The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1076.40 down $8.10 (comex closing time)

Silver $14.31 down 19 cents

In the access market 5:15 pm

Gold $1071.00

Silver: $14.26

At the gold comex today, we had an extremely poor delivery day, registering 47 notices for 4700 ounces. And this is the biggest delivery month of the year for gold? Silver saw only 6 notices for 30,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 200.58 tonnes for a loss of 102 tonnes over that period.

In silver, the open interest fell by a considerable 2048 contracts despite the fact that silver was up 45 cents with respect to Friday’s trading which was a pretty good day for precious metals. Generally we are witnessing a massive OI contraction once we approach the first few days of an active delivery month and they did not disappoint us with first day notice results in silver. I promised you that we should start to see the OI in silver start to rise from this level but today we had another setback today as again we must have had some shortcovering. The total silver OI now rests at 162,398 contracts In ounces, the OI is still represented by .812 billion oz or 116% of annual global silver production (ex Russia ex China).

In silver we had 6 notices served upon for 30,000 oz.

In gold, the total comex gold OI fell by a large 5,734 contracts as the OI fell to 389,113 contracts despite the fact that gold was up by $22.00 with respect to Friday’s trading. Today the bankers provided the initial HFT and the specs longs continued their assault on the short side.

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