JPMorgan “whale testimony” in Congress/USA empire index down/Michigan Confidence index down/

harveyorgan.blogspot.com / By Harvey Organ . March 16, 2013

Good morning Ladies and Gentlemen:

Gold closed up by $1.90 to $1592.50 (comex closing time).  Silver rose by 5 cents to $28.82.

Gold initially was hit in the wee hours of the morning right after the London fix, which is generally the modus operandi of our crooked banks.  However it recovered quite quickly as demand for physical surfaced, driving gold close to the resistance level of $1600.  Silver was noticeably slower in its climb as the bankers weighed in on gold’s cousin.  Gold and silver equity shares were also in the doldrums despite gold’s rise suggesting another attack is imminent next week. Gold settled the day up $1.90 with silver up only 5 cents.

Here are the final access closing of gold and silver:

gold:  $1592.90
silver: $28.77

In physical news at the comex, again we witnessed a large delivery of gold. In a non active (non delivery) month of March the amount of gold standing is a remarkable 10.47 tonnes  (see below)

In paper news, we see that the Fed Balance sheet has now reached $3.21 billion as the Fed continues with their 85 billion USA purchases.  Italian debt now exceeds 2.02 trillion euros as their debt/GDP rises close to 130%.  (In 2011 the sovereign debt of Italy was 1.9 trillion euros)

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