JUNE 28/EUROPEAN BANKS CLOSE DOWN DESPITE RISE IN OTHER EQUITIES/USA 10 YR BOND YIELD REMAINS LOWER BOUND AND THUS NOBODY IS BUYING TODAY’S RALLY/GOLD OPEN INTEREST CONTINUES TO REMAIN HIGH/JULY …

Jon Gold, Market Commentary, Precious Metals, Silver

Good evening Ladies and Gentlemen:
Gold: $1,315.30 DOWN $7.20 (comex closing time)
Silver 17.84 UP 10 cents
In the access market 5:15 pm
Gold: 1325.00
Silver: 17.76
The June gold contract is an active contract. Last night we had a fair sized 40 notices filed last night, for 4000 oz to be served upon today. The total number of notices filed in the first 18 days is enormous at 15,521 for 1,552,100 oz. (48.276 tonnes)
ii) in silver we had 1 notice filed for 5,000 oz.. Total number of notices served in the 18 days: 616 for 3,080,000 oz
Today, the June gold and silver contract go off the board. Interestingly the options on the comex gold and silver expired yesterday so our bankers did not do too good and could not do their normal raids because of the power behind BREXIT. However, the bankers do have the much bigger OTC/London LBMA options to look forward to, and they expire Thursday at noon. Thus the boys will go all out to make up for lost opportunity and raid for the next few days.
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 281.79 tonnes for a loss of 21 tonnes over that period
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In silver, the total open interest fell by a considerable 3,951 contracts down to 213,495, BUT STILL CLOSE TO AN ALL TIME RECORD DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN BY ONLY 5 CENTS with respect to YESTERDAY’S trading. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.067 BILLION TO BE EXACT or 153% of annual global silver production (ex Russia &ex China)
In silver we had 1 notice served upon for 5,000 oz.
In gold, the total comex gold OI FELL by a TINY 333 contracts DOWN to 619,264 as the price of gold was UP $2.30 with YESTERDAY’S trading (at comex closing).
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With respect to our two criminal funds, the GLD and the SLV:
GLD
A huge changes in gold inventory. a massive deposit of 13.067 tonnes into the gold inventory/ (and with gold only up by 2.50 yesterday???
Total gold inventory: 947.38 tonnes
SLV
No change in the SLV inventory
Inventory rests at 332.784 million oz.
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on June 28, 2016.