JULY 14/IMF MAY WALK AWAY FROM GREEK BAILOUT AS THEY DEMAND DEBT RELIEF AS GREEK DEBT IS UNSUSTAINABLE/GERMANS REQUIRE THE IMF AS THE BUNDESTAG WILL NOT OK BAILOUTS UNLESS IMF IS PART OF THE BAIL…

Jon Economy, Gold, Market Commentary, Precious Metals, Silver

Good evening Ladies and Gentlemen:
Here are the following closes for gold and SILVER TODAY:
Gold: $1153.30 down $1.90 (comex closing time)
Silver $15.29 down 14 cents.
In the access market 5:15 pm
Gold $1155.65
Silver: $15.36
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 309 notices filed for 1,545,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 245.96.17 tonnes for a loss of 57 tonnes over that period.
In silver, the open interest fell by a considerable 1002 contracts despite the fact that yesterday’s price was down by only 4 cents. The total silver OI continues to remain extremely high, with today’s reading at 186,300 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .931 billion oz or 133% 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. Today again, we had banker shortcovering.
In SILVER WE had 319 notices served upon for 1,545,000 oz.
In gold, the total COMEX GOLD OI rests tonight at 454,296 for a gain of 8,268 contracts despite the fact that gold was down $2.50 yesterday. We had 0 notices filed for nil oz today.
We had no change in gold tonnage at the GLD / thus the inventory rests tonight at 709.07 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 327.593 million oz.
We have a few important stories to bring to your attention today…

This post was published at Harvey Organ Blog on July 14, 2015.