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China rejects NY pricing of gold as a fraud as NY/Shanghai spread soars to $20…
Harvey Organ – China Rejects NY Gold Paper Pricing!
Posted on December 3, 2016 by The Doc
China rejects NY pricing of gold as a fraud as NY/Shanghai spread soars to $20…
HUGE SPREAD BETWEEN SHANGHAI GOLD FIXING AND NY PRICES MAINTAINS IT’S 20 DOLLAR PLUS PREMIUM/GOLD WHACKED AGAIN/COMEX GOLD OPEN INTEREST AT 401,000 AT ONE YR LOWS AND PROBABLY SIGNALS THE BOTTOM/IN A STARTLING MOVE, CHINA IS CURBING OUTFLOWS OF YUAN: ARE THEY OUT OF “MONEY”/INDUSTRIAL METALS COLLAPSE IN PRICE STARTING IN CHINA LAST NIGHT/GLOBAL LOSES ON BONDS FOR THE PAST TWO MONTHS: 2.8 TRILLION DOLLARS
Gold at (1:30 am est) $1166.90 DOWN $3.00
silver at $16.43: up 2 cents
Access market prices:
Gold: 1171.50
Silver: 16.52
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
THURSDAY gold fix Shanghai
Shanghai morning fix Dec 1 (10:15 pm est last night): $ 1188.46
NY ACCESS PRICE: $1169.20 (AT THE EXACT SAME TIME)/premium $19.26
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Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1199.35
NY ACCESS PRICE: 1175.35 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD 2ND FIX TODAY!!: $24.00
China rejects NY pricing of gold as a fraud
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London Fix: Dec 1: 5:30 am est: $1168.75 (NY: same time: $1168.15 5:30AM)
London Second fix Dec 1: 10 am est: $1161.85 (NY same time: $1162.00 10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end
Lawrie Williams on the difference between Shanghai and London gold fixes
vs ny pricing/
(courtesy Lawrie Williams/Sharp’s Pixley)
LAWRIE WILLIAMS: Major gold price divergence between Shanghai and London
DEC
01
Few seem to have commented on what appears to be an increasing trend towards large anomalies appearing between the Shanghai and London gold benchmark prices. Up until the beginning of November prices were pretty much in sync give or take a few dollars – a variation based on trading activity during the day, and, in some cases due to a difference between the gold tenor quality required under the two systems. The SGE specification is 99.99% gold content or better, while London works to LBMA Good Delivery specifications where the requirement is only 99.5%. But on one ounce of gold this should only make for a maximum difference in price of around $5-6 at a $1200 gold price.
But recently – as the table below comparing SGE and LBMA (London) PM price benchmarks for the past month makes very obvious the price difference – virtually always in favour of the SGE benchmark since early in the month – has been consistently $10-20 or more (often $20-30) – even rising as high as $46 on November 23rd, although a significant part of this difference on that day was due to the sharp intra-day fall in the London gold price, as will have been the case on November 9th when there was a somewhat similar $45 difference.
SGE and London PM Gold ‘Fixes’ (US$)
Date SGE PM Gold Price London PM Gold Price Price diffce. SGE PM over London
Nov 1st 1283.95 1288.45 -4.50
Nov 2nd 1296.08 1303.75 -7.67
Nov 3rd 1306.66 1301.00 +5.66
Nov 4th 1300.75 1302.80 – 2.05
Nov 7th 1293.91 1283.05 +10.86
Nov 8th 1290.17 1282.35 +7.82
Nov 9th 1326.88 1281.40 +45.48
Nov 10th 1293.91 1267.50 +26.41
Nov 11th 1267.47 1236.45 +31.02
Nov 14th 1227.97 1213.60 +14.37
Nov 15th 1236.99 1226.95 +10.04
Nov 16th 1241.65 1229.20 +15.45
Nov 17th 1237.30 1226.75 +10.55
Nov 18th 1219.26 1211.00 +8.26
Nov 21st 1224.54 1214.25 +10.29
Nov 22nd 1235.43 1212.25 +23.18
Nov 23rd 1231.70 1185.35 +46.35
Nov 24th 1212.41 1186.10 +26.31
Nov 25th 1200.91 1187.70 +13.21
Nov 28th 1218.64 1187.00 +31.64
Nov 29th 1216.15 1186.55 +29.60
Nov 30th 1210.24 1178.10 +32.14
Dec 1st 1199.35 1161.85 +37.50
Source: www.Kitco.com
As we pointed out here yesterday a part of the reasoning behind the higher SGE benchmark price levels is something of a squeeze on Chinese gold supply which is local market specific – particularly now that gold traders and fabricators may be looking to build stocks ahead of anticipated additional demand from the Chinese New Year holiday, and a reported reduction in gold import quotas by the Chinese Government to curb capital outflows. But part may also be due to Shanghai looking to establish itself as the true gold price setting exchange and thus usurping the still dominant position of COMEX and the LBMA. As China is the world’s biggest physical gold market, while COMEX and London are largely paper markets, it is probably only a matter of time before this comes to pass but for the moment the Western markets look to still be calling the tune as far as the accepted global gold price is concerned despite some hugely anomalous movements from time to time which many observers put down to manipulation. The latest such was only today when a rise in U.S. jobless claims, which might normally be considered gold positive, saw the price marked down sharply after an initial small rise.
-END-
For comex gold:
NOTICES FILINGS FOR DECEMBER CONTRACT MONTH: 1569 NOTICE(S) FOR 156,900 OZ. TOTAL NOTICES SO FAR: 6507 FOR 650,700 OZ (17.576 TONNES)
For silver:
NOTICES FOR DECEMBER CONTRACT MONTH FOR SILVER: 322 NOTICE(s) OR 1,610,000 OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 1039 FOR 5,195,000 OZ
Let us have a look at the data for today
.
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In silver, the total open interest ROSE by 2,620 contracts UP to 159,246 with YESTERDAY’S trading. In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .795 BILLION TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).
FOR THE DECEMBER FRONT MONTH: 322 NOTICES FILED FOR 1,610,000 OZ.
In gold, the total comex gold FELL by 4,561 contracts as we witnessed a huge FALL IN THE PRICE GOLD ($17.10 with YESTERDAY’S trading ).The total gold OI stands at 401,100 contracts. The bankers have done a good job of eviscerating gold (and silver) longs. We are very close to the bottom with respect to OI. Generally 390,000 should do it.
we had a huge 1,569 notices filed upon for 156,900 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD,
Inventory rests tonight: 883.86 tonnes
.
SLV
we HAD NO CHANGES at the SLV/
THE SLV Inventory rests at: 346.150 million oz
.
