AI
Monday, September 25, 2017 7:59:39 PM
Data Du Jour
MMgys
Sept 25/North Korea to the USA: “You have declared war on us” and “we will shoot down your warplanes”/ Russia states that the USA killed a big time General on the western side of Deir-ez-Zor: Iraqi Kurdistan held its independence vote today and Turkey, Iraq and Iran ready to attack/Catalonia looks defiant to hold its referendum vote on Oct 1/2017/Conditions in Puerto Rico dire/Gold up $14.00 and silver is up 16 cents/
September 25, 2017 · by harvey Organ · in Uncategorized ·
GOLD: $1308.45 UP $14.00
Silver: $17.11 UP 16 CENT(S)
Closing access prices:
Gold $1311.25
silver: $17.17
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: $1299.46 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1292.68
PREMIUM FIRST FIX: $6.78 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1298.02
NY GOLD PRICE AT THE EXACT SAME TIME: $1293.70
Premium of Shanghai 2nd fix/NY:$4.32
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LONDON FIRST GOLD FIX: 5:30 am est $1295.50
NY PRICING AT THE EXACT SAME TIME: $1293.19 ????
LONDON SECOND GOLD FIX 10 AM: $1293.30
NY PRICING AT THE EXACT SAME TIME. 1293.95
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR NIL OZ.
TOTAL NOTICES SO FAR: 83 FOR 8300 OZ (0.2581 TONNES)
For silver:
SEPTEMBER
67 NOTICES FILED TODAY FOR
650,000 OZ/
Total number of notices filed so far this month: 6,303 for 31,515,000 oz
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end
We had 4 major events today to spark gold
1. North Korea stated that the USA has basically declared war on her and that North Korea will shoot down any USA war planes
2. Kurdistan is holding a referendum on independence today and already Iran, Iraq and Turkey stated that they are ready to mount an offensive against them
3. trouble in Catalonia as the government of Spain is trying to stop the vote on independence on Oct 1
4. A Russian General was killed by rocket fire in Syria and this fire supposedly came from the USA..
all of the above makes people seek gold as a safe haven..
Let us have a look at the data for today
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In silver, the total open interest FELL BY 1321 contracts from 189,605 DOWN TO 188,644 WITH THE TINY FALL IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 5 CENTS ). ON FRIDAY, OUR BANKERS TOOK A LITTLE SIESTA FROM THE PREVIOUS 9 DAYS OF TORMENT. A TINY AMOUNT OF SILVER LONGS EXITED THE CASINO BUT MOST OF OUR SILVER PLAYERS ARE RESOLUTE WILLING TO TAKE ON OUR BANKERS. REMEMBER THAT WE HAVE NOW ENTERED OPTIONS EXPIRY WEEK SO EXPECT CONTINUAL WHACKING OF OUR PRECIOUS METALS.
RESULT: A SMALL FALL IN OI COMEX WITH THE 5 CENT PRICE FALL. A SMALL FRACTION OF LONGS LEFT BUT MOST OF OUR SILVER PLAYERS ARE RESOLUTE IN THEIR DETERMINATION TO TAKE ON THE BANKERS.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.943 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 67 NOTICE(S) FOR 335,000 OZ OF SILVER
In gold, the open interest FELL BY A CONSIDERABLE 8,896 CONTRACTS DESPITE THE RISE in price of gold ($1.70 GAIN WITH FRIDAY’S COMEX TRADING. The new OI for the gold complex rests at 552,379. WE ARE AGAIN EXPERIENCING THE SAME PHENOMENON AS WE ENTER ‘FIRST DAY DELIVERIES WEEK’ IN AN ACTIVE DELIVERY MONTH, I.E. THE ISSUANCE OF A HUGE NUMBER OF EFP’S WHICH ENTITLE THE HOLDER TO THE FIAT PROFIT PLUS A FUTURE DELIVERABLE PRODUCT ON ANOTHER EXCHANGE PROBABLY A LONDON BASED FORWARD. IT SEEMS THAT OVER 8900 EFP CONTRACTS WERE ISSUED. THESE ARE ‘EMERGENCY’ CONTRACTS WHERE THE SHORT HOLDERS DO NOT HAVE PHYSICAL TO DELIVER UPON A LONG AND SO THEY OFF- LOAD IT TO A PHYSICAL ZONE LIKE LONDON. WE ARE NOW ENTERING OPTIONS EXPIRY WEEK SO EXPECT THE PRICES OF BOTH GOLD AND SILVER TO BE SUBDUED. IT FINISHES THIS COMING FRIDAY MORNING .
Result: A HUGE DECREASE IN OI WITH THE RISE IN PRICE IN GOLD ($1.70). DEMAND FOR GOLD STILL HIGH BUT LONGS TRANSFERRED TO ANOTHER PHYSICAL EXCHANGE LIKE LONDON.
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 got this huge news: we had another big change in gold inventory:
a huge deposit of 3.84 tonnes.
Inventory rests tonight: 856.08 tonnes. Whenever GLD inventory advances so does our gold price.
SLV
Today: a huge change in inventory: a deposit of 1.842 million oz/
INVENTORY RESTS AT 326.757 MILLION OZ
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1321 contracts from 189,865 DOWN TO 188,644 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 5 CENT LOSS IN TRADING. WE LOST A TINY FRACTION OF LONGS BUT STILL THE MAJORITY OF SILVER LONGS ARE RESOLUTE WILLING TO TAKE ON THE BANKERS. WE HAVE NOW ENTERED OPTION’S EXPIRY WEEK
RESULT: A SMALL SIZED DROP IN SILVER OI AT THE COMEX WITH THE TINY LOSS IN PRICE OF 5 CENTS IN FRIDAY’S TRADING.
(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 DOWN 10.98 POINTS OR 0.33% / /Hang Sang CLOSED DOWN 380.18 POINTS OR 1.36%/ The Nikkei closed UP 101.13 POINTS OR 0.50%/Australia’s all ordinaires CLOSED UP 0.02%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.6230/Oil UP to 50.92 dollars per barrel for WTI and 57.55 for Brent. Stocks in Europe OPENED MOSTLY RED . Offshore yuan trades 6.6155 yuan to the dollar vs 6.6230 for onshore yuan. NOW THE OFFSHORE MOVED MUCH STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN HUGELY WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS 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
i)FRIDAY NIGHT/SATURDAY MORNING
Pretty sure this earthquake was man made. It was probably natural and no doubt caused by the continual massive testing by the North Koreans
( zero hedge)
ii)SATURDAY/THE RHETORIC CONTINUES:
( zerohedge)
iii)Saturday night/Korean time/Sunday morning our time
The USA flies just off the coast of North Korea in a show of force against North Korea.
( zerohedge)
IV)Trump threatens North Korea’s Kim Jong Un
(courtesy zerohedge)
v)Gold spikes on North Korean interpretation that the USA declared war on North Korea.
North Korea states that they threaten to shoot down USA bombers.
