Harvey Organ's - The Daily Gold
Ok let us begin:
Gold today closed at a record high 1247.50. Silver closed higher as well rising to 18.77 up by 34 cents.
The comex gold open interest continues to rise, closing at its final resting position of 569.774 up by 540 contracts.
The silver comex open interest continues to rise in greater numbers. Today it closed at 132,031. up by 961 contracts.
The London afternoon fix today was announced at 1245.00 with the record being 1246.00
Cartel members were all over this as they tried desperately to keep the fix below its record level.
The NAV of our two big ETF's the Central Fund of Canada's CEF and Sprotts PHYS both closed in good positive to NAV.
The CEF price is 8.1% to NAV
and the PHYS is 11.9%.
The sister ETF to CEF, (GTU) is trying to obtain 9 tonnes of gold which will be a record for it. They have stated that it will take 6 months to get this gold.
The PHYS is also trying to obtain 6 tonnes of gold as both ETF's have issued shares against this new inventory of gold that will take the better part of 1/2 year to obtain.
I would like to go straight to the deliveries at the comex.
Silver
-----------------
Withdrawals from Dealers Inventory 386,808
Withdrawals from customer Inventory 901290
Deposits to the dealer Inventory N/A
Deposits to the customer Inventory N/A
No of oz served zero
No of oz to be served xxx
Gold
-----------------
Withdrawals from Dealers Inventory N/A
Withdrawals from customer Inventory 515 oz
Deposits to the dealer Inventory 4100 oz
Deposits to the customer Inventory N/A
No of oz served 8 contracts 800 oz
No of oz to be served 640 contracts 64000 oz
First of all, I would like to report that there were no options exercised for silver metal.
Thus the amount of silver standing in this off delivery month remains at 180,000
However another strange day at the customer and dealer inventory for silver.
We got a massive 386,808 oz withdrawal from the dealer inventory without a corresponding entry into the customer inventory.
Somebody just came and demanded silver and it was removed.
Look at the customer inventory:
another 901,290 oz were removed as nervous nellies smell something pretty bad.
Like I said yesterday, I smell smoke and where there is smoke, there is fire.
Something big is going on her and the comex is not being transparent about it.
Now we shal hobble over to the gold comex side of things.
We witnessed a tiny 8 contracts served upon longs who have been relatively patient waiting for their delivery slips.
This additional 8 contracts or 800 oz is added to yesterdays total.
We now have 20,105 contracts served upon or 2,010,500 oz of gold.
We have 64,000 oz left to be served upon.
Thus for the entire delivery month of June, the total standing is as follows:
2,010,500 (contracts already served with delivery slips) + 204,000 (last months options exercised) + 64000 oz left to be served = 2,278,500..pretty close to yesterday.
We will probably had at month end 2.3 million oz standing as some longs will try and jump queque and obtain some physical.
That wraps up the physical side of my commentary. I will now proceed to the big economic stories of the day.
The dow was hit hard early in the session with the release of 3 very bad economic numbers.
1. the release of high jobless numbers and thus a much higher benefits being paid out.
2. a lousy Phillly manufacturing number which shows that manufacturing is taking a beating with the high dollar in the Pennsylvania-New Jersey area.
3. the current account deficit widened to $109 billion this quarter.
the Dow also responded negatively to a story that 90 banks have missed payments on their TARP rescue money.
These 4 events should have caused the Dow to plummet but Larry Summers and boys were waiting in the wings to prevent a huge downdraft.
Another Hail Mary lifted the Dow to positive 25 points on closing.
More
harveyorgan.blogspot.com
CRACKER |
