Vaporize COMEX 2008-12-26

Gold: 47.9% depleted. Delivery notices today: 11,000 oz.
Silver: 46.3% depleted. Delivery notices today: 415,000 oz.

Link to all Vaporize COMEX posts:
Vaporize COMEX Graphs

 comex-countdown-gold-2008-12-26

gold-data-2008-12-26

comex-countdown-silver-2008-12-26

silver-data-2008-12-26

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
Link to master list of reports: http://www.cmegroup.com/trading/energy-metals/nymex-daily-reports.html 

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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46 Responses

  1. idoc, do watch out there with your margin thingies.. a mine in Guinea just got taken over by the military there and one in Venezuala. Tom, great posts there…that weimar example is one I’ve referenced periodically while wating for the breakout.

  2. Silverwing:

    Thanks for catching my Dec 29 mistake. Look like I jumped the gun!

  3. Let’s go for it.

    Here is Herb Alpert’s “GOLD&SILVER BULLISH THEME”

    Enjoy and keep the faith.
    I like this quote :”Buy physical, avoid ponzi”

  4. Scott, you need one more row on your Dec. delivery graphic. The last notice day for Dec. contracts is Dec. 30, presumably for any long still holding after today, the last trading day for Dec. contract.

    http://www.nymex.com/gol_fut_termin.aspx

  5. idoc,

    Not to put more stress on your safety with fidelity but the following link is what happened to Morgan Stanley clients:
    http://www.sec.gov/comments/s7-19-07/s71907-321.pdf

    I had a ton in the ETF SLV and what I did was sell half, wire it to my bank and turned it into physical, yes I lost some on the current markup but I sleep a lot better. After the first half was converted to physical, I sold the other and repeated the process. If you are trying to hedge against a collapse of paper, well you really shouldn’t be investing in more paper. Just my two cents.

    Banks used fractional reserves on gold before they started doing it with paper.

    Historically how many people actually take delivery, I think the normal month delivery is around 2 to 3% of registered. And honestly gold is nice but the majority of the world that is going to try to protect their wealth is going to have to go after silver, its the only thing they can afford.

  6. idoc, yes worry, buy physical and avoid ponzi.

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