Gold: $1,244.40 down $14.30 (comex closing time)
Silver 15.52 down 9 cents
In the access market 5:15 pm
At closing today, we have the following observations to bring to your attention:
In silver, the OI has remained at record levels for many years despite the low price of silver. The total OI in oz has been above total annual global production! Silver is in backwardation at the comex until July although it is a paper backwardation. Silver is in real backwardation in London for several months
And now gold:
The total OI for gold has now surpassed 500,000 contracts or 50,000 million oz or 1,552 tonnes of gold The world produces around 2,200 tonnes of gold (ex China ex Russia which keeps all of their gold). The last time gold had an OI at 500,000 was in Sept/October 2012 with the gold price at $1700.00.
The high OI for both gold and silver accompanied by a low price, defy logic and thus no doubt we have massive criminal activity by our bankers in their constant raiding of gold and silver trying to extricate themselves from their massive short OI. Gold is not in backwardation at the comex and not in London England.
At the gold comex today, we had a poor delivery day, registering 0 notices for NIL ounces and for silver we had 40 notices for 200,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.98 tonnes for a loss of 91 tonnes over that period.
In silver, the open interest fell by 137 contracts to 169,127 with silver advancing by 6 cents. In ounces, the OI is still represented by .846 billion oz or 122% of annual global silver production (ex Russia ex China).
In silver we had 40 notices served upon for 200,000 oz.
In gold, the total comex gold OI rose by an enormous 2,245 contracts to 506.363 contracts despite the fact that the price of gold was DOWN $13.30 with Friday’s trading.(at comex closing). No wonder the crooks continued to raid gold today.
We had a huge change in gold inventory at the GLD, a withdrawal of 8.63 tonnes of gold from the GLD/ thus the inventory rests tonight at 790.14 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 a huge change in inventory/this time a huge deposit of 1.903 million oz and thus the Inventory rests at 325.868 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 14, 2016.