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 However, if we look at the Silver Comex excel table below, we see that 2.2 million were withdrawn today: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 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.

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  1. Excellent report, thanks for the updates. Posted.

    • SGT… thanks for putting the links of my articles on your site. Have to say… always enjoy your interviews. I especially enjoyed “Patriots vs Tyrants” with Harley Schlanger. Gosh, years ago I used to subscribe to the E.I.R. They put out some very interesting stuff.


      • wow, thanks Steve, I really appreciate the feedback. Do you do interviews? I’d love to have you on via Skype this Saturday, or any time. Please e-mail me at if you’d be willing to do an interview about a few of your recent reports.

  2. steve, just let you know, i may not post comments here very often in the future. but you can read my posts regarding actions in shanghai at

    • judejin… good deal. I know Turd, and TFmetalsreport is a great place to blog and exchange comments and information.


  3. The amount withdrawn from Scotia Mocatta is the exact same amount deposited into JP Morgan!

    • Bryan… lol.. you noticed that too. Yeah, interesting exchange from Scotia’s registered to JP Morgan’s eligible category. Wonder why they made that transfer. JP Morgan has over 20 million oz in the eligible, whereas Scotia has less than 10 million in their registered.

      I wonder if an investor was owed that amount from a prior obligation.


  4. Hi Steve,
    I love your reports and insights. Just recently I read they have discovered a huge Oil deposit in South Australia. How will this effect the idea that ‘energy drives the economy’ Will this prolong the predicted end, or is it just more propaganda?

    I’d love to hear your thoughts.


    • Gavaroo… yeah I read about that discovery in an article published back in January of this year. It has been recycled recently through the typical HYPE CHANNELS.

      I plan on writing about this, but briefly, that oil discovery is known as “Kerogen” which is also referred to as “Oil Shale”… not to be confused with shale oil (tight oil) from the Bakken region in North Dakota.

      The current economics of the oil companies producing oil in the Bakken are not that impressive. From the work of Rune Likvern of Fractional Flow, from July 2009 to August 2012, these companies have accumulated an estimated $14 billion of NEGATIVE CASH FLOW. Thus, they must continue to get financing from the SHARKS on Wall Street to keep the Bakken flowing.

      Furthermore, the EROI – Energy Returned on Invested for Shale Oil (tight oil) is approximately 4-5/1. Which means for the cost of a barrel of oil, 4-5 barrels are produced. Now, oil shale (kerogen) has an estimated EROI of 1.5-2.5/1.

      So, the question remains, if the energy companies producing oil in the Bakken with an EROI of 4-5/1 are accumulating negative cash flow, what kind of results will these companies have when they try to commercialize oil shale with a much lower EROI in Australia??

      This is indeed the problem. It does get a bit tiresome reading all these trillions of barrels of supposed oil resources that we can tap into, when you realize that the majority of these resources are probably not commercial to produce.


  5. Wow.. cheers man! Over here in Oz, everyone talks about getting into the mines. Me, i’m hands on the farm! But the way you explain that, I can only hope it comes out that clear next time im down the local boozer! Whats your thoughts on that rooster Martin Armstrong? 15.75?. Not so straight forward his talk!

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