Harvey Organ’s Daily Gold & Silver Report – 2016.03.19

DESPITE THE LOW PRICE OF GOLD/SILVER, GLD ADDS A WHOPPING 11.89 TONNES TO ITS INVENTORY/SLV ADDS 2.665 MILLION OZ/Gold whacked/silver held up pretty good/Gold and silver shares refuse to buckle/Gigantic rise in silver OI as it seems that someone big is willing to take on the crooks/comex gold OI also rises/Japanese 10 yr bond yield falls to -.107% after hitting -.137%: also the 30 yr rate plunges/In Brazil, Rousseff remains defiant despite impeachment vote in April/ In Oil two developments: i) USA rigs increase and ii) oil contango is disappearing/will cause oil to falter/In USA, the Univ. of Michigan Consumer Confidence index falters

by Harvey Organ
Harvey Organ’s Blog

[…] Yesterday afternoon as soon as the CME released the open interest on gold and silver I knew that a raid was coming and I emailed the CFTC that it would be forthcoming. This morning I wrote to them again telling them that the “boys did not disappoint me” with their antics.

However this afternoon’s data is quite telling. The OI on silver skyrocketed by almost 9,000 contracts to almost 177,500 contracts. Now both comex gold and comex silver are at multi year highs. The last time gold was at 500,000 was in late Sept 2012 and the gold price was $1700.00 USA. We are at the same OI but 445 dollars apart. The open interest with respect to silver has been at these elevated levels for years. No doubt we have a strong entity waiting in the wings (the longs) to pounce on silver when it is convenient for them.

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