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ARMSTRONG: Major Central Bank May Fail Next Year
Many analysts are fearful of an impending downturn as early as next year. In an exclusive interview with FS Insider, legendary forecaster Martin Armstrong of ArmstrongEconomics.com explained his outlook on the global economy and markets, including a bold call that, as early as next year, "we're looking at a central bank that can go bankrupt" — a topic that will be the focus of a July conference in Frankfurt.
Armstrong is a unique, contrarian thinker and has made a number of accurate forecasts over the years, especially since we've been speaking with him on our podcast. A key theme of his analysis is that economic growth is likely to remain stagnant as nations around the globe struggle with large debt burdens. However, rather than calling for a collapse in the dollar and the US stock market, as many bears have long predicted, Martin has taken the opposite view, focusing instead on the needs of institutional investors to earn yield by increasingly allocating capital into stocks and highly-rated corporate bonds, which helps to fuel the stock market higher.
Economics Is Flawed
The problem Armstrong sees with most analysts is that they focus too much on domestic markets. Economic thought is in a primitive state, he said, and hasn’t developed enough to be reliable.
“Economics is in the Middle Ages,” he said, and basically argued that the global markets are much more complex than any single economic framework.
Other factors play into markets, and particularly capital flows, Armstrong noted. For example, the United States went bankrupt in 1896 and J.P. Morgan had to bail it out. Was that the end of America?
Economically speaking, it would've been very difficult to predict that, years later, the US went on to become the world’s largest economy because of the events during WWI and WWII, which shifted massive amounts of capital into the US.
“Without that … we’d probably still be farmers,” he said. “International movements and events change domestic economies.”
Bear Trap, a la 1987
As a result of the Federal Reserve’s manipulation of interest rates, instead of stimulating the economy, we’ve seen investors turn to the stock market for safe returns.
“The stock market is now the source for money,” Armstrong said. “That’s where big money goes. Capital has been leaving the bond markets more and more, and is shifting into the private sector.”
This dynamic is creating the conditions for a potential bear trap in 2018. In this scenario, Armstrong sees markets moving down with negative sentiment spiking.
This will create the energy necessary for a slingshot move higher, as we saw in the 1987 crash, he noted.
Move Higher After 2018
Years before the event, Armstrong called for the Dow to hit 18,500, which was reached in 2016, and then for another move higher to 21,000, which was hit in 2017. Heading into next year, he's a bit more cautious but believes the Dow has the potential of moving as high as 40,000 before this bull market is finally over.
“We can get a short-term correction into 2018, but this thing’s going up a lot higher,” he said. “Once it gets through 23,000, it will probably go to about 40,000. Everything’s relative”—referring to extremely low bond yields and the US vs. the global economy.
The move out of government bonds and into equities will fuel this rise, he argued. Ultimately, we should expect the contrarian position — that we aren’t in for a new bear market — to play out.
“This is the most hated bull market in history,” he said. “We’ve been up since 2009. How many people are still bearish? They won’t admit they’re wrong.”
ECB Failure Next Year?
The problems developing in Europe stem from government, not the private sector, and a banking crisis appears to be developing there.
“In Europe, they look like a stiff wind can just blow them right over,” Armstrong said. “US banks are not there yet. Give them a few more years.”
The lack of confidence in governments and banks will ultimately create the conditions where capital begins to move, leading to a threat to the European Central Bank itself.
“Europe is basically a basket case,” he said. “We’re looking at a central bank that can go bankrupt.”
http://www.financialsense.com/martin-armstrong/major-central-bank-fail-next-year
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Fine Gold versus F.I.N.E. Central Banks
Posted on July 5, 2017 by Gary Christenson
Gold is one of nature’s finest creations.
On the other hand central banks create trillions of fiat currency units – dollars, euros, yen, quataloos, whatever – from nothing and use those currency units for purchases … Apple stock, salaries for a thousand Ph.D. economists, office buildings, lobbyists, politicians, gold bullion etc.
It is unfair that the Fed creates trillions of dollars from nothing and values those dollars equally with other dollars created from the efforts of millions of businesses and individuals.
UNFAIR? Of course it’s unfair. That’s the point! With their “unfair” ability to create fiat currency that spends the same as existing currency, central bankers increase their power and wealth at the expense of citizens. They own or control governments, congressmen, CEO’s, commercial bankers and more.
Don’t expect this to change. Those in power like things as they are.
Gold or fiat currency? Honest money or “funny” money?
From (the brilliant) Alasdair Macleod: “Understanding Money and Prices”
“Gold matters, because, excepting silver, it is the only form of money that has survived since individuals discovered the convenience of money over barter. It is beyond the control of governments, as they cannot issue it without acquiring it first. It is subject to the constraints of its quality, so that as a medium of credit it cannot be debauched, only defaulted upon. Its relative inflexibility and its soundness are the primary reason governments do not like monetary gold, and force their preferred alternative on their citizenry. The vested interest of government is therefore to discourage, or even ban the use of gold as competing money.”
Fine Gold or F.I.N.E. Central Banks?
A F.I.N.E. central bank can be defined as a Freaked out, Incompetent, Neurotic, Excessive central bank.
Freaked out: Central banks have devalued currencies, “stimulated” economies by massive “printing” of currency units, forced near zero and “negative interest” rates upon economies, and a hundred other deceptive, destructive and devaluing practices. They are freaked out because ordinary people realize central banker economic models and policies only benefit the wealthy.
Central banks are enormously helpful to the financial and political elite. The “game” is not over but their edifice constructed on fiat currency, lies, and bad policy is wobbly.
Incompetent: The Fed has devalued the U.S. dollar by about 98% since 1913. Central banks lowered interest rates to near (U.S.) or below zero (Europe) since the financial crisis of 2008, and yet the economies of Europe and the U.S. remain weak or have contracted. If central banks are expected to support their economies, they appear incompetent. However, if their purpose is to extract wealth from the citizens and transfer it to the elite, then central banks are competent and successful.
Neurotic: QE1, QE2, operation twist, “whatever it takes,” serial bubble blowers, try something to see if it works, and flip-flop often.
Excessive: The Fed added $4 trillion to their balance sheet since 2008. Total central bank “creations” approach $15 trillion. Excessive indeed!
Fine Gold or F.I.N.E. Central banks?
And the consequences of central banker actions will be … what they always are: Devaluation of currencies, transfer of wealth to the few, increased debt etc. It has been reported that global debt is now $217 trillion. Choices:
Debt will increase forever. (Doubtful!)
Default. Sorry, we aren’t repaying that debt.
Default. Sorry, we are devaluing the currency units by “printing” trillions more, which will create consumer price inflation, hyper-inflation and collapse, but hopefully after the next election. Extend and pretend, “keep this sucker running for a few more years,” not in my lifetime, etc.
History shows that fiat currencies always collapse. Will today’s euro, pound, dollar and yen be different?
The end-game according to Alasdair Macleod:
“The outcome is inevitably cyclical. Prices will start rising at a greater rate, and interest rates must rise to keep pace. Unaffordable nominal rates in the near to medium term are a racing certainty. We can assume that a new financial and economic crisis will follow, in which case over-indebted businesses will go bust, asset values crash, and banks will move from insolvency toward bankruptcy, just as the deflationists fear. The response from central banks will unquestionably be to flood the financial system with yet more money [the fiat stuff] to keep the banks alive, and insolvent businesses afloat. Quantitative easing to support asset prices and to fund government spending will have to be reintroduced at a greater level than seen heretofore.”
A preview of what is coming:
Illinois: “From Horrific to Catastrophic”
Chicago Police Pension Fund
Italian banks collapsing
Deutsche Bank Silver Manipulation
Pension Apocalypse Is Coming
The Broken States of the Union
Gold for preservation of assets and purchasing power is necessary. Otherwise why would China and Russia substantially increase their gold hoards every year?
Gary Christenson
The Deviant Investor
http://deviantinvestor.com/9007/fine-gold-versus-central-banks/
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Goldcorp makes headway with plan to give Dome mine a new life
Cecilia Jamasmie
Goldcorp makes headway with plan to give Dome mine a new life
Porcupine’s Dome started as an open pit and then went underground.
Canada’s Goldcorp (TSX:G) NYSE: GG , the world's number four bullion miner in terms of output, is moving forward with its Century project, which aims to extend the life its century-old Dome mine in Ontario.
The Dome mine received a death sentence in January 2016, when Goldcorp announced it was closing the operation in the summer due to weak bullion prices that nearly half the company’s share price over the previous year.
A few months later, however, the company literally stroke gold as it found indicated mineral resource of 4.5 million ounces and a gold inferred mineral resource of 0.9 million ounces (for a total of 5.4 million ounces) at what is now being called the Dome Century Project.
"Goldcorp may be able to begin developing the open-pit Century project by 2023. "
Goldcorp kicked off then a conceptual study to expand the open-pit mine, which has just completed, and the project is entering its prefeasibility stage, expected to take about 18 months.
“If we want to be economically viable and continue to contribute to Timmins, we need projects like this to make that happen (…) this is just an example of some of the ideas we have to take PGM (Porcupine Gold Mines) into a second century,” Marc Lauzier, general manager at PGM-Goldcorp told Timmins Today.
Dome is one of the oldest operating gold mines in North America and one of the other two assets — Hoyle Pond and Hollinger open pit — that are part of the Porcupine operation.
While Dome has been what Goldcorp calls a “prolific” gold producer since it began production in 1910, reserves are declining fast. That leaves Porcupine with the Hollinger open pit, set to shut down by 2019, the Hoyle Pond underground operations and the processing facility, which is fed by all three mines.
The potential large-scale open pit Century mine is expected to be close to its development stage by the time Dome approaches the end of its life, Lauzier said.
Despite having sold quite a few mines recently, Goldcorp expects to produce approximately 2.5 million ounces of gold in 2017 and has set itself some ambitious targets for the next five years.
The Vancouver-based miner expects gold production to increase 20% to approximately 3 million ounces, excluding potential production from its Canadian projects and its NuevaUnión joint venture in Chile.
http://www.mining.com/goldcorp-makes-headway-plan-give-dome-mine-new-life/
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MMgys
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Stewart Thomson Gives the Green Light: “Buy Gold Stocks Now”
Posted on July 5, 2017 by The Doc
Stewart Thomson Gives the Green Light: “Buy Gold Stocks Now”
“Simply put, it’s the greatest time in history to be an investor in the precious metals asset class….”
Submitted by Stewart Thomson:
The latest gold price action is a near-perfect reflection of the current market fundamentals.
Gold has arrived at my $1220 – $1200 conservative investor buy zone.
The market is seasonally soft in the summer months, but two key price drivers are poised to create the next rally.
The first is the US jobs report. It’s scheduled for release on Friday at 8:30AM.
Market participants are going to be looking at wage price inflation as much as they are looking at the total number of jobs created.
Gold has a rough general tendency to soften ahead of this report, and then rally strongly following its release.
