DEUTSCHE BANK ON THE ROPES:NEEDED A LITTLE RESCUE TODAY
Gold $1314.30 down $7.40
Silver 19.14 up 3 cents
In the access market 5:15 pm
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON.
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix Sept 30 (10:15 pm est last night): $ 1327.19
NY ACCESS PRICE: $1324.20 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1327.50
NY ACCESS PRICE: 1324.20 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!!
London Fix: Sept 30: 5:30 am est: $1327.90 (NY: same time: $1326.90: 5:30AM)
London Second fix Sept 16: 10 am est: $1322.50 (NY same time: $1323.00 , 10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
Let us head over to the comex:
The total gold comex open interest FELL BY AN HUGE 8,647 CONTRACTS to an OI level of 565,759 despite the fact that the price of gold rose by $2.30 with YESTERDAY’S trading.
The contract month of Sept is now off the board. The next delivery month is October and here the OI lost 2311 contracts DOWN to 7393. This is huge for October as 22.99 tonnes is standing for physical metal. This compares to last years 9.66 tonnes.
The next delivery month is November and here the OI fell by 40 contracts down to 2252 contracts. The next contract month and the biggest of the year is December and here this month showed an decrease of 6,399 contracts down to 440,956. The estimated volume today at the comex: 97,138 which is EXTREMELY WEAK. Confirmed volume yesterday: 169,315 which is good.
Today we had 2470 notices filed for 247,000 oz of gold.(7.68 tonnes)
And now for the wild silver comex results. Total silver OI ROSE BY 378 contracts from 200,476 UP TO 200,854 as the price of silver ROSE to the tune of 8 cents yesterday. We are moving CLOSER TO the all time record high for silver open interest set on Wednesday August 3: (224,540). The September contract month is now off the board. The next non active delivery month is October and here the OI fell by 37 contracts down to 437. The November contract month saw its OI rise by 6 contracts up to 395. The next major delivery month is December and here it FELL BY 287 contracts DOWN to 171,065. The ESTIMATED volume on the comex today (just comex) came in at 38,835 which is FAIR. The confirmed volume yesterday (comex and globex) was huge at 58,219 . Silver is not in backwardation. London is in backwardation for several months.