Comex Physical Silver sets another all time low!!!!

[Large Sarge]

http://www.zerohedge.com/article/comex-physical-silver-drops-fresh-all-time-low-288-million-ounces-3-drop-overnight-30-drop-s

[Large Sarge]

from the article above

"At this rate of withdrawal and "adjustment", there will be no physical silver left in the entire Comex in about 5 months. At that point, even one delivery intention will send the price of silver to previously unseen levels."

I do not think we have 5 months personally, I think July might be it

[MAGNES]

" When we first started paying attention to the physical ("Registered") silver held in COMEX warehouses on April 20 following the explosion in the silver price, the total amounted to just over 41 million ounces. As of today, a short 6 weeks later, the total physical silver held throughout the entire Comex complex, has dropped by 30% over that period. As of close today, the total amount of Registered silver is now 28,773,375 ounces, a decline of 2.9% overnight from 29,636,513. This is due to a withdrawal of physical from both Brinks and Scotia Mocatta, as well as the ongoing reclassification of 438,708 ounces of Registered into Eligible silver over at HSBC (but wait, it will revert back to Registered any moment... we promise). At this rate of withdrawal and "adjustment", there will be no physical silver left in the entire Comex in about 5 months. At that point, even one delivery intention will send the price of silver to previously unseen levels. "


First of all it never worked like that, this story is years old and every time we are told it will be different.

There was massive deliveries in the past and COMEX did not even blink.

Lots of posts on this in the past, the SI countdown, etc .

Remember there is supposed to be a blowup of CRIMEX this summer, July specifically, manifestation of.

[Large Sarge]

Magnes,

Zerohedge is usually quite good in their "fact checking" and "reporting"

when they state "all time low"

are you saying you doubt them, like Comex silver has been this low in the past?

[Large Sarge]

harvey organ is saying the same thing

Monday, June 6, 2011Massive Drain of Comex silver/almost all gold and silver at comex settled by paper
Good evening Ladies and Gentlemen:

There is a lot of stuff happening today so please read everything today very carefully.

Gold closed today up $4.80 to $1546.50. Silver which for most of the day traded up by over one dollar
lost some of its steam late in the comex session to close at $36.77 up 58 cents. It had traded well north of 37.00 dollars during the early comex session.

Let us go to the comex and see how trading fared today.
First the gold comex:

The total gold comex OI rose today by 4311 contracts from 503,511 to 507,822 which of course is basis Friday, the day of the lousy jobs report. The banking cartel provided a lot of non backed paper gold trying to suppress its rise. The front delivery month of June saw its OI fall from 5442 to 4257 for a loss of 1185 contracts. We had deliveries on Friday of 980 so we lost 205 contracts to fiat settlement. In the body of the commentary I will reveal to you astonishing data which seems to suggest that all the comex gold and silver are settled by paper.

The next front month for gold is August and we saw the OI rise from 331,378 to 336,027 which is quite normal as we quite away from first day notice for the August contract. The estimated volume at the gold comex today was 105,382 which is quite tame. The confirmed volume on Friday, was very good at 160,386.

And now for silver:

The total silver comex OI fell by 1683 contracts to 121,606 from 123,289. Silver OI seems to be trading within a small band hovering around 121,000 contracts.

Mysteriously the front options expiry month for June saw its OI rise again from 157 to 172 for a gain of 15 contracts. There were no deliveries so the gain will increase the amount of silver standing.
We have witnessed the front options delivery month go from 115 to 187 and then back down to 157 and then back up to 172 all with zero deliveries of silver. Go figure!!

The next big delivery month for silver and this will have all eyes focusing on this is July. The OI for July fell by 2284 contracts from 57,094 to 54,810 contracts. We still have 3 weeks to go before first day notice.
The estimated volume at the silver comex today was very tame at 57,736. The confirmed volume on Friday was much firmer at 84,565.



Here is the chart for 6/7/2011 regarding deliveries and inventory changes at the comex. This is for the June delivery month in gold.






Gold Ounces
Withdrawals from Dealers Inventory nil
Withdrawals fromCustomer Inventory nil
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory nil


No of oz served (contracts) today 15400 (154)
No of oz to be served (notices) 410300 oz (4103)
Total monthly oz gold served (contracts) so far this month 335,4200 (3542)
Total accumulative withdrawal of gold from the Dealers inventory this month nil
Total accumulative withdrawal of gold from the Customer inventory this month 10,205





Let us begin with gold.
We witnessed zero activity in gold. This is polar opposite to silver which you will see shortly.
The only transaction was an adjustment whereby 796 oz was removed from a customer's inventory.

The comex folk notified us that we had a total of 154 notices filed for delivery or 15400 oz of gold.
The total number of notices filed so far this month total 3542 for 354200 oz of gold.
To obtain what is left to be served, I take the OI standing for June (4257) and subtract out today's deliveries
(154) which leaves with with 4103 notices to be served upon or 410300 oz of gold.

Thus the total number of gold oz standing in this delivery month of June is as follows:

354,200 oz (already served) + 410,300 (oz to be served) = 764,500 oz.(23.78 tonnes)
Yesterday we had a reading of: 785,000 so we lost more to paper fiat.




And now for silver:


















Silver Ounces
Withdrawals from Dealers Inventory 429,567 (Brinks, Scotia0
Withdrawals from Customer Inventory 157,075 (Brinks, Scotia)
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory nil
No of oz served (contracts) today nil (0)
No of oz to be served (notices) 860,000 (172)
Total monthly oz silver served (contracts) so far this month 915,000 (183)
Total accumulative withdrawal of silver from the Dealers inventory this month 429,567
Total accumulative withdrawal of silver from the Customer Inventory this month. 1,368,765





Today we witnessed a massive exodus of silver from the silver vaults.
As Zero Mostel would say: where there is smoke there is salmon!!"
The fires are burning at all registered vaults.


The dealer saw two massive withdrawals of silver:


1. 375,781 oz from Brinks.
2. 53,786 oz from Scotia.


total silver leaving the dealer: 429,567 oz.


The customer saw this silver leaving their vaults:


1. 155,082 oz leaving Brinks customer vault.
2. 1993 oz leaving Delaware.


total customer silver withdrawal: 157,075 oz.


The adjustments were also fierce:


There were two adjustments and both saw the dealer lose silver to the customer by way of an adjustment:


1. 438,708 oz (dealer to customer) HSBC
2. 5,137 oz (dealer to customer) Scotia.


total adjusted out silver: 446,845


total registered silver at the comex has now fallen to an all time low of 28.773 million oz.


Surprisingly for the 3rd day in a row we had zero notices filed for delivery. Thus the total number of notices remain at 183 for 915,000 oz.
To obtain what is left to be served upon I take the OI for June ( 172) and subtract out the deliveries for today (zero) which leaves us with 172 notices or 860,000 oz


Thus the total number of silver oz standing in this non delivery month is as follows:


915,000 oz (already served) + 860,000 oz (to be served) = 1,775,000
we had 1700,000 oz on Friday so we gained back what we lost on Friday.


end