Harvey Organ: Expect a PM RAID Attempt Tomorrow!

by Harvey Organ, Silver Doctors Yesterday we had gold and silver higher but the gold/silver equity shares were much lower. It sure looked like the boys were going to raid PMs today. However FEAR spread throughout the globe with oil crashing in Europe along with the price of copper. Then once NY started to trade, we were greeted with news of awful retail sales (remember that the consumer is 70% of GDP) coupled with horrible earnings report from JPMorgan. The housing sector continues to act in disarray. This sent the Dow futures down dramatically. However gold and silver started to rise on those fears. The bankers had their work cut out for them, trying to cool the prices for our precious metals. Judging by what they did late in the comex session and in the access market, one can expect another raid attempt tomorrow. Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1234.40 up $0.10 (comex closing time) Silver: $16.96 down 17 cents (comex closing time) In the access market 5:15 pm Gold $1230.90 silver $17.05 Yesterday we had gold and silver higher but the gold/silver equity shares were much lower. It sure looked like the boys were going to raid today. However FEAR spread throughout the globe with oil crashing in Europe along with the price of copper. Then once NY started to trade, we were greeted with news of awful retail sales (remember that the consumer is 70% of GDP) coupled with horrible earnings report from JPMorgan. The housing sector continues to act in disarray. This sent the Dow futures down dramatically. However gold and silver started to rise on those fears. The bankers had their work cut out for them, trying to cool the prices for our precious metals. Judging what they did late in the comex session and in the access market, one can expect another raid attempt tomorrow. For some unknown reason, oil rose late in the day by over 2 dollars and this caused the Dow to rise from negative 350 to negative 187. It looks like Europe is heading into huge headwinds of deflation. The USA will no doubt head into hyperinflation, once all of those unwanted USA dollars from the Petrodollar seeks to purchase stuff in the USA. 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 130 notices for 650,000 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 1299 contracts with yesterday’s silver price up by 59 cents. The total silver OI continues to remains relatively high with today’s reading at 157,282 contracts. However the bankers are still loathe to supply much of the non backed silver paper. The January silver OI contract rose by 237 contracts up to 252 as somebody was in great need of silver. In gold we had a large increase in OI with the rise in price of gold yesterday to the tune of $1.60. The total comex gold OI rests tonight at 402,108 for a gain of 2,583 contracts. The January gold contract remains constant at 87 contracts. Today, we had a small withdrawal of .23 tonnes of gold/ /Inventory 707.59 tonnes In silver, no change in 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/ All months are in contango and thus positive in rates. Sometime in January the LBMA will officially stop providing the GOFO rates. Continue Reading>>>

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