From there they began to head south...and really began selling off once the Comex closed at 1:30 p.m. Eastern. The stocks closed just off their lows...with the HUI finishing down 1.33% on the day.
There were no reported changes in GLD yesterday...but over at SLV they reported that 1,453,740 troy ounces of silver were withdrawn. Based on the price action of the previous week, it should be obvious that this silver was desperately needed elsewhere.
Silver should be pouring into SLV, just like gold is pouring into GLD...but that's not happening. Since August 15th, SLV has only had 1.36 million ounces of silver deposited on at net basis. During the same period, GLD has had about 911,600 ounces deposited. My back-of-the-envelope calculation shows that around 5.6 million ounces is still owned to SLV over that same period of time...and that's over and above the 13.7 million ounces that is still owed to SLV by way of the current short position.
One small item that I missed in my Saturday column was a minor increase in the silver holdings over at Sprott's Physical Silver Trust on Friday. Their website showed that they received another 30,000 ounces. Nick Laird and I are looking for about one million ounces more. If it has been received, it certainly hasn't been reported on Sprott's website as of yet.
There was no sales report from the U.S. Mint.
The Comex-approved depositories only received one good delivery bar of silver on Friday... tipping the scales at 958.100 troy ounces...but they shipped 949,571 troy ounces out the door to parts unknown. The link to that action is here.
See the whole article here: Ed Steer's Gold & Silver Daily - Intensely Curious, Focused on Facts