Saturday, May 27, 2017 2:11:19 PM
Thank You NYBOB - Just Stuff
gys CQs MMgys
Hope Your Having A Wonderful Weekend <3
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GOLD BREAKS THROUGH! – Harvey Organ
Posted on May 27, 2017 by The Doc
GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75,
HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!
GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75/SILVER ALSO PERFORMS ADMIRABLY RISING 21 CENTS TO $17.33/ GOLD OPEN INTEREST RISES BY 3,000 CONTRACTS FOR THE ENTIRE COMPLEX WITH YESTERDAY’S $2.90 GAIN/HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!/HUGE CHINESE SOVEREIGN INTERVENTION LAST NIGHT IN THE CURRENCY MARKETS/WALL STREET THROWS IN THE TOWEL ON OIL AS IT DOES NOT LIKE THE FUNDAMENTALS
GOLD: $1267.75 up $11.45
Silver: $17.33 up 21 cent(s)
Closing access prices:
Gold $1267.11
silver: $17.35
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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: $1266.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1255.55
PREMIUM FIRST FIX: $10.34
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SECOND SHANGHAI GOLD FIX: $1265.00
NY GOLD PRICE AT THE EXACT SAME TIME: 1265.90
Premium of Shanghai 2nd fix/NY:$12.38
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LONDON FIRST GOLD FIX: 5:30 am est $1257.10
NY PRICING AT THE EXACT SAME TIME: $1257.25
LONDON SECOND GOLD FIX 10 AM: $1265.85
NY PRICING AT THE EXACT SAME TIME. $1266.60
For comex gold:
MAY/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 529 FOR 52900 OZ (1.6457 TONNES)
For silver:
For silver: MAY
21 NOTICES FILED TODAY FOR 105,000 OZ/
Total number of notices filed so far this month: 4615 for 23,035,000 oz
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END
We have now entered options expiry week:
options expiry on the OTC/LBMA gold/silver contracts: May 31/2017 at around 12 noon.
The big news of the day is the huge open interest at the gold comex for the upcoming June delivery month. We may have a monstrous amount of gold ounces seeking delivery. We have so far 126,399 contracts still standing vs last yr’s 88,374 with 2 days to go before first day notice. This should be interesting to watch!
Let us have a look at the data for today
.
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In silver, the total open interest FELL BY 1,585 contract(s) DOWN to 201,865 DESPITE THE RISE IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (UP 9 CENT(S). IT IS OBVIOUS THAT WE ARE GETTING SOME BANKER SHORT COVERING IN CONJUNCTION WITH BANKER DELTA HEDGING. In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0099 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 21 NOTICE(S) FOR 105,000 OZ OF SILVER
In gold, the total comex gold ROSE BY 2983 contracts WITH THE RISE IN THE PRICE OF GOLD ($2.95 with YESTERDAY’S TRADING). The total gold OI stands at 473,848 contracts. SO FAR WE HAVE NOT HAD OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER IN TOTAL CONTRAST TO SILVER. WE MAY HAVE WITNESSED SOME OF THOSE LONG CALLS HIDDEN IN THE EFP’S BEING EXERCISED FOR THE JUNE CONTRACT MONTH
we had 1 notice(s) filed upon for 100 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD
Inventory rests tonight: 847.45 tonnes
.
SLV
Today: another huge changes in inventory/another withdrawal of 946,000 oz with the price of silver rising?
THE SLV Inventory rests at: 340.976 million oz
Here is a strange fact for the CFTC to price discover:
when the record OI occurred on April 21, the price of silver was at $18.42 (OI record 234,000 contracts. Interestingly the SLV inventory on April 21 was 325 million oz and today it is 340 million dollars and the price of silver is $1.09 less. And the comex is a price discovery mechanism????
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1,585 contract DOWN TO 201,865, (AND now moving away from THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), WITH THE RISE IN PRICE FOR SILVER WITH YESTERDAY’S TRADING (9 CENTS). NO QUESTION THAT WE HAD SHORT COVERING BY THE BANKERS ALONG WITH SOME BANKER DELTA HEDGING.
(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 THURSDAY night/FRIDAY morning: Shanghai closed UP 2.28 POINTS OR 0.07% / /Hang Sang CLOSED UP 8.49 POINTS OR 0.03% The Nikkei closed DOWN 126.29 POINTS OR 0.64%/Australia’s all ordinaires CLOSED DOWN 0.64%/Chinese yuan (ONSHORE) closed WELL UP at 6.8560/Oil DOWN to 48.63 dollars per barrel for WTI and 51.06 for Brent. Stocks in Europe OPENED IN THE RED ..Offshore yuan trades 6.8224 yuan to the dollar vs 6.85603 for onshore yuan. NOW THE OFFSHORE IS HUGELY STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A MUCH STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY WEAKER DOLLAR. CHINA NOT HAPPY WITH THE NEWS THAT ITS DEBT HAS BEEN DOWNGRADED BUT IS HAPPY WITH THE WEAKER DOLLAR/CHINA UNDERGOES MASSIVE INTERVENTION LAST NIGHT
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA/SOUTH KOREA
b) REPORT ON JAPAN
c) REPORT ON CHINA
i)CHINA/GREAT BRITAIN
huge story last night: the yuan rises sharply on Chinese central bank intervention and cable (British Pound/USA dollar) cracks on poor confidence numbers ahead of the British June election
( zero hedge)
ii) China/USA
Two Chinese fighter jets attempted to intercept a USA surveillance plane. This would make it two incidents whereby USA was close to invading Chinese airspace.
