JP Morgan Makes Another Big Adjustment in its COMEX Inventories

As the December delivery month revs up, massive inventory volatility in COMEX silver warehouses continued Wednesday, with major withdrawals from Brink's and Scotia, and another big adjustment in JP Morgan vaults.

COMEX WAREHOUSE SILVER INVENTORY UPDATE 12/1/11

*Brink's had a withdrawal of 232,815 ounces out of eligible vaults

*Delaware had a small withdrawal of 1,955 ounces out of eligible vaults

*No Changes for HSBC

*JP Morgan adjusted 47,860 ounces OUT of REGISTERED vaults, and into eligible vaults.
This comes on the heels of last weeks' 614k ounce adjustment from eligible to registered at JPM!
Can you say musical chairs!?!

*Scotia Mocatta had a withdrawal of 340,563 ounces out of eligible vaults
*Scotia also had a large deposit of 600,326 ounces into eligible vaults

*TOTAL COMEX REGISTERED SILVER inventories declined by 47,860 ounces to 34,004,014 ounces
*TOTAL COMEX ELIGIBLE SILVER inventories increased to 74,166,794 ounces
*TOTAL COMEX SILVER Inventories increased to 108,170,808 ounces
1.4 Million ounces of MF Global Clients' registered silver remains confiscated (likely by JP Morgan) and unavailable for delivery
*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