Thursday, January 13, 2011

Harvey Organ's Daily Report - Gold raid temporarily rebuffed, silver falls slightly..then huge raid in the access market -

Gold raid temporarily rebuffed, silver falls slightly..then huge raid in the access market.

Good evening Ladies and Gentlemen:

When Dennis Gartman opens his mouth and states that he is selling some of his gold and/or silver positions, you know for sure that a big raid is being orchestrated by our banking crooks.

To do so, on the day of the vote for position limits and removal of exemptions by the CFTC commissioners, has to rank as total "chuztpah" (translation: nerve) by JPMorgan and friends.

Gold at closing time comex rose by $1.20 to 1,386.90. Silver, however lost 28 cents to $29.25. However after the comex closed, our heroes sold massive amounts of paper with basically no counterparty as the access market is generally thin with traders.

Thus it is very easy for our crooks to knock the price down to anything they want. Right this minute at 5:45 pm est, the price of gold is: $1374.00 and silver is below 29 dollars at $28.74. Hold on to your hats as tomorrow will be an extremely violent day pitting massive buyers like the sovereign wealth funds against the sellers, the banks. All of the selling is un-backed gold and silver. Physical metals are very tight. As you can see there is huge disconnect between paper gold and silver and the real stuff.

Let us head over to the comex trading and see what transpired today:

First gold:

The total gold comex open interest rose by 1189 contracts to 589,368 from yesterday's level of 588,179. The bankers get quite worried if the total OI rises above 600,000 contracts. The front options delivery month saw its OI rise from 50 contracts to 87.

The front delivery month of February saw its OI fall ever so slightly from 297,587 to 290,364. This alarmed our bankers to no end. They want to see more contracts roll out of February and into April. The estimated volume today was a whopper: 220,267. Tomorrow this number will be even higher. Yesterday, the confirmed volume was a huge 192,602 almost 30% higher than original estimates. The volume today indicated that the bankers were intent to keep gold below the 1400 dollar level.

And now silver:

The total silver comex open interest rose by 728 contracts from 136,331 to 137,059. The front options delivery month of January saw the OI rise from 54 to 75 contracts. The front delivery month of March saw its OI surprisingly rise from 73,563 to 74,309.

Obviously we are getting no switches in the silver arena. The estimated volume today was a rather large 63,216. The confirmed volume yesterday was a very respectable 49,584. The bankers were very alarmed at the total OI and the March OI.

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to the rest of Harvey Organ's Daily Gold & Silver Report

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