sinequan tablets american pharmacy online shop asacol dosage 800 buy actoplus met canadian best place to buy colchicine online acquisto strattera sicuro online elocom kre'm 20g revatio usage oder mg tablets of robaxin venlor 100mg buy prevention with low-dose aspirin plus dipyridamole in patients with disabling stroke sarafem pill canadian genuine retino-a cream 0,05 best price cheap acyclovir online over the counter medicine antabuse sildenafil side effects medication tegretol xr pills purchase generic sumycin buy viagra pharmacy online top drugstore products for acne get himplasia las vegas flomax dose timing cephalexin capsules 500mg jelly sale cialis online tadalafil prevacid how to buy erythromycin usa sale cialis sublingual no prescription female cialis delivery uk cost of cabgolin without insurance buy generic zovirax online with prescription buy alli refill pack low will viagra do healthy male cheap retin-a 0,05 uk rx 7 costa rica canadian healthcare association modern management best birth control pills alesse to buy seroquel in uk prednisolone asthma cats herbal tea suppliers uk betnovate n zepose 10 cipla getting pain pills for back pain canadian pharmacy online periactin post cycle therapy periactin no prescription cordarone where can i buy ventolin hfa sildenafil tablets 50mg where can i purchase retin-a ge percocet abuse snorting what is allopurinol for two m365 pills to buy precose in uk where can i buy pyridium over the counter sildenafil tablets 100mg uk donde puedo comprar levitra plus viramune prices usa order voltaren online in usa cafergot 100mg buy proscar reviews is generic ginseng effective us online pharmacy no prescription clomid kamagra oral jelly shipping overseas very cheap propecia where to buy celebrex ointment no prescription mobic homeaway puerto rico rincon buy hoodia gordonii stores aciclovir where can i buy retin-a ge sale tricor usa cvs prices online sale of glycomet what is vasotec used for ginseng supplier in uk cialis sale australia tramadol how to order l-tryptophan online capoten now co uk female viagra in uk cialis professional where can i buy it what is diltiazem hydrochloride cream used for dutas for sale zovirax tablets australia chlamydia treatment men zithromax buspar lawsuit canada shatavari daily use reviews pariet tablets wiki menosan in the uk malegra fxt on line for sale no script brand cialis buy how to buy shallaki malegra dxt lawsuit does generic trazodone look like neurontin online legally differin cream usage bactrim forte 800 160 mg tablet endikasyonlar? online pharmacy safety clomid india pharmacy cheap generic buy abilify online avamigran price order generic betoptic cheap lasix 40 mg online kamagra usa cvs prices lioresal prices cvs zyloprim free shipping prograf discount medications ortho tri cyclen no prescription needed canadian online pharmacy actoplus met generic equivalent nymphomax for sale online nitroglycerin drug delivery avodart pas cher italie how to buy tulasi in london voltaren dosering fda orlistat liver what is cialis nexium 40 mg tablet nedir acheter prilosec what is zantac 150 used for do you need rx cymbalta calan over counter uk requip tablets side effects baclofen low dose birth control cabergoline side effects forum buy ofloxacin floxin shatavari coupons buy lexapro online with mastercard grifulvin v on line for sale no script birth control pills ceftin generic toprol xl cost robaxin online overnight shipping is there a difference between propecia and generic synthroid prices seroquel generic australia celebrex cost costco alli medication dosage homeopathic medicine for chronic back pain do i need a prescription for remeron what is eurax hc cream used for como comprar viagra para mujeres buspar drug forum max daily dose of zanaflex buy moduretic online no prescription united states how can i get viagra cialis generic name prevacid order on web prednisone shopping what is the half life of cytoxan blue pain pills on nurse jackie pharmacy chains in northern ireland promethazine side effects alcohol best place buy brand cialis pct kamagra to buy in australia buy speman for daily use costco pharmacy prazosin price where can i get abana pills generic pharmacy valtrex purchase nolvadex on line in canada emsam for sale uk can you order imitrex xenical from china zoloft 50 mg high metformin manufacturer in india motrin tablets on line to buy best proscar prices alli diet pill lawsuit cialis doses viagra site reviews cialis super active on line purchase cymbalta australia pharmacy zyprexa dosage im cheap oral jelly india kamagra buy costco wellbutrin xl cost rheumatoid arthritis patient uk discount code for premarin what is aciphex tablets discount canadian pharmacy paroxetine motilium sold over counter synthroid lowest price what is cymbalta used for and side effects reglan medicinenet levlen ed double dose purchase moduretic where to buy elocon mg cost of lexapro in australia picture of lisinopril hctz 20 25 ranitidine from mexico phenergan medicine buy buy feldene australia med cab betoptic cipla india ltd goa where can i get some amoxil proventil for sale pharmacy overnight delivery buy clomid online generic cymbalta in usa thyroid medication side effects pregnancy list of tetracycline medicines liposafe low cost new alliance party mexico western drug glyset 1mg finasteride no prescription buy metoclopramide online no prescription us lincocin coupons what is effexor xr made of what is rhinocort pills used for how to get nolvadex online oregon state treasury private equity purchase live chickens online what does toprol xl 50 mg look like dilantin how to buy how to get high off ventolin phone in order for phenergan cefadroxil spain omeprazole over the counter boots tamoxifen without a perscription selling viagra on ebay cheap canadian lasix no prescription buy dostinex without prescription buy zenegra online pharmacy current price atacand colchicine discount code best site get orlistat generic pills for cystone azulfidine prescription coupon florinef lawsuit settlements how to use adios slimming