generic combivent us order cafergot on line mexico ciproxin 500 mg posologia cistite canada buy diflucan online is florinef over the counter is generic rhinocort effective mevacor on line no script generic kamagra soft us precose over the couter precose dosage instructions does keflex affect birth control pills herbal blue pill side effects i want to pay some xenical rogaine 5 generic 2013 drugs glucophage tablets diabetes diovan tabletten 80 mg cost of valtrex in australia brand viagra next day delivery what are the side effects of cleocin onde comprar cloridrato de fluoxetina where to buy periactin with no prescription buy dulcolax singapore canadian pharmacy benadryl buy genuine flagyl er uk nexium and pregnancy safety pulmicort inhaler dosage glucotrol xl drug class exelon patch reviews buy clonidine pills online canadian antivert tablet motrin lawsuit kids alesse low dose pill estrogen max dose clonidine children where to buy amitriptyline online canada xenical works carafate woldwide shipping get flovent las vegas metoclopramide billig kaufen buy live alligator gar kamagra chewable pharmacy canadian pharmacy femcare safe website buy cialis mobic meloxicam tablets how can i get help paying for my cymbalta 1 cup in grams flour uk buy inderal australia buy canada prilosec be taken with can you only get altace on prescription relafen spain cheap pills generic aciphex online loc:de best site to buy l-tryptophan discount indinavir mg female viagra side effects web pharmacy goldsboro nc how much will lipitor cost when it goes generic pharmacies allison park pa zenegra to buy in england how long does staxyn 10 mg last zyprexa pill shop discount code how much does abilify cost with insurance amitriptyline hydrochloride 50 mg allopurinol over the counter blog rx lipitor discount card for patients glyburide dosage forms diflucan reviews and dosage silagra sale viagra probalan billig kaufen buy procardia with e check my aristocort coupons comprar robaxin en argentina purchase fosamax pills buy benemid perth australia online retino-a cream 0,05 purchase doxycycline over the counter india how to take evista cheap prilosec sale uk diltiazem cream uk cialis se vende sin receta medica doryx dr 150 avodart generic date buy online erythromycin generic buy alligator meat toronto brand prescription where can i get flomax pills can i buy viagra at cvs pharmacy can buy cephalexin online cialis pills online in the uk testosterone therapy side effects in young men olanzapine generic manufacturer clozaril discount code evecare usa sale effexor weight loss reviews buy himplasia without rx safe viagra plus buy order biaxin without prescription buy diflucan in australia kamagra in usa to buy buy suhagra online pharmacy viagra precio farmacia ahumada how to use arava kamagra gold where to get ordering shallaki acquistare female viagra in italia what is crestor rosuvastatin used for buy bactroban inhaler canada can we trust capoten online what is the difference between glucophage and glucophage xr overseas viagra sale evecare online in usa what is fertomid 50 mg used for metformin roche precio argentina order furosemide tablets safe cardizem no precription artane castle shopping centre shops cost of trazodone 100 mg proventil hfa generic version cafergot buy usa avapro full prescribing information prevacid noprescrition needed uk online pharmacy where cani buy alli on line canadian alliance terminals inc abc canada buy liv 52 perth australia best place buy reminyl pct viagra soft tabs side effects where to purchase antabuse pyridium for uti dose cheap benadryl sale uk lipitor side effects liver pomegranate juice raises testosterone where can i get florinef pills viagra cena apteka lasix on line for sale no script buy over the counter mentat online aleve mist canada fluoxetine hcl 20 mg price how long does it take for cymbalta to take effect amoxil no prescription compare prices how do i get a medical expense report from walmart alesse generic reviews trandate next day shipping nimotop uses medication buy alli diet pill wholesale how to taper prednisone 20 mg signs of increasing metabolism there cvs pharmacy puerto rico dangers of lipitor medication paroxetine prescription information tablets abilify 10 mg generic reviews on glyset lady era uk next day delivery prednisolone steroids online drugs deltasone advair diskus 250 50 coupon is there a drug comparative to medrol buy live crickets online australia long time side effects anafranil buy lukol long time side effects vpxl order advair diskus tablets cheap lexapro online viagra para mujer en gotas pra que serve diclofenaco potassico asacol 40 mg cystone generico italiano augmentin discount card acquisto nolvadex sicuro online kamagra viagra oral jelly buying inderal medicine buspar 10mg kamagra without a prescription from us ashwagandha tablets made by himalaya herbal co stieva a tretinoin cream can ventolin be bought over the counter in australia prescription medication buy vermox fertomid italiano generic clonidine in use diltiazem 180 mg cost levitra 20 mg 2 tablet cheapest diltiazem tablets uk what is the difference between kamagra and kamagra gold buy pariet with no rx acquistare diamox in italia list of tesco stores selling floxin my prevacid coupons amerimedrx legitimate compazine prices cvs discount seroquel mg imitrex in spain buy himcocid online amazon cheap drugs online uk prescription drug yagara fluoxetine online with out prescription how much promethazine/codeine syrup does it take to get high cheap zofran tablets himplasia sublingual dosage asacol order on web generic aricept no prescription buy toprol xl fast shipping cheapest tetracycline tablets uk purchase tinidazole mg generic depakote er price levitra better than viagra cialis where do i dostinex in australia what drug category is trileptal buy generic emsam online ic etodolac side effects online sale of haldol cialis super active for daily use canada best accutane online pharmacy purchase rosuvastatin sex pills for men uk what is benadryl cream used for lexapro coming off buy calcium carbonate in ireland purchase digoxin cheap purchase benicar hct where to buy cardura drugs online cialis a vendre montral where to buy cheap generic minomycin diclofenac available over counter uk female viagra mg tablet safe buy diabecon online buy artane without rx atrovent nebulizer solution ginseng dosage instructions what is viagra like long proventil hfa prices generic for phenergan w codeine safe buy minocin online purchase cytotec which uk site to buy suhagra famvir online shipping what are the side effects of taking bactrim ds retin-a ge cheap comprar liv pela internet dostinex usa no prescription mexico maxalt 10mg grifulvin buy online canada best ampicillin prices lamictal online meds cialis soft to purchase without a prescription actos on the internet feldene for sale online how much do lithium cost per gram where do i buy evecare minoxidil finasteride nhs use ethionamide coupon online kamagra chewable tablets ordering lisinopril here in canada canada buy levaquin without prescription augmentin costo confezione dr islam artane medical centre can you get aricept canadian actos tablet brand viagra to buy in australia professional store non prescription viagra the best online pharmacy to use metformin online pharmacy no prescription comment acheter du viagra en suisse lozol cost in canada generic effexor xr tablets what does remeron treat buy snovitra super power pills is generic amoxil effective can you get high off diflucan toprol xl class action propranolol purchase seroquel fast canada entocort brands india cabergoline buy online albenza doctors online buy generic viagra cialis mobic tablets 15mg how to take zerit pill shortage acivir pills generico italiano generic viagra soft switzerland flovent cost with insurance formula 1 2013 generic lexapro usa pharmacy elimite canada pharmacy prograf prescription coupon casodex 150 mg price claravis manufacturer retino-a cream 0,025 online order benemid canada overnight delivery best place to buy zebeta online donde comprar nizagara valtrex generico brasil ordering generic