Gold rises by $38.40 to $1461.80./Silver has best day in 15 months by rising $1.31. Comex gold continues to leave comex vaults

Gold closed up $14.80 to $1423.40 (comex closing time). Silver rose by 2 cents to $22.83 (comex closing time).

In the access market at 5 pm gold and silver reversed course and rose northbound:

gold: $1431.90
silver: $23.20

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At the comex, the open interest in silver rose sharply by 1,706 contracts to 158,970 contracts as it is still holding firm at elevated levels . The open interest on the gold contract fell by 1507 contracts to 415.074. The total amount of gold ounces standing for April rose slightly to 34.36 tonnes as silver remained constant at 3,770,000 oz.

Over at the gold comex inventories we witnessed another huge withdrawal. Tonight the dealer (registered gold) rests at 2.21 million oz or 68.74 tonnes. I cannot recall this level being so low. The total of all gold at the comex drops to 8.345 million oz or 259.56 tonnes.

In other physical news, the British Royal Mint announced that sales of gold coins are running triple to that of last month.

we have a report from India which shows that Indian gold premiums have been rising fast as demand outstrips supply.

In paper news, big German confidence index the ZEW registered a fall today.
It did not matter, the German Dax was up as was all of European bourses.

In Italy, we have a new Prime Minister, Letta who will try and form a coalition government from all sides. We have two commentaries on this issue.

In England we have a report where there is a huge 170% increase to Brits needing food handouts.

In the USA March durable goods imploded. The USA has now entered a severe recession.

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 1507 contracts today from 416,581 down to 415,074, with gold falling by $12.40 on Tuesday. The front April OI fell by 11 contracts from 559 down to 548. We had 11 notices filed on Tuesday so we gained 33 contracts or 3300 oz of additional 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 69 contracts to 1471. The next big contract month is June and here the OI fell by 3755 contracts from 255,004 down to 251,249. The estimated volume today was fair at 130,206. The confirmed volume on Tuesday was huge at 239937 contracts (approx 746 tonnes of gold).

The total silver comex OI astonishingly rose by 1706 contracts from 157,264 up to 158,970 despite silver‘s fall yesterday. It still looks like we still have some stoic longs who seem impervious to pain as the OI in silver continues to remain elevated despite the constant whacking of this metal. The front non active delivery month of April saw its OI fall by 11 contracts from 26 down to 15 . We had 11 delivery notices filed on Tuesday, so in essence we neither gained nor lost any silver contracts standing for delivery in April. The next big delivery month for silver is May and here the OI fell by 3625 contracts to stand at 35,335. We are less than 1 week away from first day notice for the May silver delivery month. The estimated volume today was huge, coming in at 92009 contracts which equates close to 460 million oz of silver. The world produces 700 million oz per year ex China ex Russia so in essence today’s volume equates to 65.7% of annual silver production. We had confirmed volume on Tuesday at 115,417 contracts which is a huge volume day . (.577 billion oz or 82.4% of annual silver production)

Comex gold/April contract month:

April 24.2013 April gold.

Gold
Ounces
Withdrawals from Dealers Inventory in oz
70,767.144 (Scotia)
Withdrawals from Customer Inventory in oz
167,948.938 (HSBC,JPM, Scotia)
Deposits to the Dealer Inventory in oz
nil
Deposits to the Customer Inventory, in oz
852.17 (Brinks)
No of oz served (contracts) today
42 (4,200 oz)
No of oz to be served (notices)
517 (51,700) oz
Total monthly oz gold served (contracts) so far this month
10,499 (1,049,900 oz)
Total accumulative withdrawal of gold from the Dealers inventory this month
97,251.28 oz
Total accumulative withdrawal of gold from the Customer inventory this month
775,832.03 oz

We had huge activity at the gold vaults.

The dealer had 0 deposits and 1 major dealer withdrawal.

i) Out of the Scotia warehouse a huge 70,767.144 ounces of gold was withdrawn from the dealer and out of all registered comex vaults.

We had 1 tiny customer deposits:

i) Into Brinks: 852.17 oz

total customer deposit: 852.17 oz

We had 3 customer withdrawals two of which were huge :

i) Out of JPM: 103,556.84 oz
ii) Out of HSBC: 199.19 oz
iii) Out of Scotia: 64,192.905

total customer withdrawal: 167,948.938 oz (5.22 tonnes of gold removed)


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