Harvey Organ’s Daily Gold & Silver Report – 2016.04.05

Silver again has a huge 2.146 million oz “deposit” into SLV/gold and silver advance smartly today/Atlanta Fed lowers estimate on first quarter GDP to only .7%/Trade deficit advances/USA:Yen cross collapses which in turn decimates the yen carry traders/US Treasury outlaws inversions which causes a meltdown on some 80 hedge funds/Ticket sales in Brazil for Summer Olympics are horrible and thus the games are in doubt/Puerto Rico calls for a moratorium on its debt as they look to default/Puerto Rico bond yields now are above 12% and this will cause havoc in our money markets

by Harvey Organ
Harvey Organ’s Blog

Today the silver open interest continues to rise, hitting 177,848 contracts despite silver’s fall yesterday. We now have had 5 years of continue high OI with a low price. This is totally unheard. Generally when you have the above situation, it generally resolves itself. But not silver. We had heard that silver deliveries are being delayed in London and also they are having an extreme problem in locating metal. Something is up in silver!

Let us have a look at the data for today.

At the gold comex today, we had a good delivery day, registering 145 notices for 14,500 ounces for gold,and for silver we had 0 notices for nil oz for the non active April delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.89 tonnes for a loss of 90 tonnes over that period.

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