The Phaserl


GLD and SLV remain constant/JPMorgan customer gold inventory declines/John Kerry addresses the nation on Syria

by Harvey Organ,

Good evening Ladies and Gentlemen;

Gold closed down $2.70 to $1393.00. (comex closing time ). Silver was up 24 cents to $24.00 (comex closing time).

In the access market today at 5:15 pm tonight here are the final prices:

gold: $1405.00, silver: $24.33

Gold started to fly right on the opening gun, Sunday night. Even though, London was on holiday today, the American bankers showed up early to repel gold from advancing past the resistance level of $1400.00 Silver paid no attention to the antics of the bankers and proceeded to a high $24.40 before it too was hit, knocking it below 24.00 dollars. Tomorrow is options expiry for both silver and gold at the Comex and as it their usual custom, the precious metals are whacked to keep investors from exercising these contracts and thus obtain metal. However, late in the day, John Kerry put the USA on alert for war in Syria and that news drove gold to close in the access market at $1405.00 and silver at $24.33.

At the Comex, the open interest in silver fell by 346 contracts to 131,051 with silver’s rise in price by 78 cents (Friday) .

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