Gold:1320.70 up $1.40
Silver 19.66 up 4 cents
In the access market 5:15 pm
Gold: 1316.00 (THE CROOKS DROVE IT DONE IN THE ACCESS MARKET)
Silver: 19.58
.
For the July gold contract month, we had ANOTHER GIGANTIC 435 notices served upon for 43,500 ounces. The total number of notices filed so far for delivery: 6880 for 688,000 oz or 21.3996 tonnes
In silver we had 71 notices served upon for 355,000 oz. The total number of notices filed so far this month for delivery: 2350 for 11,750,000 oz
We are now entering options expiry month for gold and silver:
i)The comex options expiry TODAY July 26.
ii)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 311.698 tonnes for a gain of 9 tonnes over that period
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In silver, the total open interest FELL BY ONLY 121 contracts DOWN to 220,312 AND CLOSE TO AN NEW ALL TIME RECORD AS THE PRICE OF SILVER FELL BY 4 CENTS IN YESTERDAY’S TRADING.In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.102 BILLION TO BE EXACT or 157% of annual global silver production (ex Russia &ex China).
In silver we had 71 notices served upon for 1355,000 oz.
In gold, the total comex gold ROSE BY A CONSIDERABLE 12,011 contracts despite the fact that the price of gold FELL by $3.40 yesterday. The total gold OI stands at 609,422 contracts.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had A HUGE WITHDRAWAL in gold inventory TO THE TUNE OF 4.46 TONNES. /
Total gold inventory rest tonight at: 954.23 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 FELL by 121 contracts DOWN to 220,312, as the price of silver FELL BY only 4 cents with YESTERDAY’S trading. The gold open interest ROSE by A WHOPPING 12,011 contracts UP to 609,422 despite the fact that the price of gold FELL by $3.80 IN YESTERDAY’S TRADING.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
3. ASIAN AFFAIRS
i)Late SUNDAY night/MONDAY morning: Shanghai closed up 3.02 POINTS OR 0.10%/ /Hang Sang closed up 29.17 OR 0.13%. The Nikkei closed UP 6.96 POINTS OR 0.04% Australia’s all ordinaires CLOSED up 0.64% Chinese yuan (ONSHORE) closed UP at 6.685 /Oil fell to 43.94 dollars per barrel for WTI and 45.45 for Brent. Stocks in Europe ALL IN THE GREEN. Offshore yuan trades 6.6887 yuan to the dollar vs 6.6785 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS CONSIDERABLY AS CHINA TRIES TO STOP MORE USA DOLLARS LEAVING THEIR SHORES BUT CANNOT.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
i)Last night, with the G20 over the yen surges killing off the newer yen carry traders:
( zero hedge)
ii)It is 2 am Japanese time zone and now it is time to underwhelm all markets:
( zero hedge)
iii)The Japanese plan to introduce some helicopter money underwhelmed the markets as the futures Nikkei fell as well as the USA/Yen fell (Yen rose)
( zero hedge)
b) REPORT ON CHINA
none today
4 EUROPEAN AFFAIRS
i)FRANCE
Again!! this time 2 hostage takers were killed, a priest who was beheaded and one hostage taker. The killers have been neutralized:
( zero hedge)
ib) Hollande vows revenge and an all out war against iSIS:
(courtesy zero hedge)
ENGLAND
2 a)Royal Bank of Scotland warns clients that they may face negative interest rates:
( zero hedge)
2b)And now Nat West in London: negative interest rates:
(courtesy UKTelegraph)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY
Credible evidence finds its way showing that the Turkish authorities raped and tortured detainees following the “failed” coup:
( zero hedge)
6.GLOBAL ISSUES
7.OIL ISSUES
i)As I promised you, oil would be heading south; it just landed into the 42 dollar column’
( zero hedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)As I pointed out to you yesterday, the flow of gold is reversing and heading back to the west. The most important data is from London which shows a huge importation of 68 tonnes coming from Switzerland.
(courtesy Lawrie Williams/Sharp Pixley)
ii)Mike Kosares of gold investing
(courtesy Mike Kosares/USAGold.com/GATA)
iii)A very important commentary from Paul Mylcreest. He states that there is a stand off between the speculators and the criminal banks. The banks are increasing their naked shorts and the longs are becoming more resolute. He also has difficulty explaining the high contango between gold comex months especially with Libor at close to zero.
( Paul Mylcreest/GATA/ADM Investor Services)
iv)James Turk suggests it will be impossible for gold to rally past $1320 due to options expiry and the Fed FOMC meeting
( Kingworldnews/James Turk)
v)I highlighted the story yesterday from Lawrence Williams that Russia is continuing to add to its reserves. Last month: 19 tonnes
( townhall.com)
vi)Not only is England importing a record amount of gold from Switzerland but also the USA imported 50 tonnes in May. What is going on? Trying to fill major cracks at the comex?
I do not know but it surely shows a major problem is surfacing:
( Steve St Angelo/SRSRocco report)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)This is not good for the wealth effect: House prices drop the most in 2 years:
( zero hedge)
ii)The consumer is 70% of USA GDP. Today the USA service economy tumbled over the cliff with service PMI tumbling to 5 month lows. There is no strength to the supposed recovery in the uSA:
( zerohedge)