Good evening Ladies and Gentlemen:
Gold: $1,270.40 down $4.10 (comex closing time)
Silver 17.09 down 21 cents
In the access market 5:15 pm
Gold $1263.50
silver: 17.00
As soon as our crooked bankers saw the likes of the open interest in gold and silver they knew that they had to whack despite the awful news on the jobless front today. We are now very close at an all time record high OI for silver and yet the price is 32.00 less per oz. Generally, the CFTC state that these things correct themselves. We have now had 5 years of high silver OI with a low price and that destroys their mantra which is in bold as you enter the CFTC offices, namely that the futures market is a price discovery mechanism and that future price discovery of any commodity will lead to the correct price. Obviously our bought and paid for regulators have destroyed their motto with respect to the precious metals.
Expect another raid tomorrow!
Let us have a look at the data for today.
At the gold comex today we had a GOOD delivery day, registering 27 notices for 2700 ounces for gold, and for silver we had 2 notices for 10,000 oz for the non active May delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 235.21 tonnes for a loss of 68 tonnes over that period.
In silver, the open interest rose by 1047 contracts up to 206,438 as the price was silver was UP by 22 cents with respect to yesterday’s trading. In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.032 BILLION TO BE EXACT or 147% of annual global silver production (exRussia &ex China)
In silver we had 2 notices served upon for 10,000 oz.
In gold, the total comex gold OI ROSE BY 6,113 CONTRACTS UP to 585,890 contracts AS THE PRICE OF GOLD WAS UP $10.70 with YESTERDAY’S TRADING(at comex closing). Yesterday I stated: ‘Again the liquidation of contracts was not to the liking of our crooked banks.’ They did not like the OI in both gold and silver and thus the raid today.
As far as the GLD, we had another huge change in tonnes (despite the gold price being down badly today) a deposit of 3.27 tonnes into the GLD. The new inventory rests at 845.19 tonnes. I have no problem in telling you that the addition was paper gold and not physical as London is having a tough time finding real metal. We had no changes in silver inventory at the SLV. Inventory rests at 335.073 million oz..
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on May 12, 2016.
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