Harvey Organ’s Daily Gold & Silver Report – 2016.03.02

Another 9 tonnes of gold enter the GLD/Gold and silver advance today despite banker shorts to quell its rise/Moodys downgrades China’s debt/ USA fires first salvo in the currency wars by placing a huge 266% tariff on Chinese cold rolled steel/Russia purchases another huge (for them) 21.3 tonnes of gold last month/Sports Authority goes belly up/Exxon slashes its cap-ex by a huge 25%/The OIl industry expects 100 billion dollars of cap ex is to be suspended

by Harvey Organ
Harvey Organ’s Blog

[…] At the gold comex today, we had a strong delivery day, registering 390 notices for 3900 ounces and for Silver surprisingly saw only 10 notices for 50,000 oz for the active March delivery month. They must have problems sourcing silver!

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 210.79 tonnes for a loss of 92 tonnes over that period.

In silver, the open interest rose by 88 contracts up to 162,293. In ounces, the OI is still represented by .811 billion oz or 116% of annual global silver production (ex Russia ex China). Generally as we go into an active delivery month the liquidation is much bigger.

In silver we had 10 notices served upon for 50,000 oz.

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