Monday, September 18, 2017 10:53:43 PM
JS ........
Dave Kranzler: Why is the BIS flooding the system with gold?
Submitted by cpowell on Mon, 2017-09-18 23:33. Section: Documentation
7:32p ET Monday, September 18, 2017
Dear Friend of GATA and Gold:
Gold swaps by the Bank for International Settlements, Dave Kranzler of Investment Dynamics writes today, correlate inversely with the gold price. That is, the more gold is swapped by the BIS, the more metal is made available to bullion banks for sale into the market and shipment to Asia to prevent demand there from boosting gold's price.
The recent explosive rise in gold swaps by the BIS, disclosed Saturday by GATA consultant Robert Lambourne --
http://www.gata.org/node/17646
-- "explains the current manipulated take-down in the price of gold despite the rising seasonal demand from India and China," Kranzler writes.
The BIS actually advertises to prospective central bank members that its services include surreptitious interventions in the gold market --
http://www.gata.org/node/11012
-- and the head of the BIS' monetary and economic department, William R. White, told a BIS conference in 2005 that a primary purpose of central bank cooperation is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":
http://www.gata.org/node/4279
Kranzler's analysis is headlined "Why Is the BIS Flooding the System with Gold?" and it's posted at IRD here:
http://investmentresearchdynamics.com/why-is-the-bis-flooding-the-system...
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Dennis Gartman dons tinfoil hat: BIS trying to keep gold down
Submitted by cpowell on Mon, 2017-09-18 17:37. Section: Daily Dispatches
By Dennis Gartman
The Gartman Letter
Monday, September 18, 2017
https://www.thegartmanletter.com/
Regarding gold, Friday was again a day when the gold market bears ruled and they are continuing to put pressure upon prices this morning. We draw attention then to the chart of gold included this morning at the upper left of Page 1, paying heed to the trend line drawn. It is under assault and is indeed in danger of being broken to the downside.
This will not negate the bull market that has been extant since late 2015, but it does put the market rather clearly upon the defensive.
Our friend John Brimelow [editor of John Brimelow's Gold Jottings letter] has brought something to our attention this morning that we think worthy of note. John wrote earlier today:
"GATA has produced another smoking gun: 'BIS Gold Swaps Soar from Zero to Record High' (http://www.gata.org/node/17646):
"Disclosures in the August statement of account published by the Bank for International Settlements indicate that during August the bank increased substantially its use of gold swaps. An estimated 130 tonnes of new gold swaps were made last month, worth about $5.9 billion at the month-end gold price, and the total level of gold swaps at the end of August was close to 500 tonnes.
"This is the BIS' highest level of gold swaps recorded since the bank first reported the use of gold swaps in its annual report for the financial year ended March 31, 2010. A review of the previous use of gold derivatives by the BIS reveals that the transactions in the year ending March 31, 2010, were far more substantial than anything done by the bank in the years immediately before.
"The use of gold swaps reported by the BIS in recent times is summarized below:
"-- March 2010: 346 tonnes.
"-- March 2011: 409 tonnes.
"-- March 2012: 355 tonnes.
"-- March 2013: 404 tonnes.
"-- March 2014: 236 tonnes.
"-- March 2015: 47 tonnes.
"-- March 2016: 0 tonnes.
"-- March 2017: 438 tonnes.
"Gold's friends are up against City Hall."
Our longstanding readers/clients/friends know that we and GATA have often in the past been very much at odds, but for the moment we find this data very, very interesting. The BIS is trying, thus far vainly, to keep gold down. Do not underestimate their intentions.
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Sept 18/ANOTHER RAID/GOLD DOWN $14.05 AND SILVER DOWN 50 CENTS/OPEN INTEREST IN SILVER RISES DESPITE FRIDAY’S WHACK/USA ACCUSED CHINA OF UPSETTING THE GLOBAL TRADING SYSTEM AS INTEND ON DECLARING A TRADE WAR!!
September 18, 2017 · by harveyorgan · in Uncategorized
GOLD: $1307.35 DOWN $14.05
Silver: $17.14 DOWN 50 CENT(S)
Closing access prices:
Gold $1307.40
silver: $17.20
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: $1325.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1319.40
PREMIUM FIRST FIX: $6.49
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SECOND SHANGHAI GOLD FIX: $1319.20
NY GOLD PRICE AT THE EXACT SAME TIME: $1316.20
Premium of Shanghai 2nd fix/NY:$3.00
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LONDON FIRST GOLD FIX: 5:30 am est $1314.40
NY PRICING AT THE EXACT SAME TIME: $1312.10
LONDON SECOND GOLD FIX 10 AM: $1312.10
NY PRICING AT THE EXACT SAME TIME. 1312.35
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
For silver:
SEPTEMBER
198 NOTICES FILED TODAY FOR
990,000 OZ/
Total number of notices filed so far this month: 5,677 for 28,385,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
end
Another raid..what else is knew.
take a look at the GLD..it rose by 5.32 tonnes today and for the entire week that we have had constant raids, the GLD advanced by 9.46 tonnes!!!
In the SLV we lost 1.034 million oz today and that is the only amount that we lost for the past week.
maybe the authorities can explain how this happened???
Let us have a look at the data for today
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In silver, the total open interest SURPRISINGLY ROSE BY A RATHER LARGE 1217 contracts from 191,548 UP TO 192,765 DESPITE THE NASTY DROP IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 13 CENTS AND 20 CENTS FROM ITS HIGH POINT). WE HAVE NOW HAD SEVEN DAYS OF TORMENT AND YET THE SILVER OPEN INTEREST REFUSES TO BUDGE SOUTHBOUND….ONLY ADVANCES NORTHBOUND. THE LONGS ARE REMAINING STOIC AND REFUSE TO GIVE IN TO THE ANTICS OF THE BANKERS AND NEWBIE SPECS ARE COGNIZANT OF SILVER SCARCITY (AND DEMAND) AS THE PILE INTO THE SILVER ARENA. THE BANKERS SEEM TRAPPED IN THE OWN JUICE…THEY ARE DESPERATELY TRYING TO FORCE SOME OF THE SILVER LEAVES TO FALL FROM THE SILVER TREE BUT SO FAR TO NO AVAIL. THE BOYS HAVE DECIDED ANOTHER RAID IS NECESSARY AS THEY WHACK AGAIN.
RESULT: A STEADY RISE IN OI COMEX DESPITE THE 13 CENT PRICE LOSS. BANKERS FAILED IN THEIR ATTEMPT TO CAUSE SILVER LEAVES (oi) TO FALL.ANOTHER RAID ATTEMPT TODAY TO FORCE OI CONTRACTION.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.964 BILLION TO BE EXACT or 137% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 226 NOTICE(S) FOR 1,130,000 OZ OF SILVER
In gold, the open interest FELL BY A NORMAL 3,282 CONTRACTS WITH THE FALL in price of gold ($4.25 LOSS ON FRIDAY ). The new OI for the gold complex rests at 573,483. THE BANKERS ORCHESTRATED ANOTHER RAID FRIDAY MORNING WORRIED ABOUT THE STEADY OI RISE IN SILVER AND THE HIGH OI IN GOLD. THEY FAILED MISERABLY IN SILVER AND HAD LITTLE EFFECT ON GOLD.
Result: A SMALL DECREASE IN OI DESPITE THE FALL IN PRICE IN GOLD ($4.25). THE COMMERCIALS SUPPLIED THE NECESSARY SHORT PAPER. THE FRIDAY DAY FAILED MISERABLY SO THEY ORCHESTRATED ANOTHER RAID TODAY.
we had: 0 notice(s) filed upon for nil oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
Tonight , we had a huge change in gold inventory:
a massive 5.32 tonnes of gold deposit despite gold’s whack!!!
Inventory rests tonight: 843.96 tonnes
Interestingly from the first day of the raid, Sept 12 to today we have gained 9.46 tonnes instead of losing any gold!! I wish the authorities can explain this???
SLV
Today: a huge change in inventory. a withdrawal of 1.039 million oz
INVENTORY RESTS AT 326.049 MILLION OZ
From Sept 12 until today, we have only lost 1.039 million oz i.e. what we lost today. The other 5 days we lost zero.
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY A STEADY 1217 contracts from 191,548 UP TO 192,765(AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 13 CENT LOSS IN TRADING. OUR LONGS CONTINUE TO BE STRONG AND REFUSE TO BUDGE WITH THE ANTICS OF OUR BANKERS. NEWBIE LONGS CONTINUE TO ENTER THE ARENA COGNIZANT OF SILVER SCARCITY AND DEMAND. BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.
RESULT: A STEADY RISE IN OI AT THE COMEX DESPITE THE FALL IN PRICE OF 13 CENTS ON FRIDAY. WE HAD ANOTHER RAID FRIDAY MORNING BY OUR BANKERS TRYING TO FORCE SILVER LONGS TO DEPART THE SILVER TREE. THEY FAILED MISERABLY!! SO THEY TRIED AGAIN THIS MORNING.
