COMEX Warehouse Stocks Mar 24, 2010

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
141,532 ozs deposited in the customer (eligible) inventory
Total dealer inventory 55.31 Mozs
Total customer inventory 60.62 Mozs
Combined Total 115.93 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 1.97 Mozs
Total customer inventory 8.05 Mozs
Combined Total 10.02 Mozs

There was no movement of gold into or out of the warehouse, however, there was an "adjustment" that moved 299,942 ozs from the eligible category to the registered. That is a massive move. Is this some leasing from customers anticipating large withdrawals in April. It is 4 times the amount of gold required to be delivered this month.

0.14 Mozs of silver were deposited in the customer inventory.

There were 10 delivery notices issued in the MAR gold contract. The MAR gold contract total for the month is 710 notices or 71,000 ozs.

There were 12 delivery notices issued in the MAR silver contract. The total delivery notices for the month in silver stand at 4,056 or 20.3 Mozs.

There is $0.2 of contango in gold MAR/APR and $1.3 of contango for MAR/JUN. The contango MAR/APR in silver is 0.9 cents while for MAR/MAY contracts it is 1.5 cents.

The open interest in the MAR gold contract reduced to 17 contracts, in silver it declined to 138 contracts.

The remaining open interest for the March contract is equivalent to 0.7 Mozs which together with the already issued delivery notices means that 21 Mozs is demanded compared to 56 Mozs held by the dealers. Very little of this has left the dealers’ inventory.

The Open Interest in the APR gold contract is 171,276. This is very high when we are one week away from first notice day. These contracts must be rolled or sold if they are not going to stand for delivery.
Cheers
Adrian