The $1220 – $1200 support zone is an ideal price area for gold bugs to buy in anticipation of a post jobs report rally!
This chart should be used by all gold bugs as a key reference chart to understand gold’s seasonality.
In a nutshell, the summer is the best time to accumulate gold, and February is a great time to book some profits.
The current price softness is seasonally normal, and it’s exacerbated by the decision of bullion banks to halt imports into India.
They decided to halt imports until they got clarification about applying the new GST regime to the gold market.
It appears that June imports were only about five tons.
It’s almost impossible for gold to rally with Indian bullion banks importing no gold, but there is some great news.
Imports are set to resume next week, and that resumption will coincide with upside pressure on the gold price that typically follows the US jobs report release.
“I personally feel India is poised for double-digit growth, GST is an aid to it, even without GST we would have reached there. If you ask my personal judgment, post 2019-2020 we are poised for double digit growth.” – Rakesh Jhunjhunwala, one of India’s top investors, July 4, 2017.
Gold demand in India is in a basing zone, and I expect the country’s gold market infrastructure to become as good as China’s in just the next three years.
A floor of double digit GDP growth in India is going to create a “bull era” in gold demand growth. Simply put, it’s the greatest time in history to be an investor in the precious metals asset class.
In any business cycle, growth generally peaks as the cycle peaks.
The current US business cycle is about eight years old, and growth is quite strong, relatively speaking. This strength should now begin to create wage inflation, which is good news for gold stock enthusiasts.
To understand why I use the phrase “relatively speaking”,
Germany and China have the biggest current account surpluses in the world. The US has the biggest deficit.
It’s a “no brainer” to see why Europe’s most powerful nation (Germany) is joining forces with China. A current account surplus “cartel” is essentially being created. This is going to put enormous pressure on the Trump administration to devalue the dollar against other fiat currencies, and perhaps directly against gold.
While gold is seasonally weak, investors should not let this distract them from the fact that gold is fundamentally and technically in a key buying area now. It’s poised to see very solid appreciation in the years ahead.
In a deflationary crisis, gold and silver bullion are the best performers. Gold stocks tend to look like wet noodles, and silver stocks can look even worse. As the winds of inflation begin to pick up against a background of possible dollar devaluation, the mining stocks will be the leaders.
I view the $23 – $18 area for GDX as one of the most important accumulation price zones in the history of markets. Investors who take action here are poised to be rewarded with gains that are not just big, but here to stay!
Thanks! Cheers Stewart Thomson Graceland Updates
http://www.silverdoctors.com/gold/gold-news/stewart-thomson-gives-the-green-light-buy-gold-stocks-now/
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Metals Trading Has a Paper Fraud Problem
By Mark Burton
https://www.bloomberg.com/news/articles/2017-07-03/paper-trail-on-metal-loans-ended-in-fakes-as-banks-lose-millions
July 3, 2017, 4:00 PM MST July 4, 2017, 4:41 AM MST
Natixis, ANZ suits over nonexistent nickel shows industry flaw
No standard for verifying stockpiles stored around the world
For all the high-tech wizardry of modern financial markets, there’s one corner of the commodity world that still depends almost entirely on printed paper -- making it an easy target for crooks.
Buyers and sellers of base metals like copper, aluminum and nickel use documents known as warehouse receipts to prove every pound involved in a transaction actually exists and who owns it. The receipts, from a long list of issuers who often stamp them with holograms and secret codes, have become the linchpin of bank loans backed by the metal as collateral.
But like most pieces of paper, warehouse receipts can be faked, and there are signs that more lenders are being ripped off by crooks exploiting weaknesses in what commodity businesses refer to as trade financing. For the second time since 2014, some banks are facing multimillion-dollar losses after being tricked into making loans secured by goods that didn’t exist.
“It’s a pervasive problem,” said John Barlow, a partner at Holman Fenwick Willan LLP who advises insurers of banks on risks including trade financing. “There’s an inherent risk in transacting business in this way, and banks face the choice of either accepting that risk, or completely restructuring the way the industry operates,” he said by phone from Dubai.
Lending against commodities sitting in a warehouse somewhere is a bread-and-butter business for banks involved in trade finance, a $4 trillion industry spanning everything from commodities, logistics and shipping. Producers and traders use the deals as a way to quickly get cash by temporarily pledging inventories. Given the global inventory at risk, the incidence of fraud remains relatively rare.
However, warehouse receipts are a favorite target of commodity fraudsters. French lender Natixis SA and Melbourne-based Australia & New Zealand Banking Group Ltd. are facing loan losses after discovering fake documents used to verify nickel stored in Asian warehouses owned by Access World, a subsidiary of Glencore Plc. The deals involved $305 million for ANZ and $32 million to Natixis, according to court filings this year.
A spokesman for ANZ said the bank’s exposure was accounted for as a non-material item in its first-half results and was significantly less than the value of the contract. ANZ’s standard documents provide recourse for ANZ in the event of fraud, he said in an emailed statement. He wasn’t immediately able to comment on how the exposure had been reduced.
Natixis, Marex and Glencore declined to comment.
Who’s Responsible?
It’s not clear from the court records who is accused of orchestrating the alleged frauds. But Natixis is suing broker Marex Financial Ltd., which responded by saying the receipts were checked and verified as genuine, according to legal papers filed in London. Marex argues Access World should be liable for any losses because it authenticated the documents.
ANZ has hired lawyers in the U.S., Hong Kong and Singapore to attempt to recover its losses and pursue the alleged fraudsters. When ANZ looked into selling the nickel, it discovered 83 out of 84 receipts were likely forgeries, the lender said in a June 6 petition filed in a U.S. court in San Francisco.
See also: ANZ Suffered ‘Substantial Losses’ in Nickel Receipts Scam
This isn’t the first time that banks have been caught out by a major financing scam in commodities. In 2014, Standard Chartered Plc, Citigroup Inc. and Standard Bank Group Ltd. revealed almost $648 million of fraud involving copper, aluminum and alumina stored in the Chinese port of Qingdao that had been used to raise finance multiple times.
Lawsuits are just the tip of the iceberg, Barlow said. There are more disputes over fraudulent title documents in arbitration proceedings around the world, he said.
While banks and warehouses have taken steps to limit counterfeiting since then, the reliance on paper documentation means the business remains inherently risky, Barlow said.
Paperwork Overload
One problem is that there’s no standardized way of tracking and verifying inventories. The London Metal Exchange, the industry pricing benchmark, oversees a network of more than 600 warehouses and manages a central system. But the LME represents only a small part of all the metal bought and sold, mostly because its fees are higher than private storage depots, and the bourse is more heavily regulated. The LME also has no warehouses in China.
For example, warehouses monitored by the LME and the Shanghai Futures Exchange hold a combined 1.8 million tons of aluminum valued at $3.5 billion at today’s prices. There could be 10 million tons or more of additional inventory in private storage around the world, according to some industry estimates.
Another issue is that a single transaction may require keeping track of as many as 40 original documents, said Angelique Slach, chief innovation officer for trade and commodity finance at Cooperatieve Rabobank UA. Switching to a digital system would save time and cut costs, she said.
“If all parties are using the same systems, document handling might take a couple of hours, rather than a couple of weeks,” Slach said.
A Fake
In the recent Natixis and ANZ case, banks paid for a professional courier to fly from Singapore to London to hand deliver the warehouse receipts for inspection, according to Marex court filings. The documents, which passed inspection, were later found to be fake.
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There are some signs that the industry is moving toward a distributed database known as a blockchain that would improve the way ownership is verified. In March, Natixis teamed up with commodity trader Trafigura BV and information technology developer IBM Corp. to set up a system backed by a digital ledger. The platform would be open to all users and any attempt to alter an invoice or use a document more than once would be obvious to all participants.
“The current process is paper and labor intensive,” Arnaud Stevens, Natixis’s New York head of global energy and commodities, said in March when the platform project was announced.
A similar system is already taking shape in the iron ore market. Major shippers including Vale SA and BHP Billiton Ltd., banks such as ING Groep NV and Westpac Banking Corp., and traders like Cargill Inc. and Glencore signed up for a paperless shipment-management system called essD0CS. A previous Morgan Stanley trading unit -- now part of Castleton Commodities -- was one of the first users of the platform, a spokesman said.
The LME is also expanding its system to monitor metal as it moves from its warehouses to depots outside the system. The exchange says the enhancement will help to “safeguard against multiple claims of ownership.”
Trades backed up by digitally authenticated documents will start within the next year, with blockchain systems steadily increasing over the next decade before they become dominant in the industry, according to Rabobank’s Slach. They improve security, reduce costs and speed up deals.
Standardization Needed
But these systems may not gain widespread use until a digital standard emerges for creating and sharing documents, Holman Fenwick Willan’s Barlow said.
“Transferring documents electronically is probably the way forward,” he said. “It’s the inefficiency of the current system that means the problem continues.”
In the meantime, insurers are reviewing how to offer the industry better protection against losses. After Qingdao, Marsh Ltd. began offering the option for additional coverage against document fraud, said Craig Glendinning, a senior vice president at the firm.
“The risk has always been present, and over time the industry has adapted by adopting controls and procedures to hold fraud in check,” Glendinning said by email. “However, we are now seeing a material increase in both the frequency and severity of documentary fraud.”
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The Government Just Killed The Mining Sector In This Critical Gold Nation
By Dave Forest - Jul 06, 2017,
The Philippines government said this week it is trying to repair its damaged mining sector. With officials stating they will review all policies implemented by former environment secretary Regina Lopez — who took a hardline stance against operations around the country.
But as that mining nation swings to the better, another key metals country has gone the other way. With the government implementing a raft of policies that may well decimate the entire sector here.
Tanzania.
As I’ve discussed, the Tanzania government has gone to war with miners in recent months. Accusing companies like Acacia Mining of cheating on export duties — resulting in a complete ban on concentrate exports earlier this year.
And this week, officials took the fight to another level — passing several new laws that will make mining much more challenging in the country.
Here’s what’s happening.
The biggest change is a requirement for state interest in all mining projects. With a new law passed Tuesday requiring miners to give up 16 percent of their shares to the government — at no cost.
And it doesn’t stop there. With the law further stating the government has the right to acquire up to 50 percent of the shares of any mining company.
The law states that such an increase in ownership will be “commensurate with the total tax expenditures incurred by the government in favour of the mining company” — a vague statement that could likely be invoked under a variety of situations.
The government also granted itself power to nullify any mining (and oil and gas) contracts, as it pleases. And stripped local miners of any right to international arbitration.
Related: Has U.S. Shale Wrecked Its Own Recovery?
As a final stroke, officials also increased mining royalties — raising rates on precious metals and copper to 6 percent, from a former 4 percent. Uranium royalties will also rise to 6 percent, from 5 percent.
