Gold:1326.60 up $5.90
Silver 19.97 up 31 cents
In the access market 5:15 pm
Gold: 1342.00
Silver: 20.36
.
For the July gold contract month, we had ANOTHER GOOD 17 notices served upon for 1700 ounces. The total number of notices filed so far for delivery: 6897 for 689,700 oz or 21.452 tonnes
In silver we had 9 notices served upon for 45,000 oz. The total number of notices filed so far this month for delivery: 2359 for 11,795,000 oz
We are now entering options expiry month for gold and silver:
I)COMEX OPTIONS EXPIRED LAST NIGHT
ii)The OTC options in London expire Friday at noon July 29.
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 2015 contracts DOWN to 218,297 AND CLOSE TO AN NEW ALL TIME RECORD AS THE PRICE OF SILVER ROSE BY 4 CENTS IN YESTERDAY’S TRADING.In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.091 BILLION TO BE EXACT or 156% of annual global silver production (ex Russia &ex China).
In silver we had 9 notices served upon for 45,000 oz.
In gold, the total comex gold fell BY A CONSIDERABLE 33,097 contracts despite the fact that the price of gold ROSE by $1.40 yesterday. The total gold OI stands at 576,325 contracts.This is very bullish for gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had NO CHANGES in gold inventory . /
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 2015 contracts DOWN to 218,297, as the price of silver ROSE BY 4 cents with YESTERDAY’S trading. The gold open interest FELL by A WHOPPING 33,097 contracts DOWN to 576,325 despite the fact that the price of gold ROSE by $1.40 IN YESTERDAY’S TRADING.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
3. ASIAN AFFAIRS
i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed DOWN 58.17 POINTS OR 1.91%/ /Hang Sang closed up 89.26 OR .40%. The Nikkei closed UP 281.78 POINTS OR 1.72% Australia’s all ordinaires CLOSED up 0.04% Chinese yuan (ONSHORE) closed UP at 6.67404/Oil fell to 42.66 dollars per barrel for WTI and 44.26 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades 6.6761 yuan to the dollar vs 6.6704 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS SLIGHTLY AS CHINA TRIES TO STOP MORE USA DOLLARS LEAVING THEIR SHORES
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
i)Tuesday night: 9:30 pm est/8:30 am Wednesday Japan time zone:
Trial balloon floated on a “pseudo helicopter route” i.e. a purchase by the B of J of a 50 yr bond at zero rates.
(courtesy zero hedge)
ii)Early this morning while we were sleeping: 7 am est
announcement of a 28 trillion yen stimulus but the spending may be limited. After a roller coaster ride the USA Yen cross is back to 105.69 as I write this today:
( zero hedge)
b) REPORT ON CHINA
Chinese regulators overnight state that they are going to rein in the huge shadow banking: WMP’s. You will recall that they total around 3.5 trillion equiv. USA and many are non performing. This can bring down the entire Chinese banking system
( zero hedge)
4 EUROPEAN AFFAIRS
i)Deutsche bank`s profit drops to next to nothing and yet they expect more bad things to come
( zero hedge)
ii)ITALY
Just take a look at the following Texas ratios which show that all the major Italian banks are insolvent. And this is why Renzi has a problem. The bail in would cause considerable problems for the huge number of bond holders but that is what Germany wants.
lots of fun here…
(courtesy Steve Hanke)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY
Erdogan files criminal charges against the head of research at a Turkish bank for writing an account of what happened in the “failed” coup by suggesting that it may be a “false flag”
(courtesy zero hedge)
6.GLOBAL ISSUES
Global central banks are performing QE at a rate of 180 billion USA per month or 2.2 trillion USA equiv per year!
(courtesy zerohedge)
7.OIL ISSUES
i)Another huge buildup at Cushing OK forces oil lower
( zero hedge)
ii)Last night it was API, today DOE!
( zero hedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)New discoveries of gold has fallen off a cliff which will force mergers. The lower production of gold will be deadly to our shorters as physical will be difficult to find and their massive short derivatives will be difficult to maintain as China moves more metal onto its shores..
(Saefong/MarketWatch/Sprott/GATA)
ii)A good commentary from Nick Barisheff as he correctly describes gold as money and not just a commodity:
( Nick Barisheff/GATA)
iii)Dave Kranzler gives his reasoning why mining stocks will explode higher:
(courtesy Dave Kranzler/IRD)
iv) Agnico Eagle results
(Agnico Eagle)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)it is about time: the IRS launches a criminal investigation on tax evasion with the subject: The Clinton Foundation
( Richard Pollock/the Daily Caller)
ii)Another good indicator that is telling us that something is wrong in the economy: durable good orders crash by the most in two years: the longest non recessionary streak of declines in USA history:
( zero hedge)
iii)Interesting: pending home sales disappoint as realtors are now feeling a veryunealthy price appreciation on homes
( zero hedge)
iv)Today is FOMC day:
First the official babble out of the Fed:
( zero hedge)
Second: the market reaction:
The bond market did not believe the babble coming out of the Fed as the dollar drops, the yield curve flattens and gold and silver surge!!
Looks to everybody like a policy error!
( zero hedge)