buy low dose aspirin online what is reminyl er cordarone loading dose why is there a shortage of fertomid how to import albenza order live painted lady butterflies bupropion online store generic lexapro not working lowest price ponstel fast luvox delivery levitra plus cheap what is levitra and how does it work accutane india cost lexapro prices cvs celexa bonus pills buy avalide 100mg online better than tofranil buy benadryl with no rx lamisil dose for toenail fungus trimix blending tables keflex 1000 mg nebenwirkungen online mexican pharmacy oxycontin purchase nitrofurantoin online how to get nootropil drug cheap snovitra super power pills buy canada no prescription for diclofenac gel paroxetine and alcohol abuse buy trazodone online usa can you buy order toprol xl metoprolol vasotec side effects non persciption viagra soft lanoxin generic name buy celexa brand 10 mg there generic glucophage canada and brand levitra colospa no prescription canada buy imitrex usa triamterene medicine online what does the drug risperdal do buy tretinoin 0,025 in ireland to buy albenza in uk where to purchase retin a online sale brand viagra no rx promethazine online menosan online legally methotrexate without alkalinization where to buy digoxin in canada safely online reglan india what is the name of the generic drug for plavix 0.2 nitroglycerin cream levitra 400 mg brand cialis 10 mg cost metformin side effects skin rash can buy promethazine over counter pharmacies in cash order chloramphenicol taking clomid before period starts buy cardura pills atomoxetine cochrane review is there a generic for zetia yet build order allies red alert 3 pet insurance ireland cost of kamagra oral jelly nexium mups tabletas hydrochlorothiazide delivery digoxin 100mg cheap steps taking cytotec abortion pills order levitra 5mg what do nolvadex pills look like brand advair diskus with american express stromectol buy online depression anxiety medication names discount canadian pharmacy imuran nitroglycerin generic name where to apply topical phenergan zestoretic shelf life ethionamide para que se usa el orlistat methotrexate injections and sun exposure ordering voltaren on line cabana overnight experience cefixime capsules side effects amaryl dosage elderly malegra fxt online meds trustworthy online drug stores apartments for sale allisee levothyroxine medication online zyvox generic cheap costs comprar erexin-v original what is methylprednisolone tablets 4 mg used for nizoral looking for robaxin dosage for humans cheap viagra sales uk use actoplus met coupon online long term effects of prednisone on children cipro overseas mexican pharmacy no prescription fluoxetine what prescription drugs are over the counter in mexico sale order apcalis sx mg pills what schedule drug is allegra online generic viagra sales generic tadacip online purchase lipitor canada generic lipothin no prescription tetracycline lawsuit settlements buy lanoxin online reviews buy diclofenac paypal accepted where to buy malegra fxt ointment cheap pain meds dogs navarro discount pharmacy jobs xenical generic equivalent generic fosamax dosing does furosemide cause weight gain generic cozaar usa pharmacy cialis 20 mg costi reliable pharmacy rx hcg toprol asacol in the uk now ciproxin 250 mg uses baby aspirin coupons sertraline on line for sale no script celexa cost canadian do i need a prescription for prednisone redustat pastillas precio buy nizoral with paypal pravachol 100mg cheap cephalexin capsules ip ponstel weight gain buy diflucan fluconazole prescription confido in croatia can you take cialis and viagra at the same time epivir-hbv online in us indian generics online altace best online pharmacy generic singulair isoniazid next day shipping can you buy female cialis over the counter in germany can you buy etodolac online cheap amitriptyline no prescription overnight delivery greenbushes lithium operations western australia can i buy tetracycline over the counter xeloda on the internet suppliers of coumadin in us does omeprazole work better than ranitidine chlamydia treatment pills side effects eurax lotion safe take cialis lisinopril betapace iv dose augmentin dosage dose the chepest viagra vantin with paypal payment khawaja naveed ki adalat march 2013 is skelaxin over the counter buy cheap diclofenac gel using pay pal buy prinivil australia order phexin online uk anxiety medication over the counter canada risperdal quicklet where citalopram amex gums how to buy anafranil in london erectile dysfunction after age 40 diarex no prescription compare prices buy protonix online pharmacy clomid from mexico generic orlistat manufacturers lasix side effect fatigue cheap desyrel sale uk forzest 40 mg pharmacy discount code for anacin rheuma-online arava what is toradol for moduretic echeck lisinopril 40 mg tablet 4214 delivery generic plendil buy trazodone tablets online coreg brand positioning rogaine vs propecia cost can buy caverta online buy prednisone 10 mg online buy genuine zestril uk is viagra prescription florinef cost dogs get lexapro cheaper carafate online legally avalide prescription only oregon state football recruiting how to get singulair for free purchase ciprofloxacin online flagyl for body odor canadian ceftin online pharmacy canadian alliance against software theft coast caast buy benadryl online cheap beat way to order levitra plus lesofat price no prescription zenegra sale recommended valtrex dosage outbreak triamcinolone acetonide dental paste uk kytril online forum avandamet delivery london motilium online overnight buy requip in ireland lotensin order on web betapace no prescription canada can you get high off bupropion hcl piracetam bulk amazon what is betnovate rd ointment for buy silagra no prescription pastilla equivalente al viagra en mexico suppliers of grifulvin v in us priligy dapoxetine blog elocom unguent prospect best price for viagra at pharmacy what is aleve pills for pilex doctors online purchase ciprodex lexapro global sales current uk law on drugs achat de viagra au speman in croatia cialis no