cheap calan sr xenical usa buy buy atarax 200 effexor xr from uk buy canada no prescription for glucotrol xl nexium generic side effects 1 pound fish man lyrics aygestin pills sweat nitrofurantoin mono mac 100mg caps what is it used for fertomid prices at costco buy procardia 15mg online buy vegetal viagra ampicillin trihydrate fs buying xalatan eye drops altace 100 review buying propecia in india how to get nitrofurantoin in australia soma without prescriptions overnight compazine pill shop discount code how to import zanaflex order tramadol overnight mastercard cheap estrace 100 mg aarp medicare rx prior authorization forms nolvadex ships from india costo del voltaren dostinex online pay paypal buy rocaltrol australia generic feldene no prescription normal dose of lexapro for ocd anxiety lisinopril 40 mg india lotensin buy uk viagra de 50 ou 100 us online pharmacy no prescription cialis sublingual elavil 10 mg tab how long is a clomid cycle valsartan sandoz 80 mg filmtabletta sarafem generico online maxaman india moduretic tablet side effects best place to buy tinidazole in australia buy cymbalta 100mg online red pill blue pill matrix dialogue average price of viagra without insurance buy prednisone over the counter atacand and cold medicine clindamycin cream side effects mail order levitra neo medrol cream compare prices nitrofurantoin buy tetracycline online pharmacy lowest viagra prescription only medicine buying prescription drugs in mexico guide top 10 online pravachol sites cymbalta legal us simvastatin interactions with food cost of valtrex vs. generic what is mentat ds syrup pills used for erythromycin 250 mg price wellbutrin next day delivery buy cheap usa clomid clomiphene midamor side effects uk can you overdose on anti anxiety pills buy periactin online cheap vermox mebendazole side effects can buy female viagra online nizoral pills dosage provera echeck can we trust lincocin online how to purchase star alliance japan airpass where to buy glucotrol xl how to import combivent norco sight 2 se 2012 can you buy viagra over the counter in ireland canadian trying to get off nexium 5mg generic cialis online purchase soft cheap kamagra oral jelly cheapest drug tadacip yagara no prescription needed viagra tablets uk online sinequan lawsuit seroflo online forum comprar emphysema can you buy elocon online gabapentin dosage uk best soft prices viagra tabs prescription zithromax drugstore buy prescription drugs online canada neurontin in italia much does promethazine codeine cost pharmacy vitamin shoppe coupons november 2012 generic elavil in usa femara spain over counter buy singulair no prescription plendil for sale philippines toradol 10 mg side effects phenamax usa sale amsa fast como se toman buy unisom in ireland current price bupropion danazol by mail arthritis uk gout order aleve pill pamelor canada overnight delivery dapoxetine online pharmacy uk what is teva-amoxicillin used for what is the generic name for claritin bupropion online drugstore acheter atarax 100 emsam not generic can buy lexapro online propecia generic paypal celexa dosage anxiety is celebrex over the counter drug where can i buy the alli pill mechanism of action of aromatase inhibitors and tamoxifen can you buy rocaltrol online mcg what else does azithromycin treat how long to take lamisil tablets toradol tablets overdose generic propecia singapore what drug category is mentat ds syrup search engines market share order non generic biaxin buy decadron hong kong canadian pharmacy ampicillin medication used vente de silagra au quebec buy protonix generic lincocin usa prospecto levothroid 100 microgramos comprimidos real phentermine 37.5 online prescription digoxin toxicity atrovent online usa no prescription generic atrovent switzerland actonel discount why has dipyridamole been discontinued arimidex discount what drug category is benadryl generic xalatan buy canada buy renagel online reviews how to take rosuvastatin chloromycetin eye drops 0.5 when is lipitor going over the counter retin a 0.1 amazon what is the correct dosage of remeron celebrex commercial location beach decadron injection for sale celebrex celecoxib 200 mg neurontin reviews for bipolar buy viagra soft capsules abilify and low blood pressure can we trust finax online side effects of bupropion xl 300mg drug market order levothroid acticin online order cost of aspirin therapy lowest price ranitidine brand cialis over the counter buy viagra online boots prescription cheap vasodilan no prescription lioresal tablets purchase on line tadapox without prescription how to get amitriptyline erythromycin tablets for sale effexor xr dosage for anxiety generic zebeta overnite shipping norvasc drugstore com zestoretic with american express buy provera 200 medrol canadian no prescription order furosemide overnight delivery cialis jelly delivery uk tadalis sx pas cher best keflex prices can you order advair diskus drugs brand name bupropion xl 150 mg where to get cheap arimidex canadian drugs online without prescription cipro and alcohol effects cafergot coupons order femara novartis mail-order zyloprim elavil medication uses dostinex no prescription needed can your buy levitra professional in ireland generic order finpecia without rx lowest priced aldactone isotretinoin side effects nhs buy periactin 100 where can i buy fosamax buy over the counter fincar online can you buy midamor kamagra oral jelly online bestellen purchase kamagra 100mg wholesale purchase haldol on line in canada how to use cytotec tablet for abortion canada pharmacy online no rx plendil comprare changing birth control pills brand generic famvir australia procardia prix en pharmacie en france digoxin online price dog pain medication aspirin dosage flagyl er canada head office ciplox 250 tablets how to use atorlip-20 order acai best price brand viagra shuddha guggulu delivery london buy cheap metformin online 4 rx online pharmacy buy snovitra super power capsules female viagra sample 3 free levitra coupon prescription orlistat tablets buy online amantadine capsules vs tablets avodart india no prescription fertomid pills drugstore lexapro canada para que sirve la crema dermica aciclovir generic cipro for sale comprar colospa en argentina endep medication depression how to use nizoral 2 for hair loss buy aciclovir generic unicare pharmacy ltd ireland trial erection packs 2 for sale buy biaxin in singapore is it safe to order cordarone buy levaquin patch kamagra oral jelly for men sale in uk safe to buy generic prilosec from canada where to buy dapoxetine in australia best online pharmacies for cialis order viagra online cheap sildenafil hyzaar noprescrition needed canada online pharmacy augmentin 875 generic price cefadroxil tablets indications where to buy acticin in canada safely baclofen brands in india illegal order accutane online purchase proscar generic online cuanto cuesta viagra en mexico cipla suhagra tablet top 10 online ampicillin sites finax online overnight shipping generic levitra plus no prescription intrathecal baclofen (itb) order clonidine online tamoxifen no prescription canada strattera capsules open coversyl dosage buy suhagra without a script my cleocin gel coupons acticin on line no script all natural anxiety medication for children buy altace uk canadian cialis kopen zonder voorschrift pms valacyclovir 500 mg buy lady era without a prescription from canadian pharmacy where purchase diakof buy ditropan online overnight tetracycline rx safe place order fml forte northwest pharmacy canada reviews costco pharmacy prices cialis how to take rogaine 2 mg lotrisone over counter what is cipro hc otic overnight pharmacy skelaxin compazine non perscription countries how much does nexium 40 mg cost without insurance i took 100mg of benadryl atarax australia price how to use tretinoin and benzaclin together purinethol for sale australia antivert medicines symptoms who were the american allies glucophage xr dosage tadapox where can i buy it order diabetes buy actos online liv without prescription miami propecia helped my hairline reglan tablet in india acticin buy online canada pastillas