Harvey Organ: Greek Meltdown

by Harvey Organ, Silver Doctors Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1193.80 up $6.20 (comex closing time) Silver $16.56 up 14 cents (comex closing time) In the access market 5:15 pm Gold $1188.06 Silver: $16.40 Gold/Silver trading: see kitco charts on the right side of the commentary 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 serviced for nil oz. Silver comex filed with 3 notices for 15,000 oz Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 241.42 tonnes for a loss of 62 tonnes over that period. Lately the removals have been rising. In silver, the open interest fell again by 2,436 contracts as Monday’s silver price was up by 31 cents The total silver OI continues to remain extremely high with today’s reading at 175,374 contracts maintaining itself near multi-year highs 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. In silver we had 3 notices served upon for 15,000 oz. In gold, the total comex gold OI rests tonight at 401,699 for a loss of 9002 contracts despite the fact gold was up by $12.30 yesterday. We had 0 notices served upon for nil oz. Today, we no change in gold inventory at the GLD / Gold Inventory rests at 741.75 tonnes. There is now no question that London is out of gold as London gets deeper into backwardation. China’s major source of gold will now be the FRBNY. China’s demand for gold this week: 51 tonnes. In silver, / /we had no change in silver inventory to the SLV/ and thus the inventory tonight is 327.673 million oz We have a few important stories to bring to your attention today… 1. Today we had the open interest in silver fall by 2436 contracts despite the fact that silver was up in price yesterday. The OI for gold fell by 9002 contracts down to 401,699 contracts despite the fact that price of gold was up by $12.30 on yesterday. GLD and SLV remained constant with respect to the inventory levels. (report Harvey) 2,Three important commentaries on Greece today: The authorities are getting nowhere with respect to Greece. The IMF wants reforms on pensions, totally against the wishes of Greece/the EU is willing to listen to Greece. The EU wants a primary surplus/the IMF does not necessarily need one:therefore the stalemate/nobody wishes to budge. (Bloomberg/zero hedge) 3. This caused a meltdown in stocks in Greece, and all of Europe. As I keep reminding everyone it is the derivatives underwritten by the major European and USA banks on Greece that can cause an avalanche of defaults everywhere (Bloomberg/zero hedge) 4. Yemen rebels fire missiles into Saudi Arabia (zero hedge) 5. Bill Holter’s commentary tonight on honest weights and measures. 6, USA trade deficit skyrockets to 51 billion USA. This will cause the first quarter GDP to now be negative. we have these and other stories for you tonight Continue Reading>>>

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