In-country firms like Acacia Mining immediately said they would seek arbitration over the new rules. But unless they can pull a rabbit from the hat, Tanzania’s mining sector is going to be very subdued going forward — with the new fiscal terms unlikely to be palatable for most firms.
Watch for developments on legal challenges to the new laws, and for a big drop-off in project activity — potentially with some effects on gold supply.
Here’s to self destructing.
By Dave Forest
http://oilprice.com/Metals/Gold/The-Government-Just-Killed-The-Mining-Sector-In-This-Critical-Gold-Nation.html
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MMgys
Silver Open Interest Surges Despite Drubbing
Posted on July 6, 2017 by The Doc
Silver Open Interest Surges DESPITE THE DRUBBING IN PRICE THAT SILVER TOOK THESE PAST FEW WEEKS:
NORTH KOREA LAUNCHES AN ICBM AND WITH THAT WAR DRUMS BEAT LOUDER/SAUDI ARABIA REJECTS THE QATARI NEW PROPOSAL AND THE BLOCKADE CONTINUES IN THE GULF/SOUTH AFRICA TO NATIONALIZE ITS CENTRAL BANK AND THEN THEY WISH TO CONFISCATE ALL PRIVATE LANDS IN WHITE HANDS/MOODY’S SET TO DOWNGRADE ILLINOIS TO JUNK DESPITE THEIR BUDGET AGREEMENT/CARMAGEDDON IN THE USA ADVANCES
GOLD: $1220.40 UP $2.40
Silver: $15.92 DOWN 18 cent(s)
Closing access prices:
Gold $1227.00
silver: $16.10
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1236.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1228.10
PREMIUM FIRST FIX: $8.79
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SECOND SHANGHAI GOLD FIX: $1244.88
NY GOLD PRICE AT THE EXACT SAME TIME: $1235.85
Premium of Shanghai 2nd fix/NY:$9.03
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LONDON FIRST GOLD FIX: 5:30 am est $1235.20
NY PRICING AT THE EXACT SAME TIME: $1235.80
LONDON SECOND GOLD FIX 10 AM: $1220.30
NY PRICING AT THE EXACT SAME TIME. $1220.30
For comex gold:
JULY/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 39 FOR 3900 OZ (.1213 TONNES)
For silver:
JULY
397 NOTICES FILED TODAY FOR
1,985,000 OZ/
Total number of notices filed so far this month: 1601 for 8,005,000 oz
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end
Let us have a look at the data for today
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In silver, the total open interest SURPRISINGLY ROSE BY 2485 contract(s) UP to 203,541 DESPITE THE DRUBBING IN PRICE THAT SILVER TOOK WITH FRIDAY’S RAID (DOWN 47 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS.
In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0175 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 397 NOTICE(S) FOR 1,985,000 OZ OF SILVER
In gold, the total comex gold SURPRISINGLY FELL BY ONLY 3,356 CONTRACTS DESPITE THE HUGE FALL IN THE PRICE OF GOLD ($20.80 with FRIDAY’S TRADING). The total gold OI stands at457,201 contracts.
we had 1 notice(s) filed upon for 100 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had A HUGE change in tonnes of gold at the GLD: A MASSIVE WITHDRAWAL OF 5.62 TONNES WHICH MOST LIKELY WAS USED IN THE RAID THIS MORNING.
Inventory rests tonight: 840.67 tonnes
.
SLV
Today: STRANGE: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 339.605 MILLION OZ
Please note the difference between gold and silver
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver SURPRISINGLY ROSE BY 2,485 contracts UP TO203,541 (AND now A LITTLE CLOSER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), DESPITE THE MAMMOTH FALL IN PRICE FOR SILVER WITH FRIDAY’S TRADING (DOWN 47 CENTS).We LOST NOBODY AS EVERYBODY remains firm and determined.
(report Harvey)
.
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed UP 24.33 POINTS OR 0.76% / /Hang Sang CLOSED UP 132.96 POINTS OR 0.52% The Nikkei closed UP 49.28 POINTS OR 0.25%/Australia’s all ordinaires CLOSED DOWN 0.32%/Chinese yuan (ONSHORE) closed DOWN at 6.8020/Oil DOWN to 46.26 dollars per barrel for WTI and 48.86 for Brent. Stocks in Europe OPENED MOSTLY IN THE GREEN,, Offshore yuan trades 6.8026 yuan to the dollar vs 6.8020 for onshore yuan. NOW THE OFFSHORE IS A TOUCH WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS ALSO WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE STRONGER DOLLAR. CHINA IS NOT VERY HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA
As I stated last time, I guess the Kim has nothing better to do with his time than to launch missiles. He launched a ICBM which traveled around 940 km and landed in Japan’s economic zone. Talks with Trump and China will be interesting this week.
( zerohedge)
ii)Donald Trump responds to North Korea with my line: “does Kim have anything better to do with his life”?
( zero hedge)
iii)Trump is now very angry: China’s trade with North Korea advances 40% in the first quarter instead of contracting
( zero hedge)
iv)then late in the afternoon: Ambassador Haley stated today that the uSA will use the military in North Korea if it must:
( zero hedge)
v)Do not like the looks of this: Russia and China rule out military action as well as not economically strangling North Korea
( zero hedge)
b) REPORT ON JAPAN
c) REPORT ON CHINA
This is interesting: the POBC hires blockchain engineers who will oversee the creation of a digital yuan. For what purpose?
( zerohedge)
4. EUROPEAN AFFAIRS
i)ITALY
This is a huge problem: a massive migrant influx bombards Italian ports mainly from Libya. The Italians ask for help from other European nations but that will come to naught. If you look at the map, the shortest distance to a European port is Italy with Greece and Spain and France at a much greater distance
( zero hedge)
ii)ITALY
No wonder Italy is furious as Austria throw roadblocks to prevent migrants from entering Austria:
( zero hedge)
iii)Interesting: Italy is now openly discusses leaving the EU
( Mish Shedlock/Mishtalk)
iv)When will public official learn: you cannot undergo derivative contracts with corrupt bankers
( Reuters)
v)UK/EUROPE
And I bet you thought that subprime lending in the auto sector was only reserved for the USA. Guess again: the UK and Europe also have undisciplined auto lending:
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Saudi Arabia/Qatar:
Qatar has delivered its response to Saudi Arabia. German Finance Minister Gabriel who has seen the response believes that Saudi Arabia will state that “it is not enough” and thus they may escalate the embargoes
( zero hedge)
ib)the blockade continues after the Arab states slam the “negative” response from Qatar to their ultimatum
( zero hedge)
ii)Interesting: over 500,000 Syrian refugees have returned to their homes and all of these are in Government controlled areas of Syria. Not areas controlled by the rebels. It seems that if a vote was to be held, Assad would win by 90%It kind of shows that the entire conflict was created by the USA and western allies
(courtesy Whitney Webb/AntiMedia.org)
iii)Good reason for gold to go down today: Turkey warns it is ready for military intervention in Syria (in which they are already doing so) as they accuse their ally the USA of creating a “terrorist army”
( zero hedge)
6 .GLOBAL ISSUES
7. OIL ISSUES
8. EMERGING MARKET
i)SOUTH AFRICA
This is not good: South Africa is seeking to nationalize its Central Bank. Remember that this Central bank is private and has shareholders. The Rand plummeted on this news:
( zero hedge)
ii)My goodness: haven’t they learned? South Africa President now proposes land expropriation without compensation
Rhodesia all over again.
( zero hedge)
9. PHYSICAL MARKETS
i)Turk explains that despite the constant waterfalls in gold and silver we have been experiencing this year, both metals are doing relatively well but most importantly in London, gold and silver are backward in price i.e. the spot delivery is higher than future deliveries in their forwards
( James Turk/Kingworldnews)
ii)Hugo addresses Russians about the use of a Silver Rouble. He also highlights to them the manipulation of silver and gold by western authorities( Hugo Salinas Price/GATA)
iii)Citizens of India will now resort to more smuggling to offset the higher GST on gold and silver
( Reuters)
iv)The boys are finally picking up potential fraud in the metals trading as they are uncovering fraudulent warehouse receipts. If they looked close enough they will find mammoth fraud in gold and silver as well
( Mark Burton/Bloomberg/GATA)
10. USA Stories
i)the debt ceiling is going to be a huge problem as the Republicans are split into 3:
1 tea party member (slash spending/entitlements
2 moderates( tax cuts for everybody including the wealthy/increase military spending
3. war mongers (John McCain ) /spend massive amounts of money of defense and act war like
there is no way that can be an agreement on the debt ceiling
(zerohedge)
ii)Tuesday
Two states have signed their budgets for 2018 but we still have 2 major states that did not sign:
Illinois
Connecticut
plus another 8
( zerohedge)
iii)Trouble in Illinois, they raise Illinois tax rate by 32%/the Governor vetoes the raise and then the senate overrides it
( zero hedge)
iiib)Wow!! the scramble to pass the budget has been for naught:Moody’s has put the State of Illinois on review for a downgrade because of their failure to pass a budget on time and also because they do not have consensus on how to balance their budget. Once a downgrade is initiated all the muni funds must dump Illinois bonds and thus their cost skyrocket
( zero hedge)
iv)Carmageddon continues in the uSA. Despite huge incentives to get people to buy cars plus generous financing terms have failed to stem the auto bleeding
( zerohedge)
iv b) David Stockman continues on the same subject as above
(David Stockman)
v)Another hard data report showing factory orders tumbling. We are now getting a clear picture: hard data shows the USA economy in freefall. The soft data reports are fairytales.
( zero hedge)
vi)OH OH!! MORE HARD DATA. The traffic flow into North American stores were 8.1% lower leading up to the 4th of july holiday weekend. This is not a good harbinger for retail sales growth
(courtesy zero hedge)
Let us head over to the comex:
The total gold comex open interest SURPRISINGLY FELL BY ONLY 3,356 CONTRACTS down to an OI level of 457,201 DESPITE THE MAMMOTH FALL IN THE PRICE OF GOLD ($20.80 with FRIDAY’S trading). An open interest of around 390,000 to 400,000 is core and nothing will move these guys from their contracts.
We are now in the contract month of JULY and it is one of the POORER delivery months of the year. .
The non active July contract LOST 30 contracts to stand at 74 contracts. We had only 8 notices filed on Friday morning, so we lost 22 contracts for an additional 2200 oz that will not stand in this non active month of July. Thus 22 EFP notices were given which gives the long holder a fiat bonus plus a futures contract for delivery and most likely these are London based forwards. The contracts are private so we do not get to see all the particulars. The next big active month is August and here the OI LOST 4736 contracts DOWN to 288,401, as the bankers trying to keep this month down to manageable size. The next non active contract month is September and here they picked up another 105 contracts to stand at 185. The next active delivery month is October and here we gained 1629 contracts up to 17,532. October is the poorest of the active gold delivery months as most players move right to December.
