a drug comparative to prilosec isoniazid coupons methocarbamol dosage for adults the chepest accutane the online drugstore prinivil propecia generic walgreens to acquire online retailer drugstore.com inc buy lozol online no prescription united states daily valtrex reviews what is medrol dose pack for free flovent coupon zoloft prices walgreens is it illegal to order generic rumalaya bactroban nasal spray sale buy purchase zebeta what does metformin hcl treat buy indinavir mexican pharmacies buy kamagra oral jelly greece wellbutrin xl available australia cheap liverpool fc tickets 2012 results rx eye doctor buy online buy aldactone no prescription needed canadian allegra coleman list of tesco stores selling proscar carbozyne australia price cheap flovent 40 mg get mircette las vegas i want to pay some topamax where to buy mobicarte orange can you cure chlamydia over the counter where to buy strattera with echeck midamor uk buy can you take midamor daily overnight pharmacy buy cheap bentyl voveran sr order canada overnight buy acyclovir online doxycycline acne treatment time buy albenza 20 can you get high off citalopram 40 mg lamictal side effects depakote australia viagra kaufen ohne rezept deutschland ordering coreg buy flagyl er no prescription comprar lopid en argentina flagyl 250 precio espan~a stromectol scabies reviews erythromycin uses gastroparesis acivir pills to buy in england brand zestril for sale canadian family medicine exam antivert brand order buy trandate online india mentat ds syrup to buy in england tadapox dosage instructions 100 brahmi oil nexium pills cheap cheap actos pills vendita viagra online italia permethrin insecticide spray buy brand duphalac ventolin weight gain buy tinidazole online no prescription canada purchase generic colchicine flagyl for purchase without a prescription all types epivir-hbv pills is there a reliable canadian pharmacy cefixime 100 mg side effects buy acticin online cheap order tetracycline cheap dicloflex diclofenac medicine is valtrex better than zovirax buy triamterene no prescription fast shipping buy genuine mobic uk actos pills sweat arimidex sold over counter metformin tablets buy buy amitriptyline online no prescription needed nolvadex shopping where can you buy diflucan over the counter prescription yeast infection nasonex vs flonase side effects avapro next day delivery benadryl refills zantac australia pharmacy purchase tadacip on line in uk canadian health safety authority indian alesse what is proventil mdi van you order atarax canadian where to buy celadrin cream purchase sominex lowest price what drug category is bentyl omnicef on line for sale no script cialis daily use generic online drug snovitra super power in croatia list of tesco stores selling dapoxetine what is the dosage range for depakote order antivert lowest price cost of zyrtec d how to take trazodone for depression kirkland minoxidil reviews suhagra reviews and dosage purchase actoplus met viagra super active online pharmacy lisinopril online from canada buy real levitra online buy actos 50 what cold medicine can i take with coumadin where to buy hoodia diet pills mycelex-g without insurance best price for elimite best generic diovan review lamisil no prescription online pharmacy free coupon for lady era fast maxalt deleviery prednisolone generic wikipedia drugs how much will nitroglycerin cost what is biaxin made of buy albenza 100 zestril overnight unisom sleepgels maximum strength dosage over the counter prednisone pills coumadin prices cvs side effects of cozaar 100mg bentyl side effects ibs bactrim dosage for acne treatment what is the generic for naprosyn without a script generic allegra 30mg 120mg 180mg where to get liposafe pct life brand iron pills venlor echeck best price tetracycline ttsh pharmacy nhg com sg provera where can i buy what are the side effects of voltaren forte buy flovent online no prescription united states licensed pharmacy celexa order mestinon tablets beat way to order coreg cozaar tablets uses buyers of lozol canada order generic asacol buy dilantin 5 buy kamagra soft mexican pharmacies dutasteride 0.5 mg cap avodart can order cozaar online buy malegra dxt uk meridia uk how much is cafergot tablets i pill lipitor website atorvastatin recalled doxycycline from sigma pharmacies price purchase ampicillin cheap best place buy viagra jelly order generic didronel 100 mg capoten n-acetylcysteine with clomiphene citrate tablets encc legal to buy prilosec best site for abilify protonix annual sales ic prednisone 10 mg how to get high off paxil allegra canada prescription roxithromycin from china alesse birth control positive reviews side effects of naltrexone implant where menosan silagra from canada levaquin discount program lotrisone mail order india ashwagandha coupons methotrexate prescription albendazole australia companies only buy wellbutrin online buy levothroid without rx allopurinol purchase online xenical prezzo in italia fosamax over counter equivalent what is lopressor made of hydrochlorothiazide 25 mg informacion en espanol aspirin dose for pain relief buy hydrochlorothiazide 200 pharmacy technician online programs in mississippi isoptin medicine online kesan pil perancang chlamydia trachomatis pictures motrin lawsuit ranitidine over the counter equivalent best lexapro prices levitra plus no rx pramipexole dihydrochloride gyno how many allegra can i take to get high aciphex direct pharmacy what types of prinivil are there word content control generic danazol us finasteride tablets review myambutol legal us difference between benicar and benicar hct buy trial erection packs 3 generic cheap astelin cheap online pharmacy no prescription la vedova allegra libretto in italiano strattera pill shop discount code brand advair diskus max dose cipro prescription for travelers diarrhea where amaryl patients blood where amaryl discount what types of ginseng are there buy prednisolone for dogs uk discount canadian pharmacy bactrim pharmacy has best price vytorin buy azithromycin 1000 mg no prescription benfotiamine coupons lexapro mg price medicine calandar generic levitra in usa evecare prices long term side effects of acyclovir no prescription furosemide skelaxin reviews comments generic doxazosin tablets plendil online top us pharmacy schools 2011 beat way to order apcalis sx protonix generic teva announced today propranolol without prescription medication zovirax over seas what class of medication is amaryl retin no script buying flouoxetine hydrochloride online average cost of celebrex best site to buy tofranil calan blood pressure medication buy viagra plus astrailia where can i buy diamox hr jobs in pharmaceutical companies in india buy soft cialis online free or low cost anafranil best drugstore foundation for oily pale skin order metformin from glucophage on the internet side effects of long time use of dilantin buy plendil mg proscar tablets for sale can i get crestor flagyl er prices cvs non prescription ortho tri cyclen does flagyl cause diarrhea dogs tamoxifen online pharmacy uk where can i purchase cialis jelly what medication is comparable to singulair lady era tablets from buy nitroglycerin tablets over the counter side effects of stopping cymbalta 60 mg order vytorin from canada order premarin canada purchase roaccutane 20 mg orlistat usage instructions is brand amoxil legal in uk rumalaya gel max dose comprar vytorin en argentina pilex online pay paypal tegretol 200 mg 160 tablet can i make lynoral order celexa online canada what is zantac syrup for cats promethazine hydrochloride 100mg lexapro online bestellen nolvadex for men for sale himcolin to buy from europe renagel for sale australia buy cheap actos cialis generique+paiement paypal what is the drug endep used for over the counter tinidazole tablets florinef generico online differin canada sale licensed pharmacy pariet baytril for chickens side effects sinequan legal in england lozol ordering online pharmacy where can i buy differin online how to take alli diet pills arimidex generic cheap costs malayalam movie tulasi online purchase retin a 0,025 lowest price flonase coupons buy torsemide usa how much does metformin cost without insurance aldactone where to purchase buy dramamine online amazon uesp lore meridia canada pharmacies online that sell elocon periactin sciroppo ciproeptadina cloridrato buy viagra online forum approved non prescription effexor xr list of tesco stores selling capoten buy pervacid in bulk online protonix vs nexium gerd medco prescriptions by mail address amitriptyline dosage for cats buy generic zithromax azithromycin benemid over counter order abilify 5mg online pharmacy where to buy misoprostol cytotec cost of pamelor without insurance buy p alphagan eye drops online mail-order valtrex where to buy tetracycline for dogs buying moduretic in manchester rumalaya forte no rx cytoxan dose for wegener;s granulomatosis trileptal without a prescription buy minipress fast shipping geriforte canada prescription safe buy prazosin online capoten pill shortage metformin canada prescription elocon discount rx drugs xeloda no hair loss purchase metoclopramide cheap avodart from usa cialis cheap canada pharmacy aciclovir tabletas precio mexico prednisone side effects cats diarrhea where to buy maxalt uk gabapentin without prescription how to import contacts from windows live mail to outlook 2010 remeron order online comprar floxin en argentina pediatric dose atrovent nebulizer septilin syrup reviews paxil sublingual dosage acheter eurax extendaquin legal in england long term side effects of leukeran propecia without rx aldactone online shipping compare prices amoxil serevent canada overnight delivery order lady era online aleve tablet sale bactroban ointment drug classification indinavir drug-nutrient interactions coversyl plus 4mg cymbalta cost in canada online pharmacy advair no prescription synthroid sale where can i buy voltaren bactrim pills acne how long does it take to get buspar out of your system allopurinol dosage gout levothroid pill shortage nitrofurantoin 100 mg modified release capsules buy cheap antabuse from per pill treatment lopressor cheap us pharmacy where to get indocin pct buy amitriptyline online usa +order your drugs from canada!!!!! buy rosuvastatin uk generic xalatan cost walmart order tofranil canada is nolvadex legal in the usa suppliers of protonix in us licensed pharmacy suhagra healthcare alliance pharmacy benefit card scam wellbutrin sr medication where to buy doxycycline 100mg buy online donde puedo comprar vpxl fred newman new alliance party purchase depakote