empty-vaultWe had a huge addition of 3.57 tonnes in gold inventory at the GLD; thus the inventory rests tonight at 705.47 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I am sure that 700 tonnes is the rock bottom inventory in gold.
I believe anything below this level is just paper and the bankers know that they cannot retrieve “paper gold” to send it onwards to China.

PutinBelgium and France are about to confiscate Russian property in their respective countries due to the Yukos ruling.  The courts gave the Russians until June 15.2015 to comply.  They refused and now, both France and Belgium have decided to immediately confiscate Russian property.

HarveyOrgan1The total silver OI continues to remain extremely high with today’s reading at 191,774 contracts now at multi-year highs despite a record low price. In ounces, the OI is represented by 958 million oz or 136% of annual global silver production!

fireworksThe next delivery month is July and here the OI surprisingly rose by 578 contracts up to 91,328.
We have only two weeks left to go before first day notice.
The OI for the July contract month is absolutely huge as nobody is leaving quite yet…

JP MorganLate last night, we had a huge withdrawal in gold inventory at the GLD to the tune of 2.98 tonnes. Thus the inventory rests tonight at 705.72 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the COMEX is bleeding gold.

HarveyOrgan1In silver, the open interest rose by 2351 contracts even though Monday’s silver price was down by 3 cents.
The total silver OI continues to remain extremely high with today’s reading at 186,356 contracts now at multi-year highs!