disgrasil para sirven can buy viagra thailand order naprosyn online no presctiption what does aricept mean order orlistat 180 mg arimidex no prescription fedex ups buy indomethacin withouth prescription silagra online uk deltasone dosage and administration cardizem shelf life decadron 0 5mg /5ml where can i order propecia pariet 10mg used omeprazole alcohol interaction comprar pyridium original en madrid free printable coupons for zantac tadalafil citrate information can you buy aldactone pharmacy discount naproxen tablets nhs how much does minocycline cost where can i get zyrtec pills american diabetes association aspirin primary prevention side effects of daily cialis use how to order bupron sr best rogaine 2 prices augmentin tablet 1000 mg fiyat calan pharmacy alli precio barato order evista online no presctiption ranitidine in the uk now yaz and yasmin health canada yasmin price usa overnight methotrexate how to get cipro online retin-a 0,05 spain deltasone discount voucher extendaquin prices what is lanoxin medication for alesse tablets on line to buy safe place order rogaine 2 order tadacip online uk there generic nitrofurantoin voltaren pharmacy prices list how long will it take for paxil to take effect tronchetti provera inter buy actoplus met 100mg online cialis soft for sale usa can you get a blood clot if you are on coumadin cheap diflucan sale uk celebrex weight gain loss lioresal 10 mg prospecto torsemide mg price buy l-tryptophan new zealand online minoxidil direct llc doxycycline hyc 150 mg dr tablets topamax online legally cytotec shoppers drug mart brahmi daily use reviews mobic without prescription amitriptyline 10mg tablets nhs competition bureau canada generic drugs discount canadian pharmacy levitra super active cheapest silagra viagra 100mg online uk how to purchase malegra fxt online acheter elocon plavix wiki cost of revia without insurance which uk site to buy skelaxin celexa online in us cheap viagra no prescription uk cheapest drug tretinoin 0,05 chloramphenicol no prescription needed buy hoodia patches pharmacy mexico cipro cheapest alli weight loss buy canada no prescription for apcalis sx order antibiotics from canada drugs no precription birth control medicine ceftin used zyrtec breastfeeding category prednisone buy online mexico 4 corners pharmacy delmar new york there long term side effects accutane hytrin for men in usa acheter pas cher levitra plus what is claritin for kids flagyl er why does seroquel cause weight gain 1st online meds review buy acivir pills with pharmacy how to use lantus solostar how to get vytorin on line paroxetine pills identification better than toradol avodart order by phone buy clonidine 0.3 mg get cialis jelly las vegas what does benadryl do for hives aspirin free delivery deltacortril ent 5mg prednisolone side effects buy suhagra online from india buy combivent have no prescription buy astelin online india levaquin birth control online us sale l-tryptophan vipps canadian pharmacies buy compazine in usa how to order sinemet online ram tirth brahmi oil reviews should i take 25mg or 50mg viagra buy viagra professional 5 lisinopril drug in usa pharmacy lisinopril without a prescription from india what is lasix renal scan nitrofurantoin in pregnancy accutane 40mg sale apcalis sx order in the us generic name for viagra professional comprar cystone original telmisartan hydrochlorothiazide combination elocon lawsuit can i get roxithromycin safe finpecia buy generic lisinopril problems medicine chloromycetin eye drops lithium woldwide shipping order lotrel 40 mg himcolin sublingual dosage generic uk paypal rumalaya cheap tetracycline online prevacid to buy in australia aciclovir tabletas 400 mg what is viagra with dapoxetine ropinirole generic for requip ground calcium carbonate manufacturers india what does procardia dose for preterm labor dilantin dosage for dogs generic viagra in canada online hydrochlorothiazide noprescrition needed uk online pharmacy best drugstore foundation for acne prone skin 2010 what does mobic look like us online pharmacy no prescription maxaman canada drugs phenergan with prescription zyrtec usa cvs prices discount lisinopril lipitor kamagra quick co uk costco online photo developing doxycycline heath shop purchase prevacid on line in mexico buy lithium pills online best septilin prices decadron next day delivery use cefadroxil coupon online propecia mg tablet get accutane online ordering fluoxetine xenical sale usa drugs similar to premarin rx online januvie-order online reducing atenolol dosage buying noroxin best generic cleocin gel sites what is betapace af brand evecare buy zyprexa 40 mg liv 52 prescription coupon what is the mechanism of action for crestor generic cytoxan in usa cabana pharmacies fl cvs pharmacy generic program buy bystolic next day keftab without a prescription how to buy pravachol in london where to buy ginseng supplements cheap singulair 4 mg safe to buy generic alli from usa purchase januvia online no rx seroflo online prescriptions without a prescription order micronase tablets ventolin hfa coupons 2010 buy alligators-crocodiles is there a shortage of tegretol clozaril online uk acquistare differin in italia flexeril high erowid effexor xr 150 mg cost glyburide 5 mg aurobindo motrin after delivery is advair diskus available over the counter trial erection packs 2 cost comparison phentermine uk nhs where purchase mentax where to buy nicotine inhalers protonix pas cher uk version of bactroban Purchase effexor xr 150 mg order levitra super active without rx order dapoxetine canada keppra ordering online pharmacy western drug eurax zovirax costo pomata hydrochlorothiazide generic oxycontin evista india pharmacy buy us antivert online overnight buy glycomet in usa albuterol tablets australia voveran medication side effects aldactone overnight fedex order voltaren xr serpina order online baclofen pharmacy prices list dramamine perth australia what are the side effects of phenergan different types of drugs wiki cheapest place to buy silagra is it legal to buy drugs from canadian pharmacies no prescription metformin hydrochloride online pharmacy uk phenamax generic atarax uk paypal female viagra discount medications doxazosin on line kytril pharmacy coupons price increase celexa brand viagra sale cialis billig female viagra online kaufen positive prednisone reviews what does suprax 400 mg treat geriforte without script web pharmacy rx caverta shopping where is calangute beach located isoptin reviews and dosage ceftin buy online australia orlistat side effects depression side effects of seroquel xl diclofenaco sodico 50 mg dosis diaria generic atacand uk paypal mexico abana pharmacy generic get chloromycetin las vegas walmart pharmacy free drug list levitra cost at costco toradol tablets uk top 10 online carafate sites biaxin canada head office lotrisone cream online clotrimazole and betamethasone what does the two bathtubs mean in the cialis commercials liquid myambutol review prevacid with no rx can i buy viagra at boots uk reputable online pharmacy canada v-gel over the couter asacol tablets 800mg acai berry diet prices buy cheap zyban using pay pal viagra effects impotence tadapox capsules genuine compazine best price best price for real anacin buy prilosec otc canada kamagra gnstig online kaufen prevacid drugstore robaxin tablets for horses buy lithium batteries online aromasin vs arimidex pct floxin dose cheap mexican pharmacy online albenza now nitroglycerin without a script buy geriforte syrup singapore zithromax z-pak 250 mg side effects mail order generic fosamax mentat ds syrup buy online ireland safe place order mirapex prilosec express canada can ortho tri cyclen lo cause hair loss pamelor shelf life venta de viagra sin receta en mexico buy retin a 0,025 online over the counter ditropan exelon h1b visa unisom 2 canada where to buy fluoxetine order canada cialis generic canada viagra for men in india antabuse india companies only zaditor pharmacy prices list resources for motrin lioresal discount is it safe to order minocycline rabeprazole injection spc what is metronidazole cream used for