Unprecidented Movement of COMEX Silver Inventories Thursday

We have often reported massive movements of physical silver inventory in COMEX warehouses over the past few months, but today’s report takes things up a notch.

We have 6 huge inventory movements to report, as silver was flying all over COMEX warehouses.  Deposits, withdrawals, adjustments, someone went through a few packs of post-it notes Thursday.

COMEX WAREHOUSE SILVER INVENTORY UPDATE 5/11/12

METAL DEPOSITORY STATISTICS
SILVER Report Date: 5/11/2012
Troy Ounce Activity Date: 5/10/2012
DEPOSITORY PREV TOTAL RECEIVED WITHDRAWN NET CHANGE ADJUSTMENT TOTAL TODAY
BRINK’S, INC.
  Registered 14,426,441.920 0.000 0.000 0.000 0.000 14,426,441.920
  Eligible 9,756,473.510 0.000 100,151.420 -100,151.420 0.000 9,656,322.090
  Total 24,182,915.430 0.000 100,151.420 -100,151.420 0.000 24,082,764.010
DELAWARE DEPOSITORY
  Registered 2,256,481.106 0.000 0.000 0.000 0.000 2,256,481.106
  Eligible 21,274,295.363 0.000 0.000 0.000 0.000 21,274,295.363
  Total 23,530,776.469 0.000 0.000 0.000 0.000 23,530,776.469
HSBC BANK, USA
  Registered 4,620,542.390 0.000 0.000 0.000 0.000 4,620,542.390
  Eligible 37,066,397.040 621,086.050 926,657.200 -305,571.150 0.000 36,760,825.890
  Total 41,686,939.430 621,086.050 926,657.200 -305,571.150 0.000 41,381,368.280
JP MORGAN CHASE BANK NA
  Registered 7,314,909.480 0.000 0.000 0.000 0.000 7,314,909.480
  Eligible 8,017,087.960 0.000 0.000 0.000 0.000 8,017,087.960
  Total 15,331,997.440 0.000 0.000 0.000 0.000 15,331,997.440
SCOTIA MOCATTA
  Registered 6,948,249.730 0.000 0.000 0.000 159,649.000 7,107,898.730
  Eligible 28,790,703.240 586,366.440 70,242.260 516,124.180 -159,649.000 29,147,178.420
  Total 35,738,952.970 586,366.440 70,242.260 516,124.180 0.000 36,255,077.150
TOTAL REGISTERED 35,566,624.626 0.000 0.000 0.000 159,649.000 35,726,273.626
TOTAL ELIGIBLE 104,904,957.113 1,207,452.490 1,097,050.880 110,401.610 -159,649.000 104,855,709.723
COMBINED TOTAL 140,471,581.739 1,207,452.490 1,097,050.880 110,401.610 0.000 140,581,983.349

 

www.cmegroup.com/delivery_reports/Silver_stocks.xls

While the CME is now reporting inventory levels to 3 decimal places, strangely enough- once again, NO MENTION FROM THE CME OF THE MISSING 1.4 MILLION OUNCES OF REGISTERED SILVER THAT SIMPLY DISAPPEARED IN THE AFTERMATH OF THE MF GLOBAL BANKRUPTCY!

As a strangely coincidental supply turned up in JPMorgan vaults almost simultaneously as the MFGlobal clients phyzz went missing, until the CME provides an update of what happened to this stolen inventory, The Doc will continue to provide the latest available info on this from the CME:

*Registered ounces of metal currently not available for delivery
as of 11/4/11 due to MFGI bankruptcy. Included in above totals.

DEPOSITORY Registered
Brinks 210,320
Delaware 65,706
HSBC 793,734
Scotia Mocatta 351,156

                                                                       TOTAL                                                               1,420,916

Comments

  1. O.K. Marshall swing. This is where you come in. Translation please. That’s a whole lot of silver going place to place.

