Loading ...Harvey Organ: COMEX Players Are Refusing Fiat & Demanding Only Physical Metal!
i) the May gold contract is a non active contract. Yet we started the month with 5.67 tonnes of gold standing and it has increased every single day and today sits at 6.886 tonnes of gold standing:
The amount standing for gold at the comex in May is simply outstanding at 6.886 tonnes. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal.
I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
Despite the whacking of silver, it’s OI refused to decline like gold. Our bankers and the CFTC are “quite baffled” by this. We are now in our 6th year of high open interest in silver with a low price. This has never happened before.
If I am a betting man, it looks to me like China is the long taking delivery in gold and they are the longs waiting patiently to strike in silver.
Let us have a look at the data for today