what does digoxin treat genuine geriforte best price top 10 online precose sites serevent cheap uk purim online legally aleve 10 mg cost abilify prescriptions patient coverage acquisto estrace sicuro online geriforte syrup discount cheap terramycin india pictures of lisinopril 5 mg tablets comprar lasuna portugal triamcinolone acetonide cream usp 0.025 face what is metformin for weight loss buy calan boots pharmacy accutane dose weight zyvox 600 mg treatment best price for live rock can you buy ventolin over the counter in uk inhalers tronchetti provera net worth pastillas para tener una ereccion duradera mestinon from usa list of pain pills by strength indian jelly order viagra online cialis abilify 2mg tablets buy zithromax no prescription overnight discount tadapox mg seroquel xr prescribing information can you buy lotrisone over the counter in germany quibron-t for men sale in uk where to get actos pct robaxin 750 vs soma 350 periactin tablets dose skelaxin 800 erowid club liv miami cost liv 52 side effects uk comprar nizagara overnight pharmacy albendazole buy omnicef pills diclofenaco sodico inyectable dosificacion how much does viagra cost canada septilin prices buy nolvadex shipping to australia common side effects of pamelor buy trimox mg online best sites to order viagra generic actonel date minocin drug classification acai berry in italian augmentin for uti dosage long term side effects of methotrexate in children over the counter voltaren cream buy alligator snapping turtle meat what medication can you take for anxiety generic zocor usa pharmacy how much trazodone to get high acheter neo medrol femcare usa cvs prices reputable online pharmacy no prescription finast shop net claritin dose for infants eurax cream asda plavix coupons manufacturer buy prescription drugs no prescription needed online pharmacy buying rumalaya in manchester cephalexin uk online cheap comprar kamagra en argentina cialis online france buy tamoxifen citrate no prescription drugs zyrtec syrup uses cheap alternatives to viagra buy glycomet next day what is prednisone for costco pharmacy viagra super active price sale cialis soft vasotec in croatia maxalt canadian medications without prescription how to use nizoral 1 for hair loss unisom generic for alcohol puedo cialis zocor online coupon code propecia 1 mg genuine amantadine 100mg xenical orlistat shortage Purchase accutane 2 20mg order anti anxiety medication online cost of zovirax ointment cost of zyprexa in canada mexican pharmacy no prescription sarafem deltasone prices allopurinol price diclofenac sodium no prescription how to import indocin selling viagra birmingham online pharmacy levitra canada uk version of feldene side effects of minoxidil solution do i need a prescription to order viagra online erexin does it work levofloxacin dose bnf furosemide 40 mg water tablets purchase aldactone cheap zyloprim from usa what does doxycycline cure buy generic zestoretic with bonus buy azulfidine australia order levlen online in usa acquisto sarafem sicuro online generic robaxin for sale on line zovirax without a prescription how to take naprosyn purchase ceftin mg i pill alesse website where can i find cheap prescriptions over the counter finpecia lanoxin tablets 150 mg where to buy viagra soft ointment what is vardenafil canesten hydrocortisone thrush how to make viagra more effective voltaren cvs pharmacy promethazine codeine syrup buy no prescription kamagra suppliers overseas can you buy l-tryptophan in ireland buy over the counter avapro online is there a drug comparative to metoclopramide good drugstore makeup brushes alli pills for cheap buy genuine bactrim uk ventolin hfa what is cipro 500 generic kamagra gold overnite shipping purchasing nexium canada cheap glyburide metformin how to buy sinequan cheap viagra sublingual reglan mg buy lipitor pills problems buy trental in usa minomycin delivery uk alli mexico pharmacy lithium tab buy augmentin online cheap over the counter 50mcg buy advair diskus risperidone trihexyphenidyl side effects what is erexin-v order proventil pill what does prilosec do for babies buy online retin-a 0,05 generic benicar barato pharmacy escrow service lisinopril over the counter pharmacy mexico serophene can order isoptin canada levaquin reviews comments viagra free samples uk what is purinethol drugs generic finpecia online can you buy cream over the counter lamisil tablets ranitidine in italia lioresal limited india what is the mechanism of action for ampicillin terapia disfuncion erectil psicologica pyridium over the counter brands no prescription meds for dogs to buy lozol health canada warning finasteride rimonabant weight loss pcos xalatan mg tablet donde puedo comprar nitroglycerin can buy luvox online ginseng complex high strength capsules reviews buy procardia online at canada pharmacy clonidine iv dose hypertension altace max dose cialis non branded buy paroxetine 100 cost of levothroid colchicine dosage too high what is doxycycline mono prescribed for order rx online aricept tablets costa allegra costa concordia purchase 1 pharmacy adalat online ponstel order canada propranolol cost comparison amex mg protonix lowest prices viagra for woman in liquid getting viagra in australia nitroglycerin order onde posso comprar depo provera metoclopramide in pregnancy bnf dostinex side effects women evista competitors can you get elavil tesco pharmacy opening times kettering buying menosan using paypal purchase lasix 100 mg what does cardizem look like late ovulation on clomid egg quality black stone viagra buyers of glucotrol xl canada order compazine 120 mg how long for chlamydia symptoms to appear in men buy promethazine online no prescription over the counter metoclopramide celebrex reviews 2012 pain medication no prescription order methotrexate online in usa cordarone prescription information naprosyn and alcohol gonorrhea treatment rocephin dosage compazine dose where do i proscar in usa buy online duetact generic does voltaren make you gain weight purchase elocon lotion levitra super active 100mg tablet order zetia overnight tadalafil cialis made in china side effects of clomiphene citrate in women cheap femara 2.5 mg discount code for eulexin viagra super active where can i buy it 100 mg viagra street value cymbalta without perscriptions pictures of zofran pills maxalt melt dosage cytoxan coupon code cytoxan usa cvs prices lipitor paypal celexa medication information buy micardis hct 40 mg low cost avalide canada pharmacy cheap brand viagra uk where to levitra professional drugstore celadrin to buy from europe etodolac buy on line malegra 50 mg liquid viagra zoloft no prescription us trazodone for dogs buy tdi trimix skills cost of clozaril ordering low dose luvox what is naprosyn drugs triamterene overnight delivery diakof uk brand name levitra online pharmacy no prescription guaranteed drug market order kamagra best ciplox prices acheter glucophage en ligne combivent dosage pediatric zestril canada prescription ciprofloxacin eye drops for dogs where to buy generic viagra in uk rumalaya liniment online in us canada drugs online xanax levitra plus without prescriptions what does vermox taste like nexium medicine side effects buy voveran sr online with mastercard ampicillin how to buy generic alphagan safe buy cialis online no prescription united states pharmacy store design order keflex tablets order torsemide cheap alli weight loss pill walmart order isoptin 120 mg renagel dosage administration how to take strattera for adults prednisone side effects in dogs blood in urine where to buy eulexin ointment what is silagra tablets sky sports toprol generic usa mail order drugs from india generic donde puedo comprar livatrex diclofenac dosering keppra cost per pill wellbutrin sr how long to take effect can you buy inhaler over the counter order ventolin duetact online coupon code purchase effexor xr lowest price what are the side effects of parlodel buy synthroid with no prescription what are the side effects of short term prednisone use how to buy prescription meds online with no prescription where do i fucidin in india order topamax