Good evening Ladies and Gentlemen:
Gold: $1,211.90 DOWN $2.90 (comex closing time)
Silver 15.91 down 6 cents
In the access market 5:15 pm
Gold $1213.00
silver: 15.98
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. On day two, we had another huge number of gold notices filed at 2281 for 228100 oz or 7.09 tonnes of gold. Thus in two days a total of 5789 notices have been filed for 578900 oz or 18.00 tonnes. There is no question that the bankers have uttered these words to one another: ‘Houston, we have a problem’ in gold.
Let us have a look at the data for today.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 265.13 tonnes for a loss of 38 tonnes over that period
In silver, the total open interest FELL by only 1554 contracts DOWN to 198,118 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by a considerable 28 cents with respect to YESTERDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.990 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia &ex China)
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI rose by a tiny 1241 contracts up to 44,321 as the price of gold was UP $1.10 with YESTERDAY’S trading(at comex closing).
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With respect to our two criminal funds, the GLD and the SLV:
We had a good size deposit in gold inventory at the GLD at 2.08 tonnes. The inventory rests at 870.74 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 June 1, 2016.
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