tablets prednisone dose buy lidocaine cheapest healthy food to live on cheap liverpool hotels deals best pharmacy to order nymphomax is there a drug comparative to prilosec hay pastillas para abortar despues de dos meses isoniazid coupons toradol echeck methocarbamol dosage for adults side effects of tofranil 10 mg betapace lowest price quinine sulphate tablets spc cam you order seroflo canadian buy tamoxifen citrate breast elocon for sale 300 mg neurontin pain generic bupron sr no prescription where to buy chloroquine phosphate bentyl generico italiano free proventil inhaler coupon trusted tablets coupon discount astelin 100mg cheep dilantin dose calculator prescription digoxin toxicity patients what does metformin hcl treat buy indinavir mexican pharmacies browser stats screen resolution zyrtec for children reviews buy zofran in singapore albendazole spain over counter prednisolone buy usa finpecia 100 review metformin 500mg tablets side effects carbozyne australia price where to buy mobicarte orange midamor uk buy can you take midamor daily skelaxin pills sweat clonidine adhd dosage buy lamisil antifungal cream best cialis professional prices cipla what is metronidazole tablets used for tricor generic side effects nitroglycerin spray coupons glucophage results forum bupron sr prescription only zovirax online apotheke phenergan 10 mg tablets viagra kaufen ohne rezept deutschland combivent udv package insert how to get inderal buy flagyl er no prescription medicine similar to cymbalta mentat reviews fluoxetine generic australia erythromycin uses gastroparesis viagra plus lawsuit canada what do allopurinol pills look like canadian family medicine exam toradol emergency medicine what is zofran used for pregnancy lipothin 40 mg dose buy accutane reviews online without floxin otic coupons ditropan generic equivalent my relafen coupons vardenafil canada pharmacy nexium pills cheap cheap actos pills permethrin insecticide spray half price sinemet ventolin weight gain muscle relaxer flexeril high albuterol inhaler no prescription bactrim no prrescription low cost overnight cipro sale floxin is there a reliable canadian pharmacy overnight erection packs 11 tablets what does amantadine do ordering apcalis sx online without ajanta pharma my pham tenamyd ginette-35 online pharmacy uk nolvadex shopping nasonex vs flonase side effects purchase tadacip on line in uk norvasc for sale buy probalan without rx amitriptyline hcl 100mg tab is elimite cream sold over the counter comprar viagra autentica pfizer buy viagra online usa no prescription como comprar clozaril cheapest augmenting path is there a generic for lamisil what drug category is bentyl purchase levlen online ditropan reviews for men lifta tadalafil nedir promethazine codeine cough syrup price german remedies pharmaceuticals india exelon store cipro uk next day delivery side effects of reglan medicine is bystolic generic zyprexa price uk nolvadex pas cher lamisil no prescription online pharmacy viagra online mastercard payment accepted dosage cipro treat gonorrhea fast maxalt deleviery over the counter cialis walgreens zestril overnight aleve next day rumalaya liniment from canada where to buy amitriptyline 10mg discount zoloft 100mg dosage can you get pregnant after cytotec online generic effexor xr brand glycomet for sale buy atorlip-5 in ireland life brand iron pills can order zebeta online ttsh pharmacy nhg com sg provera where can i buy what are the side effects of voltaren forte order mestinon tablets buy diamox uk indian accutane online generic nexium 40mg tablets used how to buy protonix fron canada buy cialis online paypal sustiva reviews doxycycline from sigma where to get speman us online pharmacy no prescription robaxin where do i synthroid in mexico what is isoptin tablets used for comprar pastillas alli 2012 buy lexapro in ireland protonix annual sales buy cardura in singapore ic prednisone 10 mg mirapex buy cheap how to get high off paxil very cheap roxithromycin healthcare alliance rxrelief pharmacy discount card what is the correct dosage of glucotrol xl what is bupropion hcl 150 mg used for can you buy indocin online remeron online shipping what is tetracycline used for cost of prescription motrin sildenafil side effects doctor using zovirax cream genital herpes pletal comprare can you get propecia in australia ventolin vs. albuterol inhaler canadian pharmacy prednisone how to use ginseng root where to buy effexor xr generic motrin lawsuit buy aceon 15mg online benadryl online order drugstore buy allopurinol begin buy meclizine uk viagra online apotheke rezeptfrei alesse shortage buy online haldol generic journal of the history of medicine and allied sciences 1946 buy seroflo hong kong copd side effects zyrtec generic name and classification university requirements pharmacy canada what types of prinivil are there finasteride tablets review myambutol legal us medicine called amitriptyline cheap autoimmune buy compazine usa cod strattera pill shop discount code cipro prescription for travelers diarrhea side effects of endep in dogs capoten 40 mg pharmacy what types of ginseng are there glyset italiano confido generic reviews benfotiamine coupons search recruitment edinburgh evecare prices imitrex discount what does flonase look like webmd top us pharmacy schools 2011 protonix generic teva announced today buy shatavari online cheap acai from usa pharmacy prevacid generic for alli discount refill buying flouoxetine hydrochloride online average cost of celebrex buy alli online singapore pharmacy buy soft cialis online chloroquine looking for what does fake cialis look like order metformin from glucophage on the internet side effects of long time use of dilantin what symptoms does benadryl treat zyprexa generico italiano can i get crestor flagyl er prices cvs myambutol sublingual dosage oral terbinafine dosage shingles acyclovir 800 mg elocom kre'm mire jo' tamoxifen online pharmacy uk yasmin salem fgb alli on line purchase revatio refills side effects of stopping cymbalta 60 mg generic differin us order vytorin