http://jessescrossroadscafe.blogspot.com/2013/07/gold-daily-and-silver-weekly-charts_24.html
Similarly, while there are certain market manipulations that in the short term may appear to be tempting, they may not be advisable given the potential for profound consequences that, while unintended, could prove to be significant.
There was intraday commentary on the slanting W chart formation on the gold chart here.The action in the precious metals remains labored. The structure of the market is breathtaking.
Tomorrow is option expiration on the COMEX. The following week begins the August delivery period.
I will try to keep you informed as best as I can.
In the meantime, there is a feature movie that will be made available at Le Café later this evening. Can you guess what it will be? Consider the usual suspects.
Have a pleasant evening.
http://harveyorgan.blogspot.com/2013/07/comex-inventory-in-gold-rises-bitgold.html
Gold fell $15.20 to $1319.90 (comex closing time ). Silver was also down by 24 cents to $20. 01 (comex closing time).
Gold and silver were hit because of options expiry. The expiry is tomorrow so let us see if gold can hold $1300.00
In the access market at 5:00 pm, gold and silver skyrocketed northbound for no apparent reason:
gold: $1321.60
At the Comex, the open interest in silver fell by 1893 contracts to 131,748.
Tonight, the Comex registered or dealer inventory of gold remains below the 1 million oz mark at 950,441.152 oz or 29.56 tonnes. This is dangerously low especially when we are coming up to the August delivery month.
Remember in June we had almost 31 tonnes of gold stand for delivery. The total of all gold at the comex (dealer and customer) rises slightly again tonight still well below the 7 million oz barrier resting at 6.924 million oz or 215.36 tonnes.
JPMorgan's customer inventory remains constant tonight at only 46,069.447 oz or 1.43 tonnes. It's dealer inventory rests at 390,092.326 oz (12.13 tonnes) but it still must settle upon contracts issued in the May and June delivery month which far exceeds its inventory. (see last Wednesday's Bill Kaye interview with Lars Schall on the lack of deliveries at the comex per outstanding issues).
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account registers only 24.92 tonnes of gold. The total of all of the dealers remains tonight at 29.56 tonnes!! Brinks continues to record a low of only 4.18 tonnes in its dealer account.
The GLD reported no change in inventory tonight with a reading of 929.76 tonnes of gold. We had neither a gain nor a loss in silver inventory at the SLV.
The total gold comex open interest fell by 4691 contracts from 439,441 down to 434,750 with gold falling in price by $1.30 yesterday. We are now into the non active July contract and here the OI rests at 75 down 1 contract . We had 3 delivery notices filed yesterday so in essence gained 2 contracts or 200 additional oz that will stand for the July delivery month. The next active delivery month for gold is August and here the OI fell by 14,120 contracts from 120,063 down to 105,943 as we are 1 week away from first day notice for the August contract month(July 31). The estimated volume today was good at 207,636 contracts. The confirmed volume yesterday was also good at 216,182 .
The total silver Comex OI fell by 1893 contracts with silver falling in price yesterday by 25 cents. The total of all comex silver OI stands at 131,748 contracts. We are now into the big delivery month of July and here the OI fell by 52 contracts down to 194. We had 57 notices filed yesterday so in essence we gained 5 contracts or 25,000 additional oz of silver will stand in the July contract month. The next big delivery month is September and here the OI fell by 2318 contracts down to 76,938. The estimated volume today was fair coming in at only 37,342 contracts. The confirmed volume yesterday was good at 42,599.
Gold Daily and Silver Weekly Charts - Tomorrow Must Be COMEX Options Expiration
"Major Strasser: Are you one of those people who cannot imagine the Germans in their beloved Paris?
Rick: It's not particularly my beloved Paris.
Heinz: Can you imagine us in London?
Rick: When you get there, ask me.
Captain Renault: Hmmh! A diplomat!
Major Strasser: How about New York?
Rick: Well, there are certain sections of New York, Major, that I wouldn't advise you to invade."
Casablanca
Similarly, while there are certain market manipulations that in the short term may appear to be tempting, they may not be advisable given the potential for profound consequences that, while unintended, could prove to be significant.
There was intraday commentary on the slanting W chart formation on the gold chart here.The action in the precious metals remains labored. The structure of the market is breathtaking.
Tomorrow is option expiration on the COMEX. The following week begins the August delivery period.
I will try to keep you informed as best as I can.
In the meantime, there is a feature movie that will be made available at Le Café later this evening. Can you guess what it will be? Consider the usual suspects.
Have a pleasant evening.
( Full post at the link , just highlights here.. )
Wednesday, July 24, 2013
comex inventory in gold rises a bit/gold and silver hit before options expiry
Good evening Ladies and Gentlemen:
Gold fell $15.20 to $1319.90 (comex closing time ). Silver was also down by 24 cents to $20. 01 (comex closing time).
