COMEX Warehouse Stocks July 6, 2010

MASSIVE DRAIN OF COMEX SILVER INVENTORY CONTINUES

SILVER

599,773 ozs withdrawn from the dealer’s (registered) inventory
100,724 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 51.88 Mozs
Total customer inventory 61.73 Mozs
Combined Total 113.61 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
32,440 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.64 Mozs
Total customer inventory 8.25 Mozs
Combined Total 10.89 Mozs

There were 32,440 ozs of gold withdrawn from the customer inventory. Nothing moved out of or into the dealer inventory…no sign of the 2 Mozs that stood for delivery in June being delivered!

In silver there were 0.6 Mozs of silver withdrawn from the dealer inventory and 0.1 Mozs withdrawn from the customer inventory. There was a simply humungous internal transfer by way of an “adjustment” of 1.55 Mozs of silver from the customer inventory to the dealer inventory. This follows the 1.1 Mozs transfer than occurred on Friday. The dealers are clearly desperate for silver.

There were no delivery notices issued in the JUL gold contract. The JUL gold delivery notice total for the month is 497 notices or 49,700ozs.

There were 198 delivery notices issued in the JUL silver contract. The total delivery notices for the month in silver stand at 1542 or 7.7 Mozs. JPM issued 2 and stopped 133, Deutsche Bank issued 0 and stopped 12, and Bank of Nova Scotia issued 190 and stopped 0.

The open interest in the JUL silver contract stands at 1470 or 7.4 Mozs. This open interest along with the issued delivery notices gives the potential standing for delivery of 15.1 Mozs which is 29% of the dealer inventory.
Cheers
Adrian