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Posted | 01/05/2014 / Views | 1991
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“This, of course, is occurring worldwide, given China's massive, record-breaking January gold imports - atop 2013's shattering of the previous record, set in 2012. Not only that, gold forward rates have been in backwardation for an astounding 14 of the past 15 trading days, including an unprecedented backwardation of the six-month forward rate. And as for silver demand, the U.S. Mint continues on pace to shatter last year's record silver Eagles sales, despite rationing roughly 1.2 million ounces per week. Better yet, Chinese silver supplies are draining faster than the dying, corrupt COMEX; as Shanghai Futures Exchange inventories have plunged by an incredible 55% in the past two months alone - to record lows valued at just $160 million. Add that to the supposed COMEX registered silver inventory of just $1.0 billion and combined, two of the world's largest silver depositories hold a ‘whopping’ $1.2 billion worth; i.e., the amount the Fed prints (overtly) every 16 hours, the Bank of Japan every ten hours - and the Chinese government, according to its January data, every two hours.”

Andy Hoffman of Miles Franklin