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Message: silver/gold
Our STALKER source called and said that their brilliant London trader told him his big league clients are not adding to their gold and silver positions money-wise (not taking money out either), but instead have been mobilizing funds to put into gold STOCKS. If many more finally do the same, they could really explode from present levels.
In fact, U.S. Representative Ron Paul once sent an open letter to the U.S. Treasury and the Federal Reserve asking about this and he received no response. The following is the content of that letter.... Dear Sirs: I am writing regarding Article 4, Section 2b of the International Monetary Fund (IMF)'s Articles of Agreement. As you may be aware, this language prohibits countries who are members of the IMF from linking their currency to gold. Thus, the IMF is forbidding countries suffering from an erratic monetary policy from adopting the most effective means of stabilizing their currency. This policy could delay a country's recovery from an economic crisis and retard economic growth, thus furthering economic and political instability. I would greatly appreciate an explanation from both the Treasury and the Federal Reserve of the reasons the United States has continued to acquiesce in this misguided policy. Please contact Mr. Norman Singleton, my legislative director, if you require any further information regarding this request. Thank you for your cooperation in this matter. Ron Paul
U.S. House of Representatives
COMEX Warehouse Stocks Feb 18, 2011
MASSIVE DRAWDOWN OF COMIEX SILVER CONTINUES
SILVER
ZERO ozs withdrawn from the dealer’s (registered) inventory
178,348 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 41.91 Mozs
Total customer inventory 60.45 Mozs
Combined Total 102.37 Mozs
GOLD
5,899 ozs deposited in the dealers (registered) category
53,359 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.60 Mozs
Total customer inventory 8.60 Mozs
Combined Total 11.20 Mozs
There were 53.3 Kozs of gold withdrawn from the customer inventory and 5.9 Kozs deposited in the dealer inventory. There were 10 kozs of silver withdrawn from the dealer inventory and 27 Kozs deposited in the customer inventory. We still have a "102" handle on the total inventory. Next week will be extremely interesting to see how many silver contracts stand for delivery in March.
There were 3 delivery notices issued in the FEB gold contract. The FEB gold delivery notice total for the month is 10,728 notices or 1,072,800 ozs.
There were 13 delivery notices issued in the FEB silver contract. The FEB silver delivery notice total for the month is 425 or 2.12 Mozs.
The OI in FEB gold increased to 653 contracts which together with the issued delivery notices means that the potential for delivery is 1.14 Mozs or 43% of the registered inventory. The silver MAR open interest decreased to 53,125 contracts; the MAR OI is still very high so close to first notice day on Feb 28. The cartel has a big problem in silver delivery coming their way! This is translating into a parabolic price rise.
Cheers
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