by Harvey Organ, HarveyOrganblog:
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 248.23 tonnes for a loss of 55 tonnes over that period.
In silver, the open interest fell by a considerable 5,431 contracts despite the fact that Wednesday’s price was up by 20 cents. The total silver OI continues to remain extremely high, with today’s reading at 191,661 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .958 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. There can only be one answer as to how the OI of comex silver is now just under 1 billion oz coupled with a low price under 16.00 dollars: sovereign China through proxies are the long and they have extremely deep pockets.
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