Good evening Ladies and Gentlemen:
Here are the following closes for gold and SILVER TODAY:
Gold: $1157.70 down $5.20 (comex closing time)
Silver $15.47 up 12 cents.
In the access market 5:15 pm
Gold $1163.40
Silver: $15.58
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a poor delivery day, registering 2 notices for 200 ounces . Silver saw 178 notices filed for 890,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 248.17 tonnes for a loss of 55 tonnes over that period.
In silver, the open interest fell by a considerable 2928 contracts despite the fact that Thursday’s price was up by 20 cents. The total silver OI continues to remain extremely high, with today’s reading at 188,723 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .943 billion oz or 139% of annual global silver production (ex Russia ex China). This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end as they continue to raid as basically they have no other alternative. Today again, we had banker shortcovering.
In SILVER WE had 178 notices served upon for 890,000 oz.
In gold, the total COMEX GOLD OI rests tonight at 448,820 for a loss of 4678 contracts as gold was down 40 cents yesterday. We had 2 notices filed for 200 oz today.
We had a huge withdrawal in tonnage at the gold inventory at the GLD to the tune of 2.07 tonnes; thus the inventory rests tonight at 707.58 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I am sure that 700 tonnes is the rock bottom inventory in gold. Anything below this level is just paper and the bankers know that they cannot retrieve ‘paper gold’ to send it onwards to China . In silver, we had no change in inventory at the SLV / Inventory now rests at 326.542 million oz.
We have a few important stories to bring to your attention today…
This post was published at Harvey Organ Blog on July 10, 2015.
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