The REAL FUN Is In Silver! – Harvey Organ

You will notice that in gold the open interest for the front month is way below last year at the exact same time.
(181,000 vs 238,000).  I guess some of the speculators have given up playing the crooked casino. 
However the real fun is in silver:

The open interest for gold rose by 5500 contracts.  However we always get a huge downward revision in the final figures so in your mind figure that for a rise of $3.30 we got no real gain in OI.   Again it looks like that some of the speculators refuse to play and we probably had some short covering in the gold comex arena.
However the real fun is in silver.
Silver was up 9 cents and trading nicely throughout the day only to lose a little ground once London was put to bed.
(around 12 noon).  It’s preliminary OI is up only 305 contracts but we always obtain a 1500+ downward revision.  So again we will have a loss in OI with a good gain in price. The bankers are getting nervous as they are short covering.
It is also strange that 0 notices were filed in silver as we close the month out. It sure looks like they are having trouble finding real metal to settle upon longs that want metal and not settle for fiat.
Also I have noticed that no gold is coming into the comex and this has been going on for quite some time.  Again the bankers are having a tough time finding metal.
London is backward in price in both gold and silver
anyway here is the data for you to peruse and all comments are welcome.
have a great weekend..

For comex gold:

MARCH/

NOTICES FILINGS TODAY FOR MARCH CONTRACT MONTH:  13 NOTICE(S) FOR 1300 OZ.  TOTAL NOTICES SO FAR: 72 FOR 7200 OZ    (0.2239 TONNES)

 
 
 

For silver:

For silver: MARCH

0 NOTICES FILED TODAY FOR NIL OZ/

Total number of notices filed so far this month: 3296 for 16,480,000 oz

 

Let us have a look at the data for today

Let us head over to the comex:

The total gold comex open interest ROSE BY 5,576 CONTRACTS DOWN to an OI level of 431,293 WITH THE  RISE IN THE  PRICE OF GOLD ( $3.30 with FRIDAY’S trading). WE PROBABLY HAD SOME MORE SHORT COVERING BY THE BANKERS.  We are now in the contract month of MARCH and it is one of the poorer delivery months  of the year. In this MARCH delivery month  we had a LOSS of 6 contract(s) DOWN to 32. We had 0 contact(s) served ON FRIDAY, so we LOST 6 CONTRACT(S) or  AN ADDITIONAL 600  ounces will stand for delivery.  The next active contract month is April and here we saw it’s OI LOSE 1034 contracts DOWN TO 181,846 contracts.

For comparison purposes, the April 2016 contract at this time had an OI of 237,867 contracts. At the end of April/2016 only 12.3917 tonnes stood for physical delivery, although 21.306 tonnes stood initially at the beginning of April 2016.

The non active May contract month GAINED 45 contract(s) and thus its OI is 952 contracts. The next big active month is June and here the OI ROSE by 3,568 contracts up to 154,341.

We had 13 notice(s) filed upon today for 1300 oz

 For MARCH:

 

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 13 contract(s)  of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account.

 
 
 
 
 
 
 
 
To calculate the initial total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (72) x 100 oz or 7200 oz, to which we add the difference between the open interest for the front month of MARCH (32 contracts) minus the number of notices served upon today (13) x 100 oz per contract equals 9700 oz, the number of ounces standing in this NON  active month of MARCH.
 
Thus the INITIAL standings for gold for the MARCH contract month:
No of notices served so far (72) x 100 oz  or ounces + {(32)OI for the front month  minus the number of  notices served upon today (13) x 100 oz which equals 9100 oz standing in this non active delivery month of MARCH  (.2830 tonnes)
 
 
 
 
 
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On first day notice for MARCH 2016, we had 2.146 tonnes of gold standing. At the conclusion of the month we had 2.311 tonnes standing.
 
 
 
 
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I have now gone over all of the final deliveries for this year and it is startling.
First of all:  in 2015 for the 13 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month.
Here are the final deliveries for all of 2016 and the first month of January 2017
Jan 2016:  .5349 tonnes  (Jan is a non delivery month)
Feb 2016:  7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2016: 2.311 tonnes (March is a non delivery month)
April:  12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept:  8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes complete.
Nov.    8.3950 tonnes.
DEC.   29.931 tonnes
JAN/     3.9004 tonnes
FEB/ 18.734 tonnes
March: 0.2839 tonnes
 
total for the 15 months;  244.517 tonnes
average 16.301 tonnes per month vs last yr  61.82 tonnes total for 15 months or 4.12 tonnes average per month (last yr).
 
 
 
 
 
 
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And now for the wild silver comex results.  Total silver OI ROSE BY ONLY 305 contracts FROM 186,990 UP TO 187,295 DESPITE FRIDAY’S NICE 9 CENT GAIN. AGAIN WE MUST HAVE HAD SOME BANK SHORT COVERING.  We are moving CLOSER TO the all time record high for silver open interest set on Wednesday August 3/2016:  (224,540). The closing price of silver that day: $20.44
 

We are in the active delivery month is March and here the OI decreased by 67 contracts down to 553 contracts. We had 72 notices served upon yesterday so we  GAINED 5 CONTRACTS OR AN ADDITIONAL 25,000 OZ WILL STAND in this active delivery month of March.

For historical reference: on the first day notice for the March/2016 silver contract:  19,020,000 oz stood for delivery . However the final amount standing at the end of March 2016:  6,755,000 oz as the banker boys were busy convincing holders of many silver contracts to cash settle just like they did today.

The April/2017 contract month LOST 2 contract(s) to 1003 contracts. The next active contract month is May and here the open interest LOST 1351 contracts DOWN to 141,032 contracts.

FOR COMPARISON

Initially for the April 2016 contract, 1,180,000 oz stood for delivery.  At the end of April 2016: 6,775,000 oz as bankers needed much silver to fill major holes elsewhere.

 

We had 0 notice(s) filed for 360,000 oz for the MARCH 2017 contract.

he total number of notices filed today for the MARCH. contract month is represented by 0 contract(s) for NIL oz. To calculate the number of silver ounces that will stand for delivery in MARCH., we take the total number of notices filed for the month so far at 3296 x 5,000 oz  = 16,480,000 oz to which we add the difference between the open interest for the front month of MAR (553) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the March contract month:  3296(notices served so far)x 5000 oz  + OI for front month of Mar.( 553 ) -number of notices served upon today (0)x 5000 oz  equals  19,245,000 oz  of silver standing for the Mar contract month. This is  now average for an active delivery month in silver.  We GAINED 5 contracts or  additional 25,000 oz will  stand for delivery.