pills orlistat xenical roche precio procardia australia pharmacy nolvadex australia paypal what does prednisone look like pill premarin costco paxil wanted online review what does prednisolone tablets do order accutane 10mg nizoral for dogs buy what is viagra jelly used for phone in order for elavil what are the side effects of zantac hytrin refill pack how to by voveran sr online order buy elocon cream how to buy suprax in london buy cialis now toradol generic viagrabrandonline how to take cordarone mg chloroquine medication online fluoxetine online buy side effects of nitrofurantoin macro 100mg what is tadacip used for acai delivery brooklyn betnovate ointment online canada actonel uk next day delivery how to use indocin allegra reviews for kids que es omifin 50 mg is there an over the counter medicine similar to singulair mirtazapine overdose in cats methotrexate online ordering oxford handbook of clinical pharmacy online where to get periactin buy serpina new zealand online levitra 20 mg precio en espaa what is astelin drugs buy abortion pill uk abana himalaya medicine heart buy alli diet pills england pharmacy glycomet prices usa where can i buy cialis soft mg generic bupropion cost buy zyprexa in ireland order doxycycline 100 mg capsule metronidazole alcohol myth medication for anxiety over the counter benfotiamine generic wikipedia drugs non prescription viagra sublingual pharmacy ciprobay 500 side effects augmentin over the counter order delivery lexapro 10mg reviews acheter cefixime pas cher lipitor patent date duetact buy usa side effects of too much l-tryptophan combivent cost purchase detrol online what is the medication decadron for viagra super active fast uk doxazosin price shelf life of phenergan syrup cheap citalopram 20mg online buy differin 100 best place to buy baclofen online buy lasix 100 mg buy bactroban new zealand online what is the difference between dramamine and dramamine ii robaxin buy online mexico buy claritin d 24 hour online viagra prescription drug ireland order hydrochlorothiazide on line canada order malegra dxt canada moduretic no prescription reviews indian pharmacy lasix amantadine by mail requip delivery do i need a prescription for nizoral cream uk drugs news long term side effects of zyprexa pancha tulasi usage generic protonix available us actos generic price comment acheter du viagra sans ordonnance prescription drug sales 2011 cheap differin canada target pharmacy prices list canadian online pharmacy for levlen purchase abilify 20mg canada order proventil from over the counter buy arimidex img how to buy zanaflex in canada lanoxin dosage instructions best site get effexor xr citalopram uses medication can generic wellbutrin cause weight gain dapoxetine to buy in england maxifort zimax 50mg lloyds pharmacy body composition monitor review order promethazine cough syrup online comprar alli barato rumalaya forte results forum viagra pills offers can you get clonidine over the counter meijer pharmacy free generic lipitor atrovent hong kong prescription buy cheap erythromycin medication information what does reminyl do bupropion australia price medrol dose pack used for back pain can betnovate cream be used on face clomid tablets from buy where can you purchase acai berry generic cardizem cd price viagra plus generic wikipedia drugs proventil buy online mexico walmart prescriptions drug prices do you need rx unisom proscar dosage women buy nymphomax no prescription buy proventil online no prescription us risperdal consta conversion from oral buy ginseng online amazon plavix uk no prescription hydrochlorothiazide pills online in the usa vardenafil hcl reviews what is allopurinol medication used for once no rx sarafem online pramipexole depression reviews indian pharmacy mestinon which uk site to buy keflex side effects of risperdal in children with autism viagra generica funciona metformin glucophage dosage generic prazosin uk paypal buy acai berry capsules uk rumalaya forte reviews and dosage side effects of cialis daily use drug hydrochlorothiazide purchase usa tronchetti provera family rumalaya tablets for sale buy clomid have no prescription rudolf zentel mainz zovirax cream online pharmacy buying doxycycline in manchester buy fml forte visa what does neurontin feel like content insurance cost buy rogaine 5 greece lisinopril generic mexico actonel australia price inderal cost comparison can doxycycline hyclate 100 mg get you high provera canada prescription watch punar vivah desi tashan trileptal new zealand prescription drug beconase aq lithium medicine wiki is it illegal to order generic drugs online parlodel reviews what types of innopran xl are there how long does it take for xeloda to start working comprar tadalafil andorra what is xenical orlistat used for ceftin rxlist cialis jelly cheap menosan sage tablets bioforce erythromycin tablets can you get addicted to baclofen naproxen uk dose retin a micro gel for acne scars buy coreg bulk remeron shopping pharmacy open 24 h london brand advair diskus without insurance fosamax coupons free lantus coupons 2012 buy cefadroxil tablets online buy erythromycin cream cheap cheapest lipothin to buy medication called urispas buy plendil in singapore phenergan online in us tretinoin 0,05 without prescription singulair rx assistance cheap lamictal 25mg where can i get some prednisone suppliers of norvasc in us comprar prinivil original cheaper price for yasmin singapore parlodel uk next day delivery levothroid generico digoxin first order generic atrovent usa pharmacy crestor online usa no prescription betnovate costco buy effexor xr no prescription fast delivery aristocort coupon code indian generics online malegra dxt zyrtec dose for dogs etodolac generic 2013 drugs ketoconazole cream 2 usage chloramphenicol now buy viramune pills mevacor australia pharmacy can i make brahmi when generic viagra in usa buy generic prometrium with bonus singulair with no rx trazodone precio mexico differin from india sildenafil citrate tablets 100mg purchasing chloroquine online uk kamagra gold cost where can i order skelaxin apcalis sx overnight delivery cheap flomax sale uk methotrexate complications with purchase innopran xl lowest price how to get lisinopril drug clomid ovulation calendar boy florida bupropion zyprexa medication olanzapine order lasix on line uk without purchase altace pharmacy amoxil tablets 150 mg estrace cream benefits vpxl generico online cheap actos per pill hydrochloride how long do you have to take flomax sarafem brands india brand cialis in usa best price suprax triderm cream price order atorlip-10 canada lamisil prices usa cheapest menosan tablets uk doxycycline dosage and duration for acne where to buy orlistat uk prednisone medicine alternatives what does valtrex do for herpes acai 100 genesis today reviews cefixime capsules dosage order xenical online canada benefits of aspirin daily anti social anxiety medication hydrochlorothiazide 12.5mg price cheapest norvasc paypal buy roxithromycin new zealand online silagra drug in mexico pharmacy buy over the counter proscar online cheap keflex no prescription what is himcocid tablets prednisone pregnancy side effects valtrex over the counter can you get robaxin over the counter buy betnovate with no rx terramycin medicine children trandate online shipping dose of requip for restless legs syndrome lincocin lawsuit generic calcium carbonate in usa azithromycin tablets ip 500mg uses where can i buy retin a in australia buy alligators hide gator generic levothroid levothyroxine non prescription atacand pharmacy medrol dosepak directions does costco sell zyrtec d order xenical from usa without prescription how to import kytril order cialis sublingual online canada generic for allopurinol prescription diclofenac otc australia florida prograf where can i get some florinef cheap allinclusive holidays june 2013 viagra sample pack by mail delivery free gabapentin fibromyalgia weight gain florinef uk next day delivery cheapest cost nexium ranitidine drugs lasix for sale uk where can i get diflucan online trusted is levitra cheaper than cialis ultra low dose viagra jelly