Harvey Organ: Oil Plunge Blows Up Bank Derivatives, Gold & Silver SURGE!

by Harvey Organ, Silver Doctors Today we had a lot of developments. First WTI broke into the 47 dollar column creating havoc for our sovereign countries loaded with oil e.g Canada, Russia, USA, England (North sea), Venezuela etc. The dollar keeps rising due to the breaking up of the dollar carry trade. As we have mentioned to you on many occasions, this in turn blows up the derivatives in oil and the major banks who have underwritten much of these contracts when oil was north of 100 dollars per barrel. It certainly looks like the bankers are having a tough time trying to contain gold- Generally the bankers do not like to see gold/silver rise on two consecutive days, but that is exactly what we got today… Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1219.30 up $15.40 (comex closing time) Silver: $16.60 up 42 cents (comex closing time) In the access market 5:15 pm Gold $1218.50 silver $16.53 Today we had a lot of developments. First WTI breaks into the 47 dollar column creating havoc for our sovereign countries loaded with oil e.g Canada, Russia, USA, England (North sea), Venezuela etc. The dollar keeps rising due to the breaking up of the dollar carry trade. As we have mentioned to you on many occasions, this in turn blows up the derivatives in oil and the major banks who have underwritten much of these contracts when oil was north of 100 dollars per barrel. It certainly looks like the bankers are having a tough time trying to contain gold. Generally the bankers do not like to see gold/silver rise on two consecutive days, but that is what we got today. Over in Greece, the Oxford Economic group have done a lot of research into the upcoming election and they have come to the conclusion that Syriza will have a majority and as such Syriza can ask for a Greek haircut or pullout of the Euro monetary zone. Markets reacted negatively to this news. In other developments we are witnessing the Euro/Swiss Franc trade at 1.20088 as I publish this report. The Swiss National bank is the only guys bidding for Euros. If this all important 1.20 peg is broken you can be assured this will create a lot of havoc for the Swiss government and its citizens. The gold comex today had a poor delivery day, registering 0 notices served for nil oz. Silver comex registered 0 notices for nil oz. Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 246.72 tonnes for a loss of 56 tonnes over that period. In silver, the open interest rose by 17 contracts as yesterday’s silver price rose by 45 cents. It is obvious that somebody is taking on the banks. The total silver OI still remains relatively high with today’s reading at 151,282 contracts. The January silver OI contract reads 91 contracts. In gold we had an increase in OI with the rise in price of gold on yesterday to the tune of $12.90. The total comex gold OI rests tonight at 378,485 for a gain of 3,391 contracts. The January gold contract reads 150 contracts Continue Reading>>>

Sharing is caring!