COMEX Warehouse Stocks Mar 4, 2011
MASSSIVE DRAWDOWN OF THE COMEX REGISTERED SILVER INVENTORY
SILVER
317,097 ozs withdrawn from the dealer’s (registered) inventory
26,229 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 41.37 Mozs
Total customer inventory 61.81 Mozs
Combined Total 103.18 Mozs
GOLD
31,898 ozs withdrawn from the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.45 Mozs
Total customer inventory 8.66 Mozs
Combined Total 11.11 Mozs
There were 31 Kozs of gold withdrawn from the dealer inventory. There were 0.32 Mozs of silver withdrawn from the dealer inventory and 0.03 Mozs of silver withdrawn from the customer inventory. In addition there was a massive 1.4 Mozs transferred from the dealer inventory to the customer inventory by way of an internal “adjustment”. The registered (dealer) inventory just took a huge hit dropping to a dangerously low 41.4 million ounces!
There were 40 delivery notices issued in the MAR gold contract. The MAR gold delivery notice total for the month is 984 notices or 98,400 ozs.
There were 0 delivery notices issued in the MAR silver contract. The MAR silver delivery notice total for the month is 303 or 1.51 Mozs. The shorts clearly have a problem with available silver because so few delivery notices have been issued so far this month and there have been no delivery notices in the last two days. However, the open interest is declining without delivery notices having been issued which indicates that cash settlement is occurring; that along with the massive backwardation tells us loud and clear there is no available silver at this price.
The OI in MAR silver stands at 1,876 contracts. The potential silver delivery for the month is 10.9 Mozs or 26.3% of the registered inventory.
Cheers
Adrian
Not a bad week for the good guys ... and one heckuva lousy week for the bad guys. Could they be taking their crummy week out on the shares, which stunk up the place again today ... perhaps affected somewhat by the lousy Dow action? The HUI only went up 4.17 to 573.44. The XAU fared worse, only rising .80 to 215.86. Even the contrived late DOW rally was of no help.
The exhilaration and acceleration in the gold/silver shares, especially the junior/exploration sector, has not materialized yet. That is all to come and it will be spectacular to behold.
Midas
