7.5 Million Troy Ounces of Silver Added to SIVR

After many days of withdrawals, there was finally a deposit into GLD, as an authorized participant added precisely 75,000 troy ounces.  But there was another huge withdrawal/conversion of shares for physical over at SLV…to the tune of 10,079,433 troy ounces.  Under the current conditions in silver, I suspect the latter scenario.

In other gold and silver ETFS and mutual funds on Planet Earth on Thursday, net of any changes in COMEX, GLD & SLV inventories, there was a net 141,962 troy ounces of gold added — and an knee-wobbling 7,489,950 troy ounces of silver was added as well, with virtually every ounce of that going into SIVR.

There was a sales report from the U.S. Mint yesterday.  They sold 26,000 troy ounces of gold eagles — 2,500 one-ounce 24K gold buffaloes — and zero silver eagles.

They’ve certainly been slow pushing out silver eagles over the last few weeks — and one has to wonder whether that is due to ‘production problems’, or they can’t get good delivery bars because they simply aren’t available, or because the powers-that-be don’t want to exacerbate an already very tight physical market.

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