from canada permethrin cream 5 for lice cialis marseille fr how much is metformin tablets levaquin lawsuit buy adalat sominex over the counter phone in order for ortho tri-cyclen tegretol discount medications allopurinol order canada rumalaya gel max dose order rumalaya liniment tablets nitroglycerin mg tablet himalaya usa ashwagandha pharmacy without prescription that take mastercard evista onde comprar promethazine hydrochloride 100mg sliding scale insulin nhs nolvadex for men for sale orlistat now is viagra sold over the counter in uk chinese herbal viagra review rumalaya gel tablets buy rhinocort without rx side effects of cipro eye drops tramadol high best place to order glycomet in us diarex rx order liposafe without prescription better than testosterone and viagra lotensin medication reviews us online pharmacy no prescription nootropil cialis generique+paiement paypal revia shipping overseas pfizer ireland pharmaceuticals askeaton over the counter tinidazole tablets licensed pharmacy pariet where can i order colchicine zithromax price philippines amoxil side effects long term use doxazosin pill shop discount code buy ortho tri-cyclen without rx flonase coupons how much does metformin cost without insurance insulin receptor substrate 1 periactin sciroppo ciproeptadina cloridrato buy viagra online forum approved what are the main side effects of bupropion all types cystone pills medco prescriptions by mail address lioresal 10 mg tablet cheap viagra tablets com ginseng prices 2012 tn tenormin missed dose powergra 100 buy p alphagan eye drops online buy accutane canada pharmacy best website to buy kamagra in uk comprar accutane original buying moduretic in manchester 300 mg cheap zyvox what is the difference between generic and brand cialis nexium 10 mg pret pharmacy technician jobs in toronto canada current canadian drug policy buy minipress fast shipping safe buy prazosin online capoten pill shortage sumycin doctors online buy celexa in uk metformin canada prescription purchase metoclopramide cheap buy sominex in australia cost of depakote medication micardis how to buy is it safe to order yagara world med direct legit aciclovir tabletas precio mexico buy cheap nizoral using pay pal flagyl medication dosage abilify shortage 2012 remeron order online uroxatral rxlist acticin cheap price bentyl 10 mg capsules canada pharmacy university program buy cialis over the counter cheap calan blanes holiday secure betoptic for men in usa septilin syrup reviews isoniazid no prescription ink arizona finpecia tablets used for what uk version of nymphomax lioresal on line purchase beconase aq drug schedule compare prices amoxil order lady era online zanaflex overnight delivery generic brand cialis paypal rosuvastatin tablets price is generic plavix from india safe cymbalta cost in canada rumalaya forte drug store online no prescription synthroid sale tadalafil 5mg reviews terramycin online uk what does meclizine 25 mg do valacyclovir online prices how to take reglan for milk supply buy cheap antabuse from per pill treatment lopressor cheap us pharmacy cialis tabletki is it illegal to order generic ortho tri-cyclen best atorlip-20 prices what does alli mean in slang order prescriptions online kaiser hctz without prescription order tofranil canada is nolvadex legal in the usa spironolactone aldactone reviews side effects taking asthma inhalers suppliers of protonix in us fucidin delivery uk healthcare alliance pharmacy benefit card scam wellbutrin sr medication where to buy online drugstore in the us generic pharmacy buy actoplus met celadrin for sale uk ordering ampicillin all rights generic india flovent price why does viagra work but not cialis sinequan 100mg cheep average cost of lisinopril viagra generico low cost levitra delivery london ciprofloxacin eye drops pink eye price of januvia 100 mg in india pharmacie france internet etodolac cost atepros drug study buy clomid online without a prescription can relafen cause weight gain actos online pharmacy uk diclofenac gel reviews and dosage prevacid over the counter vs prescription acai for sale in stores ayurslim italiano abilify from canadian pharmacy sale mobic where can i buy crestor online diclofenac gel overnight fertility pills over the counter pariet max dose what does neurontin do for shingles children;s zyrtec shortage long term usage of mobic what does the pill keflex do viagra uk buy genuine cost of toradol pills canada drugs keftab with prescription iui success rates with clomid by age what are cytotec tablets used for zofran prescription canada donde puedo comprar wellbutrin fluconazole 200 mg twice daily cipro online coupon code feldene tablets used levitra sales canada generic cialis where to buy clomid with visa artane on line purchase levaquin tablets buy buy viagra switzerland can youtube buy cialis professional in ireland 40mg generic noroxin uk paypal pulmicort dosage instructions best over the counter antibiotics for uti canadian online pharmacy for lozol flagyl without a prescription from mexico genuine hyzaar 100mg buy genuine finpecia uk purchase lotensin pills generic combivent uk maxaman suppositories buy rhine inc. india tadalafil anafranil canadian pharmacy trazodone hydrochloride tablets usp 50 mg cheap generic fucidin amoxicillin nhs cost viagra levitra cialis cost a method of determining the dose of digoxin for heart failure in the modern era plendil from canadian pharmacy taking 100mg of viagra exelon patch drug classification buy femcare without rx where to buy synthroid ointment buy amoxil cheap 500mg how much will cyklokapron cost cardizem dose buy bupron sr no prescription why are crocodiles and alligators endangered new female viagra nasal spray where can i get some dilantin research grade cialis sublingual kaiser neurontin lawsuit biaxin mexico no prescription forzest india order differin cream online acne can you buy fucidin cream over counter long term side effects of benzaclin viagra without prescriptions usa drugstore buying prednisone in manchester can you buy aciclovir over the counter uk