by Harvey Organ, HarveyOrganblog:
Good evening Ladies and Gentlemen:
Here are the following closes for gold and silver today:
Gold: $1127.10 down $4.60 (comex closing time)
Silver $14.57 up 3 cents.
In the access market 5:15 pm
I wrote the following last Thursday:
“On the 24th of September, the comex options expired but we still have the LBMA options as well as the OTC options. Expect gold and silver to be relatively subdued until Oct 1.2015.”
First, here is an outline of what will be discussed tonight:
At the gold comex today we had a poor delivery day, registering 3 notices for 300 ounces Silver saw 93 notices for 465,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 213.14 tonnes for a loss of 90 tonnes over that period.
In silver, the open interest rose by 1659 contracts despite the fact that silver was down in price by 57 cents yesterday. The total silver OI now rests at 157,525 contracts In ounces, the OI is still represented by .787 billion oz or 113% of annual global silver production (ex Russia ex China).
In silver we had 93 notices served upon for 465,000 oz.
In gold, the total comex gold OI fell to 417,770 for a loss of 597 contracts. This is par for the course as we always see a contraction as we approach an active delivery month. We had 3 notices filed for 300 oz today.
We had no changes in tonnage at the GLD; thus the inventory rests tonight at 684.14 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. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. 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 will be the FRBNY and the comex. In silver, we had a small withdrawal of silver inventory at the SLV to the tune of 859,000 oz/Inventory rests at 317.384 million oz.
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