COMEX Warehouse Stocks Dec 13, 2010

MASSIVE DRAIN OF SILVER GATHERS PACE

SILVER

ZERO ozs withdrawn from the dealer’s (registered) inventory
1,245,654 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 47.75 Mozs
Total customer inventory 58.06 Mozs
Combined Total 105.81 Mozs

GOLD

ZERO ozs withdrawn from the dealers (registered) category
55,227 ozs withdrawn from the customer (eligible) category
Total dealer inventory 3.10 Mozs
Total customer inventory 8.41 Mozs
Combined Total 11.51 Mozs

In gold there were 55 kozs withdrawn from the customer inventory. In silver there was another gob-smacking withdrawal of 1.2 Mozs from the customer inventory. On Friday I said “the total silver inventory is gnat’s whisker away from having a “106” handle once again”. The inventory completely leapfrogged the “106” handle and now has a “105” handle; clearly silver is being drained at an accelerating pace.

There were 284 delivery notices issued in the DEC gold contract. The DEC gold delivery notice total for the month is 10,502 notices or 1,050,200 ozs. Of the 284 notices 280 were issued by JPM.

There were 29 delivery notices issued in the DEC silver contract. The DEC silver delivery notice total for the month is 1,309 or 6.5 Mozs.

The Open Interest in DEC gold is 1,072 contracts which along with the issued delivery notices means the total standing for delivery could be 1.2 million ozs which is 38% of the dealer inventory. The Open Interest in DEC silver is 483 contracts which along with the issued delivery notices means the total standing for delivery could be 9.0 Mozs which is 19.0% of the dealer inventory.
Cheers
Adrian