It wasn't enough for these clumsy fraudsters to merely add the units of ETF's to inventories (despite the fact that this silver is not on the market), they also padded inventories by an additional 90 million ounces -- with absolutely no silver (not even ETF-paper) to account for it.
For argument's sake, let's ignore one of the lies regarding the silver market: that supply equals demand every year. We know the reason for that lie: to create the illusion that the silver market is "in balance." So let's just completely throw out demand numbers -- since we know it was absolutely impossible for demand to remain unchanged for 2007, 2008, and 2009. Let's only look at supply.
There are three components of supply: mine-production, recycling/scrap, and government sales. Total scrap/recycling is falling every year. Not only is government supply also falling every year, but the numbers are being retroactively revised lower. After 2008, government sales were reported as amounting to 30.9 million ounces. However, by the end of 2009, the amount of government silver sold in 2008 had decreased to 27.6 million ounces. Yet another 3.3 million ounces of silver has simply evaporated!
We are told that silver mine-supply is supposedly rising every year (by a meager 25 million ounces in 2009), despite the fact that 2/3 of mine-supply is a by-product of base metals mining, and despite the fact that the Crash of '08 decimated base metals mining around the world. Remarkably, in the magical world of silver, silver-production was supposedly totally unaffected. However, what must be clearly noted is that this (supposed) increase in mine-supply is totally offset (down to the ounce) by the decrease in recycling and government sales -- yet another remarkable coincidence in the silver market. Thus, it is totally impossible for increased mine supply to account for the massive, phantom increases in reported silver inventories.
By the end of 2004, global silver inventories had plunged to their lowest level in many decades (and likely several centuries). We know that we can rely upon the data to that point, since the people manipulating the silver market would not want to overstate the decimation of inventories. It is equally clear that all the supply, demand, and inventory numbers since that date have been heavily contrived, to the point of being completely meaningless. Keep in mind that the two quasi-official private "consultancies" who create these doctored-numbers (GFMS and The CPM Group) are intimate buddies with the bullion-banks, indeed
(the head of The CPM Group) is a Goldman Sachs "alumnus".