COMEX Warehouse Stocks Jan 31, 2011

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
104,706 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 43.51 Mozs
Total customer inventory 61.07 Mozs
Combined Total 104.58 Mozs

GOLD

30,347 ozs withdrawn from the dealers (registered) category
64,076 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.93 Mozs
Total customer inventory 8.56 Mozs
Combined Total 11.49 Mozs

There were the largest gold movements seen in some time with 30 Kozs withdrawn from the dealer inventory and 64 Kozs withdrawn from the customer inventory. There were a paltry 1,008 ozs of silver deposited in the customer inventory. There were 0.1 Mozs of silver withdrawn from the customer inventory. The dealer inventory is dangerously low at 43.5 Mozs.

There were 6,895 delivery notices issued in the FEB gold contract. The FEB gold delivery notice total for the month is 6,895 notices or 689,500 ozs. Deutsche Bank issued 94% of the notices while JPM stopped 1,260, HSBC stopped 2,044 and Scotia Mocatta stopped 1,967 notices.

There were 111 delivery notice issued in the FEB silver contract. The FEB silver delivery notice total for the month is 111 or 0.55 Mozs.

The OI in FEB gold decreased to 17,067 contracts which is now standing for delivery. This is almost 58% of the available registered inventory. It will be interesting to see if any gold leaves the warehouse; if it doesn’t we will know there is considerable cash settlement going on. The silver MAR open interest increased to 65,639 contracts. Silver OI for MAR has stubbornly refused to significantly reduce and still represents 328 Mozs.
Cheers
Adrian