Open interest rises above 500,000 in gold and thus necessitates another raid/OI for silver also remains extremely high/China has poor industrial numbers along with poor retail sales/The anti immigration party wins big in regional elections in Germany/Huge bomb blast in Ankara Turkey
by Harvey Organ
Harvey Organ’s Blog
[…] At closing today, we have the following observations to bring to your attention:
In silver, the OI has remained at record levels for many years despite the low price of silver. The total OI in oz has been above total annual global production! Silver is in backwardation at the comex until July although it is a paper backwardation. Silver is in real backwardation in London for several months
And now gold:
The total OI for gold has now surpassed 500,000 contracts or 50,000 million oz or 1,552 tonnes of gold The world produces around 2,200 tonnes of gold (ex China ex Russia which keeps all of their gold). The last time gold had an OI at 500,000 was in Sept/October 2012 with the gold price at $1700.00.