zovirax normal dose of zoloft for depression being content pravachol for men sale in uk cheap olanzapine uk 1 man 1 jar iphone himplasia sold over counter difference between isotretinoin accutane do you need rx motilium nuevo progreso mexico pharmacy where to amaryl generic pharmacy to buy kytril buy cystone paypal buy generic viagra soft with bonus cialis sublingual australia pharmacy average viagra age buy ortho-tri cyclen birth control online acheter fertomid pas cher finax where to purchase finasteride tablets usp side effects atacand 4 mg tablet drug voltaren gel used viagra farmacia senza ricetta rumalaya gel dosage too high where can i get abortion pills online seroquel reviews for schizophrenia zoloft legal in england boots online pharmacy ireland atorvastatin ezetimibe side effects januvia reviews 2012 very cheap mirapex pharmacy express scripts phone number 1-800 eurax usa sale order colospa what does calcium carbonate decompose into when heated levothroid legal in england malaria tablets malarone tesco typical dose of digoxin in elderly online sale of cialis sublingual indian generics online fosamax antivert delivery buy generic buy glucophage xr online no prescription buy motilium with paypal is it illegal to order generic trimox pharmacy degree online usa estrace tablets online value pharmaceuticals coupon code is it safe to order flomax celadrin no prescription compare prices coumadin not generic buying apcalis sx in manchester buy cheap online discount actos fucidin crema 2 a cosa serve what is cystone tablets used for etodolac overseas buy terramycin haldol pill shortage best site get clonidine generic diamox cost of protonix at walgreens buy desyrel greece buy sarafem in australia can order aygestin canada cheap estrace order prescription drugs online no prescription south indian film meri adalat negative side effects of seroquel finasteride usp 1mg casodex prices at costco how to get off of lexapro safely job search sites seroquel off label usage buy eulexin online no prescription united states costo del cialis da 5 mg safe place order phenergan getting ventolin in australia metformin hcl manufacturer in india what are the side effects of low dose aspirin trazodone prescription sleep medications buy diclofenac sodium tablets 50mg arimidex no prescription reviews revatio maximum dose rapid tabs home imitrex dose instructions tamoxifen medication overnight delivery quickest benicar buy cheap pharmacy digoxin medication overdose bystolic prescription medication generic tadalafil side effects what is teva-rabeprazole used for generic protonix 40 mg buy actos in australia where to buy cialis in bueanos aires buy pletal 200 zentel tablets zestoretic lawsuit settlements what does lexapro make you feel like bactrim and birth control pills there generic fosamax serophene price canada drugs online without a prescription canadian pharmacy buy erection packs 2 buy diakof cheap best price cialis jelly cheap generic rhinocort what does trandate do online pharmacy uk altace imitrex 5mg tablets get keppra toronto can you order decadron avoid side effects job search scotland what drug category is citalopram how to get cozaar quickly without prescription best place buy betoptic pct buying minocycline advair diskus contains a combination of flagyl antibiotic buy online plavix side effects wiki clomid pct test e depakote 1000 mg er lipitor medicine for what can you buy proventil over the counter in germany pharmacy 1010 reviews cialis 20g can taking lisinopril cause weight gain online generic mentax buy cheap where can i buy avodart in canada effects drinking alcohol prednisone to buy vytorin in uk online generic xenical 100 mg fertomid medicine ciprofloxacin for uti buy provera singapore imitrex 100mg directions atarax dosage recommended buy cozaar tablets online effects of prednisone on dogs with lymphoma viagra brands available in india florida fincar diclofenac looking for what is the medicine ciprofloxacin for glucotrol xl on line for sale no script endep order in the us zerit coupon code canadian furosemide tablet is it illegal to buy viagra online in australia hyzaar store buy advair diskus 1000 can you buy over the counter diflucan mg generic valtrex australia zyprexa dosage form does nexium have a generic form buy brand advair diskus online pharmacy fluoxetine mexico pharmacy what is enalapril 5mg actos without a script prescription alesse rx help what does antibiotic ampicillin do cheap cabgolin uk low cost overnight beconase aq medrol daily use reviews bactrim forte contre indications pilex generic for viagra toronto office photo how long to use nexium brand cialis canadian pharmacy us online pharmacy no prescription tulasi lanoxin for dogs buy clorfenamina tabletas dosis generic suprax cost sucralfate generic carafate can i order biaxin online how to use singulair 10 mg genuine betapace 100mg plendil uses medication cardura e10 structure what is flagyl metronidazole for dogs order generic blopress depression medicine zyprexa ethionamide discount walgreens discount pharmacy card online no prescription uk for prevacid flagyl complications natural alternatives to premarin cream hyzaar 100 mg arimidex without insurance buy prinivil boots pharmacy canadian online pharmacy for viagra sublingual health canada albenza wellbutrin sr australia pharmacy discount maxalt mlt forum acquisto cialis on line online pharmacy uk aceon celebrex tablets from buy free birth control pills online orders seroquel generic date 2012 cheap drugs without a prescription buying evista in manchester how effective is differin gel for acne clonidine dose tourettes pet drugs online uk ortho tri-cyclen for men in usa lozol 100mg cheep can i buy cipro online anacin pas cher italie methotrexate 2.5 mg price adverse side effects meloxicam 15 mg order lipitor in where can i get viagra for free viagra without a prescription elavil pill canadian how to take doxycycline mg chloroquine mg buy over the counter desyrel pet allies show low az phone number which works better cialis or viagra cheap compazine 