The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1,241.40 up $10.80 (comex closing time)

Silver 15.00 up 27 cents

In the access market 5:15 pm

Gold $1240.50

silver: 14.91

At the gold comex today, we had a strong delivery day, registering 390 notices for 3900 ounces and for Silver surprisingly saw only 10 notices for 50,000 oz for the active March delivery month. They must have problems sourcing silver!

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 210.79 tonnes for a loss of 92 tonnes over that period.

In silver, the open interest rose by 88 contracts up to 162,293. In ounces, the OI is still represented by .811 billion oz or 116% of annual global silver production (ex Russia ex China). Generally as we go into an active delivery month the liquidation is much bigger.

In silver we had 10 notices served upon for 50,000 oz.

In gold, the total comex gold OI rose by a tiny 89 contracts to 450,555 contracts despite the fact that the price of gold was down $3.60 with yesterday’s trading.(at comex closing)

We had another huge change in gold inventory at the GLD, a mammoth sized deposit of 9.83 tonnes and gold goes down early this morning? and rises only slightly? / thus the inventory rests tonight at 786.20 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 tune of and thus the Inventory rests at 311.618 million oz

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