August 6, 2008 data

The Statistics:

As of close of business: 8/06/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: Change in Total Tonnes from yesterday’s data: 76.88 tonnes were removed from the trust.

August 7, 2008 data

The Statistics:

As of close of business: 8/07/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.31 tonnes.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

Commenst in tonoghts MIDAS report:

From Dave in Denver…

hmmm...what happened to 28 million ounces of Comex silver?

http://www.nymex.com/warehouse.aspx

click on "silver" and you'll see 28 million ounces of silver were removed from the Delaware Depository, which is the direct depository of the Comex. Any ideas? That's almost $500 million in silver at yesterday's closing Comex silver price….

All of the banks listed in the Warehouse Stocks spreadsheet are depositories for the Comex. I'm guessing, with emphasis on "guess" (although I feel like it's a high probability guess based on experience), that given that almost all of the 28 million ounces shipped out of the Comex silver stock was from one of the four depositories, that it was one buyer who took it all. Just a guess, but a bet a good guess…

I would like to point out that JesseL informed me yesterday that the Fed's foreign custody account, the account at the Fed which holds dollar/Treasury deposits on behalf of foreign central banks, had a lot of money dumped into it recently. As Turk points out, the rate of increase in this account is quite extraordinary and points to aggressive, coordinated dollar intervention among global central banks, especially the Japanese.

This knowledge, combined with the knowledge of the 28 million ounces of silver most likely received by one buyer from the Comex warehouse, tells me that the U.S. Govt is in complete desperation mode. If someone can show me any point in 5000 year human history when Govt intervention of markets has ever had a lasting effect, please point it out.

Otherwise, I'd say that this severe correction in metals is almost over….

the 28mm ounce silver delivery from Comex. This is the equivalent of 5,600 contracts. My best guess is that one of the big 4 paper silver shorts on Comex took delivery of this silver to hedge out their paper short. Imagine what it would do the price of someone went onto to Comex today and tried to buy 5,600 contracts outright to cover a short position.