40 million ounces does not seem like a lot. That's somewhat over a billion bucks? That seems less than when a big tech company sneezes. I do understand that if the production to demand market is tight, that can amplify things.
I "think" I understand the terms "registered" and "eligible", but I would appreciate some input. The "registered" inventory means the bars that are certified and "available to sell", right? And "eligible" means that it is not "available to sell", but the owner could either change that to "registered" (and sell it), or arrange to remove it from inventory (take delivery). Is this an accurate description of the terms? Thanks!
A 40 million oz decrease in the Comex registered may not be a huge amount relative to the quadrillions in derivative paper bets that some say are on and off the balance sheets of banks around the world, it's miniscule by comparison..but, there's a night and day difference between that which is physical reality and accounting entries created out of electrical charges converted to ones and zeros, at negligible cost and without limit.
The US Mint released a note today admitting that physical silver is in short supply. That coincides with other mints being out of stock around the world... I've seen claims that investor demand now equals industrial demand at 500 million oz per year, and that recycling may be only 150 million oz if not totally dead, meaning that mine supply of 800 million oz is now unable to meet total demand.... thus the existing inventory at Comex and LBMA are being drained.
Regarding the terminology used in Their paper game, it's been pretty well documented by the WallstreetSilver folks how ther Bullion banks obfuscate the system to perpetrate fraud on both mining companies, the originating countries (resulting in recent socialist movements in Peru and Chile wanting to raise taxes and possibly nationalize mines) and the counterparties of the sordid game. They lie, cheat and steal as if it was their birth right. These are the same DS bastards that are behind the stolen election and that want a one world, Godless government with them at the controls.
Excuse the digression from answering your question...a little bit
In the presidential election in Peru it looks like the socialist candidate will win. This would likely result in higher taxes on silver mining companies, if not actual nationalization of the mines.... either outcome would result in decreased foreign capex for future development and lower production. The banksters greed manipulating prices coming back to bite....
Rick Rule confirms that in last few months, Sprott PSLV bought up ALL wholesale sources of 1000 oz silver bars in Ottawa, Montreal, Toronto, Chicago, Boston and New York, and after clearing out these locations, PSLV had to buy silver in London, Zurich and Singapore. Video clip