Gold closed up by a tiny 20 cents to finish the week at $1695.80. Silver on the other hand closed unchanged at $32.28. The bankers are very concerned with events that are about to transpire in the USA in the next 3 weeks with respect to the fiscal cliff. The Republicans and the Democrats are far apart and the powers to be are worried about the consequences of the fiscal cliff becoming a reality. They are trying to keep gold and silver at bay such that the stock markets do not tank.
In the news on Friday, we learned that Chinese PMI rose above the 50 mark for the first time in quite a while. This lit a match under the Shanghai composite index. The European PMI numbers were mixed even though both Service PMI and Manufacturing PMI rose a touch. They were expecting better figures.
Despite that, the Euro/usa cross rose finishing the week at 1.316. The Japanese big manufacturing index fell to minus 12 from last month's -10. This nation is certainly having their problems. The yen has fallen quite dramatically in the past few weeks.
On this side of the pond, USA industrial production rose but most of the rise was in the automobile industry.
General Motors reports sales as soon as it leaves the plant and they are deeply involved in channel stuffing which seems to help industrial production. We will be going over these and other stories but first.........................................
let us head over to the comex and assess trading on Friday.
The total comex gold open interest fell by a dramatic 6,578 contracts as more newbie longs were fleeced again. This will occur continually until the regulators stop bankers' collusive and criminal attack on the precious metals. The active gold contract month of December saw it's OI fall 239 contracts from 609 down to 370. We had 225 delivery notices on Thursday so in essence we lost 14 contracts or 1400 oz of gold standing. Blythe must have been a little busy yesterday. The non active January contract month saw it's OI rise by 98 contracts up to 1125. The next big active delivery month for gold is February and here the OI fell by 8225 contracts from 284,590 down to 276,365. It was in this month that saw most of the gold open interest fall and thus the major fleecing occurred in the February contract month. The estimated volume today was tiny and tranquil at 92,119.
The confirmed volume on Thursday (with the massive raid) came in at a mighty 182,793.
Our regulators are blind as a bat.
The total silver comex OI fell by only a tiny 888 contracts despite the raid. The OI for the silver comex rests at 143,178 down from Thursday's level of 144,066. The active December contract month strangely saw it's OI rise by 92 contracts from 673 up to 765.
We had a massive 169 notices filed on Thursday so we gained another 261 contracts or an additional 1.305,000 oz of silver is standing for the December contract month. The non active February contract month saw the OI also rise by 6 contracts up to 524. The next big active silver contract month is March and here the OI dropped 2335 contracts from 86,405 down to 84,070. The estimated volume at the silver comex on Friday was extremely weak at 28,598. The confirmed volume on Thursday was big at 69,233.