While everyone is focused on the massive outflows in COMEX registered
gold inventories and the gold ETF, GLD, it seems that an important
evolution in silver is passing unnoticed. In what follows, Ted Butler, precious metals analyst specialized in COT analysis, reveals a remarkable insight in the physical silver market.Butler’s calculations show that JPMorgan has piled up the largest holding of physical silver in modern world. Since the silver price peak in May 2011, the bank has accumulated between 100 and 200 million ounces of physical silver (if not more). The equivalent in metric tonnes is between 3,110 and 6,220 tonnes.
To put that number in perspective, it surpasses the amounts held by the Hunt Brothers or Warren Buffett (in his investment company Berkshire Hathaway).
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"The market is way overdue for a 20 to 30% drop,"
Marc Faber warns, "but that is not what worries him." Sarcastically
reflecting on the typical talking-head that appears on financial media,
Faber adds you won't "hear this view from someone who is fully
invested," as he "hopes the market drops 40% so stocks will become - from a value point of view - attractive." The outspoken 
We are of the simple opinion that any substitute for the real thing is
never as good a choice as the original, even when it comes to Precious
Metals. There are so many other considerations that enter the picture
when regarding mining stocks. One of the primary ones is management,
what it can do to a stock’s performance separate and apart from its
underlying purpose, silver production. There can be poor management,
mismanagement, decision-making related to stock performance instead of
getting the maximum performance out of its mining operations,
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