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<p>[QUOTE=&quot;InfleXion, post: 1721835, member: 29012&quot;]I never said levels were dramatically low. I said there were record level outflows. Putting words in my mouth again. The point is that people are taking the metal off the exchanges faster than has ever occurred before. I&#039;m not saying they are necessarily going to default or that they don&#039;t have any metal. I&#039;m saying that if this trend continues they are going to have to pay the physical price to replenish their inventory and the physical price should eventually return to dominance as their paper will reflect the physical price when they have to buy physical metal. That is unless they are also too big too fail and will start dipping into the Fed punchbowl which is certainly a possibility, in which case they can simply incur losses to maintain the price fixing.[/QUOTE]</p><p><br /></p>

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