Huge rise in gold OI despite a $17.40 fall in price yesterday ???/GLD inventory rises 3.90 tonnes with that huge drop in gold price??/Surprisingly in an non active month, we still have 5.7 tonnes of gold standing and no cash settlements/China again devalues her currency sending a strong message to the USA not to raise rates/Turmoil in Turkey as Erdogan set to fire his Prime Minister/the Turkish lira sinks
by Harvey Organ
Harvey Organ’s Blog
[…] Let us have a look at the data for today.
At the gold comex today we had a GOOD delivery day, registering 530 notices for 53,000 ounces for gold,and for silver we had 150 notices for 750,000 oz for the non active April delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 226.122 tonnes for a loss of 77 tonnes over that period.
In silver, the open interest rose by 2844 contracts up to 201,121 despite the fact that the price was silver was down by 19 cents with respect to yesterday’s trading. In ounces, the OI is still represented by just over 1 BILLLION oz i.e. .1.005 BILLION TO BE EXACT or 144% of annual global silver production (exRussia &ex China) We are now within spitting distance of all time highs for OI with respect to silver