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Gr33nday43
New Member
Uzbekistan
10 Posts |
 Posted - 07/11/2009 : 18:52:54
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The Commodity Exchange Inc. Metal Warehouse Statistics report for July 2nd activity showed a rather glaring error being admitted by the Delaware Depository, one of the four COMEX silver depositories.
Of the 118 million ounces of silver being stored in these four warehouses, the Delaware Depository is responsible for about 14 million (about 11 percent of total silver stored for COMEX). Of the 12 million ounces that is Eligible, the Depository admitted to "erroneously understating in previous reports" 211,000 ounces of silver. While that amounts to 1.75% of the eligible stocks, it was twice the amount of silver reported received on July 2nd by the Delaware Depository.
How do you underreport 211,000 ounces of silver when you are custodian for the largest silver trade floor in the world? That is a 2.78 million dollar error (at $13.20/ounce)!
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Kurr
1000+ Penny Miser Member
2906 Posts |
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fb101
Administrator
USA
2856 Posts |
Posted - 07/11/2009 : 21:25:55
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| I would guess not since that would only be 211 contracts, not a significant amount. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/11/2009 : 22:01:06
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| Eh, what's a few million dollars when you're lying about a few million more. |
Trolling is an art. |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 07/11/2009 : 23:38:21
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| But this would possibly be revealing all of the contracts that COMEX is under/over reported, and may somehow require an audit, or something a long those lines. I've never seen a report such as this before. |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 07/12/2009 : 07:41:21
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In a world of trillions, what's a couple of lowly millions. That is almost pocket change these days.
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Kurr
1000+ Penny Miser Member
2906 Posts |
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COMEX's $2.78M Error
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