First, here is an outline of what will be discussed tonight: Preliminary data
1. Today, we had the open interest in silver ROSE by 2,620 contracts UP to 159,246 despite the fact that the price of silver FELL by $.25 with YESTERDAY’S trading. The gold open interest FELL by 4,561 contracts DOWN to 401,100 as the price of gold FELL BY $17.10 WITH YESTERDAY’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
2c) FRBNY foreign gold movement
(Harvey)
3. ASIAN AFFAIRS
i)Late WEDNESDAY night/THURSDAY morning: Shanghai closed UP 23.27 POINTS OR 0.72%/ /Hang Sang closed UP 88.46 OR 0.39%. The Nikkei closed UP 206.64 OR 1.12%/Australia’s all ordinaires CLOSED UP 1.05% /Chinese yuan (ONSHORE) closed UP at 6.8872/Oil ROSE to 50.17 dollars per barrel for WTI and 52.69 for Brent. Stocks in Europe: ALL IN THE RED. Offshore yuan trades 6.8890 yuan to the dollar vs 6.8872 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS HUGELY AS CHINA ATTEMPTS TO STOP MORE USA DOLLARS LEAVING CHINA’S SHORES / CHINA SENDS A CLEAR MESSAGE TO THE USA AND JANET TO NOT RAISE RATES IN DECEMBER.
REPORT ON JAPAN SOUTH KOREA NORTH KOREA AND CHINA
3a)THAILAND/SOUTH KOREA
none today
b) REPORT ON JAPAN
Another good one from Graham Summers:
Has the election of Trump caused Japan to ignite the huge 10 trillion of uSA dollar carry trade that is short dollars?
( Graham Summers/Phoenix Capital)
c) REPORT ON CHINA
i)Both China and the USA experienced a huge rise in bond yield last night. Thus the bond bloodbath is back!!
( zero hedge)
ii)In a stunning move, China has stopped the outflows of yuan!! remember this is what China wants; the internationalization of the yuan throughout the globe! Horseman capital yesterday asked: Is China running out of money? answer: it sure looks like it
( zero hedge)
4 EUROPEAN AFFAIRS
oH oh! The ECB just leaked that their QE program cannot go on for ever. Thus the whisper is that they are preparing to taper their bund purchases of German bonds. This caused the yield to rise 30 basis points in minutes. With the USA tightening, the world was expecting to ECB and Japan to carry the torch with additional QE. Problems ahead
( zero hedge)
ii) Italy
Just what Italy needed: a massive explosion rocks one of Italy’s largest oil refineries in Northern Italy:
(courtesy zero hedge)
iii)France
Hollande will not run in the next French election and will no doubt be replaced by Valls (current Prime Minister). They will run against Marine LePen and Republican Fillon
( zero hedge
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Turkey
the relentless rise in the dollar has now caused the Turkish lira to collapse to 3.5 to the dollar, tumbling over 1.8% last night. Last week the Turkey raised rates but that could not stop the lira from tumbling. Erdogan is demanding lower rates.
( zero hedge)
6.GLOBAL ISSUES
i)In November, global bond loses total 1.7 trillion USA dollars. This is on top of the 1.1 trillion USA dollar loss in October. Higher rates are causing the worst monthly meltdown in history!
( zero hedge)
ii)Another good Bellwether for global growth Caterpillar: stock halted after they state analysts forecasts are way too optimistic:
( Caterpillar/zerohedge)
7. OIL ISSUES
i)The very reliable OilPrice.com people gives reality to the OPEC deal announced yesterday. They are saying that we should downplay the deal.
( Paraskova/OilPrice.com)
ii)Crude Oil is now in backwardation in the belly of the curve. Generally backwardation means scarcity but not with oil as there is plenty of the black gold around. The backwardation generally means that the spot price of oil will not hold
( zero hedge)
8. EMERGING MARKETS
Another view into Venezuela’s rapid ascent into the hyper inflationary world:
( zero hedge)
9. PHYSICAL MARKETS
i)trouble overnight as the bubble in industrial base metals collapsed. We have had a bubble built up in these assets immediately after the Trump victory. Hot money poured into these commodities due to Trump willing to jump start infrastructure spending in the uSA. The problem here is the huge excess storage of these metals and last night it burst
( zerohedge)
ii)China has seen huge amounts of dollars leave China as citizens realized that their currency was overvalued. China announced tighter curbs on citizen gold imports trying to slow the relentless capital flight. However banks with licenses to import will continue to buy gold as well as sovereign China.
( zero hedge)
iii)The following Bloomberg paper talked about the bubble forming in the base metals inside China:( Bloomberg/GATA)
iv)Michael Oliver, a technical analyst describes in detail gold market rigging
( Michael Oliver/GATA)
10.USA STORIES
i)Strange: initial jobless claims rise by over 35,000 since the election of Trump. Manipulation of numbers? no it can’t be!
(courtesy zero hedge)
ii)The following is short and sweet and to the point:
Is Janet trying to crash stocks to screw Trump?
( Graham Summers/Phoenix Capital)
iii) This is going to hurt: The Government Accountability Office has released a report stating that the Obama plan to forgive student loans will cost taxpayers 137 billion dollars
( zero hedge)
iv) A good Bellwether in predicting global growth: today Apple is reducing orders for iphone 7 stating the sales momentum is fading:( Digitimes/zero hedge)
v)Another set of strange data: USA manufacturing surges to 20 month highs despite employment drop and export order drops. The high dollar is not having an effect on manufacturing?
( zero hedge)
vi)Trump’s new proposal to lower taxes from 35 to 15% will cause billions of dollars of deferred tax asset write downs. For example Citibank will have to take a write down of 12 billion dollars. Banks have a huge amt of tax deferred assets on their books and a lower tax rate means much of this asset cannot be used
( zero hedge)
vii)You must pay attention to Jeff Gundlach, the bond king. He states that the Trump rally is losing steam and that bond prices are still to fall, the dollar will fall and gold will rise
( Jeff Gundlach/zero hedge)
viii)Trump picks Mad Dog Mattis as Sec.of Defense:
( zero hedge)
Let us head over to the comex:
The total gold comex open interest FELL by 4,561 CONTRACTS to an OI level of 401,100 as GOLD FELL $17.10 with YESTERDAY’S trading. We are now in the contract month of December and it is the biggest of the year. here the front month of December showed a DECREASE of 5719 contracts DOWN to 6832.We had 4938 notices served upon yesterday so as I promised we lost 781 contracts or 78,100 oz will not stand for delivery and no doubt where paper settled.