100 mg buy kamagra gold 100 triamterene 37.5mg/hctz 25 mg where can i get zetia pills pyridium how to buy can you buy zyrtec d in oregon hydrea usa sale vermox over the counter walgreens brand levitra for sale philippines cheap liverpool tickets 2011 cheap rocaltrol pills tramadol mastercard overnight where to buy finasteride in canada how to take lanoxin mg keflex alcohol side effects buying malegra fxt using paypal mobic generic 2013 drugs lipitor online sales hospital aspirin price mentat technologies software generic albuterol hfa inhaler side effects of neurontin gabapentin zyban uk depression buy generic viagra online in india what drug category is ventolin kamagra delivered to your home antabuse online store lisinopril medicinenet how long does avodart take to work for hair loss top 10 online benadryl sites generic advair 2012 buyers of himcolin canada tadifil 20 aciclovir tablets to buy uk australia post international lithium battery cheapest protonix to buy diflucan pill yeast where to buy cheap generic mevacor propranolol 100mg cheap hyzaar drug interactions lexapro dosage too high order ephedraxin buy effexor xr 50 finasteride (generic equivalent to propecia) 1mg safe paroxetine buy doxycycline hyclate 20 mg for acne zyprexa to buy from europe motilium prescription only order pyridium 100 mg malegra fxt plus order mircette tablets rogaine 5 mg tablet clozaril dosage administration where to purchase allie antivert medicines prescription effects toradol online without prescription acheter fluoxetine pas cher united support services antivert shopping how many molecules are in an aspirin tablet weighing 500 mg how much does cipro 500mg cost endep online usa no prescription metformin trusted online drug stores in canada zetia for sale usa buy cheap sinemet pills buy evista online from india can you take motilium with alcohol purchase aceon cytoxan limited india where can i buy malegra dxt buy xanax online uk paypal lotrisone uses buy cheap azithromycin online where to get baclofen pct ajantha pharma drug quality lamisil discounts codes vitamin shoppe in store coupon 2012 buy cheap nexium using pay pal como comprar risperdal citalopram and other medications uk price compare priligy arava discount unitedhealth group prescription solutions jobs order luvox from mexico without prescription best diet pills on the market 2012 lozol brand order zyvox 50mg tablets buy genuine allegra uk advair diskus online australia arava cheap price pcos clomid and metformin twins brand viagra sale cialis online drug what is female viagra pills used for buy aricept online australia prescription order combivent tablets cheapest casodex buy viagra professional tablets usa order triamterene hydrochlorothiazide what is trazodone hcl tabs serevent medicine children without a script online order altace how to buy clomid nootropil 1200 mg 40 film tablet zithromax cheap online doxazosin costco cialis online no prescription uk online course for pharmacy technician cheap florinef 0.1 mg get clozaril las vegas buy drugs online no prescription oxycodone buy colchicine with no script no prescription revia buy exelon online no prescription canada order levitra online no prescription viagra side effects of terramycin for dogs eritromicina usos clinicos viagra professional barato genuine zoloft best price cheapest place to get nexium baclofen 25 mg wirkung motilium medicine for what lasix iv dosing health canada female cialis prednisone dosage skin rash used mazda rx8 for sale cheap methotrexate injections at home tesco pharmacy flitwick online colospa india what is the generic name for seroquel xr ciprofloxacin tablets 250 mg proscar from where can i buy cialis over the counter voltaren costco effexor xr how to buy percocet withdrawal wiki which uk site to buy cialis sublingual hytrin 5 mg tablet atorlip-5 online legally is it illegal to order generic actos uk version of abilify emsam over counter prescription prevacid best place to buy voltaren online advair diskus where to get use mobic coupon online 40 mg lisinopril for sale online purim india skelaxin 5mg tablets come si usa il nizoral cheaper version of lexapro is there a drug comparative to zyban buy genuine flomax uk where to buy lithium-ion battery in the philippines how much does generic cozaar cost resources for bupropion hoodia delivery uk buy acai quick hytrin delivery best price for clonidine diflucan cream over the counter online pharmacy no prescription needed apcalis sx omeprazole otc strength brand advair diskus next day delivery over the counter prescription amaryl without exelon buy canada discount program actos coupon cost of keppra medication how long after taking azithromycin can i drink alcohol glycomet tablet sale buy cheap pletal using pay pal list of tesco stores selling prinivil what does crestor do for you side effects of rhinocort aqueous augmentin 1 g comprimate filmate pret order suprax 200 mg brand vpxl for sale trimox lowest price which countries can you buy viagra over the counter promethazine generic reviews can buy cleocin gel online cardizem dosage administration indian generics online proscar buy yasmin 10 tegretol from india levitra professional for dogs buy can you get vermox over counter us bactrim dosage for children liquid price increase lasix buy vasodilan online cheap valacyclovir hcl 500 mg side effects valtrex fast anacin deleviery buy flonase online in usa toradol no prescription compare prices ciplox medication online nexium prescriptions australia eldepryl mist canada cardizem online pharmacies with out prescription cialis super active drug schedule kamagra now contact us kamagranow co uk how to order actoplus met online viagra jellyfish sale buy seroquel 400 mg vardenafil tablets 20 mg order provera 10mg kytril on line purchase where to buy wellbutrin in canada safely cheap generic amoxil cheap abilify 20 mg toprol side effects weight gain non prescription lotrisone pharmacy order non generic glycomet elavil tablets side effects buy cialis super active new zealand online birth control pills without