Harvey Organ: London is Out of Gold!

by Harvey Organ, Silver Doctors Here are the following closes for gold and silver today: Gold: $1186.80 up $12.30 (comex closing time) Silver $16.42 up 31 cents (comex closing time) In the access market 5:15 pm Gold $1188.06 Silver: $16.40 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 1 notice serviced for 100 oz. Silver comex filed with 143 notices for 715,000 oz Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 241.14 tonnes for a loss of 62 tonnes over that period. Lately the removals have been rising. In silver, the open interest fell again by 1,049 contracts as Friday’s silver price was down by 2 cents. The total silver OI continues to remain extremely high with today’s reading at 177,810 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 715 notices served upon for 715,000 oz. In gold, the total comex gold OI rests tonight at 410,701 for a gain of 446 contracts despite the fact gold was down by $7.90 on Friday. We had 1 notice served upon for 100 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. empty-vault 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 1049 contracts as the silver was down in price on Friday. The OI for gold rose by 446 contracts up to 410,701 contracts as the price of gold was down by $7.90 on Friday. GLD and SLV remained constant with respect to the inventory levels. (report Harvey) 2,Two important commentaries on Greece today: i) an official for the European union states that it would be foolish to believe that Greece will not fail ii) the IMF set to separate from the Troika/expect the ECB to announce haircuts to collateral provided by Greek banks to the Central Bank of Greece to the benefit of the ECB. (zero hedge) 3. Australia to introduce a tax on savings (Martin Armstrong) 4. Bill Holter’s commentary tonight on gold backwardation 5, USA factory orders down for 5th straight month (zero hedge) 6. Dow Chemical fires 1750 workers and the market rejoices??? (zero hedge) 7. Lawrence Williams; gold demand for this week into China: 51 tonnes (Lawrence Williams/Mineweb) Continue Reading>>>

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