harveyorgan.blogspot.com / Wednesday, August 21, 2013
Good evening Ladies and Gentlemen:
Gold closed down $2.50 to $1370.60 (comex closing time ). Silver was down 11 cents to $22.96 (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 2708 contracts to 131,076 with silver down 9 cents on closing Tuesday night.
The open interest on the entire gold comex contracts rose by 2600 contracts to 385,410 with gold’s rise in price on Tuesday to the tune of $6.90 .
Tonight, the Comex registered or dealer inventory of gold rises tonight, but it is still well below the 1 million oz mark, at 797,134.62 oz or 24.79 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) tonight rests just below the 7 million oz barrier resting at 6.982 million oz or 217.17 tonnes.
JPMorgan’s customer inventory remains constant tonight at 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 no change in gold inventory tonight and thus rests at 20.17 tonnes of gold. Brinks continues to record a low of only 4.14 tonnes in its dealer account.
The GLD reported a small loss in inventory tonight of .6 tonnes with a reading of 913.52 tonnes of gold. We had another addition in silver inventory at the SLV tonight to the tune of 964,000 oz. The reading of the SLV inventory tonight is 339.373 million oz.
Today, we have recorded the 33nd consecutive trading day for negative GOFO rates with the 3 months rate remain constant in negativity at .-08833, exactly the same as Tuesday’s rate of -.08833. The one month GOFO rate remains high in negativity at -.10833 a slight decrease from yesterday’s -.110000. The two month rate increases in negativity at -10333 a rise from yesterday’s -.09667. ; and the 6 month GOFO rate rises in negativity at -0200 from yesterday’s -.01000. We are also witnessing the one year rate slowly decreasing in positivity to +.12333 from yesterday’s +.1367. 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