COMEX Warehouse Stocks June 29, 2010

MASSIVE COMEX SILVER INVENTORY DRAIN CONTINUES

SILVER

1,119,880 ozs withdrawn from the dealer’s (registered) inventory
244,292 ozs deposited in the customer (eligible) inventory
Total dealer inventory 49.58 Mozs
Total customer inventory 64.47 Mozs
Combined Total 114.05 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
63,998 ozs deposited in the customer (eligible) category
Total dealer inventory 2.64 Mozs
Total customer inventory 8.28 Mozs
Combined Total 10.92 Mozs

In silver the massive drain of inventories continues. There was a simply gob-smacking 1.1 Mozs withdrawn from the dealer inventory. Only yesterday I said “The dealer inventory is looking at being sub-fifty million ozs in the near future”. Just 24 hours later it is standing at 49.6 Mozs! There was a deposit of 0.24 Mozs of silver into the customer inventory. It is first notice day in the JUL contract tomorrow and currently there are 7,173 contracts open. This represents 36 Mozs of silver or 73% of the dealer inventory. Trying to shake those silver longs out was probably a major motivation of the action the last two days. In the end that will prove futile because there is more and more smoke billowing out of the silver market and there is clearly going to be a delivery problem very soon.

There were 64 Kozs of gold deposited in the customer inventory which is a pittance in view of the 2 Mozs standing for delivery at month end.

Today was the last day for delivery notices in the JUN contract. There were 3 delivery notices issued in the JUN gold contract. The JUN gold delivery notice total for the month is 20,831 notices or 2,083,100 ozs.

There were no delivery notices issued in the JUN silver contract. The total delivery notices for the month in silver stand at 40 or 0.2 Mozs.
Cheers
Adrian