China Adds 17 Tonnes To Its Official Reserves/comex Gold Continues To Bleed

by Harvey Organ, HarveyOrganblog:

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $1112.90 down $2.80 (comex closing time)

Silver $15.21 down 18 cents.

In the access market 5:15 pm

Gold $1115.20

Silver: $15.25

First, here is an outline of what will be discussed tonight:

At the gold comex today, we had a poor delivery day, registering 0 notice for nil ounces Silver saw 0 notices for nil oz

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 227.62 tonnes for a loss of 75 tonnes over that period.

In silver, the open interest fell by 6 contracts despite the fact that silver was down in price by 8 cents yesterday. The total silver OI continues to remain extremely high, with today’s reading at 174,865 contracts In ounces, the OI is represented by .874 billion oz or 124% of annual global silver production (ex Russia ex China). 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 as they continue to raid as basically they have no other alternative.

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