Shanghai Gold Exchange, COMEX and LBMA Moving in Different Directions
Gold $1260.80 UP $6.40
Silver 17.59 UP 16 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 OCT 18 (10:15 pm est last night): $ 1265.29
NY ACCESS PRICE: $1259.60 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1264.67
NY ACCESS PRICE: 1259.90 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!! 5 dollars
London Fix: OCT 18: 5:30 am est: $1261.65 (NY: same time: $1261.60: 5:30AM)
London Second fix OCT 14: 10 am est: $1258.20 (NY same time: $1258.20 , 10 AM)
Shanghai premium in silver over NY: 87 cents.
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.
For comex gold:
5 NOTICES FILED FOR 500 OZ
for the Oct contract month: 0 notices for nil oz.
Let us have a look at the data for today
In silver, the total open interest FELL by 2078 contracts DOWN to 186,912. The open interest FELL as the silver price was UP 4 cents in yesterday’s trading .In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .934 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia &ex China).
In silver for October we had 0 notices served upon for NIL oz
In gold, the total comex gold ROSE by 1310 contracts with the RISE in price of gold( $1.30 YESTERDAY) . The total gold OI stands at 492,937 contracts. The bankers continue with their quest of fleecing our comex gold longs
Let us head over to the comex:
The total gold comex open interest ROSE BY 1310 CONTRACTS to an OI level of 492,937 as the price of gold ROSE $1.30 with YESTERDAY’S trading.
We are in the delivery month is October and here the OI LOST 534 contracts DOWN to 127. We had 530 notices filed yesterday so we lost 4 contracts or 400 additional oz will not stand.
The next delivery month is November and here the OI ROSE by 1 contract(s) UP to 2987 contracts. This level is extremely elevated as generally November is a very poor delivery month.To give you an idea of size, on Oct 18 2015, we had an OI of only 248 contracts.The next contract month and the biggest of the year is December and here this month showed an increase of 1,056 contracts up to 367,818.
Today we had 5 notices filed for 500 oz of gold.
And now for the wild silver comex results. Total silver OI fell BY 2078 contracts from 188,990 down to 186,912 as the price of silver ROSE to the tune of 4 cents yesterday. We are moving further from the all time record high for silver open interest set on Wednesday August 3: (224,540). The next non active delivery month is October and here the OI rose by 3 contracts up to 150. We had 1 notice filed yesterday so we gained 4 contracts or 20,000 additional oz will stand for delivery.The November contract month saw its OI gain 1 contract up to 330. The next major delivery month is December and here it FELL BY 1492 contracts DOWN to 150,145.