( zerohedge)
b) REPORT ON JAPAN
Abe announces a snap election and he will face a new challenger Koike, Toyko’s Governor. She states that she will form a new conservative party trying to oust Abe
( zerohedge)
c) REPORT ON CHINA
4. EUROPEAN AFFAIRS
i)SPAIN/CATALONIA/SATURDAY
Defiant Catalans block Madrid’s Military cruise ships from landing. Spain is looking more like Venezuela’s Maduro than a democracy. The Spanish government has seized the interest with the domain “.cat” which informs all Catalans of the vote as well as provides information in the Catalan language of events important for their future.
( zerohedge/Mishtalk)
ii)SUNDAY: THE SITUATION IN CATALONIA IS GETTING DIRE BY THE DAY: THIS TIME MADRID IS TAKING OVER THE CATALAN POLICE (MOSSOS). MOSSOS TOTALLY REJECTS THIS TAKEOVER AS MADRID VOWS TO STOP THE REFERENDUM VOTE. HOW THIS PLAYS OUT WILL DEFINE SPAIN FROM HERE ON IN.( ZEROHEDGE)
ii b)Catalonia’s drive for independence is far greater problem for Spain than the election of some the far right fellows in the German Bundestag: Catalonia represents around 15% of the population of Spain, yet represents 20% of its GDP and Catalonia provides more money in taxation than they receive in benefits
( Macroview/zerohedge)
iii)German elections/Sunday
German establishment routed as the far right party Afd gets its first seats at the Bundesstag
( zero hedge)
iv)TARGET 2 IMBALANCES
We have covered this before, but the QE program has caused considerable capital flight from Club Med countries particularly Spain and Italy. If these two countries leave the EU, then the imbalances are so great that Germany and the Netherlands could not be repaid and these nations will declare bankruptcy..
a must read..
( Mish Shedlock/Mishtalk)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Russia and the USA have a secret meeting with the subject matter: Syria. It seems that Russia is laying down the rules
( zerohedge)
ii)Now Iran closes the airspace to Iraqi Kurdistan ahead of its vote for independence
( zerohedge)
iii)This is not good: Both Turkey and Iraq threaten military invention today is the Kurds hold their independence referendum. The only nation on earth that will recognize the independence vote is Israel
( ZEROHEDGE)
6 .GLOBAL ISSUES
7. OIL ISSUES
Oil rises but not gold? Fears due to the Kurdish referendum. Turkey threatens to cut off oil pipeline supplies through Iraq if independence vote proceeds. Turkey is afraid that all Kurds will unite into one country
( zero hedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Charles Smith states that there is no country that can replace the USA as reserve currency for the world. However it does not stop the declining value of the uSA dollar\
(courtesy Charles Smith/gata)
ii)As highlighted to you on Friday night’s COT report, the bankers engaged in more spec rinsing (orchestrated raids for the past 10 days) as they try and cover their huge shortfall
( Craig Hemke/TFMetals)
iii)Both gold and silver are hugely backward on London and that necessitated a large mobilization of physical gold to supply to eastern countries who desired to liquidate uSA dollars
a must listen to audio from James Turk
( zerohedge)
iv)Marcos’ son denies an offer of gold to Filipinos and its government
( Manila Times/GATA)
v)The crackdown on cryptos on the Chinese Mainland has boosted Hong Kongs’ hope of becoming the hub for blockchain. I feel that the real winner will be blockchain’s use in the backing of bullion gold coin
( zerohedge)
10. USA Stories
i)As reported to you on Friday, a dam in the north west part of Puerto Rico is failing. They are evacuating as many citizens as possible as thousands could die if it broke, The country is completely flooded and there is no food or drinking water on the island.
( zerohedge)
ii)the dire situation inside the hospitals of Puerto Rico
( zerohedge)
ii b) The island is now “cash only”
( zerohedge)
iii)Obamacare repeal officially dead:
( zerohedge)
iv)Republicans are desperate as they try to revise Obamacare repeal bill but defeat is almost certain( zero hedge)
v)I guess everybody heard about Trump’s war with profession sport players who take the knee when the National Anthem is played. I agree with Trump that going against the “THE FLAG” is not a proper forum to exercise your first amendment. However the media are using it to use with first amendment rights to criticize Trump.
( zero hedge)
vi)What a farce: With everybody complaining about Hurricane Harvey damage, the soft data Dallas Fed surges to a 10 yr high.
Go figure!!
( zerohedge)
vi)Dave Kranzler talks about the phony Dallas Fed and compares it to the just released Chicago Natural Manufacturing report which showed a -.3% reading. This means that the economy contracted in August. So how could the Texas area show a gain when it was the one hit
( Dave Kranzler/IRD)
vii)First Equifax and now Deloitte: their entire internal email system has bee compromised and there would not doubt have a lot of sensitive stuff hacked
(courtesy zerohedge)
Let us head over to the comex:
The total gold comex open interest FELL BY A CONSIDERABLE 8,896 CONTRACTS DOWN to an OI level of 552,379 WITH THE RISE IN THE PRICE OF GOLD ($1.70 GAIN IN FRIDAY’S TRADING). WE ARE AGAIN EXPERIENCING THE SAME PHENOMENON AS WE ENTER ‘FIRST DAY DELIVERIES WEEK’ IN AN ACTIVE DELIVERY MONTH, I.E. THE ISSUANCE OF A HUGE NUMBER OF EFP’S WHICH ENTITLE THE HOLDER TO THE FIAT PROFIT PLUS A FUTURE DELIVERABLE PRODUCT ON ANOTHER EXCHANGE PROBABLY A LONDON BASED FORWARD. IT SEEMS THAT OVER 8900 EFP CONTRACTS WERE ISSUED FOR OCTOBER. THESE ARE ‘EMERGENCY’ CONTRACTS WHERE THE SHORT HOLDERS DO NOT HAVE PHYSICAL TO DELIVER UPON A LONG AT THE COMEX AND SO THEY OFF- LOAD IT TO A PHYSICAL ZONE LIKE LONDON
Result: a HUGE SIZED open interest DECREASE WITH THE RISE IN THE PRICE OF GOLD TO THE TUNE OF $1.70.
DEMAND DID NOT DISAPPEAR, BUT LONGS TRANSFERRED THEIR POSITION TO ANOTHER EXCHANGE LIKE LONDON
The new non active September contract month saw it’s OI FELL BY 89 contracts DOWN to 539. We had 0 notices filed UPON YESTERDAY so we LOST 89 contracts or an additional 8900 oz will not stand for delivery in this non active month of September. We had 89 EFP’s ISSUED FOR SEPTEMBER 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 1524 contracts DOWN to 21,756.
The November contract saw A GAIN OF 49 contracts UP to 727.
The very big active December contract month saw it’s OI LOSS OF 7,161 contracts DOWN to 432,413.