prescription cheap proscar 100 mg viagra date to go generic confido overnight pharmacy cialis miglior prezzo fast albendazole deleviery buy glyset no prescription uroxatral pharmacy low price benadryl uk atorlip-5 uses medication buy levitra vardenafil where to get premarin carafate perth australia cheap omnicef pills zoloft next day order bactrim uk pharmacy buy colchicine with prescription amantadine mechanism of action influenza lexapro canada 10 mg half price cyklokapron buy liverpool fc tickets levaquin reviews pneumonia generic minipress us drugs from canada fda purchase arimidex generic cost of flomax 0.4mg delco drugs and specialty pharmacy top 10 canadian online pharmacy is buying prescription drugs from canada illegal viagra without prescriptions paypal approved best cialis super active prices overnight pill shop augmentin prices aciphex dosage gerd leukeran cats dosage where can i purchase ceftin buspar without a script isoptin usa ondansetron in pregnancy safe watch brahmi gadi katha telugu movie online free buy cheap rosuvastatin where can i get some cialis jelly effexor xr dose for ocd albuterol sulfate 0.083 nebulizer solution acai berry in indian name canadian pharmacy spam block cialis once a day price pharmacy has best price gyne-lotrimin phenergan generic price over the counter inhaler cipro 500 mg #20 viagra professional ordering no prescription meri adalat 1984 purchase cialis for daily use cipla pharmaceuticals goa ordering famvir online can you buy tricor over the counter in germany alesse results forum lexapro generic release sominex online from usa diabetic medicine prandin online cardura purchase tetracycline mail order india what is the medicine keppra for moduretic generic for vasodilan uses medication viagra soft free shipping lamisil composition seroflo to buy from europe trazadone online overnight what does a lexapro tablet look like safe place order requip what is januvia how to take famvir for cold sores generic for allopurinol zyloprim pharmacy piroxicam capsules side effects teva-amoxicillin 500 mg side effects will minocycline affect birth control pills nitroglycerin medication buy confido online usa hoodia canadian pharmacy order tetracycline no prescription can buy requip online what is the difference between cardizem cd and cardizem la buy alavert visa how to buy provera canadian health care issues danazol no prescription needed keftab side effects long term use minipress generic equivalent proventil tablets 150 mg beconase aq woldwide shipping cozaar 50 mg losartan buy atarax without a script non generic evista avalide discount medications elavil 10 mg and weight gain risperdal generic name 200mg tramadol high purchase zithromax on line in australia buy norvasc online usa femara pills com buy antivert hong kong prescription without a script buy desyrel fedex lexapro best price uk buy levitra without prescription abilify available india order endep view topic accepted ordering super active levitra online viagra safe place order remeron brand advair diskus tablets uses generic for zoloft problems wellbutrin italiano generic plavix price propecia vs avodart hair colchicine online in canada entocort patient reviews buy sominex from india nitrofurantoin prophylaxis dose in children what is the maximum dosage for zyprexa arjuna for sale australia mexican pharmacy no prescription lisinopril how to buy kamagra gold in london natural viagra gnc biaxin overnight delivery normal dose of augmentin for uti ginseng from usa nitrofurantoin mono-mcr 100 mg mylan discount levitra super active tamoxifen limited india coupon code for escrow pharmacy where to buy cheap generic confido flovent hfa 220 mcg generic aldactone from mexico viagra from chemist direct what is the side effect of cordarone buy elocon tablets usa what is depo medrol injection used for predi medrol comprar canadian pharmacy prednisolone cheap canadian discount aciphex how long does it take decadron to work for croup max benadryl dose benadryl in croatia buy generic voltaren online viagra soft store can buy birth control pills without prescriptions cost of xeloda in canada acai capsules - triple strength what is avapro used for generic valtrex uk cheapest furosemide how to make homemade codeine syrup xbox live purchase online where to get emsam top 100 pharmaceutical companies in india 2012 cheap cialis in uk buy atarax in usa cialis 72 hours buy suhagra online us no prescription atarax tablets for sale walgreens canada road lakeland tn colonoscopy prep dulcolax pills buy cialis super active online in usa where to buy femara online canada clomid calendar ovulation cost of pilex tablets buy doxycycline hyclate 20mg estrace refills atacand with paypal payment nexium reviews side effects voltaren cream cost mail order ciplox what are the side effects of altace medication what is acai berry capsules used for buying viagra in mexico canadian health&care mall - health care online nola discount pharmacy on clearview list of tesco stores selling ephedraxin prescription allegra dosage online sale of zyloprim online pharmacy uk ventolin donde comprar viagra en buenos aires sin receta xenical alli liver damage suhagra 50 mg tablet rogaine 5 reviews nitroglycerin refill pack how much does norvasc cost tadacip 10 mg cost to buy minomycin in uk buy antabuse online canada Purchase abilify 2mg canada ndc number for depo medrol 20 mg buy cialis professional online india how to get abilify drug buy viagra super active online from usa can you buy grifulvin v drugs prescription pharmacy plus birmingham indian ranitidine voltaren pharmacy gel cvs generic medicine for glucophage sertraline 100 mg weight loss order phexin online hydrochlorothiazide 25 mg picture eurax wanted online review buy tadapox 10 where avodart prescription what symptoms does strattera treat canadian pharmacy online without rx how to buy pain pills with no prescription anacin western australia compazine discount medications albendazole comprar best price for real allopurinol haldol mg usa where can i get some ginseng lasuna cheapest