online buy xenical online new zealand atorlip-5 cheap uk walmart pharmacy hours wichita ks haldol ships from india viagra dosage levels approved no script combivent mg hyzaar side effects dizziness levitra where to get diclofenac gel reviews and dosage what is aldactone 100 used for where can i buy crestor online diclofenac gel overnight fertility pills over the counter propranolol drug store online pariet max dose buy sarafem 80 mg online long term usage of mobic where to buy seroquel in canada online pharmacy what does the pill keflex do forzest over counter where to buy seroquel online without indian generics online tofranil arimidex online pharmacy no prescription american haridra generic pills for ranitidine over the counter pyridium flagyl er uk next day delivery buying doxycycline side effects of doxycycline hyclate for acne cipro online coupon code levitra sales canada generic cialis artane on line purchase levaquin tablets buy online pharmacy uk tetracycline can youtube buy cialis professional in ireland 40mg indian generics online torsemide triamterene pharmacy cafergot brand buy usa cymbalta canada prescription herbal anti anxiety medication for dogs buy augmentine duo maxaman suppositories buy buy promethazine in australia doxycycline compared to minocycline augmentin xr 1000 side effects fml forte online in us buy synthroid mexico buy zithromax z-pak no prescription robaxin no prescription altace legal in england buy atorlip 5 amiloride hydrochloride hydrate msds para que sirve el cicloferon aciclovir suspension femara for infertility success suprax dosage for children buy motrin in australia why are crocodiles and alligators endangered where can i get some dilantin buy imiquimod cream fluoxetine generic manufacturers kaiser neurontin lawsuit proscar results hair levofloxacin 500 mg for bronchitis brand roxithromycin for sale olanzapine order canada long term side effects of benzaclin viagra without prescriptions usa drugstore order allegra normal dose of zoloft for depression florida independent alligator news cheap olanzapine uk accutane side effects red eyes get astelin toronto mail order pharmacy tech jobs dallas texas difference between isotretinoin accutane buy cialis 20 mg adderall without prescription online allegra from canada zyprexa shoppers drug mart to buy kytril drugs similar to coversyl average viagra age cost of plavix in uk rio rico pharmacy coupon code acheter fertomid pas cher atacand 4 mg tablet best retin-a 0,025 prices drug voltaren gel used actos mist canada will snorting trazodone get you high can i make buspar 100 mg cephalexin elocom mast nizagara results forum comprare cialis originale in italia why has trandate been discontinued rx prosearch inc canada how to take staxyn typical dose of digoxin in elderly buy estrace astrailia erythromycin buy on line cordarone overnight shipping cheap how fast can i get pregnant on metformin brand cialis india companies only pharmacy degree online usa side effects of accutane in men shpejtsia e zerit sildenafil side effects in men buying apcalis sx in manchester suhagra mail order what is skelaxin used to treat can you buy things off amazon with paypal prilosec no prescription canada differin gel buy uk where to buy livestrong bracelets can order diflucan canada buy desyrel greece buy glycomet online amazon comprar medrol en argentina where can i order nootropil hydrocortisone tablets ulcers south indian film meri adalat finasteride usp 1mg online floxin india casodex prices at costco job search sites half price floxin seroflo tablets on line to buy safe place order phenergan getting ventolin in australia metformin hcl manufacturer in india best online canadian pharmacy review prescription requip best price lincocin noprescrition needed canada online pharmacy buy sinemet online no prescription us rapid tabs home culturismo italiano femminile buy actos 15mg hydrochloride imitrex dose instructions valtrex presciption houston plavix mexico no prescription atarax 25 mg tabletta buy trandate 15mg online buy alphagan no prescription use bystolic prescription medication generic tadalafil side effects best price for acai yasmin coupon code zestoretic lawsuit settlements best price for neurontin what does bupropion look like what types of vantin are there digoxin drugs for sale atorlip-20 from canada non-prescription viagra for sale cheap canadian levitra no prescription cordarone 200 mg information worldwide pharmacy accutane purchase generic prednisolone bactroban user reviews best price cialis jelly cheap generic rhinocort where can i find tetracycline imitrex 5mg tablets Purchase cialis 20mg pakistan can you order decadron avoid side effects arimidex with no perscription silagra 100mg wirkung prescription cost aldactone 100mg what is menosan made of plavix side effects wiki lotrisone price india doxazosin delivery imitrex drug oversea amitriptyline hydrochloride tablets generic zebeta usa pharmacy pharmacy 1010 reviews can taking lisinopril cause weight gain online generic mentax buy cheap what is fertomid tablets to buy vytorin in uk cheap levitra free delivery buy emsam 100 sex pills for women philippines how to take clomid tablets for men cheap advair diskus generic atarax dosage recommended buy cozaar tablets online do you need rx plendil como se usa el advair diskus innopran xl discount purchasing levitra online uk chloroquine italiano viagra brands available in india florida fincar diclofenac looking for albuterol uk online what is the correct dosage of clonidine hyzaar store zyprexa dosage form buy calan with e check compazine for purchase effexor xr.com avapro overnight shipping cheap cheap bystolic 5 mg buy zerit perth australia tegretol online overnight low cost overnight beconase aq buy amoxil online with examination buy mebendazole boots brand cialis canadian pharmacy generic suprax cost crestor 20 mg 90 film tablet fiyat? can i order biaxin online cardura e10 structure what is flagyl metronidazole for dogs wellbutrin reviews for men can you get breast cancer while on tamoxifen tricor paypal buy fucidin online at canada pharmacy where can i get some moduretic buspar pill canadian flagyl complications lamisil generic usa what are the best otc diet pills buy cytotec pills in the india cialis 100mg price 1 guy 1 jar iphone video singulair 5 mg chewable tablet buy promethazine hydrochloride buy prinivil boots pharmacy revatio tablets uses how can i get promethazine codeine syrup lexapro birth control online canada forum acquisto cialis on line buying zocor in manchester cafergot not generic improve sex power tablets generic viagra in united states no prescription indinavir sale minocycline 100mg cheep 5 percent proscar no prescription drugstore generic finasteride no prescription is cipla ltd a legitimate drug mfg what vitamin works like viagra how effective is differin gel for acne buy kamagra oral jelly online 100mg toprol xl 200 mg tablet novartis exelon patch coupon pet drugs online uk ortho tri-cyclen for men in usa 100 mg ml ampicillin pletal and plavix purchase maxalt cheap reglan prescription medicine non prescription erexor pharmacy generic actos medication penegra tablets use free or low cost eldepryl how to get nolvadex from doctor levitra drug in fr pharmacy buy tamoxifen online uk buy levothroid no prescription many discount dapoxetine mg what is lisinopril used for and what are the side effects over the counter weight gain pills for women esomeprazole omeprazole conversion pet allies show low az phone number liquid flagyl dosage dogs which works better cialis or viagra compazine over counter drug medication pharmacy buy cholestoplex can you order alavert alli uk availability brand levitra for sale philippines amaryl generic 4mg cheap rocaltrol pills tramadol mastercard overnight where to buy izoniazide buy generic advair diskus online best pharmacy to order beconase aq johnson and johnson risperdal lawsuit very cheap voveran acquisto renagel sicuro online pharmacy that sells stromectol nizoral 2 cheap buy periactin online usa best site to buy viagra jelly zyban uk depression how long does it take for aleve to work for a toothache kamagra delivered to your home how long does avodart take to work for hair loss cephalexin refills onde comprar cialis generico em portugal lloyds pharmacy jobs scotland cheapest protonix to buy yagara no rx funcionan las pastillas disgrasil what is doxycycline 100mg tablets used for order ephedraxin finasteride (generic equivalent to propecia) 1mg buy vasotec online india zocor supplier in uk lowest buy ampicillin online buy betapace 100 order prednisolone 25mg all types motilium pills over counter ephedraxin asacol express canada online prescriptions legal uk order cozaar 120 mg metoclopramide generic overnight delivery how much does zyban cost in south africa online pharmacies ship thailand snovitra super power next day delivery antivert medicines prescription effects moduretic next day indocin pregnancy contractions buy sarafem no prescription fast delivery how many molecules are in an aspirin tablet weighing 500 mg minocin 100mg reviews cialis sale south africa pill zetia for sale usa buy cheap sinemet pills buy evista online from india vente de zetia au quebec lexapro drugs interactions compazine perth australia toradol shoppers drug mart cytoxan limited india ralista next day delivery cheapest place for doxycycline worldwide pharmacy viagra where to buy rogaine 5 in canada zaditor cheap vitamin shoppe in store coupon 2012 fucidin from usa canadian online pharmacy for seroflo no script cafergot mg tegretol 2 100 ml surup how to live cheaply in england carafate dose liquid cheap fml forte pills luvox daily use reviews canine prednisone no prescription buy zestoretic in uk getting lady era in australia lozol brand order levitra professional online legally how much will finast cost quibron-t canadian pharmacy side effects of oxytrol patch buy finpecia online no prescription united states non prescription mircette pharmacy brand viagra sale cialis online drug cheapest casodex what is the drug classification for fosamax cheap sildenafil citrate 100mg what is the dosage for yasmin atarax overnight shipping cheap buy viagra professional tablets usa metronidazole tablets 200mg side effects order triamterene hydrochlorothiazide what is trazodone hcl tabs nootropil 1200 mg 40 film tablet fucidin for sale uk side effects of cabgolin 0.5 comprar zofran original cheap diflucan one canadian online course for pharmacy technician buy chloramphenicol mg get clozaril las vegas where can i order levitra super active januvia 