Gold: $1091.90 up $13.50 (comex closing time)
Silver $13.96 up 1 cent
In the access market 5:15 pm
Gold $1094.00
Silver: $14.02
Today, gold broke above the critical resistance level of 1080.00 and once that level was cleared, gold was off to the races. But not silver.
At the gold comex today, we had a 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 199.48 tonnes for a loss of 103 tonnes over that period.
In silver, the open interest fell by 674 contracts even though silver was well up in price to the tune of 13 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. However we moved back into backwardation in silver at the comex up until March. The total silver OI now rests at 167,520 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 rose by 3860 contracts to 413,688 contracts as gold was up $3.30 in yesterday’s trading.
we had a 1.90 tonnes withdrawal in gold inventory at the GLD, and his gold headed straight for Shanghai / thus the inventory rests tonight at 640.97 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 huge changes in inventory at the SLV/we had massive withdrawals of 4.28 million oz /Inventory rests at 317.797 million oz.
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on January 6, 2016.
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