This 'reclassification' was dismissed as a routine move that happens from time to time and that it was only a temporary condition that would soon correct.
Now... there are those who that the COMEX does not even have that 33 million ounces. They way that what is stored 'on the record' is actually an accounting sleight-of-hand and that the silver has been leased out or spoken for in some other fashion in the giant fractional reserve silver game being played by the big bullion banks.
The problem with this, of course, is that cash settlements prevent the COMEX from functioning as a true discovery vehicle for the price of silver. If the COMEX is unable to deliver physical silver at these prices, then the price of the metal would rise to seek the level at which physical silver becomes available (i.e. the level at which those who hold it are prepared to part with it).
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