We had 1 notice(s) filed upon today for 100 oz
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And now for the wild silver comex results. Total silver OI SURPRISINGLY ROSE BY 2,485 contracts FROM 201,056 up to 203,541 DESPITE FRIDAY’S 47 CENT LOSS AND CONSTANT TORMENT. OUR BANKER FRIENDS ARE DESPERATELY TRYING TO COVER THEIR SHORTS IN SILVER BUT AS YOU CAN SEE THEY HAVE NOT BEEN AS SUCCESSFUL AS THEY WOULD HAVE LIKED. THE BIG NEWS IS THE FACT THAT WE ENTERED FIRST DAY NOTICE AND BEYOND AND WE HARDLY HAD ANY OBLITERATION OF OPEN INTEREST. THIS IS THE FIRST TIME THIS HAS HAPPENED IN OVER 2 YEARS.
We are now in the next big active month will be July and here the OI LOST 323 contracts DOWN to 1,201. We had 326 notices served on Friday so we only gained 3 notices or an additional 15,000 oz will stand at the comex, and 0 EFP contracts were issued which entitles them to receive a fiat bonus and a future delivery contract (which no doubt is a London based forward).
The month of August, a non active month lost 58 contracts to stand at 369. The next big active delivery month for silver will be September and here the OI already jumped by another 4078 contracts up to 157,195.
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
As for the July contracts:
Initial amount that stood for silver for the July 2016 contract: 14.785 million oz
Final standing JULY 2016: 12.370 million with the difference being EFP’s taking delivery in London. Thus we are basically on par to what happened a year ago as to the total amount of silver ounces standing.
We had 397 notice(s) filed for 1,985,000 oz for the June 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 365,952 contracts which is excellent/
Yesterday’s confirmed volume was 324,316 contracts which is excellent
volumes on gold are STILL HIGHER THAN NORMAL!
Initial standings for JULY
July 5/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
NIL
OZ
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz
NIL oz
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
73 contracts
7300 oz
Total monthly oz gold served (contracts) so far this month
39 notices
3,900 oz
.1213 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month NIL oz
Today we HAD 0 kilobar transaction(s)/
We had 0 deposit into the dealer:
total dealer deposits: NIL oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz
we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
we had 1 adjustment(s):
i) from the HSBC vault: 3,279.402 oz was adjusted out of the dealer and this landed into the customer account of HSBC
For JULY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 12 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the initial total number of gold ounces standing for the JULY. contract month, we take the total number of notices filed so far for the month (39) x 100 oz or 3,900 oz, to which we add the difference between the open interest for the front month of JUNE (73 contracts) minus the number of notices served upon today (1) x 100 oz per contract equals 13,100 oz, the number of ounces standing in this NON active month of JULY.
Thus the INITIAL standings for gold for the JULY contract month:
No of notices served so far (39) x 100 oz or ounces + {(74)OI for the front month minus the number of notices served upon today (1) x 100 oz which equals 13,200 oz standing in this active delivery month of JUNE (0.4105 tonnes)
We lost 22 contracts or 2200 oz will not stand but these guys were given 22 EFP contracts described as above.
.
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Total dealer inventory 854,084.858 or 26.470 tonnes
Total gold inventory (dealer and customer) = 8,616,722.334 or 268.01 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 268.01 tonnes for a loss of 35 tonnes over that period. Since August 8/2016 we have lost 86 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 10 MONTHS 85 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE June DELIVERY MONTH
JULY INITIAL standings
July 5 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
602,295.92 oz
Brinks
Deposits to the Customer Inventory
824,107.160 oz
Scotia
No of oz served today (contracts)
397 CONTRACT(S)
(1,985,000 OZ)
No of oz to be served (notices)
804 contracts
( 4,020,000 oz)
Total monthly oz silver served (contracts) 1601 contracts (8,005,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month 178,970.1 oz
today, we had 1 deposit(s) into the dealer account:
i) into Brinks: 602,295.92 oz
total dealer deposit: 602,295.92 oz
we had Nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 0 customer withdrawal(s):
TOTAL CUSTOMER WITHDRAWALS: nil oz
We had 1 Customer deposit(s):
i) Into Scotia: 824,107.160 oz
***deposits into JPMorgan have now stopped again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits: nil oz
we had 0 adjustment(s)
The total number of notices filed today for the JULY. contract month is represented by 397 contract(s) for 1,985,000 oz. To calculate the number of silver ounces that will stand for delivery in JUNE., we take the total number of notices filed for the month so far at 1601 x 5,000 oz = 8,005,000 oz to which we add the difference between the open interest for the front month of JUNE (1201) and the number of notices served upon today (397) x 5000 oz equals the number of ounces standing
.
Thus the INITIAL standings for silver for the JULY contract month: 1601 (notices served so far)x 5000 oz + OI for front month of JUNE.(1201 ) -number of notices served upon today (397)x 5000 oz equals 12,025,000 oz of silver standing for the JULY contract month.
We gained 3 contracts for an additional 15000 oz that will stand at the comex and 0 EFP’s were issued.
Volumes: for silver comex
Today the estimated volume was 130,356 which is huge
Yesterday’s confirmed volume was 98,064 contracts which is HUGE
YESTERDAY’S CONFIRMED VOLUME OF 98,064 CONTRACTS EQUATES TO 490 MILLION OZ OF SILVER OR 70% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 37.585 million (close to record low inventory
Total number of dealer and customer silver: 210.363 million oz
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.1 percent to NAV usa funds and Negative 6.3% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.1%
cash .+0.1%( July 5/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO +.11% (July 5/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.82% to NAV (July 5/2017 )
Note: Sprott silver trust back into POSITIVE territory at +0.11 /Sprott physical gold trust is back into NEGATIVE/ territory at -0.82%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA)
Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.
Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
end
And now the Gold inventory at the GLD
July 5/A MASSIVE 5.62 TONNES OF GOLD LEFT THE GLD AND NO DOUBT WAS USED IN THE RAID THIS MORNING/INVENTORY REST
July 3/ A MASSIVE 7.37 TONNES OF GOLD LEAVE THE GLD/INVENTORY RESTS AT 846.29 TONNES
June 30/no change in gold inventory at the GLD/Inventory rests at 853.66 tonnes
June 29/no change in inventory at the GLD/inventory rests at 853.66 tonnes
June 28/no change in inventory at the GLD/Inventory rests at 853.66 tonnes
June 27.2017/a deposit of 2.64 tonnes into the GLD/inventory rests at 853.66 tonnes
June 26/a withdrawal of 2.66 tonnes from the GLD and this gold no doubt was part of the raid/Inventory rests at 851.02
June 23/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 22/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 21/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 20/no change in gold inventory at the GLD//Inventory rests at 853.68 tonnes
June 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 853.68 TONNES
June 16/no changes in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 15/ a monstrous “paper” withdrawal of 13.32 tonnes/Inventory rests at 853.68 tonnes
June 14./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 867.00 TONNES
June 13. No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 12/No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 9/no change in inventory at the GLD/Inventory rests at 867.00 tonnes
June 8/AN ADDITION OF 3.07 TONNES OF GOLD ADDED TO THE GLD/INVENTORY RESTS AT 867.00 TONNES
June 7 a huge change in inventory/a deposit of 13.93 tonnes/inventory rests at 864.93 tonnes
June 6/ no changes in inventory at the GLD/Inventory remains at 851.00 tonnes
June 5.2017/no changes at the GLD/Inventory remain at 851.00 tonnes
June 2/2017/a huge deposit of 3.55 tonnes of gold into the GLD/Inventory rests at 851.00 tonnes
June 1/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 847.45 TONNES
May 31./ no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 30/no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 26./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 25./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 24/no change in inventory at the GLD/inventory rests at 847.45 tonnes
May 23/a paper withdrawal of 5.03 tonnes of gold from the GLD/Inventory rests at 847.45 tonnes
May 22/A DEPOSIT OF 1.77 TONNES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.48 TONNES
May 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.71 TONNES
May 18/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 850.71
May 17/no change in the GLD inventory/inventory rests at 851.89 tonnes
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July 5 /2017/ Inventory rests tonight at 840.67 tonnes
*IN LAST 184 TRADING DAYS: 106.46 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 125 TRADING DAYS: A NET 20.97 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 34.09 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
July 5/STRANGE! NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ
July 3/strange! with the huge whacking of silver we got an increase of 379,000 oz into inventory.
June 30/no change in silver inventory at the SLV/Inventory rests at 339.226 million oz
June 29/no change in silver inventory at the SLV/Inventory rests at 339.226 million oz/
June 28/ a small withdrawal of 662,000 oz form the SLV/Inventory rests at 339.226 million oz/
June 27/no change in the silver inventory at the SLV/Inventory rests at 339.888 million oz/
June 26/no change in the silver inventory at the SLV/Inventory rests at 339.888 million oz/
June 23/no change in silver inventory at the SLV/Inventory rests at 339.888 million oz
June 22/ a big change; a huge deposit of 2.175 million oz into the SLV/Inventory rests at 339.888 million oz
June 21/no change in silver inventory at the SLV/inventory rests at 337.713 million oz
June 20/a deposit of 1.513 million oz/inventory rests at 337.713 million oz/.
June 19/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 336.200 MILLION OZ
June 16/no changes in inventory at the SLV/inventory rests at 336.200 million oz
June 15/ a massive “paper withdrawal” of 3.405 million oz of silver/Inventory rests at 336.200 million oz/
June 14/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/
June 13/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz
June 12/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 9/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 8/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/
June 7/no change in inventory at the SLV/inventory rests at 339.605 million oz/
June 6/no change in inventory at the SLV/Inventory rests at 339.605 million oz.
June 5/a huge change at the SLV/a withdrawal of 1.371 million oz /inventory rests at 339.605 million oz/
June 2/no change in silver inventory at the SLV/Inventory rests at 340.976 million oz/
June 1/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 340.976 MILLION OZ
May 31./ no change in silver inventory at the SLV/inventory rests at 340.976 million oz/
May 30/no change in silver inventory at the SLV/inventory rests at 340.976 million oz
May 26/another paper withdrawal of 946,000 oz of silver from the SLV with silver rising/inventory rests at 340.976 million oz
May 25/no change in silver inventory at the SLV/Inventory rests at 341.922 million oz
May 24./a “paper” withdrawal of 1.893 million oz from the SLV/inventory rests tonight at 341.922 million oz
May 23/no change in silver inventory at the SLV/inventory rests at 343.815 million oz
May 19/no change in silver inventory at the SLV/Inventory rests at 343.815 million oz.
may 18/2017/another big deposit of 1.42 million oz added to the SLV/inventory rests at 343.815 million oz.
may 17/no change in silver inventory at the SLV/Inventory rests at 342.395 million oz/
http://www.silverdoctors.com/silver/silver-news/silver-open-interest-surges-despite-drubbing/#more-79356
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fun city on this one, Thanks
JD400 tonight's gys Hiway Host
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News Zone Ahead
ARMSTRONG: Major Central Bank May Fail Next Year
Many analysts are fearful of an impending downturn as early as next year. In an exclusive interview with FS Insider, legendary forecaster Martin Armstrong of ArmstrongEconomics.com explained his outlook on the global economy and markets, including a bold call that, as early as next year, "we're looking at a central bank that can go bankrupt" — a topic that will be the focus of a July conference in Frankfurt.
