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Huge delivery in gold/Total tonnage standing in March 8.509 tonnes/Gold and silver rise

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by Harvey Organ,

Good evening Ladies and Gentlemen:

Gold closed up today, $1.20 to $1591.50 . Silver gained 32 cents to $29.13.

In the access market here are the closing figures:

Gold; $1593.30
silver: 29.19

The reason for the jump in gold was probably due to the comments of Bundesbank President Weidmann who claimed that the European crisis is not over. Gold and silver jumped immediately and never looked backed.

In comex news, we saw a huge number of gold notices filed which is extremely unusual in a non delivery (non active) month. So far it looks like 8.509 tonnes of gold will stand for delivery in March. On top of the 41 tonnes of gold last month we have very close to 50 tonnes of gold being delivered upon. This is also surely a record for two months. It is also interesting that the volume is way down..maybe the bankers just do not want to supply any more paper.

Richard Guthrie a big GATA supporter notes the following with gold:

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