COMEX Warehouse Stocks April 30, 2009

SILVER

15,737 ozs withdrawn from the dealer’s inventory.
13,929 ozs (net) deposited in the customer inventory
Total dealer inventory 63.40 Mozs
Total customer inventory 52.82 Mozs
Combined Total 116.2 MOZ

GOLD

600 ozs withdrawn from the dealers (registered) category
16,700 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.53 Mozs
Total customer inventory 5.95 Mozs
Combined Total 8.48 MOZ

The metal movements continue to be small, particularly with respect to the dealer inventory. Meanwhile a stunning 1058 delivery notices for silver were issued on the first notice day of the May contract. This is 5 Mozs. 485 notices were issued for gold (48,500 ozs). The waterfall take downs we are seeing that are clearly and blatantly manipulative are symptomatic of the shorts trying to shake out as many longs as possible before we head higher. The determined and aggressive way this is being done is likely indicative of the coming up move being very strong.
Cheers
Adrian