(courtesy zero hedge)
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)EGYPT
This saddens me greatly; Gunman kills 23 Coptic Christians in an Egyptian attack, many of whom are children. The attack occurred in Minya, 140 miles south of Egypt
( zerohedge)
ii)ESTONIA/RUSSIA
This does not look good. Estonia which borders with Russia and is a firm NATO country expels two Russian diplomats and no reasons given. Russia responds that this unfriendly action will not go unanswered. Remember the Estonia has weapons pointing towards Russia
( zero hedge)
6 .GLOBAL ISSUES
ESPN/Sports’ Bubble
A great commentary on another bubble bursting: the sports bubble and ESPN
( William Anderson/Mises Institute)
7. OIL ISSUES
i)Finally Wall Street gets the picture and throws up on OPEC. Barclay’s is very negative on the future of oil pricing as they see no light at the end of the tunnel
( zero hedge)
ii)This ought to be “good” for the price of oil: USA crude production hits a 21 month high and rig counts rises for the 19th straight week;
( zero hedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)A good lesson on the faults of Keynesian theory
( Alasdair Macleod)
ii)A good story..
Russian explorers find a billion roubles in an abandoned mine and all of it worthless. It would have been better to have converted the roubles into gold
( BBC)
iii)Jim Richards take on the embarrassing gold/silver manipulation scheme. I kind of disagree with him on the China situation. It is my belief that when China cannot get enough gold for its citizens, it will then crash the comex and that is when the game ends
( GATA/Jim Rickards)
iv)An important commentary from Ronan Manly on gold withdrawals from the Shanghai gold Exchange
(Ronan Manly/GATA)
v) Gresham’s Law to almost perfection (they left out gold and silver) as Bitcoin rises to 2,600 per coin
( zero hedge)
v b) Then Bitcoin crashed again late in the day:
(zero hedge)
vi)A good start: now we need to see the other 49 states peal state capital gain taxes on gold and silver as well as other countries:
( SchiffGold.com)
vii)In the latest data from Swiss exports of refined gold, India tops the list for the 4th consecutive month. Total for the last 4 months: 167.2 tonnes. Normally Switzerland supplies around 47% of India’s gold needs. Thus you can safely say that India will import another round of 1000+ tonnes of gold. Also remember that this is recorded gold. India smuggles a huge amount of gold into the country to avoid the 10% tax.
( Lawrie Williams/Sharp Pixley)
10. USA stories
i)My goodness: this is ridiculous. Washington Post writes that Kushner is under FBI scrutiny. The facts suggest otherwise:
( zero hedge)
ii)Trump will appeal the travel ban to the Supreme Court
( zero hedge)
iii)Trump takes on the Germans with their huge trade surplus with the uSA. Trump vows to stop this
( zerohedge)
iv)A bill in California to raise the minimum wage to $15.00 will no doubt cause a huge number of teenagers to be fired especially if the Democrats wins Congress in 2018.
( zero hedge)
v)You will recall that Republican candidate Gianforte assaulted a reporter the day before the election in Montana. It had no effect on that election as Gianforte wins handily. We were waiting to see any anti Trump backlash which was not to be
( zerohedge)
vi)Core durable goods/new orders plunge in April
(courtesy zero hedge)
vii)strange: Q1 DGP revised upwards to 1.2% on stronger spending despite corporate profits tumbling. Still no word on 2nd quarter GDP but expect a huge downdraft with yesterday’s poor inventory numbers and today’s poor durable goods report
( zero hedge)
viii) Soft data report U. of Michigan confidence report shows a huge divide between Republicans and Democrats. However what it does agree with on both sides, it that it is time to sell your house
(courtesy zero hedge)
ix)FISA court blasts the FBI for their disregard for rules and illegally shares spy data with private contractors
( zerohedge)
x)The G7 leaders got nowhere with Trump to back a climate deal and that was to be expected.
(courtesy zero hedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY 2,983 CONTRACTS UP to an OI level of 473,848 WITH THE RISE IN THE PRICE OF GOLD ( $2.90 with YESTERDAY’S trading). SO FAR WE HAVE NOT HAVE OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER AS LONGS STAMPEDED INTO THE GOLD ARENA YESTERDAY. WE MAY HAVE ALSO WITNESSED THE EXERCISING OF LONG CALLS IN THE JUNE GOLD CONTRACT MONTH. We are now in the contract month of MAY and it is one of the POORER delivery months of the year. In this MAY delivery month we had A LOSS OF 7 contract(s) FALLING TO 23. We had 4 notices filed yesterday so we LOST 3 GOLD CONTRACTS OR AN ADDITIONAL 300 gold ounce will NOT stand for delivery and 3 contracts were cash settled through the EFP route where they receive a cash bonus plus a future gold contract.
The next big active month is June/2017 and here the OI LOST A MUCH SMALLER THAN ANTICIPATED 25,527 contracts DOWN to 126,399. The non active July contract GAINED another 6 contracts to stand at 1510 contracts. The next big active month is August and here the OI gained 26,264 contracts up to 211,005. FIRST DAY NOTICE IS WEDNESDAY MAY 31.2017 AND WE HAVE TWO MORE READING DAYS AFTER TODAY: TUESDAY AND WEDNESDAY.
OH OH!! WE HAVE NOW SURPASSED last year’s huge open interest as on May 26 2016 we had at this exact time: 88,374 contracts of JUNE 2016 CONTRACTS OPEN.( compared to JUNE 2017: 126,399)WITH EXACTLY 2 DAYS TO GO BEFORE FIRST DAY NOTICE FOR BOTH YEARS.