We had 0 notice(s) filed upon today for NIL oz
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MMgys
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And now for the wild silver comex results. Total silver OI FELL BY 1321 CONTRACTS FROM 189,965 DOWN TO 188,644 WITH FRIDAY’S TINY 5 CENT LOSS IN PRICE. WE HAVE HAD CONSTANT TORMENT FROM THE BANKERS THESE PAST 10 DAYS, BUT STILL OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS A TINY FRACTION OF SILVER LEAVES LEFT THE SILVER THEATRE. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY 220,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW).
RESULT: A SMALL DECREASE IN OI AT THE COMEX WITH A 5 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY A GOOD SIZED 220,000 OZ.SILVER DEMAND REMAINS EXTREMELY STRONG/THE RAID ALL WEEK LONG HAD NEGLIGIBLE EFFECT ON OUR RESOLUTE LONGS.
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSS OF 86 contacts DOWN to 192. We had 130 notices filed yesterday, so we again gained 44 contracts or an additional 220,000 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 15 contacts UP TO 1067. November saw a GAIN of 4 contract(s) and thus RISING TO 77. After November, the NEXT big active contract month is December and here the OI LOST 1467 contracts DOWN to 150,102 contracts.
We had 67 notice(s) filed for 335,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 552,379 CONTRACTS / MONSTROUS!!
FRIDAY’S confirmed volume was 348,128 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for SEPTEMBER
Sept.25/2017.
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)
539 contracts
(53,900 oz)
Total monthly oz gold served (contracts) so far this month
83 notices
8300 oz
0.2587 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 39,885.0 oz
Today we HAD 0 kilobar transaction(s)/
WE HAD 0 DEALER DEPOSIT:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 0 customer deposit(s):
i) Into Scotia: nil oz
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 (83) x 100 oz or 8300 oz, to which we add the difference between the open interest for the front month of SEPT. (539 contracts) minus the number of notices served upon today (0) x 100 oz per contract equals 62,200 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 (83) x 100 oz or ounces + {(539)OI for the front month minus the number of notices served upon today (0) x 100 oz which equals 71,100 oz standing in this active delivery month of SEPTEMBER (1.934 tonnes)
We LOST 89 contracts OR AN ADDITIONAL 8900 OZ WILL NOT STAND FOR GOLD and 89 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. IT IS OBVIOUS THAT THERE IS HARDLY ANY GOLD TO DELIVER UPON LONGS IN SEPTEMBER. THUS THE CROOKS USE THE EFP’S TO TRANSFER THEIR OBLIGATION TO ANOTHER EXCHANGE. THIS IS WHY OVER 7400 EFP’S WERE ISSUED FOR OCTOBER ON FRIDAY.
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Total dealer inventory 716,132.702 or 22.277 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,697,4211.592 or 270.51 tonnes
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 83 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE AUGUST DELIVERY MONTH
September initial standings
Sept 25 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
85,355.134 oz
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
615,075.59 oz
Scotia
No of oz served today (contracts)
67 CONTRACT(S)
(335,000 OZ)
No of oz to be served (notices)
125 contracts
(625,000 oz)
Total monthly oz silver served (contracts) 6303 contracts (31,515,000 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 6,384,375.1 oz
today, we had 0 deposit(s) into the dealer account:
total dealer deposit: nil oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 1 customer withdrawal(s):
i) out of CNT: 85,355.134 oz
TOTAL CUSTOMER WITHDRAWALS: 85,355.134 oz
We had 1 Customer deposit(s):
i) Into Scotia: 615,075.59 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: 615,075.59 oz
we had 0 adjustment(s)
The total number of notices filed today for the SEPTEMBER. contract month is represented by 67 contract(s) for 335,000 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 6303 x 5,000 oz = 31,515,000 oz to which we add the difference between the open interest for the front month of SEPT (278) and the number of notices served upon today (67) x 5000 oz equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the SEPTEMBER contract month: 6303 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(278 ) -number of notices served upon today (67)x 5000 oz equals 32,140,000 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 19 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 12.1 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 44 CONTRACTS OR AN ADDITIONAL 220,000 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 HAD 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: 85,464 CONTRACTS: (HUGE)
FRIDAY’s confirmed volume was 55,110 contracts which is EXCELLENT
YESTERDAY’S CONFIRMED VOLUME OF 55,110 CONTRACTS WHICH EQUATES TO 275 MILLION OZ OF SILVER OR 39% 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: 38.674 million (close to record low inventory
Total number of dealer and customer silver: 218.719 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 5.3 percent to NAV usa funds and Negative 5.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.2%
cash .+0.0%( Sept 25/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.57% (Sept 25/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.73% to NAV (Sept 25/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.57%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.73%/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 25./Another big deposit of 3.84 tonnes into GLD/Inventory rests tonight at 856.08 tonnes
Sept 22/with gold up only 1 dollar on the day we had a massive 6.21 tonnes of gold added to the GLD/.this is a good sign that gold will advance nicely this coming week.
Sept 21/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 20/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 19/another deposit of 2.07 tonnes of gold into the GLD/inventory rests at 846.03 tonnes
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 25 /2017/ Inventory rests tonight at 856.08 tonnes
*IN LAST 236 TRADING DAYS: 85.02 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 171 TRADING DAYS: A NET 72.41 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 41.02 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 25./ a big deposit of 1.842 million oz into the SLV/inventory rests at 326.757 million oz/
Sept 22/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz/
Sept 21/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz
Sept 20/no changes in silver inventory/Inventory remains at 324.915 million oz
Sept 19/strange!! another withdrawal of 1.134 million oz despite the rise in silver/inventory rests at 324.915 million oz
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 25.2017:
Inventory 326.757 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.32%
12 Month MM GOFO
+ 1.55%
30 day trend
end
Major gold/silver trading/commentaries for MONDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder
By janskoyles September 25, 2017 1 Comment
– ‘Commodities King’ Gartman sees $1,400 gold surge in months
– “Gold is the one currency that will do the best of all…”
– Pullback below $1300 “is relatively inconsequential”
– Use gold price weakness to be a buyer “no question”
– Bullish on gold due to central banks and easy monetary policy and gold will be even higher in euro terms
– Gold will be the best of all, as a result of QE and expansionary policies
– Dalio reconfirms belief that ‘gold serves a purpose’ and portfolios should have exposure
– ‘Gold is a diversifying asset’ says Dalio
– Own allocated, segregated gold in Zurich or Singapore
Editor Mark O’Byrne
Dennis Gartman has called 2017’s gold rally and he is now forecasting gold will be “demonstrably higher” rising to $1,400/oz in the coming months and rise by even more in euro terms.
In an interview on CNBC, he said that the recent correction in gold is but a mere pullback prior to much higher prices and “gold is the one currency that will do the best of all.”
Earlier this year Dennis Gartman, of the Gartman Letter, successfully called this year’s gold rally. In the year-to-date the precious metal is up by nearly 13%, thus outperforming the S&P 500 which is 12% higher.