(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 SUNDAY night/MONDAY morning: Shanghai closed UP 9.24 POINTS OR 0.28% / /Hang Sang CLOSED UP 352.18 POINTS OR 1.27%/ The Nikkei closed FOR HOLIDAY/Australia’s all ordinaires CLOSED UP 0.40%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.5690/Oil DOWN to 49.77 dollars per barrel for WTI and 55.26 for Brent. Stocks in Europe OPENED GREEN . Offshore yuan trades 6.5700 yuan to the dollar vs 6.5690 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY WEAKER DOLLAR. CHINA IS HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
North Korea vows to complete the nuke program and reach ” military equilibrium” with the uSA.
The USA is not amused..
( zero hedge)
ii)Nikki Haley, Ambassador to the UN states that General Mattis will “take care” of North Korea if diplomacy fails
( zero hedge)
b) REPORT ON JAPAN
Abe set to hold a snap election and that sends the yen southbound and gold with it
( zero hedge)
c) REPORT ON CHINA
i)Kyle Bass, the lone holdout in the shorting of the yuan states correctly that China has 40 trillion dollars of assets ((debt) with only 2 trillion dollars of assets. The country is trying to rein in its global expansion but the imbalances will cause huge problems for China and for the globe
( Kyle Bass/zerohedge)
ii)This ought to cause gold to skyrocket despite the crooked banks incessant supply of non backed gold paper: USA CLAIMS CHINA IS A THREAT TO THE GLOBAL TRADING SYSTEM!!
The risk of course is China dumping her 2 trillion usa dollars worth of reserves
( zerohedge)
4. EUROPEAN AFFAIRS
I)Spain; Catalonia
700 Catalan mayors defy Madrid. Catalonia is experiencing continual police raids trying to find secret ballot boxes ahead of the Oct referendum vote:
( zerohedge)
ii)UK
Cable (USA/British Pound) backs off below 1.35 after Carney walks back his tough talk of rate hikes:
(courtesy zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Syria/USA/Russia/Iran/Deir Ezzor
This is interesting: we now a race for Deir Ezzor in Syria which houses most of its oil fields. The western side of the attack (west of the Euphrates River) is coming from Syrian of opposition forces (SDF) allying itself with the USA, while the east is being attacked by Russian-Syrian Government-Iranian forces.
this may not end well..
( zerohedge)
ii)This is deadly: the Government forces of Syria crosses the Euphrates river at Deir Ezzor setting up a confrontation with the USA. Will the USA bomb and confront Russia
( zerohedge)
6 .GLOBAL ISSUES
Barbuda
Nobody living on the island of Barbuda for the first time in 300 years:
(courtesy zerohedge)
7. OIL ISSUES
8. EMERGING MARKET
VENEZUELA
9. PHYSICAL MARKETS
i)China is set to implement the most draconian measures as they crackdown on Bitcoin trading. They intend to cut down channels for the buying and selling of bitcoin. It stands to reason: China wants gold to back its yuan and does not want any competing currency.
( zero hedge)
ii)The price of bitcoin bounces by 1100 dollars up to $4100 as the world wakes up to China’s lack of influence in the Crypto currency trading.(courtesy zero hedge)
iii)Ronan Manly outlines the true gold demand within China and it is much higher than that calculated by the crooked World Gold Council
( Ronan Manly./Bullion star)
iv)India imported $1,380,000 oz of gold in August (42.30 tonnes) and for the year so far: 337.4 tonnes. (15.24 billion)/if we extrapolate for the year, India is heading for 500 tonnes. However this does not include smuggling. India is a huge buyer of gold and silver.
( Times of India/GATA)
v)Join GATA at their annual New Orleans conference in October
( GATA/Brine Lundin)
vi)This is interesting: the BIS now states that global debt has been underestimated by a huge 13 trillion dollars.
( Reuters/GATA)
vii)India foolishly may exclude gold from future tax free trade agreements due to huge current account deficiencies. However the citizens of India are wealthier.
( Times of Inda/Mumbia/GATA)
10. USA Stories
i)Pennsylvania is the next state to run into trouble as they are having budgetary problems. They have run out of cash leaving 860 million of unpaid bills
( zero hedge)
ii)An excellent commentary from John Mauldin has he describes the huge pension problems in the USA. He highlights the problems facing Texas which has no sales tax. The state lives on increases in property taxes. With many homes falling in value, how will the state fund itself
( John Mauldin)
iii)This Wednesday the uSA will start its balance sheet reduction. The following is what to expect:
( zero hedge)
iv)Hurricane Maria threatens Puerto Rico as a category 4 storm:
( zerohedge)
iv b) This is deadly: $696 billion of unpaid mortgage balances in the Hurricane Harvey and Irma damaged areas of concern. If these guys walk away from their homes, it will be catastrophic for the banks. Puerto Rico missed the first blast but it is direct target of Hurricane Marie.
(courtesy zerohedge)
v)Massive protests in St Louis over ex-cop’s acquittal.
( zerohedge)
vi)Toys R Us facing imminent bankruptcy:
(courtesy zero hedge)
vii)Justice department begins a criminal probe into Equifax Executive stock sales:
( zerohedge)
viii)An excellent interview of Chris Martenson who states that central banks are petrified with respect to hyperinflationary threats which will occur when China dumps the dollar:
( Chris Martenson/Greg Hunter)
Let us head over to the comex:
The total gold comex open interest FELL BY A NORMAL 3,282 CONTRACTS DOWN to an OI level of 573,483 DESPITE THE NASTY FALL IN THE PRICE OF GOLD ($4.25 LOSS IN FRIDAY’S trading and down $13.45 from its high point). THE CONTINUAL HIGH OPEN INTEREST IN GOLD RESULTS IN MORE BANKER TORMENT AS THESE CROOKS TRY AND LIBERATE GOLD LEAVES (OPEN INTEREST) FROM THE GOLD TREE. WITH THE SMALL FALL IN OPEN INTEREST IN THE GOLD COMPLEX, THEY HAVE SUCCEEDED IN LIBERATING ONLY A TINY NUMBER OF OPEN INTEREST. IN SILVER THEY FAILED MISERABLY..IT’S OI ROSE APPRECIABLY! THUS ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.
Result: a NORMAL SIZED open interest DECREASE with a FALL IN THE PRICE OF GOLD TO THE TUNE OF $4.25 (and $13.45 from its high point)/ANOTHER RAID THIS MORNING.
The new non active September contract month saw it’s OI FELL BY 295 contracts DOWN to 816. We had 0 notices filed UPON YESTERDAY so we LOST 295 contracts or an additional 29,500 oz will not stand AND obviously a huge error in reporting on Thursday where we had 298 additional contracts standing or 298,000 oz. We had 0 EFP’s WERE ISSUED which entitles them to a fiat bonus plus a deliverable contract on a different exchange and most likely that would be London. These are private deals so we do not get to see the makeup of these deals only the number of EFP’s issued.
The next active contract month is Oct and here we saw a LOSS of 110 contracts DOWN to 38,877.
The November contract saw A LOSS OF 3 contracts DOWN to 435.
The very big active December contract month saw it’s OI LOSS OF 3496 contracts DOWN to 448,726.
We had 0 notice(s) filed upon today for nil oz
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And now for the wild silver comex results. Total silver OI ROSE BY A STEADY 1,217 CONTRACTS FROM 191,548 UP TO 192,765 DESPITE FRIDAY’S 13 CENT LOSS IN PRICE AND DOWN 20 CENTS FROM ITS HIGH POINT. DESPITE THE CONSTANT TORMENT FROM THE BANKERS, OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS NO SILVER LEAVES FELL FROM THE SILVER TREE AND ACTUALLY ROSE AS DEMAND FOR PHYSICAL SILVER REMAINS EXTREMELY HIGH. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY A WHOPPING 455,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW). BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING, TRYING TO FORCE SILVER LEAVES TO FALL FROM THE SILVER TREE.
RESULT: A STEADY INCREASE IN OI AT THE COMEX DESPITE A 13 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY A WHOPPING 455,000 OZ. THE BANKERS THIS TIME HAD NO CHOICE BUT TO SUPPLY THE NECESSARY SHORT PAPER AS THEY COULD NOT CAUSE ANY SILVER LEAVES (OI) TO FALL!!. THE BANKERS SEEM TRAPPED AS THEIR FRIDAY RAID FAILED IN THEIR ATTEMPT TO COVER SOME OF THEIR HUGE PAPER SHORTS SO THEY TRIED AGAIN TODAY.
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSS OF 135 contacts DOWN to 601. We had 226 notices filed yesterday, so we again gained 91 contracts or an additional 455,000 oz will stand for delivery. This phenomenon has been happening in silver for the past 5 months whereby the amount standing increases on each and every delivery day. This queue jumping highlights the huge demand for silver that we have been witnessing around the globe. The next non active contract month for silver after September is October and here the OI GAINED 30 contacts UP TO 971. November saw a LOSS of 7 contract(s) and thus FALLING TO 57. After November, the NEXT big active contract month is December and here the OI LOST 106 contracts DOWN to 156,689 contracts.
We had 198 notice(s) filed for 990,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 259,286 CONTRACTS WHICH IS VERY GOOD
FRIDAY’S confirmed volume was 328,689 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for SEPTEMBER
Sept.18/2017.
