The total gold comex open interest rose from 451,702 up to 458,400 for a of gain of 6698 contracts as gold was up $7.80 with respect to yesterday’s trading. For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest: 1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month, and today the latter of these developments continued but a slower pace. The new active delivery month we enter is October and here the OI fell by 82 contracts down to 934. We had 0 notices filed yesterday so we lost 82 contracts or 8200 additional oz will not stand for delivery. The November contract went down by 41 contracts down to 232. The big December contract saw it’s OI rise by 5,100 contracts from 308,396 up to 313,496. The estimated volume on today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 06,604 which is poor. The confirmed volume on yesterday (which includes the volume during regular business hours + access market sales the previous day was fair at 200,152 contracts.
Today we had 50 notices filed for 5000 oz.
And now for the wild silver comex results. Silver OI rose by a considerable 2325 contracts from 165,290 up to 167,615 as the price of silver was up only 5 cents yesterday. Since October is not an active month, we will not see a huge contraction in the OI standing for delivery. The bankers continue to pull their hair out trying to extricate themselves from their silver mess (the continued high silver OI with it’s extremely low price, combined with the banker’s massive physical shortfall) as the world senses something is brewing in the silver arena. We enter the October contract month which saw it’s OI fall by 1 contracts down to 12. We had 0 contracts filed yesterday so we neither gained nor lost any silver contracts standing in this non active delivery month of October. The November contract month saw it’s OI remain constant at 37.
The big December contract saw its OI rise by 826 contracts up to 112,847. The estimated volume today as to number of contracts sold is 34,501 contracts (regular business hours, 8 20 am to 1:30 pm) is excellent as the bankers through everything but the kitchen sink at silver trying to contain the price around 16.00. The confirmed volume yesterday (regular plus access market) came in at 52,352 contracts which is excellent in volume.
We had 0 notices filed for 5,000 oz.