“A year from now, gold will be demonstrably higher than it is right now…I would certainly think we could see $1400 [an ounce] in dollar terms.”
Gartman’s prediction comes a few days after another respected investor, Ray Dalio, called for gold to be held in portfolios.
Both Gartman and Dalio encourage gold investment as they believe it is an excellent diversifier and will be among the best performing currencies.
Their comments came following an intense week both political and economic developments, across the globe.
Signals from central banks – nothing to see here?
Last week the U.S. Fed made clear that it is still on track to raise interest rates by the end 2017.
Gold stumbled as tighter monetary policy is seen to raise the opportunity cost of holding bullion.
This is not a cause for concern, says Gartman:
“This is a correction but let’s understand the last rally that we had took off from $1200 to $1370. The fact that we’ve fallen back below $1300 I think is relatively inconsequential,”
Why is Gartman so bullish on gold?
“The monetary authorities are all still remaining expansionary…In that instance, the one currency that will probably do the best of all is gold.”
Gartman says this despite the announcement by the U.S. Federal Reserve and previous comments from other central banks. Clearly, he argues, balance sheet unwinding is not going to happen immediately.
“[It] is going to take five or six years. This is not something that will occur overnight,”
As we explained last week following the Fed’s announcement, the plan to hike interest rates and reduce the size of its balance sheet does not make for a happy ending.
According to 100 years’ worth of data (provided by Incrementum Capital Partners via Frank Holmes), increased rates and a reduction in the balance sheet has historically preceded recessions.
A recession would likely kill the business cycle. Frank Holmes explains why this makes a case for holding gold in your portfolio:
Gold has historically shared a very low to negative correlation with stocks. Consider 2008, the height of the financial crisis: US stocks ended the year down more than 37 percent, while gold held its value, returning 3.4 percent.
So it is not surprising that Dennis Gartman remains bullish on gold. For the next five-to-six years the Federal Reserve, along with the Bank of England and European Central Bank (to name a few), will be seeking to do the impossible – undo all of their decade-long decisions without screwing up the economy even more.
The case for gold is clearly strong in the long-term, and just as much so in the short-term thanks to a certain ‘dotard’ and ‘Rocket Man’.
North Korea thinks Donald Trump is mentally deranged…
“Just heard Foreign Minister of North Korea speak at U.N. If he echoes thoughts of Little Rocket Man, they won’t be around much longer!”
Whilst markets’ concerns over North Korea have apparently lessened over the weekend, the last week has been full of machismo demonstrations from both sides.
Gold had a bit of a take-down following the Federal Reserve meeting however North Korea’s threats to test another hydrogen bomb, promptly increased support for the safe haven.
President Trump unimpressed UN attendees last week, referring to Kim Jong-Un as a the ‘Rocket Man on a suicide mission’. In response the North Korean Foreign Minister told the UN Trump was “mentally deranged person full of megalomania” and also on a “suicide mission”.
The U.S. decided a fly by of U.S. bombers would be a good way to demonstrate ‘strength’ whilst the North Koreans marched on Pyongyang against President Trump.
Gold plays a significant role during times of political and economic uncertainty. Whilst many argue that the war-of-words between the US and North Korea is nothing new, this is the first time we have seen actions escalate to this level.
Those who believe this is nothing new are perhaps assume things will ease off between the American ‘dotard’ and the North Korean despot.
When you look back at various events between 1976 and 2009 that have prompted a cause for concern for regarding North Korea, the gold price has declined.
This year however we have seen the price rally. This is because there are many positive factors in the gold market but also because the stakes are higher. With each tweet, statement, military demonstration and rocket test, the uncertainty increases significantly.
We have not been in a situation when a U.S. President is able to broadcast his thoughts with immediate effect to the world (including his enemy). Nor have we ever known North Korea to have the military capabilities it is so keen to demonstrate.
Gold thrives on uncertainty.
We are certain about the uncertainty
We are at an interesting juncture.
Data tells us that it is highly unlikely that central banks will successfully unwind without causing harm to the global economy.
Data also tells us that gold performs well as a safe haven during times of war and geopolitical upheaval.
However, there is no data to tell us how everything will play out. This is where uncertainty comes in.
Central banks are going to start unwinding, but we do not know how badly it will go wrong. North Korea will continue to try to destabilise the region and the U.S. but we do not know how far they will be allowed to get.
Gold will perform well in the coming months. If you want to be certain of its protection in a world of uncertainty, then you should own physical gold – allocated and segregated coins and bars – in the safest vaults, in the safest jurisdictions in the world.
Important guides to storage in Singapore and Switzerland:
Essential Guide to Storing Gold In Singapore
Essential Guide to Storing Gold In Switzerland
News and Commentary
Euro, Stocks Drops After German Vote; Oil Dips: Markets Wrap (Bloomberg.com)
Gold prices looking for support (BullionDesk.com)
Trump slaps travel restrictions on North Korea, Venezuela in sweeping new ban (Reuters.com)
Gold companies take a shine to China’s Silk Road (Reuters.com)
Sri Lankan arrested with nearly 1kg of gold in his rectum (BBC.com)
European stock volumes lowest since tech bubble. Source: Bloomberg
‘Commodities king’ Gartman sees gold surging to $1400 within months (CNBC.com)
After 2-Week Takedown In Gold And Silver, Here Is The Big Surprise – Turk (KingWorldNews.com)
Bitcoin Is A Bubble says Rickards but What Causing and For How Long? (DailyReckoning.com)
Should you be worried about the “October effect”? (StansBerryChurcHouse.com)
If Amazon Takes Over The World… (ZeroHedge.com)
Gold Prices (LBMA AM)
25 Sep: USD 1,295.50, GBP 957.89 & EUR 1,089.26 per ounce
22 Sep: USD 1,297.00, GBP 956.15 & EUR 1,082.09 per ounce
21 Sep: USD 1,297.35, GBP 960.56 & EUR 1,089.00 per ounce
20 Sep: USD 1,314.90, GBP 970.53 & EUR 1,094.79 per ounce
19 Sep: USD 1,308.45, GBP 969.30 & EUR 1,091.25 per ounce
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
Silver Prices (LBMA)
25 Sep: USD 16.95, GBP 12.57 & EUR 14.27 per ounce
22 Sep: USD 16.97, GBP 12.52 & EUR 14.18 per ounce
21 Sep: USD 16.95, GBP 12.58 & EUR 14.24 per ounce
20 Sep: USD 17.38, GBP 12.84 & EUR 14.48 per ounce
19 Sep: USD 17.15, GBP 12.70 & EUR 14.31 per ounce
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
Recent Market Updates
– Bitcoin “Is A Bubble” but Gold Is Money Says World’s Biggest Hedge Fund Manager
– Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms
– Gold Investment “Compelling” As Fed May “Kill The Business Cycle”
– “This Is Where The Next Financial Crisis Will Come From” – Deutsche Bank
– Global Debt Bubble Understated By $13 Trillion Warn BIS
– Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– 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
END
MMgys
MMgys
Sept 25/North Korea to the USA: “You have declared war on us” and “we will shoot down your warplanes”/ Russia states that the USA killed a big time General on the western side of Deir-ez-Zor: Iraqi Kurdistan held its independence vote today and Turkey, Iraq and Iran ready to attack/Catalonia looks defiant to hold its referendum vote on Oct 1/2017/Conditions in Puerto Rico dire/Gold up $14.00 and silver is up 16 cents/
September 25, 2017 · by harvey Organ · in Uncategorized ·
GOLD: $1308.45 UP $14.00
Silver: $17.11 UP 16 CENT(S)
Closing access prices:
Gold $1311.25
silver: $17.17
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: $1299.46 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1292.68
PREMIUM FIRST FIX: $6.78 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1298.02
NY GOLD PRICE AT THE EXACT SAME TIME: $1293.70
Premium of Shanghai 2nd fix/NY:$4.32
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LONDON FIRST GOLD FIX: 5:30 am est $1295.50
NY PRICING AT THE EXACT SAME TIME: $1293.19 ????
