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FSN: Spanish Bad Loans Increase Dramatically / Spain to Issue Increasing Levels of Debt
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
by Harvey Organ
Harvey Organ’s Daily Gold & Silver Report
Good morning Ladies and Gentlemen:
Gold closed up today by 40 cents to $1616.50. Silver fell by 21 cents to $28.00 in the rather lacklustre day. The only big news of the day came from Spain where it announced an increase in bad banks loans. It also said it will probably increase it’s offerings through sovereign auctions.We will see these and other stories but first….
Let us now proceed to the comex and assess trading. The total gold comex rose slightly by 353 contracts to rest this weekend at 386,408. The Thursday night close came in at 386,055. Gold has a great day on Thursday, so it is surprising to see such a shallow gain in OI. The August gold delivery month saw its OI fall by 92 contracts. On Thursday we had 88 delivery notices on Thursday so we only lost 4 contracts to cash settlements or 400 oz of gold. The Sept delivery month saw its OI fall by 35 contracts where this weekend’s resting place is 1340 contracts. The next delivery month is October and here the OI actually rose by 849 contracts from 29,426 to 30,275. October is a very weak delivery month as most decide to play December. The estimated volume on Friday was the lowest I have seen in many years coming in at 78,976 compared to the confirmed volume on Thursday at 117,718.
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2012-08-18 09:22:07
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