ANOTHER BANKING RAID ON GOLD/GOLD EQUITY SHARES PLUMMET

by Harvey Organ * I have to apologize for today’s post as unfortunately my internet has been down for most of the day (and still down). Some of the sections have been removed where I will update when I have bandwidth.* Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1106.80 (comex closing time) Silver $14.67 In the access market 5:15 pm Gold $1096.70 Silver: $14.67 First, here is an outline of what will be discussed tonight: At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces . Silver saw 27 notices filed for 135,000 oz. Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 243.49 tonnes for a loss of 60 tonnes over that period. In silver, the open interest rose by 1,113 contracts despite the fact that Friday’s price was down by 14 cents. The total silver OI continues to remain extremely high, with today’s reading at 188,772 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .944 billion oz or 135% of annual global silver production (ex Russia ex China). 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 as they continue to raid as basically they have no other alternative. Today again, we must have had banker shortcovering. In silver we had 27 notices served upon for 135,000 oz. In gold, the total comex gold OI rests tonight at 474,057 for a gain of 3,337 contracts despite the fact that gold was down $12.00 on Friday. We had 0 notices filed for nil oz today. We had a massive withdrawal in gold tonnage at the GLD to the tune of 11.63 tonnes/ thus the inventory rests tonight at 696.25 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I thought that 700 tonnes is the rock bottom inventory in gold, but I guess I was wrong. However we must be coming pretty close to a level of only paper gold and the GLD being totally void of physical gold. In silver, we had no change in inventory at the SLV / Inventory now rests at 327.593 million oz. Here are today’s comex results: The total gold comex open interest rose by 274 contracts from 474,057 up to 474,331 despite the fact that gold was down $12.00 in price yesterday (at the comex close). We are now in the next contract month of July and here the OI rose by 60 contracts to 218 contracts. We had 0 notices filed yesterday and thus we gained 60 contracts or an additional 6,000 ounces will stand in this non active delivery month of July. The next big delivery month is August and here the OI decreased by 1560 contracts down to 226,979. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was excellent at 329,371.However today’s volume was aided by HFT traders. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was poor at 195,751 contracts. Today we had 0 notices filed for nil oz. Continue Reading>>>

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