COMEX Warehouse Stocks May 15, 2009

SILVER

ZERO ozs withdrawn from the dealer’s inventory
265,915 ozs (net) deposited in the customer inventory
Total dealer inventory 63.2 Mozs
Total customer inventory 55.9 Mozs
Combined Total 119.1 MOZ

GOLD

10,000 ozs deposited in the dealers (registered) category
34,299 ozs deposited in the customer (eligible) category
Total dealer inventory 2.47 Mozs
Total customer inventory 6.03 Mozs
Combined Total 8.5 MOZ

The major movement was again in silver but this was deposited in the customer inventory, it does not add to what the dealers have available to deliver which still stands at a paltry 63.2 Mozs. ,p> Meanwhile a very sizeable 101 delivery notices for gold were issued on the May contract bringing the cumulative delivery notices to 1333 or 133,300 ozs. In silver there were a very substantial 782 notices issued bringing the total to 3,682 or 18.4 Mozs. The silver delivery notices are now extremely significant at 29% of the dealer inventory. No such quantity of silver has either moved from the warehouse or changed from dealer to customer inventory. Just like previous months where I have been reporting on this, there is something seriously wrong with this picture. We have had a decade now of “accounting errors” that have been the dominant feature of a rotting Wall St. Perhaps the COMEX is one of a few organizations that have squeaky clean accounting….but then why doesn’t their warehouse inventory movements match the delivery notices? And why can’t a COMEX representative explain it?
Cheers
Adrian