COMEX Silver Stockpiles Hit 16-year High

Bloomberg reported that silver stockpiles on the COMEX in New York rose to 176.28 million ounces today, a 16-year high.

As quoted in the market news:

‘This could well be an indication that demand has slowed down to an extent,’ Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. The drop may also reflect eroding investor interest in silver exchange-traded products, he said.

Click here to read the full Bloomberg report.