Gold: $1,256.60 down $5.50 (comex closing time)
Silver 15.36 down 2 cents
In the access market 5:15 pm
Gold $1253.00
silver: 15.30
The open interest at the gold comex is extremely high at almost 500,000 contracts. We are now at multi year highs despite the lower price of gold. For comparison purposes, the last time we had OI this high was in 2013 with gold at $1700.00. The crooks will try anything to cause the spec longs to liquidate their positions. Normally the bankers flood the comex with massive non backed paper tripping many longs with stop losses. The crooks who have our longs as clients know what these stop loss levels are and thus it is easy for them to drive the price down tripping these losses which in turn causes a greater downfall in price. Once the price is lower they cover their shorts and make a profit. Rinse and repeat. This has been going on for the past 10 years. What he need is for the physical market to overtake the paper gold market leaving the bankers with a commercial failure to deliver..
At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 7 notices for 35,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.04 tonnes for a loss of 91 tonnes over that period.
In silver, the open interest rose by 1507 contracts to 169,875. In ounces, the OI is still represented by .849 billion oz or 122% of annual global silver production (ex Russia ex China). Generally as we go into an active delivery month the liquidation is much bigger.
In silver we had 7 notices served upon for 35,000 oz.
In gold, the total comex gold OI rose by 938 contracts to 499,110 contracts despite the fact that the price of gold was down $6.70 with yesterday’s trading.(at comex closing). We are now at multiyear highs in OI. Actually the last time OI was at 500,000 contracts gold was trading around 1700.00 USA in 2013.
We had a rather large change in gold inventory at the GLD, a withdrawal of 2.38 tonnes of gold from the GLD/ thus the inventory rests tonight at 790.74 tonnes. If the GLD folks received any gold in the past few months, this gold would be headed over to Shanghai. 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 again had a major change in inventory/this time another huge deposit of 2.856 million oz and thus the Inventory rests at 322.632 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 9, 2016.
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