MARCH 24/DESPITE THE SHELLACKING OF GOLD, THE GLD SURPRISINGLY ADDS 2.08 TONNES TO ITS INVENTORY/GOLD AND SILVER FALL TODAY/CHINA DEVALUES GREATLY SENDING A STRONG MESSAGE TO THE USA NOT TO RAISE…

Gold: $1,221.40 down $2.30 (comex closing time)
Silver 15.19 down 7 cents
In the access market 5:15 pm
Gold $1217.00
silver: 15.18
(pay no attention to this access knockdown/there is nobody to sell to/all left for the Good Friday holiday)
Let us have a look at the data for today.
At the gold comex today, we had a poor delivery day, registering 12 notices for 1200 ounces and for silver we had 0 notices for nil oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.17 tonnes for a loss of 91` tonnes over that period.
In silver, the open interest FELL by only 3863 contracts DOWN to 171,913 despite the fact that the silver price was whacked by 61 cents with respect to yesterday’s trading . In ounces, the OI is still represented by .860 billion oz or 123% 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 fell by 13,363 contracts to 497,216 contracts as the price of gold was down $24.50 with yesterday’s trading.(at comex closing). I was expecting a larger contraction in OI
This is a huge surprise!!we had a huge deposit of 2.08 tonnes in the GLD despite gold’s drubbing yesterday and today/ thus the inventory rests tonight at 823.74 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 tonight, and thus the Inventory rests at 328.914 million oz.
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on March 24, 2016.

 

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