The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1062.90 down $1.80 (comex closing time)

Silver $13.74 up 8 cents

In the access market 5:15 pm

Gold $1061.20

Silver: $13.76

At the gold comex today, we had an extremely fair delivery day, registering 186 notices for 18,600 ounces.Silver saw 1 notice for 5,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 196.86 tonnes for a loss of 106 tonnes over that period.

In silver, the open interest rose by 980 contracts even though silver was down in price by a considerable 20 cents with respect to Monday’s trading. We have an extremely low price of silver and a very high OI coupled with backwardation in silver at the LBMA. (negative SIFO rates). The total silver OI now rests at 169,167 contracts. In ounces, the OI is still represented by .846 billion oz or 120% of annual global silver production (ex Russia ex China).

In silver we had 1 notice served upon for 5,000 oz.

In gold, the total comex gold OI fell by 918 contracts to 395,436 contracts as gold was down $12.20 in price with respect to yesterday’s trading.

We had no changes in gold inventory at the GLD, / thus the inventory rests tonight at 634.63 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. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. 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, after they deplete the GLD will be the FRBNY and the comex. In silver, we had no changes,in silver inventory at the SLV/Inventory rests at 323.509 million oz

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