-- Posted Monday, 22 July 2013 | | Disqus
By Steve St. Angelo, SRSrocco Report
The depletion of Comex Gold Warehouse stocks continues with another big withdrawal today. Furthermore, this was met with a huge draw-down of silver stocks as well. In less than one month, a staggering 640,000 ounces of gold have been removed from the Comex.
If we look at the table below, we can see that 103,484 oz of gold was removed from HSBC eligible (customer) category:
Today's withdrawal of gold from the Comex, now puts the total inventory firmly below the 7 million level at 6,885,681. On June 25th, when I provided an update, the Comex had 7,525,488 oz of gold in their warehouse, but in less than four weeks 8% or 640,000 oz of gold have been removed.
It's not often we have large withdrawals of both Gold and Silver from the Comex on the same day. However, if we look at the Silver Comex excel table below, we see that 2.2 million were withdrawn today:
The biggest withdrawal of silver comes from the Brinks eligible category of 1,192,256 oz which is 12% of Brinks customer stocks. Even though JP Morgan added nearly 600,000 oz of silver to its customer inventories, net withdrawals of silver from the Comex today were 1,615,655 oz.
I find it interesting that the price of silver has declined 30% since the April 12th take-down, while we had a huge 45% decline of Silver stocks from the Shanghai Exchange as the Comex inventories have remained virtually flat.
It will be interesting going forward to see how the Comex is going to deal with the continued drain of gold from its warehouses.
Lastly, I am working on an article that will be published on the SRSrocco Report showing how much U.S. GDP growth has been inflated. According to my data, it looks as if U.S. GDP growth was negative in 2012, and not the 2% growth rate put out by the World Bank.
-- Posted Monday, 22 July 2013 | Digg This Article
| Source: GoldSeek.com
