Harvey Organ tonight @ http://harveyorgan.blogspot.com/

And now for the all important commodity of silver:

Again we witnessed massive movements into and out of comex vaults. All movements into and out were in the customer category. Today, the customer received from 3 sources a total of 333,141 oz . Other customers withdrew two lot of silver one lot of 80,637 and the second lot 384,548 oz. for a total withdrawal of 465,185. If you are keeping score the net withdrawal is 132,044 oz. We got another famous adjustment in the silver category where the dealer repaid a customer 94,767 oz of silver back from a prior loan arrangement.

Get a load of this next announcement; the comex folk notified us that a huge 126 notices were served upon our longs. The total number of notices served thus far this month total 670 or 3,350,000 oz of silver. To obtain what is left to be served upon, I take the deliveries of today at 126 and subtract that figure from today's open interest in January at 179 leaving me with 53 notices left to be served upon for a total of 265,000 oz of silver.

Thus the total number of silver oz standing in this non delivery month of January is as follows:

3,350,000 oz (already served) + 265,000 oz (to be served) = 3,615,000 oz (yesterday's total 3,100,000)

Please note that in the slowest month of the year for deliveries we have so far got total notices representing 3.615 million oz. I just cannot wait until March and see who will be taking on these crooked bankers. Judging from the March comex figures, the long holder refused to budge like their cousin, gold.

There have been rumours that certain hedge funds and sovereign wealth funds are willing to take possession of all gold and silver. In gold it is the February month and in silver it is March. If this is true, the game is over as there will be a default at the comex which will bring on defaults at the SLV and GLD, and then a default at the Bank of England, and then all the banking system in the USA. I will be watching this closely.

So in the conclusion, we saw a massive contraction in OI with respect to gold, which is in itself extremely bullish as the cartel washed away all of our weakest longs. Those that are now standing after a month of pummelling are in strong hands.

In silver, we saw no liquidation. If the long holders here are sovereign wealth funds, then they are also in strong hands and quite capable of bringing down the usa financial system.