For the June 2016 contract month initially 48.189 tonnes stood for delivery. Eventually a huge 48.552 tonnes stood.
TONIGHT OUR BANKER FRIENDS ARE QUITE NERVOUS WHEN THEY LOOK OUT THE WINDOW AND SEE THE HIGH OPEN INTEREST THAT IS STILL STANDING IN GOLD FOR JUNE 2017.
We had 1 notice(s) filed upon today for 100 oz
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And now for the wild silver comex results. Total silver OI FELL BY 1585 contracts FROM 203,460 DOWN TO 201,865 DESPITE YESTERDAY’S 9 CENT GAIN. IT SURE LOOKS LIKE OUR BANKERS HAVE CAPITULATED AGAIN AS THEY TRYING TO COVER THEIR SHORTS IN EARNEST. WE ALSO HAVE EVIDENCE OF SOME DELTA HEDGING BY THE BANKERS TRYING TO OFFSET THAT HUGE SHORT POSITION THEY HAVE BEEN BURGEONING OVER THE YEARS.
Below is a little background on the EFP contracts initiated by our bankers:
(We now know for certainty that private EFP contracts are given by the bankers when faced with an upcoming active delivery month. We just do not know the makeup of that private deal. It is my contention that the longs in silver at the end of April were given a fiat bonus plus a long “in the money” call for a future May contract or a July contract. They were told not to exercise for a new contract until at least the first week of May is over so it would not look like a paper settlement which in reality it surely is.
So now everything makes sense: the obliteration of OI as we enter first day notice has not really occurred but replaced with a future contract with some bonus money for their effort. No doubt by the end of May, the open interest in the silver contract month will be close to the OI we had around mid April/2017.)
We are in the active delivery month is MAY Here the open interest LOST 24 contracts FALLING TO 41 contracts. We had 11 notices filed on yesterday , so we LOST 15 notices or an additional 75,000 oz will NOT stand for delivery and 15 CONTRACTS were settled through the EFP route.
The non active June contract LOST 67 contracts to stand at 623. The next big active month will be July and here the OI LOST 3035 contracts DOWN to 142,224.
For those keeping score, the initial amount of silver oz that stood for delivery for the May 2016 contract month: 28.01 million oz. By conclusion of the month only 13.58 million oz stood and the rest was cash settled.(EFP ROUTE)
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
We had 21 notice(s) filed for 105,000 oz for the MAY 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 218,091 contracts which is FAIR
Yesterday’s confirmed volume was 275,167 contracts which is GOOD (BUT MANY ROLLOVERS).
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for MAY
May 26/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
NIL
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
22 contracts
2200 oz
Total monthly oz gold served (contracts) so far this month
529 notices
52900 oz
1.6457 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 230,129.2 oz
Today we HAD 0 kilobar transaction(s)/
total dealer deposits: nil oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz
we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
we had 0 adjustments:
For MAY:
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 1 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 0 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 MAY. contract month, we take the total number of notices filed so far for the month (529) x 100 oz or 52,900 oz, to which we add the difference between the open interest for the front month of MAY (23 contracts) minus the number of notices served upon today (1) x 100 oz per contract equals 55,100 oz, the number of ounces standing in this active month of MAY.
Thus the INITIAL standings for gold for the MAY contract month:
No of notices served so far (529) x 100 oz or ounces + {(30)OI for the front month minus the number of notices served upon today (1) x 100 oz which equals 55,100 oz standing in this non active delivery month of MAY (1.718 tonnes). We LOST 3 contracts or an additional 300 oz will NOT stand for delivery and 3 contracts were cash settled through the EFP route
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I have now gone over all of the final deliveries for this year and it is startling.
Here are the final deliveries for all of 2016 and the first 5 months of 2017
Jan 2016: .5349 tonnes (Jan is a non delivery month)
Feb 2016: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2016: 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
Nov. 8.3950 tonnes.
DEC/2016. 29.931 tonnes
JAN/2017 3.9004 tonnes
FEB/ 18.734 tonnes
March: 0.5816 tonnes
April/2017: 2.8678
MAY:2017/ 1.718 TONNES
total for the 17 months; 249.651 tonnes
average 14.685 tonnes per month
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Total dealer inventory 877,817.092 or 27.303 tonnes DEALER RAPIDLY LOSING GOLD
Total gold inventory (dealer and customer) = 8,811,289.032 or 274.06 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 274.06 tonnes for a loss of 28 tonnes over that period. Since August 8/2016 we have lost 79 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 12 MONTHS 79 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE MAY DELIVERY MONTH
MAY INITIAL standings
May 26. 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
1,353,429.270 oz
Brinks
SCOTIA
JPMorgan
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
559,691.100 oz
HSBC
No of oz served today (contracts)
21 CONTRACT(S)
(105,000 OZ)
No of oz to be served (notices)
20 contracts
( 100,000 oz)
Total monthly oz silver served (contracts) 4615 contracts (23,075,000 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 8,111,049.1 oz
today, we had 0 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 brinks: 458,026.000 oz ??? EXACT WEIGHT??
ii) out of Scotia: 559,691.100 oz
iii) out of JPMorgan: 335,722.120 oz*
this is the first withdrawal of silver from JPMorgan this year.
