Today saw another HUGE withdrawal of 5.97 tonnes of gold from the GLD which is now headed for Shanghai…
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:
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.
The vaults continue to drain at a record pace at the GLD…
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.
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.
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:
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?
In silver, the open interest rose Friday by another astonishing 2,745
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.
In gold we had an absolutely astonishing rise in OI with gold down by $9.40 yesterday.
If you include access markets, gold has been down for 9 straight days…
While the banksters were smashing gold & silver again today, the PM shares were busy rising…
China is set to introduce their SWIFT system by September putting a huge dagger into the heart of the USA dollar…
The contagion with respect to the failure of Austria’s bad bank Hecta, seems to be spreading to other public facilities.
Is Hecta the black swan event we’ve been waiting for?
The 4th largest bank in the Ukraine has gone belly up. Meanwhile, Turkey’s lira plummets to record lows as their economy spins out of control.
We have a few important stories to bring to your attention today…
Let’s head immediately to see the major data points for today: