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GOLD AND SILVER RISE AHEAD OF THE FOMC MEETING

by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $1119.20 up $16.40 (comex closing time)

Silver $14.88 up 56 cents.

In the access market 5:15 pm

Gold $1119.00

Silver: $14.91

At the gold comex today we had a poor delivery day, registering 4 notices for 400 ounces Silver saw 55 notices for 275,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 214.31 tonnes for a loss of 89 tonnes over that period.

In silver, the open interest rose by 632 contracts despite the fact that silver was down in price by 13 cents yesterday. Again, our banker friends tried to use the opportunity to cover as many silver shorts as they could and failed. The total silver OI now rests at 158,007 contracts In ounces, the OI is still represented by .790 billion oz or 113% of annual global silver production (ex Russia ex China).

In silver we had 55 notices served upon for 275,000 oz.

In gold, the total comex gold OI rose to 413,333 for a gain of 2192 contracts. We had 4 notices filed for 400 oz today.

We had no changes in tonnage at the GLD, thus the inventory rests tonight at 678.18 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 no change in silver inventory at the SLV/Inventory rests at 320.915 million oz.

Read More @ HarveyOrganblog.com

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