The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1,238.90 down $10.20 (comex closing time)

Silver 17.00 up 10 cents

In the access market 5:15 pm

Gold $1238.00

silver: 17.00

Tomorrow is options expiry on the comex. However we have to wait until Friday afternoon as the London’s LBMA options expire along with the bankers OTC options.
So expect the prices of our precious metals to remain subdued to the rest of the week. The open interest in silver continues to rise despite Friday’s weakness in price. Somebody is accumulating massive amounts of silver and the longs are waiting patiently ready to pounce.

Let us have a look at the data for today.

At the gold comex today, we had a good delivery day, registering 973 notices for 97,300 ounces for gold,and for silver we had 2 notices for 10,000 oz for the non active April delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 224.62 tonnes for a loss of 78 tonnes over that period.

In silver, the open interest rose by a SURPRISING 2,556 contracts up to 201,787 despite the fact that the price was silver was down by 19 cents with respect to FRIDAY’s trading. In ounces, the OI is still represented by 1 BILLLION oz (1.009 BILLION TO BE EXACT or 143% of annual global silver production (exRussia &ex China)We are now at multi year highs in OI with respect to silver

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