Harvey Organ On Silver Open Interest Near Multi Year High- “Defies Logic”

by Harvey Organ, Silver Doctors In silver, the open interest rose Friday by another astonishing 2,745 contracts even though Thursday’s silver price was up by only 8 cents. The total silver OI continues to remain relatively high with today’s reading at 174,702 contracts. The front month of March rose by 4 contracts. We are now within a whisker of multi year high in the OI near a multi year low price. This dichotomy has been happening now for quite a while and defies logic. Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1152.60 up $0.50 (comex closing time) Silver: $15.48 down 1 cent (comex closing time) In the access market 5:15 pm Gold $1158.00 Silver: $15.64 Gold/silver trading: see Market Data charts Here: Following is a brief outline on gold and silver comex figures for today: The gold comex today had a poor delivery day, registering 0 notices served for nil oz. Silver comex registered 35 notices for 175,000 oz . Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 251.28 tonnes for a loss of 51.5 tonnes over that period. Lately the removals have been rising! In silver, the open interest rose by another astonishing 2,745 contracts even though yesterday’s silver price was up by only 8 cents. The total silver OI continues to remain relatively high with today’s reading at 174,702 contracts. The front month of March rose by 4 contracts. We are now within a whisker of multi year high in the OI with a record low price. This dichotomy has been happening now for quite a while and defies logic. We had 35 notices served upon for 175,000 oz. In gold we had an absolutely astonishing rise in OI with gold down by $1.40 yesterday. The total comex gold OI rests tonight at 424,435 for a gain of 6799 contracts. Today, surprisingly we again had only 0 notices served upon for nil oz. Today, we had a small withdrawal of .28 tones of gold at the GLD/probably to pay for fees/Inventory rests at 750.67 tonnes In silver, /SLV we had no change in inventory at the SLV/Inventory, remaining at 327.332 million oz We have a few important stories to bring to your attention today… 1, Strange data at the comex tonight: huge OI increases in both gold and silver despite lower prices/silver OI near multi year highs and yet silver is extremely low in price. At the gold comex, we are witnessing massive amounts of gold leaving the vaults. (harvey) 2, The Euro plummets and it is now below the support level of 1.05. (zero hedge) 3. The ECB increases the ELA to Greece by 600 million euros as they must have run dry of money. The EU tells Greece that they can stop paying workers and pensioners for 2 months to raise enough money to repay the IMF. Greece is angry. 4.Russia lowers its interest rate by 1% to 14% 5. The USA admonishes the UK, its close friend for its “constant accommodation to China” . Something is up here!! 6. In the Oil sector, WTI closed at $45.08. The USA announced more rigs being shut down, yet production keeps rising. The big Italian oil company ENI announced reduced CAPEX and the stoppage of all share buy backs. The globe is producing in excess 2 million barrels per day and this oil has to be stored somewhere. There will be no more storage space by June. 7. NASA scientist warns California has about 1 year of water left: Continue Reading>>>

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