http://harveyorgan.blogspot.com/2012/08/asia-posts-disappointing-pmi-followed.html
The total gold comex OI advanced by a healthy 6,548 contracts as again we have some new players attempting fate against our bankers. The August delivery month saw its OI fall from 213 to 137 for a loss of 76 contracts. We had 75 delivery notices so in essence we lost 1 contract or 100 oz of gold standing. The September gold contract month saw its OI fall 168 contracts from 1,267 to 1,099. The next official delivery month for gold is October. The OI for October marginally declined by 1655 contracts from 29,298 contracts down to 27,633. The estimated volume at the gold comex today was OK as it came in at 148,048. The confirmed volume yesterday was also in the same neighbourhood coming it at 148,903.
The total silver comex OI fell again from 127,776 down to 126,869. It seems that the silver complex does the exact opposite to gold. It looks to me like we have some very nervous bankers who decided to lighten up a bit on their massive shortfall of silver contracts. The August delivery month saw it's OI fall from 81 to 80 for a loss of one contract. We did have one delivery notice yesterday so we are in perfect balance. We neither gained nor lost any silver ounces standing. The next official delivery for silver is September and here we have a little over 1 week to go before first day notice. The September OI contracted marginally by 2510 contracts from 34,903 down to 32,420 as the paper players rolled into December. The estimated volume today was huge at 85,048. The confirmed volume yesterday was also very good at 61,206. It seems that we have some players wishing to take on the bankers in the silver arena as well.
Thus the total number of silver ounces standing in this delivery month of August is as follows;
925,000 oz (served) + 400,000 oz (to be served upon) = 1,345,000 oz (same as yesterday)
THURSDAY, AUGUST 23, 2012
Asia posts disappointing PMI followed by Europe/Poor Confidence numbers from Germany/
Good evening Ladies and Gentlemen:
Gold closed up smartly again today to the tune of $32.20 finishing the comex session at $1669.60.
Silver also had a good day closing at $30.45 up 90 cents.
In the access market at 5 pm:
gold: $1670.50
silver: $30.58
Today started off with a bang with the poor PMI out of China for a three year low. It's readings are below 50 which means contraction of the economy. This was followed by the European PMI which also registered its 7th straight negative contraction. German confidence numbers came out very negative and that was the spark to send all bourses into the toilet today.
Over on this side of the pond, new jobless claims rose again by 4,000 per souls. On top of that we had a rather large 48,000 extended benefit claimants fall off the registry. In one year almost 1.3 million extended benefit claimants have run their 99 week course. As far as I am concerned, the USA is mired in the same financial mess as Europe. The only difference is that the Fed has the luxury of monetizing their debt whereas Europe cannot. New home sales in the USA continue to hug the basement. We will go over all of these stories but first..................Let us now head over to the comex and see how things progressed today.
Gold closed up smartly again today to the tune of $32.20 finishing the comex session at $1669.60.
Silver also had a good day closing at $30.45 up 90 cents.
In the access market at 5 pm:
gold: $1670.50
silver: $30.58
Today started off with a bang with the poor PMI out of China for a three year low. It's readings are below 50 which means contraction of the economy. This was followed by the European PMI which also registered its 7th straight negative contraction. German confidence numbers came out very negative and that was the spark to send all bourses into the toilet today.
Over on this side of the pond, new jobless claims rose again by 4,000 per souls. On top of that we had a rather large 48,000 extended benefit claimants fall off the registry. In one year almost 1.3 million extended benefit claimants have run their 99 week course. As far as I am concerned, the USA is mired in the same financial mess as Europe. The only difference is that the Fed has the luxury of monetizing their debt whereas Europe cannot. New home sales in the USA continue to hug the basement. We will go over all of these stories but first..................Let us now head over to the comex and see how things progressed today.
The total gold comex OI advanced by a healthy 6,548 contracts as again we have some new players attempting fate against our bankers. The August delivery month saw its OI fall from 213 to 137 for a loss of 76 contracts. We had 75 delivery notices so in essence we lost 1 contract or 100 oz of gold standing. The September gold contract month saw its OI fall 168 contracts from 1,267 to 1,099. The next official delivery month for gold is October. The OI for October marginally declined by 1655 contracts from 29,298 contracts down to 27,633. The estimated volume at the gold comex today was OK as it came in at 148,048. The confirmed volume yesterday was also in the same neighbourhood coming it at 148,903.
The total silver comex OI fell again from 127,776 down to 126,869. It seems that the silver complex does the exact opposite to gold. It looks to me like we have some very nervous bankers who decided to lighten up a bit on their massive shortfall of silver contracts. The August delivery month saw it's OI fall from 81 to 80 for a loss of one contract. We did have one delivery notice yesterday so we are in perfect balance. We neither gained nor lost any silver ounces standing. The next official delivery for silver is September and here we have a little over 1 week to go before first day notice. The September OI contracted marginally by 2510 contracts from 34,903 down to 32,420 as the paper players rolled into December. The estimated volume today was huge at 85,048. The confirmed volume yesterday was also very good at 61,206. It seems that we have some players wishing to take on the bankers in the silver arena as well.
