harveyorgan.blogspot.com / Monday, August 19, 2013
Good evening Ladies and Gentlemen:
Gold closed down $5.50 to $1366.20 (comex closing time ). Silver was down 16 cents to $23.16 (comex closing time).
In the access market today at 5:15 pm tonight here are the final prices:
At the Comex, the open interest in silver fell by 1443 contracts to 132,284 with silver up 39 cents on closing Friday night.
The open interest on the entire gold comex contracts fell by 10,937 contracts to 380,782 with gold’s rise in price on Friday to the tune of $6.10 .
Tonight, the Comex registered or dealer inventory of gold fell slightly again, but it is still well below the 1 million oz mark, at 796,034.708 oz or 24.76 tonnes. This is dangerously low especially when we are now into the August delivery month. The total of all gold at the comex (dealer and customer) fell tonight resting just below the 7 million oz barrier resting at 6.981 million oz or 217.17 tonnes.
JPMorgan’s customer inventory falls tonight to 130,044.021 oz or 4.04 tonnes. It’s dealer inventory remains constant at 286,485.185 oz (8.91 tonnes)
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account saw an decrease in gold inventory tonight to 20.17 tonnes of gold. Brinks continues to record a low of only 4.13 tonnes in its dealer account.
The GLD reported a big loss in inventory tonight of 3.0 tonnes with a reading of 912.32 tonnes of gold. We had no change in silver inventory at the SLV. The reading of the SLV inventory tonight is 338.409 million oz.
Today, we have recorded the 31st consecutive trading day for negative GOFO rates with the 3 months rate slightly falling in negativity to .-8000 from Friday’s-.08167%. The one month GOFO rate slightly falls in negativity to a relatively high .110000 form Friday’s -.11167%. The two month rate increases in negativity at -.09667 from Friday’s rate: -.09500%. ; and the 6 month GOFO rate increased in negativity and landed further back into negative territory at -.01000 from Friday’s -.00500%. Basically it means that gold is dearer in the present than in the future and it also signifies that London has scarce supplies of good delivery bars. No doubt that China, being a huge buyer of physical gold is responsible for this. The whacking of gold this month is incompatible with an increasing negative GOFO rates.
Thanks to BrotherJohnF