Silver as an investment

august 12 /GLD holds/JPMorgan customer gold at only 100,000 oz/

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

Harvey Organ's - The Daily Gold and Silver Report / Monday, August 12, 2013

Good evening Ladies and Gentlemen:

Gold closed up $2.20 to $1334.70 (comex closing time ). Silver was up 93 cents to at $21.33 (comex closing time).

In the access market today at 5:15 pm tonight here are the final prices:

gold: $1336.20
silver: $21.36

Gold and silver immediately rocketed higher form where it left off on Friday with silver leading the way. The bankers tried to slow down the gains but the demand for the physical metal was relentless. The bankers look to me like they are losing control of both physical metal markets.

At the Comex, the open interest in silver fell by 155 contracts to 133,870 with silver up 22 cents on Friday .

The open interest on the entire gold comex contracts fell by 3164 contracts to 393,761 with gold’s rise in price on Friday by $2.20 .

Tonight, the Comex registered or dealer inventory of gold rose slightly but still well below the 1 million oz mark at 852,930.107 oz or 26.53 tonnes.
The gain was due to adjustments.

This is dangerously low especially when we are now into the August delivery month. The total of all gold at the comex (dealer and customer) falls slightly again tonight and this time just below the 7 million oz barrier resting at 6.999 million oz or 217.71 tonnes.

JPMorgan’s customer inventory falls tonight at 100,112.028 oz or 3.11 tonnes. It’s dealer inventory rises to 361,606.12 oz (11.24 tonnes)

The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account slightly increased their inventory tonight to 21.93 tonnes of gold. Brinks continues to record a low of only 4.14 tonnes in its dealer account.

The GLD reported no gain in inventory tonight with a reading of 911.13 tonnes of gold. We had no change in silver inventory at the SLV.


Thanks to BrotherJohnF