For the next delivery month of January we had a loss of 115 contracts down to 2386. For the next big active delivery month of February we had a gain of 2283 contracts up to 273,896
We had 1,569 notices filed upon today for 1,56900 oz
.
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And now for the wild silver comex results. Total silver OI ROSE by 2620 contracts from 156,626 UP to 159,246 even though the price of silver FELL BY $0.25 with YESTERDAY’S trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540). We are now in the next major delivery month of December and here it FELL BY 303 contracts DOWN to 2753 CONTRACTS . Wow!! this is a surprise: we had 717 notices served upon yesterday so we gained 414 contracts or an additional 2,070,000 oz will stand for delivery. they must badly need some silver somewhere.
The next non active delivery month is January and here the OI fell by 12 contracts down to 3643.
The next big active delivery month is March and here the OI rose by 2783 contracts up to 129,242 contracts.
We had 322 notices filed for 1,610,000 oz for the December contract.
Eventually at the end of December 2015: 6.4512 tonnes of gold stood for delivery
Eventually at the end of December 2015: 18.84 million oz of silver stood for delivery.
VOLUMES: for the gold comex
Today the estimated volume was 112,477 contracts which is awful.
Friday’s confirmed volume was 271,646 contracts which is good
Initial standings for DECEMBER
Dec 1.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
1,569 notices
156,900 oz
No of oz to be served (notices)
5263 contracts
526,300 oz
Total monthly oz gold served (contracts) so far this month
6507 notices
650,700 oz
17.576 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 1,478.900 oz
Today we had 0 kilobar transaction as 0 kilobars left the comex vaults.
Today we had 0 deposits into the dealer:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: nil oz
.
we had 0 customer deposit(s):
total customer deposits; nil oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
We had 0 adjustment(s)
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Total dealer inventor 2,218,385.986 or 69.00 tonnes
Total gold inventory (dealer and customer) =10,002,912.629 or 311.13 tonnes
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 311.13 tonnes for a gain of 8 tonnes over that period. Since August 8 we have lost 43 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!
For December:
Today, 0 notices 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 1569 contract(s) of which 176 notices were stopped (received) by jPMorgan dealer and 461 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
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To calculate the initial total number of gold ounces standing for the DECEMBER. contract month, we take the total number of notices filed so far for the month (6507) x 100 oz or 650,700 oz, to which we add the difference between the open interest for the front month of DEC (6832 contracts) minus the number of notices served upon today (1569) x 100 oz per contract equals 1,177,000 oz, the number of ounces standing in this non active month of DECEMBER.
Thus the INITIAL standings for gold for the DEC contract month:
No of notices served so far (6507) x 100 oz or ounces + {OI for the front month (6832) minus the number of notices served upon today (1569) x 100 oz which equals 1,177,000 oz standing in this non active delivery month of DEC (36.609 tonnes).
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I have now gone over all of the final deliveries for this year and it is startling.
First of all: in 2015 for the 12 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month.
Here are the final deliveries for 2016:
Jan 2016: .5349 tonnes (Jan is a non delivery month)
Feb 2015: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2015: 2.311 tonnes (March is a non delivery month)
April: 12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept: 8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes complete.
Nov. 8.3950 tonnes.
DEC. 36.609 tonnes
total for the 12 months; 228.157 tonnes
average 19.013 tonnes per month vs last yr 51 tonnes total for 12 months or 4.25 tonnes average per month. From May 2016 until Dec 2016 we have had: 204.915 tonnes per the 8 months or 25.614 tonnes per month (which includes the non delivery months of May, June and Sept). In essence the demand for gold is skyrocketing.
Something big is going on inside the gold comex.
Just take a look at Nov 2016 deliveries at 8.3950 tonnes compared to last yr 0.6656 tonnes
December so far: 36.609 tonnes vs last year’s 24 tonnes on first day notice and 6.45 tonnes on the completion of the December delivery month.
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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 THREE MONTHS 43 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER INITIAL standings
Dec 1. 2016
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
925,103.500 oz
Scotia,BRINKS, HSBC
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
600,502.09 oz
CNT
No of oz served today (contracts)
322 CONTRACT(S)
(1610,000 OZ)
No of oz to be served (notices)
2431 contracts
(12,155,000 oz)
Total monthly oz silver served (contracts) 1039 contracts (5,195,000 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 96,558.16 oz
END
today, we had nil deposit(s) into the dealer account:
total dealer deposit: nil oz
we had nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 3 customer withdrawal(s):
i) Out of Scotia: 120,958.400 oz
ii) Out of HSBC: 706,789.100 oz
iii) Out of Brinks: 97,356.000 oz ??? exact weight
Total customer withdrawals: 925,103.500 oz
we had 1 customer deposit(s):
i) Into CNT: 600,502.09 oz
total customer deposits; 600,502.09 oz
we had 1 adjustment(s)
i) Out of Scotia: 897,587.851 oz was adjusted out of the customer and this landed into the dealer account of Scotia.
Volumes: for silver comex
Today the estimated volume was 30,844 which is poor
TUESDAY’S confirmed volume was 63,014 contracts which is huge
The total number of notices filed today for the DEC. contract month is represented by 322 contracts for 1,610,000 oz. To calculate the number of silver ounces that will stand for delivery in DEC., we take the total number of notices filed for the month so far at 1039 x 5,000 oz = 5,195,000 oz to which we add the difference between the open interest for the front month of DEC (2,753) and the number of notices served upon today (322) x 5000 oz equals the number of ounces standing
Thus the initial standings for silver for the DEC contract month: 1039(notices served so far)x 5000 oz +(2753) OI for front month of DEC. ) -number of notices served upon today (322)x 5000 oz equals 17,350,000 oz of silver standing for the DEC contract month.
Strangely on second day notice we actually gained 2070,000 oz and that has not happened for years.!!
Total dealer silver: 33.249 million (close to record low inventory
Total number of dealer and customer silver: 178.616 million oz
The total open interest on silver is NOW moving away from its all time high with the record of 224,540 being set AUGUST 3.2016.
end
And now the Gold inventory at the GLD
Dec 1/no change in gold inventory at the GLD/Inventory rests at 883.86 tonnes
NOV 30/A SMALL WITHDRAWAL OF 1.18 TONNES FROM THE GLD/INVENTORY RESTS AT 883.86 TONNES/MAYBE THEY ARE AT THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD TO TRANSFER TO THE BANKERS.
