So far as of 12:20 PM est 387,250,000 ounces of Silver have traded as a whole. There are approximately 760 million ounces of silver mined every year (year 2011 - 761 million ounces mined).
Here is the information and amounts traded to what months in the Silver futures market so far today 2/15/13. You can see the volume next to what futures month of the contracts (5000 ounces each) have traded dumped.
The chart below is for March 2013 contracts only as of 12:20 Pm est. The amount of contracts just for next month is: 261,160,000 ounces dumped for the month.
Each of the volume contracts shown for the future months is 1000 ounces of gold.
All together they show 238102 contracts
There are approximately 2471 tonnes mined of gold a year which equals to 79,442,650 ounces of gold.
That means 3 years worth of gold dumped so far.
Chart for Gold April 2013 future contracts.
They decided to do a major smash today. Considering there is a major shortage of Silver happening and countries are asking for their Gold back, the big shorts seem to be dumping their contracts.
"Dumped" implies it was disposed of. I'd be very happy if it was "dumped" in my living room!
ReplyDeleteFat City!
you would then have hundreds of pounds of worthless paper to remove and burn in a burn barrel. This is paper not physical
DeleteCriminal
ReplyDeleteMay be this is the paper boys way of discouraging international trade using gold and silver.
ReplyDeleteThe mentality of people needs to change to valuing dollars in gold and not valuing gold in dollars as is common now. Peoplle would then see the collapes in value of the currency vis a vis real money as defined by the Constitution.
ReplyDelete