Gold closed down $8.70 at $1251.70 (comex closing time ). Silver was up 1 cent to $19.40
In the access market tonight at 5:15 pm
gold: $1255.00
silver: $19.50
Today the crooks decided to suppress the price of gold and silver due to negative news coming from Japan and China as both the Nikkei and the Shanghai composite sank.
The big news today is the rise in GLD inventory. No doubt we are witnessing an increase in demand for shares as some players are anxious to get their hands on gold. The bankers also wish to obtain shares so they can cash their shares to obtain gold inventory and send this off to Shanghai. This should be the death knell for our bankers as sooner or later the Bank of England runs out of metal.
Now let us head over and see the readings for the GOFO rates.
Here are today's readings with yesterday's comparison:
Rates are slightly moving to the negative in direction ( all months moving towards backwardation/first month in backwardation)
i) One Month: -.004000% vs yesterday: +.02800000% (in backwardation)
ii Two Months: +.026000%. vs yesterday: +.03600000%
iii) Three Months:+.036000% vs yesterday: +.046000%
iv) Six months: +.0800% vs yesterday: +.086000%
London good delivery bars still in short supply
Let us now head over to the comex and assess trading over there today,
Here are today's comex results:
The total gold comex open interest fell again today by 2,673 contracts from 373,806 down to 371,133 as gold was up $20.20 yesterday. In the big active month of February the OI fell by 1,072 contracts to 4,793 . We had only 4 notices filed yesterday so we lost 1068 contracts or 106,800 oz will not stand. The next non active gold contract month is March and here the OI fell by 107 contracts. The next big active contract month is April and here the OI fell by 1338 contracts down to 229,119. The estimated volume today was poor at 92,522 contracts as many players have opted out of playing at the comex. The confirmed volume yesterday was also poor coming in at 133,401.