Gold: $1074.80 down $7.10 (comex closing time)
Silver $14.30 unchanged
In the access market 5:15 pm
Gold $1072.20
Silver: $14.25
I love Kitco’s headline today:
‘Weaker Gold & Silver Prices To Continue To Push Coin Sales To Record Highs In 2016′
absolute morons!
At the gold comex today, we had a good delivery day, registering 43 notices for 4,300 ounces. Silver saw 126 notices for 630,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 198.93 tonnes for a loss of 104 tonnes over that period.
In silver, the open interest fell by 1156 contracts even though silver was up in price by 22 cents with respect to yesterday’s trading and without a doubt we had more short covering. We have an extremely low price of silver and a very high OI coupled with backwardation in silver at the LBMA and the comex. (negative SIFO rates). The total silver OI now rests at 162,096 contracts. In ounces, the OI is still represented by .810 billion oz or 115% of annual global silver production (ex Russia ex China).
In silver we had 126 notices served upon for 630,000 oz.
In gold, the total comex gold OI rose 3004 contracts to 402,603 contracts as gold was up $15.40 in price with respect to yesterday’s trading.
We had no change tonight in gold inventory at the GLD, / thus the inventory rests tonight at 645.94 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. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. 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, after they deplete the GLD will be the FRBNY and the comex. In silver, we had no changes in inventory at the SLV /Inventory rests at 322.079 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on December 22, 2015.
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