50 mg prices flovent results forum buy drugs online no prescription oxycodone long time side effects cefixime best online pharmacy generic cialis professional styplon india emsam best price tetracycline capsules 250mg order levitra online no prescription viagra side effects of terramycin for dogs online pharmacy uk rhinocort eritromicina usos clinicos buy abana without drugs glycomet suppositories buy genuine zoloft best price comprar sustiva portugal unisom online bestellen erythromycin buy buy alli weight loss aid refill mircette buy on line where to buy zithromax with mastercard brand name pletal online buy astelin cheap online pharmacy lavetria purchase outside the usa lowest price shallaki what is glucotrol xl tablets generic for effexor xr 37.5 mg buy pamelor mg effexor xr how to buy allegra drug class is it illegal to order generic actos order compazine 10 mg buy femara online reviews arimidex online legally phenergan fast mexico skelaxin 5mg tablets celebrex generic equivalent cialis discount australia minoxidil 12.5 belgravia buy fluoxetine online from uk is there a drug comparative to zyban saw palmetto and blood pressure medication clorfenamina embarazo contraindicaciones resources for bupropion purchase voltaren in mexico generic mentat ds syrup cost acheter pas cher imitrex list of top 50 indian pharmaceutical companies meclizine doctors online generic uk paypal diclofenac gel kytril price us omeprazole otc strength order cytotec online uk buy levitra 10mg can i order ditropan online exelon buy canada glycomet tablet sale where to buy albuterol pills generic mentax safe brand augmentin buy cymbalta non perscription countries floxin phone orders how to buy cephalexin in london list of tesco stores selling prinivil online forum fexofenadine order allegra dulcolax not generic can you buy mentax generic prescription phenergan uses medication can you get high from snorting lisinopril promethazine generic reviews diovan discounts codes buy levitra super active online overnight donde comprar prometrium cheap ralista buy online can you get vermox over counter us buy vasodilan online cheap non prescription confido pharmacy can you buy eldepryl over the counter buy flonase online in usa ciplox medication online top 200 drugs pharmacy tech medicine by mail order metformin xr coupons coming off effexor xr side effects how to order actoplus met online malegra fxt no prescription needed viagra jellyfish sale order midamor canada vardenafil tablets 20 mg order provera 10mg kytril on line purchase where to buy wellbutrin in canada safely how to purchase maxalt online prescription drug keflex zenegra usa prevacid online price viagra super active online coupon code buy septilin kamagra lowest price online cheap generic kamagra chewable cheap abilify 20 mg non prescription lotrisone pharmacy rent to buy houses in liverpool where do i buy bystolic ditropan patient reviews viagra date to go generic confido overnight pharmacy buy dapoxetine bulk cialis miglior prezzo can i take levitra and cialis at the same time buy glyset no prescription buy benzac ac gel rumalaya liniment sublingual dosage atorlip-5 uses medication buy levitra vardenafil unisom 25 mg 20 tablet ciprofloxacin 500 mg single dose prednisone dose pack instructions 10 mg do blue lotus pills work bystolic where can i buy aricept usa sale buy wellbutrin sr online uk no prescription cheapest diclofenac gel in the uk cheapest hytrin in the uk where to purchase nolvadex half price cyklokapron reliable site to buy viagra online lisinopril 10 mg reviews delco drugs and specialty pharmacy what does digoxin look like buy bupropion hydrochloride canadian levaquin 500mg without prescription viagra without prescriptions paypal approved cost of flonase nasal spray best exercise for weight loss with pcos aciphex dosage gerd canadian stromectol can u buy promethazine over counter where can i get some cialis jelly where can i get some risperdal weight gain pills for men philippines cipro overnight buy clozaril 80 mg online effexor xr dose for ocd how much does it cost to live in a hotel naprosyn overnight pharmacy can fucidin cream be used for thrush how to take zofran orally buy wellbutrin cialis once a day price lincocin tablets from buy phenergan generic price over the counter inhaler accutane acne returns nootropil over the couter cheapest online cialis chloroquine for daily use canada synthroid without prescription miami buy over the counter lukol online buy viagra quick cheap mircette no prescription how to take fosamax 70 mg famvir for sale online generic phexin uk paypal where to buy prometrium ointment buy generic topamax strattera fast canada lamisil composition ovulation with clomid calculator trazadone online overnight what does a lexapro tablet look like buy online phenergan codeine buy bupropion 300 mg lipitor vs generic side effects valtrex dose herpes simplex keratitis cipla limited mumbai central buy alavert visa exelon drug oversea buy minocin for daily use good drugstore oil-free foundation canadian health care issues what is exelon tablets keftab side effects long term use minipress generic equivalent beconase aq woldwide shipping cozaar 50 mg losartan elavil 10 mg and weight gain 200mg tramadol high comprar hydrea original is generic protonix available in usa arthritis pain medication aleve weight loss stories using xenical buy antivert hong kong prescription hyzaar online ordering best site get seroflo uk buy levitra without prescription lasix discount generic plavix price propecia vs avodart hair como comprar yasmin buy clomid no rx cialis originale italia how to buy kamagra gold in london ortho tri-cyclen cheap uk remeron overnight shipping cheap order colchicine online no presctiption dramamine reviews less drowsy risperdal drugstore com can you take benadryl with allergy medicine what is the best over the counter anxiety medication best acai pills on the market meclizine comprar nitrofurantoin mono-mcr 100 mg mylan cheap bentyl 100 mg gasex women buy irregular periods after stopping depo provera viagra from chemist direct what is the side effect of cordarone plavix order by phone septilin order canada what types of fluoxetine are there dipyridamole generic release date cialis for daily use vs. 36-hour cialis buy forzest no prescription can you buy viagra over counter usa does cymbalta come in tablets protonix online from usa how long does it take decadron to work for croup benadryl in croatia uroxatral buy online ireland cost of xeloda in canada generic viagra sublingual switzerland can hydrochlorothiazide cause weight loss we bought a zoo quotes ed pills online review nitrofurantoin legal in england brand name serevent online cheap alliances prednisolone acetate ophthalmic suspension generic how much does nitrofurantoin cost cheap cialis in uk buy atarax in usa where can i order venlor zyrtec side effects children behavior benadryl liquid capsules ingredients buy cialis super active online in usa where to buy femara online canada is there horse urine in premarin cost of pilex tablets buy viagra online paypal all orders viagra prices in india what is clonidine purchase flomax mg what is the generic for cozaar 100mg herbal viagra for men uk usa buy proventil without prescription allegra learning solutions coupon code metronidazole side effects 200mg best place buy crestor barr laboratories claravis coupon canadian health&care mall - health care online list of tesco stores selling ephedraxin cialis professional samples opta stats championship pharmacies allegra generic buy elavil new zealand online suhagra 50 mg tablet hyzaar 50-12.5 tab pariet 20mg bula what is tricortone ointment cytotechnologist salary florida rogaine 5 reviews ayurvedic medicines online shopping cardura doxazosin generic buy lipitor without drugs similar to viagra jelly zaditor from usa ndc number for depo medrol 20 mg benadryl maximum strength severe allergy plus dosage how to get abilify drug urispas billig kaufen phexin online order pharmacy plus birmingham order lopid online uk no prescription lioresal demon hunter stats hell how to use seroflo rotacaps drinking alcohol while on prednisone what is lioresal fucidin cream 2 what is it for order phexin online noroxin pills drugstore what drug category is duetact crestor mail order cheap finpecia 1mg (goa) cyklokapron 500mg reviews canadianpharmsupport genuine bentyl buy order online generic viagra professional canadian pharmacy online without rx diclofenac price how to buy pain pills with no prescription buy ralista mexican pharmacies low price sustiva uk trusted online pharmacy blog periactin usa trazodone pills use best price for real allopurinol buy prograf bulk buy alli 120 pack proscar vs propecia hair growth lutera generic alesse calcium carbonate usa cvs prices purchase prednisone online no prescription clomid for men infertility bentyl medication alcohol side effects can you get synthroid over the counter what is reglan for babies order levitra online cheap pills how do you catch chlamydia from a bird buy snovitra super power online reviews glucotrol xl uses medication combivent dosage administration lotensin from india long time side effects prednisolone ortho tri-cyclen reviews birth control can you take atorlip-20 daily alli coupon target order levaquin canada risperdal consta price serevent pills what does bupropion hcl xl do buy serpina online no prescription usa propranolol drug in germany pharmacy florida trental tretinoin 0,05 shop net fluconazole alcohol como debo tomar cytotec para abortar generic xenical online how much does depo provera cost at planned parenthood can you buy isoptin over the counter allegra cost zentel 400 mg posologia online retin-a ge india glyburide 5mg teva list of different types of arthritis pain pills for sale buy zyvox line kamagra chewable buy online ireland revista kosovarja numri me i ri 2012 meilleur marque de viagra what does liquid clomid look like minocycline generic form what is mobic 7.5 best over the counter hair color with highlights maxalt online order low cost overnight deltasone canadian pharmacy scams very cheap leukeran revia 100 mg sinemet with american express cheap genuine starlix online dosage of doxycycline for dogs lyme disease comprar indocin portugal what is bentyl for birth control pills indian brands to buy cholestoplex clomid 100mg success over 40 valtrex user reviews curascript express scripts specialty pharmacy best sites buy viagra luvox dose effexor xr side effects of azathioprine 50 mg buy ginette-35 in singapore ordering propranolol eldepryl shopping dostinex order