rx us pharmacy drugs online accutane no prescription premarin cost walmart buy nolvadex 40 kangmei slimming tablets australia buy dapoxetine no prescription saw palmetto dose for hair loss generic vasodilan uk paypal what is enalapril used for antifludes jr buy protonix from mexico online prescription metformin er cipro antibiotico acai next day colchicine availability flomax australia price amitriptyline alcohol use mexican pharmacy no prescription femara terramycin on line benicar mail order india tadacip noprescrition needed uk online pharmacy proventil australia price how much claritin d can you buy order ventolin no rx canadian pharmacy grifulvin v tablets from buy can you take endep daily generic urispas for sale on line where can i get some atarax genuine calcium carbonate best price que es disfuncion erectil yahoo canadian rx pharmacy online buy remeron 50 buy cheap dapoxetine using pay pal alesse prices usa generic lexapro overnite shipping discount prescription drugs from canada coreg online overnight shipping diclofenac gel no prescription buy viagra in london drugstore where to buy exelon patch singulair prescription assistance best generic cialis reviews eurax buy on line delivery buy phenergan topic cheapest brafix tablets uk medication definition buy coversyl cialis professional generic dutas by mail walgreens mail order pharmacy fax retino a gel cheap cephalexin pills z pack dose for children fast minocycline delivery generic xenical switzerland cheapest betapace tablets uk donde comprar avodart himplasia pill shortage do you need a prescription for chloramphenicol buy cough syrup containing codeine and promethazine mobic uk brand name precose over counter uk vigra norway airport viagra 100mg how long does it last better than fml forte overnight celexa delivery viagra free samples n.z breast cancer medicines tamoxifen what are the side effects of lithium orotate generic viagra reviews mexican pharmacy no prescription amitriptyline cheap drugs amitriptyline buying presciption pain killers online lopid medication is it illegal to order prescription drugs from india generic amitriptyline lawsuit canada ephedraxin cheap uk amantadine generic release date amitriptyline mail order india order brand viagra online no presctiption yasmin usa cvs prices is it safe to order feldene original blue pill double strength review sinequan on the internet roche canada accutane prometrium shop net walgreens mail order pharmacy locations online sale of differin prograf rxlist retino-a cream 0,025 dosage instructions generic antabuse names best price for real diamox donde comprar cialis chile metoprolol tartrate side effects best site to buy phenamax florida ventolin retino-a cream 0,025 overnight pharmacy ethinyl estradiol and norethindrone viagra non prescription drug what is dramamine trip research grade crestor overnight pharmacy vermox ed drugs for women anafranil nombre generico zixen trimix gmt review flomist nasal spray dosage fluconazole 200 mg dosage how to get propecia in the uk discount code for lipitor diamox order online no prescription discount benfotiamine mg pharmacy forum cpd deutsche online apotheke erfahrungen buy cheap allopurinol online zebeta now co uk betnovate c skin cream side effects buy cefadroxil online india buy clomid from mexico lamictal no better than placebo is there a drug comparative to zetia a que edad comienza la disfuncion erectil lotrel no prescription fedex ups best place buy nizagara azulfidine without insurance insurance times awards 2013 american diabecon comprar lithium portugal where can i buy real phentermine 37.5 fluconazole pregnancy first trimester levitra plus to buy in england order nitroglycerin canada doxycycline hyc 100mg for acne what does celexa do to your period what is ic metronidazole can you only get yasmin on prescription what does acai berry juice do for you chlamydia doxycycline 100mg india zofran price canadian pharmacy januvia what does viagra cost at cvs best 10 viagra sites evista dosage prevention buy cardura 80 mg online buy chloramphenicol australia buy seroxat paroxetine buy emsam online with mastercard ordering biaxin canada cialis canada pharmacys buy wellbutrin sr in singapore amantadine online in us can you buy lopressor buy topamax visa order crestor online viagra prescription drug levaquin by gmail prescription best prices on allegra optumrx formulary 2013 baclofen dose hiccups what is the correct dosage of minipress cheapest place to buy sarafem buy himcolin uk acquisto celebrex sicuro online liquid tamoxifen citrate for sale buy saw palmetto online in india buy brafix online pharmacy mestinon drug classification buy zocor in ireland menosan tablets online medication salesman user reviews on lexapro brand glucotrol xl for sale online dutas purchase natural erection pills australia duphalac dosage for toddlers actosol label dapoxetine tablets side effects how to buy malegra fxt promethazine with codeine syrup dosage rogaine 2 max dose can mobic cause weight gain forum acheter alliances pariet sale the online drugstore arava cheap car insurance for 18 year olds how to order omnicef doxycycl hyc 100mg birth control pills eulexin how to by alli online canada online pharmacy claravis ordering nizoral mexico cialis rx drugs discount beconase aq mg can you buy saw palmetto over the counter over counter rhinocort order trandate in actonel roche precio argentina buy medicine online with no prescription proscar 100mg cheep generic viagra for sale on line canadian family visa apply cialis super active from canada do i need a prescription for wellbutrin sr can you buy diamox can you get high from trazodone ssri crestor usa cvs prices fedex overnight shipping brand levitra orlistat shortage october 2012 kamagra jelly 100 mg in holland generic z pack price where can i purchase real viagra azithromycin dosage children nizoral 1 hair loss reviews illegal buy zoloft online low cost overnight motilium trental er 400 mg tablet levitra generic cialis reviews on parlodel buy generic atrovent renova cream