COMEX Warehouse Stocks May 24, 2010
SILVER
624,828 ozs withdrawn from the dealer’s (registered) inventory
1,482,607 ozs deposited in the customer (eligible) inventory
Total dealer inventory 52.60 Mozs
Total customer inventory 64.85 Mozs
Combined Total 117.45 Mozs
GOLD
5,803 ozs deposited in the dealers (registered) category
64,043 ozs deposited in the customer (eligible) category
Total dealer inventory 2.50 Mozs
Total customer inventory 8.11 Mozs
Combined Total 10.61 Mozs
A paltry amount of gold moved into the dealer inventory. Interestingly the amount of gold that was deposited in the customer inventory of 64,043 ozs is identical to the amount deposited on May 20! How likely is it to get two equal deposits of that magnitude to the ounce a couple of days apart?
In silver 0.62 Mozs were withdrawn from the dealer inventory while a massive 1.5 Mozs were deposited in the customer inventory. There is no sign that any significant metal deliveries have been made this month that could account for more than a fraction of the 21 Mozs of delivery notices that have been issued.
There were surprisingly 172 delivery notices issued in the MAY gold contract. The MAY gold delivery notice total for the month is 2,028 notices or 202,800 ozs.
There were 35 delivery notices issued in the MAY silver contract. The total delivery notices for the month in silver stand at 4,173 or 20.9 Mozs.
There is 0.5 cents of contango in silver MAY/JUN and 1.8 cents MAY/JUL. In gold there is $0.2 contango MAY/JUN and $0.9 MAY/JUL.
The open interest in silver for the MAY contract declined to 91 contracts. This is 0.5 Mozs which coupled with the already issued delivery notices puts the total likely demand for silver delivery for the month at 21.4 Mozs. That represents 40% of the dealer inventory of approximately 52.6 Mozs.
There is a massive open interest in JUN gold of 245,569 contracts.
There are only two trading days left before this is the front month. It will be interesting to see how much of this stands for delivery. This currently represents 24.5 million ozs which is exactly 10 times what the dealers have in their inventory! If the dealers do not get significant rolling and selling in the next two days they are in deep trouble.
Cheers
Adrian
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