LONDON SECOND GOLD FIX 10 AM: $1293.30
NY PRICING AT THE EXACT SAME TIME. 1293.95
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR NIL OZ.
TOTAL NOTICES SO FAR: 83 FOR 8300 OZ (0.2581 TONNES)
For silver:
SEPTEMBER
67 NOTICES FILED TODAY FOR
650,000 OZ/
Total number of notices filed so far this month: 6,303 for 31,515,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
end
We had 4 major events today to spark gold
1. North Korea stated that the USA has basically declared war on her and that North Korea will shoot down any USA war planes
2. Kurdistan is holding a referendum on independence today and already Iran, Iraq and Turkey stated that they are ready to mount an offensive against them
3. trouble in Catalonia as the government of Spain is trying to stop the vote on independence on Oct 1
4. A Russian General was killed by rocket fire in Syria and this fire supposedly came from the USA..
all of the above makes people seek gold as a safe haven..
Let us have a look at the data for today
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In silver, the total open interest FELL BY 1321 contracts from 189,605 DOWN TO 188,644 WITH THE TINY FALL IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 5 CENTS ). ON FRIDAY, OUR BANKERS TOOK A LITTLE SIESTA FROM THE PREVIOUS 9 DAYS OF TORMENT. A TINY AMOUNT OF SILVER LONGS EXITED THE CASINO BUT MOST OF OUR SILVER PLAYERS ARE RESOLUTE WILLING TO TAKE ON OUR BANKERS. REMEMBER THAT WE HAVE NOW ENTERED OPTIONS EXPIRY WEEK SO EXPECT CONTINUAL WHACKING OF OUR PRECIOUS METALS.
RESULT: A SMALL FALL IN OI COMEX WITH THE 5 CENT PRICE FALL. A SMALL FRACTION OF LONGS LEFT BUT MOST OF OUR SILVER PLAYERS ARE RESOLUTE IN THEIR DETERMINATION TO TAKE ON THE BANKERS.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.943 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 67 NOTICE(S) FOR 335,000 OZ OF SILVER
In gold, the open interest FELL BY A CONSIDERABLE 8,896 CONTRACTS DESPITE THE RISE in price of gold ($1.70 GAIN WITH FRIDAY’S COMEX TRADING. The new OI for the gold complex rests at 552,379. WE ARE AGAIN EXPERIENCING THE SAME PHENOMENON AS WE ENTER ‘FIRST DAY DELIVERIES WEEK’ IN AN ACTIVE DELIVERY MONTH, I.E. THE ISSUANCE OF A HUGE NUMBER OF EFP’S WHICH ENTITLE THE HOLDER TO THE FIAT PROFIT PLUS A FUTURE DELIVERABLE PRODUCT ON ANOTHER EXCHANGE PROBABLY A LONDON BASED FORWARD. IT SEEMS THAT OVER 8900 EFP CONTRACTS WERE ISSUED. THESE ARE ‘EMERGENCY’ CONTRACTS WHERE THE SHORT HOLDERS DO NOT HAVE PHYSICAL TO DELIVER UPON A LONG AND SO THEY OFF- LOAD IT TO A PHYSICAL ZONE LIKE LONDON. WE ARE NOW ENTERING OPTIONS EXPIRY WEEK SO EXPECT THE PRICES OF BOTH GOLD AND SILVER TO BE SUBDUED. IT FINISHES THIS COMING FRIDAY MORNING .
Result: A HUGE DECREASE IN OI WITH THE RISE IN PRICE IN GOLD ($1.70). DEMAND FOR GOLD STILL HIGH BUT LONGS TRANSFERRED TO ANOTHER PHYSICAL EXCHANGE LIKE LONDON.
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 got this huge news: we had another big change in gold inventory:
a huge deposit of 3.84 tonnes.
Inventory rests tonight: 856.08 tonnes. Whenever GLD inventory advances so does our gold price.
SLV
Today: a huge change in inventory: a deposit of 1.842 million oz/
INVENTORY RESTS AT 326.757 MILLION OZ
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1321 contracts from 189,865 DOWN TO 188,644 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 5 CENT LOSS IN TRADING. WE LOST A TINY FRACTION OF LONGS BUT STILL THE MAJORITY OF SILVER LONGS ARE RESOLUTE WILLING TO TAKE ON THE BANKERS. WE HAVE NOW ENTERED OPTION’S EXPIRY WEEK
RESULT: A SMALL SIZED DROP IN SILVER OI AT THE COMEX WITH THE TINY LOSS IN PRICE OF 5 CENTS IN FRIDAY’S TRADING.
(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 DOWN 10.98 POINTS OR 0.33% / /Hang Sang CLOSED DOWN 380.18 POINTS OR 1.36%/ The Nikkei closed UP 101.13 POINTS OR 0.50%/Australia’s all ordinaires CLOSED UP 0.02%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.6230/Oil UP to 50.92 dollars per barrel for WTI and 57.55 for Brent. Stocks in Europe OPENED MOSTLY RED . Offshore yuan trades 6.6155 yuan to the dollar vs 6.6230 for onshore yuan. NOW THE OFFSHORE MOVED MUCH STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN HUGELY WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS 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
i)FRIDAY NIGHT/SATURDAY MORNING
Pretty sure this earthquake was man made. It was probably natural and no doubt caused by the continual massive testing by the North Koreans
( zero hedge)
ii)SATURDAY/THE RHETORIC CONTINUES:
( zerohedge)
iii)Saturday night/Korean time/Sunday morning our time
The USA flies just off the coast of North Korea in a show of force against North Korea.
( zerohedge)
IV)Trump threatens North Korea’s Kim Jong Un
(courtesy zerohedge)
v)Gold spikes on North Korean interpretation that the USA declared war on North Korea.
North Korea states that they threaten to shoot down USA bombers.