diovan drug class skelaxin canadian pharmacy side effects of ondansetron in pregnancy can you get high off amitriptyline extendaquin for men sale in uk buy trazodone with visa buy generic viagra cialis levitra buy atacand inhaler canada ventolin generic brand buy tulasi mexican pharmacies entocort 3mg generic viagra overnight provera suppositories buy acticin online ordering grapefruit seed extract and blood pressure medication exelon side effects abilify with or without food medicine anacin mail order generic name allegra odt viagra dosage 25mg cefadroxil online pharmacies with out prescription best water pills lindeza orlistat 120mg motrin back pain medication generic actoplus met prescription is yagara legal in uk buy viagra online canada generic and brand buy paxil from india protonix iv push dosage the online drugstore differin orlistat online overnight order z-pak online no prescription depakote billig kaufen buying brand cialis using paypal prinivil dosage instructions what is omeprazole side effects valtrex generic drug interactions buy wellbutrin sr from india can you buy zovirax over the counter pharmacy valtrex best price depakote pharmacy assistance can i get over the counter pills for chlamydia pariet low dose birth control best cialis professional prices cipla 20mg cymbalta free prescription ceftin online overnight shipping kegunaan obat motilium 10 mg eulexin sold over counter adalat sony tv episode 148 is generic imitrex as effective how to take medrol 4mg dosepak zyloprim over counter uk can purchase diflucan over counter pfizer lipitor india new types of viagra strattera long term use side effects panorama the secrets of seroxat is generic lanoxin available in usa where clomid pregnancy hytrin for sale australia can you buy order tenormin online voltaren 50mg tablets dosage non prescription nymphomax analysis of aspirin tablets experiment ditropan tablets 5mg tretinoin 0,05 for sale philippines where can i order cipro arimidex for sale australia strongest over the counter back pain medicine buy viagra jelly uk amitriptyline 10mg elavil buy minocycline online amazon exelon corporation usa purchase luvox pills lisinopril hctz 20 12.5 citalopram weight loss primatene mist tablets dosage billig arimidex online kaufen what is elocon lotion used to treat astelin generic price metoprolol succinate vs metoprolol tartrate order keftab online hytrin billig kaufen generic for seroquel when pantoprazole 20 mg comparison trandate without script manly sildenafil citrate tablets best pharmacy to order acai doxycycline drug oversea is it legal to order painkillers online suhagra no prrescription best price for inderal which uk site to buy plavix capoten no prescription reviews pharmacies online uk sarafem no prrescription is mycelex-g available over the counter generic remeron price lowest price zanaflex buy digoxin overseas buy levothyroxine 75 mcg no prescription pills generic styplon can you get aciphex over counter flagyl er 100mg tablet anti anxiety medication over counter uk can you get voveran sr over the counter online pharmacy uk phentermine cozaar usa sale where to buy myambutol ointment himalaya septilin price rumalaya forte order on web ordering zenegra inexpensive revatio bonus pills buy lioresal hong kong apo hydrochlorothiazide medication long term side effects of fosamax kytril drug store online obat clavamox 500 spc albendazole suspension best price for genuine viagra where cane i buy alligators legal buy betoptic online canada medrol coupon code free viagra sample packs xeloda in the uk now best viagra medicine in india cipla suhagra 50 warfarin generic coumadin ginette-35 prices pharmacie planete charmilles buy chloroquine paypal depakote dosage too high lasix renogram nuclear medicine bottle you buy alli in canada zyban cost south africa pfizer lipitor sales 2011 zovirax crema precio mexico ou acheter alli au quebec aricept prescription assistance program oval blue pill with watson 853 rogaine 5 order online buy generic accutane no prescription isotretinoin buy cheap flagyl er using pay pal what is femara used for in men order motilium on line usa effexor xr dose for anxiety wellbutrin xl dosage buy online serpina generic pharmacy mexico diflucan premarin without rx low digoxin levels kamagra side effects high blood pressure cheap generic lithium amitriptyline combination drug where to buy levothyroxine thyroxine tablets buy hyaluronic acid boots paroxetine overdose amount bayer yasmin discount zebeta mail order birth control pills liver cysts online sale of kamagra side effects of casodex 50 mg generic nizoral 2 get topamax toronto generic propecia switzerland flovent on line purchase canadian health care wait times nike air max 1 leopard pink canada order femara viagra in the usa accutane side effects years later women voveran sr 40 mg pharmacy crestor interactions with drugs diclofenac brand names in india hyzaar 100mg tablet how to order ranitidine valtrex compare prices betapace looking for suhagra 100 benefits buy cheap depakote pills can order tretinoin 0,05 canada buy moduretic with no prescription himalaya mentat reviews how long to take plavix after bare metal stent best levitra prices 20mg online drug arjuna coupon code what does paxil help with xenical best place to buy what is the classification for actonel med cab diclofenac showtime water pills reviews buy actoplus met pharmacy prescription walmart 24 hour pharmacy columbus ohio generic omnicef buy canada nitroglycerin to buy in australia cheap kamagra gold 40 mg lariam shelf life generic betapace switzerland torsemide max dose better than azulfidine liquid benemid review college of pharmacy technicians in canada are canadian generic drugs safe endep 10 pills buy nootropil paypal ou acheter viagra sans ordonnance cephalexin dosage for uti in cats dapoxetine prescription prices uk seroflo inhaler 100/50 crestor 10 mg cost safe proscar buy celexa generic brands ampicillin tr 500 mg capsule buying cytotec no prescription low cost overnight eulexin benadryl dose by weight chart olmesartan 20 mg price para que se usa depakote ampicillin use in labor and delivery long term side effects of ponstel rosuvastatin calcium 10mg tablet is caverta available over the counter crestor drugs cheapest state to live in 2013 buy viagra online usa finasteride 5 mg dosage what is the drug keppra used for is proactive better than accutane buy ssri drugs online best place to order cialis keppra max daily dose ventolin tablets actoplus met brand positioning coumadin shoppers drug mart buy nolvadex tablets uk norfloxacin tinidazole side effects tetracycline shop net what is aleve medicine for levitra in ireland what is the highest dosage for lamictal what is the correct dosage of plendil sale prescription buy cozaar without kamagra oral jelly north american indian alliance butte mt printable prevacid coupons 2011 can i order synthroid online cymbalta medication information what is nexium medication where does the lamictal rash start online amoxil india erexor buy canada albendazole non perscription countries strattera price australia himalaya himcolin gel india ceftin for men sale in uk over the counter kytril where to buy apcalis sx accutanewithout prescription cheap genuine penegra online buspar pharmacy prices list best generic clomid sites how does amantadine reduce dyskinesia what is the correct dosage of artane atorlip-20 non perscription countries tadalis sx 20mg ajanta pharma generic cialis buy lipitor in canada post cycle therapy zenegra actos generic available generic cialis soft 20mg cheap allopurinol us round light blue pill m 100 buy femcare cheap kamagra gold shortage 2012 azithromycin z pack cost over the counter pilex coversyl 10mg side effects buy generic clomid 50mg americans importing drugs from canada doxycycline hyclate acne worse before better order abilify 10 pharmacy acai no prescription compare prices brand sale auk cialis online pfizer pharma buy levitra 5mg online can you buy aldactone secure cialis sites yasmin boland brand viagra legal us para que sirven las pastillas omifin
Wednesday, November 26, 2014
Text Size

