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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Ted Butler Commentary
April 18, 2014

tb archive


For the past three years, I have commented on the turnover or movement in and out of the COMEX-approved silver warehouses. Prior to April 2011, I had noticed no particular pattern in these inventories. Since that time, there has been a noticeable pattern of large daily and weekly deposits and withdrawals of silver from COMEX warehouses. One of the most notable features is that it has been confined to silver and not gold or copper.  On average, there has been a 3 million ounce weekly turnover in COMEX silver inventories over the past three years, or 150 million ounces on an annual basis. This week, the silver warehouse turnover hit over 8 million ounces, or 400 million ounces annualized one of the largest in memory.

This silver warehouse turnover is no simple bookkeeping entry. It takes metal out of the warehouses and puts in on trucks or takes it off trucks and puts it into the warehouse. It involves trucks, insurance, warehouses, auditors and assorted middlemen that track movements to the ounce. A typical truckload runs 600,000 ounces of silver or $12 million, an amount that would be closely accounted for every step of the way. And it certainly costs money to move this amount of metal every day.  I can’t say exactly why the turnover is so high. My best guess is that some type of large physical demand requires the movement. Isn’t that the same as tightness and a pending shortage? If I am close to right as to why this COMEX silver warehouse turnover exists, there may be a pending physical shortage and a dramatic new price.

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