Harvey Organ: Gold Raid to End Wednesday As China Returns From New-Year Holidays?
by Harvey Organ, Silver Doctors Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1200.30 down $4.10 (comex closing time) Silver: $16.24 down 2 cents (comex closing time) In the access market 5:15 pm Gold $1201.50 silver $16.31 I would like to point out that the Chinese traders have been absent from gold/silver trading as this is their New Year. They will be back Wednesday. No doubt that due to their absence our bankers are having an easy time of knocking our metals down….which I expect will end on Wednesday. Today, Greece was supposed to file their reforms with the Troika and late this afternoon, it was delayed until tomorrow. I may be wrong but it may be part of the Syriza party’s plan to get the Greek citizenry angry at the EU for demanding more austerity from an already weakened society. Remember that the Greek voters wanted to end austerity but also they wanted to stay in the Euro. To have both is really impossible. If the citizenry is angry enough at the new measures demanded by the Troika, maybe that would be enough for them to vote in the affirmative to vacate the Euro. And now for gold/silver trading today. Gold/silver trading: see kitco charts on right side of the commentary. Following is a brief outline on gold and silver comex figures for today: The gold comex today had a fair delivery day, registering 96 notices served for 9600 oz. Silver comex registered 3 notices for 15,000 oz . Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 257.31 tonnes for a loss of 46 tonnes over that period. In silver, the open interest fell by 2674 contracts as Friday’s silver price was down by 11 cents. The total silver OI continues to remain relatively high with today’s reading at 168,522 contracts. The front month of March contracted by only 12,651 contracts with only 4 days before first day notice. Also the entire silver complex has not collapsed yet as is their usual procedure when we approach the first day notice for an active contract month. We had 3 notices served upon for 15,000 oz. We had 0 notices filed for nil oz In gold we had a tiny fall in OI even though gold was down by $2.70 on Friday. The total comex gold OI rests tonight at 394,062 for a loss of 352 contracts. Today we had 96 notices served upon for 9600 oz. Today, no change in gold inventory at the GLD/Inventory at 771.25 tonnes In silver, /SLV no change in of silver inventory to the SLV/Inventory 324.299 We have a few important stories to bring to your attention today… Let’s head immediately to see the major data points for today. First: GOFO rates: the crooks are no longer reporting. Continue Reading>>>