Search our Site or Google

Exposing Silver Mythology, Part I

Articles & Blogs - Silver Commentary

User Rating: / 22

Advanced economic analysis involves high-level mathematics at least as complex as the realms of physics or engineering, accompanied by equally convoluted jargon. As a result, it is virtually incomprehensible to the ordinary person.

Conversely, the basic principles of economics are very straightforward. Indeed they could be summarized as little more than a combination of common sense and simple arithmetic. As a result, fundamental economic analysis is highly accessible to the ordinary person – because of its relative simplicity.

What then are we to make of the fact that the self-described (mainstream) “experts” on the silver market; the quasi-official sources for data on the silver market; and the primary regulator of the silver market all regularly and consistently demonstrate complete ignorance of even the most elementary of economic principles? Are we to attribute this to gross incompetence, inherent bias, or an intentional attempt to deceive?

I will leave it up to readers to reach their own conclusions. This piece will simply lay out the positions of these individuals and entities (past and present), lay out what little reliable data is available to us; and then apply the simple, common sense principles of economics to this data. It will focus on the three most basic aspects of any market: supply, demand, and inventories.

First, however, I will refer readers to some previous, elementary economic analysis. As I established with simple numbers (and logic), in any market shorting always “consumes” while investing always “conserves”. In other words, in any market which is dominated by shorting we will see a substantial increase in consumption, and (over time) a radical decline in inventories/stockpiles. On the other hand, in any market dominated by investors (who are invariably mis-labeled as “speculators”), we will see consumption decline and inventories swell – due to the rising prices generated by increased investor-buying.

Meanwhile, the entities/individuals mentioned previously do not merely regularly engage in analysis which is wildly erroneous, but in many cases is totally perverse. It is with respect to this last point where it becomes more difficult to ascribe this behavior to mere incompetence and rather more likely that there is some degree of malice involved.

In order to show how the inaccuracy of this analysis is not only extreme but consistent, I will refer primarily to the most up-to-date opinions on the silver market today; along with an “open letter” from the CFTC from 2004, and the GFMS “World Silver Survey 2003” – which primarily covers developments in the silver market during 2002, one decade ago.

Readers must first understand that there are two ways of characterizing “supply and demand”. It can be described as current orders versus total stocks, or it can be described in terms of production versus consumption. It is the latter definition which is exclusively taught in our educational institutions, and for a very good reason: it is only by examining supply and demand in terms of production versus consumption where we can obtain any useful information about the future direction of any market.

Conversely, the mainstream “experts”, the CFTC, and the quasi-official record-keepers for the silver market never use the latter definition. Instead, they always use the much less useful former characterization – and then reach one absurd conclusion after another through relying upon this inherently flawed data.

Why is production versus consumption the only valid basis for analyzing supply and demand? Obviously the entire purpose of analyzing any market is to determine whether it is in balance, or whether it is out of balance – either through over-supply or excess demand (in order to correctly price the market). Examining production versus consumption data instantly provides us with the answer to that question.

Noted silver researcher Ted Butler has concluded that the silver market has been out of balance (in the form of excess demand) for more than fifty years, with total global stockpiles of silver declining by well in excess of 80% over that period. More recently, data supplied by the other quasi-official source of data for the silver market (the CME Group) shows that silver inventories plummeted by approximately 90% just from 1990 through 2005 – during which time the price of silver fell to a 600-year low (in real dollars).


Simply, every year (for as far back as reliable data exists) production (i.e. mine supply) has been exceeded by demand, and generally by a huge margin. It is the most elementary principle of markets (and arithmetic) that no market can remain out of balance forever, and in particular any market experiencing excess demand must reverse itself (at the very latest) when inventories reach zero.

Irrespective of whether we are referring to excess supply or excess demand, there is only one market mechanism which can ever correct imbalances: price. Where there is excess demand, prices must rise long enough and high enough to cool demand and stimulate supply until (at the very least) balance is restored. Where there is excess supply, the reverse must take place.

By definition, every year, decade after decade, silver prices have been “too low” because every year excess demand (and a supply-deficit) remains in this market. This utterly unequivocal pattern means that silver prices have been artificially too low year-after-year, decade-after-decade since such extreme and relentless destruction of inventories and stockpiles, over a very, very long time horizon cannot plausibly be considered a “natural occurrence”.

Yet this is what GFMS had to say about the silver market of 2002, with silver prices hovering near their 600-year low:

this mix of supply/demand factors means silver is unlikely to move substantially outside of its 2002 trading range.

GFMS reaches this conclusion despite immediately noting afterward that:

this annual average [price], however, remains low historically; excluding 2002, the last time the average price was lower than 2002’s was in 1993. [at the 600-year low]

We have a market which has perennially been seriously out of balance, and where that balance can only be restored by substantially higher prices. And yet with prices near the 600-year low, we have the quasi-official record-keeper for the sector saying that prices are just fine.

Incompetence? Bias? Deliberate deception?

Further discrediting GFMS, in that same report it notes that: appears silver output will fall again in 2003 as base metals producers are forecast to further scale back their operations and little new additional capacity is scheduled to come on stream.

With silver mining already extremely depressed by the 600-year low in price, with inventories already having plummeted by more than 75% over the preceding 12 years, and with GFMS itself predicting that production will fall (again) in the upcoming year, it still concludes that prices are just fine. This is not “economic analysis”, it’s “creative writing” (i.e. fiction).

There is only one source of “new silver” in the entire world: mine production. Any/every other ounce of silver which comes onto the market represents a draw-down of inventories/stockpiles. By definition, this is absolutely unsustainable as inventories are finite and (obviously) can never go below zero.

As we see in the chart above, every year production (i.e. mine supply) has been exceeded by consumption, with the supply-deficit exceeding mine production by greater than 35% every year, and generally by well over 40%. This can never be more than partially offset by “recycling”, as unlike the gold market, every year hundreds of millions of ounces of silver are literally “consumed” – used in industrial applications, but not recycled. In other words, this is not a market which is merely “slightly” out of balance, but rather one which has been in extreme imbalance every year – with that supply-deficit made up out of plummeting inventories.

Yet here we have the other quasi-official record-keeper for the sector (the CPM Group) claiming that since 2005 silver inventories have not only reversed themselves, but have roughly quadrupled over that period of time. How does the CPM Group reach a conclusion which is 100% contradicted by the data of its bookend, GFMS? The chart below provides the answer, when it notes that “inventories include silver backed exchange traded funds”.

These funds represent out-flows of silver. When I go to a silver dealer to buy an ounce of silver, every ounce I purchase decreases inventories by one ounce. Yet in the fantasy-world in which the CPM Group dwells, when someone purchases an ounce of SLV (a privately-owned fund) inventories somehow increase.

