COMEX Warehouse Stocks Sep 02, 2010

DRAIN OF COMEX SILVER INVENTORY CONTINUES

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
90,433 withdrawn from the customer (eligible) inventory
Total dealer inventory 51.83 Mozs
Total customer inventory 58.39 Mozs
Combined Total 110.22 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.25 Mozs
Total customer inventory 8.57 Mozs
Combined Total 10.82 Mozs

There was no movement of gold into or out of the warehouse. In silver 0.09 Mozs were withdrawn from the customer inventory.

There were 25 delivery notices issued in the SEP gold contract. The SEP gold delivery notice total for the month is 281 notices or 28,100 ozs.

JPM issued none and stopped 22, BNS issues 16 and stopped 0.

There were ONLY 9 delivery notices issued in the SEP silver contract. The total delivery notices for the month in silver stand at 709 or 3.5 Mozs.

GS issued 0 and stopped 1, and JPM issued 7 and stopped 7. It looks like they are struggling for silver! The shorts have an interest to issue the delivery notices as quickly as possible to stop paying insurance and storage fees. The smoke is billowing out of the silver market and the price action confirms that.

The SEP silver contract Open Interest stands at 1,783 contracts which together with the issued delivery notices indicate the potential amount standing for delivery could be 12.5 Mozs or 24% of the dealer inventory.
Cheers
Adrian