online reaction between flagyl alcohol online sale of omnicef paxil prescriptions doxazosin tablets what are they for 118 118 call charges drug market order viagra professional buy viagra plus overseas Purchase abilify no prescription online pharmacy cheap generic lariam acai berry living xs usa best place buy adalat flonase by mail order brand name chloroquine online combivent pills sweat buy lanoxin online usa zithromax tablets 250mg reviews on cymbalta uses bactrim ds drug Purchase fluoxetine 40 mg what are the side effects of ditropan propecia women cancer prilosec capsules otc urispas canada prescription buy celexa pills ordering desyrel here in canada how old do you need to be to buy benadryl north american pharmacy accreditation commission is advil better than aleve us pharmacy online revia cytotec reviews for abortion buy eulexin no prescription fast delivery viagra soft dosage recommended can you get samples viagra diclofenac generico italiano where can you find alligators and crocodiles order erection packs 1 prescription cheap buspar online in canada generic rumalaya gel us benfotiamine rx arthrotec ec 50 side effects best non prescription pharmacy buy prinivil online from usa order norvasc 5mg keppra xr generic release date buy propecia pills in the canada seroquel 100mg cheap best place to buy allegra without a prescription buy clomid cheap drugstore januvia no prescription canada promethazine theoclate pregnancy imitrex injections generic wellbutrin xl australia buy no prescription bentyl wiki buy kamagra jelly stores generic kamagra tablete 100 mg keflex generico italiano discount chloramphenicol otc evecare 40 mg dose generic viagra india reviews buy apcalis sx 15mg online zetia 10 mg tablet maxalt generic release date buying requip for dogs purdue university pharmacy store estradiol blood test results non persciption minocycline sominex medication how to buy evista in london silagra tablet sale motrin dosage too high ordering viagra online usaa viagra 25 mg price india depo provera lawsuit metronidazole over the counter canada viagra soft online forum low price silagra uk generic cardura no prescription domperidone without prescriptions dapoxetine api manufacturers in india cheapest parking liverpool john lennon airport buy tinidazole singapore over the counter celebrex arthrotec 50 mg side effects buy speman online india research grade sustiva serevent price is there a flovent generic international legal medications calan prices usa voltaren retard 100mg dosierung crestor dosage information picture of lasix water pill sinequan lowest price quiero comprar erythromycin where can i purchase digoxin canadian alliance terminals richmond bc phone number order suhagra on line mexico starlix shopping buy chloromycetin medicine chloramphenicol hydrochlorothiazide generic and trade name cheap places to live india buy.generic cephalexin eve online mentat online pharmacy vantin revia 40 mg dose mail-order reglan brahmi medication how much does anafranil cost community pharmacy jobs northern ireland depakote cost canadian geriforte syrup pas cher generic uk paypal cardura buy periactin in usa bactrim forte 800 mg dosage what does ranitidine contain femara in italia vermox dose for kids pulmicort flexhaler generic equivalent buy avapro 300 mg ventolin comprare can you get ashwagandha get plavix fast without prescription atarax uk pharmacy cheap canadian cialis no prescription trandate delivery brand levitra canada head office canada viagra soft tablets online feldene shelf life safe lopid buy buy ephedraxin in australia viagra seller in india dostinex buy online mexico order malegra dxt order vantin online uk biaxin mexico pharmacy prevacid medication interactions cleocin without prescription caverta best price acquisto benicar sicuro online kamagra soft pharmacy cheap lamisil tablets is avodart legal in uk order himcocid cheap topamax australia ordering cialis soft prescription overnight buy robaxin online no prescription accutane dose per kg arimidex com coupon metoclopramide prescription needed clomid company seroquel online uk amitriptyline 100 mg dosage how to take retin-a 0,025 mg antibiotics forsale on line what is skelaxin 800 used for antivert without a prescription crestor discount coupons generic version buy actoplus met buy online trandate generic what does topamax feel like no prescription canadian hyzaar cheap what is himcolin ointment strattera maximum daily dose neo medrol acne lotion for sale drugs the vitamin shoppe nyc order myambutol cheap what is zyrtec d prescribed for can you order prednisone deltasone online what medication is comparable to avalide effexor xr withdrawal weight gain paxil birth defects lawsuit canada purchase flovent asacol generico italiano codeine promethazine cough syrup sale coumadin toxicity vitamin k dose us online pharmacy no prescription amaryl buy alligators hide any endep migraine headaches doxycycline dose for sinusitis detrol generic reviews what is actonel for osteoporosis cordarone iv indications lipitor for sale canada acticin brand order zestoretic user reviews national socialist movement wiki where can i get ampicillin pills side effects of arimidex medication sialia sialis fotos floxin looking for how to take emsam sky pharmacy harehills leeds rocaltrol shop net generic zantac in usa what is a nitroglycerin patch used for legal buy desyrel online canada levofloxacin tablets vermox treatment tapeworm get ginseng las vegas propecia and blood pressure medication what is haldol drug used for order prescription buy elocon online without india amitriptyline price alli trippy razzi maxalt 20mg tab cost of ramipril 10 mg in canada v-gel phone orders what drug category is hydrea buy cheap online pharmacy astelin without costco pharmacy prometrium generic femara uk paypal generic proscar costco buy valtrex 100 erythromycin antibiotic uses order online uk generic viagra hydrochlorothiazide from cheap lasix free delivery drugs from mexico cartels disfuncion erectil causas fisicas how long should i run nolvadex for pct bactrim ds from canada discount pet medications online pfizer lipitor sales 2008 ciprofloxacina 500 para que sirve what is suhagra 50 mg can you buy depakote in ireland prazosin medication for nightmares fastest skelaxin uk delivery tadalafil citrate chemone antabuse no prescription discount prescriptions online buying cialis using paypal buy zanaflex overseas oral acne medication doxycycline zyvox discount voucher zithromax z-pak 5 day dose pack diclofenac delivery member posts overnight premarin patient reviews ordering effexor xr canada common side effects of amlodipine avodart 0.5 mg capsules kamagra now co uk delivery elocon without a script cheapest omnicef to buy purim tablets from buy i want to pay some cabgolin aciphex prices cvs donde comprar prevacid ordering elavil india lipitor 10 mg atorvastatina overseas pharmacy no prescription nimotop what does cefixime treat buy viagra with e check overseas pharmacy no prescription paxil purchase generic diovan mevacor generic 2013 drugs viagra soft on line purchase amitriptyline mg uk requip online bestellen what is tramadol like dr caroline apovian alli diet plan best time to take clomid pct buy suprax online uk cheap price brand midamor for sale can you order birth control pills online what is kamagra gel sildenafilviagra paxil anxiety side effects buy levlen 29 harga voltaren 50 mg generic quibron-t cost is wellbutrin sr cheaper than xl where do i clomid in india flovent diskus strengths buy imitrex in canada flagyl medication side effects bactroban pills can order cardizem canada what is zofran good for safe place order viagra super active xenical pills price order nitroglycerin online with visa flomax from india biaxin coupons pharmacynoprescriptions original singulair online safe order generic drugs online what is viagra professional pills is it safe to buy rx online wellbutrin xl over the counter terbinafine tablets buy padre chelo en vivo antabuse rx is there alternatives what is the best foundation for dry skin uk where to buy sinemet online buy eldepryl online from usa arimidex suppliers overseas acquistare speman in italia can you buy grifulvin v fungal doctor z pack alcohol interaction atacand reviews and dosage legal to buy augmentin relafen with paypal payment watch 1 guy 1 jar original video indian pharmacy haldol cheapest lozol in the uk how old do you have to be to buy alli pills buy prinivil pills where to buy prometrium can buy plendil online what is zestril medicine blue sky pharmacy winnipeg cialis jelly online lamisil dosage for ringworm urispas tablets from buy buy cheap allison boat how to purchase pletal online cephalexin dose for strep throat plavix cost costco how to get cialis cheap carbozyne not generic actos pioglitazone hcl acheter metformin 500 buy exelon in usa where purchase zestril prednisolone steroids online drugs what drug category is cefadroxil cant buy motrin best site for amoxil augmentin effects on birth control pills mometasone furoate 0.1 w/w cream getting astelin in australia eurax cream what is it used for serevent diskus cheap doxycycline dose for uti is there a drug comparative to lopid buy medrol dosepak canadian antibiotics for sale online topamax forums migraine metformin over the counter where avalide canada pharmacy genuine cleocin gel best price best generic benicar review getting trimox in australia can you take keflex daily cephalexin for dogs 250 mg how to use korean ginseng root buy prednisone without a perscription ephedraxin discount medications accutane before and after is it safe to order ralista dipyridamole drug store online priligy dapoxetine uk atorlip-20 buy online canada where can i buy alligator clips for hair bows barrettes cheap synthroid pills cleocin gel mg tablet ampicillin cloxacillin capsules dosage online ventolin india cheap plavix pills what is evecare made of para que sirve glucofage 500 mg flagyl 500 mg tablet nedir female viagra commercial buying yasmin pill prevacid by mail what are antibiotics wiki top indian pharmaceutical companies tadalafil overdose symptoms lowest effective propecia dose purchase crestor 5mg canada powergra metoclopramide 10 mg in pregnancy what is triamterene hctz 37.5 25 mg tb buy zofran australia delivery cod buy coversyl online tamoxifen steroids canada pharmacy buy effexor cytoxan ordering online pharmacy nizoral medicine online lakewood pure pomegranate juice generic pyridium band viagra wiki quibron-t supplier in uk levitra professional without rx can order astelin online
Sunday, November 23, 2014
   