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
0 notice(s)
NIL OZ
No of oz to be served (notices)
816 contracts
(81,600 oz)
Total monthly oz gold served (contracts) so far this month
54 notices
5400 oz
0.1679 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 9,996.8 oz
Today we HAD 0 kilobar transaction(s)/
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawals;NIL oz
we had 0 adjustment(s)
For SEPT:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 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 SEPTEMBER. contract month, we take the total number of notices filed so far for the month (54) x 100 oz or 5400 oz, to which we add the difference between the open interest for the front month of SEPT. (816 contracts) minus the number of notices served upon today (0) x 100 oz per contract equals 87,000 oz, the number of ounces standing in this active month of SEPT.
Thus the INITIAL standings for gold for the SEPTEMBER contract month:
No of notices served so far (54) x 100 oz or ounces + {(816)OI for the front month minus the number of notices served upon today (0) x 100 oz which equals 87,000 oz standing in this active delivery month of SEPTEMBER (2,707 tonnes)
We LOST 295 contracts OR AN ADDITIONAL 29,500 OZ WILL NOT STAND FOR GOLD and 0 EFP’s were issued for September which gives the long holder a fiat bonus plus a deliverable product on another exchange and that most likely will be London. THIS WAS OBVIOUSLY A CORRECTION FROM THURSDAY’S REPORT WHICH SHOWED AN ADDITIONAL 298 CONTRACTS STANDING WHICH WAS AN ERROR.
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Total dealer inventory 713,322.712 or 22.187 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,696,115.287 or 270.48 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 270.48 tonnes for a loss of 33 tonnes over that period. Since August 8/2016 we have lost 34 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 13 MONTHS 84 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE AUGUST DELIVERY MONTH
September initial standings
Sept 18 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
67,562.690 oz
Brinks
CNT
Delaware
Deposits to the Dealer Inventory
363,526.492 oz
CNT
Deposits to the Customer Inventory
236,525,845 oz
CNT
No of oz served today (contracts)
198 CONTRACT(S)
(990,000 OZ)
No of oz to be served (notices)
403 contracts
(2,015,000 oz)
Total monthly oz silver served (contracts) 5677 contracts (28,355,000 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 4,426,867.2 oz
today, we had 1 deposit(s) into the dealer account:
i) Into CNT: 363,526.492
total dealer deposit: 363,526.492 oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 3 customer withdrawal(s):
i) out of CNT 60,532.27 oz
ii) Out of Brinks; 5032.170 oz
iii) Out of Delaware: 1998.25 oz
TOTAL CUSTOMER WITHDRAWALS: 67,562.690 oz
We had 1 Customer deposit(s):
i) Into CNT: 236,525.945 oz
***deposits into JPMorgan have 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: 236,525.945 oz
we had 0 adjustment(s)
The total number of notices filed today for the SEPTEMBER. contract month is represented by 198 contract(s) for 990,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPTEMBER., we take the total number of notices filed for the month so far at 5677 x 5,000 oz = 28,385,000 oz to which we add the difference between the open interest for the front month of SEPT (601) and the number of notices served upon today (198) x 5000 oz equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the SEPTEMBER contract month: 5677 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(601 ) -number of notices served upon today (198)x 5000 oz equals 30,370,000 oz of silver standing for the SEPTEMBER contract month. This is excellent for this active delivery month. Silver is being constantly demanded at the silver comex and we witness again the amount of silver demanded daily increase right from the get go. (ON AUGUST 31 (FIRST DATE NOTICE) WE HAD 20.15 MILLION OZ STAND. THUS IN THE FIRST 18 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 10.3 MILLION OZ STAND FOR DELIVERY AS DEALERS JUMP QUEUE TRYING TO FIND THE NECESSARY SILVER TO SUPPLY TO OUR LONGS.)
WE HAD AN INCREASE OF 91 CONTRACTS OR AN ADDITIONAL 455,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS ACTIVE CONTRACT MONTH OF SEPTEMBER. THIS HAS BEEN THE 5th CONSECUTIVE MONTH THAT WE HAVE WITNESSED EITHER AN INCREASE (95% OF THE TIME) OR STANDING PAT (THE OTHER 5%). WE HAVE NOT HAVE A DECREASE IN STANDING I.E. AS THEY DELIVERY MONTH PROCEEDS NOBODY WISHES AN EFP PRODUCT IN EXCHANGE FOR A DEPARTING LONG.SOMEBODY BIG WANTS SILVER IN A VERY BIG WAY.
Last yr on the first day notice for the Sept silver 2016 contract we had 17.070 million oz stand for delivery.
By month end: 16.075 million oz/
Volumes: for silver comex
ESTIMATED VOLUME TODAY: 81,325 CONTRACTS
WHICH IS HUGE
YESTERDAY’s confirmed volume was 78,023 contracts which is EXCELLENT
FRIDAY’S CONFIRMED VOLUME OF 78,023 CONTRACTS WHICH EQUATES TO 390 MILLION OZ OF SILVER OR 56% 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: 44.057 million (close to record low inventory
Total number of dealer and customer silver: 218.778 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 7.5 percent to NAV usa funds and Negative 7.0% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.3%
Percentage of fund in silver:37.7%
cash .+0.0%( Sept 18/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.43% (Sept 18/2017)
3. Sprott gold fund (PHYS): premium to NAV RISES TO -0.68% to NAV (Sept 18/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.68%/Sprott physical gold trust is back into NEGATIVE/ territory at -0.43%/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
http://www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…
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
Sept 18/a huge 5.32 tonnes of gold deposit into the GLD despite gold’s whack today/inventory rests at 843.96 tonnes
Sept 15./strange!!no change in GLD after the whacking of gold/inventory remains at 838.64 tonnes
Sept 14./no changes at the GLD/inventory rests at 838.64 tonnes
Sept 13/late last night a huge 4.14 tonnes of gold was added to the GLD inventory/inventory rests at 838.64 tonnes.
Sept 12/as of 5: 40 pm est, no changes in gold inventory at the GLD/Inventory rests at 834.50 tonnes
Sept 11/Today we had a rather large 2.37 tonnes of gold removed from the GLD/Inventory rests at 834.50 tonnes
Sept 8/we had a tiny withdrawal of .34 tonnes and probably that would be to pay for fees like insurance etc.
Inventory rests at 836.87 tonnes
Sept 7./no changes in gold inventory at the GLD/Inventory rests at 837.21 tonnes
SEPT 6/WE HAD ANOTHER DEPOSIT OF 5.91 TONNES INTO THE GLD/IN THE LAST TWO DAYS: 20.69 TONNES/INVENTORY RESTS AT 837.21 TONES
Sept 5/we had a huge deposit of 14.78 tonnes into the GLD/Inventory rests at 831.21 tonnes
Sept 1/ no change in gold inventory at the GLD/Inventory rests at 816.43 tonnes
AUGUST 31/no change in gold inventory at the GLD. Inventory rests at 816.43 tonnes
August 30/another deposit of 2.07 tonnes into the GLD inventory/inventory rests at 816.43 tonnes
August 29/a huge deposit of 9.16 tonnes of probable paper gold/inventory rests at 814.36 tonnes
AUGUST 28/a huge deposit f 5.91 tonnes of gold into GLD inventory/inventory rests at 805.20 tonnes
AUGUST 25/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 799.29 TONNES
AUGUST 24/no change in gold inventory at the GLD/inventory rests at 799.29 tonnes
August 23/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes
August 22/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes/
AUGUST 21/this is good!! a huge deposit of gold into the GLD to the tune of 3.85 tonnes/Inventory rests at 799.29 tonnes
August 18/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.44 TONNES
August 17/late last night, a deposit of 4.43 tonnes of gold at the GLD/inventory rests at 795.44 tonnes/the bleeding of gold has stopped.
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Sept 18 /2017/ Inventory rests tonight at 843.96 tonnes
*IN LAST 233 TRADING DAYS: 97.14 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 169 TRADING DAYS: A NET 60.29 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 28.90 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 18/a withdrawal of 1.039 million oz from the SLV/Inventory rests at 326.049 million oz
Sept 15./no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 14/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 13/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 12.2017/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 11.2017: no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 8/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 7/STRANGE!! WITH DEMAND FOR SILVER HUGE WE HAD ANOTHER 945,000 OZ WITHDRAWN. NO DOUBT THAT THIS IS CRIMINAL ACTIVITY AS SILVER IS WITHDRAWN AND USED TO CONTAIN THE RISE IN PRICE/INVENTORY RESTS AT 327.088 MILLION OZ/
SEPT 6/STRANGE WITH A HUGE DEMAND FOR SILVER THROUGHOUT THE WORLD THESE DOORKNOBS WITHDRAW A HUGE 3.148 MILLION OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 328.033 MILLION OZ
Sept 5/2017: no change in silver inventory at the SLV/Inventory rests at 331.178 million oz/
Sept 1/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 331.178 MILLION OZ
AUGUST 31/STRANGE!! a huge withdrawal of 2.019 million oz with silver up today./INVENTORY RESTS AT 331.178 MILLION OZ
August 30/no change in silver inventory at the SLV/inventory rests at 333.178 million oz
August 29/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 28/no change in silver inventory at the SLV/Inventory rests at 333.178 million oz/
AUGUST 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 24/A HUGE WITHDRAWAL OF 1.229 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
August 23/no change in silver inventory at the SLV/Inventory rests at 334.407 million oz
August 22/no change in silver inventory at the SLV/inventory rests at 334.407 million oz.
