Market Curiosity: Exploring Markets And Systems

February 3, 2011

Silver tasting LBMA backwardation, Scotia Mocatta out of silver bars, etc.

Filed under: Just Watching — Tags: , , , , — Jeff Fitzmyers @ 8:50 am

Scotia Mocatta Sells Out Of All Silver Bars …Canada ‘s biggest bullion bank is out of not only the 100 oz silver bar, but all silver bars…

And roughly 20% of 2010’s US Mint silver Eagle sales have already happened by January 2011. January’s 6,472,000 ounces … is nearly 50% higher than any prior month in the Mint’s 26 years of published sales history.

Ounces of silver to buy a median priced home in the US: The ratio bottomed at 1,258 ounces in 1980. So expect to be able to buy a US house with about 1,000 of silver in the next couple of years. Actually, since that number was when there was 15 times more above ground gold than silver, and now there are 5 times more above ground gold than silver, I expect the ounces to buy a house to be unbelievably lower.

The Financial Times does usually only publishes “negative” stories on metals. Yet we have:

China on track to become top gold buyer… The growth in demand is being attributed in part to Chinese families giving each other gifts of gold instead of traditional red envelopes filled with cash… Precious metals traders … said … they were stunned by the strength of Chinese buying in the past month. “The demand is unbelievable. The size of the orders is enormous”…

Adding a nice chart:

Feb 5: Scotia Mocatta is only out of the 100 oz and 5 oz bars currently.

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