COMEX Warehouse Stocks June 22, 2010

MASSIVE SILVER DRAIN CONTINUES

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
1,607906 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 52.08 Mozs
Total customer inventory 63.49 Mozs
Combined Total 115.57 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
432 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.64 Mozs
Total customer inventory 8.21 Mozs
Combined Total 10.85 Mozs

There were only paltry movements of gold into or out of the Comex. However, there were 110,995 ozs of gold transferred by way of an “adjustment” to the customer inventory from the dealer inventory. This represents another big drawdown of dealer inventory which is no doubt related to the 2 Mozs of gold that is standing for delivery.

In silver the massive drain of inventories continues. Another gob-smacking 1.6 Mozs of silver were withdrawn from the customer inventory. If this isn’t smoke pouring out of the Comex I don’t know what it would look like! 3 Million ozs of silver have left the Comex in the last week.

Comex failed to update the daily delivery notices today. The JUN gold delivery notice total for the month is 20,295 notices or 2,029,500 ozs.

The total delivery notices for the month in silver stand at 38 or 0.19 Mozs.

There is 0.6 cents of contango in silver JUN/JUL and 5.1 cents JUN/SEP. In gold there is $0.2 contango JUN/JUL and $0.9 JUN/AUG.

The open interest in JUN gold is 426 contracts or 0.04 Mozs. With the delivery notices issued the total gold standing for delivery could be 2.1 Mozs or 79% of the dealer inventory!
Cheers
Adrian