The Phaserl



by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Gold: $1,223.70 down $24.50 (comex closing time)

Silver 15.26 down 61 cents

In the access market 5:15 pm

Gold $1220.50

silver: 15.24

This morning, on CNBC there was talk of a mini revolt at the Fed with some members who want to raise rates immediately as opposed to Yellen who issues to wait. Why was only Esther George, the lone dissenter…what about the others?

Besides, the raising of rates is a joke in that they do not withdraw any liquidity from the market. The last rate hike was done by decree only, they did not remove the punchbowl. To me this is nothing but a charade!

Let us have a look at the data for today.

At the gold comex today, we had a poor delivery day, registering 1 notice for 100 ounces and for silver we had 85 notices for 425,000 oz for the active March delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.48 tonnes for a loss of 90 tonnes over that period.

In silver, the open interest FELL by 1241 contracts DOWN to 175,775 despite the fact that the silver price was up by 3 cents with respect to yesterday’s trading . In ounces, the OI is still represented by .878 billion oz or 125% of annual global silver production (ex Russia ex China).

In silver we had 85 notices served upon for 425,000 oz.

In gold, the total comex gold OI rose 6427 contracts to 510,579 contracts as the price of gold was up $4.40 with yesterday’s trading.(at comex closing). .

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