***
The vaults again were quiet with no activity whatsoever. Strange for a big delivery month and strange that we have 30 tonnes of gold settled upon.
The only real transaction was an adjustment of 100.01 oz in an obvious lease arrangement
with a customer at Brinks to the dealer at Brinks.
The dealer inventory rests tonight at 2.574 million oz.
The CME notified us that we had 22 delivery notices filed for 2200 oz of gold.
The total number of notices filed so far this month total 9674 for 967400 oz. To obtain
what is left to be served upon, I take the OI standing for August (137) and subtract out today's
notices (22) which leaves us with 115 nor 11500 oz left to be served upon our patient longs.
Thus the total number of gold ounces standing in this delivery month of August is as follows:
967,400 oz (served) + 11,500 oz (to be served upon) = 978,900 oz (30.44 tonnes)
we lost 100 oz of gold standing for delivery.
The only real transaction was an adjustment of 100.01 oz in an obvious lease arrangement
with a customer at Brinks to the dealer at Brinks.
The dealer inventory rests tonight at 2.574 million oz.
The CME notified us that we had 22 delivery notices filed for 2200 oz of gold.
The total number of notices filed so far this month total 9674 for 967400 oz. To obtain
what is left to be served upon, I take the OI standing for August (137) and subtract out today's
notices (22) which leaves us with 115 nor 11500 oz left to be served upon our patient longs.
Thus the total number of gold ounces standing in this delivery month of August is as follows:
967,400 oz (served) + 11,500 oz (to be served upon) = 978,900 oz (30.44 tonnes)
we lost 100 oz of gold standing for delivery.
***
Today, again we had no deposit of silver into the comex vaults whether by customer or dealer.
We had the following customer withdrawal of silver:
i) Out of Brinks; 98,151.7 oz
ii) Out of Delaware: 2973.87 oz
total: 101,125.57 oz
we had two adjustments and both were probable leases from the customer to the dealer;
i) 29,493.867 oz (from the customer at Delaware to the dealer at Delaware)
ii) 49,558.000 oz (from the customer at HSBC to the dealer at HSBC)
total adjustment 79,051.817 oz
The total registered silver inventory rests tonight at 35.558 million oz
The total of all silver rests at 139.875 million oz.
The CME notified us that we had zero notices filed for zero oz delivered. Thus the total number
of notices remain at 185 for 925,000 oz. To obtain what is left to be served upon, I take the OIstanding for August (80) and subtract out today's delivery notices (0) which leaves us with 80 contracts our 400,000 oz left to be served upon our longs.
We had the following customer withdrawal of silver:
i) Out of Brinks; 98,151.7 oz
ii) Out of Delaware: 2973.87 oz
total: 101,125.57 oz
we had two adjustments and both were probable leases from the customer to the dealer;
i) 29,493.867 oz (from the customer at Delaware to the dealer at Delaware)
ii) 49,558.000 oz (from the customer at HSBC to the dealer at HSBC)
total adjustment 79,051.817 oz
The total registered silver inventory rests tonight at 35.558 million oz
The total of all silver rests at 139.875 million oz.
The CME notified us that we had zero notices filed for zero oz delivered. Thus the total number
of notices remain at 185 for 925,000 oz. To obtain what is left to be served upon, I take the OIstanding for August (80) and subtract out today's delivery notices (0) which leaves us with 80 contracts our 400,000 oz left to be served upon our longs.
Thus the total number of silver ounces standing in this delivery month of August is as follows;
925,000 oz (served) + 400,000 oz (to be served upon) = 1,345,000 oz (same as yesterday)
***
http://www.tfmetalsreport.com/blog/4122/pressing-forward
Pressing Forward
The Pack senses the weakness of The Leader and they continue to press their advantage.
Several have asked me whether or not this is the beginning of the "hot, explosive and historic" rally. When it began last week, it was hard to say. Then I saw the CoT last week and began to gain confidence. The action early this week stoked my interest and the follow-on rally post the FOMC and into today is very impressive.
We have seen already seen a significant move in a short period of time. In the past 10 days, silver is UP nearly 10%. From the open interest, we can see that much of this is short-covering or, more accurately stated, short-covering offset by a nearly equal amount of new buying. This is exactly the type of action I was expecting for the beginning of the "HEH" move. The fundamental key to my expected move has also been put in place. Therefore, yes, I think is the beginning. Emphasis onbeginning. We are just getting started. Again, with any trending rally, there will be bumps along the way as profits are realized, however, those will be just bumps. The metals, particularly silver, are headed much, much higher from here. The re-institution of overt QE will only serve to accelerate and exaggerate the size and scope of the rally.
In the very short term, I'd like to see us sustain these levels through the close Friday. Breaking the Battle Royale lines and closing above them for the week would bring a lot of spec momo money in next week and this would only serve to increase the pressure on The Leader. This evil entity must be certainly be aware of this, too, so I would expect them to attempt to intervene. However, if I'm right about the fundamental changes, they may not intervene as aggressively as they have in the past.
A couple of other things for you today. First, there's this interesting pair of stories:
And this from that MarketWatch dude:
And this from Trader Dan:
****
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