The Phaserl


German economy imploding/Europe also releases bad economic data

by Harvey Organ,

Good evening Ladies and Gentlemen:

Gold closed today down by $3.20 to $1609.70 by closing comex time. However at the same time, silver seems to be bucking gold’s trend as this metal rose by 33 cents to $28.08. We are now in the midst of the summer doldrums with our major European politicians on holiday. Thus do not expect any action until September. Today we saw poor industrial production numbers from Germany and also from the rest of Europe. Factory orders were also down badly in Germany. Many stories to cover today but first let us head over to the comex and assess trading there today.

The total gold comex OI rose by 1391 contracts from 389,679 to 391,070. I can assure you that our CME boys are not too happy seeing OI contract as well as volume. The August delivery month saw it’s OI fall by 43 contracts from 2960 to 2917. We had 18 delivery notices filed on Friday so we lost another 25 contracts or 2500 oz of gold standing. The September delivery month saw its OI rise by 114 contracts to 1390. The next official delivery month is October and here the OI rose by a scant 39 contracts to 28,475. October is a very weak delivery month as most players who are still in the paper game wish to play December. The estimated volume at the gold comex today was very weak at 88,213. The confirmed volume yesterday was also weak at 86,691.

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