Harvey Organ’s Daily Gold & Silver Report – 2016.03.16

Fed’s Yellen chickens out of increase in interest rates/Gold skyrockets on Fed’s lack of accountability/Gold advances to $1263.00 in the access market/Silver to $15.62/Japan signals it may not cancel NIRP as they do another U turn/Deutsche bank reports that it will lose money throughout 2016 and thus it’s stock plummets on the day/More trouble in Brazil as its central bank head honcho may leave on the appointment of LULA/Insurance giant Munich Re purchases gold and states it is because of negative interest rates/Peabody, largest USA coal miner misses interest rate payment and may declare bankruptcy/China and Kazakhstan wish to increase co operation in developing a physical market for gold

by Harvey Organ
Harvey Organ’s Blog

[…] In the words of Bill Murphy of GATA today on remarking on gold’s huge advance in the access market: “Houston, we have a problem”

The Fed’s credibility has now been shot as Yellen backs away from increasing rates due to global disturbances.

At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 230 notices for 1,150,000 oz for the active March delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.33 tonnes for a loss of 92 tonnes over that period.

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