Good evening Ladies and Gentlemen:
Gold: $1,254.20 DOWN $19.50 (comex closing time)
Silver 16.48 DOWN 64 cents
In the access market 5:15 pm
Yesterday I wrote the following:
“No doubt that the entire trading of gold and silver today was orchestrated by our crooked banks. They were massively selling paper gold throughout the night and early morning. Even the one billion dollar bid for gold early this morning did not spook the crooks. At 2 pm they released the beige book report and the Fed stated that it is likely that they will raise rates in June. The USA should raise rates but the problem will be China who has threatened to lower dramatically the yuan and in so doing would absolutely kill Japan, South Korea and the emerging markets. Besides no Fed would be stupid enough to raise rates three months before a USA election.”
China wasted no time firing another shot across the bow by devaluing the yuan further today,and this put tremendous pressure on global markets.
The amount standing for gold in May is simply outstanding at 6.504 tonnes, remaining constant by from yesterday. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
Let us have a look at the data for today.
At the gold comex today we had a POOR delivery day, registering 0 notices for NIL ounces for gold,and for silver we had 3 notices for 15,000 oz for the non active May delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 240.39 tonnes for a loss of 63 tonnes over that period.