Gold and Silver Prices Respond as England Cuts Rates & Unleashes Massive QE! – Harvey Organ

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ENGLAND SURPRISES MARKETS WITH ADDITIONAL QE ON TOP OF CUTTING IT’S INTEREST RATE TO .25%/GOLD AND SILVER REBOUND WITH THE NEWS FROM ENGLAND/JAPAN IS NOW ENTERTAINING WAGE CONTROLS: THEY WISH TO FORCE EMPLOYERS TO RAISE WAGE RATES/THE JOBS REPORT TOMORROW AND THUS EXTREMELY VOLATILITY IN THE GOLD/SILVER MARKET IS EXPECTED 

For the August gold contract month,  we had a large 205 notices served upon for 20,500 ounces. The total number of notices filed so far for delivery:  9862 for 986,200 oz or  tonnes or 30.674 tonnes

In silver we had 6 notices served upon for 30,000 oz. The total number of notices filed so far this month:  146 for 730,000 oz.

Tomorrow is the BLS report on the job gains in the USA for last month.  Even though the report has  fraudulent data in it, many hedge funds have their eyes glued ready to sell or buy within seconds of its release especially gold and silver.So you are warned: gold and silver will be quite volatile tomorrow. The last jobs report was awful and I do not think that they will have two consecutive bad reports. They love putting lipstick on this economic pig

Today England joined Japan and the ECB with massive QE. England also lowered its interest rate to a tiny .25% heading towards zero bound. The message is clear:  the global economy is in one complete mess!  Gold and silver responded in kind.

Let us have a look at the data for today

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In silver, the total open interest FELL BY A SMALLISH 1398 contracts DOWN to 223,142 AND CLOSE AN ALL TIME NEW ALL TIME RECORD AS THE  PRICE OF SILVER FELL  BY 22 CENTS WITH YESTERDAY’S TRADING.In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.116 BILLION TO BE EXACT or 159% of annual global silver production (ex Russia &ex China).

In silver we had 6 notices served upon for 30,000 oz

In gold, the total comex gold ROSE BY A CONSIDERABLE 1700 contracts despite the fact that the price of gold FELL by $8.30 yesterday. The total gold OI stands at 583,911 contracts.

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With respect to our two criminal funds, the GLD and the SLV:

GLD
we had no changes,to our gold inventory at the GLD . /

Total gold inventory rest tonight at: 969.65 tonnes

SLV

we had no changes in the SLV, the SILVER INVENTORY AT THE SLV

rests at 350.815 million oz.