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Huge Raid on gold and silver/Gold continues to leave the GLD and the comex vaults.
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
harveyorgan.blogspot.com / May 1, 2013
Good evening Ladies and Gentlemen:
Gold closed down $25.90 to $1446.30 (comex closing time). Silver fell by 88 cents to $23.30 (comex closing time).
In the access market at 5 pm gold and silver rose :
gold: $1457.00
silver: $23.60
With Europe closed for its May day holiday, the bankers took advantage of the thin trading to whack gold and silver. Another of their usual criminal tricks.
Gold and silver got a little boost this afternoon after the release of the FOMC report. The market decided that the Fed will continue with its QE. Actually they have no choice but to monetize its debt as it must fund its 1.2 trillion in deficit. Nobody else will pony up the money.
Today, the whole story is the FOMC and we have details courtesy of Goldman Sachs. In the USA, the ADP report was dismal as was the ISM report.
At the comex, the open interest in silver fell another 2833 contracts to 143,477 contracts as we probably had some short covering yesterday. The silver OI is holding firm at elevated levels . The open interest on the gold contract fell by 1646 contracts to 421,087. It is interesting that the gold deliveries for May has now exceeded 5 tonnes at 5.76 tonnes and this is an off month for gold.
Today, physical gold continues to leave London with 3.31 tonnes of gold departing the GLD for the shores of China/and or Russia. The game ends when the last physical ounce held at the GLD departs.
We will go over these and other stories but first…………………….
Let us now head over to the comex and assess trading over there today:
Thanks to BrotherJohnF
2013-05-01 17:17:38
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