Harvey Organ: Gold Rally on GREXIT!
by Harvey Organ, Silver Doctors Gold had a boost today with news that the Ukraine has reserves of only 7.5 billion dollars. They are now within a whisker of default and need help from the IMF. It also looks very likely that we are going to have a GREXIT and with it all the ramifications for derivatives. Our European bankers do not like this one bit. Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1232.70 up $16.70 (comex closing time) Silver: $16.54 up 15 cents (comex closing time) In the access market 5:15 pm Gold $1233.00 silver $16.58 Gold had a boost today with news that the Ukraine has reserves of only 7.5 billion dollars. They are now within a whisker of default and need help from the iMF. It also looks very likely that we are going to have a GREXIT and with it all the ramifications. Our European bankers do not like this one bit. Gold/silver trading: see kitco charts on right side of the commentary. 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 247.23 tonnes for a loss of 56 tonnes over that period. In silver, the open interest rose by 683 contracts with Friday’s silver price up by 4 cents. The total silver OI continues to remains relatively high with today’s reading at 155,208 contracts. However the bankers are still loathe to supply much of the non backed silver paper.The January silver OI contract remains at 15 contracts. In gold we had a large increase in OI with the rise in price of gold on Friday to the tune of $7.60. The total comex gold OI rests tonight at 394,512 for a gain of 3030 contracts. The January gold contract remains at 124 contracts. Today, we had no change in tonnage at the GLD / tonnes of gold/Inventory 707.82 tonnes In silver, a huge withdrawal of 1.915 million oz silver inventory/ SLV’s inventory rests tonight at 327.979 million oz. 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: Most rates moved in the positive direction with the exception of the one year rate. . Now the one month GOFO rate left backwardation and it is now in contango along with the other GOFO rates Sometime in January the LBMA will officially stop providing the GOFO rates. Jan 12 2015 +.057% +075% +.085% +.0975 .1525% Jan 9 2014: +.045% +.057% +.072 % +.0975% +.165% end Let us now head over to the comex and assess trading over there today. Here are today’s comex results: The total gold comex open interest rose today by 3030 contracts from 391,482 all the way up to 394,512 with gold up by $7.60 on Friday (at the comex close). We are now onto the January contract month. The non active January contract month saw it’s OI contracts remain at 124 for a loss of 0. We had 0 contracts served yesterday. Thus we neither lost nor gained any gold contracts standing for delivery in this January contract month. The next big delivery month is February and here the OI fell by 5,365 contracts to 197,479 contracts with many moving to April. The estimated volume today was poor at 70,877. The confirmed volume on Friday was fair at 179,750 contracts, even though the high frequency traders gave some help with respect to volume. Today we had 0 notices filed for nil oz . Continue Reading>>>