...No Worries at all... ...May gold contract is a non active...

...No Worries at all...

...May gold contract is a non active contract. The month started with 5.67 tonnes of gold standing & has increased daily, today it sits at 6.68 tonnes of gold standing for delivery. Very interesting contrast to May 2015, where only .08 tonnes were standing, certainly a major difference indicative of that the demand for gold by investors/sovereigns is clearly on at a hectic pace. This makes for excitement in June gold that mucho more intense because it now seems more players are refusing fiat settle & demanding the physical metal. June is the second only to largest delivery month of December...

...As at 23 May, No of notices served so far (2093) x 100 oz + OI for the front month (137) minus the number of  notices served upon today (44) x 100 oz which equals 218,600 oz standing in this non active delivery month (6.7994 tonnes). It is this continual increase in gold ounces standing that is driving the bankers crazy & the reason today for yet another raid on gold/silver. There is just 20.477 tonnes of registered gold for sale to serve those standing...

... Thus far, 6.7994 tonnes of gold standing for May needs to be reconciled with standings of the previous months (added to) the 12.3917 t (April) +2.2311 t (March) + 7.99 + March 31: 1.2470 t + April 29  .205 tonnes + May 5:  3.799 and May 6: 1.607 tonnes then deduct the known settled contracts of May 12 - .0003,  May 18 -1.5635 tonnes, May 19 -2.535 t  (total Feb)- .940t (delivery March 1)  -.0434 tonnes (March 11,12,17,18)  , the April 1,2: – .0006 t,  April 16 .3203, April 22 .0009 t = 17.147 tonnes that remain standing against the known 20.477 t available...

...The bankers are doing their best to cash settle as there is not enough registered gold to satisfy those that choose to stay standing...

"Total dealer inventory 658,361.132 tonnes or 20.477 tonnes
Total gold inventory (dealer and customer) =7,761,370.088 or 241.41 tonnes

JPMorgan has only 22.79 tonnes of gold total (both dealer and customer)
JPMorgan now has only .900 tonnes left in its dealer account.
May is not a very good delivery month and yet 6.7994 tonnes of gold is standing.  What is different from other months is that the bankers cannot seem to offer any fiat to those who choose to remain standing.

They want the real stuff.

Just a few months ago the comex had 303 tonnes of total gold, today the total inventory rests at 241.41 tonnes = a loss of 62 tonnes over that period. The comex allows GLD shares to be used for settling, it may take quite a while for the physical gold to enter the comex vaults.  Although the GLD had  another huge deposit  in gold inventory (to the tune of 3.96 tonnes) their inventory still rests at 872.52 tonnes. No doubt that this was a paper addition as they could not possibly find the nearly 4tonnes in one day. So far there has been little evidence of any settlement."