From 1990 to 2005,
official silver inventories plummeted nearly
90% in just 15 years.
Then, suddenly and unexpectedly, those inventories did a literal “U-turn” - and
supposedly tripled in size from 2005 to 2008 (as shown in the chart below).
However, a close look at the chart compiled by the CPM Group reveals precisely
how those inventories supposedly tripled:
every ounce of the privately-held “bullion” of the bullion-ETF's
has been added to official inventories,
and that ETF “silver” accounted 100% for the supposed rise in inventories.
[url]http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=11302:the-silver-price-spiral-part-ii-paper-qinventoriesq&catid=49:silver-commentary&Itemid=130[/url]
[Blockierte Grafik: http://www.bullionbullscanada.com/images/stories/low-silver-inventories.gif]