TOTAL CUSTOMER WITHDRAWALS: 1.353.429.27 oz
We had 1 Customer deposits:
i) Into HSBC: 3559,691.100 oz
***deposits into JPMorgan have now stopped
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 559,691.100 oz
we had 1 adjustment(s)
out of the Delaware vault: 5067.600 oz was adjusted out of the dealer and this landed into the customer account of Delaware
The total number of notices filed today for the MAY. contract month is represented by 21 contract(s) for 105,000 oz. To calculate the number of silver ounces that will stand for delivery in MAY., we take the total number of notices filed for the month so far at 4615 x 5,000 oz = 23,075,000 oz to which we add the difference between the open interest for the front month of MAY (41) and the number of notices served upon today (21) x 5000 oz equals the number of ounces standing
.
Thus the initial standings for silver for the MAY contract month: 4615(notices served so far)x 5000 oz + OI for front month of APRIL.(65 ) -number of notices served upon today (21)x 5000 oz equals 23,175,000 oz of silver standing for the MAY contract month.
We lost 15 contracts or an additional 75,000 oz will not stand for delivery this month, and 15 contracts were issued EFP contract for a huge fiat bonus and a future silver contract (probably either a June or July contract.)
Volumes: for silver comex
Today the estimated volume was 34,019 which is FAIR
Yesterday’s confirmed volume was 67020 contracts which is HUGE
TODAY’S ESTIMATED VOLUME OF 67,020 CONTRACTS EQUATES TO 335 MILLION OZ OF SILVER OR 48% 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: 32.530 million (close to record low inventory
Total number of dealer and customer silver: 200.987 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
Today at 3:30 pm est we receive the COT report which gives position levels of our major players.
I would like to see what the commercials did in both gold and silver:
First the Gold COT
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
241,752 81,985 63,428 112,114 286,405 417,294 431,818
Change from Prior Reporting Period
20,220 -12,823 8,769 -1,605 29,827 27,384 25,773
Traders
167 95 97 51 59 259 217
Small Speculators
Long Short Open Interest
45,278 30,754 462,572
167 1,778 27,551
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 23, 2017
Our large speculators:
those large speculators that have been long in gold added a whopping 20,220 contracts to their long side and refused so far to trade for an EFP
those large specs that have been short in gold covered a whopping 12,823 contracts.
large specs thus go net long by 33,043 which is gigantic
Our commercials;
those commercials that have been long in gold pitched 1605 contracts from their short side.
those commercials that have been short in gold added a monstrous 29,827 contracts to their short side and basically controlled the northbound price rise in gold
Our small specs:
those small specs that have been long in gold added a tiny 167 contracts to their long side ?? strange that we got only a tiny rise in the small spec oi.
those small specs that have been short in gold added 1778 contracts to their short side and got it wrong this week.
Conclusion:
large specs go net long by 33,000 contracts. the commercials go net short by 31,000
and at the comex, the front OI for June with two days to go is extremely high suggesting a 50 tonnes+ of gold standing for delivery. Next week should be extremely interesting.
And now the Silver COT
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
96,531 45,358 27,962 53,195 117,182
-3,611 -11,780 -2,371 -2,417 4,233
Traders
102 52 46 35 37
Small Speculators Open Interest Total
Long Short 203,459 Long Short
25,771 12,957 177,688 190,502
-3,269 -1,750 -11,668 -8,399 -9,918
non reportable positions Positions as of: 155
Our large speculators:
those large specs that have been long in silver, pitched 3611 contracts from their long side.
those large specs that have been short in silver covered a whopping 11,780 contracts from their short side.
large specs go net long by 8169 contracts.
Our commercials;
those commercials that have been long in silver pitched 2417 contracts from their long side
those commercials that have been short in silver only added 4233 contracts to their short side.
commercials go net short by 6650 contracts
.
Our small specs:
those small specs that have been long in silver pitched 3269 contracts from their long side.
those small specs that have been short in silver covered 1750 contact from their short side.
Conclusion:
it seems everybody is confused with silver and do not know what to make of the situation. However it is bearish if your just look at the commercials going net short.
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.7 percent to NAV usa funds and Negative 6.7% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.7%
Percentage of fund in silver:38.2%
cash .+0.1%( May 26/2017)
2. Sprott silver fund (PSLV): Premium RISES TO -.10%!!!! NAV (May 26/2017)
3. Sprott gold fund (PHYS): premium to NAV rises to -0.62% to NAV (May 26/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.10% /Sprott physical gold trust is back into NEGATIVE/ territory at -0.62%/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
www.silverdoctors.com/gold/gold-news/gold-breaks-through-harvey-organ/#more-78560
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Ronan Manly: Update on Shanghai Gold Exchange withdrawals and premiums
Submitted by cpowell on Fri, 2017-05-26 03:14. Section: Daily Dispatches
9:16p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly reports today that withdrawals of metal from the Shanghai Gold Exchange were strong in 2016 but there are signs that China is slowing the liberalization of its gold market. Manly's analysis is headlined "An Update on SGE Vault Withdrawals and SGE Price Premiums" and it's posted at Bullion Star here:R
https://www.bullionstar.com/blogs/ronan-manly/update-sge-vault-withdrawa...
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Sentiment in monetary metals has never been worse, GATA chairman says
Submitted by cpowell on Fri, 2017-05-26 02:46. Section: Daily Dispatches
8:48p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Wall Street for Main Street's Jason Burack today interviews GATA Chairman Bill Murphy, who says that sentiment in the monetary metals sector has never been worse but he thinks the bottom is in. The interview is a half-hour long and can be heard at You Tube here:
https://www.youtube.com/watch?v=7VKmYzbf7dQ&feature=youtu.be
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gys CQs MMgys
Good Afternoon
Hope Your Having A Wonderful Weekend <3
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GOLD BREAKS THROUGH! – Harvey Organ
Posted on May 27, 2017 by The Doc
GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75,
HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!
GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75/SILVER ALSO PERFORMS ADMIRABLY RISING 21 CENTS TO $17.33/ GOLD OPEN INTEREST RISES BY 3,000 CONTRACTS FOR THE ENTIRE COMPLEX WITH YESTERDAY’S $2.90 GAIN/HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!/HUGE CHINESE SOVEREIGN INTERVENTION LAST NIGHT IN THE CURRENCY MARKETS/WALL STREET THROWS IN THE TOWEL ON OIL AS IT DOES NOT LIKE THE FUNDAMENTALS
GOLD: $1267.75 up $11.45
Silver: $17.33 up 21 cent(s)
Closing access prices:
Gold $1267.11
silver: $17.35
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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: $1266.89 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1255.55
PREMIUM FIRST FIX: $10.34
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SECOND SHANGHAI GOLD FIX: $1265.00
NY GOLD PRICE AT THE EXACT SAME TIME: 1265.90
Premium of Shanghai 2nd fix/NY:$12.38
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LONDON FIRST GOLD FIX: 5:30 am est $1257.10
NY PRICING AT THE EXACT SAME TIME: $1257.25
LONDON SECOND GOLD FIX 10 AM: $1265.85
NY PRICING AT THE EXACT SAME TIME. $1266.60
For comex gold:
MAY/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 529 FOR 52900 OZ (1.6457 TONNES)
For silver:
For silver: MAY
21 NOTICES FILED TODAY FOR 105,000 OZ/
Total number of notices filed so far this month: 4615 for 23,035,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
END
We have now entered options expiry week:
options expiry on the OTC/LBMA gold/silver contracts: May 31/2017 at around 12 noon.
The big news of the day is the huge open interest at the gold comex for the upcoming June delivery month. We may have a monstrous amount of gold ounces seeking delivery. We have so far 126,399 contracts still standing vs last yr’s 88,374 with 2 days to go before first day notice. This should be interesting to watch!
Let us have a look at the data for today
.
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In silver, the total open interest FELL BY 1,585 contract(s) DOWN to 201,865 DESPITE THE RISE IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (UP 9 CENT(S). IT IS OBVIOUS THAT WE ARE GETTING SOME BANKER SHORT COVERING IN CONJUNCTION WITH BANKER DELTA HEDGING. In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0099 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 21 NOTICE(S) FOR 105,000 OZ OF SILVER
In gold, the total comex gold ROSE BY 2983 contracts WITH THE RISE IN THE PRICE OF GOLD ($2.95 with YESTERDAY’S TRADING). The total gold OI stands at 473,848 contracts. SO FAR WE HAVE NOT HAD OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER IN TOTAL CONTRAST TO SILVER. WE MAY HAVE WITNESSED SOME OF THOSE LONG CALLS HIDDEN IN THE EFP’S BEING EXERCISED FOR THE JUNE CONTRACT MONTH
we had 1 notice(s) filed upon for 100 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD
Inventory rests tonight: 847.45 tonnes
.
SLV
Today: another huge changes in inventory/another withdrawal of 946,000 oz with the price of silver rising?
THE SLV Inventory rests at: 340.976 million oz
Here is a strange fact for the CFTC to price discover:
when the record OI occurred on April 21, the price of silver was at $18.42 (OI record 234,000 contracts. Interestingly the SLV inventory on April 21 was 325 million oz and today it is 340 million dollars and the price of silver is $1.09 less. And the comex is a price discovery mechanism????
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1,585 contract DOWN TO 201,865, (AND now moving away from THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), WITH THE RISE IN PRICE FOR SILVER WITH YESTERDAY’S TRADING (9 CENTS). NO QUESTION THAT WE HAD SHORT COVERING BY THE BANKERS ALONG WITH SOME BANKER DELTA HEDGING.
(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 THURSDAY night/FRIDAY morning: Shanghai closed UP 2.28 POINTS OR 0.07% / /Hang Sang CLOSED UP 8.49 POINTS OR 0.03% The Nikkei closed DOWN 126.29 POINTS OR 0.64%/Australia’s all ordinaires CLOSED DOWN 0.64%/Chinese yuan (ONSHORE) closed WELL UP at 6.8560/Oil DOWN to 48.63 dollars per barrel for WTI and 51.06 for Brent. Stocks in Europe OPENED IN THE RED ..Offshore yuan trades 6.8224 yuan to the dollar vs 6.85603 for onshore yuan. NOW THE OFFSHORE IS HUGELY STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A MUCH STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY WEAKER DOLLAR. CHINA NOT HAPPY WITH THE NEWS THAT ITS DEBT HAS BEEN DOWNGRADED BUT IS HAPPY WITH THE WEAKER DOLLAR/CHINA UNDERGOES MASSIVE INTERVENTION LAST NIGHT
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA/SOUTH KOREA
b) REPORT ON JAPAN
c) REPORT ON CHINA
i)CHINA/GREAT BRITAIN
huge story last night: the yuan rises sharply on Chinese central bank intervention and cable (British Pound/USA dollar) cracks on poor confidence numbers ahead of the British June election
( zero hedge)
ii) China/USA
Two Chinese fighter jets attempted to intercept a USA surveillance plane. This would make it two incidents whereby USA was close to invading Chinese airspace.
