Vaporize COMEX 2008-12-17

Gold: 46.0% depleted. Delivery notices today: 2,500 oz.
Silver: 43.6% depleted. Delivery notices today: 0 oz. (yes, zero, again. But, a big decrease in “registered” inventories today pumps up the pct depleted.)

Link to all Vaporize COMEX posts:
Vaporize COMEX Graphs

comex-countdown-gold-2008-12-17

gold-data-2008-12-17

comex-countdown-silver-2008-12-17

silver-data-2008-12-17

COMEX trades hundreds of times more gold & silver than they actually possess. If enough investors demand delivery of PHYSICAL gold & silver COMEX stockpiles will be depleted. If COMEX runs out, the ensuing rush to grab physical metal to settle contract obligations *could* be the spark that ignites the long-awaited precious metals wildfire.

Explanation:
COMEX warehouses contain both “registered” and “eligible” metals. The “registered” metals are available for physical delivery. The “eligible” metals are not ready for delivery until they become “registered.” Although this pool of “eligible” metals is stored at COMEX warehouses there is no obligation to “register” these metals for subsequent physical deliveries.

The graph shows:
1) the cumulative ounces of metal delivery notices this month,
2) the ounces of “registered” metal available for delivery,
The percentage shown is based on the cumulative physical metal delivery notices for the month against the “registered” amount of metal in COMEX.
“Eligible” metal inventories are not shown as they do not have a direct bearing on the inventory depletion ratio.

Sources:
[1] COMEX precious metals warehouse stocks:
gold: http://cmegroup.com/trading/energy-metals/files/Gold_Stocks.xls
silver: http://cmegroup.com/trading/energy-metals/files/Silver_Stocks.xls
[2] COMEX precious metals daily delivery notices: http://cmegroup.com/trading/energy-metals/files/delivery.pdf

More info:
Gold: Is This It, NOW?
Attack of COMEX Gold & Silver
How 2 Track COMEX Deliveries
Sinclair Sez “Help Me Bust Comex”
This Guy Plans 2 Kill “Paper” Silver
COMEX: Taking Delizery Is EZ

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35 Responses

  1. […] Vaporize COMEX 2008-12-17 Gold: 46.0% depleted. Delivery notices today: 2,500 oz. Silver: 43.6% depleted. Delivery notices today: 0 oz. (yes, […] […]

  2. Gentlemen …

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  3. I am betting on the DOW closing above 18,000 one year from now.

    Once the banks release the $600+ Billion they have in excess reserves, coupled with BO’s $750 Billion stimulus; well, this economy will get moving again while the rest of the world remains somewhat stagnant. These events will be very good for the US Dollar, very bad for gold/silver.

    This is an easy trade, don’t let “gold fever” blind you from the truth.

  4. Ah yes, let me put down the books, they ruin one’s eyes, don’t they.

  5. Goldman,

    By the way, I know your type. You spend way too much of your time reading obscure financial blogs and essays, picking up on and using the latest financial buzzwords or acronyms to make youself sound knowledgable.

    Fat, drunk, and stupid is no way to go through life, son.

  6. Goldman,

    I won’t starve and I have no use for “luck”.

    You, sir, are a dimwit who probably bought five to ten ounces of gold back in Sept./Oct. of this year and who thought the price of said metal would explode upwards because of the sorry state of our economy…won’t happen.

    Hope isn’t a sustainable investment strategy.

  7. Cornholio, you are certain to starve to death , good luck man

  8. Two things:

    1. US Dollar hegemony is alive and well, and won’t be going away anytime soon (at least 20+ years).

    2. The USA isn’t Iceland; not even close.

  9. It does not matter, if the monetary base contracts that violently due to the deflation and association vaporization of the OTC derivatives, the purchasing power parity of gold and silver will still be much much higher. Gold and silver perform well during extremes.

    Ask Iceland — which is suffering both deflation and currency crisis. What is the nominal price of gold in krona?

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aVFtDRGwcc50

  10. Most of the “cost” of getting silver out of the ground is in energy costs. Have you see the price of oil lately? Moreover, where will the price of oil be in six months?

    I’m not anti-PM’s; but those who bought gold above $500 and silver above $6 are going to be very sad for many, many years. I hope you don’t need the capital you locked up in PM’s for awhile…if so, I feel for ya’.

  11. Silver companies report that to dig out silver costs at least 9-10 per ounce.

    http://www.edrsilver.com/s/NewsReleases.asp?ReportID=328464

    And they will sell for…. “Silver: $3.75-$4.00/ounce”…

    Hm-m.

    They will probably go belly up and then there will be even less silver then today.

  12. see Cornholio does not understand what is happening. he thinks that paper profits will be meaningful during riots and shortages.

    let me put it in simple terms.

    “All the boats on the world’s oceans have stopped sailing from sea to shining sea, as they normally carry clothes, grains, concrete, iron ore, etc. All that is now piling up in the ports and rotting.”

    http://www.dryships.com/pages/report.asp

  13. Cornholio, I don’t lose until I sell it, and at those prices you project I guess I’ll just have to sit on my PMs a bit longer. However the question remains, what if your projections are “very wrong”? Rots o’ ruck there, GI!

  14. Haha Cornholio good look with that, I hope it works out for you, hang on let me stop laughing for a second I can’t breathe properly…

  15. My outlook for PM’s one year from today:

    Gold: $375-$425/ounce
    Silver: $3.75-$4.00/ounce

    Whomever is shorting gold & silver right now is going to make a BOAT-LOAD of money over the next year or so.

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