Gold: $1,233.90 up 14.10 (comex closing time)
Silver 14.89 up 20 cents
In the access market 5:15 pm
Gold $1238.50
silver: $14.92
options expiry:
for the Comex: Wednesday Feb 24 expired
for OTC and LBMA: today at midnight
At the gold comex today, we had a GOOD delivery day, registering 1 notice for 100 ounces for February. Thus the month of February ends up with 256,900 oz delivered upon for 7.99 tonnes of gold. Silver saw no more notices for February and surprisingly only 5 notices for 20,000 oz for the active March delivery month. They must have problems sourcing silver!
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.05 tonnes for a loss of 92 tonnes over that period.
In silver, the open interest fell by 4,243 contracts down to 169,013. In ounces, the OI is still represented by .845 billion oz or 121% of annual global silver production (ex Russia ex China). Generally as we go into an active delivery month the liquidation is much bigger.
In silver we had 5 notice served upon for 25,000 oz.
In gold, the total comex gold OI fell by 3,587 contracts to 438,516 contracts as the price of gold was down $18.40 with Friday’s trading.(at comex closing)
We had another change in gold inventory at the GLD, a good sized deposit of 2.08 tonnes / thus the inventory rests tonight at 762.40 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver,/we had no changes in inventory tune of and thus the Inventory rests at 311.618 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on February 29, 2016.
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