Good evening Ladies and Gentlemen:
Here are the following closes for gold and silver today:
Gold: $1103.50 down $6.00 (comex closing time)
Silver $14.49 down 15 cents.
In the access market 5:15 pm
Gold $1107.70
Silver: $14.58
Before beginning, I would like to point out that all the South African mines tonight are in severe trouble. The country mines a considerable 145 tonnes per year. However many mines are mining at 5,000 ft. The miners want an increase in their wages. I would also like to point out that the temperature inside these mines at 5,000 ft can rise to 130 degrees F. Generally speaking, all of South African mines are operating in the red.
First, here is an outline of what will be discussed tonight:
At the gold comex today we had a poor delivery day, registering 3 notices for 300 ounces Silver saw 77 notices for 385,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 218.80 tonnes for a loss of 84 tonnes over that period.
In silver, the open interest fell by 2319 contracts despite the fact that silver was up in price by 7 cents yesterday. Again, our banker friends tried to use the opportunity to cover as many silver shorts as they could. The total silver OI now rests at 153,604 contracts In ounces, the OI is still represented by .768 billion oz or 109% of annual global silver production (ex Russia ex China).
In silver we had 77 notices served upon for 385,000 oz.
In gold, the total comex gold OI fell to 417,487 for a loss of 397 contracts. We had 3 notices filed for 300 oz today.
Last last night we had no changes in tonnage at the GLD, thus the inventory rests tonight at 678.18 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. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold will be the FRBNY and the comex. In silver, we had no changes in silver inventory at the SLV /Inventory rests at 322.06 million oz.
We have a few important stories to bring to your attention today…
This post was published at Harvey Organ Blog on September 11, 2015.
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