Harvey Organ Weekend Update: HUGE Additions Reported at GLD and SLV!
by Harvey Organ, Silver Doctors Friday, we had a HUGE addition in tonnage at the GLD to the tune of 2.99 tonnes of gold, raising inventory to 707.82 tonnes. In silver, a huge addition of 1.437 million oz brings SLV’s inventory to 329.894 million oz. Let’s head immediately to see the major data points for today: Gold: $1216.00 up $7.60 (comex closing time) Silver: $16.39 up 4 cents (comex closing time) In the access market 5:15 pm Gold $1223.00 silver $16.50 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 624 contracts even though yesterday’s silver price fell by 16 cents. The total silver OI continues to remains relatively high with today’s reading at 154,525 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 small decrease in OI with the fall in price of gold yesterday to the tune of $2.20. The total comex gold OI rests tonight at 391,482 for a loss of 1,403 contracts. The January gold contract remains at 124 contracts. TRADING OF GOLD AND SILVER TODAY you have more important things to read instead of how gold/silver traded today. Today, we had a huge addition in tonnage at the GLD to the tune of 2.99 tonnes/ tonnes of gold/Inventory 707.82 tonnes In silver, a huge addition of 1.437 million oz silver inventory/ SLV’s inventory rests tonight at 329.894 million oz. We have a few important stories to bring to your attention today… First: GOFO rates: All rates moved in the positive direction . 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. Continue Reading>>>