Nov 29/no changes in gold inventory at the GLD/inventory rests at 885.04 tonnes
Nov 28/no change in gold inventory at the GLD/Inventory rests at 885.04 tonnes
Nov 25 We had a massive 19.87 tonnes of gold leave the GLD/this would be a paper loss not real gold (they only have paper gold in their inventory/total inventory: 885.04 tonnes
Nov 23/a huge withdrawal of paper gold from the GLD equal to 4.66 tonnes/inventory rests at 904.91 tonnes
NOV 22/no changes at the GLD/Inventory rests at 908.76 tonnes
Nov 21/A MASSIVE 11.87 TONNES OF PAPER GOLD WERE SUPPLIED BY THE CROOKS TO SUPPRESS THE PRICE OF GOLD/INVENTORY RESTS AT 908.76 TONNES/ AND GOLD RISES???
Nov 18/no changes at the GLD/Inventory rests at 920.63 tonnes
Nov 17/ A HUGE WITHDRAWAL OF 5.63 TONNES FROM THE GLD/INVENTORY RESTS AT 920.643 TONNES
Nov 16/ changes in gold inventory at the GLD/Inventory rests at 927.45 tonnes
NOV 15/ we had 2 monstrous withdrawal of 5.63 tonnes of gold from the GLD in the morning and another 1.48 tonnes this afternoon/Inventory rests at 927.45 tonnes
Nov 14/another monstrous withdrawal of 7.12 tonnes of gold from the GLD/Inventory rests at 934.56 tonnes
Nov 11/A MONSTROUS WITHDRAWAL OF 13.35 TONNES OF PAPER GOLD AND THIS GOLD WAS USED IN THE COMEX WHACKING TODAY.
Nov 10/ A HUGE ADDITION OF 5.34 TONNES OF GOLD (WITH GOLD WHACKED??)/INVENTORY RESTS AT 955.03 TONES
Nov 9/no change in gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes
Nov 8/no change in gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes
Nov 7/no changes in the gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes.
Nov 4/NO CHANGES IN THE GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 949.69 TONNES/
NOV 3/ a huge deposit of 4.43 tonnes of gold into the GLD/Inventory rests at 949.69 tonnes
NOV 2/ A DEPOSIT OF 2.67 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 945.26 TONNES
Nov 1/no change in gold inventory at the GLD/inventory rests at 942.59 tonnes
Oct 31/no changes at the GLD/Inventory rests at 942.59 tonnes
Oct 28/no changes at the GLD/Inventory remains at 942.59 tonnes
OCT 27/NO CHANGES AT THE GLD/INVENTORY REMAINS AT 942.59 TONNES
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Dec 1/ Inventory rests tonight at 883.86 tonnes
*IN LAST 41 TRADING DAYS: 65.95 TONNES REMOVED FROM THE GLD
end
Now the SLV Inventory
Dec 1/no changes in silver inventory at the SLV/inventory rests at 346.150 million oz/
NOV 30/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 346.150 MILLION OZ
Nov 29/no changes in silver inventory /inventory rests tonight at 346.150 million oz/
Nov 28/no change in silver inventory/inventory rests tonight at 346.150 million oz/
Nov 25/we had another withdrawal of 949,000 oz from the SLV/Inventory rests at 346.150 million oz
Nov 23/A HUGE WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 347.099 MILLION OZ
NOV 22/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 350.182 MILLION OZ
Nov 21/a MASSIVE 6.071 MILLION OZ OF SILVER WITHDRAWN FROM THE SLV VAULTS/INVENTORY RESTS AT 350.182 MILLION OZ/AND SILVER HOLDS IN PRICE???
Nov 18/no changes in silver inventory at the SLV/Inventory rests at 356/253 million oz
Nov 17/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 356.253 MILLION OZ/
Nov 16.no change in silver inventory at the SLV/Inventory rests at 356.253 million oz/
NOV 15/a withdrawal of 474,000 oz (.474 million oz) from the SLV inventory/inventory rests at 356.253
Nov 14/a withdrawal of 1.329 million oz from the SLV/Inventory rests at 356.727 million oz
Nov 11/a withdrawal of 1.379 million oz from the SLV/Inventory rests at 358.056 million oz
Nov 10/an addition of 949,000 oz added into the SLV/Inventory rests at 359.435 million oz
Nov 9/no change in silver inventory at the SLV/Inventory rests at 359.435 million oz/
Nov 8/no changes in silver inventory at the SLV/inventory rests at 358.435 million oz
Nov 7/no changes in silver inventory at the SLV/Inventory rests at 358.435 million oz
Nov 4/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 358.435 MILLION OZ
NOV 3/ a huge withdrawal of 2.807 million oz leaves the SLV: somebody was badly in need of silver/inventory rests at 358.435 million oz
NOV 2/ A DEPOSIT OF 569,000 OZ INTO THE SLV/INVENTORY RESTS AT 361.242
Nov 1/no change in silver inventory at the SLV/inventory rests at 360.673 million oz/
Oct 31/no change in silver inventory at the SLV/Inventory rests at 360.673 million oz/
Oct 28/NO CHANGE IN SILVER INVENTORY AT THE SLV/iNVENTORY RESTS AT 360.673 MILLION OZ
OCT 27/A MONSTROUS WITHDRAWAL OF 5.987 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 360.673 MILLION OZ (AND YET NO CHANGE IN THE SILVER PRICE???)
.
Dec 1.2016: Inventory 346.150 million oz
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 7.4 percent to NAV usa funds and Negative 7.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.0%
Percentage of fund in silver:38.7%
cash .+0.3%( Dec 1/2016)
.
2. Sprott silver fund (PSLV): Premium RISES to +.08%!!!! NAV (Dec 1/2016)
3. Sprott gold fund (PHYS): premium to NAV falls TO – 0.68% to NAV ( Dec 1/2016)
Note: Sprott silver trust back into POSITIVE territory at +0.08% /Sprott physical gold trust is back into NEGATIVE territory at -0.68%/Central fund of Canada’s is still in jail.
END
FEDERAL RESERVE BANK OF NEW YORK; FOREIGN GOLD MOVEMENTS
Last month I reported to you that 5 tonnes of gold moved out of the FRBNY which was much smaller than before as Germany was not getting its required amount of gold.
Now this month:
FRBNY gold holdings Sept: 7841
FRBNY gold holdings Oct: 7841
all figures are million dollars worth of gold at the official rate of 42.22 dollars per oz
amount leaving: 0
Amount repatriated: zero
Germany must be royally angry!
(HARVEY)
This entry was posted in Finance News, Gold News, Silver News and tagged Chinese gold demand, gold update, Harvey Organ, silver update
http://www.silverdoctors.com/gold/gold-news/harvey-organ-china-rejects-ny-gold-paper-pricing/#more-74643
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China rejects NY pricing of gold as a fraud as NY/Shanghai spread soars to $20…
Harvey Organ – China Rejects NY Gold Paper Pricing!