strengths how much does colchicine cost buy amoxicillin online uk albendazole over counter uk fluoxetine in india buy roxithromycin generic suhagra online uk how to take metformin hcl zofran tabletas de 8 mg liquid olanzapine review can order femcare canada buy oracea online no prescription required seroquel reviews for depression betnovate delivery blood pressure medication names generics buy canada no prescription for xeloda is it illegal to order generic cytoxan is zantac sold over the counter augmentin dosage for chest infection post accutane skin treatments elocon mexico no prescription salzarex tadalafil lotensin delivery uk carafate pharmacies in can i drink alcohol with medrol dose pack pyridium uk next day delivery inderal anxiety panic cozaar annual sales combined revatio from europe indocin generic brand zyprexa brand order what is the difference between yaz and yasmin pill skelaxin pill shortage buy ephedraxin online cheap levothroid canada diclofenac sodium 50 mg for back pain retino-a cream 0,025 tablets procardia express canada canada order indocin why has female cialis been discontinued how to take bupropion xl why shortage of alli diltiazem extended release generic buy viagra soft tablets usa buy bystolic online no prescription united states silagra canadian medications without prescription dipyridamole coupon code lasix online ordering online proventil purchase precision peptides tamoxifen citrate reviews tadalafil citrate 20 mg cialis generika erythromycin generic accutane lawsuits canada buy indocin sr online blopress sold over counter when does maxalt mlt go generic hydrea roche precio argentina can you get abilify in generic legal buy digoxin online canada proscar free shipping buy yagara fast shipping depakote delivery ambien cr vs ambien healthy male body fat ratio erythromycin topical gel for sale benzac side effects uk buy canada no prescription for acivir pills changing from celexa to wellbutrin saw palmetto price ordering drugs from mexico by mail without buy abilify online perscription where to buy real phentermine 37.5 azulfidine limited india what is clorfenamina mexican pharmacy no prescription azulfidine order celexa medication by mail uk pharmacies online that sell dostinex orlistat purchase in canada no prescription long time side effects plavix ordering low dose skelaxin can you buy cialis online in canada what std is zithromax used for side effects of diltiazem cd dosis de aciclovir en el adulto tretinoin 0,05 no prescription compare prices does diflucan work better than nystatin is accutane banned in the usa best price for real prednisone sinequan where to get cheapest endep in the uk buy dulcolax online amazon arimidex where can i buy it buyers of diltiazem canada what is etodolac 500 mg tablet used for buy risperdal 50 midamor mg price ciplactin weight gain reviews mexican pharmacy no prescription betnovate buyers of paxil canada buy lanoxin discount what is coreg cr 10mg paxil online prescription safe nexium no prescription can you only get retin-a 0,05 on prescription where can i get nitroglycerin what does levaquin do to the body asthma inhaler with no prescription fast himplasia deleviery side effects of tinidazole order neurontin prescription all types diakof pills free or low cost acticin proventil medication asthma ginseng dose for erectile dysfunction minocycline on line no script what drug category is liposafe aciclovir 40 mg dose compare prices female cialis augmentin maximum dosage doxycycline hyclate and birth control pills what is plendil tablets donde puedo comprar una membresia de xbox live de un mes high altitude medication diamox drugstore makeup blog canada how to get bupropion drug uroxatral prices walgreens where to buy ventolin inhalers online what is nolvadex pct cheap elimite online requip xl dosage forms viagra price in dubai erythromycin gel over the counter order singulair samples no persciption meds viagra brand glycomet buy rx plus pharmacy shannon nizagara buy online mexico natural thyroid medication uk viagra online coupon code protonix canada drugs orlistat spain over counter clomiphene pregnancy category acyclovir works better than valtrex 100 mg estrace sustiva medication combivent shelf life aceon spain over counter claritin dose buying generic drugs from india generic name of erythromycin get coreg las vegas what drug category is trental ponstel prices at costco zoloft tablets australia where to buy cheap generic zebeta what does phenergan do to youtube etodolac overnight delivery buy cheap remeron eritromicina prospect 200 order synthroid on line usa cialis sublingual online cheap buy zyloprim hong kong puedo comprar brand name of viagra in india caverta visa where to get keppra pct best price for real fertomid fastest mircette uk delivery canada buy tamoxifen without prescription cipla field levitra tablet in india best price for real tulasi coumadin and nsaids who what when where why side effects of depakote sprinkles best price amaryl singulair paediatric 4mg side effects evista without a prescription from australia buy diltiazem cream uk is carafate over the counter xenical to buy in england cheapest drug levitra plus can i get pregnant while on provera very cheap lopid lortab vs vicodin paroxetine medication depression buy genuine lotensin uk pharmacie de garde geneve rive droite best place buy prazosin pct prescription medication online pharmacy suprax 200 mg filmtabletta how to take prednisone 20 mg us online pharmacy no prescription ditropan tadaga tadalafil soft gelatin capsule yasmin from usa pharmacy zanaflex without rx propranolol er 60 mg capsules side effects synthroid vs armour dosage buy alligator hairclips bow making what is esomeprazole for online cytotec india is there a generic form of topamax over the counter antifungal medicine for oral thrush can i get pregnant on zoloft how to buy hydrocodone online for cheap best online pharmacy generic shallaki is generic avapro effective chloramphenicol clonidine extended-release tablets for pediatric patients with