The Phaserl


Total comex gold falls again to 6.885 million oz/Spain starts to borrow funds from its pension fund to pay out

by Harvey Organ,

Gold exploded up $42.60 to $1336.40 (comex closing time ). Silver was also up by $1.05 to $20. 50 (comex closing time)

In the access market at 5:00 pm, gold and silver finished trading at the following prices :

gold: $1335.90
silver: $20.55

It seems that our specs are in deep trouble with the commercials net long. We will have in the next few weeks a plethora of buyers and a scarcity of suppliers of paper gold.

At the Comex, the open interest in silver rose by 788 contracts to 132,732.

The open interest on the entire gold comex contracts rose by 5193 contracts to 439,539 with gold’s rise in price on Friday.

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2 comments to Total comex gold falls again to 6.885 million oz/Spain starts to borrow funds from its pension fund to pay out

  • rich

    The Great Derivatives Scam

    As Michael Sivy points out, even a small move either way in the value of the huge notional amount of derivatives would wipe-out even well-capitalized banks. The size of the market necessarily implies huge problems and risks.

    First, I contend that much of the so-called “money printing” of the Federal Reserve is dedicated to to derivatives trading with nearly zero resulting credit expansion at the megabanks. Second, much of the trading is the direct result of accounting fraud–specifically the accounting rules allow both counterparties to the same trade to recognize gains and this allows the megabanks to pump up their earnings accordingly. Third, a huge percentage of the trading occurs only because the megabanks can sell their too big to fail status to counterparties which in turn encourages more risk throughout the economy. Fourth, derivatives trading is heavily subsidized by depositors who now stand behind derivatives counterparties if a megabank fails. Thus, the next financial crisis will demonstrate that derivatives still pose a lethal risk to the global economy.

  • dan

    when it crashes,those that hold paper products, will not have any left to wipe their ass…..imho

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