AUGUST 21/no change in silver inventory/inventory rests at 334.407 million oz/
August 18/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REST AT 334.407 MILLION OZ
August 17/A WITHDRAWAL OF 1.418 MILLION OZ LEAVES THE VAULTS OF THE SLV (WITH SILVER UP 25 CENTS YESTERDAY?)/INVENTORY RESTS AT 334.407 MILLION OZ
Sept 18.2017:
Inventory 326.049 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.34%
12 Month MM GOFO
+ 1.57%
30 day trend
end
Major gold/silver trading/commentaries for MONDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
GoldCore's picture
by GoldCore
Sep 18, 2017 8:18 AM
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Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– Bitcoin price action shows cryptos vulnerable to commentary and government policies
– Bitcoin falls to low of $2,980, down by $1,000 in week as China flexes muscles
– Volatility major issue: In 3 days btc fell 40% before bouncing 25% off lows
– BIS state risks of cryptos cannot yet be fully assessed and says technology still unproven
– Apple and Google developing a payment API for cryptos – may give governments full oversight
– Bitcoin and cryptos current volatility and exposure to governments underlines gold’s safe haven status
Courtesy of CoinDesk
Even for bitcoin last week was an eventful week. The price hit a recent low of $2,980, falling 40% and recovering by nearly 25% in the space of three days.
Last week was a good example of the vulnerabilities in the cryptocurrency space to government announcements regarding the infrastructure the ecosystem.
This last year has seen unprecedented progress and development in the bitcoin and crypto arena. From the price reaching new highs to an explosion in Initial Coin Offerings.
The fall in price by over $1,000 should serve as a reminder that markets will stumble when they try to run before they can walk. As much as early adopters like to declare bitcoin the new currency and declare is true safe haven, the last week has shown that gold is a far better long-term safe haven.
Government meddling
Reasons for bitcoin’s (and other cryptos’) fall last week was mainly thanks to further crackdowns on bitcoin exchanges by the Chinese government. On Thursday bitcoin fell 16% against the U.S. dollar as the Chinese announced they were closer to shutting down cryptocurrency exchanges.
This week commentators believe crypto traders have now priced in the negative news from the East, however last week’s performance was yet another example of how vulnerable bitcoin still is to government announcements.
This weekend and this morning the price has begun to recover following a report from the Bank of International Settlements.
The BIS report said central banks needed to carefully consider their approach to the cryptocurrency markets.
“Central banks will have to consider not only consumer preferences for privacy and possible efficiency gains — in terms of payments, clearing and settlements — but also the risks it may entail for the financial system and the wider economy, as well as any implications for monetary policy,”
For many in the crypto space this was further validation for the likes of bitcoin etc. Whilst the BIS did not give their backing to central banks’ involvement in blockchain currencies it was an acknowledgement of them and the need for the authorities to find a way to deal with them.
Risks were at the forefront of the BIS’ minds, with cyber-attacks being the most obvious cause for concern.
“Some of the risks are currently hard to assess,” the report stated, given how little is known about the impact of cyber-attacks and their resilience.
This was yet another cautionary report from a leading monetary authority. The BIS and the Chinese regulators are just the most recent bodies to publish their concerns.
We recently covered the issue of ICOs. A primary concern for many governments. ICOs are encouraging misinformed investors to jump on the tails of the crypto boom and sometimes put money into ventures that are extremely high risk .
We expect further words of warning between now and the end of the year. In the coming weeks the UAE government are also expected to issue their thoughts on cryptocurrencies.
It will be interesting to see how the volatility plays out with each new decision from higher authorities. In the mean time, the tech community may even be working with governments to make sure they are happy with the infrastructure that supports bitcoin.
Governments will soon want in
Currently bitcoin and cryptocurrencies are being seen as the new tech guys, like those in Silicon Valley before them they are breaking new ground and challenging our thoughts and government policies over something we thought was long past debate.
For Silicon Valley they challenged how we communicate, for bitcoin etc its what money is and how we use it.
But the pioneers might not last long. Over the weekend One River Asset Management’s Eric Peters outlined his biggest concern when it comes to cryptocurrencies:
Once private markets perfect cryptocurrency technology, governments will commandeer it, killing today’s pioneers. Then with every cryptodollar, yen, euro and renminbi registered on their servers, they’ll have complete dominion over money, laundering, taxation.
This may seem an extreme viewpoint but reality shows he might not be far off. Last week the World Wide Web Consortium (W3C) with the help of Microsoft, Google, Facebook, Apple and Mozilla, announced work on the Payment Request API.
The new API will sit in browsers and allow ‘new payment types, including bitcoin, ether any any other available cryptocurrency (as well as more traditional online payment methods) to be stored directly in the browser.’
Given all code developed in the U.S. is subject to government intelligence oversight users might want to be wary about using such a payment method. This could be an early step that allows third-party access to your transactions and possibly your online wallet. Confiscation and theft spring to mind.
Gold proves itself once again
Volatility, cyber-attacks and investment fraud are just some of the concerns regarding the bitcoin community. Add to that the new possibility that governments could have oversight into your crypto spending then it all seems even less appealing.
Gold is all too often compared to bitcoin. The latter is frequently called the new gold. For many, the surge in the bitcoin price has been to the detriment of the gold price. In truth, they may ultimately end up being complementary assets. For now, the new kid on the block is far from being able to offer the same qualities that we see in gold.
When you buy physical, segregated gold you cannot link it to an API which may or may not expose it to hackers or government’s sticky fingers. When you buy gold bullion or coins you can be careful not to invest in something that exposes you to a big pile of hot air and fraud.
Finally, gold is not a volatile currency. It does not react like a toddler when a government makes an announcement. Governments are not paranoid about gold and the possibility that it puts investors’ money at risks. Governments already own gold, they understand it. Gold has been around for millennia and its role is far past debate.
This last week, in fact the last year, serves as an important reminder that the shiniest and safest asset might not be the newest one and that investors should look for the calm amongst the storm.
News and Commentary
Asia stocks hit decade high, dollar firm before Fed meeting (Reuters.com)
Too soon to determine risks of central bank-issued cryptocurrencies: BIS (Reuters.com)
Will gold shine brightly again this autumn as bitcoin crashes? (TheNational.ae)
China provides $10 billion credit line to Iran (TimesOfIsrael.com)
Sterling Vulnerable as May Prepares to Outline Brexit Strategy (Bloomberg.com)
source: www.bloomberg.com/news/articles/2017-09-17/sterling-vulnerable-as-may-pr…
Kyle Bass: China’s $40 Trillion Banking System Has “Largest Imbalances I’ve Ever Seen” (ZeroHedge.com)
What Last Week Tells Us About Bitcoin (Bloomberg.com)
Asking prices for London homes record biggest falls this decade (TheGuardian.com)
The brutal global stockmarket crash that hit Britain hardest (MoneyWeek.com)
The U.K.’s Economic Outlook Is Getting Rosier (Bloomberg.com)
Gold Prices (LBMA AM)
18 Sep: USD 1,314.40, GBP 970.16 & EUR 1,100.68 per ounce
15 Sep: USD 1,325.00, GBP 977.32 & EUR 1,109.16 per ounce
14 Sep: USD 1,323.00, GBP 1,002.44 & EUR 1,111.58 per ounce
13 Sep: USD 1,332.25, GBP 1,003.85 & EUR 1,112.43 per ounce
12 Sep: USD 1,326.25, GBP 1,000.66 & EUR 1,109.41 per ounce
11 Sep: USD 1,338.75, GBP 1,015.31 & EUR 1,114.24 per ounce
08 Sep: USD 1,350.90, GBP 1,026.82 & EUR 1,120.71 per ounce
Silver Prices (LBMA)
18 Sep: USD 17.53, GBP 12.94 & EUR 14.66 per ounce
15 Sep: USD 17.70, GBP 13.03 & EUR 14.81 per ounce
14 Sep: USD 17.75, GBP 13.40 & EUR 14.91 per ounce
13 Sep: USD 17.91, GBP 13.50 & EUR 14.94 per ounce
12 Sep: USD 17.75, GBP 13.37 & EUR 14.87 per ounce
11 Sep: USD 17.85, GBP 13.51 & EUR 14.86 per ounce
08 Sep: USD 18.21, GBP 13.80 & EUR 15.09 per ounce
Recent Market Updates
– Gold Up, Markets Fatigued As War Talk Boils Over
– Oil Rich Venezuela Stops Accepting Dollars
– Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today
– British People Suddenly Stopped Buying Cars
– Buy Gold for Long Term as “Fiat Money Is Doomed”
– Conor McGregor – Worth His Weight In Gold?
– Gold Has 2% Weekly Gain,18% Higher YTD – Trump’s Debt Ceiling Deal Hurts Dollar
– ‘Things Have Been Going Up For Too Long’ – Goldman CEO
– Physical Gold In Vault Is “True Hedge of Last Resort” – Goldman Sachs
– Bitcoin Falls 20% as Mobius and Chinese Regulators Warn
– Gold Surges To $1338 as U.S. Warns of ‘Massive’ Military Response
– Precious Metals Outperform Markets In August – Gold +4%, Silver +5%
– 4 Reasons Why “Gold Has Entered A New Bull Market” – Schroders
Important Guides
For your perusal, below are our most popular guides in 2017:
Essential Guide To Storing Gold In Switzerland
Essential Guide To Storing Gold In Singapore
Essential Guide to Tax Free Gold Sovereigns (UK)
end
Dave Kranzler: Why is the BIS flooding the system with gold?
