Harvey Organ: Mexican Peso & Brazilian Real Collapse!

by Harvey Organ, Silver Doctors We had quite a day Friday. Gold shot up along with silver. Greek 3 year bond yields rise to 19% signifying default is in the wind. The Mexican Peso and the Brazilian real collapsed. The European CPI plummets to negative.6% and thus deflation intensifies. The Brazilian economy collapses with its twin deficits ie. a fiscal deficit along with a current account deficit. German bund 30 yrs out falls in yield to below 1%. Stock markets around the globe plummet. All in all, you must say that this was a day to remember. Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1278.50 up $23.90 (comex closing time) Silver: $17.19 up $0.43 (comex closing time) In the access market 5:15 pm Gold $1283.50 silver $17.26 Gold/silver trading: see kitco charts on right side of the commentary. We had quite a day Friday. Gold shot up along with silver. Greek 3 year bond yields rise to 19% signifying default is in the wind. The Mexican Peso and the Brazilian real collapsed. The European CPI plummets to negative.6% and thus deflation intensifies. The Brazilian economy collapses with its twin deficits ie. a fiscal deficit along with a current account deficit. German bund 30 yrs out falls in yield to below 1%. Stock markets around the globe plummet. All in all, you must say that this was a day to remember. We will provide stories on all of the above. Following is a brief outline on gold and silver figures for today: The gold comex today had a poor delivery day, registering 55 notices served for 5500 oz. This is most unusual for a first day notice delivery. Silver comex registered 288 notices for 1,440,000 oz which is excellent for a non delivery month. Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 247.83 tonnes for a loss of 55 tonnes over that period. In silver, the open interest in stunning fashion rose by 1420 contracts despite Thursday’s silver price being down by a whopping $1.36. No wonder the CME raised the silver margins as they are frightened to death as to what they are witnessing at the comex silver scene. The total silver OI continues to remain relatively high with today’s reading at 163,469 contracts. After yesterday’s monstrous raid, one would have expected that many silver OI contracts would be knocked off. We had a very large 288 notices filed on this first day notice for the non active silver month. In gold we again experience a large decrease in OI as we enter an active delivery month.(gold entering February, an active month) The drop in OI occurred with a decrease in the price of gold yesterday to the tune of $31.30. The total comex gold OI rests tonight at 418,171 for a loss of 11,392 contracts. On this first day notice, we have a shocking surprise in that only 55 notices were filed upon, with a large number of OI standing for the February contract month (see below) Today, we had no change in tonnage of gold inventory at the GLD/Inventory at 758.37 tonnes In silver, /SLV inventory remains constant at 319.314 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: my last report on GOFO Continue Reading>>>

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