Turmoil On Global Markets

by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1,236.20 up $13.70 (comex closing time)

Silver 15.16 up 11 cents

In the access market 5:15 pm

Gold $1240.60

silver: 15.22

Let us have a look at the data for today.

At the gold comex today, we had a good delivery day, registering 41 notices for 4,100 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 212.603 tonnes for a loss of 90 tonnes over that period.

In silver, the open interest fell by a very tiny 55 contracts DOWN to 179858 DESPITE THE FACT THAT the silver price was DOWN 7 cents with respect to yesterday’s trading. In ounces, the OI is still represented by .899 billion oz or 128% 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 3,668 contracts DOWN to 470,426 contracts as the price of gold was DOWN $5.90 with yesterday’s trading.(at comex closing).

We had another huge change in the GLD, a deposit of 4.17 tonnes / thus the inventory rests tonight at 819.60 tonnes and the withdrawal was no doubt for fees to the custodian and insurance. 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, and thus the Inventory rests at 334.724 million oz.

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