DEC 23/HUGE STORY: USA INTRODUCES A 500% TARIFF/DUTY ON IMPORTED STEEL/LIKELY REPRISALS FROM CHINA AS TRADE WARS WILL INTENSIFY/IN HONG KONG HUGE RISE IN HIBOR TO 9.25% !! DO NOT KNOW WHAT CAUSED…

Jon Economy, Fiscal Policies, Gold, Government, Market Commentary, Precious Metals, Real Estate, Silver

Gold: $1069.40 down $5.40 (comex closing time)
Silver $14.28 down 2 cents
In the access market 5:15 pm
Gold $xxxx
Silver: $xxxx
We now enter options expiry week:
the comex options expire if I am correct on Dec 28 (Monday)
the London LBMA option on Dec 31 (Thurs)
the OTC market: Dec 31.(Thurs)
At the gold comex today, we had a good delivery day, registering 136 notices for 13,600 ounces. Silver saw 12 notices for 60,000 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 980 contracts even though silver was unchanged in price 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 161,116 contracts. In ounces, the OI is still represented by .805 billion oz or 115% of annual global silver production (ex Russia ex China).
In silver we had 12 notices served upon for 60,000 oz.
In gold, the total comex gold OI rose by 2691 contracts to 405,294 contracts despite the fact that gold was down $7.10 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. I will be reporting on updates tomorrow night
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on December 23, 2015.