COMEX Warehouse Stocks June 12, 2009

SILVER

ZERO ozs withdrawn from the dealer’s inventory.
115,607 ozs (net) deposited in the customer inventory
Total dealer inventory 64.14 Mozs
Total customer inventory 56.5 Mozs
Combined Total 120.49 MOZ

GOLD

5000 ozs deposited in the dealers (registered) category
460 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.62 Mozs
Total customer inventory 6.1 Mozs
Combined Total 8.73 MOZ

There were 118 delivery notices in gold for the JUNE contract bringing the total for the month to 4815 contracts or 481,500 ozs. There are still 1473 contracts of OI for the JUNE contract.

There were no delivery notices issued in silver for the JUNE contract leaving the total for the month at 585 or 2.9 Mozs. There are only 20 contracts of OI remaining in the JUNE contract.

Metal movements (or lack there of) continue to not be reconcilable to the delivery notices. I am not the only one to have this problem. We now hear that the Canadian Mint can’t reconcile its metal inventory with its reported holdings either. After GATA brought to light the clearly inconsistent inventory accounting and delivery notices the World Gold Council came out and assured the public that the COMEX has sufficient gold inventory. They have consistently ignored my emails asking if they audited the COMEX in order to be able to make such assurances. One of my subscribers called the WGC and they said that they knew COMEX had sufficient gold because they called them and asked! Now we have the arch-moron Jon Nadler vouching for the Canadian Mint when he hasn’t seen the external auditors report! Ken Lay famously assured employees that Enron was a strong and growing company and encouraged them to continue buying and holding Enron stock just before the company collapsed. The CEO of Bear Stearns told the public that their balance sheet was strong a week before the company collapsed. We now hear that Ken Lewis was coerced by none other than Bernanke and Paulson into not revealing to the BofA shareholders the rapidly deteriorating financial condition of Merrill Lynch. The only reason people own gold is to store wealth with no counter-party risk. There is now coming to light evidence that the parties entrusted to manage gold inventory have been negligent or fraudulent, but Nadler tells investors not to worry because he is sure their gold is safe! Nadler is not an officer nor employee of the Canadian Mint so I wonder on what authority he speaks. Nadler is swimming naked and he can see there are moves a foot to drain the lake!
Cheers
Adrian

COMEX Warehouse Stocks June 15, 2009 SILVER

ZERO ozs withdrawn from the dealer’s inventory
1,741,669 ozs (net) withdrawn from the customer inventory
Total dealer inventory 64.1 Mozs
Total customer inventory 54.6 Mozs
Combined Total 118.7 MOZ

GOLD

4900 ozs deposited in the dealers (registered) category
289 ozs deposited in the customer (eligible) category
Total dealer inventory 2.62 Mozs
Total customer inventory 6.12 Mozs
Combined Total 8.74 MOZ

There was a massive 1.7 Mozs of silver withdrawn from the customer inventory. That is very intriguing. The customer inventory is looking quite small at only 54.6 Mozs. Perhaps customers don’t trust the COMEX warehouses! Judging by the lack of coherence between metal movements and delivery notices and the fact that 2 Mozs can miraculously disappear and reappear in inventory without comment I wouldn’t blame anyone for not entrusting their metal storage to these outfits.

There were 53 delivery notices in gold for the JUNE contract bringing the total for the month to 4868 contracts or 488,800 ozs.

There were no delivery notices issued in silver for the JUNE contract leaving the total for the month at 585 or 2.9 Mozs.
Cheers
Adrian