COMEX Warehouse Stocks July 12, 2010

MASSIVE DRAIN OF COMEX SILVER INVENTORY CONTINUES

SILVER

1,060,118 ozs withdrawn from the dealer’s (registered) inventory
258,776 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 52.32 Mozs
Total customer inventory 60.46 Mozs
Combined Total 112.78 Mozs

GOLD

201 ozs withdrawn from the dealers (registered) category
65 ozs deposited in the customer (eligible) category
Total dealer inventory 2.64 Mozs To
tal customer inventory 8.31 Mozs
Combined Total 10.96 Mozs

There were only pathetically small movements of gold.

In silver there were a gob-smacking 1.3Mozs of silver withdrawn. This comprised of a massive1.06 Mozs of silver withdrawn from the dealer inventory and 0.26 Mozs withdrawn from the customer inventory. These were withdrawn from HSBC and Scotia Mocatta warehouses respectively. There can be no doubt there are SERIOUS problems of available supply in the silver market. This makes today’s take down even more outrageous.

There were 5 delivery notices issued in the JUL gold contract. The JUL gold delivery notice total for the month is 502 notices or 50,200ozs.

There were 24 delivery notice issued in the JUL silver contract. The total delivery notices for the month in silver stand at 1844 or 9.2 Mozs.

The open interest in the JUL silver contract stands at 748 contracts or 3.8 Mozs. This open interest along with the issued delivery notices gives the potential standing for delivery of 13.0 Mozs which is 25% of the dealer inventory.
Cheers
Adrian

The gold/silver shares held up well with the XAU only down 1.49 to 173.60 and the HUI only off 2.87 to 459.72.