rate abilify without insurance costs bipolar cialis samples online calcium carbonate usa cvs prices cialis daily supplies dosis de aciclovir para el herpes labial what is reglan for babies how do you catch chlamydia from a bird fast epivir-hbv deleviery discount stromectol quickest female buy cialis prescription elavil low dose birth control combivent dosage administration can buy rogaine 2 online buy terramycin ointment cialis sublingual tablets from buy lotensin from india long time side effects prednisolone generic hoodia overnite shipping alli coupon target cialis vs viagra vs levitra review how long do i have to take asacol buy clomid cheap 25mg clomiphene side effects after weaning off prednisone como debo tomar cytotec para abortar how much does depo provera cost at planned parenthood what is claritin dosage canadian clozaril can you buy isoptin over the counter allegra cost best site to buy propranolol list of different types of arthritis why can i not get xenical pain pills for sale zyrtec price chemist warehouse revista kosovarja numri me i ri 2012 buy levitra super active cheap what does liquid clomid look like minocycline generic form provera cost canadian brand cialis tablets online effexor xr prescription cheap genuine starlix online best no prescription online pharmacy review what is citalopram used for and side effects seroquel xl bipolar depression buying female cialis in manchester ordering bupropion online how much is citalopram tablets best sites buy viagra luvox dose side effects of azathioprine 50 mg fucidin western australia buy allopurinol ortho tri-cyclen for dogs buy buy ginette-35 in singapore ordering propranolol buy orlistat online overnight delivery dostinex order online claravis 30 mg price sumycin generic cheap costs drug market order viagra professional Purchase abilify no prescription online pharmacy cheap generic lariam buy himcolin gel brand name chloroquine online reviews on lamisil cream cialis jelly sublingual dosage losec mups 20 mg price ciprobay 500 mg side effects can i buy propecia in mexico ordering desyrel here in canada is crestor better than zocor how old do you need to be to buy benadryl tetracycline antibiotics over the counter north american pharmacy accreditation commission viagra for salecheap in uk buy amoxil mg online for buy tenormin online no prescription uk us pharmacy online revia side effects of long term use of claritin d trade generic name nitroglycerin stopping depo provera symptoms can you get samples viagra order erection packs 1 prescription cheap how to buy trazodone in london benfotiamine rx male healthy weight range chart best site to buy arimidex saw palmetto honey for sale generic uroxatral all types brand viagra pills pharmacy that sells plendil antivert pharmacy prices list januvia no prescription canada imitrex injections generic viramune for men in usa buy kamagra jelly stores generic phenergan online without rx thematic content analysis long time side effects micardis albenza medicine children buy evista in singapore buy colored contact lenses online australia craigslist new york rooms for rent cheapest kamagra diclofenac sodium oral tablet 50 mg plavix pills buy hydrochlorothiazide no prescription fast delivery prescription flomax dosage cheap avalide uk non persciption minocycline buy desyrel without rx biaxin over the counter uk can you get high off bactrim beconase aq lawsuit acquisto finast sicuro online morning after pill uk free evecare mg buy prevacid shortage at walmart what is calcium carbonate formula buy generic ashwagandha online is generic menosan effective buy tinidazole singapore maximum lasix dose for dogs hyzaar drugstore hydrochlorothiazide blood arthrotec 50 mg side effects liquid cialis super active review enalapril tablets formulation where to purchase alli cheapest what class of drugs is nitroglycerin original citalopram online order dilantin lowest price pharmacy has best price brafix glucophage online bestellen sinequan lowest price prescription maxalt-mlt used combivent medicines.ie can vytorin cause weight gain starlix shopping buy chloromycetin medicine chloramphenicol buy.generic cephalexin online pharmacy vantin albendazole pills buy online lanoxin with no perscription depakote cost canadian buy pyridium visa what does ranitidine contain buying avodart why has chloramphenicol been discontinued where to use elocon cream buy avapro 300 mg how can i get off protonix ventolin comprare how to get periactin on line azithromycin chlamydia drinking atarax uk pharmacy celebrex reviews rheumatoid arthritis problems getting pregnant after accutane trandate delivery side effects of proscar medication how to by biaxin online remeron reviews for sleep hoodia pill canadian dostinex buy online mexico very cheap flagyl biaxin mexico pharmacy casodex 50 mg price india printable seroquel xr coupons cleocin without prescription ibuprofen pregnancy fda no prescription lasuna can you take lasix daily can i take two benadryl pills abana prices usa finasteride users topamax australia accutane dose per kg buy lantus generic septilin uses medication metoclopramide prescription needed cheap accutane uk generic online pharmacy betoptic pill shortage minocin pill canadian does viagra work yahoo order is generic chloroquine available in usa abilify 5mg side effects is mail order diovan safe tenormin minor trazodone discounted why has avandamet been discontinued crestor discount coupons generic drug benzaclin gel what does topamax feel like no prescription canadian hyzaar cheap isoptin dosage online pharmacy discussion forums do i need a prescription for seroquel nausea medicine promethazine what is imitrex tablets ginseng overnight delivery sale fml forte ou acheter alliance suhagra 50 cipla asacol generico italiano generic avapro buy canada baclofen reviews dostinex costa us online pharmacy no prescription amaryl reductil sibutramine hydrochloride can you get detrol prevacid limited india digoxin delivery london cordarone iv indications retin-a 0,05 canada no prescription acticin brand order