DOW FALLS BY 250 POINTS

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by Harvey Organ Gold: $1107.10 up $17.20 (comex closing time) Silver $14.15 up 4 cents In the access market 5:15 pm Gold $1101.20 Silver: $14,16 At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces.Silver saw 2 notices for 10,000 oz. Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 199.26 tonnes for a loss of 104 tonnes over that period. In silver, the open interest fell by 2,830 contracts down to 159,531. In ounces, the OI is still represented by .797 billion oz or 114% of annual global silver production (ex Russia ex China). In silver we had 2 notices served upon for 10,000 oz. In gold, the total comex gold OI fell by 1,913 contracts to 408,835 contracts as gold was down $1.60 with yesterday’s trading. Today both the gold comex and the silver comex are in severe stress with gold in backwardation up to August. We had no changes into inventory at the GLD, / thus the inventory rests tonight at 657.92 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver,/we had no change to inventory/Inventory rests at 313.606 million oz.

Let us head over to the comex:

 

The total gold comex open interest fell to 408,835 for a loss of 1913 contracts as gold  was down  $1.60 in price 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.   Today, both scenarios held. We are now in the non active January contract which saw it’s OI fall by 4 contracts to 216.  We had 2 notices filed on yesterday, so we lost 2 contracts or an additional 200 oz will not stand for delivery in this non active delivery month of January.   The next big active delivery month is February and here the OI fell by 10,589 contracts down to 200,960.First day notice is Friday, Jan 29.2016. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 203,406 which is good. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was also fair at 188,714 contracts. The comex is deeply into backwardation up until October.
Today we had 0 notices filed for nil oz.
And now for the wild silver comex results. Silver OI fell by 2,830 contracts from 162,351 down to 159,521 despite the fact the price of silver was up 23 cents with respect to yesterday’s trading. We are now in the non active month of January saw it’s OI fall by 9 contracts down to 19. We had 11 notices filed yesterday so we  gained 2 contracts or an additional 10,000 oz will stand for delivery. The next big active contract month is March and here the OI fell by 3,321 contracts down to 115,761. The volume on the comex today (just comex) came in at 35,726 , which is fair. The confirmed volume yesterday (comex + globex) was excellent at 51,102. Silver is not in backwardation at the comex but is in backwardation in London. 

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