GLD loses 3.86 tonnes of gold from its inventory/At the comex, the front May delivery month once again increases the amount of gold standing to 6.8874 tonnes/Last night Moody’s downgrades Deutsche bank to 2 notches above junk/Richmond Mfg Fed index shows biggest contraction ever
by Harvey Organ
Harvey Organ’s Blog
i) the May gold contract is a non active contract. Yet we started the month with 5.67 tonnes of gold standing and it has increased every single day and today sits at 6.68 tonnes of gold standing:
The amount standing for gold at the comex in May is simply outstanding at 6.8740 tonnes. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
Let us have a look at the data for today.