Harvey Organ: Latest Metals Smash All About Options Expiration!
by Harvey Organ, Silver Doctors Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1175.60 down $18.90 (comex closing time) Silver: $15.63 down 19 cents (comex closing time) In the access market 5:15 pm Gold $1179.30 Silver: $15.74 Monday is options expiry on the comex. On Thursday we will have options expiry on the LBMA in London and on the OTC market as well. The bankers always whack the precious metals prior to and during options expiry week. The boys are also very concerned about the high OI in silver. Following is a brief outline on gold and silver comex figures for today: At the gold comex today, we had a poor delivery day, registering 0 notices served for nil oz. Silver comex filed with 0 notices for nil oz . Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 241.18 tonnes for a loss of 62 tonnes over that period. Lately the removals have been rising! end In silver, the open interest rose by another 1886 contracts despite the fact that Thursday’s silver price was up by only 3 cents. The total silver OI continues to remain extremely high with today’s reading at 186,164 contracts rising to multi-year record highs. The front April month has an OI of 22 contracts for a loss of 1 contract. We are now at multi year high in the total OI complex despite a record low price. This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end. We had 0 notices served upon for nil oz. In gold, the total comex gold OI rests tonight at 405,564 for a loss of 976 contracts despite the fact that gold was up by $7.50 yesterday. We had 0 notices served upon for nil oz. Today, we had no changes in gold inventory at the GLD/ Gold Inventory rests at 742.35 tonnes Looks to me like London is out of gold. In silver, / /we had a small change (withdrawal) in silver inventory at the SLV/ and thus the inventory tonight is 326.226 million oz We have a few important stories to bring to your attention today… 1. Today we had the open interest in silver rise by another huge 1,615, contracts despite the fall in price on Wednesday (21 cents). Not only that but the OI for the front month of May fell by only 5,751 contracts as we have only 5 trading days left before first day notice. The OI for gold fell by 976 contracts down to 405,564 contracts despite the fact that the price of gold was up by $7.50 on Thursday. No changes in GLD and a slight withdrawal in SLV inventories. The COT report was released at 3:30 pm and it is quite weird. Monday is options expiry. (report Harvey) 2,Two important commentaries on Greece today: i) The Greek government has passed a law which states that the Greek banking system will provide 20,000 euros to cash strapped, poverty stricken individuals. I can assure you that the ECB was not thrilled with this. Today’s meeting in Riga was a complete shambles. Either they come to an agreement fairly fast or Greece will turn eastward toward Moscow. (zero hedge) Continue Reading>>>