GOFO numbers are now mostly in the negative as gold is now extremely scarce as the boys are finding it harder to find physical. Gold is in backwardation from 1 month out to 3 months out.
The total gold comex open interest rose today by 3693 contracts from 380,518 up to 384,211 as gold rose yesterday by $40.70. It is becoming more difficult for the bankers to fleece some of our longs. We are now in the active delivery month of October and here the OI fell by 52 contracts down to 234. We had 58 notices filed yesterday so in essence we gained 6 contracts or an additional 600 oz that will stand in the October delivery month.