SILVER
ZERO ozs withdrawn from the dealer’s (registered) inventory
2,000 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 51.66 Mozs
Total customer inventory 64.99 Mozs
Combined Total 116.65 Mozs
GOLD
ZERO ozs withdrawn from the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.45 Mozs
Total customer inventory 7.73 Mozs
Combined Total 10.18 Mozs
The gold movement was non-existent for a second consecutive day helping to boost credibility of the Comex as the world’s premier exchange! To add to the comedy no silver moved into or out of the dealer inventory. Apparently the only activity at the warehouses was a customer withdrawing 2000 ozs of silver. That certainly makes me scratch my head considering there are a whopping 15.8 Mozs of silver standing for delivery so far this month.
There were 19 delivery notices issued in the MAY gold contract. The MAY gold delivery notice total for the month is 837 notices or 83,700 ozs.
There were 14 delivery notices issued in the MAY silver contract. The total delivery notices for the month in silver stand at 3165 or 15.8 Mozs.
There is 1.0 cents of contango in silver MAY/JUN and 2.2 cents MAY/JUL. In gold there is $0.4 contango MAY/JUN and $1.9 MAY/AUG.
The open interest in silver for the MAY contract INCREASED to 506 contracts from 497. Someone wants physical silver in a hurry. This is 2.5 Mozs which coupled with the already issued delivery notices puts the total likely demand for silver delivery for the month at 18.3 Mozs. That is a very large amount of silver compared to the dealer inventory of approximately 51.6 Mozs.
What a nightmare for the gold cartel because gold has been stress-tested in 2008-2009 and despite the cartel’s massive manipulation in mid 2008 gold is the only asset that is above its 2008 high. Investors therefore know it can be depended upon. We are NOT therefore in uncharted territory with respect to safe haven performance, I do think we are in uncharted territory as to how little physical metal is available (see http://www.gata.org/node/8607)

Cheers
Adrian