Gold and silver were hit because of options expiry. The expiry is tomorrow so let us see if gold can hold $1300.00
In the access market at 5:00 pm, gold and silver skyrocketed northbound for no apparent reason:
gold: $1321.60
silver: $20.15
At the Comex, the open interest in silver fell by 1893 contracts to 131,748.
The open interest on the entire gold comex contracts fell by 4691 contracts to 434,750 with gold's fall in price on Tuesday of $1.30.
Tonight, the Comex registered or dealer inventory of gold remains below the 1 million oz mark at 950,441.152 oz or 29.56 tonnes. This is dangerously low especially when we are coming up to the August delivery month.
Remember in June we had almost 31 tonnes of gold stand for delivery. The total of all gold at the comex (dealer and customer) rises slightly again tonight still well below the 7 million oz barrier resting at 6.924 million oz or 215.36 tonnes.
JPMorgan's customer inventory remains constant tonight at only 46,069.447 oz or 1.43 tonnes. It's dealer inventory rests at 390,092.326 oz (12.13 tonnes) but it still must settle upon contracts issued in the May and June delivery month which far exceeds its inventory. (see last Wednesday's Bill Kaye interview with Lars Schall on the lack of deliveries at the comex per outstanding issues).
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account registers only 24.92 tonnes of gold. The total of all of the dealers remains tonight at 29.56 tonnes!! Brinks continues to record a low of only 4.18 tonnes in its dealer account.
The GLD reported no change in inventory tonight with a reading of 929.76 tonnes of gold. We had neither a gain nor a loss in silver inventory at the SLV.
Today, we had the 13th consecutive day for negative GOFO rates with the 3 months rate at -04%. The 6 month GOFO rate lowers to only a positive .04%. The 13 consecutive negative GOFO is unprecedented.
On the physical side of things, Kingworld news and Eric King discusses gold
with Egon Von Greyerz again. He expects gold rocketing up in the autumn.
We also have a commentary from Ed Wyatt of the NYTimes on whether the Senate should control banks with respect to warehouses of commodities and pipelines.
You do not want to miss that one!!
I know a lot of you follow FOFOA and today he delivered a great commentary on the funeral of the gold futures.
On the paper side of things, we have a great commentary from Dr Paul Craig Roberts.
On the physical side of things, Kingworld news and Eric King discusses gold
with Egon Von Greyerz again. He expects gold rocketing up in the autumn.
We also have a commentary from Ed Wyatt of the NYTimes on whether the Senate should control banks with respect to warehouses of commodities and pipelines.
You do not want to miss that one!!
I know a lot of you follow FOFOA and today he delivered a great commentary on the funeral of the gold futures.
On the paper side of things, we have a great commentary from Dr Paul Craig Roberts.
* * *
Let us now head over to the comex and assess trading over there today.
Here are the details:
The total gold comex open interest fell by 4691 contracts from 439,441 down to 434,750 with gold falling in price by $1.30 yesterday. We are now into the non active July contract and here the OI rests at 75 down 1 contract . We had 3 delivery notices filed yesterday so in essence gained 2 contracts or 200 additional oz that will stand for the July delivery month. The next active delivery month for gold is August and here the OI fell by 14,120 contracts from 120,063 down to 105,943 as we are 1 week away from first day notice for the August contract month(July 31). The estimated volume today was good at 207,636 contracts. The confirmed volume yesterday was also good at 216,182 .
The total silver Comex OI fell by 1893 contracts with silver falling in price yesterday by 25 cents. The total of all comex silver OI stands at 131,748 contracts. We are now into the big delivery month of July and here the OI fell by 52 contracts down to 194. We had 57 notices filed yesterday so in essence we gained 5 contracts or 25,000 additional oz of silver will stand in the July contract month. The next big delivery month is September and here the OI fell by 2318 contracts down to 76,938. The estimated volume today was fair coming in at only 37,342 contracts. The confirmed volume yesterday was good at 42,599.
* * *
the July contract month
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
nil
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| 9,920.04 (Scotia) |
No of oz served (contracts) today
|
0 ( nil oz)
|
No of oz to be served (notices)
|
75 (7500 oz)
|
Total monthly oz gold served (contracts) so far this month
|
112 (11,200 oz)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
339,257.96 oz
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 583,999.18 oz |
July contract month
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 65,825.54 oz (, Scotia, CNT,) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 19,514.57 (,Brinks) |
| No of oz served (contracts) | 18 (90,000 oz) |
| No of oz to be served (notices) | 176 (880,000 oz) |
| Total monthly oz silver served (contracts) | 3246 (16,230,000) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 1,946,673.7 |
| Total accumulative withdrawal of silver from the Customer inventory this month | 4,659,562.5 oz |
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ReplyDeleteGold headed for a weekly loss after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the U.S. and holdings in the largest bullion-backed exchange traded fund contracted to a five-year low.
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