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The open gold open interest as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery.
The open interest in gold for December now stands at 15,195 contracts or 1.51mm ounces. Given that the total available-to-deliver amount of gold stands at 2.6mm oz, if even half of the open contracts take delivery, it will stress the Comex and likely push the price of gold higher.
In silver the open interest is 5,428 contracts. This is 27.1mm ounces vs. the 48mm ounces available to deliver. This is 56% of deliverable silver. Again, if even half of the contracts demand delivery, the Comex will feel stress and the price of silver should squeeze higher.
Many of us believe that the Comex is fraudulently reporting its actual amount of physical inventory. SLV had a 6 million ounce withdrawal of silver last week and is speculating that this silver may be possibly intended to help cover silver deliveries on the Comex. JP Morgan, not coincidentally, is the custodian (safekeeper) of the silver in SLV and just happens to be the largest short interest in paper silver on the planet, both via Comex futures and OTC derivatives.
Originally posted by wisdomnotemotion
Buyers should be smart, not dumb. it is a mandatory self-responsibility to drill through their gold bars and test for their gold purity randomly.
"The confirmed volume of silver at the Comex on Tuesday was 201,216 contracts which equates to just slightly more than 1,000,000,000 ounces of silver in one day. Now, for perspective, consider that the total annual production of silver on planet earth is 600,000,000 ounces. So Tuesday's volume was 166% of total annual world production."