attention-deficit/hyperactivity disorder where innopran xl order eulexin canada nimotop with paypal payment clonidine doctors online differin delivery signs of pregnancy while on clomid synthroid 100 aciphex shortage obama supports citizens united where can i buy arimidex uk amantadine medication online voltaren 1 gel usage comprar nexium en argentina funny generic names for viagra generic ortho tri cyclen no prescription lilly pharmaceuticals cialis diet plan use xenical onde comprar o remedio propecia cordarone weight gain ortho tri cyclen cheap mexico pharmacy legal order prescription drugs online uk long time side effects compazine zithromax price costco betnovate cream uk ephedraxin without a script generic medrol dose pharmacy has best price aricept cialis sales bracket buy ephedraxin for daily use cozaar generic liv without prescription elavil comments getting abilify in australia revia online order buy bentyl online pharmacy order risperdal 2 mg buy v-gel boots pharmacy eurax brand order alphagan medication glaucoma my atarax coupons us online pharmacy no prescription phenamax over the counter viagra alternative gnc no prescription himcolin sale can i take sleeping pills with amitriptyline zyban order on web is cipro over the counter in canada retino a 0.025 price in india keflex next day buy retino a cream 0 025 lasix prescription overnight delivery pharmacy tech salary canada famvir discount plavix coupons cards fluoxetine hcl generic name vasotec 100mg cheap generic paxil online ciprofloxacin ear drops dose best online pharmacy for finasteride online buy cheap aciphex purchase ortho tri cyclen lo acheter orlistat 120 mg voltaren manufacturer coupon best price retino-a cream 0,025 glucotrol xl generic name motrin and blood pressure medicine cheap viagra pills for sale avapro mail order india order atacand cheap quality generic acticin side effects long term use valtrex over the counter uk effects of prednisone on body order propecia online australia tinidazole pas cher italie glucotrol xl paypal can you take acticin daily chlamydia treatment azithromycin dose purchase starlix pills kytril online cheap buy genuine olanzapine uk cvs online pharmacy prices how to take methotrexate famciclovir cost uk dostinex order online no prescription coming off citalopram 20 mg prednisone without taper generic name for tinidazole tricor buy usa over the counter topical antibiotics uk phenergan children flying levaquin paypal amantadine for daily use canada ditropan for sale online max safe dose cialis levlen prices at costco toprol xl 100mg ibuprofen overdose symptoms in children pharmacy has best price indocin get propranolol online viagra barato en farmacias can you buy prescription order cyklokapron is it illegal to order generic gasex viagra para hombres sirve para mujeres what does methotrexate do for an ectopic pregnancy cheap fluoxetine no prescription retin a for acne best place buy valtrex pct buy cefixime 100 pharmacy online uk cialis narcotics online pharmacy no prescription clomid overnight buy cheap lotrisone coupons doxycycline hyclate 100mg buy online moduretic online usa no prescription singulair weight gain cephalexin for dogs vs humans lowest price viramune cheapest erexor tadacip online india himcocid maximum dosage donde comprar liv 52 espaa anacin by mail maxifort 50mg buying prednisone online sale viagra soft tabs 100mg ordering propecia online canada pink viagra for sale viagra super active sale canadian pharmacy all types cialis soft pills is generic diltiazem effective buy plendil 40 toradol medicine online mirapex er generic confido pills sweat buy brand tetracycline viagra soft noprescrition needed uk online pharmacy usp prednisone tablets p1i300 swiss legend trimix diver watch online zanaflex india order depakote online buy actos with best place to order valtrex in us donde comprar saw palmetto en argentina benefits of pomegranate juice weight loss what is haldol used for in elderly us news best pharmacy schools buy desyrel new zealand online lithium discount voucher provera prescription coupon buy online levitra super active generic buy isoniazid with visa western drug metoclopramide what is leukeran prescribed for nitrofurantoin mono-mcr 100 mg cialis 20mg usa keftab order on web ciprofloxacin health canada warnings zanaflex generic 2013 drugs ginseng 100 mg side effects how to by methotrexate online cytoxan in croatia malegra fxt supplier in uk can you buy unisom over the counter in germany buy protonix online cheap bactrim reviews acne org hytrin 10 mg cost allegra versace boyfriend zyban free shipping ajanta pharma philippines inc products buy over the counter dostinex online buy amitriptyline pills in the india online pharmacy viramune estradiol levels chart maxalt rpd canada side effects of prednisone in women motrin costochondritis strattera patent lawsuit prograf sublingual dosage abana through purchase renagel cheap buy kamagra pills in the uk cheap vasotec no prescription can you buy ventolin in asda viagra without a perscription where can you buy viagra in northern ireland sale zyban levitra plus purchase in canada no prescription better than albenza music used in cialis commercial where to Purchase allegra 60 mg cytoxan delivery uk is nizoral 2 over the counter azax 500 dosage for chlamydia sinemet dosage too high food increasing libido what is better than celexa lamictal generic buying septilin detrol cheap price buy sarafem no prescription health canada tegretol pilex drug schedule antivert dosage route differin online mexico does haldol make you gain weight cipa approved canadian pharmacies indinavir uk buy benzoyl metronidazole wiki comprar seroflo original en madrid how long does it take for celexa to work on anxiety uroxatral price can i get pregnant on seroquel safe buy cyklokapron online where can u buy viagra over the counter rocaltrol canada head office diclofenac gel comparison buy phenamax online india prospecto voltaren 50 mg walmart pharmacy generic drug list 2012 ceftin without a perscription stromectol canada no prescription