( zerohedge)
b) REPORT ON JAPAN
Abe announces a snap election and he will face a new challenger Koike, Toyko’s Governor. She states that she will form a new conservative party trying to oust Abe
( zerohedge)
c) REPORT ON CHINA
4. EUROPEAN AFFAIRS
i)SPAIN/CATALONIA/SATURDAY
Defiant Catalans block Madrid’s Military cruise ships from landing. Spain is looking more like Venezuela’s Maduro than a democracy. The Spanish government has seized the interest with the domain “.cat” which informs all Catalans of the vote as well as provides information in the Catalan language of events important for their future.
( zerohedge/Mishtalk)
ii)SUNDAY: THE SITUATION IN CATALONIA IS GETTING DIRE BY THE DAY: THIS TIME MADRID IS TAKING OVER THE CATALAN POLICE (MOSSOS). MOSSOS TOTALLY REJECTS THIS TAKEOVER AS MADRID VOWS TO STOP THE REFERENDUM VOTE. HOW THIS PLAYS OUT WILL DEFINE SPAIN FROM HERE ON IN.( ZEROHEDGE)
ii b)Catalonia’s drive for independence is far greater problem for Spain than the election of some the far right fellows in the German Bundestag: Catalonia represents around 15% of the population of Spain, yet represents 20% of its GDP and Catalonia provides more money in taxation than they receive in benefits
( Macroview/zerohedge)
iii)German elections/Sunday
German establishment routed as the far right party Afd gets its first seats at the Bundesstag
( zero hedge)
iv)TARGET 2 IMBALANCES
We have covered this before, but the QE program has caused considerable capital flight from Club Med countries particularly Spain and Italy. If these two countries leave the EU, then the imbalances are so great that Germany and the Netherlands could not be repaid and these nations will declare bankruptcy..
a must read..
( Mish Shedlock/Mishtalk)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Russia and the USA have a secret meeting with the subject matter: Syria. It seems that Russia is laying down the rules
( zerohedge)
ii)Now Iran closes the airspace to Iraqi Kurdistan ahead of its vote for independence
( zerohedge)
iii)This is not good: Both Turkey and Iraq threaten military invention today is the Kurds hold their independence referendum. The only nation on earth that will recognize the independence vote is Israel
( ZEROHEDGE)
6 .GLOBAL ISSUES
7. OIL ISSUES
Oil rises but not gold? Fears due to the Kurdish referendum. Turkey threatens to cut off oil pipeline supplies through Iraq if independence vote proceeds. Turkey is afraid that all Kurds will unite into one country
( zero hedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Charles Smith states that there is no country that can replace the USA as reserve currency for the world. However it does not stop the declining value of the uSA dollar\
(courtesy Charles Smith/gata)
ii)As highlighted to you on Friday night’s COT report, the bankers engaged in more spec rinsing (orchestrated raids for the past 10 days) as they try and cover their huge shortfall
( Craig Hemke/TFMetals)
iii)Both gold and silver are hugely backward on London and that necessitated a large mobilization of physical gold to supply to eastern countries who desired to liquidate uSA dollars
a must listen to audio from James Turk
( zerohedge)
iv)Marcos’ son denies an offer of gold to Filipinos and its government
( Manila Times/GATA)
v)The crackdown on cryptos on the Chinese Mainland has boosted Hong Kongs’ hope of becoming the hub for blockchain. I feel that the real winner will be blockchain’s use in the backing of bullion gold coin
( zerohedge)
10. USA Stories
i)As reported to you on Friday, a dam in the north west part of Puerto Rico is failing. They are evacuating as many citizens as possible as thousands could die if it broke, The country is completely flooded and there is no food or drinking water on the island.
( zerohedge)
ii)the dire situation inside the hospitals of Puerto Rico
( zerohedge)
ii b) The island is now “cash only”
( zerohedge)
iii)Obamacare repeal officially dead:
( zerohedge)
iv)Republicans are desperate as they try to revise Obamacare repeal bill but defeat is almost certain( zero hedge)
v)I guess everybody heard about Trump’s war with profession sport players who take the knee when the National Anthem is played. I agree with Trump that going against the “THE FLAG” is not a proper forum to exercise your first amendment. However the media are using it to use with first amendment rights to criticize Trump.
( zero hedge)
vi)What a farce: With everybody complaining about Hurricane Harvey damage, the soft data Dallas Fed surges to a 10 yr high.
Go figure!!
( zerohedge)
vi)Dave Kranzler talks about the phony Dallas Fed and compares it to the just released Chicago Natural Manufacturing report which showed a -.3% reading. This means that the economy contracted in August. So how could the Texas area show a gain when it was the one hit
( Dave Kranzler/IRD)
vii)First Equifax and now Deloitte: their entire internal email system has bee compromised and there would not doubt have a lot of sensitive stuff hacked
(courtesy zerohedge)
Let us head over to the comex:
The total gold comex open interest FELL BY A CONSIDERABLE 8,896 CONTRACTS DOWN to an OI level of 552,379 WITH THE RISE IN THE PRICE OF GOLD ($1.70 GAIN IN FRIDAY’S TRADING). WE ARE AGAIN EXPERIENCING THE SAME PHENOMENON AS WE ENTER ‘FIRST DAY DELIVERIES WEEK’ IN AN ACTIVE DELIVERY MONTH, I.E. THE ISSUANCE OF A HUGE NUMBER OF EFP’S WHICH ENTITLE THE HOLDER TO THE FIAT PROFIT PLUS A FUTURE DELIVERABLE PRODUCT ON ANOTHER EXCHANGE PROBABLY A LONDON BASED FORWARD. IT SEEMS THAT OVER 8900 EFP CONTRACTS WERE ISSUED FOR OCTOBER. THESE ARE ‘EMERGENCY’ CONTRACTS WHERE THE SHORT HOLDERS DO NOT HAVE PHYSICAL TO DELIVER UPON A LONG AT THE COMEX AND SO THEY OFF- LOAD IT TO A PHYSICAL ZONE LIKE LONDON
Result: a HUGE SIZED open interest DECREASE WITH THE RISE IN THE PRICE OF GOLD TO THE TUNE OF $1.70.
DEMAND DID NOT DISAPPEAR, BUT LONGS TRANSFERRED THEIR POSITION TO ANOTHER EXCHANGE LIKE LONDON
The new non active September contract month saw it’s OI FELL BY 89 contracts DOWN to 539. We had 0 notices filed UPON YESTERDAY so we LOST 89 contracts or an additional 8900 oz will not stand for delivery in this non active month of September. We had 89 EFP’s ISSUED FOR SEPTEMBER 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 1524 contracts DOWN to 21,756.
The November contract saw A GAIN OF 49 contracts UP to 727.
The very big active December contract month saw it’s OI LOSS OF 7,161 contracts DOWN to 432,413.
