The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $1180.10 up $14.30 (comex closing time)

Silver $16.10 up 20 cents.

In the access market 5:15 pm

Gold $1185.60

Silver: $16.13

Let us head over to the comex:

The total gold comex open interest rose from 433,629 down to 435,928 for a of gain of 2299 contracts despite the fact that gold was up $0.90 with respect to yesterday’s trading.

For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest: 1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month, and today the latter of these developments continued but a slower pace. The new active delivery month we enter is October and here the OI fell by 126 contracts down to 1142. We had 0 notices filed yesterday so we lost 126 contracts or 12,600 additional oz will not stand for delivery. The November contract went up by 28 contracts up to 240. The big December contract saw it’s OI fall by 219 contracts from 295,171 down to 294,952. The estimated volume on today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 179,298 which is fair. The confirmed volume on yesterday (which includes the volume during regular business hours + access market sales the previous day was poor at 153,172 contracts.
Today we had 0 notices filed for 100 oz.
And now for the wild silver comex results. Silver OI rose by a considerable contracts from 159,826 up to 161,346 despite the fact that the price of silver was up to the tune of only 4 cents yesterday. Since October is not an active month, we will not see a huge contraction in the OI standing for delivery. The bankers continue to pull their hair out trying to extricate themselves from their silver mess (the continued high silver OI with it’s extremely low price, combined with the banker’s massive physical shortfall) as the world senses something is brewing in the silver arena. We enter the October contract month which saw it’s OI rise by 2 contracts up to 14. We had 0 contracts filed yesterday so we gained 2 contracts or an additional 10,000 silver ounces that will stand for metal in this non active month of October. The November contract month saw it’s OI remain constant at 37.

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