The June gold contract is an active contract and the second biggest delivery month of the year following December.

Friday night, the bankers first day delivery issuance to our longs to be settled on June 1 was huge: the number was 3,508 gold notices for 350,800 oz or 10.9 tonnes of gold.

On day two, we had another huge number of gold notices filed at 2281 for 228100 oz or 7.09 tonnes of gold.

On day 3, we had another whopper of 1969 notices for 196,900 oz or 6.12 tonnes.

Thus in three days a total of 7758 notices have been filed for 775,800 oz or 24.13 tonnes. WHAT IS MORE FASCINATING WAS THE FRONT JUNE MONTH INCREASED IN NET OI BY 678 CONTRACTS TODAY. (67800 OZ) As I stated yesterday: “there is no question that the bankers have uttered these words to one another: “Houston, we have a problem in gold.”June 2, 2016

In silver we had 199 notices served upon for 995,000 oz.