Text Size

Search our Site or Google

Inventory-Fraud Increases in Silver Market

Articles & Blogs - Silver Commentary

User Rating: / 847
PoorBest 

When I first began examining supply/demand data on the silver market several years ago, I was somewhat hesitant to form conclusions, as silver (and gold) have traits which are very different than ordinary commodities – which affects supply/demand analysis. The second factor which made such analysis more difficult was that supply and demand are reported much differently than for ordinary commodities.


Generally, the supply/demand equation for a commodity is very simple: “supply” is the total amount produced, while “demand” represents consumption. When supply exceeds demand, the remainder is added to inventories, while when demand exceeds supply, the deficit must be taken from inventories.


Reporting of supply and demand for the silver market is totally different. While I originally deferred to such reporting as reflecting the different nature of the silver market, it has now become obvious that the convoluted manner in which supply and demand is reported is simply another deliberate attempt at deceit in this market. In fact, when we look at the numbers closely we see a clumsy sham which should not be able to fool a reasonably perceptive 12-year-old.


Regular readers are already familiar with one facet of this fraud, since I have mentioned it frequently in previous commentaries. All of the “silver” (supposedly) held by bullion-ETF's has been added to silver inventories – the major ruse used to hide the fact that silver inventories are over 90% lower than they were 20 years ago. Since I still get questions and remarks from readers who express doubt about my characterization of this as “fraud”, let me explain this scenario slightly differently.


Let me begin with a definition. An “inventory” is the quantity of a particular good which is warehoused and ready to be sold. When an investor decides to purchase an ounce of silver, obviously that ounce is then subtracted from inventories. It should not make any difference how or where that ounce of silver is purchased. However, suppose our hypothetical silver investor has not read my commentaries – and thus does not know that SLV (the largest, so-called silver bullion-ETF) is nothing but a massive JP Morgan sham.


Instead of buying the ounce of silver directly, our foolish investor chooses to purchase a unit of SLV. Essentially, he is designating SLV as his “agent” to buy and store the bullion on his behalf. So, SLV buys the ounce of silver, and it is then subtracted from inventories (like any other purchase). However, immediately after purchase, SLV takes the investor's ounce of silver and dumps it back into the silver inventory – where anyone else in the world can buy that ounce of silver.


Obviously, SLV has turned this into a sham-transaction. If the investor buys the ounce of silver directly, it is permanently removed from inventories (unless/until that investor chooses to sell it). However, with the SLV shell-game, since every ounce of silver “bought” by SLV is immediately added-back into inventories, what this means is that every unit of SLV could (theoretically) simply be the same ounce of silver purchased and re-purchased hundreds of millions of times by SLV unit-holders.


Of course, on a practical basis this isn't the case. Since many SLV unit-holders hold large numbers of “silver” units, the entire SLV scam could not be conducted with just one ounce of silver. However, it clearly only takes a minute fraction of the total number of units of silver sold in order to operate this scam – much less than 1% of the total size of the fund.


The second aspect of SLV fraud is that the supposed “custodian” of all that SLV silver is JP Morgan. JP Morgan has a massive short position which is never audited that is always almost roughly the same size as the (supposed) holdings of SLV (an amazing coincidence!). Thus, even with the supposed “audits” of SLV, JP Morgan has never shown that is has more than half as much silver as it needs to cover both the short position and the custodian agreement.


Since JP Morgan could suffer potentially infinite losses on that short position (which it has leveraged by somewhere around 100:1), obviously whatever silver JP Morgan holds would be used to cover its own short position, and if there was anything left over, that would go to SLV unit-holders. Clearly, if JP Morgan was only leveraging its silver by 2:1, that alone could mean that SLV is 100% paper. Since we know (from “Loose-Lips” Christian) that these bullion-banks are leveraged by closer to 100:1, the odds of this fund being even partially backed with silver are very slim.


With 2009 supply/demand data for silver finally being released (more than a month later than last year), I can now add that the clumsy sham of SLV is matched by a set of equally dubious numbers which are supposed to represent supply and demand. Recall what I said about supply and demand for a commodity at the beginning of this piece. Production equals “supply”, consumption equals “demand”. Any excess supply is added to inventories, and excess demand is subtracted.


Then there is the silver market. In the fantasy-land of the silver market, we're told that supply equals demand every year. This is obviously not possible with any realistic model of supply and demand, but here is how this sham is constructed. Once (supposed) demand has been calculated, then numbers for mine-supply + government sales + recycled silver are added to this “equation” - with the net balance always being zero.


What we are supposed to believe is that either the miners, the recyclers, or governments are omniscient (or perhaps all three), because one or all of these contributors to supply supplies only enough silver to the market each year (down to the ounce) to precisely offset demand. Call me a “skeptic”, but I doubt that any of these market players is omniscient. Given the time, effort and logistics involved with mining silver or recycling silver, it's impossible for either of those players in the market to instantaneously adjust their output, so that there is never any surplus or deficit in the silver market.


What about government sales, you ask? Clearly, (nearly depleted) government stockpiles can be released into the market very quickly – so this mechanism could ensure that the market remains in balance. Here's where it gets interesting. Government sales have dwindled year-by-year to the point that they now only account for 2% of total supply. Given the tiny contribution to silver supply made by government sales, obviously the quantity is simply too small to make-up for any substantial supply-deficit.

 

But wait!


We are also told that in the “magical” world of the silver market, demand never changes. As I reported in a previous commentary, total demand for 2007 equaled total demand for 2008 – right down to the nearest tenth of a ton: identical demand for those two years, despite the collapse of the U.S. economy in 2007, and the sudden, mysterious even greater collapse of the global economy in 2008. We had two of the most-volatile years in economic history, and yet we are supposed to believe that demand for silver remained identical.


Now the numbers for 2009 have been released: the year of the “U.S. economic recovery” and the global economic recovery – and another dramatic reversal in the global economy. And what happened to silver demand? It increased from 888.3 tons to 889.0 tons – a difference of 0.7 tons, which translates into an increase of 0.08%. In the magical world of silver, even the 2% of supply contributed by governments is enough to meet any supply-deficit, because demand (supposedly) never changes.


Because there are large numbers of readers out there who simply refuse to believe in “manipulation” or “conspiracies” or simply lying, I'm sure that there are still some people out there who do believe that in the magical world of silver, demand never changes, and supply always perfectly equals demand. So let's move on.


If supply always precisely equals demand every year, this dictates another conclusion: inventories can never change. Remember how markets operate: if demand exceeds supply, that excess is drawn out of inventories, while if supply exceeds demand the excess is added to inventories. If supply precisely equals demand every year, there can never possibly be any change in inventories.


Now have a look at the chart below. Regular readers are already familiar with how silver inventories made a complete U-turn in 2005, and after plummeting straight down for 15 years, they are now moving nearly straight up – supposedly inventories have nearly quadrupled in that span. Inventories have quadrupled, even though supply equaled demand every year.

 

 

To be more precise, silver inventories supposedly increased by over 30% last year alone, from roughly 600 million ounces to nearly 800 million ounces. Given that supply supposedly precisely equaled demand last year, the obvious question is where did this phantom, 200 million ounces come from?


Part of the answer to that question I have answered previously: through the fraud of adding ETF-units to silver inventories. However, as the graph below shows, during 2009 holdings of the seven largest silver bullion-ETF's increased by roughly 110 million ounces – from 350 million ounces to 460 million. But that still leaves 90 million ounces which are totally unaccounted.

 

 

It wasn't enough for these clumsy fraudsters to merely add the units of ETF's to inventories (despite the fact that this silver is not on the market), they also padded inventories by an additional 90 million ounces – with absolutely no “silver” (not even ETF-paper) to account for it.


For argument's sake, let's ignore one of the lies regarding the silver market: that supply equals demand every year. We know the reason for that lie: to created the illusion that the silver market is “in balance”. So let's just completely throw out demand numbers – since we know it was absolutely impossible for demand to remain unchanged for 2007, 2008, and 2009. Let's only look at supply.


There are three components of supply: mine-production, recycling/scrap, and government sales. Total scrap/recycling is falling every year. Not only is government supply also falling every year, but the numbers are being retroactively revised lower. After 2008, government sales were reported as amounting to 30.9 million ounces. However, by the end of 2009, the amount of government silver sold in 2008 had decreased to 27.6 million ounces. Yet another 3.3 million ounces of “silver” has simply evaporated!


We are told that silver mine-supply is supposedly rising every year (by a meager 25 million ounces in 2009), despite the fact that 2/3 of mine-supply is a “byproduct” of base metals mining, and despite the fact that the Crash of '08 decimated base metals mining around the world. Remarkably, in the magical world of silver, silver-production was supposedly totally unaffected. However, what must be clearly noted is that this (supposed) increase in mine-supply is totally offset (down to the ounce) by the decrease in recycling and government sales – yet another remarkable “coincidence” in the silver market. Thus, it is totally impossible for “increased mine supply” to account for the massive, phantom increases in reported silver inventories.


By the end of 2004, global silver inventories had plunged to their lowest level in many decades (and likely several centuries). We know that we can rely upon the data to that point, since the people manipulating the silver market would not want to overstate the decimation of inventories. It is equally clear that all the supply, demand, and inventory numbers since that date have been heavily contrived, to the point of being completely meaningless. Keep in mind that the two quasi-official private “consultancies” who create these doctored-numbers (GFMS and The CPM Group) are intimate buddies with the bullion-banks, indeed Jeffrey Christian (the head of The CPM Group) is a Goldman Sachs “alumnus”.


While it is always an uncomfortable feeling for an investor to “fly blind” in any particular market, let's review what we can say with certainty. We know that by 2005 silver inventories had been reduced by 90% in just 15 years. We know that since that time the banksters and their allies have been so desperate to hide the truth that they have perpetrated numerous frauds, including totally falsifying supply, demand and inventory data.


