Good evening Ladies and Gentlemen:
Gold: $1,223.50 DOWN $5.40 (comex closing time)
Silver 16.26 UP 2 cents
In the access market 5:15 pm
Gold $1224.15
silver: 16.32
i) 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 6.886 tonnes of gold standing:
The amount standing for gold at the comex in May is simply outstanding at 6.886 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.
Despite the whacking of silver, it’s OI refused to decline like gold. Our bankers and the CFTC are ‘quite baffled’ by this. We are now in our 6th year of high open interest in silver with a low price. This has never happened before.
If I am a betting man, it looks to me like China is the long taking delivery in gold and they are the longs waiting patiently to strike in silver.
Let us have a look at the data for today.
At the gold comex today we had a GOOD delivery day, registering 53 notices for 5300 ounces for gold, and for silver we had 5 notices for 25,000 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 249.98 tonnes for a loss of 53 tonnes over that period.
In silver, the open interest ROSE by 101 contracts UP to 203,682 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by 17 cents with respect to YESTERDAY’S trading.. In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.018 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia &ex China)
In silver we had 5 notices served upon for 25,000 oz.
In gold, the total comex gold OI fell by a CONSIDERABLE 8,603 contracts DOWN to 542,958 as the price of gold was DOWN $22.90 with yesterday’s trading(at comex closing). They certainly got the liquidation in gold but not silver.
We had no change in gold inventory at the GLD The inventory rests at 868.66 tonnes. .
We had no change in silver inventory at the SLV/Inventory rests at 335.739 million oz.
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on May 25, 2016.
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