by Harvey Organ, HarveyOrgan.Blogspot.ca:
Gold closed down $7.60 to $1606.20 (comex closing time). Silver fell by 52 cents to $28.66.
Here are the final access closing of gold and silver:
In physical news at the comex, the CME reported 7 gold delivery notices filed equal to 700 oz , the number of gold ounces standing for delivery rose by 5 contract or 500 oz and thus 12.86 tonnes of gold is standing for March delivery. No doubt this is a record for gold deliveries in the off delivery (non active) delivery month.
The Texas pension fund which has over 1 billion dollars worth of gold stored in New York wishes to “repatriate” this gold back to Texas.
The big news of the day is Cyprus again. This morning we were greeted with news that all deals with Russia are now off the table. Cyprus is scrambling with Plan C to rape the private pension funds and replace them with worthless sovereign Cyprus bonds, and possibly sell their 13.9 tonnes of gold if indeed it is still there and not leased. It looks to me like Russia is waiting for Cyprus to fail and then they will swoop in and take the prize assets for pennies on the dollar.
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