Gold: $1,220.90 down $1.50 (comex closing time)
Silver 15.19 UNCHANGED
In the access market 5:15 pm
Let us have a look at the data for today.
At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 0 notices for nil oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.17 tonnes for a loss of 91 tonnes over that period.
In silver, the open interest FELL by only 1333 contracts DOWN to 170,580 as the silver price was down by 7 cents with respect to Thursday’s trading . In ounces, the OI is still represented by .852 billion oz or 122% of annual global silver production (ex Russia ex China).
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI rose by 306 contracts to 497,522 contracts despite the fact that the price of gold was down $2.30 with Thursday’s trading.(at comex closing). I was expecting a larger contraction in OI in both gold and silver and as such expect continual raids in both metals
we had no changes in the GLD despite gold’s drubbing for the past 3 days/ thus the inventory rests tonight at 823.74 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 tonight, and thus the Inventory rests at 328.914 million oz.
First, here is an outline of what will be discussed tonight:
This post was published at Harvey Organ Blog on March 28, 2016.