On Monday 173,582 ounces, or roughly five tonnes, of customer gold was withdrawn the HSBC warehouse.

This takes the total gold in all of the COMEX warehouses to a new low of 6,860,160 ounces in 100 oz. bars.

The portion of this that is deliverable or 'dealer gold' remains at 672,000 ounces.

While this is adequate for the non-active delivery month of September, these are slim numbers for the upcoming active delivery month of October, and hardly appropriate for the contracts that are held through December, at least at these prices.

I will include additional charts as appropriate later on this evening.

These inventory figures indicate that option expiration shenanigans aside, higher prices will be required to move more gold into the dealer category and clear the markets at the COMEX. The blatant price manipulation in paper has led to a tough situation for the banking cartel which seems to be at the apogee of their power, despite a prominent role in the financial crisis of only five years ago.

"When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it--always."

Mohandas K. Gandhi
Weighed, and found wanting.

Stand and deliver.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

roviding information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jesse Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.