Good evening Ladies and Gentlemen:
Gold: $1,265.50 up $15.90 (comex closing time)
Silver 17.55 up 26 cents
In the access market 5:15 pm
Gold $1266.60
silver: 17.56
From last night’s access market through to the opening of Japan, the bankers were doing everything possible to knock gold off its perch. Then suddenly, Kuroda of the Central Bank of Japan shocked all of the traders by doing absolutely nothing. Everyone was expecting some sort of new QE. That sent the Japan skyrocketing by over 340 basis points, the Nikkei plummeted by over 1000 points and then bourses around the world were hit pretty hard. The big winner was gold and silver as they immediately rebounded and that put a huge dent in the plans of the bankers with respect to the London’s options which expire tomorrow morning. If they fail tomorrow that would be the first time in many years that the bankers have failed during the entirety of options expiry week.
Please remember that even though comex options have expired we still have London’s LBMA and OTC to contend with. They expire on tomorrow morning.
Let us have a look at the data for today.
At the gold comex today, we had a good delivery day, registering 30 notices for 3000 ounces for gold, and for silver we had 2 notices for 10,000 oz for the non active April delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 225.51 tonnes for a loss of 77 tonnes over that period.
In silver, the open interest fell by 3,278 contracts down to 203,470 despite the fact that the price was silver was up by 18 cents with respect to yesterday’s trading. In ounces, the OI is still represented by 1 over BILLLION oz (1.01 BILLION TO BE EXACT or 145% of annual global silver production (exRussia &ex China) We are now at all time highs for OI with respect to silver
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI ROSE by 4142 contracts, UP to 502,029 contracts AS the price of gold was UP $7.00 with WEDNESDAY’S TRADING(at comex closing).
We had a huge addition of 1.49 tonnes of gold inventory at the GLD, thus the inventory rests tonight at 804.14 tonnes. 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’s SLV, we had no change in silver inventory. Thus the inventory rests at 335.580 million oz..
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on April 28, 2016.
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