Harvey Organ’s Daily Gold & Silver Report – 2016.03.07

No change in GLD but SLV adds 2.856 million oz/Big story of the day: Blackrock’s IAU gold trust issued 25 million oz with no regulatory backing/No doubt they will also have problems obtaining the necessary gold oz to back the no of shares outstanding/Schengen ends as the EU will formally block Balkan passage for the migrants/Turkey seizes only English speaking newspaper as democracy ended on Friday night/Major problems surfacing at Italian banks where it is estimated that 20% of loans is non performing or almost 220 billion euros worth of loans

by Harvey Organ
Harvey Organ’s Blog

At the gold comex today, we had a fair delivery day, registering 54 notices for 5400 ounces and for silver we had 5 notices for 25,000 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 rose by 4854 contracts up to 169,655. In ounces, the OI is still represented by .848 billion oz or 121% 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 102 notices served upon for 510,000 oz.

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