silver smash

Today we again had some short covering in the silver comex with the silver OI falling by 464 contracts.  Gold OI fell by a whopping 14,006 contracts.  Both gold and silver rose nicely today. Again we had 1,028.80 oz of gold leave the comex vaults.  
Gold was knocked down this afternoon to $1195, options expiry is tomorrow so the crooks are already whacking:

HarveyOrgan

In silver, the open interest today fell by 1527 contracts, due to short covering, as Monday’s silver price was unchanged. The total silver OI continues to remain extremely high with today’s reading at 174,123 contracts.
The front month of March rose by 63 contracts to 604 contracts. We are still close to multi year high in the total OI complex despite a record low price. This dichotomy has been happening now for quite a while and defies logic.
There is no doubt that the silver situation is scaring our bankers to no end.

shorts

Today we had some short covering in the silver COMEX with the silver OI falling by 2175 contracts.  Gold OI again rises by close to 6000 contracts.  Both gold and silver rose nicely today but silver was the standout.
Our bankers are having real trouble in silver. It seems that they are going to destroy the specs in gold but they are not having their way in silver.
The big news is the continual removal of  gold from the COMEX. From the start of the month 12 tonnes of gold has been removed from the customer side.
The COT report shows the commercials buying gold  (and covering shortfalls) in massive quantities.  It’s net short position is only 54,000 contracts.  It looks like the specs are going to be buried.

crash

The ECB is now preparing for a GREXIT and a loss of 320 billion euros.  If you factor in the derivative losses, one can visualize a total meltdown in the trillions. 
The big news today was the dovish report from the FOMC/gold and commodities rose on the news as well as the Dow, and the FLASH CRASH in the dollar after the US close. 

Harvey Organ

Several months ago the COMEX had 303 tonnes of total gold.  Today the total inventory rests at 250.04 tonnes for a loss of 53 tonnes over that period.  Lately the removals  have been rising!
Following is a brief outline on gold and silver comex figures for today:

Harvey Organ

We now have our first foreign casualty in the meltdown on Austrian Hypo.
The German bank DuesselHyp, with a tiny writedown of 348 million euros has gone belly up. 

Is this foreshadowing a future nightmare when a tiny write off  of 1.5% of assets creates  a total meltdown of a bank?

Harvey Organ

In silver, the open interest rose Friday by another astonishing 2,745 contracts even though Thursday’s silver price was up by only 8 cents. The total silver OI continues to remain relatively high with today’s reading at 174,702 contracts. The front month of March rose by 4 contracts.
We are now within a whisker of multi year high in the OI near a multi year low price. 
This dichotomy has been happening now for quite a while and defies logic.