Gold: $1,264.50 up $35.20 (comex closing time)
Silver 16.02 up 81 cents
In the access market 5:15 pm
Gold $1256.70
silver: 15.90
At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 4 notices for 20,000 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 rose by 2325 contracts up to 168,505 with silver down by 5 cents yesterday (pre announcement by Yellen). In ounces, the OI is still represented by .843 billion oz or 120% 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 rose by 8,465 contracts to 501,551 contracts as the price of gold was DOWN $1.10 with yesterday’s trading.(at comex closing). The rise in OI in gold should add considerable pressure on our bankers and thus expect future raids.
We had another big change in gold inventory at the GLD, a whopping deposit of 11.89 tonnes/ thus the inventory rests tonight at 807.09 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 17, 2016.
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