Harvey Organ: Austria’s Hecta- The Black Swan Contagion Event We’ve Been Waiting For?
by Harvey Organ, Silver Doctors Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1166.40 up $2.30 (comex closing time) Silver: $15.75 down 3 cents (comex closing time) In the access market 5:15 pm Gold $1166.90 silver $15.74 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 poor delivery day, registering 0 notices served for nil oz. Silver comex registered 17 notices for 85,000 oz . Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 257.03 tonnes for a loss of 46 tonnes over that period. Lately the removals have been rising! In silver, the open interest rose by an astonish 2,337 contracts even though Friday’s silver price was down 35 cents. The total silver OI continues to remain relatively high with today’s reading at 166,235 contracts. The front month of March contracted by 5 contracts. We had 17 notices served upon for 85,000 oz. In gold we had a huge rise in OI despite the fact that gold was down by $31.80 on Friday. The total comex gold OI rests tonight at 415,370 for a gain of 8,651 contracts. Today, surprisingly we again had only 0 notices served upon for nil oz. Today, we had a huge withdrawal of 3.48 tonnes of gold at the GLD/Inventory rests at 753.04 tonnes In silver, /SLV we had no change in inventory at the SLV/Inventory, remaining at 327.332 million oz We have a few important stories to bring to your attention today… 1. The Greece affair. On the weekend we outlined to you the fact that the Greek Parliamentarians raided the pension funds in order to pay the iMF. This was done on a Repo transaction. They have to repay the pension accounts in 15 days. The treasury bills auctioned last week must settle this week. We learned that no foreign accounts wished to purchase or roll their treasuries. In other words, the foreigners do not want to gamble any longer and they want their cash. If the money went to the IMF who is going to pay the sellers of the latest treasury bill auction. Who is going to fund the next 3 weeks of IMF loans due? Also Greece announced a hair brained scheme to try and collect the 76 billion euros of taxes owed. They are going to hire hourly people for two months wearing a wire trying to catch tax evaders. Today we learned that the EU totally rejected Greece’s proposals. So what did they do? They provided fresh new proposals as they desperately need funding (zero hedge and others) 2. First quarter USA GDP growth is heading for 1.2% (zero hedge) 3. Chinese demand for the last reporting week in February came in at 38 tonnes. Total demand for the two months: over 415 tonnes. Total projected gold demand for the quarter: 550 tonnes (Koos Jansen) 4 The Serious Fraud squad is not only looking at British banks with respect to criminal behaviour in how these guys received funds from the B. of E, but also at the B. of E itself if it was complicit in handing over funds in a devious manner!! (UKTelegraph) 5. The contagion with respect to the failure of Austria’s bad bank Hecta, seems to be spreading to other public facilities. Zero hedge describes this as a black swan event. (UKTelegraph) Continue Reading>>>