amantadine india drug mg mentax online overnight cod buy blopress from india buy depakote with visa retail cost of novolog flexpen side effects of promethazine pills viagra professional usa do i need a prescription for brand levitra buy brand purim canadian alliance church is worship costco pharmacy arava price what does phenergan help with buy buspar online no prescription tadalafil review what cycle days is best to take clomid when was alli launched in the uk viagra in singapore buy probalan greece long time side effects ashwagandha neurontin without a prescription from canada coupon for bystolic tablets is generic viramune effective best price for atacand can you canadian buy hyzaar online buy cheap atacand tinidazole dose pediatric easy healthy mango sorbet cheapest order zofran exelon patch usage what type of drug is dramamine online newspaper jobs in pak naprosyn generic name buy antivert without rx chances twins using clomid alli lawsuit canada overnight pharmacy ventolin cipro take with or without food what is arimidex used for bodybuilding valtrex dosage recommended canadian alliance party members zocor canadian pharmacy can you get lithium from the sun signs and symptoms of asthma aspirin in pregnancy nice guidance arjuna discount amantadina sulfato o clorhidrato mecanismo de accion generic decadron usa pharmacy amantadine generico italiano purchasing sinemet online lamisil over counter prescription doxycycline overnight delivery generic vardenafil 20 mg price xanax generic pill identifier buy lasix prednisolone tablets 5mg price how long for cipro to get out of system lov cost actoplus met plavix pharmacy price how much is prednisone tablets best generic procardia sites safe to buy generic zyvox from usa cheap phizer brand viagra suhagra online forum bystolic generic version no prescription pain meds for dogs buy cialis soft tablets usa generic levaquin online buying zithromax uk brand levitra sale generic slimming tablets uk that work eve mentat market scanner buy evecare boots pharmacy where can i buy mentats legal buy triamterene online canada motilium tablets purchase on line best price for real proventil pastillas peruanas para abortar best place to buy lexapro in australia medrol legal us can you only get lopressor on prescription where to buy astelin drugs online alesse direct pharmacy ralista without insurance amoxil 250 mg alcohol non prescription flomax online where to buy saw palmetto pills is it legal for us citizens to buy drugs from canada vermox coupons what is the best erection pills over the counter yahoo dramamine clothing discount acheter viagra sans ordonnance quebec buy suprax cefixime online generic revia over the couter generic antivert buy canada antivert canada prescription reviews on tegretol flagyl 400mg tablets dosage amantadine generico online pharmacy direct 2 u fertomid discounts codes viagra priser danmark buy ampicillin without a prescription from canadian pharmacy where do i buy adalat blopress comprare how does tofranil work for bedwetting diovan dosage information colchicine from canada no prescription buy retin-a 0,05 online reviews what is the correct dosage of cialis sublingual generic viagra cheapest price what is aleve d sinus and headache what is the normal dosage of cipro for uti allopurinol tablets gout advair wiki nolvadex now chloramphenicol eye drops in canada cabaser dosage bodybuilding sumycin on line no script european association faculties pharmacy 2010 where omnicef finpecia in canada ditropan with no perscription tenormin dosage too high buy kamagra in india online nexium medication order glucotrol xl what does generic imitrex look like cost of aldactone without insurance amsa fast pastillas levitra kamagra uk sominex uk next day delivery ordering purinethol half price forzest rate list cipla generic products revatio 20 mg tablets ciprofloxacina para que sirve does diclofenac cause weight gain pharmacies buy xenical online low dose of zoloft for anxiety atorlip-10 dosage too high generic zocor uk paypal mirapex er prices dilantin dosage forms online pharmacy isotretinoin is generic tadalis sx available in usa bob fiddaman seroxat secrets compare prices cleocin gel generic allegra safe buy zestoretic 15mg online side effects of flagyl gel where are acai berry from cephalexin and alcoholic beverages interaction washington low income housing alliance advocacy allopurinol canada no prescription glucotrol xl drug store online buy aricept from canada erectile dysfunction aids uk retino ac gel uses i pill fertomid website relafen from usa pharmacy atorlip-20 discount no prescription synthroid tablet sale finast australia pharmacy voltaren rapid prices eulexin shortage 2012 motrin dosage no prescription revatio baby aspirin online non prescription drugs available canada azithromycin dihydrate chlamydia buy orlistat online uk use artane coupon online is generic strattera available in usa cheapest cytoxan generic fluoxetine for dogs cymbalta dose increase tetracycline overnight lotensin roche precio argentina what is rimadyl palatable is it safe to order xalatan mexico allies world war 2 online order cheapest nizoral prices zetia prix en pharmacie en france pravachol side effects long term use kamagra online bestellen legal what is yasmin good for augmentin online canada lasix for horses drug changing from lexapro to celexa zoloft prilosec dosage for ulcers acquisto feldene sicuro online lowest price motrin generic ampicillin lowest prices buy fucidin pills in the uk fucidin barato where to buy provera with echeck chloromycetin express canada starlix pills sweat cheap per pill ampicillin medication malegra fxt wiki beconase aqueous nasal spray side effects where can i buy combivent triderm unguent pret is cialis ok for women atorvastatin side effects memory loss order overnight elavil online abana pharmacy prices list no rx voveran online buy motilium capsules buy hydrocodone online mexico gasex no prescription compare prices atrovent without prescription miami order arimidex lowest price vytorin tablets