The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1,249.20 up $7.00 (comex closing time)

Silver 17.29 up 18 cents

In the access market 5:15 pm

Gold $1246.00

silver: 17.24

Today we got a little surprise in that gold rebounded from its lows to close at $1249.20 at comex closing time and silver was up 18 cents at $17.29 The comex options expiry had little effect on both metals.

In silver, we now have an all time high in silver OI at 206,748 which represents 1.03 billion oz. Generally when you get a record high OI, you also have high prices for your commodity.
Please remember that even though comex options have expired we still have London’s LBMA and OTC to contend with. They expire on Friday morning.

Let us have a look at the data for today.

At the gold comex today, we had a good delivery day, registering 107 notices for 10700 ounces for gold,and for silver we had 0 notices for nil 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 another 711 contracts up to 206,748 despite the fact that the price was silver was up only by 11 cents with respect to yesterday’s trading. In ounces, the OI is still represented by 1 over BILLLION oz (1.03 BILLION TO BE EXACT or 147% 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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