by Harvey Organ, HarveyOrganblog:
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 245.00 tonnes for a loss of 58 tonnes over that period.
In silver, the open interest rose by a huge 1258 contracts despite the fact that yesterday’s price was down by 16 cents. The total silver OI continues to remain extremely high, with today’s reading at 186,974 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .935 billion oz or 132% of annual global silver production (ex Russia ex China). This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end as they continue to raid as basically they have no other alternative. Today again, we had banker shortcovering.
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