Loading ...GLD : no change in gold (inventory now at 785.72 tonnes)
SLV we lost a tiny 239,700 oz in silver inventory at the SLV:/now 333.207 million oz. The tiny loss no doubt was to pay for fees.
As far as gold and silver is concerned we had a huge increase in the comex OI for both metals. I guess some of the new speculators wish to tackle the likes of our crooked bankers. We are also witnessing an increase in the amount of metal standing for gold. In a off delivery month, the amount of gold standing is generally below one tonne for the entire month. Today we are already at 1.695 tonnes standing.
However the real story is the OI in silver. For the past year or so, the OI for silver has been close to or at record levels despite the low price of silver.
Gold has a low OI and a low price, but silver has the opposite. Today the OI hit 165,237 contracts with the price of silver officially at $19.08. When you see an anomaly like this, it generally straightens itself out in weeks. However not in silver as we have two sides facing off against each other in bunkers and both not blinking. As most of you know, it is my contention that the longs (who have deep pockets and impervious to pain) is Mainland China who wish to get their loaned silver back. The fun will begin once Shanghai is out of silver and set its eyes on comex and SLV silver if there is any!