JULY 8/GREECE HAS UNTIL TOMORROW NIGHT TO PROVIDE REFORMS OR ELSE THE GAME IS OVER FOR THEM/TSIPRAS FOLDS AS HE IS NOW WILLING TO ACCEPT MORE AUSTERITY THAN HAD HE ACCEPTED EU PROPOSALS BEFORE TH…

Jon Gold, Market Commentary, Precious Metals, Silver

Good evening Ladies and Gentlemen:
Here are the following closes for gold and SILVER TODAY:
Gold: $1163.30 up $10.90 (comex closing time)
Silver $15.15 up 20 cents.
In the access market 5:15 pm
Gold $1158.00
Silver: $15.15
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a good delivery day, registering 100 notices for 10,000 ounces . Silver saw 294 notices filed for 1,470,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 248.19 tonnes for a loss of 55 tonnes over that period.
In silver, the open interest rose by 1071 contracts despite the fact that Tuesday’s price was down by 78 cents. The total silver OI continues to remain extremely high, with today’s reading at 197,092 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .985 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.
In SILVER WE had 247 notices served upon for 1,470,000 oz.
In gold, the total COMEX GOLD OI rests tonight at 452,145 for a gain of 5480 contracts despite the fact that gold was down $20.50 yesterday. We had 100 notices filed for 10,000 oz today.
We had no change in tonnage at the gold inventory at the GLD; thus the inventory rests tonight at 709.65 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. I am sure that 700 tonnes is the rock bottom inventory in gold. Anything below this level is just paper and the bankers know that they cannot retrieve ‘paper gold’ to send it onwards to China . In silver, we had no change in inventory at the SLV/ Inventory now rests at 325.205 million oz.
We have a few important stories to bring to your attention today…

This post was published at Harvey Organ Blog on July 8, 2015.