CHINA UNLEASHES MASSIVE STIMULUS
Gold $1267.90 UP $7.10
Silver 17.62 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 OCT 18 (10:15 pm est last night): $ 1267.16
NY ACCESS PRICE: $1263.75 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1265.60
NY ACCESS PRICE: 1261.75 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!! 4 dollars
London Fix: OCT 19: 5:30 am est: $1269.75 (NY: same time: $1266.75: 5:30AM)
London Second fix OCT 19: 10 am est: $1269.80 (NY same time: $1269.80 , 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:
11 NOTICES FILED FOR 1100 OZ
for the Oct contract month: 0 notices for nil oz.
Let us head over to the comex:
The total gold comex open interest ROSE BY 4124 CONTRACTS to an OI level of 497,061 as the price of gold ROSE $6.40 with YESTERDAY’S trading.
We are in the delivery month is October and here the OI LOST 6 contracts DOWN to 121. We had 5 notices filed yesterday so we lost 1 contract or 100 additional oz will not stand.
The next delivery month is November and here the OI FELL by 32 contract(s) DOWN to 3004 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 decrease of 597 contracts up to 367,212.
Today we had 11 notices filed for 1100 oz of gold.
And now for the wild silver comex results. Total silver OI ROSE BY 2317 contracts from 186,912 UP TO 189,229 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 13 contracts up to 163. We had 0 notices filed yesterday so we gained 13 contracts or 65,000 additional oz will stand for delivery.The November contract month saw its OI LOSE 1 contract DOWN to 329. The next major delivery month is December and here it ROSE BY 524 contracts UP to 149,177.