We had 0 notice(s) filed upon today for NIL oz
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MMgys
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And now for the wild silver comex results. Total silver OI FELL BY 1321 CONTRACTS FROM 189,965 DOWN TO 188,644 WITH FRIDAY’S TINY 5 CENT LOSS IN PRICE. WE HAVE HAD CONSTANT TORMENT FROM THE BANKERS THESE PAST 10 DAYS, BUT STILL OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS A TINY FRACTION OF SILVER LEAVES LEFT THE SILVER THEATRE. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY 220,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW).
RESULT: A SMALL DECREASE IN OI AT THE COMEX WITH A 5 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY A GOOD SIZED 220,000 OZ.SILVER DEMAND REMAINS EXTREMELY STRONG/THE RAID ALL WEEK LONG HAD NEGLIGIBLE EFFECT ON OUR RESOLUTE LONGS.
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSS OF 86 contacts DOWN to 192. We had 130 notices filed yesterday, so we again gained 44 contracts or an additional 220,000 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 15 contacts UP TO 1067. November saw a GAIN of 4 contract(s) and thus RISING TO 77. After November, the NEXT big active contract month is December and here the OI LOST 1467 contracts DOWN to 150,102 contracts.
We had 67 notice(s) filed for 335,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 552,379 CONTRACTS / MONSTROUS!!
FRIDAY’S confirmed volume was 348,128 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for SEPTEMBER
Sept.25/2017.
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)
539 contracts
(53,900 oz)
Total monthly oz gold served (contracts) so far this month
83 notices
8300 oz
0.2587 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 39,885.0 oz
Today we HAD 0 kilobar transaction(s)/
WE HAD 0 DEALER DEPOSIT:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 0 customer deposit(s):
i) Into Scotia: nil oz
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 (83) x 100 oz or 8300 oz, to which we add the difference between the open interest for the front month of SEPT. (539 contracts) minus the number of notices served upon today (0) x 100 oz per contract equals 62,200 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 (83) x 100 oz or ounces + {(539)OI for the front month minus the number of notices served upon today (0) x 100 oz which equals 71,100 oz standing in this active delivery month of SEPTEMBER (1.934 tonnes)
We LOST 89 contracts OR AN ADDITIONAL 8900 OZ WILL NOT STAND FOR GOLD and 89 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. IT IS OBVIOUS THAT THERE IS HARDLY ANY GOLD TO DELIVER UPON LONGS IN SEPTEMBER. THUS THE CROOKS USE THE EFP’S TO TRANSFER THEIR OBLIGATION TO ANOTHER EXCHANGE. THIS IS WHY OVER 7400 EFP’S WERE ISSUED FOR OCTOBER ON FRIDAY.
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Total dealer inventory 716,132.702 or 22.277 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,697,4211.592 or 270.51 tonnes
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 83 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE AUGUST DELIVERY MONTH
September initial standings
Sept 25 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
85,355.134 oz
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
615,075.59 oz
Scotia
No of oz served today (contracts)
67 CONTRACT(S)
(335,000 OZ)
No of oz to be served (notices)
125 contracts
(625,000 oz)
Total monthly oz silver served (contracts) 6303 contracts (31,515,000 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 6,384,375.1 oz
today, we had 0 deposit(s) into the dealer account:
total dealer deposit: nil oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 1 customer withdrawal(s):
i) out of CNT: 85,355.134 oz
TOTAL CUSTOMER WITHDRAWALS: 85,355.134 oz
We had 1 Customer deposit(s):
i) Into Scotia: 615,075.59 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: 615,075.59 oz
we had 0 adjustment(s)
The total number of notices filed today for the SEPTEMBER. contract month is represented by 67 contract(s) for 335,000 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 6303 x 5,000 oz = 31,515,000 oz to which we add the difference between the open interest for the front month of SEPT (278) and the number of notices served upon today (67) x 5000 oz equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the SEPTEMBER contract month: 6303 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(278 ) -number of notices served upon today (67)x 5000 oz equals 32,140,000 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 19 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 12.1 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 44 CONTRACTS OR AN ADDITIONAL 220,000 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 HAD 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: 85,464 CONTRACTS: (HUGE)
FRIDAY’s confirmed volume was 55,110 contracts which is EXCELLENT
YESTERDAY’S CONFIRMED VOLUME OF 55,110 CONTRACTS WHICH EQUATES TO 275 MILLION OZ OF SILVER OR 39% 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: 38.674 million (close to record low inventory
Total number of dealer and customer silver: 218.719 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 5.3 percent to NAV usa funds and Negative 5.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.2%
cash .+0.0%( Sept 25/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.57% (Sept 25/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.73% to NAV (Sept 25/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.57%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.73%/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 25./Another big deposit of 3.84 tonnes into GLD/Inventory rests tonight at 856.08 tonnes
Sept 22/with gold up only 1 dollar on the day we had a massive 6.21 tonnes of gold added to the GLD/.this is a good sign that gold will advance nicely this coming week.
Sept 21/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 20/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 19/another deposit of 2.07 tonnes of gold into the GLD/inventory rests at 846.03 tonnes
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 25 /2017/ Inventory rests tonight at 856.08 tonnes
*IN LAST 236 TRADING DAYS: 85.02 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 171 TRADING DAYS: A NET 72.41 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 41.02 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 25./ a big deposit of 1.842 million oz into the SLV/inventory rests at 326.757 million oz/
Sept 22/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz/
Sept 21/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz
Sept 20/no changes in silver inventory/Inventory remains at 324.915 million oz
Sept 19/strange!! another withdrawal of 1.134 million oz despite the rise in silver/inventory rests at 324.915 million oz
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 25.2017:
Inventory 326.757 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.32%
12 Month MM GOFO
+ 1.55%
30 day trend
end
Major gold/silver trading/commentaries for MONDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder
By janskoyles September 25, 2017 1 Comment
– ‘Commodities King’ Gartman sees $1,400 gold surge in months
– “Gold is the one currency that will do the best of all…”
– Pullback below $1300 “is relatively inconsequential”
– Use gold price weakness to be a buyer “no question”
– Bullish on gold due to central banks and easy monetary policy and gold will be even higher in euro terms
– Gold will be the best of all, as a result of QE and expansionary policies
– Dalio reconfirms belief that ‘gold serves a purpose’ and portfolios should have exposure
– ‘Gold is a diversifying asset’ says Dalio
– Own allocated, segregated gold in Zurich or Singapore
Editor Mark O’Byrne
Dennis Gartman has called 2017’s gold rally and he is now forecasting gold will be “demonstrably higher” rising to $1,400/oz in the coming months and rise by even more in euro terms.
In an interview on CNBC, he said that the recent correction in gold is but a mere pullback prior to much higher prices and “gold is the one currency that will do the best of all.”
Earlier this year Dennis Gartman, of the Gartman Letter, successfully called this year’s gold rally. In the year-to-date the precious metal is up by nearly 13%, thus outperforming the S&P 500 which is 12% higher.
“A year from now, gold will be demonstrably higher than it is right now…I would certainly think we could see $1400 [an ounce] in dollar terms.”
