Before commencing, no banks entered the morgue ahead of the long Thanksgiving holiday weekend. The FDIC decided to give the boys an extra week's holiday due to their strenuous activity for the past year.
The price of gold finished the comex session bat $1685.50 down $10.20 on the day. Silver continues to be a punching bag closing down 86 cents to $31.02. The bankers are putting on quite a show preventing gold from breaking the 1700 dollar level. First day notice is on Wednesday so we will have to see how many gold ounces are standing and silver as well. December is a delivery month for both gold and silver.
The total gold comex OI fell by a huge 14,429 as many of these pitched their contracts probably afraid to take delivery because of the MF Global heist by JPMorgan and friends with the full blessing by the CFTC regulators and FBI folk. The OI going into the weekend rests at 442,641. The front options expiry month of November saw its OI fall from 21 to 16 for a loss of 5 contracts. We had 11 deliveries on Wednesday so we gained 6 contracts or 600 oz of gold standing. The big December contract saw its OI fall precipitously from 151,207 to 120,623 as many longs pitched instead of playing in the crooked casino. The estimated volume at the gold comex came it at a relatively large 212,615. The volume on Wednesday was monstrous at 250,056.
The total silver comex OI fell by a rather large 3859 contracts. The total silver comex OI stands tonight at 104,689 as some of the new longs who decided to try their luck against the casino dealers withdrew as they knew the casino was rigged. The front options expiry month of November saw its OI fall from 52 to 5 for a loss of 47 contracts. We had 48 deliveries so we gained 1 silver contract or 5000 oz standing. The big December contract saw its OI fall almost 7000 contracts from 25,979 to 18,944. This level is very low so it looks like the MFGlobal scare had its effect on the silver comex as many fear that the bankers will confiscate their metal. The estimated volume on the comex on Friday was 75,040. The confirmed volume on Wednesday was superb at 99,140.
Inventory Movements and Delivery Notices for Gold: Nov 26.2011:
Withdrawals from Dealers Inventory in oz
Withdrawals from Customer Inventory in oz
Deposits to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
No of oz served (contracts) today
9 (900 oz)
No of oz to be served (notices)
Total monthly oz gold served (contracts) so far this month
Total accumulative withdrawal of gold from the Dealers inventory this month
Total accumulative withdrawal of gold from the Customer inventory this month
Again no gold was deposited to the dealer and no gold was withdrawn by the dealer.
We had the following customer deposit of an exact round 5300 oz and this time for the first time
the vault was not Brinks but Scotia. Maybe Brinks taught Scotia.
We had only one withdrawal and that was 385 oz from HSBC.
We had one adjustment of 1 oz out of a vault.
The total registered gold remains at 3.34 million oz.
The CME notified us that we had 9 deliveries for 900 oz of gold. The total number of gold notices standing so far this month total 564 for 56400 oz. To obtain what is left to be served, I take the Oi standing (16) and subtract out Friday's deliveries (9) which leaves me with 7 notices or 700 oz of gold to be served upon.
Thus the total number of gold oz standing in November is as follows:
56400 oz (served) + 700 oz (to be served) = 57,100 oz or 1.776 tonnes which is very high for a November (generally a very weak month for gold oz standing)
And now for silver
We did not have a deposit into the dealer nor a withdrawal by the dealer.
However we did have a massive 2,395,835 oz deposit into the customer at Scotia.
We had the following withdrawal by the customer:
1. 999 oz out of Delaware
2. 2034 of out of HSBC
total withdrawal: 3034 oz
We had another massive adjustment of 613,738 oz from the customer to the dealer.
The registered silver rises to 34.05 million oz.
The total of all silver rises to 107.94 million oz.
The CME notified us that we had 2 delivery notices filed for 10,000 oz. The total number of notices
filed so far this month total 311 for 1,555,000 oz. To obtain what is left to be served I take the OI standing for November (5) and subtract out delivery notices (2) which leaves us with 3 notices left to be filed upon or 15,000 oz.
Thus the total number of silver oz standing in this non delivery month of November is as follows:
1,555,000 (oz served) + 15,000 (oz to be served) = 1,570,000 oz. (we gained 5000 oz of silver standing)
Let's see some of the big stories which will have an influence on gold and silver.
Before I commence, here is a snapshot of all of the important 10 yr bond yields:
|Italian 10 yr bond yield: 7.26%|
Spanish 10 yr bond yield: 6.70%