What can we deduce from this? Obviously, if silver inventories really were increasing then the banksters would want to make the market as “transparent” as possible – to show people all this new silver. Thus, we know that silver inventories are not increasing. However, if silver inventories were staying flat, or even falling at a more gradual rate, then surely it would not be necessary to falsify all the numbers in this market, and on a huge scale – with hundreds of millions of ounces of “silver” being conjured out of thin-air every year (not much different from how the bankers conjure our “money”)?


Therefore, even the massive fraud being perpetrated in reporting the activities in the silver market should not deter investors from capitalizing on (literally) a once-in-a-lifetime investment opportunity. Think about how close the silver market must be to its inevitable default, if the high-and-mighty bankers (who continually tell us how brilliant they are) are incapable of perpetrating a scam more believable than this incredibly clumsy farce.


The silver you can hold in your hand is real. The shares of silver mining companies are real. The (limited) number of legitimate bullion-ETF's who directly hold their own silver are real. But in the “magical” world of silver, everything else is merely a bankster-illusion.

Trackback(0)
Comments (39)Add Comment
 1 2 > 
Jeff Nielson
...
written by Jeff Nielson, July 31, 2010
That's the point, BeachBum: any/all privately-held silver is not part of "inventories", by definition. That silver is part of "stockpiles": existing silver which COULD come onto the market (likely at a much higher price).

Inventories properly only covers silver (and gold) which are for sale RIGHT NOW. That's the contradiction of SLV (and other such holdings). Either the fund-managers, or GFMS have to come out and say "yes" this silver IS part of inventories (in which case SLV holders hold only paper promises), or they can say "no" this silver is privately held - and global inventories are less than 1/3 as large as we are pretending.

In fact, even if they took the ETF "bullion" out of inventories, that STILL doesn't mean that SLV is "legitimate", because it would still require JP Morgan honouring that MASSIVE "custodian" obligation - which I find VERY, VERY unlikely.
Beach Bum
...
written by Beach Bum, July 31, 2010
Using your argument that SLV silver holdings should not be considered "inventory" because it is held by investors, shouldn't the portion of COMEX silver warehouse stocks held by investors also be considered "off-limits" and not included in "inventory"? I don't know how one determines what portion of COMEX physical silver is held by investors and what is held by users and dealers.
Seems this would make available "inventories" even smaller!!!!
Jeff Nielson
...
written by Jeff Nielson, July 19, 2010
Lol, Navderek! Yes, lots of double-talk, asking YOU where you got YOUR numbers, but nothing in the way of ANSWERING your questions.

I fully applaud and encourage readers to make such inquiries, since "making noise" (in one form or another) is exactly why our site exists. However, being somewhat cynical by nature, it is most likely that "making noise" in this area will provide us with some amusing material to toss back and forth, but likely little in the way of forthright answers.

What WILL be interesting is whether receiving questions such as these will cause them to make CHANGES in how they "report" their numbers in the future...?
navderek
...
written by navderek, July 19, 2010
Well...After my evasive reply from "The Silver Institute" I decided to fire the question of supply/demand directly to GFMS and after a few days this is what I got back (email copied below):
*******************************************************
***
fromPhilip Newman
to"navderek@gmail.com"
dateMon, Jul 19, 2010 at 10:23 AM
subjectRE: Silver - Supply & Demand

Derek

The global silver supply/demand tables we produce do match each year, because of the implied (dis)investment series, which is essentially a balancing item. This is derived after all of the other series, each of which is independently calculated, have been compiled into a supply/demand table. The implied series therefore captures western bar purchases, changes in ETF holdings, activity on the various exchanges as well as OTC activity.

Because the implied (dis)investment series is a balancing item the value will always be an estimate but, in each year, this will provide a very good guide as to the trend in investment or disinvestment that emerged, on a net basis.

Regards
Philip Newman


-----Original Message-----
From: Derek Arsenault [mailto:navderek@gmail.com]
Sent: 14 July 2010 15:02
To: Emma Hastings
Subject: Re: Silver - Supply & Demand

The data came from the "Silver Institute" website. They have supply
and demand tables there. I was under the impression that these tables
were provided by GFMS.

Regards,

-Derek

On 7/14/10, Emma Hastings wrote:
> Hello Derek
>
> Please can I ask where you read this information? Do you have one of our
> surveys or forecasts?
>
> Warm regards,
> Emma
>
> Emma Hastings
> Office Manager / Sales & Marketing Assistant
> GFMS Limited
>
> Hedges House
> 153-155 Regent Street
> London
> W1B 4JE
> Direct Line: +44 (0) 20 7478 1750
> Fax: +44 (0) 20 7478 1779
> Email: emma.hastings@gfms.co.uk
>
> Web site: http://www.gfms.co.uk
> Online store: http://shop.gfms.co.uk
>
> From: Derek Arsenault [mailto:navderek@gmail.com]
> Sent: 14 July 2010 05:44
> To: Info
> Subject: Silver - Supply & Demand
>
> I was interested in understanding the mechanics of the supply vs. demand for
> Silver but after seeing some of the the data I'm even more confused... How
> can it be possible for supply to always exactly meet demand, year after
> year? There does not seem to be any surplus or deficit in the silver
> industry... Please explain as I was expecting a surplus and/or deficit each
> year depending on mining output and/or changes in global demand.
>
> Thanks,
>
> -Derek
Jeff Nielson
...
written by Jeff Nielson, July 17, 2010
Yes, Pink Floyd, you are correct, I just roughly gauged the numbers from the charts - rather than hunt-down the precise data. To me, I simply couldn't justify the effort of finding each, precise number - only to conclude that those numbers have little meaning.

Indeed, the greater the fabrications and exaggerations, the less important it is to be precise, since we're dealing with fabrications piled on top of fabrications.
Pink Floyd
...
written by Pink Floyd, July 17, 2010
Dear Sir or Madame,

I have some questions concerning the official demand/supply data about the silver market.

1) In the silver market, demand never changes. Total demand for 2007 equaled namely total demand for 2008 – right down to the nearest tenth of a ton: identical demand for those two years, despite the collapse of the U.S. economy in 2007, and the sudden, even greater collapse of the global economy in 2008. We had two of the most-volatile years in economic history, and yet it seems that demand for silver remained identical.

Now the numbers for 2009 have been released: the year of the “U.S. economic recovery” and the global economic recovery – and another dramatic reversal in the global economy. And what happened to silver demand? It increased from 888.3 tons to 889.0 tons – a difference of 0.7 tons, which translates into an increase of 0.08%.

2) Numbers are being retroactively revised. E.g., according to the World Silver Survey 2009, government sales for 2008 amounted to 30.9 million ounces. According to the WSS 2010 the amount of government silver sold in 2008 amounted to 27.6 million ounces. (Cfr. also "mine production", "industrial applications", "producer de-hedging", "implied net-investment")

3) Silver mine-supply is supposedly rising every year (by a meager 25 million ounces in 2009), despite the fact that 2/3 of mine-supply is a “byproduct” of base metals mining, and despite the fact that the Crash of '08 decimated base metals mining around the world. Remarkably silver-production was supposedly totally unaffected.

4) This supposed increase in mine-supply is totally offset by the decrease in recycling and government sales. In order for the total supply to remain the same? (888 m/oz in 2007, 888,3 in 2008, 889 in 2009)

5) In the silver market supply equals demand every year.
It seems that once demand has been calculated, then numbers for mine-supply + government sales + recycled silver are added to this “equation” - with the net balance always being zero.

6) Production equals “supply”, consumption equals “demand”. Any excess supply is added to inventories, and excess demand is subtracted.
If supply always precisely equals demand every year, inventories can never change: if demand exceeds supply, that excess is drawn out of inventories, while if supply exceeds demand the excess is added to inventories. If supply precisely equals demand every year, there can never possibly be any change in inventories.

Now, according to CPM Group data silver inventories made a complete U-turn in 2005, and after plummeting straight down for 15 years are now moving nearly straight up. Inventories have quadrupled, even though, according to Silver Institute data, supply equaled demand every year!
To be more precise, silver inventories supposedly increased by over 30% last year alone, from roughly 600 million ounces to nearly 800 million ounces. Given that supply precisely equaled demand last year, the obvious question is where did this 200 million ounces come from?
Part of the answer to that question is: adding ETF-stocks to silver inventories.

I have two questions concerning this matter:
a) Every time a unit of a ETF is purchased, this supposedly represents one ounce of silver which is being taken off of the market, and is now privately held.
How is it possible for privately-held bullion inventories to be added to official inventories?
And if it is, why privately-held ETF's silver bars are considered part of official inventories, but not so privately-held silver coins (i.e. why coin sales are not added to the official inventories too)?

b) According to CPM Group data official inventories increased by ca. 200 millions ounces.
According to Silver Institute data during 2009 ETF's holdings rose by only 136,9 millions ounces.
Thus that still leaves ca. 63 millions ounces which are unaccounted.
Where do these 63 millions ounces come from, given that demand and supply equalled?

Best regards
Pink Floyd
Pink Floyd
...
written by Pink Floyd, July 17, 2010
I have put together some questions, which I'll send to the silver institute, the CPM Group and to GFMS Limited. Let's see if we get somewhere. For the most part I edited Jeff's article hoping it will be okay with him.

Jeff, may I ask where did you get from that silver inventories increased by ca. 200 m/oz in 2009? Is that a rough estimation of yours based on the graphic you published (Silver inventories at low levels. Source CPM Group) or did you read this figure somewhere?
(BTW, you wrote: "Holdings of the silver bullion Etf increased by ca. 110 m/oz" while Silver Institute data say 136,9. Not for disrespect but I have used the latter...)

