Gold:1330.50 UP $11.70
Silver 19.78 UP 20 cents
In the access market 5:15 pm
For the July gold contract month, we had a huge 739 notices served upon for 73,900 ounces. The total number of notices filed so far for delivery: 6068 for 606,800 oz or 18.874 tonnes
In silver we had 28 notices served upon for 140,000 oz. The total number of notices filed so far this month for delivery: 2134 for 10,670,000 oz
Silver today at the comex recorded an all time record for open interest and yet the price is 29 dollars cheaper. It defies commodity law!
Last night, I was up again in the early hours when I saw the bankers continue with their raid orchestrated by our crooked banks yesterday. I took a look at the daily bulletin which is an estimated OI and then I knew the reason for the raid:
the high open interest for silver (and a record high) despite silver being 29 dollars cheaper when it had its former high OI in 2011. (Oi 220,587)
the front July contract month in gold saw a huge gain in an amount standing. Now we have close to 19 tonnes standing in this a non active month. It sure looks like August will be exciting.
We are now entering options expiry month for gold and silver:
The comex options expiry on Tuesday July 26.
The OTC options in London expire Friday at noon July 29.
So expect downward drafts in gold and silver trading until both of these contracts expire.
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 311.801 tonnes for a gain of 9 tonnes over that period
In silver, the total open interest ROSE BY 1,391 contracts UP to 220,587, AND A NEW ALL TIME RECORD. THE OI ROSE IN CONTRAST TO THE PRICE OF SILVER WHICH FELL BY 40 CENTS IN YESTERDAY’S TRADING. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.102 BILLION TO BE EXACT or 158% of annual global silver production (ex Russia &ex China).
In silver we had 38 notices served upon for 140,000 oz.
In gold, the total comex gold FELL BY 2,990 contracts as gold FELL in price YESTERDAY to the tune of $12.70. The total gold OI stands at 614,079 contracts.
With respect to our two criminal funds, the GLD and the SLV:
we had a large withdrawal in gold inventory. to the tune of 2.08 tonnes/
Total gold inventory rest tonight at: 963.14 tonnes
we had no changes into the SILVER INVENTORY TO THE SLV
Inventory rests at 348.580 million oz.
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on July 21, 2016.