AUGUST 30/BOTH RUSSIA AND THE USA ANGRY AT TURKEY’S INVASION OF SYRIA/AFTER TODAY’S GRAB BY THE EU ON APPLE, THEY SET THEIR SIGHTS ON AMAZON AND MCDONALD’S/ THE FBI UNCOVER EMAILS FROM HILLARY’ S…

Jon Gold, Government, Market Commentary, Precious Metals, Silver

Gold:1311.70 down $10.90
Silver 18.58 down 18 cents
In the access market 5:15 pm
Gold: 1311.30
Silver: 18.61
For the August gold contract month, we had a good sized 59 notices served upon for 5900 ounces. The total number of notices filed so far for delivery: 14,258 for 1,425,800 oz or tonnes or 44.348 tonnes. The total amount of gold standing for August is 44.348 tonnes.
In silver we had 1 notice served upon for 5,000 oz. The total number of notices filed so far this month: 506 for 2,530,000 oz. The amount standing in silver: 2,530,000 oz
As I reminded everybody last night, that tomorrow is options expiry day for the London’s OTC/LBMA contracts. Their contracts are much bigger in quantity than the comex options. So its no wonder why the crooks decided to raid today. The good news is that it ends tomorrow afternoon.
In silver, the raids wiped out a huge number of longs. I doubt now if we will have anything greater than 15 million oz stand. However in gold, I expect around 8 tonnes will be left standing which would be huge. Normally only .5 tonnes stands in an off delivery month.
Let us have a look at the data for today.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
In silver, the total open interest FELL BY 3,036 contracts DOWN to 190,711. The open interest again fell PRETTY HARD DESPITE THE FACT THAT THE SILVER PRICE WAS UP 11 CENTS IN YESTERDAY’S TRADING . In ounces, the OI is still represented by just LESS THAN 1 BILLION oz i.e. .953 BILLION TO BE EXACT or 136% of annual global silver production (ex Russia &ex China). the crooks are doing a great job fleecing unsuspecting longs
In silver we had 1 notice served upon for 5,000 oz
In gold, the total comex gold fell 1,387 contracts despite the fact that the price of gold ROSE BY $1.40 yesterday . The total gold OI stands at 559,043 contracts
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
With respect to our two criminal funds, the GLD and the SLV:
GLD
we had no changes today at the GLD
Total gold inventory rest tonight at: 956.59 tonnes of gold
SLV
we had no changes at the SLV, / THE SLV Inventory rests at: 357.844 million oz.
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on August 30, 2016.