Good evening Ladies and Gentlemen:
Gold: $1,243.20 up $3.00 (comex closing time)
Silver 17.11 up 11 cents
In the access market 5:15 pm
Let us have a look at the data for today
At the gold comex today, we had a good delivery day, registering 202 notices for 20200 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 a SURPRISING 4,250 contracts up to 206,037 despite the fact that the price was silver was up only by 10 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
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI FELL 6,408 contracts, DOWN to 495,436 contracts AS the price of gold was DOWN $10.20 with MONDAY’S TRADING(at comex closing).
We had another withdrawal in gold inventory of 2.38 tonnes at the GLD, thus the inventory rests tonight at 802.65 tonnes.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’s SLV,we had no change in silver inventory. Thus the inventory rests at 334.724 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver rise by a HUGE 4,250 contracts up to 206,037 despite the fact that the price of silver was UP by only 10 cents with MONDAY’S trading. The gold open interest FELL by A LARGE 6,408 contracts AS gold fell by $10.20 YESTERDAY. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver.
2 a) Gold trading overnight, Goldcore
3. ASIAN AFFAIRS
i)Late MONDAY night/ TUESDAY morning: Shanghai closed UP BY 18.03 POINTS OR 0.61% / Hang Sang closed UP 102.83 OR 0.48%. The Nikkei closed DOWN 86.02 POINTS OR 0.49% . Australia’s all ordinaires CLOSED DOWN 0.30%. Chinese yuan (ONSHORE) closed DOWN at 6.4928. Oil FELL to 43.05 dollars per barrel for WTI and 45.01 for Brent. Stocks in Europe ALL MIXED . Offshore yuan trades 6.5048 yuan to the dollar vs 6.4928 for onshore yuan.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i)The big story of the day. The very influential and private IIF (Institute of International Finance) has just concluded that China had another outpouring of USA capital of just under 200 billion for the quarter and they expect around $568 to the lost for the year.
Most pundits had thought that China had stabilized its economy and outflow but they were mistaken
a must read…
( zero hedge)
ii)We have been warning about the following: steel prices have risen domestically due to huge speculation. The price of iron ore has has also risen. Well it seems that this bubble has just burst as both steel and iron ore prices have come back to earth in these past two days:
i)A major UK Pension fund slashes benefits as they become 86% funded with a liability of 8 billion pounds. They have now initiated increased fees from both employee and employer which will weaken profitability
( zero hedge)
ii)as you will recall we had an election in Spain of which nobody won. In order to form a government a coalition of the various parties had to be formed. In the past 4 months it seems that they could not agree to any coalition and a new election must be called.The problem, of course, is that the election will produce the same results.