by Harvey Organ, HarveyOrganblog:
At the gold comex today, we had a good delivery day, registering 44 notice serviced for 4400 oz. Silver comex filed with 0 notices for nil oz. Remember we are entering options expiry with today the comex gold and silver expires and then next Tuesday, we have options expiry on the gold/silver LBMA contracts and on the OTC contracts. So gold and silver will be subdued in price until Tuesday night.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 245.62 tonnes for a loss of 57 tonnes over that period.
In silver, the open interest fell by 1695 contracts despite yesterday’s small price rise of 11 cents. The total silver OI continues to remain extremely high, with today’s reading at 198,578 contracts now at decade highs despite a record low price. We must have had some banker short covering yesterday. In ounces, the OI is represented by .994 billion oz or 142% of annual global silver production (ex Russia ex China). This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end as they continue to raid as basically they have no other alternative. There can only be one answer as to how the OI of comex silver is now just under 1 billion oz coupled with a low price under 16.00 dollars: sovereign China through proxies are the long and they have extremely deep pockets.
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