Precious Metals Tell-tale?......................from Rico

In a saling context, a tell-tale (cloth strips aloft, one to port and the other to starboard) is used to determine the true direction of the wind, which is quite different from the wind of apparent motion.

The epic drawdown in Precious Metal inventories at the COMEX may be tell-tales of what is really happening, which is quite different from the 'headline' or 'teleprompter' version of events.

COMEX Gold inventories have dropped by the largest amount on record in the last 90 days.

COMEX Silver depositories are reporting massive drawdowns from their inventories as well.

- Scotia, Brinks, and CNT are standouts, wth almost 20% of CNT's stockpile vaporized just this Monday past.

It looks very much like Physical inventories are not just 'going' but 'gone' a la Jon Corzine.