OI for February Contracts down 21% from Huge Last Year
Last Friday, the fourth Friday of January the total open interest (OI) in gold futures on the COMEX was 417,855 contracts of which 117,098 were for February expiry. Total OI is down about 8% from this time last year and OI in February contracts is down about 21%. Although the amount of February contracts is a bit lower the trend in January with 12 trading days behind us is following that of last year. OI has been 10-15% less than prior year for the last several months at least which is as long as I have been closely tracking the data.
Note: last Friday's data as reported by the COMEX is 'preliminary'. I will update this post when the final data for Friday is available. Typically the final numbers are only slightly different from the preliminary.
Last year 13,910 contracts for 1,391,000 ounces of gold filed on first notice day. Last year first notice day for Feb contracts was on Thursday January 30th. This year it is on Friday January 31st.
You can read more of my comments on the set up for February in this post: