Gold: $1114.20 down $21.60 (comex closing time)
Silver $15.24 down 27 cents
In the access market 5:15 pm
Gold $1117.80
Silver: $15.28
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a very poor delivery day, registering 0 notices for nil ounces. Silver saw 0 notices for nil oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 208.32 tonnes for a loss of 95 tonnes over that period.
In silver, the open interest fell by only 1202 contracts despite silver being down 16 cents in Friday’s trading. The total silver OI now rests at 167,743 contracts In ounces, the OI is still represented by .838 billion oz or 120% of annual global silver production (ex Russia ex China).
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI fell by a rather small 533 to 450,584 contracts as gold was down $5.70 yesterday. We had 0 notices filed for nil oz today.
We had another huge withdrawal in gold inventory at the GLD to the tune of 2.98 tonnes (same amount of withdrawal yesterday) / thus the inventory rests tonight at 686.30 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, no change in silver inventory / Inventory rests at 313.817 million oz.
We have a few important stories to bring to your attention today…
This post was published at Harvey Organ Blog on November 3, 2015.
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