COMEX Warehouse Stocks May 3, 2010

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
1,237,111 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 50.73 Mozs
Total customer inventory 64.21 Mozs
Combined Total 114.94 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
100 ozs deposited in the customer (eligible) category
Total dealer inventory 2.45 Mozs
Total customer inventory 7.73 Mozs
Combined Total 10.18 Mozs

The gold movement is a joke. Apparently the only movement was 100ozs deposited into the customer inventory! A simply massive 1.24 Mozs of silver was withdrawn from the customer inventory. There was an internal adjustment that transferred 0.48 Mozs from the customer inventory to the dealer inventory. The delivery notices issued so far total 12.6 Mozs of silver. This will make a major drain on the inventory when it is delivered. The physical inventory is approaching historical low levels.

There were 27 delivery notices issued in the MAY gold contract. The MAY gold delivery notice total for the month is 732 notices or 73,200 ozs.

There were 725 delivery notices issued in the MAY silver contract. The total delivery notices for the month in silver stand at 2521 or 12.6 Mozs.

There is 1.3 cents of contango in silver MAY/JUN and 2.7 cents MAY/JUL. In gold there is $0.4 contango MAY/JUN and $2.0 MAY/AUG. GS issued none and stopped 21, JPM issued 40 and stopped 285, Deutsche Bank issued none and stopped 30, HSBC issued 6 and stopped 48 while Bank of Nova Scotia issued 358 and stopped 252.

The open interest in silver for the MAY contract declined to 1203 contracts. This is 6 Mozs which coupled with the already issued delivery notices puts the total likely demand for silver delivery for the month at 18.6 Mozs. That is a very large amount of silver compared to the dealer inventory of approximately 50 Mozs.
Cheers
Adrian