  2. I’m Going to Combine All My Analysis Into One Post Here:
    WOW! SILVER INVENTORY SHUFFLES ALL OVER THE PLACE!
    926,657 oz. OUT OF HSBC
    621,086 INTO HSBC
    100,151 OUT OF BRINKS
    586,366 INTO SCOTIA
    70,242 OUT OF SCOTIA
    159,649 “ADJUSTMENT” IN SCOTIA REGISTERED CATEGORY
    Registered now at 35726274 oz.
    TOTAL at 140,581,983 oz.+ only 110401 AFTER ALL THAT SHUFFLING!
    COT REPORT SHOWS COMMERCIALS ADDED 3032 Contracts(+3032)
    COMMERCIALS REDUCED 2812 CONTRACTS FROM THEIR SHORTS(-2812)
    Net shorts over registered inventory = 250% down from 328%
    They’re still covering shorts–lower silver prices ahead.
    Net
    Shorts over Total Inventory = ONLY 63.66% (one of the lowest reading
    ever!)—Still points to lower silver prices ahead until they start
    adding to their net short position.

    Next Week’s COT needs to show increased (NET SHORTS-NET LONGS) X 5000
    oz./REGISTERED INVENTORY in order to show a higher low. The current 250%
    needs to stop dropping and move back up with increased short positions
    by the commercials before silver prices can bottom.

    The current
    value, (250%), is very close to breaking below the most recent low (202%
    of registered silver) that was printed on 12-30-2011. If this happens,
    (maybe next week), we’ll probably see silver drop below the most recent
    support level near $26 IMO.

    The same scenario is happening on the COT report against the Total Inventory.
    Where
    the current percentage is 63.66% that needs to show a higher low above
    the most recent low made also on 12-30-2011 at 59.93% 

    Although
    we have not yet seen a bottoming of commercial short covering as it
    relates to my inventory percentage analysis, I can say that if the
    commercials have stopped covering as of this latest COT report, we could
    be very close to one of those “Spike-Lows” that washes out that last of
    the recent longs.That would probably do it. If we see a quick spike to, say, $25.50 along with a strong recovery back to the 28′s,
    I think the low for the year would be in place. Of course, we still
    would need to see the next COT report showing increased shorts, but I
    think there is good potential here for a bottom appearing somewhere
    between $25.50 and $26.50 on silver. Call it 26.

  3. Jake, thanks for the analysis of these – VERY helpful to understand it all for us laypersons.

  4. Aragornsos: Hey–your welcome, glad to do it. Two things: First, this is again still a guessing game, however I am using real information, or at least the best info we have access to, regarding real positions. This is a fundamental in my mind rather than a technical. A technical would consist of analysis of some moving average or MACD line from a silver price chart.

    Instead—Assuming you can believe the COT report is, itself, accurate, then you can conclude these maneuverings of short and long positions by these crooks have fundamental affects on price.

    Second: Most analysis right now is that because the crooks have covered to the point where it shows a level as low as the lowest level we’ve seen in a long time, that somehow, it’s bullish.

    My observation of this report over the years has been that these guys cover as the trend is in place and keep covering until they don’t. It’s that simple. Thus, a relatively low level of shorts is not necessarily a sign that a turn in the silver price is imminent. It may be that the trend simply continues. Who’s to say that this condition that they find themselves as of today, won’t get even more extreme.

    However, it’s my belief that a proper interpretation of this activity is that we’re closer to a point where they feel that it’s more advantageous to increase shorts into a price rise than to try and cover more into a less likely scenario that prices will drop significantly farther. And there you have it. 

  5. Jake the bottom line is they have far deeper pockets than we do & can short this to an insane level ( criminal IMO )

    just my .02 YMMV

  6. There’s A Whole Lot Of Shaking Going On!! this is one helluv a ride. O! Well need to buy more.

  7. They have been loosing money manipulating the market for a while now.
    They are having a hard time hiding it now.
    The Tricks they use are having less of an effect, and are required more frequently.
    They are about to have more public resistance and awareness on top what they are currently wrestling against.
    They’re Going Down,
    They have been planning this for a while, the announced it today.
    Guarantee they have unprecedented tricks up their sleeves.
    Watch these Fckrs! They have plans

  8. Bottom line

     

    none of these scumbags will

     

    ever see 1 day of jail time

  9. The  general  population  is        I-) sleepy

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