Harvey Organ

Monday is options expiry on the COMEX.  On Thursday we will have options expiry on the LBMA in London and on the OTC market as well. The bankers ALWAYS whack the precious metals prior to and during options expiry week.
The boys are also very concerned about the high OI in silver.


Today, we had a huge addition of 1.79 tonnes of gold inventory at the GLD/  Gold Inventory rests at 736.08  tonnes.
In silver, we had no change in silver inventory at the SLV/ and thus the inventory tonight is 324.900 million oz.
We have a few important stories to bring to your attention today…


Greece paid the IMF on Thursday.  On Friday, it was announced that the ECB increased its ELA to Greece by 1.2 billion euros up to 73.2 billion euros as more depositors fled.  Yesterday, the London’s Financial times has reported that Greece has decided that it will withhold the IMF payment in May and June so it can pay its pensioners.
Also the reform package submitted by Greece is totally offside on its pension reform and on privatization.
Contagion seems to be spreading as yields widen with the advanced risk of default.

Gold Bundesbank

I checked last night the gold inventory levels of foreign deposits at the FRBNY.
The account shows that 9.577 tonnes of gold left its vaults, and there is no doubt that this gold belongs to Germany as they are the only official country so far that has asked for it back and has not already received what was wished.