Gold: $1,269.90 up $12.50 (comex closing time)
Silver 15.68 up 55 cents
In the access market 5:15 pm
Gold $1259.40
silver: 15.53
At the gold comex today, we had a fair delivery day, registering 16 notices for 1600 ounces and for silver we had 102 notices for 510,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.03 tonnes for a loss of 91 tonnes over that period.
In silver, the open interest rose by 1033 contracts up to 164,801. In ounces, the OI is still represented by .824 billion oz or 118% 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 102 notices served upon for 510,000 oz.
In gold, the total comex gold OI rose by a gigantic 25,944 contracts to 482,938 contracts as the price of gold was up $16.30 with yesterday’s trading.(at comex closing)
We had another huge change in gold inventory at the GLD, a mammoth sized deposit of 7,13 tonnes and gold goes down early this morning? and rises only slightly? / thus the inventory rests tonight at 793.33 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 again had a major change in inventory/this time another huge deposit of 5.426 million oz and thus the Inventory rests at 319.776 million oz
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 4, 2016.
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