I've checked the data in the summaries of the World Silver Survey for 2009 and 2008, published both by the Silver Institute. You can find them here:
http://www.silverinstitute.org/images/stories/silver/PDF/wss09sum.pdf
http://www.silverinstitute.org/supply_demand.php

If someone finds any flaws in these remarks of mine please advise me.
Jeff Nielson
...
written by Jeff Nielson, July 14, 2010
Pink Floyd, "producer hedging" WAS a key weapon for the banksters to use to depress the bullion markets. What hedging amounts to is "forward selling" bullion, or in other words, selling "bullion" that hasn't even been dug out of the ground yet.

Here's the interesting part: if you "forward sell" hedged metal onto the market (as new "supply") then you CAN'T consider that (same) silver "new supply" when it is actually mined and refined - because you've already counted those ounces once.

Thus, double-counting mine supply seems to be another device used to "create balance" in the supply/demand numbers.

For more information on this subject, see:

"Gold: Why the Bankers Need the Miners"
http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=11901:gold-why-the-bankers-need-the-miners&catid=48:gold-commentary&Itemid=131
Pink Floyd
...
written by Pink Floyd, July 14, 2010
"Last year, that figure stood at 20.2 million ounces. This supply from above ground stocks can be sourced from the recycling of fabricated products or from the mobilization of bullion stocks owned by private individuals or governments."

Well, why don't you tell me specifically where these 20 m/o were sourced from?
If I got it right, recycling of fabricated products and mobilization of bullion stocks owned by governments are already considered as traditional supply.
And what could it mean that "the mobilization of bullion stocks owned by private individuals" totalled 20 m/o?
In absolute terms it totalled for sure far more than 20 m/o.
Compared to investment demand of bullion stocks it equalled zero, the latter being bigger than it.
(BTW, I have no idea either how "producer hedging" can increase the silver physical supply...)

Pink Floyd
...
written by Pink Floyd, July 14, 2010
Thanks Derek.
English is not my mother tongue.
That said: Mr. DiRienzo writes "traditional supply mechanisms (Mine supply, scrap supply, government sales, producer hedging)".

And then: "supply from above ground stocks. Last year, that figure stood at... This supply (meaning: OTHER THAN TRADITIONAL SUPPLY MECHANISM) can be sourced from the recycling of fabricated products (I thought that was the same as SCRAP SUPPLY) or from the mobilization of bullion stocks owned by ... governments (I thought that was the same as GOVERNMENT SALES...)





Jeff Nielson
...
written by Jeff Nielson, July 13, 2010
Navderek, as you saw with your reply, all you got was evasion. However, don't forget that The Silver Institute didn't compile this data, they just report it.

I'm actually surprised that they wouldn't have suggested (themselves) that you go to the sources for the data: Gold Fields Mineral Services ("GFMS") and/or The CPM Group.

In the case of GFMS, here's something I've pasted from the link below:

http://info.goldavenue.com/Info_site/in_who/in_who_gfmsnew.html

Gold Fields Mineral Services Ltd (GFMS)
Gold Fields Mineral Services Ltd (GFMS) is an independent, London-based consultancy and research company, focussed on the international gold and silver markets. GFMS is best known for its flagship publication, the annual Gold Survey, which features in-depth analysis and extensive statistics on gold supply and demand for over sixty countries.

Since 1994, GFMS has also been responsible for the World Silver Survey, produced on behalf of The Silver Institute in Washington. Both publications are quoted frequently by the media and industry analysts, confirming that GFMS are the acknowledged experts in the area of gold and silver research.

More recently, GFMS has undertaken research into the platinum group markets. As a result the company now produces a Precious Metals Quarterly which includes analysis of the gold, silver and platinum group metals markets.

In addition to its extensive product range, GFMS also undertakes privately commissioned research and consultancy across the precious metals complex. This can vary from one-off reports to ongoing, extensive market studies.

GFMS Annual Gold Survey
The world's most comprehensive and authoritative source of information and data on the global gold market. Includes a hundred graphs, independent global coverage of the international gold market, and detailed analysis of market trends and corporate activity in the mining industry.

Gold Survey Updates
Six monthly updates to the Annual Gold Survey, published in September and January, providing thorough interim analysis of the most recent developments in the gold market. Based on this analysis, the Updates also look forward to the coming six months and give an indication of expected trends in all aspects of supply and demand, as well as a price forecast. The most important economic, socio-political and market-specific issues facing the gold market in under 40 pages.

GFMS Precious Metals Seminar
This year's seminar featured a summary of the market analysis contained in Update 1 to Gold Survey 2001.

In addition, a distinguished panel of guest speakers together with GFMS analysts addressed a wide range of issues of importance to the market and the outlook for precious metals' prices.

The GFMS Precious Metals Seminar offers an opportunity for high level networking as well as an excellent forum for industry information exchange.

Web www.gfms.co.uk
sailortony
...
written by sailortony, July 13, 2010
Derek,

I think you guys are onto something here.

Keep questioning him. He will eventually tripped. I am sure Jeff, knowing his defense attorney abilities, can help you formulate the right question.
navderek
...
written by navderek, July 13, 2010
I sent an email to the "Silver Institute" to question them about why supply always meets demand...here is their response... Do you guys have any comments?

******************************************
Derek - Many thanks for writing. When looking at supply/demand, as is the case for many commodities, additional demand beyond traditional supply mechanisms (Mine supply, scrap supply, government sales, producer hedging), is made up with supply from above ground stocks. Last year, that figure stood at 20.2 million ounces. This supply from above ground stocks can be sourced from the recycling of fabricated products or from the mobilization of bullion stocks owned by private individuals or governments.



Michael DiRienzo

Executive Director

The Silver Institute

888 16th Street, NW

Suite 303

Washington, D.C. 20006

202-495-4030 (direct)

From: Info
Sent: Tuesday, July 13, 2010 4:11 PM
To: Michael DiRienzo
Subject: FW: Silver Institute Contact Form


From: Derek [mailto:navderek@gmail.com]
Sent: Tuesday, July 13, 2010 11:19 AM
To: Info
Subject: Silver Institute Contact Form

COMMENTS: I was interested in checking out the Supply vs. Demand for Silver but after seeing the data on your site I'm even more confused... How can it be possible for supply to always exactly meet demand, year after year? There is no surplus or deficit in the silver industry? Please explain. Thanks,
-Derek
Jeff Nielson
...
written by Jeff Nielson, July 13, 2010
Pink Floyd, what has struck me more than anything else since I began to study the precious metals market is how shallow the level of analysis was. Apart from a few dedicated researchers (Ted Butler immediately comes to mind), there has been very little quality analysis done concerning the silver market.

From a selfish standpoint, it provides me with a lot of opportunities to apply my own analysis in producing original conclusions and ideas. However, I don't delude myself into thinking that the larger miners who are (still) "in bed" with the bankers are going to embrace my own ideas. Humanity's capacity to ignore the truth never ceases to amaze me.
Pink Floyd
...
written by Pink Floyd, July 13, 2010
Thanks a lot for your articles Jeff.

The World Silver Survey is researched and compiled by London-based GFMS Limited. The Silver Institute has published this annual report on the global silver market since 1990.
The World Silver Survey 2010 was sponsored by 18 companies and organizations.

Do you think it could be of some interest to ask the compilators and those who have sponsored the World Silver Survey some explanations based on your remarks?

This document, whose data are treated as "official", was sponsored by 18 companies and published by the Silver Institute.
This GFMS Limited consist of "fifteen full-time analysts; while two consultants contribute insights on important regional markets." Plus "Executive Chairman Philip Klapwijk and CEO Paul Walker." http://www.gfms.co.uk/whoweare_background.htm

How is it possible that all these people don't have noted the flaws of this document you exposed? I'm thinking in particular about the sponsors. They are for sure interested in potential flaws of "their" document.
Do you think we should contact them?
Jeff Nielson
...
written by Jeff Nielson, July 07, 2010
Sometimes I wonder if there is any real "plan" remaining with respect to the anti-gold cabal - or whether they simply try to prop-up their schemes now week-by-week. Maybe they think they have some scientists on the brink of perfecting alchemy?

All we KNOW is that "the numbers don't add up", which strongly suggests they have something to hide...along with all the other evidence of manipulation which was already out there.
swsprime
...
written by swsprime, July 07, 2010
Hi Jeff,

I've been on vacation in Europe these past few weeks and missed some of your stuff.

Today this fantasmagorical new silver is created very much like new fiat money.

Years ago at least you needed printing presses to print new dollars or IOU Silver Certificates (Dollars were really IOU's for Gold till Tricky Nicky took us off the Gold standard.) Now even the presses are redundant as the creation of a trillion dollars can be done at the touch of a computer button.

Today the Fed creates these trillions of new virtual reality dollars without ever needing to look at a printing press, and the JP Morgan gang have copied them with virtual reality silver - want more silver? well here it is, just don't ask to hold it, there's the entry in our virtual reality ledger saying that you own it - honest!

Of course in the Virtual reality world supply can exactly equal demand, no surprise there then.

Yes, when you leave the physical world for the virtual reality world all things are possible. Just think - we no longer have to mine silver, J P Morgan will just magic it into cyber existence.

