MARCH 10/GOLD AND SILVER SOAR AFTER AN OUTSIDE DAY REVERSAL/GOLD RISES TO $1272.60 UP $15.60/SILVER RISES UP 19 CENTS TO $15.55/SURPRISINGLY THE OPEN INTEREST ON SILVER HARDLY CHANGED DESPITE THE…

Jon Banking, Fiscal Policies, Gold, Market Commentary, Precious Metals, Silver

Gold: $1,272.60 up $15.40 (comex closing time)
Silver 15.55 up 19 cents
In the access market 5:15 pm
Gold $1273.50
silver: 15.56
Today the bums had gold and silver in their sights as they whacked gold down to $1239.65 and silver to $15.22 at 8 am with the Draghi announcement of an increase in NIRP and more QE. Then gold had a terrific outside day reversal climbing to a high of $1273.00 (and it closed at $1272.60). Silver finished up 19 cents to $15.55
At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 7 notices for 35,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.04 tonnes for a loss of 91 tonnes over that period.
In silver, the open interest fell by only 253 contracts to 169,622 despite the massive raid orchestrated by our crooks. In ounces, the OI is still represented by .849 billion oz or 122% of annual global silver production (ex Russia ex China).
In silver we had 7 notices served upon for 35,000 oz.
In gold, the total comex gold OI fell by 10,066 contracts to 489,044 contracts as the price of gold was down $6.70 with yesterday’s trading.(at comex closing). I do not think that the bankers are too happy as the liquidation was small for the tumultuous raid orchestrated by them. With the huge reversal in gold today, I would suspect that the OI returned to its previous highs.
We had another rather large change in gold inventory at the GLD, a deposit of 2.08 tonnes of gold from the GLD/ thus the inventory rests tonight at 792.82 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 no change in inventory/this time and thus the Inventory rests at 322.632 million oz
First, here is an outline of what will be discussed tonight:

This post was published at Harvey Organ Blog on March 10, 2016.