GOLD AND SILVER BREAK OUT

by Harvey Organ GOLD AND SILVER BREAK OUT/BANK OF ENGLAND’S ANDY HALDANE NOW STATES THAT ENGLAND SHOULD NOW UNDERGO NIRP AND BAN CASH/RUSSIA NOW CONTEMPLATES PUTTING TROOPS ON THE GROUND IN SYRIA/ISRAEL’S NETANYAHU HEADS TO MOSCOW/NIGERIAN BANKS REFUSE TO LEND TO EACH OTHER/RATES CLIMB ABOVE 200%/MILITARY COUP IN BURKINA FASO Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1138.10 down $20.10 (comex closing time) Silver $15.15 up 18 cents. In the access market 5:15 pm Gold $1138.95 Silver: $15.16 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 112 notice for 560,000 oz. Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 213.926 tonnes for a loss of 89 tonnes over that period. In silver, the open interest fell by 2,061 contracts despite the fact that silver was up in price by 10 cents yesterday. Again, our banker friends tried to use the opportunity to cover as many silver shorts. They must be really frightened as to what might happen in a default situation. The total silver OI now rests at 152,327 contracts In ounces, the OI is still represented by .761 billion oz or 109% of annual global silver production (ex Russia ex China). In silver we had 112 notices served upon for 560,000 oz. In gold, the total comex gold OI fell to 414,115 for a loss of 174 contracts. We had 0 notices filed for nil oz today. We had no changes in tonnage at the GLD, thus the inventory rests tonight at 678.18 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. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold will be the FRBNY and the comex. In silver, we had no change in silver inventory at the SLV/Inventory rests at 320.915 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 2,061 contracts down to 152,327 despite the fact that silver was up by 10 cents in price with respect to yesterday’s trading. The total OI for gold fell by 174 contracts to 414,115 contracts, as gold was down $1.90 yesterday. (report Harvey) 2.Gold trading overnight, Goldcore (/Mark OByrne) 3. COT report (Harvey) 4. China opens for trading 9:30 pm est Thursday night/Friday morning 9:30 Shanghai time (zero hedge) 5. a)UK stock market flashes crashes (zero hedge) 5 b) The Bank of England’s lone voice of sanity,Andy Haldane, just went to the dark side by proposing negative interest rates in England and also banking cash. Looks like NIRP is rapidly coming onto us. (zero hedge) 6. a) The ECB may now have to increase QE due to the rising euro even though there is a limit as to how many bonds that they buy (zero hedge) 6b Moody’s downgrades France citing no action on lessening its debt (Moody’s, zero hedge) 7. Russia may have seen troops on the ground to combat Isis. Israel’s Netanyahu is going to Moscow for talks. Obama folds!! (two commentaries/zero hedge) 8More on the refugee crisis and how it may bring down Europe! (zero hedge/Prof Buiter) 9. Greek election on Sunday/rundown/ (zero hedge) 10.. Two major events in Africa today i) Nigeria’s banks refuse to lend to one another as interbank rates climb to 200% ii Burkina Faso coup by a general ahead of democratic elections 11. Oil related stories 2 commentaries/(zero hedge) 12. USA stories/Trading of equities NY a) Futures on NY drop immediately after Gartman signals that he is going long! (zero hedge) b Martin Armstrong believes that the USA has made a terrible policy error with their FOMC no rate cut similar to that of 1927 (Armstrong) c) 13. Physical stories i)Another lawsuit on the rigging of treasuries, libor etc (Bloomberg) ii) Jessie of Americain cafe: why you must own gold iii) Alasdair Macleod comments on gold as money (Alasdair Macleod) iv) Another example of devastation in the gold mining area: (Helen Thomas/Wall Street Journal) v) Peter Cooper/Arabian money/the perfect storm for gold and silver brewing. vi) Bill Holter comments as he responds to Bron Sucheki (Bill Holter-Holter Sinclair collaboration) 14. This week’s wrap courtesy of Greg Hunter/USAWatchdog/ and well as other commentaries… Let us head over and see the comex results for today. The total gold comex open interest fell from 414,289 down to 414,115 for a loss of 174 contracts as gold was down $1.90 with respect to yesterday’s trading. For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest: 1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month, and today the latter continued with its decline as gold ounces standing rose. We now enter the delivery month of September and here the OI fell by 0 contracts staying at 91 . We had 0 notices filed yesterday so we neither gained nor lost any gold contracts that will stand for delivery in this non active month of September. The next active delivery month is October and here the OI fell by 339 contracts down to 20,505. The big December contract saw it’s OI rise by 189 contracts from 283,993 up to 284,182. The estimated volume on today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was estimated at 173,523 which is poor. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was poor at 155,222 contracts. Today we had 0 notices filed for nil oz. Continue Reading>>>

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