COMEX Warehouse Stocks June 28, 2010

SILVER

415,575 ozs withdrawn from the dealer’s (registered) inventory
963,323 ozs deposited in the customer (eligible) inventory
Total dealer inventory 50.71 Mozs
Total customer inventory 64.22 Mozs
Combined Total 114.92 Mozs

GOLD

1,397 ozs withdrawn from the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.64 Mozs
Total customer inventory 8.22 Mozs
Combined Total 10.86 Mozs

There were once again only paltry movements of gold into or out of the Comex. There has been very little gold movement this month which is totally incongruous with the fact that 2 Mozs are standing for delivery. In silver there was a very big withdrawal from the dealer inventory of 0.41Mozs. There was also a very big deposit of 0.96 Mozs into the customer inventory. The dealer inventory is looking at being sub-fifty million ozs in the near future. That is going to present a major problem for the dealers because there are currently 15,311 contracts open in JUL silver which has its first notice day on Wednesday. This represents 77 Mozs of silver. This is probably what motivated the Cartel attack on the metals today to encourage the holders to roll or sell but not to stand for delivery. We will see how effective that has been in the next two days.

The Comex failed to update the delivery notice information. The JUN gold delivery notice total for the month is 20,756 notices or 2,075,600 ozs.

The total delivery notices for the month in silver stand at 40 or 0.2 Mozs.

There is 0.5 cents of contango in silver JUN/JUL and 4.5 cents JUN/SEP. In gold there is $0.0 contango JUN/JUL and $0.4 JUN/AUG.

The remaining open interest in JUN gold is 65 contracts.
Cheers
Adrian