Harvey Organ’s Daily Gold & Silver Report – 2016.05.02

Open interest rises by another 24,106 or 48,000 contracts in two days/Silver OI declines by 2507 contracts/Italian banks in trouble as “Atlas” could only raise 4.5 billion euros and 1 billion of that needed to purchase all of Popolare di Vicenza/A little over 10 tonnes of gold headed to Germany from FRBNY/Protesters storm Iraqui government on Saturday/Puerto Rico defaults/ Atlantic City almost defaults but pays interest on bond/they will default shortly

by Harvey Organ
Harvey Organ’s Blog

[…] Let us have a look at the data for today.

At the gold comex today we had a poor delivery day, registering 1 notice for 100 ounces for gold,and for silver we had 270 notices for 1,350,000 oz for the non active April delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 225.51 tonnes for a loss of 77 tonnes over that period.

In silver, the open interest fell by a rather large 2507 contracts down to 201,170 despite the fact that the price was silver was way up to the tune of 26 cents with respect to Friday’s trading. In ounces, the OI is still represented by ust over 1 BILLLION oz i.e. 1.005 BILLION TO BE EXACT or 143% of annual global silver production (exRussia &ex China) We are now within spitting distance of all time highs for OI with respect to silver

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