CHINA DEVALUES YUAN 6.723 – Gold and Silver Stable
Gold $1255.00 up $3.10
Silver 17.41 DOWN 5 cent
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 OCT 13 (10:15 pm est last night): $ 1263.42
NY ACCESS PRICE: $1259.90 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1264.98
NY ACCESS PRICE: 1260.64 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!!
London Fix: OCT 13: 5:30 am est: $1258.00 (NY: same time: $1258.40: 5:30AM)
London Second fix OCT 13: 10 am est: $1261.60 (NY same time: $1261.10 , 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:
41 NOTICES FILED FOR 4100 OZ
for the Oct contract month: 0 notices for NIL oz.
Let us head over to the comex:
The total gold comex open interest FELL BY 4871 CONTRACTS to an OI level of 495,457 as the price of gold FELL by $3.90 with YESTERDAY’S trading.
We are in the delivery month is October and here the OI GAINED 40 contracts UP to 192. We had 3 notices filed yesterday so we gained another 43 contracts or 4300 additional oz will stand.
The next delivery month is November and here the OI FELL by 74 contracts DOWN to 2952 contracts. This level is extremely elevated as generally November is a very poor delivery month.The next contract month and the biggest of the year is December and here this month showed an decrease of 7,295 contracts down to 372,654.
Today we had 41 notices filed for 4100 oz of gold.
And now for the wild silver comex results. Total silver OI FELL BY 1,509 contracts from 187,469 down to 185,960 as the price of silver rose to the tune of 1 cent yesterday. We are moving further from the all time record high for silver open interest set on Wednesday August 3: (224,540). The next non active delivery month is October and here the OI rose by 2 contracts up to 116. We had 0 notices filed yesterday so we gained 2 contracts or 10,000 additional oz will stand for delivery.The November contract month saw its OI remain constant at 341. The next major delivery month is December and here it FELL BY 2491 contracts DOWN to 150,857