Armstrong is a unique, contrarian thinker and has made a number of accurate forecasts over the years, especially since we've been speaking with him on our podcast. A key theme of his analysis is that economic growth is likely to remain stagnant as nations around the globe struggle with large debt burdens. However, rather than calling for a collapse in the dollar and the US stock market, as many bears have long predicted, Martin has taken the opposite view, focusing instead on the needs of institutional investors to earn yield by increasingly allocating capital into stocks and highly-rated corporate bonds, which helps to fuel the stock market higher.
Economics Is Flawed
The problem Armstrong sees with most analysts is that they focus too much on domestic markets. Economic thought is in a primitive state, he said, and hasn’t developed enough to be reliable.
“Economics is in the Middle Ages,” he said, and basically argued that the global markets are much more complex than any single economic framework.
Other factors play into markets, and particularly capital flows, Armstrong noted. For example, the United States went bankrupt in 1896 and J.P. Morgan had to bail it out. Was that the end of America?
Economically speaking, it would've been very difficult to predict that, years later, the US went on to become the world’s largest economy because of the events during WWI and WWII, which shifted massive amounts of capital into the US.
“Without that … we’d probably still be farmers,” he said. “International movements and events change domestic economies.”
Bear Trap, a la 1987
As a result of the Federal Reserve’s manipulation of interest rates, instead of stimulating the economy, we’ve seen investors turn to the stock market for safe returns.
“The stock market is now the source for money,” Armstrong said. “That’s where big money goes. Capital has been leaving the bond markets more and more, and is shifting into the private sector.”
This dynamic is creating the conditions for a potential bear trap in 2018. In this scenario, Armstrong sees markets moving down with negative sentiment spiking.
This will create the energy necessary for a slingshot move higher, as we saw in the 1987 crash, he noted.
Move Higher After 2018
Years before the event, Armstrong called for the Dow to hit 18,500, which was reached in 2016, and then for another move higher to 21,000, which was hit in 2017. Heading into next year, he's a bit more cautious but believes the Dow has the potential of moving as high as 40,000 before this bull market is finally over.
“We can get a short-term correction into 2018, but this thing’s going up a lot higher,” he said. “Once it gets through 23,000, it will probably go to about 40,000. Everything’s relative”—referring to extremely low bond yields and the US vs. the global economy.
The move out of government bonds and into equities will fuel this rise, he argued. Ultimately, we should expect the contrarian position — that we aren’t in for a new bear market — to play out.
“This is the most hated bull market in history,” he said. “We’ve been up since 2009. How many people are still bearish? They won’t admit they’re wrong.”
ECB Failure Next Year?
The problems developing in Europe stem from government, not the private sector, and a banking crisis appears to be developing there.
“In Europe, they look like a stiff wind can just blow them right over,” Armstrong said. “US banks are not there yet. Give them a few more years.”
The lack of confidence in governments and banks will ultimately create the conditions where capital begins to move, leading to a threat to the European Central Bank itself.
“Europe is basically a basket case,” he said. “We’re looking at a central bank that can go bankrupt.”
http://www.financialsense.com/martin-armstrong/major-central-bank-fail-next-year
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Fine Gold versus F.I.N.E. Central Banks
Posted on July 5, 2017 by Gary Christenson
Gold is one of nature’s finest creations.
On the other hand central banks create trillions of fiat currency units – dollars, euros, yen, quataloos, whatever – from nothing and use those currency units for purchases … Apple stock, salaries for a thousand Ph.D. economists, office buildings, lobbyists, politicians, gold bullion etc.
It is unfair that the Fed creates trillions of dollars from nothing and values those dollars equally with other dollars created from the efforts of millions of businesses and individuals.
UNFAIR? Of course it’s unfair. That’s the point! With their “unfair” ability to create fiat currency that spends the same as existing currency, central bankers increase their power and wealth at the expense of citizens. They own or control governments, congressmen, CEO’s, commercial bankers and more.
Don’t expect this to change. Those in power like things as they are.
Gold or fiat currency? Honest money or “funny” money?
From (the brilliant) Alasdair Macleod: “Understanding Money and Prices”
“Gold matters, because, excepting silver, it is the only form of money that has survived since individuals discovered the convenience of money over barter. It is beyond the control of governments, as they cannot issue it without acquiring it first. It is subject to the constraints of its quality, so that as a medium of credit it cannot be debauched, only defaulted upon. Its relative inflexibility and its soundness are the primary reason governments do not like monetary gold, and force their preferred alternative on their citizenry. The vested interest of government is therefore to discourage, or even ban the use of gold as competing money.”
Fine Gold or F.I.N.E. Central Banks?
A F.I.N.E. central bank can be defined as a Freaked out, Incompetent, Neurotic, Excessive central bank.
Freaked out: Central banks have devalued currencies, “stimulated” economies by massive “printing” of currency units, forced near zero and “negative interest” rates upon economies, and a hundred other deceptive, destructive and devaluing practices. They are freaked out because ordinary people realize central banker economic models and policies only benefit the wealthy.
Central banks are enormously helpful to the financial and political elite. The “game” is not over but their edifice constructed on fiat currency, lies, and bad policy is wobbly.
Incompetent: The Fed has devalued the U.S. dollar by about 98% since 1913. Central banks lowered interest rates to near (U.S.) or below zero (Europe) since the financial crisis of 2008, and yet the economies of Europe and the U.S. remain weak or have contracted. If central banks are expected to support their economies, they appear incompetent. However, if their purpose is to extract wealth from the citizens and transfer it to the elite, then central banks are competent and successful.
Neurotic: QE1, QE2, operation twist, “whatever it takes,” serial bubble blowers, try something to see if it works, and flip-flop often.
Excessive: The Fed added $4 trillion to their balance sheet since 2008. Total central bank “creations” approach $15 trillion. Excessive indeed!
Fine Gold or F.I.N.E. Central banks?
And the consequences of central banker actions will be … what they always are: Devaluation of currencies, transfer of wealth to the few, increased debt etc. It has been reported that global debt is now $217 trillion. Choices:
Debt will increase forever. (Doubtful!)
Default. Sorry, we aren’t repaying that debt.
Default. Sorry, we are devaluing the currency units by “printing” trillions more, which will create consumer price inflation, hyper-inflation and collapse, but hopefully after the next election. Extend and pretend, “keep this sucker running for a few more years,” not in my lifetime, etc.
History shows that fiat currencies always collapse. Will today’s euro, pound, dollar and yen be different?
The end-game according to Alasdair Macleod:
“The outcome is inevitably cyclical. Prices will start rising at a greater rate, and interest rates must rise to keep pace. Unaffordable nominal rates in the near to medium term are a racing certainty. We can assume that a new financial and economic crisis will follow, in which case over-indebted businesses will go bust, asset values crash, and banks will move from insolvency toward bankruptcy, just as the deflationists fear. The response from central banks will unquestionably be to flood the financial system with yet more money [the fiat stuff] to keep the banks alive, and insolvent businesses afloat. Quantitative easing to support asset prices and to fund government spending will have to be reintroduced at a greater level than seen heretofore.”
A preview of what is coming:
Illinois: “From Horrific to Catastrophic”
Chicago Police Pension Fund
Italian banks collapsing
Deutsche Bank Silver Manipulation
Pension Apocalypse Is Coming
The Broken States of the Union
Gold for preservation of assets and purchasing power is necessary. Otherwise why would China and Russia substantially increase their gold hoards every year?
Gary Christenson
The Deviant Investor
http://deviantinvestor.com/9007/fine-gold-versus-central-banks/
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Goldcorp makes headway with plan to give Dome mine a new life
Cecilia Jamasmie
Goldcorp makes headway with plan to give Dome mine a new life
Porcupine’s Dome started as an open pit and then went underground.
Canada’s Goldcorp (TSX:G) NYSE: GG , the world's number four bullion miner in terms of output, is moving forward with its Century project, which aims to extend the life its century-old Dome mine in Ontario.
The Dome mine received a death sentence in January 2016, when Goldcorp announced it was closing the operation in the summer due to weak bullion prices that nearly half the company’s share price over the previous year.
A few months later, however, the company literally stroke gold as it found indicated mineral resource of 4.5 million ounces and a gold inferred mineral resource of 0.9 million ounces (for a total of 5.4 million ounces) at what is now being called the Dome Century Project.
"Goldcorp may be able to begin developing the open-pit Century project by 2023. "
Goldcorp kicked off then a conceptual study to expand the open-pit mine, which has just completed, and the project is entering its prefeasibility stage, expected to take about 18 months.
“If we want to be economically viable and continue to contribute to Timmins, we need projects like this to make that happen (…) this is just an example of some of the ideas we have to take PGM (Porcupine Gold Mines) into a second century,” Marc Lauzier, general manager at PGM-Goldcorp told Timmins Today.
Dome is one of the oldest operating gold mines in North America and one of the other two assets — Hoyle Pond and Hollinger open pit — that are part of the Porcupine operation.
While Dome has been what Goldcorp calls a “prolific” gold producer since it began production in 1910, reserves are declining fast. That leaves Porcupine with the Hollinger open pit, set to shut down by 2019, the Hoyle Pond underground operations and the processing facility, which is fed by all three mines.
The potential large-scale open pit Century mine is expected to be close to its development stage by the time Dome approaches the end of its life, Lauzier said.
Despite having sold quite a few mines recently, Goldcorp expects to produce approximately 2.5 million ounces of gold in 2017 and has set itself some ambitious targets for the next five years.
The Vancouver-based miner expects gold production to increase 20% to approximately 3 million ounces, excluding potential production from its Canadian projects and its NuevaUnión joint venture in Chile.
http://www.mining.com/goldcorp-makes-headway-plan-give-dome-mine-new-life/
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MMgys
getting Hotter Now
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Stewart Thomson Gives the Green Light: “Buy Gold Stocks Now”
Posted on July 5, 2017 by The Doc
Stewart Thomson Gives the Green Light: “Buy Gold Stocks Now”
“Simply put, it’s the greatest time in history to be an investor in the precious metals asset class….”
Submitted by Stewart Thomson:
The latest gold price action is a near-perfect reflection of the current market fundamentals.
Gold has arrived at my $1220 – $1200 conservative investor buy zone.
The market is seasonally soft in the summer months, but two key price drivers are poised to create the next rally.
The first is the US jobs report. It’s scheduled for release on Friday at 8:30AM.
Market participants are going to be looking at wage price inflation as much as they are looking at the total number of jobs created.
Gold has a rough general tendency to soften ahead of this report, and then rally strongly following its release.
