by Harvey Organ, HarveyOrganblog:
Good evening Ladies and Gentlemen:
Here are the following closes for gold and silver today:
Gold: $1153.10 up $24.90 (comex closing time)
Silver $15.52 up 34 cents.
In the access market 5:15 pm
In the access market yesterday, gold broke above the huge resistance at $1130.00. As physical gold continues to travel eastbound, the backwardation of gold in both the LMBA and the comex(indicating scarcity) set in motion today for the gold price to break well above the 1130 dollar level.
You will recall that $1130 was the price that the bankers raided in November for 50.00 dollar loss. It was a daunting wall to climb but finally gold pierced that level much to the chagrin of our bankers. We now head for the 1200 dollar level!
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a poor delivery day, registering 0 notice for 100 ounces Silver saw 0 notices for nil oz
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 227.43 tonnes for a loss of 75 tonnes over that period.
In silver, the open interest tumbled by 3895 contracts despite the fact that silver was up in price by 31 cents yesterday.Something really spooked our shorts as they ran to the hills to cover. The total silver OI now rests at 169,650 contracts In ounces, the OI is still represented by .848 billion oz or 121% of annual global silver production (ex Russia ex China).
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