JAN 8.2016:/HUGE DOWNFALL IN THE DOW OF 167 POINTS AFTER BEING UP BY 140 POINTS, PORTENDS A PROBABLE BLOODBATH ON MONDAY/HUGE DEPOSIT OF 4.46 TONNES OF GOLD INTO GLD (PROBABLY PAPER GOLD ADDED)/H…

Gold: $1097.80 up $9.90 (comex closing time)
Silver $14.91 down 43 cents
In the access market 5:15 pm
Gold $1104.40
Silver: $13.92
Today, the Dow after being up over 100 points, faltered badly and closed at its lows down 167 points. The Nasdaq closed down 45 points. The news out of China calls for more devaluations and less government interventions. The combination of a faltering Dow and a dysfunctional Chinese market will cause further deterioration for bourses around the world. Expect on Monday, a bloodbath beyond your wild imaginations as everybody tries to sell in a bid-less market. Physical gold and silver is your only refuge.
At the gold comex today, we had a poor delivery day, registering 1 notice for 100 ounces. Silver saw 1 notice for 5,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 200.81 tonnes for a loss of 103 tonnes over that period.
In silver, the open interest rose by 173 contracts even though silver was considerably up 38 cents with respect to yesterday’s trading and again without a doubt we had more short covering. We have an extremely low price of silver and a very high OI. The total silver OI now rests at 168,418 contracts. In ounces, the OI is still represented by .841 billion oz or 120% of annual global silver production (ex Russia ex China).
In silver we had 1 notice served upon for 5,000 oz.
In gold, the total comex gold OI rose by 3,653 contracts to 425,659 contracts as gold was up $15.80 in yesterday’s trading.
We had another huge 4.46 tonnes of gold deposit into gold inventory at the GLD, / thus the inventory rests tonight at 649.59 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. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver,/we had massive withdrawals of 1.429 million oz /Inventory rests at 316.368 million oz.
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on January 8, 2016.