JULY 28/SILVER COMEX HAS A NEW RECORD 223,201 TOTAL OPEN INTEREST. THE FRONT GOLD COMEX OI FOR AUGUST IS 42,275 WHICH IS EXTREMELY HIGH AND INDICATES A HUGE AMOUNT OF GOLD WILL STAND/JULY GOLD OF…

Jon Gold, Market Commentary, Precious Metals, Silver

Gold:1332.30 up $5.60
Silver 20.17 up 20 cents
In the access market 5:15 pm
Gold: 1336.00
Silver: 20.15
For the July gold contract month, we had 0 notices served upon for nil ounces. The total number of notices filed so far for delivery: 6897 for 689,700 oz or 21.452 tonnes
In silver we had 112 notices served upon for 560,000 oz. The total number of notices filed so far this month for delivery: 2471 for 12,355,000 oz
We are now entering options expiry month for gold and silver:
i)COMEX OPTIONS EXPIRED LAST NIGHT
ii)The OTC options in London expire Friday at noon July 29.
We have a huge 42,275 contracts standing so far for gold. On the last day before first day notice we had 39,000 contracts outstanding and then on first day notice 36 tonnes of gold stood. Throughout the month of June the amount standing increased and we ended up with 49 tonnes of eventual gold standing. I believe we may have higher amounts standing for August.
Let us have a look at the data for today.
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In silver, the total open interest ROSE BY A HUGE 4902 contracts UP to 223,201 AND AN NEW ALL TIME RECORD AS THE PRICE OF SILVER ROSE BY 31 CENTS IN YESTERDAY’S TRADING. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.116 BILLION TO BE EXACT or 159% of annual global silver production (ex Russia &ex China).
In silver we had 112 notices served upon for 560,000 oz.
In gold, the total comex gold fell BY A CONSIDERABLE 7655 contracts despite the fact that the price of gold ROSE by $5.90 yesterday. The total gold OI stands at 568,670 contracts. What is more earthshattering is the high OI for August still standing at 42,275 contracts with one reading day before first day notice tomorrow.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had NO CHANGES in gold inventory . /
Total gold inventory rest tonight at: 954.23 tonnes
SLV
we had a big change, a deposit of 1.14 million oz into the SILVER INVENTORY TO THE SLV
Inventory rests at 349.720 million oz.
First, here is an outline of what will be discussed tonight:

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