JULY 16/GREECE AND ITS PROBABLE GREXIT AS EU FOLKS DO NOT HAVE THE STOMACH TO FUND THEM ANY MORE/

Jon Gold, Market Commentary, Precious Metals, Silver

Good evening Ladies and Gentlemen:
Here are the following closes for gold and silver today:
Gold: $1143.80 down $3.40 (comex closing time)
Silver $14.96 down 7 cents.
In the access market 5:15 pm
Gold $1145.17
Silver: $15.02
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 10 notices filed for 50,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 245.00 tonnes for a loss of 58 tonnes over that period.
In silver, the open interest rose by a huge 1258 contracts despite the fact that yesterday’s price was down by 16 cents. The total silver OI continues to remain extremely high, with today’s reading at 186,974 contracts now at decade highs despite a record low price. In ounces, the OI is represented by .935 billion oz or 132% 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 10 notices served upon for 50,000 oz.
In gold, the total comex gold OI rests tonight at 470,720 for a gain of 8,036 contracts despite the fact that gold was down $6.10 yesterday. We had 0 notices filed for nil oz today.
We lost 1.19 tonnes of gold tonnage at the GLD / thus the inventory rests tonight at 707.88 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 16, 2015.