Registered COMEX silver inventories have fallen to multiyear lows at 29,631,268 ounces. In the last 5 days they fell from 32,132,903 ounces to Tuesday’s holdings of 29,631,268 ounces. As can be seen in the table below registered silver inventories fell every single day last week leading to a sharp fall of 8.4% in 5 days.
Registered metals are those metals which meet the standards for delivery under the silver futures contracts and for which a receipt from an Exchange-approved depository or warehouse has been issued. Eligible metals are those which meet the delivery standards as stated in the rules for which no receipt from an Exchange-approved warehouse has been issued.
Read more: http://www.businessinsider.com/comex-registered-silver-bullion-inventories-fall-sharp-385-in-two-weeks--risk-of-comex-silver-default-remains-2011-6#ixzz1O81TdsKM
The selling that dropped prices from $50 an ounce was paper trading, buying of physical silver continues to be strong if not stronger at these lower prices. Now some folks are speculating that there can be a Comex default, and at the rate their inventory has been going down it won't take long.
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