by Harvey Organ, HarveyOrganblog:
Good evening Ladies and Gentlemen:
Gold: $1074.80 down $7.10 (comex closing time)
Silver $14.30 unchanged
In the access market 5:15 pm
I love Kitco’s headline today:
“Weaker Gold & Silver Prices To Continue To Push Coin Sales To Record Highs In 2016“
At the gold comex today, we had a good delivery day, registering 43 notices for 4,300 ounces.Silver saw 126 notices for 630,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 198.93 tonnes for a loss of 104 tonnes over that period.
In silver, the open interest fell by 1156 contracts even though silver was up in price by 22 cents with respect to yesterday’s trading and without a doubt we had more short covering. We have an extremely low price of silver and a very high OI coupled with backwardation in silver at the LBMA and the comex. (negative SIFO rates). The total silver OI now rests at 162,096 contracts. In ounces, the OI is still represented by .810 billion oz or 115% of annual global silver production (ex Russia ex China).
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