WASHINGTON (AP) — Regulators on Friday shut down two small banks in Florida and one in Colorado, bringing to 58 the number of bank failures this year.
The Federal Deposit Insurance Corporation seized the SouthShore Community Bank in Apollo Beach, Fla., the LandMark Bank of Florida in Sarasota, Fla., and the Bank of Choice in Greeley, Colo.
SouthShore Community Bank had about $46.3 million in assets and $45.3 million in deposits. LandMark Bank had about $275 million in assets and $246.7 million in deposits. That lifts to nine the number of lenders to collapse this year in Florida.
American Momentum Bank, based in Tampa, Fla., agreed to assume all of the deposits from the two Florida banks and to buy essentially all of their assets.
The Bank of Choice had about $1.07 billion in assets and $924.9 million in deposits. It is the fifth bank to fail this year in Colorado.
Bank Midwest, based in Kansas City, Mo., agreed to assume all of Bank of Choice’s deposits and buy about $853 million of its assets. Bank Midwest is a division of NBH Holdings, a privately held company based in Boston.
The failures are expected to cost the deposit insurance fund $331.4 million, combined.
SouthShore had two branches, LandMark had six and Bank of Choice had 17.
end



Gold closed at comex closing time  at $1601.30 up a cool $14.50.  Silver also rebounded firmly up $1.11 to $40.11.  The bankers tried to defend our 1600 gold level and 40 dollar silver level due to the massive calls placed on these metals.  Options expiry on the metals is on Tuesday.  First day notice for gold is Friday.  Gold and silver also responded to the temporary default on Greece and the massive bailout for that country.  The bailout in total is around 109 billion euros.  The rating agencies has determined a credit event and there will be payments made and we will watch this closely. Last night, Obama went on television to state there the two sides are wide apart on the debt ceiling debate.  Obama wants tax increases, the republicans want spending cuts without tax increases.  They have until August 2nd to come to an agreement.

Let us head over to the comex and see how trading fared yesterday.
The total gold comex OI fell by about 8000 contracts to 538,624 from  Thursday's level of 546,631.  Some of the longs were fleeced again by the crooked bankers. The front options expiry month of July saw the OI fall from 57 to 47 for a drop of 10 contracts with zero deliveries on Thursday.  We thus lost 10 contracts to cash settlements as time is running against Blythe Masters.  She must pony up more dollars to entice the last longs to accept cash.
The next delivery month is August and we are less than 1 week ago from first day notice.
The OI remains very high at 215,439 as approximately 30,000 contracts rolled out of the August contract and in the latter months.  The volume at the gold comex was pretty decent at 192,612 despite the roll overs.  The confirmed volume on Thursday was very high at 238,887.

The silver comex open interest remains relatively constant at the 116,000 contract level.
The OI reading for Friday was 116,016 down about 300 contracts from Thursday's level of 116,336.  The front delivery month of July saw its OI fall from 352 to 314 for a loss of 38 contracts.  We had 29 deliveries on Thursday so we lost 9 contracts to cash settlements as again JPMorgan must increase fiat to settle on our remaining longs. The next front month of September saw its OI fall by about 1000 contracts.  The new September OI is 58,893 having fallen from 59,833.  The estimated volume at the silver comex was 55,165 contracts.  The confirmed volume on Thursday was 75,421.


Here is the chart for 7/23/2011 regarding deliveries and inventory changes at the comex. 




Gold
Ounces
Withdrawals from Dealers Inventory
nil
Withdrawals fromCustomer Inventory
97,333 (Scotia Manfra)
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
nil
No of oz served (contracts)  today
0  nil
No of oz to be served  (notices)
 4700 oz (4700 )
Total monthly oz gold served (contracts) so far this month
 16,800 (168)
Total accumulative withdrawal of gold from the Dealers inventory this month
8700
Total accumulative withdrawal of gold from the Customer inventory this month
593,982

Let us begin with gold.  Again for the past 3 and 1/2 months no gold has been deposited
to the dealer.  We also had no gold withdrawn from the dealer.
We did have a massive 97,333 0z of gold withdrawn from the customer:

1. 97,204 oz removed from scotia
2.  129 oz removed from Manfra.

total withdrawal:  97,333 oz.

There were two major adjustments:

1.  a huge 130,735 oz of gold removed from the dealer back to the customer.
2. another huge 200,388 oz of gold leased from a customer to the dealer.

the boys are getting ready for first day notice.

The comex folk notified us again for the 7th straight day that there were no notices to deliver upon sent in gold so the number of notices filed so far this month remain at 168 or 16800 oz of gold.  To obtain what is left to be served, I take the OI standing at 47 and subtract out Friday deliveries at zero which leaves 47 or 4700 oz left to be served upon.

Thus the total gold oz standing in this non delivery month of July is as follows:

16,800 (served)   +  4700 oz (to be served)  =  21,500 oz
we lost 1000 oz of gold standing as these were cash settled.


And now for silver 

First the chart:



Silver
Ounces
Withdrawals from Dealers Inventory
nil
Withdrawals from Customer Inventory
 639,844 oz (Brinks,Scotia,Delaware)
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
nil
No of oz served (contracts)  today
5,000 (1)
No of oz to be served  (notices)
1,565,000  (313)
Total monthly oz silver served (contracts) so far this month
3,940,000 (788)
Total accumulative withdrawal of silver from the Dealers inventory this month
  nil oz
Total accumulative withdrawal of silver from the Customer Inventory this month.




6,303,901

Now for silver: