COMEX Physical Silver hits fresh all time lows

The Physical Silver watch at the COMEX continues as news is received that the physical ("Registered") silver held in COMEX warehouses has dropped from just over 41 million ounces on on April 20 to a new low of 28,773,375 ounces today.

This is a further drop of 2.9% from the total we outlined last Thursday and represents a decline of 30% over the last 6 weeks.

Critics have argued that the 'supposed' 41 million ounces were never actually there to begin with which is why the COMEX has been facing a short squeeze in the delivery months of Dec 2010, March 2011 and June 2011.

The latest 'adjustment' is due to a withdrawal of physical from both Brinks and Scotia Mocatta, as well as the ongoing reclassification of 438,708 ounces of Registered into Eligible silver over at HSBC.

With each passing week the COMEX appears to be more a slick county fair Carney game as opposed to true method of price discovery for Silver.

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