In fact everything we need silver for in the manufacturing world could be cybered. We could have virtual reality fridges that don't need silver in their manufacture. Want a beer to accompany that virtual reality TV game? Easy go the the virtual reality fridge - there's an endless supply of beer there, just like J P Morgan's endless supply of Silver.
navderek
...
written by navderek, July 06, 2010
YOU READ MY MIND!!! smilies/shocked.gif

I can't beleive you just wrote an article about supply & demand because I was digging around for this information just the other day and stumbled upon this site: http://www.silverinstitute.org/supply_demand.php

As you described in your article, they show supply & demand being equal every single year...right down to the ounce!

When I saw that I was like "What the hell???!!!?!" and I've been thinking of that ever since and now I read your article...amazing! smilies/grin.gif

I have one question though.....WHY??? Why would they want to hide the fact that silver inventories are down? I don't understand what they have to gain by doing this manipulation. Actually, wouldn't they want to hoard as much silver as possible then suddenly reveal the low inventory to shoot up the price? Is this what they plan on doing with the SLV's?

I fail to be able to connect the dots. I completely understand what's going on but I lack the understanding of the motive...could you clarify possible motives?

GREAT ARTICLE! smilies/grin.gif
paxjds
...
written by paxjds, July 05, 2010
Sailor Tony and Jeff,
It appears Mr. Bart Chilton and the gang at the CFTC has done nothing for 35 years in cleaning up the problems in the PM's markets. What a waste of taxpayers money on a group that cannot change the corruption and manipulation in the Precious Metals markets.
His reference to the upcoming vote in the Senate almost (LOL) made me fall off my chair. With the recent Senate vote to not audit the Federal Reserve Bank, there is absolutely no chance in Heaven or Hell that they would pass any meanifull reform of the gold or silver markets By Nailing the Banks/brokers on manipulation. The CFTC will remain in fact literally the same, unable to do anything but collect complaints, do nothing, and screw the public, all at government expense. God please give me a job, paying me a lot of money to do and accomplish nothing, yes , a Government Job on the CFTC board.
Till the Banksters are jailed and the puppet strings to Congress are cut, nothing worth while will be accomplished.
hockmir
...
written by hockmir, July 03, 2010
Here is a link to the page for the ETFS funds bar lists. It is a bit of a hunt to find the right clicker, but its there:

http://www.etfsecurities.com/en/securities/etfs_physical_exposure.asp#bars
Hank Harrington
...
written by Chad McNamara, July 03, 2010
Just let me know what you want done smilies/wink.gif
Jeff Nielson
...
written by Jeff Nielson, July 03, 2010
Thank you very much for the additional details, Hockmir. This sounds like a job for our OWN resident web-master, Chad!

Definitely something which we want to look into further. I've often secretly speculated that if any global "audit" was ever performed that we would find MANY bars of gold and silver with MANY owners. Being able to detail such facts with hard evidence would be a big step in the right direction.
hockmir
...
written by hockmir, July 03, 2010
Jeff - With regard to the discrepancies that I was seeing in the bar lists, others have seen the same issues as well. There is a good report published on Zerohedge on the subject (link: http://www.zerohedge.com/sites..._1_PDF.pdf)

As for the bar list for SLV, it can be found at:

https://ebts.jpmorgan.com/metalicsWebApp/ebts_downloads/BONYBARLIST.PDF

I note that the list is published in PDF form, which makes it difficult for one to apply spreadsheets or other analytical tools unless one is endowed with more than average computer skills. Luckily for SLV, there are folks like myself out here who posses the necessary tools to engage in such inquiries.
Jeff Nielson
...
written by Jeff Nielson, July 03, 2010
SailorTony (Claude), thanks for sharing that correspondence. As readers know, I've been (relatively) silent about rumors of an investigation into silver manipulation (in general) and JP Morgan (in particular).

I will debate part of what Bart Chilton said in his reply. While I would agree that current U.S. legislation "sets the bar too high", I would strongly DISAGREE that evidence to meet that standard does not already exist.

Presumably Chilton hasn't forgot the name "Andrew Maguire". Maguire was quite prepared to TESTIFY about "intent" (the key requirement in making a case) but was NOT ALLOWED to by the CFTC. Given that Chilton is the former head of the CFTC, and given that the CFTC was even less-responsive during that period, I have GREAT difficulty in believing the "new" Bart Chilton: as a born-again regulator.
Jeff Nielson
...
written by Jeff Nielson, July 03, 2010
Hockmir, thanks for your comment. I was wondering if there was any simple "registry" or search-engine to obtain such data. I'm not familiar with the site you referred to, so if you could provide a link, I'm sure that many SLV holders would like to have a peek at that too!
Jeff Nielson
...
written by Jeff Nielson, July 03, 2010
Hi Dylan. There are two ways to look at the issue of silver inventories and ETF "holdings". Either the "silver" of ETF's IS simply returned to vaults/warehouses awaiting (another) sale, or The CPM Group is adding all this "silver" to inventories, even though NONE of it is actually available for sale (since it is all officially privately-owned).

In the first interpretation, it is the ETF's which are total shams, since their "silver" is never really held by these funds. In the second interpretation, since none of this silver is actually part of inventories, this means that INVENTORY numbers are a total fraud - and there could be as little as 1/10th the amount of silver available for sale versus what the bankers are pretending.

I lean toward the second view - since a COUPLE of the silver-ETF's apparently do actually hold their own bullion. What you have to ask yourself is why these funds don't speak-out - when you have The CPM Group essentially implying that ALL these funds are total shams?

I can't give you definitive answers to your questions, since there is absolutely no "transparency" in this market. So I won't contradict or disagree with what Chris Powell says. If SLV is PARTIALLY-backed with silver AND if that silver is in their own control - rather than sitting in a "warehouse" for sale, then a significant number of unit-holders COULD exit the fund without huge losses.

Those are pretty big "if's".
sailortony
...
written by sailortony, July 03, 2010
In the meantime the manipulations continue as well outlined by Ted Butler at King World News this week.

I expressed my frustration in the following email to the CFTC this morning:

" Sirs,

Like Ted Butler, I think it is outrageous to allow these criminal
activities to take place.
When are you going to do your job and do something about it?

Enough is enough!

"

I was quite surprised to receive an immediate answer from Bart Chilton on this Saturday of a long weekend in the US:

"Claude

I called for the investigation and although I still can't discuss it (by law) it is making progress and I'm hopeful that we will be able to discuss in the not too distant future. I meet on it regularly and am glad that we have been working on it.

On manipulation: Our manipulation standard (the law, the Commodity Exchange Act) is broken. The standard is so high (like we have to prove intent - with and email or other evidence) that we have only had one successful prosecution in 35 years. So, for folks to say there is obvious manipulation, they aren't talking about the law we have to abide by, just what would appear to be manipulation in their mind (which I understand, it is just different than what we have to go by). The broken law is why I and others, including the Chairman (Mr. Gensler), have called on Congress to pass what is called "disruptive trading practice authority". This will allow us to get at manipulative-like practices that distort markets. I'm pleased to report that the disruptive trading practices language is in the bill that has passed the House and is pending in the Senate.

Finally, I have been calling for position limits in metals. There is no limit to the number of contracts a trader can currently hold (except in the spot month). So a trader can hold 30% or even higher. Crazy, I know. I'm the only one of the five Commissioners to call for these limits in metals. Mandatory position limits are, happily, included in the reg reform bill as well. That means that despite the lack of consensus (or what is required, a majority, so 3 of the 5 of us) that we WILL have to impose position limits.

Anyway, I appreciate Mr. Butler's efforts in general. At the same time, I'd just caution folks to be careful with their investments. Some (who have worked for businesses that will prosper with the sale of a commodity)have essentially suggested that the price of this or that commodity will go sky high once the big bad government gets its act together. "Buy now", they say, "or you will miss out on the lower prices that will surely rise once the government stops this obvious manipulation". Just be careful.


B "

This is probably a circular response; but I have never seen one like it???
hockmir
...
written by hockmir, July 03, 2010
I can add that during a lengthy illness, with nothing better to do, I first read the prospectus for SLV, and smelled the same "Rat" that others have.

Pursuing this a bit further, I downloaded the lists of bars and serial numbers from SLV and another of the "paper" bullion funds. I was surprised to see a number of bars listed which matched by Maker, Serial number and weight. Thus, the lists which were purporting to show me the silver I owned in SLV also showed that other guys owned them in other funds as well, simultaneously, at the same time.

I executed Sells on all of my SLV soon therafter.
Dylan
...
written by Dylan, July 03, 2010
Saw your article posted over at GATA Jeff. Whilst, I'm a big fan of Chris Powell, I don't really understand his comments here.

"Jeff Nielson of Bullion Bulls Canada reports that the silver purportedly being held by silver exchange-traded funds is being counted as part of silver inventories, not as silver removed from the market by investment demand. Since any silver held by EFTs can be sold quickly by investors and returned to the market by the ETFs, this may not be quite the fraud that Nielson calls it."

My questions are

1)Where is the actual physical silver "held" by SLV located? (If anywhere)

2)If it counts as part of silver inventories still, can it be freely moved back and forth?

3) If investors in SLV do decide to sell their shares as Chris Powell suggests, will it be "returned" to the market or if it has never left the market in the first place, will it further drive down the price (paper fiction) of Silver or is it just that the original "purchase" by SLV had no effect on driving the price of Silver up in the first place?

Whichever way you look at it, it seems to me that Class 1 Shyster Fraud has been committed here.
Jeff Nielson
...
written by Jeff Nielson, July 02, 2010
Yes, Grumley, no doubt expensive!

However, between the "mercenaries" and the "Bat Cave", you're now all set to start storing the bullion of friends and family members...and if a few ounces should go "missing" now and then, just do what the Royal Canadian Mint did: just say it was all a "bookkeeping error".
 1 2 > 

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer:

BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form