Good evening Ladies and Gentlemen:
Gold: $1,228.10 DOWN $22.90 (comex closing time)
Silver 16.24 DOWN 17 cents
In the access market 5:15 pm
i) the May gold contract is a non active contract. Yet we started the month with 5.67 tonnes of gold standing and it has increased every single day and today sits at 6.68 tonnes of gold standing:
The amount standing for gold at the comex in May is simply outstanding at 6.8740 tonnes. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
Let us have a look at the data for today
At the gold comex today we had a GOOD delivery day, registering 44 notices for 4400 ounces for gold,and for silver we had 0 notices for nil oz for the non active May delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 240.41 tonnes for a loss of 63 tonnes over that period
In silver, the open interest ROSE by 1,339 contracts UP to 203,581 as the price was silver was DOWN by 7 cents with respect to YESTERDAY’S trading..In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.018 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia &ex China)
In silver we had 12 notices served upon for 60,000 oz.
In gold, the total comex gold OI fell by a CONSIDERABLE 5,076 contracts down to 551,561 as the price of gold was DOWN $1.30 with yesterday’s trading(at comex closing). They certainly got the liquidation in gold but not silver.
We had a huge withdrawal (and no doubt this is paper gold) in gold inventory at the GLD to the tune of 3.86 tonnes. The inventory rests at 868.66 tonnes. .We had a good sized deposit in silver inventory at the SLV to the tune of 951,000 oz . Inventory rests at 336.024 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver RISE by 1339 contracts UP to 203,581 as the price of silver was DOWN by 7 cents with YESTERDAY’S trading. The gold open interest FELL by 5,076 contracts as gold was down $1.30 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. Gold investors, in the May contract month are refusing the tempting fiat offer as they want only physical.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
3. ASIAN AFFAIRS
i)Late SUNDAY night/ MONDAY morning: Shanghai closed UP BY 18.14 PTS OR 0.64% / Hang Sang closed DOWN 43.17 OR 0.22%. The Nikkei closed DOWN 81,85 POINTS OR 0.49% . Australia’s all ordinaires CLOSED DOWN 0.60% Chinese yuan (ONSHORE) closed DOWN at 6.5542 . Oil FELL to 47.81 dollars per barrel for WTI and 48.14 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades 6.5627 yuan to the dollar vs 6.5542 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i)The following is big news: Moody’s downgrades Deutsche bank’s debt to two notches above junk. I guess all of those derivative players who play with DB are getting quite nervous.
( zero hedge)
ii)The CEO of DB is very disappointed by the decision of Moody’s to downgrade.The two big problems are the lowering of interest rates in Europe which is killing the banks over there and the ongoing litigation of rigging just about every market there is!
iii)The French government is getting quite tough on the powerful French unions. Last week all 8 huge French refiners have been on strike due to the government’s seeking move of bypassing parliament to enact tougher union laws.
( zero hedge)
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
I am not sure who is more a buffoon: Obama or Dennis Gartman
Iran’s Ayatollah: “The US Can’t Do A Damn Thing About Our Missile Program”
Crude spikes to over 49.00 per barrel on biggest inventory draw:
( zero hedge)
9. PHYSICAL MARKETS
i)The CME admits that under their old system, future trading was rigged by the HFT boys:
( zero hedge)
ii)Gold is moving up in a rising channel. When gold is whacked, new buyers are waiting in the wings to purchase, not wishing to be left out.
iii)The Banks now must defend Libor lawsuits after the judges warn of impact of treble damages. And it is this very fact that has our banks worried about their manipulation in gold/silver.( Bloomberg)
USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD AND SILVER
i)It looks like Google is going to have a visit from tax authorities all over Europe as early this morning there was a raid on their Paris office, probing tax evasion:
( zero hedge)
ii)Richmond Fed crashes by the biggest margin ever and lands into contraction mode:
iii) “Guccifer” to plead guilty for hacking into prominent USA authorities and then will fully cooperate with the ongoing email investigation.
iv)Now it is New York’s turn to raise the premiums for Health Insurance next year: