Gold Up Almost $14 and Silver Up 0.38$
Gold Up Almost $14 and Silver Up 0.38$ from Harvey Organ
GOLD: $1309.85 UP $16.95 *BREAKS RESISTANCE OF $1300.00
Silver: $17.45 UP 38 CENTS *BREAKS RESISTANCE OF $17.25
Closing access prices:
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1299.64 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1204.25
PREMIUM FIRST FIX: $5.38
SECOND SHANGHAI GOLD FIX: $1300.33
NY GOLD PRICE AT THE EXACT SAME TIME: $1295.03
Premium of Shanghai 2nd fix/NY:$5.03
LONDON FIRST GOLD FIX: 5:30 am est $closed/holiday
NY PRICING AT THE EXACT SAME TIME: $xxx
LONDON SECOND GOLD FIX 10 AM: $closed/holiday
NY PRICING AT THE EXACT SAME TIME. xx
For comex gold:
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 38 NOTICE(S) FOR 3800 OZ.
TOTAL NOTICES SO FAR: 4622 FOR 462,200 OZ (14.376 TONNES)
70 NOTICES FILED TODAY FOR
Total number of notices filed so far this month: 1248 for 6,240,000 oz
Today both gold and silver broke through huge resistance levels. Gold broke through $1300.00 to end up $1309.85 and silver broke through $17.25 to end up at $17.45. The big news of the day was the catastrophe in Houston which is flooded. Damages is expected to exceed $40 billion. Now the big question: how will this be funded if the debt ceiling is not raised? The Hurricane has reversed course and it is now back into the Gulf. It looks like it will pick up huge moisture and head back to the Louisiana-Texas coast for another shot at damage.
Let us have a look at the data for today
In silver, the total open interest FELL by A TINY 248 contracts from 188,413 DOWN TO 188,145 DESPITE THE RISE IN PRICE THAT SILVER UNDERTOOK WITH FRIDAY’S TRADING (UP 9 CENTS).WHEN WE LOOK OVER OUR SHOULDER AND SEE THE HUGE RISE IN OI IN GOLD DUE TO THEIR FAILED RAID, ONE WOULD EXPECT TO SEE THE SAME FOR SILVER. YOU WILL RECALL ME TELLING YOU THAT SOME OF THE PAPER PLAYERS (WHO HAVE NO DESIRE FOR PHYSICAL DELIVERY) ONCE WE APPROACH AN ACTIVE DELIVERY MONTH LIKE SEPTEMBER, WOULD TENDER SOME OF THEIR LONGS FOR EFP’S WHICH GIVES THEM A FIAT PROFIT AND A DELIVERABLE PRODUCT PROBABLY A LONDON BASED FORWARD. THE ISSUANCE OF EFP’S DESTROYS THE PRICE DISCOVERY MECHANISM BECAUSE WE HAVE NO PHYSICAL PRICE ANYWHERE IN THE EQUATION. THIS TRANSFER IS ALLOWED SUPPOSEDLY FOR EMERGENCY USE ONLY WHEN PHYSICAL DELIVERY CANNOT TAKE PLACE AT THE COMEX. HOWEVER OUR BANKERS MISUSE THIS VEHICLE TERRIBLY. FRIDAY’S FAILED RAID CAUSED NEWBIE LONG PLAYERS INTO THE ARENA AND THAT IS WHY WE HAD ONLY A SMALL LOSS IN OI INSTEAD OF THE MUCH LARGER AMOUNTS WE GENERALLY SEE JUST PRIOR TO FIRST DAY NOTICE. THE BANKERS STILL CARRY THE OBLIGATION TO DELIVER ON THESE EFP’S TO LONDON OR OTHER PHYSICAL EXCHANGES. THE BANKERS INITIALLY SUPPLIED THE SHORT PAPER BUT IMMEDIATELY TRIED TO COVER WHEN THEY REALIZED THE RAID WAS A FAILURE. SOME SPECS SOLD FOR A PROFIT AT THE HIGHER PRICE
RESULT: A SMALLER LOWER OI WITH A GOOD PRICE INCREASE AND AN UNSUCCESSFUL RAID.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.940 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 70 NOTICE(S) FOR 350,000 OZ OF SILVER
In gold, the open interest ROSE BY A CONSIDERABLE 5,335 CONTRACTS WITH THE RISE in price of gold ($6.00 GAIN ON FRIDAY .). The new OI for the gold complex rests at 514,546.
AS IN SILVER, THE GEOPOLITICAL LANDSCAPE WITH TRUMP THREATENING TO CLOSE GOVERNMENT IF HE DID NOT GET HIS WALL AND THE DOVISH SPEECHES BY BOTH DRAGHI AND YELLEN, CAUSED A HUGE NUMBER OF NEWBIE SPECS TO AGAIN ENTER THE GOLD ARENA WITH THE COMMERCIALS SUPPLYING THE NECESSARY PAPER. FRIDAY MORNING WITNESSED A MASSIVE 2 MILLION OZ OF PAPER SHORTS SUPPLIED BY OUR BANKERS. HOWEVER THIS RAID AGAIN BECAME TOTALLY UNSUCCESSFUL. THE BANKERS REALIZING ANOTHER FAILURE IN THEIR ATTEMPT TO CONTAIN PRECIOUS METAL PRICES, TRIED TO COVER IN HURRY AND PROBABLY TO NO AVAIL .
Result: A GOOD SIZED GAIN IN OI with A FAIR RISE IN PRICE IN GOLD AND AN UNSUCCESSFUL RAID.
we had: 38 notice(s) filed upon for 3800 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
Late Friday night , we had a big change in gold inventory: a deposit of 5.91 tonnes into the GLD inventory
Inventory rests tonight: 805.20 tonnes
IN THE LAST 31 TRADING DAYS: GLD SHEDS 31.77 TONNES YET GOLD IS HIGHER BY $77.30 .
Today: WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:
INVENTORY RESTS AT 333.178 MILLION OZ
Let us head over to the comex:
The total gold comex open interest ROSE BY CONSIDERABLE 5,335 CONTRACTS UP to an OI level of 514,546 WITH THE GOOD SIZE GAIN IN THE PRICE OF GOLD + THE HUGE UNSUCCESSFUL RAID ($6.00 GAIN / FRIDAY’S trading). This time the bankers did supply the necessary gold short paper. Early Friday morning, the bankers initiated a monstrous raid with a massive 2 million oz paper gold short. HFT traders, true to form, followed the lead of the bankers and accentuated the price of gold/silver southbound. However, this time, newbie longs took on our criminal bankers realizing that the geopolitical climate in the states was getting to their liking as Trump threatened to close government unless he got his wall plus the two dovish speeches by Yellen and Draghi at Jackson Hole. The bankers realizing they were in trouble tried to cover their new shorts but that was to no avail.
Result: a higher open interest with an increase in the price of gold plus the huge unsuccessful raid.
We are now in the contract month of August and it is the 3rd best of the delivery months after December and June.
The active August contract LOST 19 contract(s) to stand at 667 contracts. We had 0 notices filed on FRIDAY so we LOST 19 contracts or an additional 1900 oz will NOT stand at the comex and 19 EFP’s were issued in August which entitles the long holder to a fiat bonus plus a futures contract and most probably that would be a London based forward.
The non active September contract month saw it’s OI GAIN 17 contracts UP to 1167.
The next active contract month is Oct and here we saw a LOSS of 89 contracts DOWN to 51,804.
The very big active December contract month saw it’s OI gain 5,188 contracts up to 403,711.
We had 38 notice(s) filed upon today for 3800 oz
For those keeping score: in the upcoming front delivery month of August:
LAST YEAR WE HAD A MONSTROUS 44.7 TONNES OF GOLD INITIALLY. BY THE CONCLUSION OF THE AUGUST 2016 CONTRACT MONTH 44.358 TONNES STOOD FOR DELIVERY. THIS YEAR, WE INITIALLY HAD 25.85 TONNES STANDING ON AUGUST 1/2017 AND WE WILL END UP WITH PROBABLY 16.33 TONNES.