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Message: silver Info from Ed Steers this am

silver Info from Ed Steers this am

posted on Mar 10, 2010 09:34AM

For all you silver buggies.....here's some info from Ed Steers daily morning newsletter:

The CME's Daily Delivery report showed that exactly 200 gold and exactly 100 silver contracts were put up for delivery tomorrow. The link to all the action is here. There were no reported changes over at GLD yesterday... but in the SLV ETF there was another large mystery withdrawal... the second in the last four business days. This time it was 1,961,964 troy ounces. As Ted Butler would say, this decline was the result of the silver being desperately needed elsewhere, so the unit holder redeemed their shares and took delivery. It had nothing to do with the current price action... as it's been largely positive for the last few weeks. To give you an idea of the dichotomy that exists between these gold and silver ETFs right now, dear reader, let me point out the following to you. Since late February, GLD has added about 300,000 ounces of gold as the price rose. But over at the SLV, 4.0 million ounces of silver have been removed during the same period.

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