DESPITE THE RISE IN THE DOLLAR, GOLD HOLDS BUT SILVER IS DUMPED
Gold closed at $1221.20 down $2.30
silver closed at $16.88: down $0.48
Access market prices:
Despite the rise in the dollar, gold held up pretty good being down only $230. However silver again was bashed in the teeth by our crooked bankers who are desperately trying to cover before inauguration day Jan 20.2017. It is interesting to note that Trump has picked two gold friendly economic advisers to help in his inner circle: David Malpass and Judy Shelton. Both advocate sound money and Shelton desires a gold backed currency. Even Mike Pence when he was in Congress put forth a bill for the USA dollar to have a specific gold backing. Is Trump ready to drain the swamp of our criminal bankers?
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 Nov 14 (10:15 pm est last night): $ 1227.34
NY ACCESS PRICE: $1219.10 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1227.97
NY ACCESS PRICE: 1226.05 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD TODAY!! 2.00 dollars
London Fix: Nov 14: 5:30 am est: $1222.60 (NY: same time: $1226.87 5:30AM)???
London Second fix Nov 10: 11 am est: $1213.60 (NY same time: $1213.00, 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.
Let us head over to the comex:
The total gold comex open interest FELL by 17,603 CONTRACTS to an OI level of 504,128 with the continual pummeling in the price of gold as it EVENTUALLY FELL $42.00 with FRIDAY’S trading. In the front month of November we had 185 notices standing for a GAIN of 149 contracts. We had 19 notices served on Friday so we GAINED 130 contracts or 13,000 ADDITIONAL oz will stand for delivery in November. The next contract month and the biggest of the year is December and here this month showed a decrease of 27,834 contracts down to 270,495. The December contract month is still highly elevated compared to a year ago. On Friday Nov 13/2015 comex reading day, we had a total of 193,969 contracts standing ( a loss of 9,284 contracts from Nov 10/2015) It certainly emphasizes the huge demand for physical gold. THIS SHOULD EXPLAIN TO YOU WHY THE BANKERS ARE CONSTANTLY WHACKING OF GOLD (AND SILVER): THE HIGH OI FOR DECEMBER AND THE HIGH PROBABILITY THAT MANY WILL TAKE DELIVERY.
Today, we had 146 notice(s) filed for 14,600 oz of gold.
And now for the wild silver comex results. Total silver OI FELL by 7829 contracts from 187,190 down to 179,361 as the price of silver FELL BY $1.35 with Friday’s drive by shooting. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540). The front month of November had an OI of 113 and thus a gain of 19 contracts. We had 0 notices filed yesterday so we gained 19 contracts or an additional 95,000 oz will stand for delivery in this non active month of November. The next major delivery month is December and here it FELL BY 10,050 contracts DOWN to 92,323. The December contract month is also highly elevated compared to a year ago. On Nov 13/2015 reporting day, we had a level of 73,618 contracts having lost 5,226 contracts on the day).
In silver had 0 notices filed for nil oz