Harvey Organ’s Daily Gold & Silver Report – 2016.03.21

Another huge addition of 2.68 tonnes of gold into the GLD/Gold open interest remains extremely high and thus the reason for the raid, causing gold to fall 10 dollars/Silver bucks the trend by rising/China has 1/2 trillion USA of unpaid bills/Chinese auto sector crashes/Moody’s puts Deutsche bank on negative watch for a downgrade/In USA Valeant seems heading for the dumpster with possible fraudulent overtones

by Harvey Organ
Harvey Organ’s Blog

[…] The open interest on gold lowered by a tiny 4950 contracts despite the big hit on Friday. No wonder another raid today.

The open interest on silver lowered by a sliver 961 contracts and remains elevated at 176,529. With Chinese banks orchestrating the silver fix right now with other bankers (gold fix begins on April 17), it seems that they are losing control over the silver market.

Let us have a look at the data for today.

At the gold comex today, we had a good delivery day, registering 37 notices for 3700 ounces and for silver we had 78 notices for 390,000 oz for the active March delivery month.

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