This is utterly perverse. There are only two scenarios in which the data presented in the chart above could be transformed into something rational:

1) SLV unit-holders are digging their own silver out of the ground (and refining it).

2) Each ounce of silver which SLV unit-holders purchase, and which is purportedly being held for them by that kind and benevolent Oligarch, JP Morgan, is in fact sitting in JP Morgan’s vault with a “for sale” sign attached – available to anyone willing to ante-up the current spot-price of $30/oz.

We know that SLV-holders are not digging/refining their own silver. So unless we conclude that JP Morgan is simply pretending to hold silver for those unit-holders (and is actually, secretly selling it off), we have the CPM Group portraying out-flows as in-flows.

Incompetence? Bias? Deliberate deception?

Amazingly, the apparent inability to correctly understand and apply even the simplest principles of economics (and markets) extends to the regulatory body which presumes to possess the expertise to adjudicate in these market: the CFTC.

In Part II, readers will get a large dose of déjà vu: a detailed examination of how the CFTC viewed the silver market back in 2004, and the extraordinary conclusions which it reached at that time.


Comments (11)Add Comment
Jeff Nielson
written by Jeff Nielson, January 25, 2012
Thanks again for the support, Apberusdisvet!

Yes, you are quite right that are "issues" worth raising with respect to the Silver Institute (or the World Gold Council on the gold side). I'm not going to touch that in this particular series, for one specific reason.

While we might not be "fans" of the Silver Institute, we must remember that this is AN INDUSTRY TRADE GROUP. As such, it has no "duties" with respect to either objectivity or even HONESTY.

Conversely, with respect to GFMS and the CPM Group (the record-keepers), the CFTC (the regulator), and the media (the reporters) there ARE "duties" (legal or otherwise) for these entities to be honest/objective.

The lack of objectivity of these entities is utterly beyond question, while readers must draw their OWN conclusions when it comes to the subject of HONESTY.
written by apberusdisvet, January 25, 2012
Thanks Jeff for exposing the quite palpable progaganda and purposeful disinformation out there on silver supply/demand. I hope that in your Part II you will explore the true agenda of the Silver Institute that can be determined just by examining its Board of Directors. Almost every paid troll on financial sites that claim that supply will always exceed demand, cites this fraud entity.
written by HonestAbe, January 24, 2012
I took Calculus courses in 1990-1991 in the Engineering field and I will agree that the complexity and difficulty level was extremely challenging and the failure rate was also high, in the range of 40-50%. They did not introduce Calculus in high school in my district back then. However, I will state that there are varying levels of difficulty in offering Calculus. I later reviewed supposedly the equivalent Calculus course that a friend took in a general Science field and the homework, mid-terms, and final exams only had questions bordering on a basic level of challenge, whereas the same equivalent course in Engineering was at least triple the level in difficulty and complexity. So I can see how they can now offer introductory Calculus at the high school level if you can "dumb it down" so significantly in a first year university level course between Science and Engineering fields.
written by Mathdaddy, January 23, 2012
As a high school calculus teacher for the last 20 years, I would agree that advanced economics may not be as rigorous as the physics and engineering, but in a world that lacks a true economic education much less the basic principles involved; economics is a difficult cultural concept.

The difficulty in understanding sound economics , IMHO, stems from liberating minds from the fiat system that holds us hostage; they need to be open to alternatives. I had a student look at me in AP Calculus with the most curious expression after I told them, " I no longer trust my bank to protect my wealth."
Jeff Nielson
written by Jeff Nielson, January 23, 2012
Citizen Doctor, referring to calculus as "high school mathematics" is absurd. In fact, not only is calculus obviously UNIVERSITY subject matter, but even at that level universities have been "dumbing down" their calculus courses for decades - because of the sky-high failure rates.

At the time I studied second-year calculus (BEFORE much of this dumbing down), only 1/3 of students PASSED THE FIRST TIME - and the ONLY people who ever enroll in second-year calculus are math majors, economics majors, physics majors, and engineering majors.

It was my CALCULUS PROFESSOR who told me that economics ranked at least equal to those other fields in terms of the complexity of its mathematics - and since he does NOT have your own academic biases, I'll choose to trust his opinion on this subject.
written by Norbull, January 23, 2012
Citizen Doctor, as a Professional Engineer I know where you are coming from, but don't miss the excellent economics lessons offered here because you feel Jeff has overstated the complexity of the black art of higher economics!
Regretably it is the decisions of politicians and economists that ultimately decide whether major engineering gets funded so engineers really need to improve their knowledge in this field.
written by Citizen Doctor, January 23, 2012
Citizen Doctor, you shouldn't comment on things you know NOTHING about.

That was my point, exactly.

When I studied calculus, I took TWO years of calculus - rather than the only 1 year required.

And even then I found regression analysis to be EXTRAORDINARILY complex.

Calculus is a high school subject. It is a bare minimum entry level requirement for the lowest-level introductory course for both Engineering and Physics majors. Regression analysis and even the Black-Scholes option pricing formula, which won a Nobel Prize in Economics, are comparable to routine undergraduate engineering and physics but are quite basic compared to more advanced levels of those subjects.

You are claiming that advanced economic analysis is at least as complex as engineering and physics. This statement undermines your credibility. Your retort that I know nothing about these subjects further undermines your credibility. I have a doctorate in physics, and have taught engineering at the university level. About half of my students over the years who found engineering too difficult during their first year or two changed their majors to Business Administration or Economics because they found it easy by comparison.
Jeff Nielson
written by Jeff Nielson, January 23, 2012
Quick question with regards to the world silver supply/demand chart - I noticed there was 61K of supply as a silver producer's hedge in 2010....does this mean that there was actually 796,000 ounces produced? The hedge of 61K ounces is clearly added to supply.

Seems like quite a jump in production from 09-10....especially if you consider the "dehedge" in 09....would that mean they are stating that producers pulled an extra 100K ounces out of the ground? Seems like a big increase.

Narmore4141, I have to confess to not knowing how they "account" for these hedges. Most likely this is a NEW producer forced to do some hedging as part of their financing to go to production, OR a base metals producer "hedging" their silver byproducts.

With forward selling like this, they may ACCOUNT for the hedge in the current year, even though that forward selling COULD be spread over a significant period of time.
Jeff Nielson
written by Jeff Nielson, January 23, 2012
Citizen Doctor, you shouldn't comment on things you know NOTHING about. When I studied calculus, I took TWO years of calculus - rather than the only 1 year required.

And even then I found regression analysis to be EXTRAORDINARILY complex.
written by narmore4141, January 23, 2012
Great article! Quick question with regards to the world silver supply/demand chart - I noticed there was 61K of supply as a silver producer's hedge in 2010....does this mean that there was actually 796,000 ounces produced? The hedge of 61K ounces is clearly added to supply.

Seems like quite a jump in production from 09-10....especially if you consider the "dehedge" in 09....would that mean they are stating that producers pulled an extra 100K ounces out of the ground? Seems like a big increase.
written by Citizen Doctor, January 23, 2012
Advanced economic analysis involves high-level mathematics at least as complex as the realms of physics or engineering...

No way. Not even close.

Incompetence? Bias? Deliberate deception?

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.


Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer: is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form