harveyorgan.blogspot.com / January 19, 2013
Good morning Ladies and Gentlemen:
Gold closed down $3.80 to $1686.60, whereas silver refused to fall as it ended the day up eleven cents at
$31,90. Silver spend part of the day north of the $32.00 mark but the bankers were hell bent trying to contain it’s strength. We have many stories to you on the strength of silver especially on the Mint’s decision to cut off manufacturing due to lack of silver blank supplies. The sales for silver eagles have already surpassed 6 million oz. The German repatriation story refuses to leave the airwaves as many commentators realize that in all probability the USA has run out of gold and the only way Germany will get gold from USA soil is through future mining. It also looks like France has sold Germany’s gold probably under the wishes of the USA. As for leasing of gold, I am sure that the Bundesbank was well aware of problems and that is why they asked for their gold back from London in 2001. The Germans realize that the remaining gold in England will be impossible to retrieve unless you are willing to cause the Bank of England to default.I guess the major question is this: smaller countries are witnessing this farce and they will no doubt ask the USA to ship it’s gold back. Will the USA officially say no to all? What will China and Russia do? I can just imagine that many players at the LBMA will not roll over their paper gold/silver contracts and just take delivery immediately and that will put added pressure on the huge 100 fold derivatives per oz left behind. We have many stories on these two fronts to relay to you today but first let us go over to the comex and see how trading, deliveries and the position levels of our major players fared:
Let us now head over to the comex and assess trading today.