Harvey Organ: Total Implosion of Credit Default Derivatives Looms on Sunday’s GREXIT Vote!

by Harvey Organ, Silver Doctors Friday we witnessed another rout in the Euro. At one time early this morning it was trading in the 1.11 handle. It closed at 1.1201. The latest polls indicate that the Syriza party will win the Greek election on Sunday and the party claims that they are not responsible for any commitments promised by the previous government. If they leave the Euro, then this will create complete chaos for the ECB and various banks that have lent money to Greece together with the total implosion of credit default swaps underwritten by the big USA banks (and Deutsche bank) on the health of Greece. Submitted by Harvey Organ: Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1292.60 down $8.10 (comex closing time) Silver: $18.28 down 7 cents (comex closing time) In the access market 5:15 pm Gold $1294.20 silver $18.28 Gold/silver trading: see kitco charts on right side of the commentary. Today we witnessed another rout in the Euro. At one time early this morning it was trading in the 1.11 handle. It closed at 1.1201. The latest polls indicate that the Syriza party will win the Greek election on Sunday and the party claims that they are not responsible for any commitments promised by the previous government. If they leave the Euro, then this will create complete chaos for the ECB and various banks that have lent money to Greece together with the total implosion of credit default swaps underwritten by the big USA banks (and Deutsche bank) on the health of Greece. The gold comex today had a good delivery day, registering 12 notices served for 1200 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 247.67 tonnes for a loss of 55 tonnes over that period. In silver, the open interest rose by 543 contracts with Thursday’s silver price being up by 17 cents. The total silver OI continues to remains relatively high with today’s reading at 160,998 contracts. It seems that the bankers are very worried about silver as they covered again some of their short positions with the rise in the price of silver. The January silver OI contract fell by 34 contracts down to 3. In gold we again had a good increase in OI with the rise in price of gold yesterday to the tune of $7.00 The total comex gold OI rests tonight at 450,985 for a whopping gain of 13,991 contracts. The bankers continue to supply the non backed paper with reckless abandon. The January gold contract fell by 65 contracts down to 50 contracts. Continue Reading>>>

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