Good evening Ladies and Gentlemen:
Gold: $1,214.80 UP $1.10 (comex closing time)
Silver 15.97 down 28 cents
In the access market 5:15 pm
Gold $1216.00
silver: 15.99
i) the June gold contract is an active contract and the second biggest delivery month of the year following December. Friday night, the bankers first day delivery issuance to our longs to be settled on June 1 was huge: the number was 3,508 gold notices for 350,800 oz or 10.9 tonnes of gold. The number of open interest standing for gold, released at 1:30 pm this afternoon is astronomical at 15,493 contracts and thus 1,549,300 oz will be initially standing for gold in this active month of June (48.189 tonnes)
In silver we have 555 contracts standing for 2,775,000 oz of silver which is huge for an off month.
Let us have a look at the data for today.
At the gold comex today we had a MONSTER delivery day FOR FIRST DAY NOTICE, registering 3508 notices for 350,800 ounces for gold OR 10.9 TONNES, and for silver we had 3 notices for 15,000 oz for the non active JUNE delivery month. In June, open interest for gold has a whopping 15,493 contracts standing for 1,549,300 oz or 48.189 tonnes.
Silver has 555 contracts standing for 2.775,000 million oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 262.97 tonnes for a loss of 40 tonnes over that period
In silver, the total open interest FELL by 654 contracts DOWN to 199,672 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by only 9 cents with respect to FRIDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.9985 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia &ex China)
In silver we had 3 notices served upon for 15,000 oz.
In gold, the total comex gold OI fell by a CONSIDERABLE 14,880 contracts DOWN to 493,080 as the price of gold was DOWN $6.60 with FRIDAY’S trading(at comex closing). They certainly got the liquidation in gold but not silver.
Friday night I wrote the following:
‘However what is surprising is the fact that we have still an extremely high OI for the front June contract month (active)’
And so it was. The open interest for the Front June Contract Month is an unbelievable 15,493 contracts or 48.189 tonnes of gold.
Options expiry for the gold and silver contracts ended at 12 noon. These are the LBMA and OTC contracts traded in London England.
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With respect to our two criminal funds, the GLD and the SLV:
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 31, 2016.
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