MARCH 31/GLD WITHDRAWS 1.19 TONNES FROM ITS INVENTORY TODAY/JOBS REPORT TOMORROW/CHINA AGAIN PLACES YUAN HIGHER WHICH TRAMPLES THE SHORTS/OFF SHORE CHINA COMPANY GUOSEN, SUB. OF STATE OWNED COMPA…

Jon Economy, Fiscal Policies, Gold, Market Commentary, Precious Metals, Silver

Gold: $1,234.20 up $7.30 (comex closing time)
Silver 15.46 up 25 cents
In the access market 5:15 pm
Gold $1232.60
silver: 15.43
Tomorrow is the FOMC report and we always see huge volatility on this report. The April report for March generally sees a lower plug for seasonal adjustments so we might see a better atmosphere for gold and silver. Also options expiry is over so we may have a good day in our precious metals.
Let us have a look at the data for today.
At the gold comex today, we had a poor delivery day, registering 58 notices for 5800 ounces on first notice day for gold, and for silver we had 2 notices for 10,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 213.10 tonnes for a loss of 90 tonnes over that period.
In silver, the open interest ROSE by 1556 contracts UP to 176,801 despite the fact that the silver price was down 9 cents with respect to yesterday’s trading . In ounces, the OI is still represented by .884 billion oz or 126% of annual global silver production (ex Russia ex China).
In silver we had 2 notices served upon for 10,000 oz.
In gold, the total comex gold OI was obliterated as the complex fell by 10,057 contracts down to 470,384 contracts as the price of gold was DOWN $8.90 with yesterday’s trading.(at comex closing).
We had a small change in the GLD, a withdrawal of 1.19 tonnes from the GLD/ thus the inventory rests tonight at 819.28 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 330.389 million oz..
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on March 31, 2016.