Submitted by cpowell on Mon, 2017-09-18 23:33. Section: Documentation
7:32p ET Monday, September 18, 2017
Dear Friend of GATA and Gold:
Gold swaps by the Bank for International Settlements, Dave Kranzler of Investment Dynamics writes today, correlate inversely with the gold price. That is, the more gold is swapped by the BIS, the more metal is made available to bullion banks for sale into the market and shipment to Asia to prevent demand there from boosting gold's price.
The recent explosive rise in gold swaps by the BIS, disclosed Saturday by GATA consultant Robert Lambourne --
http://www.gata.org/node/17646
-- "explains the current manipulated take-down in the price of gold despite the rising seasonal demand from India and China," Kranzler writes.
The BIS actually advertises to prospective central bank members that its services include surreptitious interventions in the gold market --
http://www.gata.org/node/11012
-- and the head of the BIS' monetary and economic department, William R. White, told a BIS conference in 2005 that a primary purpose of central bank cooperation is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":
http://www.gata.org/node/4279
Kranzler's analysis is headlined "Why Is the BIS Flooding the System with Gold?" and it's posted at IRD here:
http://investmentresearchdynamics.com/why-is-the-bis-flooding-the-system...
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Dennis Gartman dons tinfoil hat: BIS trying to keep gold down
Submitted by cpowell on Mon, 2017-09-18 17:37. Section: Daily Dispatches
By Dennis Gartman
The Gartman Letter
Monday, September 18, 2017
https://www.thegartmanletter.com/
Regarding gold, Friday was again a day when the gold market bears ruled and they are continuing to put pressure upon prices this morning. We draw attention then to the chart of gold included this morning at the upper left of Page 1, paying heed to the trend line drawn. It is under assault and is indeed in danger of being broken to the downside.
This will not negate the bull market that has been extant since late 2015, but it does put the market rather clearly upon the defensive.
Our friend John Brimelow [editor of John Brimelow's Gold Jottings letter] has brought something to our attention this morning that we think worthy of note. John wrote earlier today:
"GATA has produced another smoking gun: 'BIS Gold Swaps Soar from Zero to Record High' (http://www.gata.org/node/17646):
"Disclosures in the August statement of account published by the Bank for International Settlements indicate that during August the bank increased substantially its use of gold swaps. An estimated 130 tonnes of new gold swaps were made last month, worth about $5.9 billion at the month-end gold price, and the total level of gold swaps at the end of August was close to 500 tonnes.
"This is the BIS' highest level of gold swaps recorded since the bank first reported the use of gold swaps in its annual report for the financial year ended March 31, 2010. A review of the previous use of gold derivatives by the BIS reveals that the transactions in the year ending March 31, 2010, were far more substantial than anything done by the bank in the years immediately before.
"The use of gold swaps reported by the BIS in recent times is summarized below:
"-- March 2010: 346 tonnes.
"-- March 2011: 409 tonnes.
"-- March 2012: 355 tonnes.
"-- March 2013: 404 tonnes.
"-- March 2014: 236 tonnes.
"-- March 2015: 47 tonnes.
"-- March 2016: 0 tonnes.
"-- March 2017: 438 tonnes.
"Gold's friends are up against City Hall."
Our longstanding readers/clients/friends know that we and GATA have often in the past been very much at odds, but for the moment we find this data very, very interesting. The BIS is trying, thus far vainly, to keep gold down. Do not underestimate their intentions.
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Sept 18/ANOTHER RAID/GOLD DOWN $14.05 AND SILVER DOWN 50 CENTS/OPEN INTEREST IN SILVER RISES DESPITE FRIDAY’S WHACK/USA ACCUSED CHINA OF UPSETTING THE GLOBAL TRADING SYSTEM AS INTEND ON DECLARING A TRADE WAR!!
September 18, 2017 · by harveyorgan · in Uncategorized
GOLD: $1307.35 DOWN $14.05
Silver: $17.14 DOWN 50 CENT(S)
Closing access prices:
Gold $1307.40
silver: $17.20
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: $1325.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1319.40
PREMIUM FIRST FIX: $6.49
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SECOND SHANGHAI GOLD FIX: $1319.20
NY GOLD PRICE AT THE EXACT SAME TIME: $1316.20
Premium of Shanghai 2nd fix/NY:$3.00
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LONDON FIRST GOLD FIX: 5:30 am est $1314.40
NY PRICING AT THE EXACT SAME TIME: $1312.10
LONDON SECOND GOLD FIX 10 AM: $1312.10
NY PRICING AT THE EXACT SAME TIME. 1312.35
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
For silver:
SEPTEMBER
198 NOTICES FILED TODAY FOR
990,000 OZ/
Total number of notices filed so far this month: 5,677 for 28,385,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
end
Another raid..what else is knew.
take a look at the GLD..it rose by 5.32 tonnes today and for the entire week that we have had constant raids, the GLD advanced by 9.46 tonnes!!!
In the SLV we lost 1.034 million oz today and that is the only amount that we lost for the past week.
maybe the authorities can explain how this happened???
Let us have a look at the data for today
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In silver, the total open interest SURPRISINGLY ROSE BY A RATHER LARGE 1217 contracts from 191,548 UP TO 192,765 DESPITE THE NASTY DROP IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 13 CENTS AND 20 CENTS FROM ITS HIGH POINT). WE HAVE NOW HAD SEVEN DAYS OF TORMENT AND YET THE SILVER OPEN INTEREST REFUSES TO BUDGE SOUTHBOUND….ONLY ADVANCES NORTHBOUND. THE LONGS ARE REMAINING STOIC AND REFUSE TO GIVE IN TO THE ANTICS OF THE BANKERS AND NEWBIE SPECS ARE COGNIZANT OF SILVER SCARCITY (AND DEMAND) AS THE PILE INTO THE SILVER ARENA. THE BANKERS SEEM TRAPPED IN THE OWN JUICE…THEY ARE DESPERATELY TRYING TO FORCE SOME OF THE SILVER LEAVES TO FALL FROM THE SILVER TREE BUT SO FAR TO NO AVAIL. THE BOYS HAVE DECIDED ANOTHER RAID IS NECESSARY AS THEY WHACK AGAIN.
RESULT: A STEADY RISE IN OI COMEX DESPITE THE 13 CENT PRICE LOSS. BANKERS FAILED IN THEIR ATTEMPT TO CAUSE SILVER LEAVES (oi) TO FALL.ANOTHER RAID ATTEMPT TODAY TO FORCE OI CONTRACTION.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.964 BILLION TO BE EXACT or 137% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 226 NOTICE(S) FOR 1,130,000 OZ OF SILVER
In gold, the open interest FELL BY A NORMAL 3,282 CONTRACTS WITH THE FALL in price of gold ($4.25 LOSS ON FRIDAY ). The new OI for the gold complex rests at 573,483. THE BANKERS ORCHESTRATED ANOTHER RAID FRIDAY MORNING WORRIED ABOUT THE STEADY OI RISE IN SILVER AND THE HIGH OI IN GOLD. THEY FAILED MISERABLY IN SILVER AND HAD LITTLE EFFECT ON GOLD.
Result: A SMALL DECREASE IN OI DESPITE THE FALL IN PRICE IN GOLD ($4.25). THE COMMERCIALS SUPPLIED THE NECESSARY SHORT PAPER. THE FRIDAY DAY FAILED MISERABLY SO THEY ORCHESTRATED ANOTHER RAID TODAY.
we had: 0 notice(s) filed upon for nil oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
Tonight , we had a huge change in gold inventory:
a massive 5.32 tonnes of gold deposit despite gold’s whack!!!
Inventory rests tonight: 843.96 tonnes
Interestingly from the first day of the raid, Sept 12 to today we have gained 9.46 tonnes instead of losing any gold!! I wish the authorities can explain this???
SLV
Today: a huge change in inventory. a withdrawal of 1.039 million oz
INVENTORY RESTS AT 326.049 MILLION OZ
From Sept 12 until today, we have only lost 1.039 million oz i.e. what we lost today. The other 5 days we lost zero.
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY A STEADY 1217 contracts from 191,548 UP TO 192,765(AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 13 CENT LOSS IN TRADING. OUR LONGS CONTINUE TO BE STRONG AND REFUSE TO BUDGE WITH THE ANTICS OF OUR BANKERS. NEWBIE LONGS CONTINUE TO ENTER THE ARENA COGNIZANT OF SILVER SCARCITY AND DEMAND. BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.
RESULT: A STEADY RISE IN OI AT THE COMEX DESPITE THE FALL IN PRICE OF 13 CENTS ON FRIDAY. WE HAD ANOTHER RAID FRIDAY MORNING BY OUR BANKERS TRYING TO FORCE SILVER LONGS TO DEPART THE SILVER TREE. THEY FAILED MISERABLY!! SO THEY TRIED AGAIN THIS MORNING.
(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 SUNDAY night/MONDAY morning: Shanghai closed UP 9.24 POINTS OR 0.28% / /Hang Sang CLOSED UP 352.18 POINTS OR 1.27%/ The Nikkei closed FOR HOLIDAY/Australia’s all ordinaires CLOSED UP 0.40%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.5690/Oil DOWN to 49.77 dollars per barrel for WTI and 55.26 for Brent. Stocks in Europe OPENED GREEN . Offshore yuan trades 6.5700 yuan to the dollar vs 6.5690 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY WEAKER DOLLAR. CHINA IS HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
North Korea vows to complete the nuke program and reach ” military equilibrium” with the uSA.
