Physical Gold Premium Stable Above $9.00 vs Paper Nonsense COMEX/LBMA
Gold closed at $1208.50 DOWN $8.00
silver closed at $16.61: DOWN $0.15
Access market prices:
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 Nov 18 (10:15 pm est last night): $ 1218.64
NY ACCESS PRICE: $1207.50 (AT THE EXACT SAME TIME)/premium $11.14
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1219.26
NY ACCESS PRICE: 1209.75 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD 2ND FIX TODAY!!: $9.51
London Fix: Nov 18: 5:30 am est: $1206.10 (NY: same time: $1206.15 5:30AM)
London Second fix Nov 18: 10 am est: $1211.00 (NY same time: $1211.00, 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 ROSE by 1,398 CONTRACTS to an OI level of 485,381 DESPITE THE FACT THAT GOLD FELL $6.90 with YESTERDAY’S trading. In the front month of November we had 1075 notices standing for a GAIN of 1016 contracts. We had 1 notice served on yesterday so we GAINED 1074 contracts or 107,400 ADDITIONAL oz will stand for delivery in November. The next contract month and the biggest of the year is December and here this month showed a decrease of 5,652 contracts down to 220,480. The December contract month is still highly elevated compared to a year ago. On Thursday Nov 19/2015 comex reading day, we had a total of 173,288 contracts standing ( a loss of 15,395 contracts from Nov 18/2015) It certainly emphasizes the huge demand for physical gold. THIS SHOULD EXPLAIN TO YOU WHY THE BANKERS ARE CONSTANTLY WHACKING OF GOLD (AND SILVER): THE HIGH OI FOR DECEMBER AND THE HIGH PROBABILITY THAT MANY WILL TAKE DELIVERY.
Today, we had 522 notice(s) filed for 52,200 oz of gold.
And now for the wild silver comex results. Total silver OI ROSE by 119 contracts from 173,433 UP TO 173,552 as the price of silver FELL BY $0.15 with yesterday’s trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540). The front month of November had an OI of 1 and thus a loss of 0 contracts. We had 0 notice(s) filed yesterday so we neither gained nor lost any contracts that will stand for delivery in this non active month of November. The next major delivery month is December and here it FELL BY 9,290 contracts DOWN to 73,349. The December contract month is also highly elevated compared to a year ago. On Nov 18/2015 reporting day, we had a level of 66,615 contracts having lost 3,706 contracts on the day).
In silver had 0 notice(s) filed for NIL oz