The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1116.40 up $.80 (comex closing time)

Silver 14.23 up 1 cents

In the access market 5:15 pm

Gold $1118.10

Silver: $14,25

At the gold comex today, ON FIRST DAY NOTICE we had a poor delivery day, registering 58 notices for 5800 ounces. Silver saw 0 notices for nil oz for first day notice, February contract month. Late in the evening, we had 7 notices for silver for the January contract month for 35,000 oz. Thus the total number of contracts served upon for silver in January numbered 122 for 610,000 oz

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 199.90 tonnes for a loss of 103 tonnes over that period.

In silver, the open interest rose by 642 contracts up to 156,925. In ounces, the OI is still represented by .785 billion oz or 112% 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 a rather large 8,744 contracts to 373,252 contracts as gold was down $0.50 with yesterday’s trading.

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

We had no changes in gold inventory at the GLD, / thus the inventory rests tonight at 669.23 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 another change in inventory, a withdrawal of 1.143 million oz and thus/Inventory rests at 309.510 million oz.

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