The Phaserl


Harvey Organ: QEIII will be Upon us/Demand for Silver Rises

by Harvey Organ,

Good evening Ladies and Gentlemen:

Gold closed down 50 cents to $1684.80 while silver retreated by 13 cents to $32.60. The bankers are attacking gold and silver in the access market right now. We had quite a few good stories to tell you today including the real debt/GDP with respect to Germany at 140%. Demand for silver continues to rise and this will be the death knell of the bankers are there is no above ground central bank silver like gold.

Let us head over to the comex and assess trading today.

The total comex gold open interest rose by 5699 contracts. No doubt the players were jumping up and down with joy that there were hints that QEIII will be upon us shortly. The total OI for the gold complex rests tonight at 437,137 a drop from yesterday’s level of 431,438. The front non delivery month of March in gold saw its OI fall from 53 to 39 for a loss of 14 contracts. We had 29 delivery notices so we again gained in gold ounces standing. The next big delivery month for gold is April and we are just a few days away from first day notice. Here the OI fell from 134,842 to 113,399 as many players rolled into June. The estimated volume today was a smallish 232,052 which you factor in all of the rolls. The confirmed volume yesterday was a very respectable 282,316 contracts.

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