SLV is an ETF (Exchange Traded Fund) which uses paper to substitute for gold. Someone just took 42 million ounces of silver out of SLV.
COMEX trades 8 billion ounces of paper silver a week. They lost 30% of their physical silver in 6 weeks. Then after that they lost another million ounces in just one day. That means they now have 28 million ounces of silver at COMEX. That is less than 28 ounces of physical silver for every 8.000 ounces of paper. At the current rate of flight from COMEX and SLV, we can expect them both to be all paper and no physical in a few months. Actually when the COMEX gets down to around 10 million ounces of silver for 8 billion ounces of paper claims to that silver, the Hedge Funds and the Sovereign Wealth Funds will take down the COMEX and the dollar by buying that last 10 million ounces of silver bullion.
Even at $50 an ounces that is very doable for even one man with half a billion in Treasury bills and is worried about the value of his collapsing purchasing power. Nobody will want to be the last man standing and holding absolutely worthless paper dollars and paper silver.
I expect the euro to collapse within months. Greece is near the end. If the parliament votes NO Confidence, the parliamentarians will have to run for re-election with two million Greeks chasing the politicians with nooses.
The dollar will collapse soon after the euro as American banks are also European banks and have insured their bonds and deposits through CDS. Hundreds of billions or really tens trillions of dollars in CDS and derivatives will unwind and take down every American and European corporation you relied upon.
One day very soon your 401K, your IRA, your pension, your savings and everything you worked for will all disappear in hours.
Things will continue on this present path until one day it is too late to buy silver.
As I have said before, I am not an investment counselor and am not giving you investment advice. I am just telling you what I am doing. I own silver.
I will issue silver updates from time to time. Silver is the investment of the decade. It could save you and your family from grinding poverty. In the Great Depression millions of Americans died of starvation.
I will conclude for now with this video.