The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $1107.90 up $4.40 (comex closing time)

Silver $14.36 down 13 cents.

In the access market 5:15 pm

Gold $1108.80

Silver: $14.43

First, here is an outline of what will be discussed tonight:

At the gold comex today we had a poor delivery day, registering 0 notices for nil ounces Silver saw 13 notices for 65,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 218.28 tonnes for a loss of 85 tonnes over that period.

In silver, the open interest rose by 2094 contracts despite the fact that silver was down in price by 15 cents on Friday. Again, our banker friends tried to use the opportunity to cover as many silver shorts as they could and failed. The total silver OI now rests at 155,698 contracts In ounces, the OI is still represented by .778 billion oz or 111% of annual global silver production (ex Russia ex China).

In silver we had 13 notices served upon for 65,000 oz.

In gold, the total comex gold OI fell to 412,026 for a loss of 5472 contracts. We had 0 notices filed for nil oz today.

We had no changes in tonnage at the GLD, thus the inventory rests tonight at 678.18 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold will be the FRBNY and the comex. In silver, we had another huge withdrawal in silver inventory at the SLV to the tune of 1.145 million oz /Inventory rests at 320.915 million oz.

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