(courtesy zero hedge)
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)EGYPT
This saddens me greatly; Gunman kills 23 Coptic Christians in an Egyptian attack, many of whom are children. The attack occurred in Minya, 140 miles south of Egypt
( zerohedge)
ii)ESTONIA/RUSSIA
This does not look good. Estonia which borders with Russia and is a firm NATO country expels two Russian diplomats and no reasons given. Russia responds that this unfriendly action will not go unanswered. Remember the Estonia has weapons pointing towards Russia
( zero hedge)
6 .GLOBAL ISSUES
ESPN/Sports’ Bubble
A great commentary on another bubble bursting: the sports bubble and ESPN
( William Anderson/Mises Institute)
7. OIL ISSUES
i)Finally Wall Street gets the picture and throws up on OPEC. Barclay’s is very negative on the future of oil pricing as they see no light at the end of the tunnel
( zero hedge)
ii)This ought to be “good” for the price of oil: USA crude production hits a 21 month high and rig counts rises for the 19th straight week;
( zero hedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)A good lesson on the faults of Keynesian theory
( Alasdair Macleod)
ii)A good story..
Russian explorers find a billion roubles in an abandoned mine and all of it worthless. It would have been better to have converted the roubles into gold
( BBC)
iii)Jim Richards take on the embarrassing gold/silver manipulation scheme. I kind of disagree with him on the China situation. It is my belief that when China cannot get enough gold for its citizens, it will then crash the comex and that is when the game ends
( GATA/Jim Rickards)
iv)An important commentary from Ronan Manly on gold withdrawals from the Shanghai gold Exchange
(Ronan Manly/GATA)
v) Gresham’s Law to almost perfection (they left out gold and silver) as Bitcoin rises to 2,600 per coin
( zero hedge)
v b) Then Bitcoin crashed again late in the day:
(zero hedge)
vi)A good start: now we need to see the other 49 states peal state capital gain taxes on gold and silver as well as other countries:
( SchiffGold.com)
vii)In the latest data from Swiss exports of refined gold, India tops the list for the 4th consecutive month. Total for the last 4 months: 167.2 tonnes. Normally Switzerland supplies around 47% of India’s gold needs. Thus you can safely say that India will import another round of 1000+ tonnes of gold. Also remember that this is recorded gold. India smuggles a huge amount of gold into the country to avoid the 10% tax.
( Lawrie Williams/Sharp Pixley)
10. USA stories
i)My goodness: this is ridiculous. Washington Post writes that Kushner is under FBI scrutiny. The facts suggest otherwise:
( zero hedge)
ii)Trump will appeal the travel ban to the Supreme Court
( zero hedge)
iii)Trump takes on the Germans with their huge trade surplus with the uSA. Trump vows to stop this
( zerohedge)
iv)A bill in California to raise the minimum wage to $15.00 will no doubt cause a huge number of teenagers to be fired especially if the Democrats wins Congress in 2018.
( zero hedge)
v)You will recall that Republican candidate Gianforte assaulted a reporter the day before the election in Montana. It had no effect on that election as Gianforte wins handily. We were waiting to see any anti Trump backlash which was not to be
( zerohedge)
vi)Core durable goods/new orders plunge in April
(courtesy zero hedge)
vii)strange: Q1 DGP revised upwards to 1.2% on stronger spending despite corporate profits tumbling. Still no word on 2nd quarter GDP but expect a huge downdraft with yesterday’s poor inventory numbers and today’s poor durable goods report
( zero hedge)
viii) Soft data report U. of Michigan confidence report shows a huge divide between Republicans and Democrats. However what it does agree with on both sides, it that it is time to sell your house
(courtesy zero hedge)
ix)FISA court blasts the FBI for their disregard for rules and illegally shares spy data with private contractors
( zerohedge)
x)The G7 leaders got nowhere with Trump to back a climate deal and that was to be expected.
(courtesy zero hedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY 2,983 CONTRACTS UP to an OI level of 473,848 WITH THE RISE IN THE PRICE OF GOLD ( $2.90 with YESTERDAY’S trading). SO FAR WE HAVE NOT HAVE OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER AS LONGS STAMPEDED INTO THE GOLD ARENA YESTERDAY. WE MAY HAVE ALSO WITNESSED THE EXERCISING OF LONG CALLS IN THE JUNE GOLD CONTRACT MONTH. We are now in the contract month of MAY and it is one of the POORER delivery months of the year. In this MAY delivery month we had A LOSS OF 7 contract(s) FALLING TO 23. We had 4 notices filed yesterday so we LOST 3 GOLD CONTRACTS OR AN ADDITIONAL 300 gold ounce will NOT stand for delivery and 3 contracts were cash settled through the EFP route where they receive a cash bonus plus a future gold contract.
The next big active month is June/2017 and here the OI LOST A MUCH SMALLER THAN ANTICIPATED 25,527 contracts DOWN to 126,399. The non active July contract GAINED another 6 contracts to stand at 1510 contracts. The next big active month is August and here the OI gained 26,264 contracts up to 211,005. FIRST DAY NOTICE IS WEDNESDAY MAY 31.2017 AND WE HAVE TWO MORE READING DAYS AFTER TODAY: TUESDAY AND WEDNESDAY.
OH OH!! WE HAVE NOW SURPASSED last year’s huge open interest as on May 26 2016 we had at this exact time: 88,374 contracts of JUNE 2016 CONTRACTS OPEN.( compared to JUNE 2017: 126,399)WITH EXACTLY 2 DAYS TO GO BEFORE FIRST DAY NOTICE FOR BOTH YEARS.
