COMEX's $2.78M Error
Source: Seeking Alpha, Ed Zimmer (7/7/09)
"How do you underreport 211,000 ounces of silver. . .?"
Of the 118 million ounces of silver being stored in these four warehouses, the Delaware Depository is responsible for about 14 million (about 11 percent of total silver stored for COMEX). Of the 12 million ounces that is Eligible, the Depository admitted to "erroneously understating in previous reports" 211,000 ounces of silver. While that amounts to 1.75% of the eligible stocks, it was twice the amount of silver reported received on July 2nd by the Delaware Depository.
How do you underreport 211,000 ounces of silver when you are custodian for the largest silver trade floor in the world? That is a 2.78 million dollar error (at $13.20/ounce)!