People at GATA keep hinting at some kind of event coming and Adrian mentions it again at the end of today's CRIMEX data. GATA has a good track record at sniffing out behind the scenes developments and it seems something else is brewing they are aware of.

COMEX Warehouse Stocks May 18, 2010

SILVER

1,876,358 ozs deposited in the dealer’s (registered) inventory
421,072 ozs deposited in the customer (eligible) inventory
Total dealer inventory 53.6 Mozs
Total customer inventory 64.48 Mozs
Combined Total 118.12 Mozs

GOLD

4,698 ozs deposited in the dealers (registered) category
64 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.49 Mozs
Total customer inventory 7.97 Mozs
Combined Total 10.47 Mozs

There were only paltry movements of gold. A MASSIVE 1.9 Mozs of silver were deposited in the dealer inventory; and 0.42 Mozs of silver were deposited in the customer inventory. That is a lot of silver moved in a single day. But this is still not very significant considering that there are 20 Mozs of delivery notices that have been issued for this month alone.

There were 32 delivery notices issued in the MAY gold contract. The MAY gold delivery notice total for the month is 1,468 notices or 146,800 ozs.

There were 199 delivery notices issued in the MAY silver contract. The total delivery notices for the month in silver stand at 4,112 or 20.6 Mozs.

There is 1.1 cents of contango in silver MAY/JUN and 2.4 cents MAY/JUL. In gold there is $0.3 contango MAY/JUN and $1.2 MAY/JUL.

The open interest in silver for the MAY contract declined to 154 contracts. This is 0.8 Mozs which coupled with the already issued delivery notices puts the total likely demand for silver delivery for the month at 21.4 Mozs. That represents 40% of the dealer inventory of approximately 53.6 Mozs.

There is a monumental physical short squeeze building as the wheels fall of the euro. Don’t get fooled by the shenanigans in the paper market. This is very serious and the fact that the cartel doesn’t have enough metal is going to be clear very soon. We will see just how “fractional” the reserve of precious metals really is. Watch this space, Jeffrey Christian!
Cheers
Adrian