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Date Posted: 14:46:08 12/11/22 Sun
Author: Jasper
Subject: From Ed Steer's post

..
According to Nick Laird’s data on his website, there has been a net 640,000 troy ounces of gold removed from– and a net 4.992 million troy ounces of silver added to, all the world’s known depositories, mutual funds and ETFs during the last four weeks.
That number in gold is down 488,000 troy ounces from last week, but in silver, that’s up 5.734 million troy ounces from a week ago, when it showed that 742,000 troy ounces of silver had been removed over the last four weeks. That big jump higher in silver was mainly because of the huge amount added three weeks ago.

In silver over the last four weeks…there was a net 1.881 million troy ounces added to COMEX inventories — and a net 1.657 million troy ounces was added to SLV. That left the remaining net 1.454 million troy ounces that was added to the rest of the world’s ETFs and mutual funds — and was mostly as a result of the 1.906 million troy ounces of silver added to SIVR during that time period.

That one heck of a reversal from just a week ago…but as I pointed out a few paragraphs ago, that’s mainly because of the addition made three weeks ago.

In gold over the last month, the withdrawals were also mostly JPMorgan-related at the COMEX…0.405 million troy ounces. GLD/GLDM accounted for only 0.064 million troy ounces — and the rest…0.171 million troy ounces, from the other gold ETFs and mutual funds.

It appears that we’ve turned the corner in silver — and it most likely won’t be long before the same happens in gold.

The physical shortage in silver at the both the wholesale and retail level continued this past week — and still shows no signs whatsoever of abating. There also appears to be some serious physical tightness in gold at both these levels as well.

But, as you’re more than aware, this extraordinary demand in all forms has not yet been allowed to manifest itself in their respective prices, as the Big 4/8 commercial shorts are still sitting on them.

Of course not to be forgotten about SLV is this not so little matter of the 45.38 million shares currently sold short in this ETF. That’s down 9.24 million shares/ 17% as of yesterday’s short report. The reason that number remains stubbornly high is certainly because the physical metal doesn’t exist to deposit without driving the silver price to the moon. So instead of depositing the physical metal, the mostly one or two major authorized participants involved [according to Ted] are shorting the shares is lieu of that.

The next short report isn’t due out until December 27.

Then there’s still that other little matter of the 1-billion ounce short position held by Bank of America…with JPMorgan & Friends on the long side. Ted says it hasn’t gone away.

https://www.howestreet.com/2022/12/the-short-position-in-slv-drops-17-to-45-4-million-shares-ed-steer/

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