harveyorgan.blogspot.com / Tuesday, July 2, 2013
Good evening Ladies and Gentlemen:
Gold closed down $12.30 to $1243.10 (comex closing time ). Silver fell by 26 cents to $19.30 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
At the Comex, the open interest in silver fell by 1503 contracts to 136,969.
The open interest on the entire gold comex contracts rose by 2248 contracts to 411,329 with gold’s rise in price yesterday.
Tonight, the Comex registered or dealer inventory of gold falls remains constant at 1.336 million oz or 41.55 tonnes. This is getting dangerously low. The total of all gold at the comex (dealer and customer) rose slightly again and this time it rests at 7.534 million oz or 234.33 tonnes of gold.
JPMorgan’s customer inventory remained constant today at 143,212.149 oz or 4.45 tonnes. Its dealer inventory remains at 401,877.493 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its gold Comex dealer account registers only 27.044 tonnes of gold, remaining constant today.
The GLD reported another bleed of 3.61 tonnes in inventory. The SLV inventory of silver showed no gain nor loss of inventory.
Today we have great physical commentaries from Bill Holter of Miles Franklin,who talks about the potential for a comex default. Gary Savage weighs in on the arbitrage between the west’s price of gold and Shanghai and this is the reason for the massive goldbleed of the GLD. Gene Arensberg of Got Gold Report discusses his technical analysis of the latest COT report where the commercials are now less than 9% from becoming net long. Jeff Neilson delivers a paper suggesting the LME is delaying the delivery process of metals by over 100 days. We are not sure if gold is included. P. Koven discusses the possibility that Barrick will write down over 10 billion usa in assets. This would approximate 10 dollars per share and Barrick is trading just above $14.00.
On the paper side of things, we have a great commentary from Michael Snyder of the Economic Collapse Blog who discusses how the USA is paying the banks not to lend.
Finally, a good commentary from Jim Quinn of the Burning Platform who discusses the deteriorating conditions in Egypt and even more troubling is the huge hatred of its citizens towards the Americans. Also tonight, zero hedge has good coverage of the problems inside Greece, Portugal and Egypt.
Thanks to BrotherJohnF