Gold and silver shine/Gold continues to bleed from GLD vaults in London

At the comex, the open interest in silver fell by a healthy 6834 contracts to 148,154 contracts) as it is still holding firm at elevated levels . The open interest on the gold contract fell by 3,623 contracts to 416,206. The total amount of gold ounces standing for April rose quite sharply to at 36.18 tonnes as somebody badly needed some physical gold. Silver rose by 5,000 oz to finish the month at 3,770,000 oz

Today, physical gold continues to leave London with 2.41 tonnes of gold departing for the shores of China/and or Russia. Silver saw an advance of almost 1/2 million oz.

Cyprus announced that 90% of depositors over 100,000 euros will lose their hard earned cash: 37.5% will go for worthless Bank of Cyprus shares, 22.5% will be held as a buffer and 30% will be held “temporarily” as an additional buffer. Trust me, they will never get back that money.

We had good commentaries today from Mark Grant, Ambrose Evans Pritchard, Jim Sinclair, Peter Cooper, Chris Hart, Dave Kranzler, Eric Sprott, Rob Kirby, James Turk and Eric King.

We will go over these and other stories but first…………………….

Let us now head over to the comex and assess trading over there today:

The total gold comex open interest fell by 3623 contracts today from 419,829 down to 416,206, with gold falling by $8.20 on Friday. It looks like we had short covering. The front April OI is now off the board. We had 562 notices filed late Friday night, even though we had only 9 contracts outstanding, so we gained 55,300 additional oz of gold which will be standing for the April gold contract month. The next non active contract month is May and here the OI rose by 66 contracts to 1514. The next big contract month is June and here the OI fell by 6,356 contracts from 250,714 down to 244,358. The estimated volume today was fair at 127,729. The confirmed volume on Friday was huge at 267,492 contracts.

The total silver comex OI fell by a hefty 6834 contracts from 154,988 down to 148,154 with silver‘s $0.34 fall on Friday. No doubt we lost some paper players who refused to roll. Those that remain are stoic and ready to take on the bankers at their crooked game.The front non active delivery month of April is now off the board. We had 2 delivery notices filed today (we had only 1 remaining to be filled), so in essence we gained 1 silver contracts standing for delivery in April. The next big delivery month for silver is May and here the OI fell by 13,852 contracts to stand at 9,346. We are 1 day away from first day notice for the May silver delivery month (Tuesday April 30/2013). The estimated volume today was good, coming in at 64,187 contracts which equates close to 321 million oz of silver. The world produces 700 million oz per year ex China ex Russia so in essence today’s volume equates to 45.8% of annual silver production. We had confirmed volume on Friday at 115,355 contracts which is a huge volume day . (577 million or 82.4 % of annual silver production)

Comex gold/April contract month:

April 29.2013 April gold.
April comex gold Final
Withdrawals from Dealers Inventory in oz
Withdrawals from Customer Inventory in oz
66,885.276 oz
Deposits to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
49,194.875 (Scotia)
No of oz served (contracts) today
576 (57,600 oz)
No of oz to be served (notices)
off the board
Total monthly oz gold served (contracts) so far this month
11,632 (1,163,200)
Total accumulative withdrawal of gold from the Dealers inventory this month
169,318.45 oz
Total accumulative withdrawal of gold from the Customer inventory this month
1,010,666.2 oz

We had huge activity at the gold vaults.

The dealer had 0 deposits and 0 dealer withdrawals.
We had 1 customer deposits on Friday:2. Into Scotia: 49,194.875 oz

total customer deposit: 49,194.875 oz

We had 1 customer withdrawal:

i) Out of Scotia: 66,885.276 oz

We had 2 adjustments

i) It seems I struck a nerve with the CFTC on that 76,315.116 oz deposit into HSBC dealer (it was also deposited into the customer account)

today they adjusted out 76,315.116 oz out of HSBC dealer

2*. They adjusted another 4752.114 oz out of the dealer JPMorgan and into the customer account of JPMorgan. No gold entered the customer from outside.

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