COMEX Warehouse Stocks Sep 22, 2010

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
163,356 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 53.69 Mozs
Total customer inventory 58.34Mozs
Combined Total 112.03 Mozs

GOLD

10,000 ozs deposited in the dealers (registered) category
3,000 ozs deposited in the customer (eligible) category
Total dealer inventory 2.51 Mozs
Total customer inventory 8.31 Mozs
Combined Total 10.82 Mozs

In gold 10,000 ozs were deposited in the dealer inventory while 3,000 ozs were deposited in the customer inventory. The exact round numbers are very suspicious. The weights of bars are never exactly 100 ozs so to have round number deposits in both registered and eligible inventory seems highly unlikely. In silver 0.16 Mozs were withdrawn from the dealer inventory. However, this doesn’t tell the whole story. This was the net movement. 0.6 Mozs were withdrawn against 0.44 Mozs that were deposited. That is one heck of a lot of silver being moved for yet a second consecutive day.

There were 30 delivery notices issued in the SEP gold contract. The SEP gold delivery notice total for the month is 518 notices or 51,800 ozs. BNS issued 0 and stopped 20, Prudential issued 30 and stopped 0, while JPM issued 0 and stopped 8.

There were 484 delivery notices issued in the SEP silver contract. Finally it looks like they scraped together some deliverable silver. The total delivery notices for the month in silver stand at 2,308 or 11.5 Mozs. Prudential issued 84 and sopped 2, GS issued 0 and stopped 64, Deutsche Bank issued 192 and stopped 0, BNS issued 44 and stopped 0 while JPM issued 104 and stopped 339.

The SEP silver contract Open Interest declined by only 66 contracts to 732 contracts. This would suggest that with 484 delivery notices issued and a drop of only 66 contracts someone bought 418 contracts for immediate delivery. The OI together with the issued delivery notices indicate the potential amount standing for delivery could be 15.2 Mozs or 28% of the dealer inventory.

Cheers
Adrian