Good evening Ladies and Gentlemen:
Gold closed today up $6.60 to finish the comex session at $1619.00. Silver also finished higher by 20 cents at $27.27. During the early hours within the Euro trading period, gold rose to its zenith at $1626 exactly at the first morning gold London fix and then the bankers went to work knocking gold all the way down to below 1600.00 dollars. However that was short lived as physical buyers came out of the woodwork buying gold as the European debt contagion was catching fire. I will discuss all of these facts with you today. I consider the various commentaries today critical in understanding the mess within Europe.
Right now gold in the access market here are the prices for gold and silver:
gold: $1621.00
silver: $29.19
Today we have a plethora of news for you to digest as we plow through the mine fields discovering the eventual price of gold and silver. Let us head over to the comex and assess trading, inventory movements and amounts of metal standing for delivery.
The total gold comex OI fell by 2054 contracts today as the banking cartel put on a lame attack.
Tonight's new gold OI stands at 421,221 which is very low considering the relatively high price of gold today. The front options expiry month of January saw its OI rise by 15 contracts despite 2 deliveries yesterday. Thus we gained 17 contracts or 1700 oz of gold ounces standing and lost nothing to cash settlements. The front delivery month of February saw its OI fall quite precipitously to 224,763 from 234,311. We are now starting to see the remaining paper players roll into a future month. The estimated volume at the gold comex today was very good at 172,582. The confirmed volume yesterday was also very high at 184,043 contracts.
The total silver comex OI fell by 1413 contracts to rest tonight at 105,688. It seems that the OI around 105,000 is stable and in strong hands. The front options expiry month of January saw its OI fall from 78 to 62 for a loss of 18 contracts. We had 59 delivery notices yesterday so we again gained more silver ounces standing and lost nothing to cash settlements. The next front delivery month of March saw its OI fall 1571 contracts to rest tonight at 57,220. We got some early rollovers. The estimated volume at the silver comex continues to be weak coming in at 37,623. The confirmed volume yesterday was also weak at 38,679.
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