Gartman’s prediction comes a few days after another respected investor, Ray Dalio, called for gold to be held in portfolios.
Both Gartman and Dalio encourage gold investment as they believe it is an excellent diversifier and will be among the best performing currencies.
Their comments came following an intense week both political and economic developments, across the globe.
Signals from central banks – nothing to see here?
Last week the U.S. Fed made clear that it is still on track to raise interest rates by the end 2017.
Gold stumbled as tighter monetary policy is seen to raise the opportunity cost of holding bullion.
This is not a cause for concern, says Gartman:
“This is a correction but let’s understand the last rally that we had took off from $1200 to $1370. The fact that we’ve fallen back below $1300 I think is relatively inconsequential,”
Why is Gartman so bullish on gold?
“The monetary authorities are all still remaining expansionary…In that instance, the one currency that will probably do the best of all is gold.”
Gartman says this despite the announcement by the U.S. Federal Reserve and previous comments from other central banks. Clearly, he argues, balance sheet unwinding is not going to happen immediately.
“[It] is going to take five or six years. This is not something that will occur overnight,”
As we explained last week following the Fed’s announcement, the plan to hike interest rates and reduce the size of its balance sheet does not make for a happy ending.
According to 100 years’ worth of data (provided by Incrementum Capital Partners via Frank Holmes), increased rates and a reduction in the balance sheet has historically preceded recessions.
A recession would likely kill the business cycle. Frank Holmes explains why this makes a case for holding gold in your portfolio:
Gold has historically shared a very low to negative correlation with stocks. Consider 2008, the height of the financial crisis: US stocks ended the year down more than 37 percent, while gold held its value, returning 3.4 percent.
So it is not surprising that Dennis Gartman remains bullish on gold. For the next five-to-six years the Federal Reserve, along with the Bank of England and European Central Bank (to name a few), will be seeking to do the impossible – undo all of their decade-long decisions without screwing up the economy even more.
The case for gold is clearly strong in the long-term, and just as much so in the short-term thanks to a certain ‘dotard’ and ‘Rocket Man’.
North Korea thinks Donald Trump is mentally deranged…
“Just heard Foreign Minister of North Korea speak at U.N. If he echoes thoughts of Little Rocket Man, they won’t be around much longer!”
Whilst markets’ concerns over North Korea have apparently lessened over the weekend, the last week has been full of machismo demonstrations from both sides.
Gold had a bit of a take-down following the Federal Reserve meeting however North Korea’s threats to test another hydrogen bomb, promptly increased support for the safe haven.
President Trump unimpressed UN attendees last week, referring to Kim Jong-Un as a the ‘Rocket Man on a suicide mission’. In response the North Korean Foreign Minister told the UN Trump was “mentally deranged person full of megalomania” and also on a “suicide mission”.
The U.S. decided a fly by of U.S. bombers would be a good way to demonstrate ‘strength’ whilst the North Koreans marched on Pyongyang against President Trump.
Gold plays a significant role during times of political and economic uncertainty. Whilst many argue that the war-of-words between the US and North Korea is nothing new, this is the first time we have seen actions escalate to this level.
Those who believe this is nothing new are perhaps assume things will ease off between the American ‘dotard’ and the North Korean despot.
When you look back at various events between 1976 and 2009 that have prompted a cause for concern for regarding North Korea, the gold price has declined.
This year however we have seen the price rally. This is because there are many positive factors in the gold market but also because the stakes are higher. With each tweet, statement, military demonstration and rocket test, the uncertainty increases significantly.
We have not been in a situation when a U.S. President is able to broadcast his thoughts with immediate effect to the world (including his enemy). Nor have we ever known North Korea to have the military capabilities it is so keen to demonstrate.
Gold thrives on uncertainty.
We are certain about the uncertainty
We are at an interesting juncture.
Data tells us that it is highly unlikely that central banks will successfully unwind without causing harm to the global economy.
Data also tells us that gold performs well as a safe haven during times of war and geopolitical upheaval.
However, there is no data to tell us how everything will play out. This is where uncertainty comes in.
Central banks are going to start unwinding, but we do not know how badly it will go wrong. North Korea will continue to try to destabilise the region and the U.S. but we do not know how far they will be allowed to get.
Gold will perform well in the coming months. If you want to be certain of its protection in a world of uncertainty, then you should own physical gold – allocated and segregated coins and bars – in the safest vaults, in the safest jurisdictions in the world.
Important guides to storage in Singapore and Switzerland:
Essential Guide to Storing Gold In Singapore
Essential Guide to Storing Gold In Switzerland
News and Commentary
Euro, Stocks Drops After German Vote; Oil Dips: Markets Wrap (Bloomberg.com)
Gold prices looking for support (BullionDesk.com)
Trump slaps travel restrictions on North Korea, Venezuela in sweeping new ban (Reuters.com)
Gold companies take a shine to China’s Silk Road (Reuters.com)
Sri Lankan arrested with nearly 1kg of gold in his rectum (BBC.com)
European stock volumes lowest since tech bubble. Source: Bloomberg
‘Commodities king’ Gartman sees gold surging to $1400 within months (CNBC.com)
After 2-Week Takedown In Gold And Silver, Here Is The Big Surprise – Turk (KingWorldNews.com)
Bitcoin Is A Bubble says Rickards but What Causing and For How Long? (DailyReckoning.com)
Should you be worried about the “October effect”? (StansBerryChurcHouse.com)
If Amazon Takes Over The World… (ZeroHedge.com)
Gold Prices (LBMA AM)
25 Sep: USD 1,295.50, GBP 957.89 & EUR 1,089.26 per ounce
22 Sep: USD 1,297.00, GBP 956.15 & EUR 1,082.09 per ounce
21 Sep: USD 1,297.35, GBP 960.56 & EUR 1,089.00 per ounce
20 Sep: USD 1,314.90, GBP 970.53 & EUR 1,094.79 per ounce
19 Sep: USD 1,308.45, GBP 969.30 & EUR 1,091.25 per ounce
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
Silver Prices (LBMA)
25 Sep: USD 16.95, GBP 12.57 & EUR 14.27 per ounce
22 Sep: USD 16.97, GBP 12.52 & EUR 14.18 per ounce
21 Sep: USD 16.95, GBP 12.58 & EUR 14.24 per ounce
20 Sep: USD 17.38, GBP 12.84 & EUR 14.48 per ounce
19 Sep: USD 17.15, GBP 12.70 & EUR 14.31 per ounce
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
Recent Market Updates
– Bitcoin “Is A Bubble” but Gold Is Money Says World’s Biggest Hedge Fund Manager
– Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms
– Gold Investment “Compelling” As Fed May “Kill The Business Cycle”
– “This Is Where The Next Financial Crisis Will Come From” – Deutsche Bank
– Global Debt Bubble Understated By $13 Trillion Warn BIS
– Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– 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
END
MMgys
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