AS PROMISED, A HUGE RAID ON GOLD/SILVER ON COMEX OPTIONS EXPIRY
Gold $1327.00 down $12.70
Silver 19.09 down 43 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 Sept 27 (10:15 pm est last night): $ 1337.76
NY ACCESS PRICE: $1335.55 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1336.83
NY ACCESS PRICE: 1334.80 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!!
London Fix: Sept 27: 5:30 am est: $1335.85 (NY: same time: $1336.00: 5:30AM)
London Second fix Sept 16: 10 am est: $1327.00 (NY same time: $1326.90 , 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.
For comex gold:The front September contract month we had 40 notices filed for 4000 oz
For silver: the front month of September we have a total of 37 notices filed for 185,000 oz
Let us head over to the comex:
The total gold comex open interest ROSE BY AN HUGE 6,183 CONTRACTS to an OI level of 599,973 even though the price of gold ROSE by only $2.50 with YESTERDAY’S trading. We are now in the NON active month of SEPTEMBER/
The contract month of Sept saw it’s OI FELL by 46 contracts DOWN to 141. We had 40 notices filed yesterday so we lost 6 gold contracts or an additional 600 gold ounces will not stand for delivery.. The next delivery month is October and here the OI lost 633 contracts DOWN to 23,516. This level is extremely elevated. To give you an idea as to its size, on Sept 28.2016 ,we had only 8270 contracts outstanding vs (23,516 today). we are a good 15,246 contracts ahead of last year. The next contract month of December showed an increase of 4851 contracts up to 458,129. The estimated volume today at the comex: 127,988 which is WEAK. Confirmed volume on Friday: 129,498 which is also weak.
Today we had 5 notices filed for 500 oz of gold.
And now for the wild silver comex results. Total silver OI FELL BY ONLY 267 contracts from 203,708 DOWN TO 203,441 despite the FALL in price of silver to the tune of 21 cents yesterday. We are moving NOW CLOSER TO the all time record high for silver open interest set on Wednesday August 3: (224,540). We are now into the next active month of September and here the OI fell by 34 contracts down to 498. We had 37 notices filed upon yesterday so we GAINED 3 contracts or 15,000 additional oz will stand for delivery in this active month of September. The next non active delivery movement of October lost 18 CONTRACTS TO 412 contracts. The next big delivery month is December and here it FELL by 629 contracts DOWN to 177,137. The volume on the comex today (just comex) came in at 50,571 which is very good. The confirmed volume yesterday (comex and globex) was excellent at 50,584 . Silver is not in backwardation. London is in backwardation for several months.