Posted on December 3, 2016 by The Doc
China rejects NY pricing of gold as a fraud as NY/Shanghai spread soars to $20…
HUGE SPREAD BETWEEN SHANGHAI GOLD FIXING AND NY PRICES MAINTAINS IT’S 20 DOLLAR PLUS PREMIUM/GOLD WHACKED AGAIN/COMEX GOLD OPEN INTEREST AT 401,000 AT ONE YR LOWS AND PROBABLY SIGNALS THE BOTTOM/IN A STARTLING MOVE, CHINA IS CURBING OUTFLOWS OF YUAN: ARE THEY OUT OF “MONEY”/INDUSTRIAL METALS COLLAPSE IN PRICE STARTING IN CHINA LAST NIGHT/GLOBAL LOSES ON BONDS FOR THE PAST TWO MONTHS: 2.8 TRILLION DOLLARS
Gold at (1:30 am est) $1166.90 DOWN $3.00
silver at $16.43: up 2 cents
Access market prices:
Gold: 1171.50
Silver: 16.52
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
THURSDAY gold fix Shanghai
Shanghai morning fix Dec 1 (10:15 pm est last night): $ 1188.46
NY ACCESS PRICE: $1169.20 (AT THE EXACT SAME TIME)/premium $19.26
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1199.35
NY ACCESS PRICE: 1175.35 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD 2ND FIX TODAY!!: $24.00
China rejects NY pricing of gold as a fraud
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Fix: Dec 1: 5:30 am est: $1168.75 (NY: same time: $1168.15 5:30AM)
London Second fix Dec 1: 10 am est: $1161.85 (NY same time: $1162.00 10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end
Lawrie Williams on the difference between Shanghai and London gold fixes
vs ny pricing/
(courtesy Lawrie Williams/Sharp’s Pixley)
LAWRIE WILLIAMS: Major gold price divergence between Shanghai and London
DEC
01
Few seem to have commented on what appears to be an increasing trend towards large anomalies appearing between the Shanghai and London gold benchmark prices. Up until the beginning of November prices were pretty much in sync give or take a few dollars – a variation based on trading activity during the day, and, in some cases due to a difference between the gold tenor quality required under the two systems. The SGE specification is 99.99% gold content or better, while London works to LBMA Good Delivery specifications where the requirement is only 99.5%. But on one ounce of gold this should only make for a maximum difference in price of around $5-6 at a $1200 gold price.
But recently – as the table below comparing SGE and LBMA (London) PM price benchmarks for the past month makes very obvious the price difference – virtually always in favour of the SGE benchmark since early in the month – has been consistently $10-20 or more (often $20-30) – even rising as high as $46 on November 23rd, although a significant part of this difference on that day was due to the sharp intra-day fall in the London gold price, as will have been the case on November 9th when there was a somewhat similar $45 difference.
SGE and London PM Gold ‘Fixes’ (US$)
Date SGE PM Gold Price London PM Gold Price Price diffce. SGE PM over London
Nov 1st 1283.95 1288.45 -4.50
Nov 2nd 1296.08 1303.75 -7.67
Nov 3rd 1306.66 1301.00 +5.66
Nov 4th 1300.75 1302.80 – 2.05
Nov 7th 1293.91 1283.05 +10.86
Nov 8th 1290.17 1282.35 +7.82
Nov 9th 1326.88 1281.40 +45.48
Nov 10th 1293.91 1267.50 +26.41
Nov 11th 1267.47 1236.45 +31.02
Nov 14th 1227.97 1213.60 +14.37
Nov 15th 1236.99 1226.95 +10.04
Nov 16th 1241.65 1229.20 +15.45
Nov 17th 1237.30 1226.75 +10.55
Nov 18th 1219.26 1211.00 +8.26
Nov 21st 1224.54 1214.25 +10.29
Nov 22nd 1235.43 1212.25 +23.18
Nov 23rd 1231.70 1185.35 +46.35
Nov 24th 1212.41 1186.10 +26.31
Nov 25th 1200.91 1187.70 +13.21
Nov 28th 1218.64 1187.00 +31.64
Nov 29th 1216.15 1186.55 +29.60
Nov 30th 1210.24 1178.10 +32.14
Dec 1st 1199.35 1161.85 +37.50
Source: www.Kitco.com
As we pointed out here yesterday a part of the reasoning behind the higher SGE benchmark price levels is something of a squeeze on Chinese gold supply which is local market specific – particularly now that gold traders and fabricators may be looking to build stocks ahead of anticipated additional demand from the Chinese New Year holiday, and a reported reduction in gold import quotas by the Chinese Government to curb capital outflows. But part may also be due to Shanghai looking to establish itself as the true gold price setting exchange and thus usurping the still dominant position of COMEX and the LBMA. As China is the world’s biggest physical gold market, while COMEX and London are largely paper markets, it is probably only a matter of time before this comes to pass but for the moment the Western markets look to still be calling the tune as far as the accepted global gold price is concerned despite some hugely anomalous movements from time to time which many observers put down to manipulation. The latest such was only today when a rise in U.S. jobless claims, which might normally be considered gold positive, saw the price marked down sharply after an initial small rise.
-END-
For comex gold:
NOTICES FILINGS FOR DECEMBER CONTRACT MONTH: 1569 NOTICE(S) FOR 156,900 OZ. TOTAL NOTICES SO FAR: 6507 FOR 650,700 OZ (17.576 TONNES)
For silver:
NOTICES FOR DECEMBER CONTRACT MONTH FOR SILVER: 322 NOTICE(s) OR 1,610,000 OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 1039 FOR 5,195,000 OZ
Let us have a look at the data for today
.
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In silver, the total open interest ROSE by 2,620 contracts UP to 159,246 with YESTERDAY’S trading. In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .795 BILLION TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).
FOR THE DECEMBER FRONT MONTH: 322 NOTICES FILED FOR 1,610,000 OZ.
In gold, the total comex gold FELL by 4,561 contracts as we witnessed a huge FALL IN THE PRICE GOLD ($17.10 with YESTERDAY’S trading ).The total gold OI stands at 401,100 contracts. The bankers have done a good job of eviscerating gold (and silver) longs. We are very close to the bottom with respect to OI. Generally 390,000 should do it.
we had a huge 1,569 notices filed upon for 156,900 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD,
Inventory rests tonight: 883.86 tonnes
.
SLV
we HAD NO CHANGES at the SLV/
THE SLV Inventory rests at: 346.150 million oz
.
First, here is an outline of what will be discussed tonight: Preliminary data
1. Today, we had the open interest in silver ROSE by 2,620 contracts UP to 159,246 despite the fact that the price of silver FELL by $.25 with YESTERDAY’S trading. The gold open interest FELL by 4,561 contracts DOWN to 401,100 as the price of gold FELL BY $17.10 WITH YESTERDAY’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
2c) FRBNY foreign gold movement
(Harvey)
3. ASIAN AFFAIRS
i)Late WEDNESDAY night/THURSDAY morning: Shanghai closed UP 23.27 POINTS OR 0.72%/ /Hang Sang closed UP 88.46 OR 0.39%. The Nikkei closed UP 206.64 OR 1.12%/Australia’s all ordinaires CLOSED UP 1.05% /Chinese yuan (ONSHORE) closed UP at 6.8872/Oil ROSE to 50.17 dollars per barrel for WTI and 52.69 for Brent. Stocks in Europe: ALL IN THE RED. Offshore yuan trades 6.8890 yuan to the dollar vs 6.8872 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS HUGELY AS CHINA ATTEMPTS TO STOP MORE USA DOLLARS LEAVING CHINA’S SHORES / CHINA SENDS A CLEAR MESSAGE TO THE USA AND JANET TO NOT RAISE RATES IN DECEMBER.
REPORT ON JAPAN SOUTH KOREA NORTH KOREA AND CHINA
3a)THAILAND/SOUTH KOREA
none today
b) REPORT ON JAPAN
Another good one from Graham Summers:
Has the election of Trump caused Japan to ignite the huge 10 trillion of uSA dollar carry trade that is short dollars?
( Graham Summers/Phoenix Capital)
c) REPORT ON CHINA
i)Both China and the USA experienced a huge rise in bond yield last night. Thus the bond bloodbath is back!!
( zero hedge)
ii)In a stunning move, China has stopped the outflows of yuan!! remember this is what China wants; the internationalization of the yuan throughout the globe! Horseman capital yesterday asked: Is China running out of money? answer: it sure looks like it
( zero hedge)
4 EUROPEAN AFFAIRS
oH oh! The ECB just leaked that their QE program cannot go on for ever. Thus the whisper is that they are preparing to taper their bund purchases of German bonds. This caused the yield to rise 30 basis points in minutes. With the USA tightening, the world was expecting to ECB and Japan to carry the torch with additional QE. Problems ahead
( zero hedge)
ii) Italy
Just what Italy needed: a massive explosion rocks one of Italy’s largest oil refineries in Northern Italy:
(courtesy zero hedge)
iii)France
Hollande will not run in the next French election and will no doubt be replaced by Valls (current Prime Minister). They will run against Marine LePen and Republican Fillon
( zero hedge
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Turkey
the relentless rise in the dollar has now caused the Turkish lira to collapse to 3.5 to the dollar, tumbling over 1.8% last night. Last week the Turkey raised rates but that could not stop the lira from tumbling. Erdogan is demanding lower rates.
( zero hedge)
6.GLOBAL ISSUES
i)In November, global bond loses total 1.7 trillion USA dollars. This is on top of the 1.1 trillion USA dollar loss in October. Higher rates are causing the worst monthly meltdown in history!
( zero hedge)
ii)Another good Bellwether for global growth Caterpillar: stock halted after they state analysts forecasts are way too optimistic:
( Caterpillar/zerohedge)
7. OIL ISSUES
i)The very reliable OilPrice.com people gives reality to the OPEC deal announced yesterday. They are saying that we should downplay the deal.
( Paraskova/OilPrice.com)
ii)Crude Oil is now in backwardation in the belly of the curve. Generally backwardation means scarcity but not with oil as there is plenty of the black gold around. The backwardation generally means that the spot price of oil will not hold
( zero hedge)
8. EMERGING MARKETS
Another view into Venezuela’s rapid ascent into the hyper inflationary world:
( zero hedge)
9. PHYSICAL MARKETS
i)trouble overnight as the bubble in industrial base metals collapsed. We have had a bubble built up in these assets immediately after the Trump victory. Hot money poured into these commodities due to Trump willing to jump start infrastructure spending in the uSA. The problem here is the huge excess storage of these metals and last night it burst
( zerohedge)
ii)China has seen huge amounts of dollars leave China as citizens realized that their currency was overvalued. China announced tighter curbs on citizen gold imports trying to slow the relentless capital flight. However banks with licenses to import will continue to buy gold as well as sovereign China.
( zero hedge)
iii)The following Bloomberg paper talked about the bubble forming in the base metals inside China:( Bloomberg/GATA)
iv)Michael Oliver, a technical analyst describes in detail gold market rigging
( Michael Oliver/GATA)
10.USA STORIES
i)Strange: initial jobless claims rise by over 35,000 since the election of Trump. Manipulation of numbers? no it can’t be!
(courtesy zero hedge)
ii)The following is short and sweet and to the point:
Is Janet trying to crash stocks to screw Trump?
( Graham Summers/Phoenix Capital)
iii) This is going to hurt: The Government Accountability Office has released a report stating that the Obama plan to forgive student loans will cost taxpayers 137 billion dollars
( zero hedge)
iv) A good Bellwether in predicting global growth: today Apple is reducing orders for iphone 7 stating the sales momentum is fading:( Digitimes/zero hedge)
v)Another set of strange data: USA manufacturing surges to 20 month highs despite employment drop and export order drops. The high dollar is not having an effect on manufacturing?
( zero hedge)
vi)Trump’s new proposal to lower taxes from 35 to 15% will cause billions of dollars of deferred tax asset write downs. For example Citibank will have to take a write down of 12 billion dollars. Banks have a huge amt of tax deferred assets on their books and a lower tax rate means much of this asset cannot be used
( zero hedge)
vii)You must pay attention to Jeff Gundlach, the bond king. He states that the Trump rally is losing steam and that bond prices are still to fall, the dollar will fall and gold will rise
( Jeff Gundlach/zero hedge)
viii)Trump picks Mad Dog Mattis as Sec.of Defense:
( zero hedge)
Let us head over to the comex:
The total gold comex open interest FELL by 4,561 CONTRACTS to an OI level of 401,100 as GOLD FELL $17.10 with YESTERDAY’S trading. We are now in the contract month of December and it is the biggest of the year. here the front month of December showed a DECREASE of 5719 contracts DOWN to 6832.We had 4938 notices served upon yesterday so as I promised we lost 781 contracts or 78,100 oz will not stand for delivery and no doubt where paper settled.
