by Chris Powell
GATA.org
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler marvels today at how 20% of the world’s known thousand-ounce silver bars managed to move this year into the inventories of silver exchange-traded funds and Comex vaults without exploding the metal’s price.
Butler dismisses the possibility that the inventory data is fraudulent or misleading, though there’s no denying that central bank gold inventory data is fraudulent and misleading, since the secret March 1999 staff report of the International Monetary Fund acknowledges as much: