GOLD RISES BY 11 DOLLARS AS BREXIT FEARS INTENSIFY
from Harvey Organ
i) the June gold contract is an active contract. Late Friday night we had a good sized 103 notices filed for 10,300 oz to be served upon today. The total number of notices filed in the first 10 days is enormous at 14,352 for 1,435,200 oz. (44.64 tonnes)
ii) in silver we had 0 notices filed. total number of notices served in the 10 days: 202 for 1,010,000 oz
In silver, the total open interest FELL by 63 contracts DOWN to 194,520 DESPITE THE FACT THAT THE PRICE OF SILVER WAS WELL UP by 6 cents with respect to FRIDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.972 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia &ex China) In silver we had 0 notices served upon for nil oz. In gold, the total comex gold OI ROSE by a CONSIDERABLE 10,675 contracts UP to 526,274 as the price of gold was UP $3.30 with FRIDAY’S trading (at comex closing).
Let us head over to the comex:
The FRONT gold contract month of June saw it’s OI fall to 1649 for a loss of 23 contracts. We had 142 notices filed on Friday, so we gained 119 contracts or 11,900 additional oz WILL STAND FOR METAL. The next active contract month is July and here we saw it’s OI ROSE by 81 contracts UP to 3053.This may be troublesome for our bankers as the front July contract month is extremely high for a non active month and it also refuses to shrivel. The next big active contract month is August and here the OI ROSE by 7,955 contracts UP to 383,166. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was GOOD at 228,215. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was fair at 178,930 contracts. The comex is not in backwardation. Today we had 103 notices filed for 14200 oz in gold.