The $1220 – $1200 support zone is an ideal price area for gold bugs to buy in anticipation of a post jobs report rally!
This chart should be used by all gold bugs as a key reference chart to understand gold’s seasonality.
In a nutshell, the summer is the best time to accumulate gold, and February is a great time to book some profits.
The current price softness is seasonally normal, and it’s exacerbated by the decision of bullion banks to halt imports into India.
They decided to halt imports until they got clarification about applying the new GST regime to the gold market.
It appears that June imports were only about five tons.
It’s almost impossible for gold to rally with Indian bullion banks importing no gold, but there is some great news.
Imports are set to resume next week, and that resumption will coincide with upside pressure on the gold price that typically follows the US jobs report release.
“I personally feel India is poised for double-digit growth, GST is an aid to it, even without GST we would have reached there. If you ask my personal judgment, post 2019-2020 we are poised for double digit growth.” – Rakesh Jhunjhunwala, one of India’s top investors, July 4, 2017.
Gold demand in India is in a basing zone, and I expect the country’s gold market infrastructure to become as good as China’s in just the next three years.
A floor of double digit GDP growth in India is going to create a “bull era” in gold demand growth. Simply put, it’s the greatest time in history to be an investor in the precious metals asset class.
In any business cycle, growth generally peaks as the cycle peaks.
The current US business cycle is about eight years old, and growth is quite strong, relatively speaking. This strength should now begin to create wage inflation, which is good news for gold stock enthusiasts.
To understand why I use the phrase “relatively speaking”,
Germany and China have the biggest current account surpluses in the world. The US has the biggest deficit.
It’s a “no brainer” to see why Europe’s most powerful nation (Germany) is joining forces with China. A current account surplus “cartel” is essentially being created. This is going to put enormous pressure on the Trump administration to devalue the dollar against other fiat currencies, and perhaps directly against gold.
While gold is seasonally weak, investors should not let this distract them from the fact that gold is fundamentally and technically in a key buying area now. It’s poised to see very solid appreciation in the years ahead.
In a deflationary crisis, gold and silver bullion are the best performers. Gold stocks tend to look like wet noodles, and silver stocks can look even worse. As the winds of inflation begin to pick up against a background of possible dollar devaluation, the mining stocks will be the leaders.
I view the $23 – $18 area for GDX as one of the most important accumulation price zones in the history of markets. Investors who take action here are poised to be rewarded with gains that are not just big, but here to stay!
Thanks! Cheers Stewart Thomson Graceland Updates
http://www.silverdoctors.com/gold/gold-news/stewart-thomson-gives-the-green-light-buy-gold-stocks-now/
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Metals Trading Has a Paper Fraud Problem
By Mark Burton
https://www.bloomberg.com/news/articles/2017-07-03/paper-trail-on-metal-loans-ended-in-fakes-as-banks-lose-millions
July 3, 2017, 4:00 PM MST July 4, 2017, 4:41 AM MST
Natixis, ANZ suits over nonexistent nickel shows industry flaw
No standard for verifying stockpiles stored around the world
For all the high-tech wizardry of modern financial markets, there’s one corner of the commodity world that still depends almost entirely on printed paper -- making it an easy target for crooks.
Buyers and sellers of base metals like copper, aluminum and nickel use documents known as warehouse receipts to prove every pound involved in a transaction actually exists and who owns it. The receipts, from a long list of issuers who often stamp them with holograms and secret codes, have become the linchpin of bank loans backed by the metal as collateral.
But like most pieces of paper, warehouse receipts can be faked, and there are signs that more lenders are being ripped off by crooks exploiting weaknesses in what commodity businesses refer to as trade financing. For the second time since 2014, some banks are facing multimillion-dollar losses after being tricked into making loans secured by goods that didn’t exist.
“It’s a pervasive problem,” said John Barlow, a partner at Holman Fenwick Willan LLP who advises insurers of banks on risks including trade financing. “There’s an inherent risk in transacting business in this way, and banks face the choice of either accepting that risk, or completely restructuring the way the industry operates,” he said by phone from Dubai.
Lending against commodities sitting in a warehouse somewhere is a bread-and-butter business for banks involved in trade finance, a $4 trillion industry spanning everything from commodities, logistics and shipping. Producers and traders use the deals as a way to quickly get cash by temporarily pledging inventories. Given the global inventory at risk, the incidence of fraud remains relatively rare.
However, warehouse receipts are a favorite target of commodity fraudsters. French lender Natixis SA and Melbourne-based Australia & New Zealand Banking Group Ltd. are facing loan losses after discovering fake documents used to verify nickel stored in Asian warehouses owned by Access World, a subsidiary of Glencore Plc. The deals involved $305 million for ANZ and $32 million to Natixis, according to court filings this year.
A spokesman for ANZ said the bank’s exposure was accounted for as a non-material item in its first-half results and was significantly less than the value of the contract. ANZ’s standard documents provide recourse for ANZ in the event of fraud, he said in an emailed statement. He wasn’t immediately able to comment on how the exposure had been reduced.
Natixis, Marex and Glencore declined to comment.
Who’s Responsible?
It’s not clear from the court records who is accused of orchestrating the alleged frauds. But Natixis is suing broker Marex Financial Ltd., which responded by saying the receipts were checked and verified as genuine, according to legal papers filed in London. Marex argues Access World should be liable for any losses because it authenticated the documents.
ANZ has hired lawyers in the U.S., Hong Kong and Singapore to attempt to recover its losses and pursue the alleged fraudsters. When ANZ looked into selling the nickel, it discovered 83 out of 84 receipts were likely forgeries, the lender said in a June 6 petition filed in a U.S. court in San Francisco.
See also: ANZ Suffered ‘Substantial Losses’ in Nickel Receipts Scam
This isn’t the first time that banks have been caught out by a major financing scam in commodities. In 2014, Standard Chartered Plc, Citigroup Inc. and Standard Bank Group Ltd. revealed almost $648 million of fraud involving copper, aluminum and alumina stored in the Chinese port of Qingdao that had been used to raise finance multiple times.
Lawsuits are just the tip of the iceberg, Barlow said. There are more disputes over fraudulent title documents in arbitration proceedings around the world, he said.
While banks and warehouses have taken steps to limit counterfeiting since then, the reliance on paper documentation means the business remains inherently risky, Barlow said.
Paperwork Overload
One problem is that there’s no standardized way of tracking and verifying inventories. The London Metal Exchange, the industry pricing benchmark, oversees a network of more than 600 warehouses and manages a central system. But the LME represents only a small part of all the metal bought and sold, mostly because its fees are higher than private storage depots, and the bourse is more heavily regulated. The LME also has no warehouses in China.
For example, warehouses monitored by the LME and the Shanghai Futures Exchange hold a combined 1.8 million tons of aluminum valued at $3.5 billion at today’s prices. There could be 10 million tons or more of additional inventory in private storage around the world, according to some industry estimates.
Another issue is that a single transaction may require keeping track of as many as 40 original documents, said Angelique Slach, chief innovation officer for trade and commodity finance at Cooperatieve Rabobank UA. Switching to a digital system would save time and cut costs, she said.
“If all parties are using the same systems, document handling might take a couple of hours, rather than a couple of weeks,” Slach said.
A Fake
In the recent Natixis and ANZ case, banks paid for a professional courier to fly from Singapore to London to hand deliver the warehouse receipts for inspection, according to Marex court filings. The documents, which passed inspection, were later found to be fake.
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There are some signs that the industry is moving toward a distributed database known as a blockchain that would improve the way ownership is verified. In March, Natixis teamed up with commodity trader Trafigura BV and information technology developer IBM Corp. to set up a system backed by a digital ledger. The platform would be open to all users and any attempt to alter an invoice or use a document more than once would be obvious to all participants.
“The current process is paper and labor intensive,” Arnaud Stevens, Natixis’s New York head of global energy and commodities, said in March when the platform project was announced.
A similar system is already taking shape in the iron ore market. Major shippers including Vale SA and BHP Billiton Ltd., banks such as ING Groep NV and Westpac Banking Corp., and traders like Cargill Inc. and Glencore signed up for a paperless shipment-management system called essD0CS. A previous Morgan Stanley trading unit -- now part of Castleton Commodities -- was one of the first users of the platform, a spokesman said.
The LME is also expanding its system to monitor metal as it moves from its warehouses to depots outside the system. The exchange says the enhancement will help to “safeguard against multiple claims of ownership.”
Trades backed up by digitally authenticated documents will start within the next year, with blockchain systems steadily increasing over the next decade before they become dominant in the industry, according to Rabobank’s Slach. They improve security, reduce costs and speed up deals.
Standardization Needed
But these systems may not gain widespread use until a digital standard emerges for creating and sharing documents, Holman Fenwick Willan’s Barlow said.
“Transferring documents electronically is probably the way forward,” he said. “It’s the inefficiency of the current system that means the problem continues.”
In the meantime, insurers are reviewing how to offer the industry better protection against losses. After Qingdao, Marsh Ltd. began offering the option for additional coverage against document fraud, said Craig Glendinning, a senior vice president at the firm.
“The risk has always been present, and over time the industry has adapted by adopting controls and procedures to hold fraud in check,” Glendinning said by email. “However, we are now seeing a material increase in both the frequency and severity of documentary fraud.”
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The Government Just Killed The Mining Sector In This Critical Gold Nation
By Dave Forest - Jul 06, 2017,
The Philippines government said this week it is trying to repair its damaged mining sector. With officials stating they will review all policies implemented by former environment secretary Regina Lopez — who took a hardline stance against operations around the country.
But as that mining nation swings to the better, another key metals country has gone the other way. With the government implementing a raft of policies that may well decimate the entire sector here.
Tanzania.
As I’ve discussed, the Tanzania government has gone to war with miners in recent months. Accusing companies like Acacia Mining of cheating on export duties — resulting in a complete ban on concentrate exports earlier this year.
And this week, officials took the fight to another level — passing several new laws that will make mining much more challenging in the country.
Here’s what’s happening.
The biggest change is a requirement for state interest in all mining projects. With a new law passed Tuesday requiring miners to give up 16 percent of their shares to the government — at no cost.
And it doesn’t stop there. With the law further stating the government has the right to acquire up to 50 percent of the shares of any mining company.
The law states that such an increase in ownership will be “commensurate with the total tax expenditures incurred by the government in favour of the mining company” — a vague statement that could likely be invoked under a variety of situations.
The government also granted itself power to nullify any mining (and oil and gas) contracts, as it pleases. And stripped local miners of any right to international arbitration.
Related: Has U.S. Shale Wrecked Its Own Recovery?
As a final stroke, officials also increased mining royalties — raising rates on precious metals and copper to 6 percent, from a former 4 percent. Uranium royalties will also rise to 6 percent, from 5 percent.
In-country firms like Acacia Mining immediately said they would seek arbitration over the new rules. But unless they can pull a rabbit from the hat, Tanzania’s mining sector is going to be very subdued going forward — with the new fiscal terms unlikely to be palatable for most firms.
