Thanks ESL

Your reply makes a lot of sene. I believe that back in 07 or 06 the inventories were as high as 100MM ozs.

It's just that when I see Butlers' title of a "massive" withdrawal, that tells me that there was a large amount taken out recently. A one day 2% withdrawal, for me, does not make it "massive".

I guess like most people here, am reading this stuff while at work. More often than not I will read the headlines and perhaps a few lines here and there. I just can't afford to take 15 minutes to read the whole thing.

So I guess what Butler was saying was that the drainage continues and unless the trend changes, there will be serious problems.

Later