For the next delivery month of January we had a loss of 115 contracts down to 2386. For the next big active delivery month of February we had a gain of 2283 contracts up to 273,896
We had 1,569 notices filed upon today for 1,56900 oz
.
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And now for the wild silver comex results. Total silver OI ROSE by 2620 contracts from 156,626 UP to 159,246 even though the price of silver FELL BY $0.25 with YESTERDAY’S trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540). We are now in the next major delivery month of December and here it FELL BY 303 contracts DOWN to 2753 CONTRACTS . Wow!! this is a surprise: we had 717 notices served upon yesterday so we gained 414 contracts or an additional 2,070,000 oz will stand for delivery. they must badly need some silver somewhere.
The next non active delivery month is January and here the OI fell by 12 contracts down to 3643.
The next big active delivery month is March and here the OI rose by 2783 contracts up to 129,242 contracts.
We had 322 notices filed for 1,610,000 oz for the December contract.
Eventually at the end of December 2015: 6.4512 tonnes of gold stood for delivery
Eventually at the end of December 2015: 18.84 million oz of silver stood for delivery.
VOLUMES: for the gold comex
Today the estimated volume was 112,477 contracts which is awful.
Friday’s confirmed volume was 271,646 contracts which is good
Initial standings for DECEMBER
Dec 1.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
1,569 notices
156,900 oz
No of oz to be served (notices)
5263 contracts
526,300 oz
Total monthly oz gold served (contracts) so far this month
6507 notices
650,700 oz
17.576 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 1,478.900 oz
Today we had 0 kilobar transaction as 0 kilobars left the comex vaults.
Today we had 0 deposits into the dealer:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: nil oz
.
we had 0 customer deposit(s):
total customer deposits; nil oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
We had 0 adjustment(s)
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Total dealer inventor 2,218,385.986 or 69.00 tonnes
Total gold inventory (dealer and customer) =10,002,912.629 or 311.13 tonnes
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 311.13 tonnes for a gain of 8 tonnes over that period. Since August 8 we have lost 43 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!
For December:
Today, 0 notices 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 1569 contract(s) of which 176 notices were stopped (received) by jPMorgan dealer and 461 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
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To calculate the initial total number of gold ounces standing for the DECEMBER. contract month, we take the total number of notices filed so far for the month (6507) x 100 oz or 650,700 oz, to which we add the difference between the open interest for the front month of DEC (6832 contracts) minus the number of notices served upon today (1569) x 100 oz per contract equals 1,177,000 oz, the number of ounces standing in this non active month of DECEMBER.
Thus the INITIAL standings for gold for the DEC contract month:
No of notices served so far (6507) x 100 oz or ounces + {OI for the front month (6832) minus the number of notices served upon today (1569) x 100 oz which equals 1,177,000 oz standing in this non active delivery month of DEC (36.609 tonnes).
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I have now gone over all of the final deliveries for this year and it is startling.
First of all: in 2015 for the 12 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month.
Here are the final deliveries for 2016:
Jan 2016: .5349 tonnes (Jan is a non delivery month)
Feb 2015: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2015: 2.311 tonnes (March is a non delivery month)
April: 12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept: 8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes complete.
Nov. 8.3950 tonnes.
DEC. 36.609 tonnes
total for the 12 months; 228.157 tonnes
average 19.013 tonnes per month vs last yr 51 tonnes total for 12 months or 4.25 tonnes average per month. From May 2016 until Dec 2016 we have had: 204.915 tonnes per the 8 months or 25.614 tonnes per month (which includes the non delivery months of May, June and Sept). In essence the demand for gold is skyrocketing.
Something big is going on inside the gold comex.
Just take a look at Nov 2016 deliveries at 8.3950 tonnes compared to last yr 0.6656 tonnes
December so far: 36.609 tonnes vs last year’s 24 tonnes on first day notice and 6.45 tonnes on the completion of the December delivery month.
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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 THREE MONTHS 43 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER INITIAL standings
Dec 1. 2016
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
925,103.500 oz
Scotia,BRINKS, HSBC
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
600,502.09 oz
CNT
No of oz served today (contracts)
322 CONTRACT(S)
(1610,000 OZ)
No of oz to be served (notices)
2431 contracts
(12,155,000 oz)
Total monthly oz silver served (contracts) 1039 contracts (5,195,000 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 96,558.16 oz
END
today, we had nil deposit(s) into the dealer account:
total dealer deposit: nil oz
we had nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 3 customer withdrawal(s):
i) Out of Scotia: 120,958.400 oz
ii) Out of HSBC: 706,789.100 oz
iii) Out of Brinks: 97,356.000 oz ??? exact weight
Total customer withdrawals: 925,103.500 oz
we had 1 customer deposit(s):
i) Into CNT: 600,502.09 oz
total customer deposits; 600,502.09 oz
we had 1 adjustment(s)
i) Out of Scotia: 897,587.851 oz was adjusted out of the customer and this landed into the dealer account of Scotia.
Volumes: for silver comex
Today the estimated volume was 30,844 which is poor
TUESDAY’S confirmed volume was 63,014 contracts which is huge
The total number of notices filed today for the DEC. contract month is represented by 322 contracts for 1,610,000 oz. To calculate the number of silver ounces that will stand for delivery in DEC., we take the total number of notices filed for the month so far at 1039 x 5,000 oz = 5,195,000 oz to which we add the difference between the open interest for the front month of DEC (2,753) and the number of notices served upon today (322) x 5000 oz equals the number of ounces standing
Thus the initial standings for silver for the DEC contract month: 1039(notices served so far)x 5000 oz +(2753) OI for front month of DEC. ) -number of notices served upon today (322)x 5000 oz equals 17,350,000 oz of silver standing for the DEC contract month.
Strangely on second day notice we actually gained 2070,000 oz and that has not happened for years.!!
Total dealer silver: 33.249 million (close to record low inventory
Total number of dealer and customer silver: 178.616 million oz
The total open interest on silver is NOW moving away from its all time high with the record of 224,540 being set AUGUST 3.2016.
end
And now the Gold inventory at the GLD
Dec 1/no change in gold inventory at the GLD/Inventory rests at 883.86 tonnes
NOV 30/A SMALL WITHDRAWAL OF 1.18 TONNES FROM THE GLD/INVENTORY RESTS AT 883.86 TONNES/MAYBE THEY ARE AT THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD TO TRANSFER TO THE BANKERS.
