The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1106.20 up $9.00 (comex closing time)

Silver 14.24 up 20 cents

In the access market 5:15 pm

Gold $1109.00

Silver: $14,24

Tomorrow is options expiry on the comex. This Friday is options expiry on LBMA and on the OTC. Thus expect another whack job on gold and silver for the rest of this week starting tomorrow.

At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces.Silver saw 0 notices for nil oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 198.60 tonnes for a loss of 104 tonnes over that period.

In silver, the open interest fell by 2,159 contracts down to 155,155. In ounces, the OI is still represented by .776 billion oz or 111% of annual global silver production (ex Russia ex China).

In silver we had 0 notices served upon for nil oz.

In gold, the total comex gold OI fell by 8,111 contracts to 399,827 contracts as gold was down $1.90 with Friday’s trading.

Today both the gold comex and the silver comex are in severe stress with gold in backwardation up to August.

We had another huge change, a deposit of 2.08 tonnes of gold inventory into the GLD, / thus the inventory rests tonight at 664.17 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 change in inventory and thus/Inventory rests at 311.606 million oz.

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