by Harvey Organ, HarveyOrganblog:
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 248.17 tonnes for a loss of 55 tonnes over that period.
In silver, the open interest fell by a considerable 2928 contracts despite the fact that Thursday’s price was up by 20 cents. The total silver OI continues to remain extremely high, with today’s reading at 188,723 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .943 billion oz or 139% 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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