DOW FALLS BY 250 POINTS
by Harvey Organ Gold: $1107.10 up $17.20 (comex closing time) Silver $14.15 up 4 cents In the access market 5:15 pm Gold $1101.20 Silver: $14,16 At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces.Silver saw 2 notices for 10,000 oz. Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 199.26 tonnes for a loss of 104 tonnes over that period. In silver, the open interest fell by 2,830 contracts down to 159,531. In ounces, the OI is still represented by .797 billion oz or 114% of annual global silver production (ex Russia ex China). In silver we had 2 notices served upon for 10,000 oz. In gold, the total comex gold OI fell by 1,913 contracts to 408,835 contracts as gold was down $1.60 with yesterday’s trading. Today both the gold comex and the silver comex are in severe stress with gold in backwardation up to August. We had no changes into inventory at the GLD, / thus the inventory rests tonight at 657.92 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. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. 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, after they deplete the GLD will be the FRBNY and the comex. In silver,/we had no change to inventory/Inventory rests at 313.606 million oz.