Good evening Ladies and Gentlemen:
Gold: $1,263.90 down $1.90 (comex closing time)
Silver 17.08 up 1 cent
In the access market 5:15 pm
Our banker friends already knew the true OI reading for today and they saw very little liquidation in both the gold comex and silver comex. The decision was unanimous: another raid. They tried to get gold below the 1255 level but failed as it quickly recovered and it closed at 1260.00. However in the access market once it was revealed that there truly was no liquidation, gold comex longs seemed to be invigorated and elevated gold into the $1267 area and silver to $17.14. Our banker friends are regrouping tonight and burning the midnight oil planning their next criminal move!
Let us have a look at the data for today
At the gold comex today we had a GOOD delivery day, registering 100 notices for 10,000 ounces for gold,and for silver we had 138 notices for 690,000 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 230.63 tonnes for a loss of 72 tonnes over that period
In silver, the open interest fell by 821 contracts down to 203,915 as the price was silver was down by 44 cents with respect to yesterday’s trading. Not much liquidation for us to see today . In ounces, the OI is still represented by just over 1 BILLLION oz i.e. .1.019 BILLION TO BE EXACT or 146% of annual global silver production (exRussia &ex China) We are now at the all time highs for OI with respect to silver and very close in gold.
In silver we had 138 notices served upon for 690,000 oz.
In gold, the total comex gold OI FELL BY ONLY 4,134 CONTRACTS DOWN to 587,206 contracts AS THE PRICE OF GOLD WAS WHACKED $27.30 with YESTERDAY’S TRADING(at comex closing).
As far as the GLD, we had another huge change in tonnes (despite the gold price being down) a deposit of 2.38 tonnes into the GLD. The new inventory rests at 839.25 tonnes. I have no problem in telling you that the addition was paper gold and not physical as London is having a tough time finding real metal. We had a huge withdrawal in silver inventory of 1.046 million oz at the SLV. Inventory rests at 335.073 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL by 821 contracts DOWN to 203,915 as the price of silver was DOWN by 44 cents with YESTERDAY’S trading. The gold open interest FELL by A TINY 4,134 contracts as gold WAS WHACKED by $27.30 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.I also believe that for the first time we are witnessing players wishing to stand for real physical in gold. The May contract for gold investors are refusing the tempting fiat offer and want only physical.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
2c) COT report
3. ASIAN AFFAIRS
i)Late MONDAY night/ TUESDAY morning: Shanghai closed DOWN BY 0.478 PTS OR 0.02% / Hang Sang closed UP 85.87 OR 0.43%. The Nikkei closed UP 349.16 POINTS OR 2.15% . Australia’s all ordinaires CLOSED UP 0.42% Chinese yuan (ONSHORE) closed DOWN at 6.5144. Oil FELL to 43.25 dollars per barrel for WTI and 43.94 for Brent. Stocks in Europe DEEPLY IN THE GREEN . Offshore yuan trades 6.5433 yuan to the dollar vs 6.5144 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i)A must read commentary from Jeffrey Snider of Alhambra Investments. He describes in detail the collapse in exports from China and the resultant collapse in imports to service those exports. He also comments on the stagnant supply of eurodollars which is also results in stagnation in the global economy:
( Jeffrey Snider/Alhambra Investments)
ii)The USA continues to provoke China in the South China Sea:
Basically there is no debt reduction, just kicking the can down the alley a little further
( Mish Shedlock)
The lawmaker revokes his own annulment call on impeachment. It is now back on track:
( zero hedge)
i)Good reason for oil to jump: both Saudi Arabia and Kuwait are planning significant output growth:
( zero hedge)
ii)Today at 5 pm, API reports a big crude build
i)Amazing!! what took them so long to notice: Australia is now aware of the criminal proceedings against Deutsche bank in NY
8.USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER
i) Just take a look at the huge increases in insurance premiums proposed for 2017. They are enormous. How on earth will the majority afford this?
( zero hedge)
ii)Inventory to sales remain at a stubborn 1.36. Either sales increase dramatically lowering inventory or else the USA heads deeper into recession as this number is a negative to GDP