The USA is not amused..
( zero hedge)
ii)Nikki Haley, Ambassador to the UN states that General Mattis will “take care” of North Korea if diplomacy fails
( zero hedge)
b) REPORT ON JAPAN
Abe set to hold a snap election and that sends the yen southbound and gold with it
( zero hedge)
c) REPORT ON CHINA
i)Kyle Bass, the lone holdout in the shorting of the yuan states correctly that China has 40 trillion dollars of assets ((debt) with only 2 trillion dollars of assets. The country is trying to rein in its global expansion but the imbalances will cause huge problems for China and for the globe
( Kyle Bass/zerohedge)
ii)This ought to cause gold to skyrocket despite the crooked banks incessant supply of non backed gold paper: USA CLAIMS CHINA IS A THREAT TO THE GLOBAL TRADING SYSTEM!!
The risk of course is China dumping her 2 trillion usa dollars worth of reserves
( zerohedge)
4. EUROPEAN AFFAIRS
I)Spain; Catalonia
700 Catalan mayors defy Madrid. Catalonia is experiencing continual police raids trying to find secret ballot boxes ahead of the Oct referendum vote:
( zerohedge)
ii)UK
Cable (USA/British Pound) backs off below 1.35 after Carney walks back his tough talk of rate hikes:
(courtesy zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Syria/USA/Russia/Iran/Deir Ezzor
This is interesting: we now a race for Deir Ezzor in Syria which houses most of its oil fields. The western side of the attack (west of the Euphrates River) is coming from Syrian of opposition forces (SDF) allying itself with the USA, while the east is being attacked by Russian-Syrian Government-Iranian forces.
this may not end well..
( zerohedge)
ii)This is deadly: the Government forces of Syria crosses the Euphrates river at Deir Ezzor setting up a confrontation with the USA. Will the USA bomb and confront Russia
( zerohedge)
6 .GLOBAL ISSUES
Barbuda
Nobody living on the island of Barbuda for the first time in 300 years:
(courtesy zerohedge)
7. OIL ISSUES
8. EMERGING MARKET
VENEZUELA
9. PHYSICAL MARKETS
i)China is set to implement the most draconian measures as they crackdown on Bitcoin trading. They intend to cut down channels for the buying and selling of bitcoin. It stands to reason: China wants gold to back its yuan and does not want any competing currency.
( zero hedge)
ii)The price of bitcoin bounces by 1100 dollars up to $4100 as the world wakes up to China’s lack of influence in the Crypto currency trading.(courtesy zero hedge)
iii)Ronan Manly outlines the true gold demand within China and it is much higher than that calculated by the crooked World Gold Council
( Ronan Manly./Bullion star)
iv)India imported $1,380,000 oz of gold in August (42.30 tonnes) and for the year so far: 337.4 tonnes. (15.24 billion)/if we extrapolate for the year, India is heading for 500 tonnes. However this does not include smuggling. India is a huge buyer of gold and silver.
( Times of India/GATA)
v)Join GATA at their annual New Orleans conference in October
( GATA/Brine Lundin)
vi)This is interesting: the BIS now states that global debt has been underestimated by a huge 13 trillion dollars.
( Reuters/GATA)
vii)India foolishly may exclude gold from future tax free trade agreements due to huge current account deficiencies. However the citizens of India are wealthier.
( Times of Inda/Mumbia/GATA)
10. USA Stories
i)Pennsylvania is the next state to run into trouble as they are having budgetary problems. They have run out of cash leaving 860 million of unpaid bills
( zero hedge)
ii)An excellent commentary from John Mauldin has he describes the huge pension problems in the USA. He highlights the problems facing Texas which has no sales tax. The state lives on increases in property taxes. With many homes falling in value, how will the state fund itself
( John Mauldin)
iii)This Wednesday the uSA will start its balance sheet reduction. The following is what to expect:
( zero hedge)
iv)Hurricane Maria threatens Puerto Rico as a category 4 storm:
( zerohedge)
iv b) This is deadly: $696 billion of unpaid mortgage balances in the Hurricane Harvey and Irma damaged areas of concern. If these guys walk away from their homes, it will be catastrophic for the banks. Puerto Rico missed the first blast but it is direct target of Hurricane Marie.
(courtesy zerohedge)
v)Massive protests in St Louis over ex-cop’s acquittal.
( zerohedge)
vi)Toys R Us facing imminent bankruptcy:
(courtesy zero hedge)
vii)Justice department begins a criminal probe into Equifax Executive stock sales:
( zerohedge)
viii)An excellent interview of Chris Martenson who states that central banks are petrified with respect to hyperinflationary threats which will occur when China dumps the dollar:
( Chris Martenson/Greg Hunter)
Let us head over to the comex:
The total gold comex open interest FELL BY A NORMAL 3,282 CONTRACTS DOWN to an OI level of 573,483 DESPITE THE NASTY FALL IN THE PRICE OF GOLD ($4.25 LOSS IN FRIDAY’S trading and down $13.45 from its high point). THE CONTINUAL HIGH OPEN INTEREST IN GOLD RESULTS IN MORE BANKER TORMENT AS THESE CROOKS TRY AND LIBERATE GOLD LEAVES (OPEN INTEREST) FROM THE GOLD TREE. WITH THE SMALL FALL IN OPEN INTEREST IN THE GOLD COMPLEX, THEY HAVE SUCCEEDED IN LIBERATING ONLY A TINY NUMBER OF OPEN INTEREST. IN SILVER THEY FAILED MISERABLY..IT’S OI ROSE APPRECIABLY! THUS ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.
Result: a NORMAL SIZED open interest DECREASE with a FALL IN THE PRICE OF GOLD TO THE TUNE OF $4.25 (and $13.45 from its high point)/ANOTHER RAID THIS MORNING.
The new non active September contract month saw it’s OI FELL BY 295 contracts DOWN to 816. We had 0 notices filed UPON YESTERDAY so we LOST 295 contracts or an additional 29,500 oz will not stand AND obviously a huge error in reporting on Thursday where we had 298 additional contracts standing or 298,000 oz. We had 0 EFP’s WERE ISSUED which entitles them to a fiat bonus plus a deliverable contract on a different exchange and most likely that would be London. These are private deals so we do not get to see the makeup of these deals only the number of EFP’s issued.
The next active contract month is Oct and here we saw a LOSS of 110 contracts DOWN to 38,877.
The November contract saw A LOSS OF 3 contracts DOWN to 435.
The very big active December contract month saw it’s OI LOSS OF 3496 contracts DOWN to 448,726.
We had 0 notice(s) filed upon today for nil oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results. Total silver OI ROSE BY A STEADY 1,217 CONTRACTS FROM 191,548 UP TO 192,765 DESPITE FRIDAY’S 13 CENT LOSS IN PRICE AND DOWN 20 CENTS FROM ITS HIGH POINT. DESPITE THE CONSTANT TORMENT FROM THE BANKERS, OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS NO SILVER LEAVES FELL FROM THE SILVER TREE AND ACTUALLY ROSE AS DEMAND FOR PHYSICAL SILVER REMAINS EXTREMELY HIGH. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY A WHOPPING 455,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW). BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING, TRYING TO FORCE SILVER LEAVES TO FALL FROM THE SILVER TREE.
RESULT: A STEADY INCREASE IN OI AT THE COMEX DESPITE A 13 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY A WHOPPING 455,000 OZ. THE BANKERS THIS TIME HAD NO CHOICE BUT TO SUPPLY THE NECESSARY SHORT PAPER AS THEY COULD NOT CAUSE ANY SILVER LEAVES (OI) TO FALL!!. THE BANKERS SEEM TRAPPED AS THEIR FRIDAY RAID FAILED IN THEIR ATTEMPT TO COVER SOME OF THEIR HUGE PAPER SHORTS SO THEY TRIED AGAIN TODAY.
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSS OF 135 contacts DOWN to 601. We had 226 notices filed yesterday, so we again gained 91 contracts or an additional 455,000 oz will stand for delivery. This phenomenon has been happening in silver for the past 5 months whereby the amount standing increases on each and every delivery day. This queue jumping highlights the huge demand for silver that we have been witnessing around the globe. The next non active contract month for silver after September is October and here the OI GAINED 30 contacts UP TO 971. November saw a LOSS of 7 contract(s) and thus FALLING TO 57. After November, the NEXT big active contract month is December and here the OI LOST 106 contracts DOWN to 156,689 contracts.
We had 198 notice(s) filed for 990,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 259,286 CONTRACTS WHICH IS VERY GOOD
FRIDAY’S confirmed volume was 328,689 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for SEPTEMBER
Sept.18/2017.
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
0 notice(s)
NIL OZ
No of oz to be served (notices)
816 contracts
(81,600 oz)
Total monthly oz gold served (contracts) so far this month
54 notices
5400 oz
0.1679 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 9,996.8 oz
Today we HAD 0 kilobar transaction(s)/
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawals;NIL oz
we had 0 adjustment(s)
For SEPT:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 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.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the initial total number of gold ounces standing for the SEPTEMBER. contract month, we take the total number of notices filed so far for the month (54) x 100 oz or 5400 oz, to which we add the difference between the open interest for the front month of SEPT. (816 contracts) minus the number of notices served upon today (0) x 100 oz per contract equals 87,000 oz, the number of ounces standing in this active month of SEPT.
