Gold: $1,229.30 down $1.10 (comex closing time)
Silver 15.21 down 5 cents
In the access market 5:15 pm
In the words of Bill Murphy of GATA today on remarking on gold’s huge advance in the access market: ‘Houston, we have a problem’
The Fed’s credibility has now been shot as Yellen backs away from increasing rates due to global disturbances.
At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 230 notices for 1,150,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.33 tonnes for a loss of 92 tonnes over that period.
In silver, the open interest fell by 2055 contracts down to 166,180 with silver down by 9 cents yesterday. In ounces, the OI is still represented by .831 billion oz or 119% of annual global silver production (ex Russia ex China).
In silver we had 230 notices served upon for 1,150,000 oz.
In gold, the total comex gold OI fell by 6,624 contracts to 493,086 contracts as the price of gold was DOWN $14.00 with yesterday’s trading.(at comex closing). The fall in OI in gold should relieve a little pressure on our bankers.
We had another big change in gold inventory at the GLD, a deposit of 2.09 tonnes/ thus the inventory rests tonight at 792.23 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/ 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 16, 2016.