uk Purchase synthroid 200 tablets do i need a prescription for phenamax order lynoral online uk zebeta online bestellen novartis cafergot pills insulin sensitivity intermittent fasting ordering minipress cost of bystolic 5 mg viagra dosage uk 100mg purchase levaquin in uk best generic eldepryl sites requip buy without forum online next day order cheap rhinocort use kamagra oral jelly coupon online how long does dutasteride take to work for hair loss cheapest living vases where to get living steel where can i purchase ponstel actos prices in canada where to buy amoxil online mexico buy celebrex 200 mg prescription depo provera prices canada what is acai berry powder claritin uk next day delivery cheap buy zyvox overnight what is nitrofurantoin macro cost of atorlip-10 without insurance uk drugs classification list can i buy clomid on the internet aricept online overnight endep sublingual dosage medrol tablets from buy viagra sale online canada hyaluronic acid for sale philippines how much does alesse cost without insurance plendil without prescription torsemide generico italiano how to take finasteride for hair loss aciphex lawsuit cheap reglan sale uk when should phenergan be ordered cheapest levitra plus in the uk where do i buy viagra plus where to buy viagra professional drugs online percocet effects buy lozol tablets online ginseng tablets dosage diflucan oral tablet 150 mg how to take finast mg cheap lariam pills buy cymbalta online reviews alli slimming tablets information getting trileptal in australia furosemide tablets medication its side effects coversyl 5mg homeopathic substitute for doxycycline buy retin-a canada best place to buy ranitidine azithromycin dosage chlamydia treatment haridra prices cvs can you take tadacip daily ordering viagra mail aripiprazole (abilify) nizagara pill shortage overnight delivery generic propecia fda approved moduretic generico online trazodone purchase buyers of revia canada where to buy safe antibiotics online concerning donde comprar methotrexate buy liv 15mg online dramamine where to purchase generic from ranitidine over the counter drugs similar to cholestoplex fastest aciphex uk delivery tramadol overnight mastercard precisa de receita para comprar viagra canada pharmacies online that sell zoloft what is the medicine meclizine used for order levaquin online no prescription with a amex what is the cost of lipitor at costco allopurinol generic usa where can you buy alligator meat in chicago albenza 200 mg tablets promethazine generico online buy desyrel in uk legal order drugs online canada non prescription rumalaya liniment urispas drug schedule casodex maximum dose tricor online shipping order finpecia cheap zestoretic overnight pharmacy purchase cialis on line in mexico imitrex generic manufacturers buy elavil tablets usa pletal in croatia buy alesse 10 how long does levitra last on line no prescription prices liposafe buy online ireland what does lasix do how to take ciprofloxacin 250mg order diclofenac canadian pharmacy testosterone cream women uk cheap orlistat buy where to buy dramamine patches is prilosec available in australia how long to use lotrisone order generic viagra overnight coreg canada head office ic ciprofloxacin hcl side effects crestor medication where to buy do you need rx torsemide where do i buy heirlooms alliance diclofenac heart attack lawsuit eurax for daily use canada nitrofurantoin brand positioning green promethazine and codeine cough syrup best price diclofenac gel what is the correct dosage of lanoxin how much does nexium 40 mg cost secure ordering online cialis best site get stromectol best site get procardia is viagra soft available on line in canada triamterene hctz 37.5 25 mg picture long term side effects of remeron aspirin sales celebrex medicine children generic uk paypal lasix purchase prilosec cheap anacin woldwide shipping where to buy levitra online mexico generic bupropion xl pictures etodolac 300 mg generic clozaril 40 mg dose topamax fast india antibiotics in order of strength acheter pas cher minipress do i need a prescription for yasmin liv ac uk printing costs buy betnovate with e check low cost overnight acticin what is nizoral cream used for cialis super active generic equivalent cheap trimox no prescription zanaflex without prescription miami viagra south africa online what does astelin nasal spray drug information canadian sertraline medication what is the dosage for nexium 40 mg forest laboratories bystolic coupon duphalac vaistai chloroquine generic 2013 drugs buying risperdal from canada no prescription avandamet lawsuit settlements vpxl price mail order viagra safe where to buy liquid cialis diflucan canadian pharmacy zoloft paypal saroten 10 mg nebenwirkungen buy pamelor amoxicillin 500mg no prescription uk uk version of levitra atarax wanted online review india buy generic actoplus met buy nizoral online uk omifin dosis en hombres eurax usa cvs prices tamoxifen citrate tablets drugs buy prednisolone for cats treatment are american alligators endangered cardura e10 elimite to buy in england bula do amantadina my casodex coupons yagara price where can i buy metformin mg norvasc order online no prescription buy luvox online overnight cheap generic female viagra what is equivalent to flonase over the counter cheap dapoxetine sale uk can you take provera daily benzac cost cialis soft pill canadian cost of micardis 80 mg minocycline price in india didronel prescription only sale online generic advair diskus ventolin mg tablet safe buy wellbutrin online buy eldepryl with visa zoloft insomnia side effect billig caverta online kaufen natrol acai berry 1000 mg reviews where can i buy medrol without prescription propecia for hair loss treatment--side effects what are the side effects of risperdal medication buy tadapox tablets online fda celexa maximum dose best canadian pharmacy review cymbalta india andorra levothyroxin online what is the best way to take viagra how to order vpxl diflucan in usa coreg cr 40 mg side effects requip online legally best generic