Thus the INITIAL standings for gold for the SEPTEMBER contract month:
No of notices served so far (54) x 100 oz or ounces + {(816)OI for the front month minus the number of notices served upon today (0) x 100 oz which equals 87,000 oz standing in this active delivery month of SEPTEMBER (2,707 tonnes)
We LOST 295 contracts OR AN ADDITIONAL 29,500 OZ WILL NOT STAND FOR GOLD and 0 EFP’s were issued for September which gives the long holder a fiat bonus plus a deliverable product on another exchange and that most likely will be London. THIS WAS OBVIOUSLY A CORRECTION FROM THURSDAY’S REPORT WHICH SHOWED AN ADDITIONAL 298 CONTRACTS STANDING WHICH WAS AN ERROR.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Total dealer inventory 713,322.712 or 22.187 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,696,115.287 or 270.48 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 270.48 tonnes for a loss of 33 tonnes over that period. Since August 8/2016 we have lost 34 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 13 MONTHS 84 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE AUGUST DELIVERY MONTH
September initial standings
Sept 18 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
67,562.690 oz
Brinks
CNT
Delaware
Deposits to the Dealer Inventory
363,526.492 oz
CNT
Deposits to the Customer Inventory
236,525,845 oz
CNT
No of oz served today (contracts)
198 CONTRACT(S)
(990,000 OZ)
No of oz to be served (notices)
403 contracts
(2,015,000 oz)
Total monthly oz silver served (contracts) 5677 contracts (28,355,000 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 4,426,867.2 oz
today, we had 1 deposit(s) into the dealer account:
i) Into CNT: 363,526.492
total dealer deposit: 363,526.492 oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 3 customer withdrawal(s):
i) out of CNT 60,532.27 oz
ii) Out of Brinks; 5032.170 oz
iii) Out of Delaware: 1998.25 oz
TOTAL CUSTOMER WITHDRAWALS: 67,562.690 oz
We had 1 Customer deposit(s):
i) Into CNT: 236,525.945 oz
***deposits into JPMorgan have 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: 236,525.945 oz
we had 0 adjustment(s)
The total number of notices filed today for the SEPTEMBER. contract month is represented by 198 contract(s) for 990,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPTEMBER., we take the total number of notices filed for the month so far at 5677 x 5,000 oz = 28,385,000 oz to which we add the difference between the open interest for the front month of SEPT (601) and the number of notices served upon today (198) x 5000 oz equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the SEPTEMBER contract month: 5677 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(601 ) -number of notices served upon today (198)x 5000 oz equals 30,370,000 oz of silver standing for the SEPTEMBER contract month. This is excellent for this active delivery month. Silver is being constantly demanded at the silver comex and we witness again the amount of silver demanded daily increase right from the get go. (ON AUGUST 31 (FIRST DATE NOTICE) WE HAD 20.15 MILLION OZ STAND. THUS IN THE FIRST 18 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 10.3 MILLION OZ STAND FOR DELIVERY AS DEALERS JUMP QUEUE TRYING TO FIND THE NECESSARY SILVER TO SUPPLY TO OUR LONGS.)
WE HAD AN INCREASE OF 91 CONTRACTS OR AN ADDITIONAL 455,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS ACTIVE CONTRACT MONTH OF SEPTEMBER. THIS HAS BEEN THE 5th CONSECUTIVE MONTH THAT WE HAVE WITNESSED EITHER AN INCREASE (95% OF THE TIME) OR STANDING PAT (THE OTHER 5%). WE HAVE NOT HAVE A DECREASE IN STANDING I.E. AS THEY DELIVERY MONTH PROCEEDS NOBODY WISHES AN EFP PRODUCT IN EXCHANGE FOR A DEPARTING LONG.SOMEBODY BIG WANTS SILVER IN A VERY BIG WAY.
Last yr on the first day notice for the Sept silver 2016 contract we had 17.070 million oz stand for delivery.
By month end: 16.075 million oz/
Volumes: for silver comex
ESTIMATED VOLUME TODAY: 81,325 CONTRACTS
WHICH IS HUGE
YESTERDAY’s confirmed volume was 78,023 contracts which is EXCELLENT
FRIDAY’S CONFIRMED VOLUME OF 78,023 CONTRACTS WHICH EQUATES TO 390 MILLION OZ OF SILVER OR 56% 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: 44.057 million (close to record low inventory
Total number of dealer and customer silver: 218.778 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 7.5 percent to NAV usa funds and Negative 7.0% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.3%
Percentage of fund in silver:37.7%
cash .+0.0%( Sept 18/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.43% (Sept 18/2017)
3. Sprott gold fund (PHYS): premium to NAV RISES TO -0.68% to NAV (Sept 18/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.68%/Sprott physical gold trust is back into NEGATIVE/ territory at -0.43%/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
http://www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…
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
Sept 18/a huge 5.32 tonnes of gold deposit into the GLD despite gold’s whack today/inventory rests at 843.96 tonnes
Sept 15./strange!!no change in GLD after the whacking of gold/inventory remains at 838.64 tonnes
Sept 14./no changes at the GLD/inventory rests at 838.64 tonnes
Sept 13/late last night a huge 4.14 tonnes of gold was added to the GLD inventory/inventory rests at 838.64 tonnes.
Sept 12/as of 5: 40 pm est, no changes in gold inventory at the GLD/Inventory rests at 834.50 tonnes
Sept 11/Today we had a rather large 2.37 tonnes of gold removed from the GLD/Inventory rests at 834.50 tonnes
Sept 8/we had a tiny withdrawal of .34 tonnes and probably that would be to pay for fees like insurance etc.
Inventory rests at 836.87 tonnes
Sept 7./no changes in gold inventory at the GLD/Inventory rests at 837.21 tonnes
SEPT 6/WE HAD ANOTHER DEPOSIT OF 5.91 TONNES INTO THE GLD/IN THE LAST TWO DAYS: 20.69 TONNES/INVENTORY RESTS AT 837.21 TONES
Sept 5/we had a huge deposit of 14.78 tonnes into the GLD/Inventory rests at 831.21 tonnes
Sept 1/ no change in gold inventory at the GLD/Inventory rests at 816.43 tonnes
AUGUST 31/no change in gold inventory at the GLD. Inventory rests at 816.43 tonnes
August 30/another deposit of 2.07 tonnes into the GLD inventory/inventory rests at 816.43 tonnes
August 29/a huge deposit of 9.16 tonnes of probable paper gold/inventory rests at 814.36 tonnes
AUGUST 28/a huge deposit f 5.91 tonnes of gold into GLD inventory/inventory rests at 805.20 tonnes
AUGUST 25/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 799.29 TONNES
AUGUST 24/no change in gold inventory at the GLD/inventory rests at 799.29 tonnes
August 23/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes
August 22/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes/
AUGUST 21/this is good!! a huge deposit of gold into the GLD to the tune of 3.85 tonnes/Inventory rests at 799.29 tonnes
August 18/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.44 TONNES
August 17/late last night, a deposit of 4.43 tonnes of gold at the GLD/inventory rests at 795.44 tonnes/the bleeding of gold has stopped.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Sept 18 /2017/ Inventory rests tonight at 843.96 tonnes
*IN LAST 233 TRADING DAYS: 97.14 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 169 TRADING DAYS: A NET 60.29 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 28.90 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 18/a withdrawal of 1.039 million oz from the SLV/Inventory rests at 326.049 million oz
Sept 15./no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 14/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 13/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 12.2017/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 11.2017: no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 8/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 7/STRANGE!! WITH DEMAND FOR SILVER HUGE WE HAD ANOTHER 945,000 OZ WITHDRAWN. NO DOUBT THAT THIS IS CRIMINAL ACTIVITY AS SILVER IS WITHDRAWN AND USED TO CONTAIN THE RISE IN PRICE/INVENTORY RESTS AT 327.088 MILLION OZ/
SEPT 6/STRANGE WITH A HUGE DEMAND FOR SILVER THROUGHOUT THE WORLD THESE DOORKNOBS WITHDRAW A HUGE 3.148 MILLION OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 328.033 MILLION OZ
Sept 5/2017: no change in silver inventory at the SLV/Inventory rests at 331.178 million oz/
Sept 1/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 331.178 MILLION OZ
AUGUST 31/STRANGE!! a huge withdrawal of 2.019 million oz with silver up today./INVENTORY RESTS AT 331.178 MILLION OZ
August 30/no change in silver inventory at the SLV/inventory rests at 333.178 million oz
August 29/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 28/no change in silver inventory at the SLV/Inventory rests at 333.178 million oz/
AUGUST 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 24/A HUGE WITHDRAWAL OF 1.229 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
August 23/no change in silver inventory at the SLV/Inventory rests at 334.407 million oz
August 22/no change in silver inventory at the SLV/inventory rests at 334.407 million oz.
