Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
harveyorgan.blogspot.com / July 22, 2014
Gold closed down $7.60 at $1306.10 (comex to comex closing time ). Silver was unchanged at $20.97
In the access market tonight at 5:15 pm
GLD: a big gain of 1.5 tonnes of gold inventory at the GLD (tonnage now 804.84) tonnes).
SLV : no change in silver inventory at the SLV .
Gold trading for the past 24 hours: suppression due to options expiry later this week.
here is today’s graph of gold’s trading from midnight until 5: 30 pm est
the bankers are in control of the price of gold/silver until options expiry and probably until the end of the month.
We have two major hot points: Israel’s invasion of Gaza to destroy tunnels and their rockets, and continuing stories on the downing of the Malaysian aircraft.
We have continuing articles on the downing of a commercial Malaysian aircraft over eastern Ukraine as to who was at fault..
and on Israel’s ground invasion into Gaza with the mission to destroy all of the tunnels and rockets.
We have a great story on Venezuela’s manufacturing sector coming to a complete halt. Also Judge Greisa refused to listen to Argentina. They have one week to pay defaulted bond holders.
Late today, in an extremely surprising move, Turkey stated that it was abandoning ties to the USA and will move closer to China and Russia.
We also have two huge commentaries from Bill Holter, that you do not want to miss.
We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All GOFO rates are positive and thus we have no real backwardation. Some of the months GOFO moved closer to the positive needle (the earlier months) with the 3 month GOFO remaining constant and the 1 yr moving towards the negative. It looks to me like the Indian gold swap with the B. of E is entering the market as leases.
London good delivery bars are still quite scarce.
July 22 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
+.1020000% +.112000% +.11800% +.1500% + .172000%
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
+.09600% +.108000% +.118000% +.14800% +.174000%
Let us now head over to the comex and assess trading over there today,
Thanks to BrotherJohnF