Harvey Organ: HSBC CLOSING ALL 7 OF ITS LONDON GOLD VAULTS!! WHY?
by Harvey Organ, Silver Doctors Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1164.10 down $31.80 (comex closing time) Silver: $15.78 down 35 cents (comex closing time) In the access market 5:15 pm Gold $1167.20 silver $15.90 Gold/silver trading: see kitco charts on right side of the commentary. Following is a brief outline on gold and silver comex figures for today: The gold comex today had a poor delivery day, registering 4 notices served for 400 oz. Silver comex registered 8 notices for 40,000 oz . Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 260.85 tonnes for a loss of 42 tonnes over that period. In silver, the open interest rose by only 381 contracts even though Wednesday’s silver price was flat yesterday. The total silver OI continues to remain relatively high with today’s reading at 163,898 contracts. The front month of March contracted by 41 contracts. We had 8 notices served upon for 40,000 oz. In gold we had a rise in OI as gold was down by $4.70 yesterday. The total comex gold OI rests tonight at 406,719 for a gain of 3585 contracts. Today, surprisingly we again had only 4 notices served upon for 400 oz. Today, we had a huge withdrawal of 4.48 tonnes of gold at the GLD/Inventory rests at 756.32 tonnes In silver, /SLV we had a huge addition of 1.34 million oz in inventory at the SLV/Inventory at 327.332 million oz /strange indeed!! We have a few important stories to bring to your attention today… 1. The USA jobs report and dissection by zero hedge and Dave Kranzler 2. HSBC is closing all 7 of its vaults in London. Remember these guys are the custodians to the GLD. Are they closing because the gold is not there? If it is there, to whom are they transferring the gold to? This is a very profitable business for HSBC, so why are they closing all physical vaults? 3. The Greece affair. As we outlined to you yesterday, the Greek Parliamentarians raided the pension funds in order to pay the iMF. This was done on a Repo transaction. They have to repay the pension accounts in 15 days. The treasury bills auctioned this week must settle next week. We learned that no foreign accounts wished to purchase or roll their treasuries. In other words, the foreigners do not want to gamble any longer and they want their cash. If the money went to the IMF who is going to pay the sellers of the latest treasury bill auction. Who is going to fund the next 3 weeks of IMF loans due. Also Greece announced a hair brained scheme to try and collect the 76 billion euros of taxes owed. They are going to hire hourly people for two months wearing a wire trying to catch tax evaders. I wish them all the luck in the world.. 4. As we reported to you yesterday, the high USA dollar is having a devastating effect on USA industrial production. In the same token the lower Euro is helping Germany and other European nations with their exports. We see how the higher dollar is having a negative impact on the USA trade deficit. 5. Even though silver was whacked today, the SLV added 1.34 million oz to its inventory/gold lost a massive 4.48 tonnes of gold. we have these and other stories for you tonight. Let us now head over to the comex and assess trading over there today. Here are today’s comex results: The total gold comex open interest rose by 3585 contracts today from 403,134 up to 406,719 even though gold was down by $4.70 yesterday (at the comex close). We are now in the contract month of March which saw it’s OI remain constant at 153. We had 0 notices filed on yesterday so we neither gained nor lost any gold contracts standing for delivery in this delivery month of March. The next big active delivery month is April and here the OI fell by 1736 contracts down to 251,003. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 106,952. The confirmed volume yesterday ( which includes the volume during regular business hours + access market sales the previous day) was poor at 159,126 contracts even with mucho help from the HFT boys. Today we had 4 notices filed for 400 oz. Continue Reading>>>