AUGUST 21/no change in silver inventory/inventory rests at 334.407 million oz/
August 18/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REST AT 334.407 MILLION OZ
August 17/A WITHDRAWAL OF 1.418 MILLION OZ LEAVES THE VAULTS OF THE SLV (WITH SILVER UP 25 CENTS YESTERDAY?)/INVENTORY RESTS AT 334.407 MILLION OZ
Sept 18.2017:
Inventory 326.049 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.34%
12 Month MM GOFO
+ 1.57%
30 day trend
end
Major gold/silver trading/commentaries for MONDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
GoldCore's picture
by GoldCore
Sep 18, 2017 8:18 AM
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Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– Bitcoin price action shows cryptos vulnerable to commentary and government policies
– Bitcoin falls to low of $2,980, down by $1,000 in week as China flexes muscles
– Volatility major issue: In 3 days btc fell 40% before bouncing 25% off lows
– BIS state risks of cryptos cannot yet be fully assessed and says technology still unproven
– Apple and Google developing a payment API for cryptos – may give governments full oversight
– Bitcoin and cryptos current volatility and exposure to governments underlines gold’s safe haven status
Courtesy of CoinDesk
Even for bitcoin last week was an eventful week. The price hit a recent low of $2,980, falling 40% and recovering by nearly 25% in the space of three days.
Last week was a good example of the vulnerabilities in the cryptocurrency space to government announcements regarding the infrastructure the ecosystem.
This last year has seen unprecedented progress and development in the bitcoin and crypto arena. From the price reaching new highs to an explosion in Initial Coin Offerings.
The fall in price by over $1,000 should serve as a reminder that markets will stumble when they try to run before they can walk. As much as early adopters like to declare bitcoin the new currency and declare is true safe haven, the last week has shown that gold is a far better long-term safe haven.
Government meddling
Reasons for bitcoin’s (and other cryptos’) fall last week was mainly thanks to further crackdowns on bitcoin exchanges by the Chinese government. On Thursday bitcoin fell 16% against the U.S. dollar as the Chinese announced they were closer to shutting down cryptocurrency exchanges.
This week commentators believe crypto traders have now priced in the negative news from the East, however last week’s performance was yet another example of how vulnerable bitcoin still is to government announcements.
This weekend and this morning the price has begun to recover following a report from the Bank of International Settlements.
The BIS report said central banks needed to carefully consider their approach to the cryptocurrency markets.
“Central banks will have to consider not only consumer preferences for privacy and possible efficiency gains — in terms of payments, clearing and settlements — but also the risks it may entail for the financial system and the wider economy, as well as any implications for monetary policy,”
For many in the crypto space this was further validation for the likes of bitcoin etc. Whilst the BIS did not give their backing to central banks’ involvement in blockchain currencies it was an acknowledgement of them and the need for the authorities to find a way to deal with them.
Risks were at the forefront of the BIS’ minds, with cyber-attacks being the most obvious cause for concern.
“Some of the risks are currently hard to assess,” the report stated, given how little is known about the impact of cyber-attacks and their resilience.
This was yet another cautionary report from a leading monetary authority. The BIS and the Chinese regulators are just the most recent bodies to publish their concerns.
We recently covered the issue of ICOs. A primary concern for many governments. ICOs are encouraging misinformed investors to jump on the tails of the crypto boom and sometimes put money into ventures that are extremely high risk .
We expect further words of warning between now and the end of the year. In the coming weeks the UAE government are also expected to issue their thoughts on cryptocurrencies.
It will be interesting to see how the volatility plays out with each new decision from higher authorities. In the mean time, the tech community may even be working with governments to make sure they are happy with the infrastructure that supports bitcoin.
Governments will soon want in
Currently bitcoin and cryptocurrencies are being seen as the new tech guys, like those in Silicon Valley before them they are breaking new ground and challenging our thoughts and government policies over something we thought was long past debate.
For Silicon Valley they challenged how we communicate, for bitcoin etc its what money is and how we use it.
But the pioneers might not last long. Over the weekend One River Asset Management’s Eric Peters outlined his biggest concern when it comes to cryptocurrencies:
Once private markets perfect cryptocurrency technology, governments will commandeer it, killing today’s pioneers. Then with every cryptodollar, yen, euro and renminbi registered on their servers, they’ll have complete dominion over money, laundering, taxation.
This may seem an extreme viewpoint but reality shows he might not be far off. Last week the World Wide Web Consortium (W3C) with the help of Microsoft, Google, Facebook, Apple and Mozilla, announced work on the Payment Request API.
The new API will sit in browsers and allow ‘new payment types, including bitcoin, ether any any other available cryptocurrency (as well as more traditional online payment methods) to be stored directly in the browser.’
Given all code developed in the U.S. is subject to government intelligence oversight users might want to be wary about using such a payment method. This could be an early step that allows third-party access to your transactions and possibly your online wallet. Confiscation and theft spring to mind.
Gold proves itself once again
Volatility, cyber-attacks and investment fraud are just some of the concerns regarding the bitcoin community. Add to that the new possibility that governments could have oversight into your crypto spending then it all seems even less appealing.
Gold is all too often compared to bitcoin. The latter is frequently called the new gold. For many, the surge in the bitcoin price has been to the detriment of the gold price. In truth, they may ultimately end up being complementary assets. For now, the new kid on the block is far from being able to offer the same qualities that we see in gold.
When you buy physical, segregated gold you cannot link it to an API which may or may not expose it to hackers or government’s sticky fingers. When you buy gold bullion or coins you can be careful not to invest in something that exposes you to a big pile of hot air and fraud.
Finally, gold is not a volatile currency. It does not react like a toddler when a government makes an announcement. Governments are not paranoid about gold and the possibility that it puts investors’ money at risks. Governments already own gold, they understand it. Gold has been around for millennia and its role is far past debate.
This last week, in fact the last year, serves as an important reminder that the shiniest and safest asset might not be the newest one and that investors should look for the calm amongst the storm.
News and Commentary
Asia stocks hit decade high, dollar firm before Fed meeting (Reuters.com)
Too soon to determine risks of central bank-issued cryptocurrencies: BIS (Reuters.com)
Will gold shine brightly again this autumn as bitcoin crashes? (TheNational.ae)
China provides $10 billion credit line to Iran (TimesOfIsrael.com)
Sterling Vulnerable as May Prepares to Outline Brexit Strategy (Bloomberg.com)
source: www.bloomberg.com/news/articles/2017-09-17/sterling-vulnerable-as-may-pr…
Kyle Bass: China’s $40 Trillion Banking System Has “Largest Imbalances I’ve Ever Seen” (ZeroHedge.com)
What Last Week Tells Us About Bitcoin (Bloomberg.com)
Asking prices for London homes record biggest falls this decade (TheGuardian.com)
The brutal global stockmarket crash that hit Britain hardest (MoneyWeek.com)
The U.K.’s Economic Outlook Is Getting Rosier (Bloomberg.com)
Gold Prices (LBMA AM)
18 Sep: USD 1,314.40, GBP 970.16 & EUR 1,100.68 per ounce
15 Sep: USD 1,325.00, GBP 977.32 & EUR 1,109.16 per ounce
14 Sep: USD 1,323.00, GBP 1,002.44 & EUR 1,111.58 per ounce
13 Sep: USD 1,332.25, GBP 1,003.85 & EUR 1,112.43 per ounce
12 Sep: USD 1,326.25, GBP 1,000.66 & EUR 1,109.41 per ounce
11 Sep: USD 1,338.75, GBP 1,015.31 & EUR 1,114.24 per ounce
08 Sep: USD 1,350.90, GBP 1,026.82 & EUR 1,120.71 per ounce
Silver Prices (LBMA)
18 Sep: USD 17.53, GBP 12.94 & EUR 14.66 per ounce
15 Sep: USD 17.70, GBP 13.03 & EUR 14.81 per ounce
14 Sep: USD 17.75, GBP 13.40 & EUR 14.91 per ounce
13 Sep: USD 17.91, GBP 13.50 & EUR 14.94 per ounce
12 Sep: USD 17.75, GBP 13.37 & EUR 14.87 per ounce
11 Sep: USD 17.85, GBP 13.51 & EUR 14.86 per ounce
08 Sep: USD 18.21, GBP 13.80 & EUR 15.09 per ounce
Recent Market Updates
– Gold Up, Markets Fatigued As War Talk Boils Over
– Oil Rich Venezuela Stops Accepting Dollars
– Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today
– British People Suddenly Stopped Buying Cars
– Buy Gold for Long Term as “Fiat Money Is Doomed”
– Conor McGregor – Worth His Weight In Gold?
– Gold Has 2% Weekly Gain,18% Higher YTD – Trump’s Debt Ceiling Deal Hurts Dollar
– ‘Things Have Been Going Up For Too Long’ – Goldman CEO
– Physical Gold In Vault Is “True Hedge of Last Resort” – Goldman Sachs
– Bitcoin Falls 20% as Mobius and Chinese Regulators Warn
– Gold Surges To $1338 as U.S. Warns of ‘Massive’ Military Response
– Precious Metals Outperform Markets In August – Gold +4%, Silver +5%
– 4 Reasons Why “Gold Has Entered A New Bull Market” – Schroders
Important Guides
For your perusal, below are our most popular guides in 2017:
Essential Guide To Storing Gold In Switzerland
Essential Guide To Storing Gold In Singapore
Essential Guide to Tax Free Gold Sovereigns (UK)
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