COMEX Warehouse Stocks Mar 16, 2010

SILVER

908,484 ozs withdrawn from the dealer’s (registered) inventory
595,618 ozs deposited in the customer (eligible) inventory
Total dealer inventory 56.02 Mozs
Total customer inventory 60.61 Mozs
Combined Total 116.63 Mozs

GOLD

3,500 ozs deposited in the dealers (registered) category
16,520 ozs withdrawn from the customer (eligible) category
Total dealer inventory 1.68 Mozs
Total customer inventory 8.33 Mozs
Combined Total 10.01 Mozs

It looks like the dealers are now making some silver deliveries as 0.91 Mozs left the dealer inventory. There was an internal adjustment of 0.57Mozs of silver being transferred from the customers to the dealers. That’s strange! More leasing perhaps? The dealers have a lot of metal to deliver to meet the almost 19 Mozs that is being demanded.

There were only paltry movements in gold inventories.

There were no delivery notices issued in the MAR gold contract. The MAR gold contract total for the month is 490 notices or 49,000 ozs.

There were 120 delivery notices issued in the MAR silver contract. The total delivery notices for the month in silver stand at 3,763 or 18.82 Mozs. JPM issued 120 and stopped 66, and BNS issued 0 and stopped 40.

There is $0.3 of contango in gold MAR/APR and $1.4 of contango for MAR/JUN. The contango in silver dropped dramatically. The contango MAR/APR in silver is 1.1 cents while for MAR/MAY contracts it is 2.1 cents.

The open interest in the MAR gold contract reduced to 73 contracts, in silver it also declined to stand at 461 contracts.
Cheers
Adrian