Good evening Ladies and Gentlemen:
Gold: $1,252.40 DOWN $1.80 (comex closing time)
Silver 16.52 UP 4 cents
In the access market 5:15 pm
Gold $1252.30
silver: 16.52
Today after a great start for gold and silver, the bankers thought in necessary to raid again. The gold/silver equity shares paid no attention to these antics and rose again today.
There is something really bothering them.
i)There was no question that the high open interest in gold for the entire complex, plus the high OI for June was one factor
ii) the continued high OI for silver and its refusal to melt with constant whacking
iii) the May gold contract is a non active contract. Yet we started the month with 5.67 tonnes of gold standing and it has increased every single day and today sits at 6.68 tonnes of gold standing:
The amount standing for gold at the comex in May is simply outstanding at 6.6811 tonnes. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
Let us have a look at the data for today.
At the gold comex today we had a GOOD delivery day, registering 69 notices for 6900 ounces for gold, and for silver we had 72 notices for 360,000 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 240.39 tonnes for a loss of 63 tonnes over that period.
In silver, the open interest FELL by 2,302 contracts DOWN to 202,627 as the price was silver was DOWN by 64 cents with respect to yesterday’s trading. AGAIN TODAY, NOT NEARLY THE LIQUIDATION THAT THEY HAVE BEN LOOKING FOR. In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.013 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia &ex China)
In silver we had 72 noticeS served upon for 360,000 oz.
In gold, the total comex gold OI fell by a CONSIDERABLE 17,504 contracts down to 573,196 as the price of gold was DOWN $19.50 with yesterday’s trading(at comex closing). They certainly got the liquidation in gold but not silver. However our banker boys have another problem in gold which I will highlight below.
We had a monster deposit in gold inventory at the GLD to the tune of 8.92 tonnes. The inventory rests at 869.26 tonnes. I have no doubt whatsoever that this was a paper addition as they could not possibly find 10 tonnes in one day. We had a good sized deposit in silver inventory at the SLV to the tune of 951,000 oz . Inventory rests at 336.024 million oz..
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on May 20, 2016.
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