Watch for developments on legal challenges to the new laws, and for a big drop-off in project activity — potentially with some effects on gold supply.
Here’s to self destructing.
By Dave Forest
http://oilprice.com/Metals/Gold/The-Government-Just-Killed-The-Mining-Sector-In-This-Critical-Gold-Nation.html
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MMgys
Data Blast Ahead
Silver Open Interest Surges Despite Drubbing
Posted on July 6, 2017 by The Doc
Silver Open Interest Surges DESPITE THE DRUBBING IN PRICE THAT SILVER TOOK THESE PAST FEW WEEKS:
NORTH KOREA LAUNCHES AN ICBM AND WITH THAT WAR DRUMS BEAT LOUDER/SAUDI ARABIA REJECTS THE QATARI NEW PROPOSAL AND THE BLOCKADE CONTINUES IN THE GULF/SOUTH AFRICA TO NATIONALIZE ITS CENTRAL BANK AND THEN THEY WISH TO CONFISCATE ALL PRIVATE LANDS IN WHITE HANDS/MOODY’S SET TO DOWNGRADE ILLINOIS TO JUNK DESPITE THEIR BUDGET AGREEMENT/CARMAGEDDON IN THE USA ADVANCES
GOLD: $1220.40 UP $2.40
Silver: $15.92 DOWN 18 cent(s)
Closing access prices:
Gold $1227.00
silver: $16.10
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1236.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1228.10
PREMIUM FIRST FIX: $8.79
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SECOND SHANGHAI GOLD FIX: $1244.88
NY GOLD PRICE AT THE EXACT SAME TIME: $1235.85
Premium of Shanghai 2nd fix/NY:$9.03
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LONDON FIRST GOLD FIX: 5:30 am est $1235.20
NY PRICING AT THE EXACT SAME TIME: $1235.80
LONDON SECOND GOLD FIX 10 AM: $1220.30
NY PRICING AT THE EXACT SAME TIME. $1220.30
For comex gold:
JULY/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 39 FOR 3900 OZ (.1213 TONNES)
For silver:
JULY
397 NOTICES FILED TODAY FOR
1,985,000 OZ/
Total number of notices filed so far this month: 1601 for 8,005,000 oz
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end
Let us have a look at the data for today
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In silver, the total open interest SURPRISINGLY ROSE BY 2485 contract(s) UP to 203,541 DESPITE THE DRUBBING IN PRICE THAT SILVER TOOK WITH FRIDAY’S RAID (DOWN 47 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS.
In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0175 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 397 NOTICE(S) FOR 1,985,000 OZ OF SILVER
In gold, the total comex gold SURPRISINGLY FELL BY ONLY 3,356 CONTRACTS DESPITE THE HUGE FALL IN THE PRICE OF GOLD ($20.80 with FRIDAY’S TRADING). The total gold OI stands at457,201 contracts.
we had 1 notice(s) filed upon for 100 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had A HUGE change in tonnes of gold at the GLD: A MASSIVE WITHDRAWAL OF 5.62 TONNES WHICH MOST LIKELY WAS USED IN THE RAID THIS MORNING.
Inventory rests tonight: 840.67 tonnes
.
SLV
Today: STRANGE: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 339.605 MILLION OZ
Please note the difference between gold and silver
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver SURPRISINGLY ROSE BY 2,485 contracts UP TO203,541 (AND now A LITTLE CLOSER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), DESPITE THE MAMMOTH FALL IN PRICE FOR SILVER WITH FRIDAY’S TRADING (DOWN 47 CENTS).We LOST NOBODY AS EVERYBODY remains firm and determined.
(report Harvey)
.
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed UP 24.33 POINTS OR 0.76% / /Hang Sang CLOSED UP 132.96 POINTS OR 0.52% The Nikkei closed UP 49.28 POINTS OR 0.25%/Australia’s all ordinaires CLOSED DOWN 0.32%/Chinese yuan (ONSHORE) closed DOWN at 6.8020/Oil DOWN to 46.26 dollars per barrel for WTI and 48.86 for Brent. Stocks in Europe OPENED MOSTLY IN THE GREEN,, Offshore yuan trades 6.8026 yuan to the dollar vs 6.8020 for onshore yuan. NOW THE OFFSHORE IS A TOUCH WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS ALSO WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE STRONGER DOLLAR. CHINA IS NOT VERY HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA
As I stated last time, I guess the Kim has nothing better to do with his time than to launch missiles. He launched a ICBM which traveled around 940 km and landed in Japan’s economic zone. Talks with Trump and China will be interesting this week.
( zerohedge)
ii)Donald Trump responds to North Korea with my line: “does Kim have anything better to do with his life”?
( zero hedge)
iii)Trump is now very angry: China’s trade with North Korea advances 40% in the first quarter instead of contracting
( zero hedge)
iv)then late in the afternoon: Ambassador Haley stated today that the uSA will use the military in North Korea if it must:
( zero hedge)
v)Do not like the looks of this: Russia and China rule out military action as well as not economically strangling North Korea
( zero hedge)
b) REPORT ON JAPAN
c) REPORT ON CHINA
This is interesting: the POBC hires blockchain engineers who will oversee the creation of a digital yuan. For what purpose?
( zerohedge)
4. EUROPEAN AFFAIRS
i)ITALY
This is a huge problem: a massive migrant influx bombards Italian ports mainly from Libya. The Italians ask for help from other European nations but that will come to naught. If you look at the map, the shortest distance to a European port is Italy with Greece and Spain and France at a much greater distance
( zero hedge)
ii)ITALY
No wonder Italy is furious as Austria throw roadblocks to prevent migrants from entering Austria:
( zero hedge)
iii)Interesting: Italy is now openly discusses leaving the EU
( Mish Shedlock/Mishtalk)
iv)When will public official learn: you cannot undergo derivative contracts with corrupt bankers
( Reuters)
v)UK/EUROPE
And I bet you thought that subprime lending in the auto sector was only reserved for the USA. Guess again: the UK and Europe also have undisciplined auto lending:
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Saudi Arabia/Qatar:
Qatar has delivered its response to Saudi Arabia. German Finance Minister Gabriel who has seen the response believes that Saudi Arabia will state that “it is not enough” and thus they may escalate the embargoes
( zero hedge)
ib)the blockade continues after the Arab states slam the “negative” response from Qatar to their ultimatum
( zero hedge)
ii)Interesting: over 500,000 Syrian refugees have returned to their homes and all of these are in Government controlled areas of Syria. Not areas controlled by the rebels. It seems that if a vote was to be held, Assad would win by 90%It kind of shows that the entire conflict was created by the USA and western allies
(courtesy Whitney Webb/AntiMedia.org)
iii)Good reason for gold to go down today: Turkey warns it is ready for military intervention in Syria (in which they are already doing so) as they accuse their ally the USA of creating a “terrorist army”
( zero hedge)
6 .GLOBAL ISSUES
7. OIL ISSUES
8. EMERGING MARKET
i)SOUTH AFRICA
This is not good: South Africa is seeking to nationalize its Central Bank. Remember that this Central bank is private and has shareholders. The Rand plummeted on this news:
( zero hedge)
ii)My goodness: haven’t they learned? South Africa President now proposes land expropriation without compensation
Rhodesia all over again.
( zero hedge)
9. PHYSICAL MARKETS
i)Turk explains that despite the constant waterfalls in gold and silver we have been experiencing this year, both metals are doing relatively well but most importantly in London, gold and silver are backward in price i.e. the spot delivery is higher than future deliveries in their forwards
( James Turk/Kingworldnews)
ii)Hugo addresses Russians about the use of a Silver Rouble. He also highlights to them the manipulation of silver and gold by western authorities( Hugo Salinas Price/GATA)
iii)Citizens of India will now resort to more smuggling to offset the higher GST on gold and silver
( Reuters)
iv)The boys are finally picking up potential fraud in the metals trading as they are uncovering fraudulent warehouse receipts. If they looked close enough they will find mammoth fraud in gold and silver as well
( Mark Burton/Bloomberg/GATA)
10. USA Stories
i)the debt ceiling is going to be a huge problem as the Republicans are split into 3:
1 tea party member (slash spending/entitlements
2 moderates( tax cuts for everybody including the wealthy/increase military spending
3. war mongers (John McCain ) /spend massive amounts of money of defense and act war like
there is no way that can be an agreement on the debt ceiling
(zerohedge)
ii)Tuesday
Two states have signed their budgets for 2018 but we still have 2 major states that did not sign:
Illinois
Connecticut
plus another 8
( zerohedge)
iii)Trouble in Illinois, they raise Illinois tax rate by 32%/the Governor vetoes the raise and then the senate overrides it
( zero hedge)
iiib)Wow!! the scramble to pass the budget has been for naught:Moody’s has put the State of Illinois on review for a downgrade because of their failure to pass a budget on time and also because they do not have consensus on how to balance their budget. Once a downgrade is initiated all the muni funds must dump Illinois bonds and thus their cost skyrocket
( zero hedge)
iv)Carmageddon continues in the uSA. Despite huge incentives to get people to buy cars plus generous financing terms have failed to stem the auto bleeding
( zerohedge)
iv b) David Stockman continues on the same subject as above
(David Stockman)
v)Another hard data report showing factory orders tumbling. We are now getting a clear picture: hard data shows the USA economy in freefall. The soft data reports are fairytales.
( zero hedge)
vi)OH OH!! MORE HARD DATA. The traffic flow into North American stores were 8.1% lower leading up to the 4th of july holiday weekend. This is not a good harbinger for retail sales growth
(courtesy zero hedge)
Let us head over to the comex:
The total gold comex open interest SURPRISINGLY FELL BY ONLY 3,356 CONTRACTS down to an OI level of 457,201 DESPITE THE MAMMOTH FALL IN THE PRICE OF GOLD ($20.80 with FRIDAY’S trading). An open interest of around 390,000 to 400,000 is core and nothing will move these guys from their contracts.
We are now in the contract month of JULY and it is one of the POORER delivery months of the year. .
The non active July contract LOST 30 contracts to stand at 74 contracts. We had only 8 notices filed on Friday morning, so we lost 22 contracts for an additional 2200 oz that will not stand in this non active month of July. Thus 22 EFP notices were given which gives the long holder a fiat bonus plus a futures contract for delivery and most likely these are London based forwards. The contracts are private so we do not get to see all the particulars. The next big active month is August and here the OI LOST 4736 contracts DOWN to 288,401, as the bankers trying to keep this month down to manageable size. The next non active contract month is September and here they picked up another 105 contracts to stand at 185. The next active delivery month is October and here we gained 1629 contracts up to 17,532. October is the poorest of the active gold delivery months as most players move right to December.
