by Harvey Organ, HarveyOrganblog:
Good evening Ladies and Gentlemen:
Gold: $1157.80 up $0.20 (comex closing time)
Silver 14.76 down 8 cents
In the access market 5:15 pm
The jobs report saw the bankers knock gold and silver down early in the New York session, but this time, investors were witnessing smoke emanating from European and Chinese banks. They decided it was about time to buy both gold and silver as a safe haven for global economic chaos. By closing time the access market had gold at $1174.00 and silver finished at $14.97.
At the gold comex today, we had a poor delivery day, registering 5 notices for 500 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 202.66 tonnes for a loss of 100 tonnes over that period.
In silver, the open interest rose by a gigantic 2,788 contracts up to 167,563. In ounces, the OI is still represented by .838 billion oz or 120% 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 rose by a huge 5,732 contracts to 391,899 contracts as gold was up $16.30 with yesterday’s trading.
We had another huge change in gold inventory at the GLD, another deposit of 4.84 tonnes of gold / thus the inventory rests tonight at 698.46 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 inventory, and thus/Inventory rests at 308.999 million oz.
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