COMEX Warehouse Stocks Mar 15, 2010
THE SILVER DEALERS STOCK UP FOR A SIEGE!
SILVER
5,033,494 ozs deposited in the dealer’s (registered) inventory
148,997 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 56.36 Mozs
Total customer inventory 60.58 Mozs
Combined Total 116.94 Mozs
GOLD
11,699 ozs deposited in the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 1.67 Mozs
Total customer inventory 8.35 Mozs
Combined Total 10.02 Mozs
Well look what we have here! The dealer’s have pumped a massive 5.0 Mozs into their inventory in a single day. They are stocking up for a siege, and they had better be ready because it looks from the delivery notices that they are going to get one!
There were only paltry movements in gold inventories.
There were 114 delivery notices issued in the MAR gold contract. The MAR gold contract total for the month is 490 notices or 49,000 ozs.
JPM issued 0 and stopped 2, and BNS issued 0 and stopped 107.
There were 301 delivery notices issued in the MAR silver contract. The total delivery notices for the month in silver stand at 3,643 or 18.2 Mozs. JPM issued 54 and stopped 7, and BNS issued 0 and stopped 34.
There is $0.3 of contango in gold MAR/APR and $1.5 of contango for MAR/JUN. This is razor thin. The contango MAR/APR in silver is 1.5 cents while for MAR/MAY contracts it is 2.5 cents.
The open interest in the MAR gold contract INCREASED by 94 to 176 contracts, in silver it also INCREASED to stand at 645 contracts, which is 122 contract increase from last Friday. Someone wants physical metals!
Taking together the silver delivery notices already issued and the outstanding contracts the total demanded silver delivery could reach 21.4 Mozs, which is 38% of the dealer inventory, despite the 5 million ozs injection of Friday. This is astonishing for a single month.
Cheers
Adrian
