Huge gold standing for delivery; problems in Egypt intensifies

Huge Gold Standing For Delivery; Problems In Egypt Intensifies
Good evening Ladies and Gentlemen:

Gold closed down today to the tune of $6.90 to $1333.80. Silver refused to tag along with the gold raid and ended up a good 24 cents to $28.17.

There is a lot of information that I will provide you to help with your understanding of the gold and silver market.

Let us head over to the gold and silver comex trading for the 31st of January.

The total gold comex open interest fell by a huge 10,026 contracts falling to 488,926 from Friday's close. This is basis Friday night. The front delivery month of February saw its open interest fall from 42,809 contracts to rest at 17,067.

Please remember that the 17,067 open interest on the front delivery month is Friday's actual open interest before delivery notices were sent out later in the evening. The next big delivery month is April and we saw its open interest rise from 296,055 to 310,079 as it absorbed 14,024 contracts due to the switching from February to April. The estimated volume today was a very respectable 186,270. The confirmed volume on Friday with those major switches was an enormous 335,895 contracts.

And now for silver:

the total silver open interest rose by 792 contracts to 124,343 from 123,501 contracts. The front delivery month of March saw its open interest rise from 64,946 to 65,639. There were no switches in silver.

This next stat is very interesting. The front options delivery month of February saw its open interest revealed at 152. February is not a delivery month so all of these open interests were from options exercised. The estimated volume today was rather good at 58,858.

The confirmed volume on Friday was huge at 83,993. The banking cartel tried to blow away the longs and failed.

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