The total gold comex open interest rose from 467,868 up to 469,097 for a gain of 1229 contracts as gold was up $3.70 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 resumed this criminal activity. The new active delivery month we enter is October and here the OI fell by 98 contracts down to 463. We had 34 notices filed yesterday so we lost 65 gold contracts or 6500 oz will not stand for delivery in this delivery month of October. The November contract went down by 1 contract down to 252. The big December contract saw it’s OI fall by 2,221 contracts from 316,578 down to 314,357. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 101,150 which is poor. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was weak at 93,392 contracts.
Today we had 38 notices filed for 3800 oz.
And now for the wild silver comex results. Silver OI rose by 268 contracts from 169,611 up t0 169,879 as the price of silver was up 8 cents in price 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 3 contracts down to 8. We had 0 contracts filed yesterday so we lost 3 silver contract or an additional 15,000 oz will not stand in this non active delivery month of October. The November contract month saw it’s OI remain constant at 32.
The big December contract saw its OI fall by 517 contracts down to 111,607. The estimated volume today as to number of contracts sold is 25,616 contracts (regular business hours, 8 20 am to 1:30 pm) is poor as the bankers through everything but the kitchen sink at silver trying to contain the price around $16.00 yet they are afraid to commit more non backed paper. The confirmed volume yesterday (regular plus access market) came in at 27,184 contracts which is excellent in volume.
We had 0 notices filed for 20,000 oz.