Gold: $1,235.60 up $15.70 (comex closing time)
Silver 15.23 UP ONLY 4 CENTS*
(*a huge clue that a raid on gold/silver coming tomorrow).
In the access market 5:15 pm
Let us have a look at the data for today.
On Thursday I told you that after China devalued their yuan on 4 consecutive day, the POBC was sending a strong message to the USA not to engage in any interest rate rise. Although three of the Fed governors were pounding the table that the USA needed to raise rates, it was obvious that if China devalued their yuan say by 20% to 8:1 (8 yuan/USA) to stay competitive, then everything would hit the wall: the Euro would collapse, the dollar skyrocket, then dollar scarcity, commodities collapse in price and then emerging market collapses together with their sovereign bonds. Today, Yellen got the message as she again goes extremely dovish. The USA can never raise rates again.
Today we saw gold advance $15.70 in regular hours and a further 7 dollars in the access market finishing at $1142.00. Although we lost considerable OI as we enter our next active month, it sure looks like the OI for tomorrow’s reading will advance. The silver price did not rise with gold which is their usual signal that a raid has been called for by our banker crooks. First day notice is on Thursday and that is the last day for LBMA and OTC gold options and the raids should end by Thursday night but for only a short time until they start with their criminal antics again. The game ends when they are carried out on a stretcher (when the East can no longer receive physical metal)
At the gold comex today, we had a good delivery day, registering 27 notices for 2700 ounces and for silver we had 61 notices for 305,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.75 tonnes for a loss of 90 tonnes over that period.
In silver, the open interest ROSE by 1292 contracts UP to 171,872 DESPITE the fact that the silver price was unchanged with respect to yesterday’s trading . In ounces, the OI is still represented by .864 billion oz or 123% of annual global silver production (ex Russia ex China).
In silver we had 61 notices served upon for 305,000 oz.
In gold, the total comex gold OI fell as expected by 14,886 contracts to 482,636 contracts as the price of gold was down $1.50 with yesterday’s trading.(at comex closing) and also the fact that we are entering the new active month of April. However, I was expecting a larger contraction in OI in gold. With today’s announcement of a more dovish Yellen, our new OI for tomorrow will no doubt be sky high.
we had a huge change in the GLD with gold’s drubbing for the past 3 days a withdrawal of 3.27 tonnes./ thus the inventory rests tonight at 820.47 tonnes. No doubt that will change tomorrow considering Yellen’s dovish comments today with regards to the raising of rates. 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, strangelywe had a huge deposit in inventory tonight of 1.475 million oz, and thus the Inventory rests at 330.389 million oz. It is interesting that silver does not move and yet inventory continually rises.
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 29, 2016.