COMEX OPTIONS EXPIRY AND AS ALWAYS GOLD AND SILVER ARE HIT: GOLD FALLS $2.10 BUT SILVER RESPONDS AND RISES 10 CENTS/GLD HAS A LOSS OF 9.17 TONNES

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SLV HAS A LOSS OF 3.309 MILLION OZ/TURKEY ON TRACK TO IMPORT A MONSTROUS 400 TONNES OF GOLD/CHINA ON TARGET TO IMPORT 130 MILLION OZ OF SILVER AND YET THEY ARE A HUGE SILVER PRODUCER
from Harvey Organ:

VENEZUELA OUT OF CONTROL AS OPPOSITION MAY RESORT TO GUERRILLA WARFARE TO COMBAT MADURO’S NEW CONSTITUTIONAL THREAT

In silver, the total open interest FELL BY 480 contract(s) DOWN to 206,068 WITH THE FALL IN PRICE THAT SILVER TOOK WITH YESTERDAY’S TRADING (DOWN 4 CENT(S). YESTERDAY THE COMMERCIALS TRIED IN VAIN TO COVER BUT TO NO AVAIL. THE SPEC SHORTS ARE HEARING RUMOURS OF TROUBLE WITH DELIVERIES IN LONDON SO THEY ARE TRYING TO GET OUT OF THEIR SHORTS. THE LONGS CONTINUE TO REMAIN STOIC.

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.03 BILLION TO BE EXACT or 147{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 122 NOTICE(S) FOR 610,000 OZ OF SILVER

In gold, the total comex gold FELL BY 4830 CONTRACTS WITH THE FALL IN THE PRICE OF GOLD ($0.25 with YESTERDAY’S TRADING). The total gold OI stands at 458,968 contracts. We continue to have liquidation in the front month as these guys are given EFP’s which gives them the right to receive a fiat bonus plus a future delivery product and these are generally London based forwards. We will continue to see liquidation up until first day notice on July 31.2017.

we had 6 notice(s) filed upon for 600 oz of gold.

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3 COMMENTS

  1. I’ve been reading HARVEY ORGANS work for many years. Although he understands how to read a COT report, he has no idea whatsoever how markets really work. Why does he have any credibility at all? Year after year of idiotic predictions and his flock still think they have something to gain from his narrow mind. Silver will bottom at $9.00 per oz, like it or not.

    • Where did you get $9.00?
      Lots of people throwing in the towels. We may have to see a retailer or 2 shut down as CD has suggested.

      The COT is pretty interesting. It looks like the Commercials have eliminated their massive short positions while the non-Commercials have eliminated their longs.

      Stay patient. Position yourself for Silver to go down. Position yourself for Silver to go up.

      I would love to be adding $9.00 Silver to the stack.

      Gold must clear 1260 before there is any reason to get excited. I don’t hear much discussion about raising the debt ceiling. Maybe they will shut down Washington DC permanently.

  2. I’ll make you a friendly wager right here Eric. Silver will hit ~$9.00 before total capitulation occurs. If not, I’ll admit I’m a moron. What Harvey Organ, Turd Ferguson and all the other silver experts never tell you is that the COT report, with open interest totals, can change in an instant. The report is 3 days old before we even get to examine it. A lot can happen in 3 days. You and the others who buy silver are wise to do so, but the COT report is mostly useless. I have a series 7 and 63 license. That doesn’t make me better than anyone, but I have a lot of experience. I quit selling commodities years ago and got my masters degree in engineering, because the financial markets are so vile.

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