For the June 2016 contract month initially 48.189 tonnes stood for delivery. Eventually a huge 48.552 tonnes stood.
TONIGHT OUR BANKER FRIENDS ARE QUITE NERVOUS WHEN THEY LOOK OUT THE WINDOW AND SEE THE HIGH OPEN INTEREST THAT IS STILL STANDING IN GOLD FOR JUNE 2017.
We had 1 notice(s) filed upon today for 100 oz
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And now for the wild silver comex results. Total silver OI FELL BY 1585 contracts FROM 203,460 DOWN TO 201,865 DESPITE YESTERDAY’S 9 CENT GAIN. IT SURE LOOKS LIKE OUR BANKERS HAVE CAPITULATED AGAIN AS THEY TRYING TO COVER THEIR SHORTS IN EARNEST. WE ALSO HAVE EVIDENCE OF SOME DELTA HEDGING BY THE BANKERS TRYING TO OFFSET THAT HUGE SHORT POSITION THEY HAVE BEEN BURGEONING OVER THE YEARS.
Below is a little background on the EFP contracts initiated by our bankers:
(We now know for certainty that private EFP contracts are given by the bankers when faced with an upcoming active delivery month. We just do not know the makeup of that private deal. It is my contention that the longs in silver at the end of April were given a fiat bonus plus a long “in the money” call for a future May contract or a July contract. They were told not to exercise for a new contract until at least the first week of May is over so it would not look like a paper settlement which in reality it surely is.
So now everything makes sense: the obliteration of OI as we enter first day notice has not really occurred but replaced with a future contract with some bonus money for their effort. No doubt by the end of May, the open interest in the silver contract month will be close to the OI we had around mid April/2017.)
We are in the active delivery month is MAY Here the open interest LOST 24 contracts FALLING TO 41 contracts. We had 11 notices filed on yesterday , so we LOST 15 notices or an additional 75,000 oz will NOT stand for delivery and 15 CONTRACTS were settled through the EFP route.
The non active June contract LOST 67 contracts to stand at 623. The next big active month will be July and here the OI LOST 3035 contracts DOWN to 142,224.
For those keeping score, the initial amount of silver oz that stood for delivery for the May 2016 contract month: 28.01 million oz. By conclusion of the month only 13.58 million oz stood and the rest was cash settled.(EFP ROUTE)
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
We had 21 notice(s) filed for 105,000 oz for the MAY 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 218,091 contracts which is FAIR
Yesterday’s confirmed volume was 275,167 contracts which is GOOD (BUT MANY ROLLOVERS).
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for MAY
May 26/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
NIL
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
22 contracts
2200 oz
Total monthly oz gold served (contracts) so far this month
529 notices
52900 oz
1.6457 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 230,129.2 oz
Today we HAD 0 kilobar transaction(s)/
total dealer deposits: nil oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz
we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
we had 0 adjustments:
For MAY:
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 1 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 0 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 MAY. contract month, we take the total number of notices filed so far for the month (529) x 100 oz or 52,900 oz, to which we add the difference between the open interest for the front month of MAY (23 contracts) minus the number of notices served upon today (1) x 100 oz per contract equals 55,100 oz, the number of ounces standing in this active month of MAY.
Thus the INITIAL standings for gold for the MAY contract month:
No of notices served so far (529) x 100 oz or ounces + {(30)OI for the front month minus the number of notices served upon today (1) x 100 oz which equals 55,100 oz standing in this non active delivery month of MAY (1.718 tonnes). We LOST 3 contracts or an additional 300 oz will NOT stand for delivery and 3 contracts were cash settled through the EFP route
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I have now gone over all of the final deliveries for this year and it is startling.
Here are the final deliveries for all of 2016 and the first 5 months of 2017
Jan 2016: .5349 tonnes (Jan is a non delivery month)
Feb 2016: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2016: 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
Nov. 8.3950 tonnes.
DEC/2016. 29.931 tonnes
JAN/2017 3.9004 tonnes
FEB/ 18.734 tonnes
March: 0.5816 tonnes
April/2017: 2.8678
MAY:2017/ 1.718 TONNES
total for the 17 months; 249.651 tonnes
average 14.685 tonnes per month
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Total dealer inventory 877,817.092 or 27.303 tonnes DEALER RAPIDLY LOSING GOLD
Total gold inventory (dealer and customer) = 8,811,289.032 or 274.06 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 274.06 tonnes for a loss of 28 tonnes over that period. Since August 8/2016 we have lost 79 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 12 MONTHS 79 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE MAY DELIVERY MONTH
MAY INITIAL standings
May 26. 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
1,353,429.270 oz
Brinks
SCOTIA
JPMorgan
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
559,691.100 oz
HSBC
No of oz served today (contracts)
21 CONTRACT(S)
(105,000 OZ)
No of oz to be served (notices)
20 contracts
( 100,000 oz)
Total monthly oz silver served (contracts) 4615 contracts (23,075,000 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 8,111,049.1 oz
today, we had 0 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 brinks: 458,026.000 oz ??? EXACT WEIGHT??
ii) out of Scotia: 559,691.100 oz
iii) out of JPMorgan: 335,722.120 oz*
this is the first withdrawal of silver from JPMorgan this year.