Nov 29/no changes in gold inventory at the GLD/inventory rests at 885.04 tonnes
Nov 28/no change in gold inventory at the GLD/Inventory rests at 885.04 tonnes
Nov 25 We had a massive 19.87 tonnes of gold leave the GLD/this would be a paper loss not real gold (they only have paper gold in their inventory/total inventory: 885.04 tonnes
Nov 23/a huge withdrawal of paper gold from the GLD equal to 4.66 tonnes/inventory rests at 904.91 tonnes
NOV 22/no changes at the GLD/Inventory rests at 908.76 tonnes
Nov 21/A MASSIVE 11.87 TONNES OF PAPER GOLD WERE SUPPLIED BY THE CROOKS TO SUPPRESS THE PRICE OF GOLD/INVENTORY RESTS AT 908.76 TONNES/ AND GOLD RISES???
Nov 18/no changes at the GLD/Inventory rests at 920.63 tonnes
Nov 17/ A HUGE WITHDRAWAL OF 5.63 TONNES FROM THE GLD/INVENTORY RESTS AT 920.643 TONNES
Nov 16/ changes in gold inventory at the GLD/Inventory rests at 927.45 tonnes
NOV 15/ we had 2 monstrous withdrawal of 5.63 tonnes of gold from the GLD in the morning and another 1.48 tonnes this afternoon/Inventory rests at 927.45 tonnes
Nov 14/another monstrous withdrawal of 7.12 tonnes of gold from the GLD/Inventory rests at 934.56 tonnes
Nov 11/A MONSTROUS WITHDRAWAL OF 13.35 TONNES OF PAPER GOLD AND THIS GOLD WAS USED IN THE COMEX WHACKING TODAY.
Nov 10/ A HUGE ADDITION OF 5.34 TONNES OF GOLD (WITH GOLD WHACKED??)/INVENTORY RESTS AT 955.03 TONES
Nov 9/no change in gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes
Nov 8/no change in gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes
Nov 7/no changes in the gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes.
Nov 4/NO CHANGES IN THE GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 949.69 TONNES/
NOV 3/ a huge deposit of 4.43 tonnes of gold into the GLD/Inventory rests at 949.69 tonnes
NOV 2/ A DEPOSIT OF 2.67 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 945.26 TONNES
Nov 1/no change in gold inventory at the GLD/inventory rests at 942.59 tonnes
Oct 31/no changes at the GLD/Inventory rests at 942.59 tonnes
Oct 28/no changes at the GLD/Inventory remains at 942.59 tonnes
OCT 27/NO CHANGES AT THE GLD/INVENTORY REMAINS AT 942.59 TONNES
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Dec 1/ Inventory rests tonight at 883.86 tonnes
*IN LAST 41 TRADING DAYS: 65.95 TONNES REMOVED FROM THE GLD
end
Now the SLV Inventory
Dec 1/no changes in silver inventory at the SLV/inventory rests at 346.150 million oz/
NOV 30/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 346.150 MILLION OZ
Nov 29/no changes in silver inventory /inventory rests tonight at 346.150 million oz/
Nov 28/no change in silver inventory/inventory rests tonight at 346.150 million oz/
Nov 25/we had another withdrawal of 949,000 oz from the SLV/Inventory rests at 346.150 million oz
Nov 23/A HUGE WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 347.099 MILLION OZ
NOV 22/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 350.182 MILLION OZ
Nov 21/a MASSIVE 6.071 MILLION OZ OF SILVER WITHDRAWN FROM THE SLV VAULTS/INVENTORY RESTS AT 350.182 MILLION OZ/AND SILVER HOLDS IN PRICE???
Nov 18/no changes in silver inventory at the SLV/Inventory rests at 356/253 million oz
Nov 17/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 356.253 MILLION OZ/
Nov 16.no change in silver inventory at the SLV/Inventory rests at 356.253 million oz/
NOV 15/a withdrawal of 474,000 oz (.474 million oz) from the SLV inventory/inventory rests at 356.253
Nov 14/a withdrawal of 1.329 million oz from the SLV/Inventory rests at 356.727 million oz
Nov 11/a withdrawal of 1.379 million oz from the SLV/Inventory rests at 358.056 million oz
Nov 10/an addition of 949,000 oz added into the SLV/Inventory rests at 359.435 million oz
Nov 9/no change in silver inventory at the SLV/Inventory rests at 359.435 million oz/
Nov 8/no changes in silver inventory at the SLV/inventory rests at 358.435 million oz
Nov 7/no changes in silver inventory at the SLV/Inventory rests at 358.435 million oz
Nov 4/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 358.435 MILLION OZ
NOV 3/ a huge withdrawal of 2.807 million oz leaves the SLV: somebody was badly in need of silver/inventory rests at 358.435 million oz
NOV 2/ A DEPOSIT OF 569,000 OZ INTO THE SLV/INVENTORY RESTS AT 361.242
Nov 1/no change in silver inventory at the SLV/inventory rests at 360.673 million oz/
Oct 31/no change in silver inventory at the SLV/Inventory rests at 360.673 million oz/
Oct 28/NO CHANGE IN SILVER INVENTORY AT THE SLV/iNVENTORY RESTS AT 360.673 MILLION OZ
OCT 27/A MONSTROUS WITHDRAWAL OF 5.987 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 360.673 MILLION OZ (AND YET NO CHANGE IN THE SILVER PRICE???)
.
Dec 1.2016: Inventory 346.150 million oz
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 7.4 percent to NAV usa funds and Negative 7.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.0%
Percentage of fund in silver:38.7%
cash .+0.3%( Dec 1/2016)
.
2. Sprott silver fund (PSLV): Premium RISES to +.08%!!!! NAV (Dec 1/2016)
3. Sprott gold fund (PHYS): premium to NAV falls TO – 0.68% to NAV ( Dec 1/2016)
Note: Sprott silver trust back into POSITIVE territory at +0.08% /Sprott physical gold trust is back into NEGATIVE territory at -0.68%/Central fund of Canada’s is still in jail.
END
FEDERAL RESERVE BANK OF NEW YORK; FOREIGN GOLD MOVEMENTS
Last month I reported to you that 5 tonnes of gold moved out of the FRBNY which was much smaller than before as Germany was not getting its required amount of gold.
Now this month:
FRBNY gold holdings Sept: 7841
FRBNY gold holdings Oct: 7841
all figures are million dollars worth of gold at the official rate of 42.22 dollars per oz
amount leaving: 0
Amount repatriated: zero
Germany must be royally angry!
(HARVEY)
This entry was posted in Finance News, Gold News, Silver News and tagged Chinese gold demand, gold update, Harvey Organ, silver update
http://www.silverdoctors.com/gold/gold-news/harvey-organ-china-rejects-ny-gold-paper-pricing/#more-74643
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Thank You Harvey & Doc ! Always Nice :)
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