bactroban review delivery prescription buy abilify symptoms of ventolin overdose furosemide delivery cicloferon aciclovir canadian pharmacy malegra dxt can you buy ventolin in asda selling fluoxetine prescription data lowest price cymbalta 60 mg quickest suprax cedax bronchitis diamox online no prescription pharmacy checker prices generic form allopurinol cane you buy viagra super active in ireland canadian pharmacy alli for sale online accutane cause weight gain discount cardura costco watford uk arimidex to buy in the usa without a prescription can i make allopurinol best ashwagandha india american ophthacare canada order plendil purchase arimidex in uk online brand amoxil with no prescription buy baby alligators cipro italiano buy ortho tri cyclen tablets australia buy levitra online with out prescription onde comprar cialis em salvador generic singulair from india purchasing duetact online uk buy nizoral mg online for generic propecia uk paypal aldactone maximum dosage synthroid cost rite aid buy birth control online with prescription where to buy narcotics online periactin shopping walmart pharmacy prices in canada where purchase flomax quickest female cialis online drug minocin pharmacy coupons augmentin xr dose for sinusitis metformin side effects bloating prednisone cost comparison drugs keftab online pharmacy uk to buy promethazine online paroxetine purchase whole sale viagra nd ceislis how to take cytotec for abortion orally purchasing vytorin online indocin prices usa canadian alliance terminals ltd contact where to buy flomax with amex amoxil reviews can you buy rogaine 2 over the counter is there a generic for lexapro 2012 long time side effects prednisone purchase generic eldepryl femara prescription coupons buy generic accutane guaranteed lowest prices alli weight loss coupons 2012 buy diclofenac gel australia comprar zenegra stieva a cream on line abilify class action lawsuit lawyers the online drugstore confido where can i order cilais online aurochem mumbai india acheter pilule alli canada lexapro weight gain forum pulmicort flexhaler from canada anthem mail order pharmacy california fastest lioresal uk delivery lidocaine spray premature ejaculation where can i buy doxycycline for humans buy diltiazem 100 ventolin side effects uk minocycline without food overnight pharmacy buy cheap abilify glucophage canadian online overnight pharmacy ampicillin buy india prednisolone reviews and dosage legal buy hyaluronic acid online canada amitriptyline dose for ibs blopress medication where to buy buy motrin online usa how to order cymbalta buy ditropan tablets uk sustiva rash can i get colchicine motrin medicine for kids retin a cream buy online australia is zyrtec an over the counter medication wellbutrin pharmacy coupons low dose amitriptyline for pain arthritis baclofen 20 mg dosage eurax generic name precose discount voucher prevacid solutab canada lowest price septilin doxycycline 50 mg order online buy tadacip boots sildenafil citrate tablets 100mg how to use what are the side effects of cytotec tablets where to buy synthroid online without a prescription professional cialis clomiphene citrate for men testosterone diclofenac gel over the couter best site get didronel tadapox generic release date discount canadian pharmacy benzac best zithromax prices kamagra oral jelly medication online robaxin medication information generic albenza overnite shipping order ortho tri cyclen no rx canadian pharmacy singulair pill canadian biaxin online price norvasc pills sweat over the counter erectile dysfunction pills uk buying finax from canada no prescription low price zocor uk eulexin medication cheapest acai berry products original alli online lozol without a script cheap cozaar 40 mg lady era perth australia plavix lawsuit canada cost of shatavari mupirocin side effects children sumycin phone orders effexor xr generic wikipedia drugs floxin order by phone over the counter nitrofurantoin propecia (finasteride) 1 mg 84 tablets capoten ordering no prescription pharmacies buy amantadine pill identifier wizard indian generics online acivir pills metoclopramide tablets australia buy sildenafil citrate capsules power of viagra video buy capoten online western drug rumalaya generic ampicillin safe reminyl with no rx comprar micardis en argentina voltaren 50mg diclofenac novartis use acivir pills coupon online cialis professional pharmacy mail order buy canada no prescription for keppra hard on pills over the counter can you crush motrin tablets erexin-v australia pharmacy yasmin results forum viagra soft delivery london buy betapace online overnight viagra sin receta costa rica generic pharmacy philippines contact number cheap liv 52 revia online price side effects of silagra what type of medication is motrin cholestoplex buy online ireland triamterene purchase in canada no prescription what is acai berry tablets good for post cycle therapy blopress canadian alli what does arimidex cialis 5mg tablets price what is the generic for trileptal prazosin pas cher voltaren australia news quanto costa l anafranil can i order metformin from an indian pharmacy how much is atorlip-20 tablets what is hydromorphone injection used for online pharmacy dutasteride where to get lotensin pct risperdal mg buy carafate on line for sale no script florida discount drugs inc drug market order chloramphenicol what is vpxl used for buy prilosec costco triamcinolone side effects infants is there a generic form of skelaxin cephalexin usage humans list of generic drugs companies in india finasteride side effects nhs what is depo provera made of asacol reviews and dosage how to buy cytoxan in london india meds tenormin no prescription needed canadian online pharmacy pillhouse pharmacy can you buy tretinoin 0,05 over the counter in germany buy kytril usa ampicillin online order prescription methotrexate without prescription 1 man 1 jar original video bula isoniazida 100 mg cheap adalat no prescription pharmacy super kamagra kopen coupon for alli 2012 korean ginseng 100 mg best place to buy propecia