zestoretic user reviews tamoxifen cheap uk pharmacy should i order clomid online buy nimotop online azithromycin side effects with alcohol long time side effects minomycin dulcolax tablets side effects colospa price side effects of arimidex medication is arimidex legal in uk drug market order coumadin voltaren xr rxlist best site to buy minocin indian generics online zyloprim where can i buy vpxl tablets can you buy diflucan is thrush contagious how to take emsam bupropion online pay paypal capoten online legally how to buy ayurslim qui vend viagra ajanta pharma aurangabad levofloxacin tablets what is naprosyn 500mg for benemid uses medication where to buy zetia ointment ranitidine doctors online how long do side effects of paxil withdrawal last khawaja naveed ki adalat jan 2013 feldene online geriforte order canada prevacid for infants side effects topamax price without insurance costco pharmacy prometrium buy lipitor online non prescription very cheap protonix generic viagra canada online pharmacy buy valtrex 100 is deltasone the same as prednisone diabetes caused by prednisone usage arjuna indian mythology generic ortho tri-cyclen tri-sprintec cheap lasix free delivery ortho tri-cyclen refills drugs from mexico cartels what class of drugs is sinemet abana ayurvedic medicine hypertension ordering bystolic here in canada ciprofloxacina 500 para que sirve artane shoppers drug mart suprax rxlist no prescription buy lamisil online pharmacies bentyl breast enhancement pills for males what all does diflucan treat marvel avengers alliance gold purchase order liposafe online finast results forum overnight top offers pariet online fedex maxifort 100 mg toprol xl pas cher premarin patient reviews meclizine boots uk what is bupropion pills used for donde comprar prevacid purchase alligator gar purchase propranolol 80 mg can you only get adalat on prescription ordering elavil india where can i buy liquid cialis canadian pharmacy abilify 2mg stopping coumadin therapy what does cefixime treat discover card joke voltaren on the internet nitroglycerin spray shelf life use elavil coupon online glimepiride side effects overseas pharmacy no prescription paxil buy cipro online with mastercard cheap genuine zyloprim online cheap fertomid usa allopurinol online innopran xl over counter uk what are the side effects of zoloft 50 mg dr caroline apovian alli diet plan best time to take clomid pct does viagra work for women tool generic uk paypal minocin buy suprax online uk cheap price can you order birth control pills online sildenafilviagra do i need a prescription for citalopram generic quibron-t cost where do i clomid in india cheap toradol sale uk buy carafate new zealand online flovent diskus strengths buy imitrex in canada hydrochlorothiazide next day cleocin over counter drug avodart coupons 2012 what is neurontin 100mg capsules is valsartan the same as diovan where is bora bora on the map of the world generic version of alesse aviane keflex online coupon code venlor medication order cheap plavix 75 mg safe order generic drugs online advair diskus buy online uk bactrim ds rx list zyprexa cost walmart what is the best foundation for dry skin uk desyrel price india fucidin online shipping ezetrol ezetimibe side effects propranolol reviews migraine order alphagan 120 mg glucophage costo comprar allopurinol portugal dilantin cost walmart love and other drugs online movie floxin daily use reviews buy vytorin 100 benadryl rx buy zyprexa online in usa legal to buy augmentin eurax drug in canada pharmacy pharmacies allegra effects purchase chloromycetin online get lipothin toronto lexapro to buy cheap online discount haldol mg flomax no prescription overnight delivery how old do you have to be to buy alli pills drugstore deltasone prednisone buy prinivil pills healthy fish tacos mango salsa where urispas order biaxin online in usa furosemide 20 mg used for prilosec sublingual dosage metformin prices usa can buy plendil online urispas tablets from buy what is vermox prescribed for can you buy toprol xl metoprolol succinate betapace canadian pharmacy buy cheap allison boat buy birth control online cheap how to purchase pletal online when does crestor go generic in canada buy misoprostol and mifepristone online uk cephalexin composition plavix cost costco brand name brand viagra online cheap eurax india carbozyne not generic where purchase zestril what drug category is cefadroxil cant buy motrin what is viagra used for erection where can i get benemid pills getting astelin in australia buy antidepressants in china what is the drug paxil used for order doxycycline hyclate from canadian promethazine codeine generic name pyridium dose for children acheter cialis en ligne france can i cut a 20mg cialis tablet in half pulmicort turbuhaler 200 mcg topamax forums migraine metformin over the counter where buy prednisone without a perscription colchicine online in usa ceftin where to get buy artane paypal accepted abilify 10 mg tablet cheap synthroid pills buy viagra 25mg adalat over the counter overnight acivir canadian medications without prescription india vasotec price order viagra 500mg tricor prix en pharmacie en france ampicillin cloxacillin capsules dosage fluoxetine street prices how to get bupropion high online ventolin india generic orlistat us what drug category is compazine overseas pharmacy no prescription sustiva advair dosage for asthma citalopram overdose nhs best site get uroxatral female viagra commercial terramycin uk boots cipro dosage for respiratory infection can you buy metformin online top indian pharmaceutical companies kamagra gold buy online ireland himalaya styplon tablets purchase crestor 5mg canada lopressor side effects palpitations generic orlistat switzerland health canada hyaluronic acid glucophage commercial how to buy alligators cytoxan ordering online pharmacy drugs generic actoplus met requip price canada cymbalta online india generic pyridium phone in order for aspirin where can i order maxalt over the counter famvir
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