Metals
Why is This Bank Stockpiling Silver Like There’s No Tomorrow?
by The Wealth Watchman, SGT Report.com:
Another day, another completely expected gold and silver Comex smackdown!
While we stacking warriors have done some of our best fighting during these past few months/years, some of our critics have only grown louder on days like today. That’s ok. Let them preen and squawk all they want to. It makes no difference to me. After all, there is so much going on behind the scenes, which continues to point to silver being the place to be, that the evidence is overwhelming at this stage..
Case in point, last week, you’ll remember that I mentioned over 11 million ounces of silver moved either in or out of the Comex system, within just 5 business days. A record, to be sure, but there’s more to the story than just the mere tonnage of silver that was transferred.
What I didn’t make mention of at that time, was that a certain party was “forcing the issue”, by raking in most of that 11 million ounce total.
You see, a very prominent bank certainly agrees with stackers that silver is more important than ever.
They’re baaaaack. Yes, “old faithful” is back at it again!
Of course, they never really left silver, and have been rigging it non-stop in the futures market, but for awhile there, there were at least no admissions of newly-stacked silver being made in their Comex warehousing facilities.
Yet, after a 16 month period of “dormancy” within their Comex warehouse vaults, these guys have returned with a vengeance.
In fact, our old buddies at JP Morgan Chase, not only see value in silver here, but they’re currently standing for delivery in their own house account in such strong numbers, that it commands our attention. Let me show you what I mean.
Here’s a breakdown of the Comex’s most recent silver deliveries to JP Morgan:
April 7th: 1,110,000 ounces
April 8th: 1,280,000 ounces
April 9th: 893,037 ounces
April 10th: 1,200,224 ounces
April 14th: 1,073,000 ounces
April 15th: 1,191,275 ounces
April 16th: 1,183,777.295 ounces
This is a huge bout of deliveries in such a short space of time. In fact, within the realm of Comex world, it’s such an exceptionally large amount, that it even creates quite a spike on the long-term chart of JP Morgan’s vault stockpile:
