HHarvey Organ: Zurich Set to Become Key Center of Gold Trading As Swiss to Set Up Chinese Currency Exchange!
By Harvey Organ, Silver Doctors Here are the following closes for gold and silver today: Gold: $1300.70 up $7.00 (comex closing time) Silver: $18.35 up 17 cents (comex closing time) In the access market 5:15 pm Gold $1302.00 silver $18.34 Gold/silver trading: see kitco charts on right side of the commentary. The gold comex today had a good delivery day, registering 54 notices served for 5400 oz. Silver comex registered 34 notices for 170,000 oz. Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 247.69 tonnes for a loss of 55 tonnes over that period. In silver, the open interest rose by 551 contracts with Wednesday’s silver price being up by 23 cents. The total silver OI continues to remains relatively high with today’s reading at 160,455 contracts. It seems that the bankers are very worried about silver as they covered some of their short positions with the rise in the price of silver. The January silver OI contract fell by 26 contracts down to 37. In gold we had a good increase in OI with the small fall in price of gold yesterday to the tune of $.20 The total comex gold OI rests tonight at 436,994 for a gain of 6,866 contracts. The January gold contract rose by 25 contracts up to 115 contracts as somebody needed some gold badly. The bankers tried to contain gold/silver ahead of the decision by the ECB to undergo a 1.14 trillion euro quantitative easing. It just did not work as gold and silver caught some bids and closed higher on the day as indicated above. We will detail for you the big decision by Draghi to undergo QE. However 80% of the liability rests with national central banks and most are broke anyway. So placing further liability on their heads is pointless. In other news, the Chinese are setting up a currency exchange with the Swiss in Zurich and this no doubt was the cause of Switzerland immediately abandoning the peg with the Euro. China will also use Switzerland as a key centre of gold trading. Today, so far no change in gold inventory at the GLD/Inventory at 740.45 tonnes In silver, a monstrous reduction in silver inventory of 6.75 million oz SLV’s inventory rests tonight at 318.261 million oz (the actual reduction was recorded late last night after I published yesterday’s commentary). Continue Reading>>>