MONDAY, AUGUST 30, 2010
Good evening Ladies and Gentlemen: (reporting from Waterford Ireland)Just got back from walking on the beach and I am having a great time here.Gold today closed at par today at 1237.10 and silver finished the day at 19.11 The Dow had a miserable day finishing down 140 points due to poor consumer sales and higher consumption levels. The USA citizen is not saving, they are consuming whatever they are earning.
The open interest on the gold Comex rose by 678 contracts to close at 565,117. This is basis Friday night. The open interest on the silver Comex rose by a greater percentage rising by 1630 contracts to rest at 130,032.
What is even more alarming is that the current silver Comex OI and the amount of silver standing this delivery month of September was 6400 contracts or 32 million of silver. We must wait for the end of the month to find out how many options were exercised. Needless to say we have a "Houston we have a problem"
Adrian Douglas today pointed out that the silver lease rates spiked on the month contract to over .6%. Please remember that they have been negative for quite some time.
This means scarcity of metal and the Comex is having fits trying to obtain the necessary metal to satisfy our patient longs who have been waiting months for their metal.
I will try and report tomorrow night on the final inventory levels and notices for gold and silver. I would like to see the smoke clear on the last day and see how many options are standing.
It is newsworthy that the premiums on the Central Fund of Canada rebounded on Friday to over 8.8% and the PHYS of Sprott is now above 13%. Demand for physical is rising exponentially and causing headaches for our cartel bankers who continue to supply gold and silver paper unbacked.
It is also newsworthy that our GLD added 0.6 tonnes of gold on Friday. As I pointed out to you on many occasions this vehicle is fraudulent and its gold is really belonging to the Bank of England.
