Gold:1323.10 down $7.40
Silver 19.66 down 12 cents
In the access market 5:15 pm
Gold: 1322.50
Silver: 19.63
.
For the July gold contract month, we had ANOTHER HUGE 323 notices served upon for 32,300 ounces. The total number of notices filed so far for delivery: 6391 for 639,100 oz or 19.878 tonnes
In silver we had 125 notices served upon for 625,000 oz. The total number of notices filed so far this month for delivery: 2259 for 11,295,000 oz
Silver today at the comex recorded an all time record for open interest and yet the price is 29 dollars cheaper. It defies commodity law!
Last night, I was up again in the early hours when I saw the bankers continue with their raid. I took a look at the daily bulletin which is an estimated OI and then I knew the reason for the raid:
- the high open interest for silver (and a record high) despite silver being 29 dollars cheaper when it had its former high OI in 2011. (Oi 220,587)
- the front July contract month in gold saw a huge gain in an amount standing. (31,000 oz). Now we have close to 20 tonnes standing in this a non active month.It sure looks like August will be exciting.
We are now entering options expiry month for gold and silver:
The comex options expiry on Tuesday July 26.
The OTC options in London expire Friday at noon July 29.
So expect downward drafts in gold and silver trading until both of these contracts expire.
Let us have a look at the data for today
.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 311.898 tonnes for a gain of 9 tonnes over that period
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In silver, the total open interest ROSE BY 659 contracts UP to 221,246, AND A NEW ALL TIME RECORD. THE OI ROSE WITH THE PRICE OF SILVER WHICH ROSE BY 20 CENTS IN YESTERDAY’S TRADING.In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.106 BILLION TO BE EXACT or 158% of annual global silver production (ex Russia &ex China).
In silver we had 125 notices served upon for 625,000 oz.
In gold, the total comex gold FELL BY 6,536 contracts despite the fact that gold ROSE in price YESTERDAY to the tune of $11.70. The total gold OI stands at 607,543 contracts.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had no change in gold inventory. /
Total gold inventory rest tonight at: 963.14 tonnes
SLV
we had no changes into the SILVER INVENTORY TO THE SLV
Inventory rests at 348.580 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 659 contracts UP to 221,246 as the price of silver ROSE BY 20 cents with YESTERDAY’S trading. The gold open interest FELL by 6536 contracts DOWN to 607,543 as the price of gold ROSE by $11.70 YESTERDAY. As is their customer the open interest starts to obliterate as we approach the active contract month.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
2b) COT report
(Harvey)
3. ASIAN AFFAIRS
i)Late THURSDAY night/FRIDAY morning: Shanghai closed DOWN 26.19 POINTS OR 0.86%/ /Hang Sang closed DOWN 36.22 OR 0.16%. The Nikkei closed DOWN 182.97 POINTS OR 1.09% Australia’s all ordinaires CLOSED DOWN 0.241% Chinese yuan (ONSHORE) closed UP at 6.6745 /Oil ROSE to 44.84 dollars per barrel for WTI and 46.29 for Brent. Stocks in Europe ALL IN THE GREEN. Offshore yuan trades 6.6716 yuan to the dollar vs 6.6745 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS CONSIDERABLY AS CHINA TRIES TO STOP MORE USA DOLLARS LEAVING THEIR SHORES.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
none today
b) REPORT ON CHINA
NONE TODAY
4 EUROPEAN AFFAIRS
i)The British pound was pummeled today almost 200 basis points as its PMI crashed from 52.1 down to 491 suggesting a .4% GDP contraction.
( zero hedge)
ii)Then the Euro crashes to post BREXIT lows: as investors are losing faith in the European economies:
( zero hedge)
iii)This is awful: a shooting rampage in Munich with now 9 dead
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY
And now the fun begins as Erdogan formally requests the extradition of Gulen from the USA. Turkey turns on the power at Incirlik:
( zero hedge)
6.GLOBAL ISSUES
With many attacks in France, Germany, Belgium, and the USA no wonder world’s airlines stocks are crashing at the worst at since the crisis of 2008
( zero hedge)
7.OIL ISSUES
i)With expectations of drilling and fracking forecasting to decline, service sector Schlumberger fires another 8,000 workers siting market conditions have worsened in second quarter.
( Schlumberger/zero hedge)
ii)Oil had a bad week culminating in at one point the WTI contract breaking into the 43 dollar handle. We have outlined to you the huge glut on gasoline and that seems to be the central theme these past few days:
( zero hedge)
iii)This caused further deterioration in the oil fundamentals as more USA rigs entered the scene. This is the highest jump in rigs since the crisis of 2008.
( zero hedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)Craig Hemke describes the options expiry week and how the bankers always raid on gold and silver. However Craig believes that their number is up
( Craig Hemke)
ii)Alasdair Macleod’s commentary for the week:
Is the rise in prices on stocks due to collapse in the purchasing power of money (currencies) Find out in this incredible commentary!
( Alasdair Macleod)
iii)Academics now prove gold market rigging
( Chris Powell/GATA)
iv)Chris Powell debunks Gold seek’s article on no manipulation in the gold market:
( Chris Powell/GATA)
v)Russia adds 18.7 tonnes to its official reserves but China “added” 15 tonnes.
The Chinese addition is really gold held at Chinese banks that change their status each month to official.
(courtesy Lawrence Williams/Sharp’s Pixley)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)After England reported a huge decline in PMI, surprisingly the USA showed a gain in manufacturing with the PMI rising to 52.9 form 51.3 on expectations of 51.9.
( zero hedge)
ii)General Electric reports horrific numbers:
1.organic orders down 16%
2.equipment orders down 30%
3.aviation orders down 37%
4.power down 27%
and yet these “clowns” beat expectations. Take a look and see how they mal-reported
( zero hedge)
iii) this week’s wrap up with this offering from Greg Hunter and Greg Mannarino: