Gold: $1,257.40 up $16.30 (comex closing time)
Silver 15.13 up 13 cents
In the access market 5:15 pm
Gold $1264.10
silver: 15.25
At the gold comex today, we had a strong delivery day, registering another 87 notices for 8700 ounces and for silver we had 186 notices for 930,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.15 tonnes for a loss of 92 tonnes over that period.
In silver, the open interest rose by 1475 contracts up to 163,768. In ounces, the OI is still represented by .819 billion oz or 117% 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 186 notices served upon for 930,000 oz.
In gold, the total comex gold OI rose by a huge 6,439 contracts to 456,994 contracts as the price of gold was up $10.80 with yesterday’s trading.(at comex closing)
We had another huge change in gold inventory at the GLD, a good sized deposit of 2.37 tonnes and gold goes down early this morning? and rises only slightly? / thus the inventory rests tonight at 786.20 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 finally had a major change in inventory/this time a huge deposit of 2.732 million oz and thus the Inventory rests at 314.350 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 3, 2016.
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