TOTAL CUSTOMER WITHDRAWALS: 1.353.429.27 oz
We had 1 Customer deposits:
i) Into HSBC: 3559,691.100 oz
***deposits into JPMorgan have now stopped
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 559,691.100 oz
we had 1 adjustment(s)
out of the Delaware vault: 5067.600 oz was adjusted out of the dealer and this landed into the customer account of Delaware
The total number of notices filed today for the MAY. contract month is represented by 21 contract(s) for 105,000 oz. To calculate the number of silver ounces that will stand for delivery in MAY., we take the total number of notices filed for the month so far at 4615 x 5,000 oz = 23,075,000 oz to which we add the difference between the open interest for the front month of MAY (41) and the number of notices served upon today (21) x 5000 oz equals the number of ounces standing
.
Thus the initial standings for silver for the MAY contract month: 4615(notices served so far)x 5000 oz + OI for front month of APRIL.(65 ) -number of notices served upon today (21)x 5000 oz equals 23,175,000 oz of silver standing for the MAY contract month.
We lost 15 contracts or an additional 75,000 oz will not stand for delivery this month, and 15 contracts were issued EFP contract for a huge fiat bonus and a future silver contract (probably either a June or July contract.)
Volumes: for silver comex
Today the estimated volume was 34,019 which is FAIR
Yesterday’s confirmed volume was 67020 contracts which is HUGE
TODAY’S ESTIMATED VOLUME OF 67,020 CONTRACTS EQUATES TO 335 MILLION OZ OF SILVER OR 48% 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: 32.530 million (close to record low inventory
Total number of dealer and customer silver: 200.987 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
Today at 3:30 pm est we receive the COT report which gives position levels of our major players.
I would like to see what the commercials did in both gold and silver:
First the Gold COT
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
241,752 81,985 63,428 112,114 286,405 417,294 431,818
Change from Prior Reporting Period
20,220 -12,823 8,769 -1,605 29,827 27,384 25,773
Traders
167 95 97 51 59 259 217
Small Speculators
Long Short Open Interest
45,278 30,754 462,572
167 1,778 27,551
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 23, 2017
Our large speculators:
those large speculators that have been long in gold added a whopping 20,220 contracts to their long side and refused so far to trade for an EFP
those large specs that have been short in gold covered a whopping 12,823 contracts.
large specs thus go net long by 33,043 which is gigantic
Our commercials;
those commercials that have been long in gold pitched 1605 contracts from their short side.
those commercials that have been short in gold added a monstrous 29,827 contracts to their short side and basically controlled the northbound price rise in gold
Our small specs:
those small specs that have been long in gold added a tiny 167 contracts to their long side ?? strange that we got only a tiny rise in the small spec oi.
those small specs that have been short in gold added 1778 contracts to their short side and got it wrong this week.
Conclusion:
large specs go net long by 33,000 contracts. the commercials go net short by 31,000
and at the comex, the front OI for June with two days to go is extremely high suggesting a 50 tonnes+ of gold standing for delivery. Next week should be extremely interesting.
And now the Silver COT
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
96,531 45,358 27,962 53,195 117,182
-3,611 -11,780 -2,371 -2,417 4,233
Traders
102 52 46 35 37
Small Speculators Open Interest Total
Long Short 203,459 Long Short
25,771 12,957 177,688 190,502
-3,269 -1,750 -11,668 -8,399 -9,918
non reportable positions Positions as of: 155
Our large speculators:
those large specs that have been long in silver, pitched 3611 contracts from their long side.
those large specs that have been short in silver covered a whopping 11,780 contracts from their short side.
large specs go net long by 8169 contracts.
Our commercials;
those commercials that have been long in silver pitched 2417 contracts from their long side
those commercials that have been short in silver only added 4233 contracts to their short side.
commercials go net short by 6650 contracts
.
Our small specs:
those small specs that have been long in silver pitched 3269 contracts from their long side.
those small specs that have been short in silver covered 1750 contact from their short side.
Conclusion:
it seems everybody is confused with silver and do not know what to make of the situation. However it is bearish if your just look at the commercials going net short.
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.7 percent to NAV usa funds and Negative 6.7% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.7%
Percentage of fund in silver:38.2%
cash .+0.1%( May 26/2017)
2. Sprott silver fund (PSLV): Premium RISES TO -.10%!!!! NAV (May 26/2017)
3. Sprott gold fund (PHYS): premium to NAV rises to -0.62% to NAV (May 26/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.10% /Sprott physical gold trust is back into NEGATIVE/ territory at -0.62%/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
www.silverdoctors.com/gold/gold-news/gold-breaks-through-harvey-organ/#more-78560
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Ronan Manly: Update on Shanghai Gold Exchange withdrawals and premiums
Submitted by cpowell on Fri, 2017-05-26 03:14. Section: Daily Dispatches
9:16p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly reports today that withdrawals of metal from the Shanghai Gold Exchange were strong in 2016 but there are signs that China is slowing the liberalization of its gold market. Manly's analysis is headlined "An Update on SGE Vault Withdrawals and SGE Price Premiums" and it's posted at Bullion Star here:R
https://www.bullionstar.com/blogs/ronan-manly/update-sge-vault-withdrawa...
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Sentiment in monetary metals has never been worse, GATA chairman says
Submitted by cpowell on Fri, 2017-05-26 02:46. Section: Daily Dispatches
8:48p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Wall Street for Main Street's Jason Burack today interviews GATA Chairman Bill Murphy, who says that sentiment in the monetary metals sector has never been worse but he thinks the bottom is in. The interview is a half-hour long and can be heard at You Tube here:
https://www.youtube.com/watch?v=7VKmYzbf7dQ&feature=youtu.be
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