online forum diovan pills online in the usa how to buy ginette-35 in london antidepresants for sale using paypal vente de brand cialis au quebec ampicillin 10 mg generic benemid uk paypal can you take doxazosin daily vermox prescription medication lexapro from celexa buy antivert uk benicar online ordering healthy bmi for male athletes coumadin women buy can you buy prilosec over the counter in germany actos dosage amounts prescription reglan fake viagra pills online sinequan not generic kamagra sale dublin buy alligator meat nj canada drugs finpecia uk i pill website bupropion hcl ratings side effects of coreg cr 10mg chloroquine sublingual dosage lamisil canada cost canadian pharmacy erection packs 10 can you buy viagra jelly in ireland pharmacy atorlip-20 legal in england what is tricor tablets acheter du propranolol pharmacy has best price olanzapine can buy vasodilan online cost of prograf without insurance generic zoloft for sale watch adalat tv serial online order prograf pill liv 52 billig kaufen is it safe to order beconase aq buying medrol online luvox in the uk now viagra generika kaufen forum non prescription avalide pharmacy cialis org uk buy kamagra tablets buy cardizem online mxtabs http differin delivery uk comprar tadalafil cialis xalatan india prices differin buy mexico what are the side effects of prednisolone in children drugs from india pharmaceutical foreign an insight on hyaluronic acid in drug targeting and drug delivery grifulvin v generic cheap costs purchasing clomid online nizoral 2 shampoo uk buy generic lioresal online current price of alligator hides famvir india jquery sticky content retino-a cream 0,025 no prescription compare prices benadryl dose by weight celebrex buy australia display pictures of accutane packing exelon patch sale order sominex lowest price keppra medication online luvox for dogs buy elavil buy mexico buy cytoxan in india online buy renagel no prescription fast delivery tamoxifen india prices mexican pharmacy no prescription vasodilan seroquel overdose long term effects generic kamagra gold switzerland order live crawfish online pms-amlodipine 5mg side effects clomid steroids men get cytoxan toronto apcalis sx side effects long term use singulair sales 210 insulin passport leaflet rhinocort aq coupons where can i buy shatavari canadian flagyl rogaine 2 lawsuit contraindications taking allopurinol brand acivir pills for sale unisom canada drug store buy hytrin paypal accepted differin for sale philippines pharmacies desyrel generic drugs today brand names double dose of sominex i pill remeron website sinemet on line purchase cialis soft pill shop discount code what are the prednisone 20 mg tablet side effects chloramphenicol online in canada what type of drug is proscar reglan by mail order viagra recreational use dosage purchase compazine cheap buy methotrexate no prescription fast delivery what does celebrex viagra no prescription online cheap florinef 40 mg estrofem online canada what does phenergan with codeine do cvs generic benadryl buy methotrexate online safely comprar nizoral original non prescription avandamet can you buy pain medication online buy ciplox with e check seroquel diabetes lawsuit settlement mobic 15mg prices comprar serpina portugal buy zetia no prescription florida lariam propranolol shopping erythromycin pct buy med cab atrovent overseas pharmacy no prescription erexor bactrim drug in mexico pharmacy cytotec buy online ireland lanoxin india non persciption amitriptyline voveran diclofenac tablets zoloft reviews for men feldene medicine online safe place order mentax oregon state parks map prozac and weight loss reviews plavix canadian online zanaflex discount card pharm support group support unitedpharmacysupportteam overnight dostinex port vila vanuatu pharmacy thyroid medicine online diclofenac online order fucidin tablets used bystolic nebivolol side effects tofranil no prescription reviews viagra online kaufen deutschland maximum single dose of zanaflex buy lithium pills safe pariet buy buy canada no prescription for naprosyn clomiphene side effects men hydrocortisone cream side effects albendazole tablets online tri-cyclen birth control common side effects of prednisone in children best place buy entocort pct fucidin cream over the counter uk online pharmacy usa international shipping viagra cialis furosemide 40 mg obat apa buy unisom online check does alli diet pill work ayurslim brands india keppra tablets 150 mg is there a generic for lasix generic coumadin buy sinemet paypal accepted nhs cost of aspirin genuine lexapro best price what does flonase spray do fluticasone ampicillin 1000x where to buy deltasone online where to buy acai berry supplements in stores what does minocycline advair diskus looking for purchase zovirax cream purchasing shatavari online uk buy minocycline online no prescription viagra prescription free paxil cost per month lady era 100 review tretinoin cream usp retino a 0.025 crestor consumer medicine information orlistat 60 mg and 120 mg how to buy cytotec in london anxiety medication for dogs thunderstorms lamisil tabletas precio mexico order diakof cheap cialis professional user reviews how to buy prescription drugs without prescriptions red and black chinese viagra non generic feldene premarin online order female cialis 100mg cheep levitra viagra side effects tadalis sx from usa pharmacy differin maximum dosage blount discount pharmacy maryville tennessee buy xenical 50 pravastatin equivalent dose crestor effexor xr from china generic for advair diskus differin online canada ayurslim no prescription canada baclofen medication online buy keftab pills in the canada confido without script buy anafranil cheap pharmacy online without phone in order for nitrofurantoin viagra online purchase cialis prescribing aricept australia paroxetine shipping overseas acheter du propecia sur internet where purchase rumalaya forte toradol sale consecuencias del uso de las pastillas cytotec
Friday, January 30, 2015
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