We had 1 notice(s) filed upon today for 100 oz
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And now for the wild silver comex results. Total silver OI SURPRISINGLY ROSE BY 2,485 contracts FROM 201,056 up to 203,541 DESPITE FRIDAY’S 47 CENT LOSS AND CONSTANT TORMENT. OUR BANKER FRIENDS ARE DESPERATELY TRYING TO COVER THEIR SHORTS IN SILVER BUT AS YOU CAN SEE THEY HAVE NOT BEEN AS SUCCESSFUL AS THEY WOULD HAVE LIKED. THE BIG NEWS IS THE FACT THAT WE ENTERED FIRST DAY NOTICE AND BEYOND AND WE HARDLY HAD ANY OBLITERATION OF OPEN INTEREST. THIS IS THE FIRST TIME THIS HAS HAPPENED IN OVER 2 YEARS.
We are now in the next big active month will be July and here the OI LOST 323 contracts DOWN to 1,201. We had 326 notices served on Friday so we only gained 3 notices or an additional 15,000 oz will stand at the comex, and 0 EFP contracts were issued which entitles them to receive a fiat bonus and a future delivery contract (which no doubt is a London based forward).
The month of August, a non active month lost 58 contracts to stand at 369. The next big active delivery month for silver will be September and here the OI already jumped by another 4078 contracts up to 157,195.
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
As for the July contracts:
Initial amount that stood for silver for the July 2016 contract: 14.785 million oz
Final standing JULY 2016: 12.370 million with the difference being EFP’s taking delivery in London. Thus we are basically on par to what happened a year ago as to the total amount of silver ounces standing.
We had 397 notice(s) filed for 1,985,000 oz for the June 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 365,952 contracts which is excellent/
Yesterday’s confirmed volume was 324,316 contracts which is excellent
volumes on gold are STILL HIGHER THAN NORMAL!
Initial standings for JULY
July 5/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
NIL
OZ
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz
NIL oz
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
73 contracts
7300 oz
Total monthly oz gold served (contracts) so far this month
39 notices
3,900 oz
.1213 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month NIL oz
Today we HAD 0 kilobar transaction(s)/
We had 0 deposit into the dealer:
total dealer deposits: NIL oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz
we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
we had 1 adjustment(s):
i) from the HSBC vault: 3,279.402 oz was adjusted out of the dealer and this landed into the customer account of HSBC
For JULY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 12 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the initial total number of gold ounces standing for the JULY. contract month, we take the total number of notices filed so far for the month (39) x 100 oz or 3,900 oz, to which we add the difference between the open interest for the front month of JUNE (73 contracts) minus the number of notices served upon today (1) x 100 oz per contract equals 13,100 oz, the number of ounces standing in this NON active month of JULY.
Thus the INITIAL standings for gold for the JULY contract month:
No of notices served so far (39) x 100 oz or ounces + {(74)OI for the front month minus the number of notices served upon today (1) x 100 oz which equals 13,200 oz standing in this active delivery month of JUNE (0.4105 tonnes)
We lost 22 contracts or 2200 oz will not stand but these guys were given 22 EFP contracts described as above.
.
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Total dealer inventory 854,084.858 or 26.470 tonnes
Total gold inventory (dealer and customer) = 8,616,722.334 or 268.01 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 268.01 tonnes for a loss of 35 tonnes over that period. Since August 8/2016 we have lost 86 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 10 MONTHS 85 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE June DELIVERY MONTH
JULY INITIAL standings
July 5 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
602,295.92 oz
Brinks
Deposits to the Customer Inventory
824,107.160 oz
Scotia
No of oz served today (contracts)
397 CONTRACT(S)
(1,985,000 OZ)
No of oz to be served (notices)
804 contracts
( 4,020,000 oz)
Total monthly oz silver served (contracts) 1601 contracts (8,005,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month 178,970.1 oz
today, we had 1 deposit(s) into the dealer account:
i) into Brinks: 602,295.92 oz
total dealer deposit: 602,295.92 oz
we had Nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 0 customer withdrawal(s):
TOTAL CUSTOMER WITHDRAWALS: nil oz
We had 1 Customer deposit(s):
i) Into Scotia: 824,107.160 oz
***deposits into JPMorgan have now stopped again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits: nil oz
we had 0 adjustment(s)
The total number of notices filed today for the JULY. contract month is represented by 397 contract(s) for 1,985,000 oz. To calculate the number of silver ounces that will stand for delivery in JUNE., we take the total number of notices filed for the month so far at 1601 x 5,000 oz = 8,005,000 oz to which we add the difference between the open interest for the front month of JUNE (1201) and the number of notices served upon today (397) x 5000 oz equals the number of ounces standing
.
Thus the INITIAL standings for silver for the JULY contract month: 1601 (notices served so far)x 5000 oz + OI for front month of JUNE.(1201 ) -number of notices served upon today (397)x 5000 oz equals 12,025,000 oz of silver standing for the JULY contract month.
We gained 3 contracts for an additional 15000 oz that will stand at the comex and 0 EFP’s were issued.
Volumes: for silver comex
Today the estimated volume was 130,356 which is huge
Yesterday’s confirmed volume was 98,064 contracts which is HUGE
YESTERDAY’S CONFIRMED VOLUME OF 98,064 CONTRACTS EQUATES TO 490 MILLION OZ OF SILVER OR 70% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 37.585 million (close to record low inventory
Total number of dealer and customer silver: 210.363 million oz
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.1 percent to NAV usa funds and Negative 6.3% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.1%
cash .+0.1%( July 5/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO +.11% (July 5/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.82% to NAV (July 5/2017 )
Note: Sprott silver trust back into POSITIVE territory at +0.11 /Sprott physical gold trust is back into NEGATIVE/ territory at -0.82%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA)
Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.
Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
end
And now the Gold inventory at the GLD
July 5/A MASSIVE 5.62 TONNES OF GOLD LEFT THE GLD AND NO DOUBT WAS USED IN THE RAID THIS MORNING/INVENTORY REST
July 3/ A MASSIVE 7.37 TONNES OF GOLD LEAVE THE GLD/INVENTORY RESTS AT 846.29 TONNES
June 30/no change in gold inventory at the GLD/Inventory rests at 853.66 tonnes
June 29/no change in inventory at the GLD/inventory rests at 853.66 tonnes
June 28/no change in inventory at the GLD/Inventory rests at 853.66 tonnes
June 27.2017/a deposit of 2.64 tonnes into the GLD/inventory rests at 853.66 tonnes
June 26/a withdrawal of 2.66 tonnes from the GLD and this gold no doubt was part of the raid/Inventory rests at 851.02
June 23/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 22/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 21/no change in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 20/no change in gold inventory at the GLD//Inventory rests at 853.68 tonnes
June 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 853.68 TONNES
June 16/no changes in gold inventory at the GLD/Inventory rests at 853.68 tonnes
June 15/ a monstrous “paper” withdrawal of 13.32 tonnes/Inventory rests at 853.68 tonnes
June 14./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 867.00 TONNES
June 13. No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 12/No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 9/no change in inventory at the GLD/Inventory rests at 867.00 tonnes
June 8/AN ADDITION OF 3.07 TONNES OF GOLD ADDED TO THE GLD/INVENTORY RESTS AT 867.00 TONNES
June 7 a huge change in inventory/a deposit of 13.93 tonnes/inventory rests at 864.93 tonnes
June 6/ no changes in inventory at the GLD/Inventory remains at 851.00 tonnes
June 5.2017/no changes at the GLD/Inventory remain at 851.00 tonnes
June 2/2017/a huge deposit of 3.55 tonnes of gold into the GLD/Inventory rests at 851.00 tonnes
June 1/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 847.45 TONNES
May 31./ no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 30/no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 26./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 25./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 24/no change in inventory at the GLD/inventory rests at 847.45 tonnes
May 23/a paper withdrawal of 5.03 tonnes of gold from the GLD/Inventory rests at 847.45 tonnes
May 22/A DEPOSIT OF 1.77 TONNES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.48 TONNES
May 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.71 TONNES
May 18/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 850.71
May 17/no change in the GLD inventory/inventory rests at 851.89 tonnes
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July 5 /2017/ Inventory rests tonight at 840.67 tonnes
*IN LAST 184 TRADING DAYS: 106.46 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 125 TRADING DAYS: A NET 20.97 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 34.09 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
July 5/STRANGE! NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ
July 3/strange! with the huge whacking of silver we got an increase of 379,000 oz into inventory.
June 30/no change in silver inventory at the SLV/Inventory rests at 339.226 million oz
June 29/no change in silver inventory at the SLV/Inventory rests at 339.226 million oz/
June 28/ a small withdrawal of 662,000 oz form the SLV/Inventory rests at 339.226 million oz/
June 27/no change in the silver inventory at the SLV/Inventory rests at 339.888 million oz/
June 26/no change in the silver inventory at the SLV/Inventory rests at 339.888 million oz/
June 23/no change in silver inventory at the SLV/Inventory rests at 339.888 million oz
June 22/ a big change; a huge deposit of 2.175 million oz into the SLV/Inventory rests at 339.888 million oz
June 21/no change in silver inventory at the SLV/inventory rests at 337.713 million oz
June 20/a deposit of 1.513 million oz/inventory rests at 337.713 million oz/.
June 19/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 336.200 MILLION OZ
June 16/no changes in inventory at the SLV/inventory rests at 336.200 million oz
June 15/ a massive “paper withdrawal” of 3.405 million oz of silver/Inventory rests at 336.200 million oz/
June 14/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/
June 13/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz
June 12/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 9/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 8/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/
June 7/no change in inventory at the SLV/inventory rests at 339.605 million oz/
June 6/no change in inventory at the SLV/Inventory rests at 339.605 million oz.
June 5/a huge change at the SLV/a withdrawal of 1.371 million oz /inventory rests at 339.605 million oz/
June 2/no change in silver inventory at the SLV/Inventory rests at 340.976 million oz/
June 1/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 340.976 MILLION OZ
May 31./ no change in silver inventory at the SLV/inventory rests at 340.976 million oz/
May 30/no change in silver inventory at the SLV/inventory rests at 340.976 million oz
May 26/another paper withdrawal of 946,000 oz of silver from the SLV with silver rising/inventory rests at 340.976 million oz
May 25/no change in silver inventory at the SLV/Inventory rests at 341.922 million oz
May 24./a “paper” withdrawal of 1.893 million oz from the SLV/inventory rests tonight at 341.922 million oz
May 23/no change in silver inventory at the SLV/inventory rests at 343.815 million oz
May 19/no change in silver inventory at the SLV/Inventory rests at 343.815 million oz.
may 18/2017/another big deposit of 1.42 million oz added to the SLV/inventory rests at 343.815 million oz.
may 17/no change in silver inventory at the SLV/Inventory rests at 342.395 million oz/
http://www.silverdoctors.com/silver/silver-news/silver-open-interest-surges-despite-drubbing/#more-79356
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fun city on this one, Thanks
JD400 tonight's gys Hiway Host
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