sept 12/Huge increase in silver inventory gains at the SLV/no change in gold inventory/gold and silver hit/huge silver open interest at the comex.

Gold closed down $7.50 at $1229.90 (comex to comex closing time ). Silver was up 2 cents at $18.55
In the access market tonight at 5:15 pm
gold: $1229.00
silver: $18.63
GLD : no change at the GLD (inventory now at 788.40 tonnes)
SLV : today we had a huge rise in silver inventory at the SLV/inventory of 1.486 million oz/ rests at 334.646 million oz
As far as gold and silver is concerned, we had another raid today right after both London first and second fixing of gold. It seems they are relentless in their attacks.
The big news today is the massive open interest rise in silver on the comex. And this was done with the price of silver falling by over 50 cents yesterday. It could only mean one thing: that the massive longs on the comex is sovereign China holding these open interests through proxies. As I have explained to you in the past, it is my belief that China entered a deal with the west by loaning their hoard of between 300 – 600 million oz. Generally this would have been done by a lease arrangement for 10 years. The USA ran out of silver in 2003 so, as Bill Holter states…fill in the dots. China wants its silver back and is also very happy to receive copious amounts of gold at low prices. This is the reason why the CFTC remains mum on the silver/gold probe.
Today we have commentaries concerning the sanctions placed on Russia by the USA and the Russian response. We also have stories on the huge amount of debt built up by some members of the PIIGS. Also in Venezuela the only newspaper folds due to lack of paper plus other parts.
We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All months basically moved towards the positive needle as they must have found a few bars to lease. On the 22nd of September the LBMA will not publish GOFO rates. ( I guess the manipulation is getting to them)
London good delivery bars are still quite scarce.
Sept 12 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.13000% .140000% .14400% .15800% .246000%
Sept 10 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
1200% .126000% .14000% .15400% .246000%
end
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on September 12, 2014.