Harvey Organ: Gold to Follow Swiss Franc’s EXPLOSION on Safe Haven Bid!
from Silver Doctors If you want to get a glimpse as to what gold will do one day soon just notice what happened to the Swiss Franc which rose 30% today, from 1.20 to the dollar to, at one point, .75 francs to the dollar and settled at .86 to the dollar( and the Euro/Swiss Franc at parity at 1.00.). Even as the world perceives the Swiss Franc as a safe haven you can just imagine what gold would do and rise even greater than 30% in one day as our ancient metal of kings is the ultimate safe haven ( and ultimate money). Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1264.70 up $30.30 (comex closing time) Silver: $17.07 up 11 cents (comex closing time) In the access market 5:15 pm Gold $1262.50 silver $16.93 Last night, I thought that the boys were going to keep gold and silver under wraps. During the early evening, it sure looked that way with gold trading around 1227 when the Swiss announced the unpegging of its currency to the USA dollar. Immediately gold shot up into the 1265 dollar level with silver trailing noticeably behind. Actually if you want to get a glimpse as to what gold will do just notice what happened to the Swiss Franc which rose 30% today, from 1.20 to the dollar to, at one point, .75 francs to the dollar and settled at .86 to the dollar( and the Euro/Swiss Franc at parity at 1.00.) Even as the world perceives the Swiss Franc as a safe haven you can just imagine what gold would do and rise even greater than 30% in one day as our ancient metal of kings is the ultimate safe haven ( and ultimate money). The second big story of the day was the Russians stopping the shipment of gas through the Ukraine to six European countries stating that gas was being recycled back. The Russians are now flexing their muscles knowing full well that China is behind them. We will spend a lot of time on both of these big stories. 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 fell by 346 contracts with yesterday’s silver price being down by 17 cents. The total silver OI continues to remains relatively high with today’s reading at 156,936 contracts. However the bankers are still loathe to supply much of the non backed silver paper. The January silver OI contract fell by 126 contracts down to 126. In gold we had a small increase in OI with the small rise in price of gold yesterday to the tune of $.10. The total comex gold OI rests tonight at 403,082 for a gain of 974 contracts. The January gold contract remains constant at 87 contracts. Today, we had no change in gold inventory at the GLD/ /Inventory 707.59 tonnes In silver, we had a huge reduction in silver inventory at the SLV of 1.628 million oz SLV’s inventory rests tonight at 326.351 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 toda. First: GOFO rates: Most rates moved mostly in the negative 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>>>