Shanghai Exchange Silver Drain Continues While JP Morgan Makes Large Transfer
Ever since the April 12th take-down of the precious metals, the silver stocks at the Shanghai Exchange have fallen considerably. On April 12th, there were 1,123 tonnes of silver at the Shanghai Exchange. By Aug. 9th, this had fallen to only 509 tonnes — a 55% decline in less than four months:
So, in less than five months, nearly 60% of the silver has been drained from the Shanghai Exchange. Some analysts have stated that during declining silver prices, its normal for silver to be drained from the metals exchange. However, since Aug. 9th, the price of silver has risen from the $19 range to over $24 presently… but the silver inventory continues to decline.