Thursday, September 28, 2017 9:04:54 PM
Night Train Data
Sept 28/Gold rises by $1.55 to $1286.00/Silver up 3 cents/UBS agrees with us that the USA will not implement any meaningful tax reform/China orders all Northern Korean companies and personnel out of the country/Germany withdraws from Incirlik/
September 28, 2017 · by harveyorgan · in Uncategorized ·
GOLD: $1286.00 UP $1.55
Silver: $16.82 UP 3 CENT(S)
Closing access prices:
Gold $1287.50
silver: $16.87
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: $1293.84 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1283.30
PREMIUM FIRST FIX: $9.54 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1291.23
NY GOLD PRICE AT THE EXACT SAME TIME: $1279.90
Premium of Shanghai 2nd fix/NY:$11.32 (PREMIUMS GETTING LARGER)
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LONDON FIRST GOLD FIX: 5:30 am est $1284.30
NY PRICING AT THE EXACT SAME TIME: $1282.30 ???
LONDON SECOND GOLD FIX 10 AM: $1283.35
NY PRICING AT THE EXACT SAME TIME. 1284.00???
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 484 NOTICE(S) FOR 48400 OZ.
TOTAL NOTICES SO FAR: 577 FOR 57700 OZ (1.7947 TONNES)
For silver:
SEPTEMBER
37 NOTICES FILED TODAY FOR
185,000 OZ/
Total number of notices filed so far this month: 6,575 for 32,875,000 oz
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end
Let us have a look at the data for today
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In silver, the total open interest FELL BY 1909 contracts from 186,997 DOWN TO 184,997 WITH THE GOOD SIZED FALL IN PRICE THAT SILVER UNDERTOOK IN YESTERDAY’S TRADING (DOWN 9 CENTS ). AGAIN TODAY, IT SURE LOOKS LIKE WE GOT A SMALL AMOUNT OF BANKER SILVER SHORT COVERING AT THIS WEEK IS OPTIONS EXPIRY ON THE LONDON/OTC MARKET AND WE ALWAYS ON THE RECIPROCAL END OF RAIDS
RESULT: A SMALL FALL IN OI COMEX WITH THE 9 CENT PRICE FALL. IT LOOKS LIKE WE HAD A SMALL AMOUNT OF BANKER SHORTS COVERING. THE BANKERS AGAIN ORCHESTRATE ANOTHER RAID TODAY AND FAILED AGAIN.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.924 BILLION TO BE EXACT or 132% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 78 NOTICE(S) FOR 390,000 OZ OF SILVER
In gold, the open interest FELL BY A LARGE 9752 CONTRACTS WITH THE FALL in price of gold ($13.65 DROP) WITH YESTERDAY’S COMEX TRADING. The new OI for the gold complex rests at 539,885. WE ARE NOW IN THE MIDDLE OF OPTIONS EXPIRY WEEK SO IT IS NOT A SURPRISE THAT THE CROOKS CONTINUED WITH THEIR RAIDING. THERE IS NO DOUBT THAT THE CONTINUAL RAIDS HAS THE OBJECT OF INTEREST BEING SILVER AND NOT GOLD AS WE STILL WITNESS STUBBORN LONGS REFUSE TO BUDGE FROM THEIR SILVER TREE.
Result: A LARGE SIZED DECREASE IN OI WITH THE GOOD SIZED FALL IN PRICE IN GOLD ($13.65).
we had: 484 notice(s) filed upon for 48400 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD: WOW!!
Tonight , NO CHANGES in gold inventory at the GLD:
Inventory rests tonight: 864.65 tonnes.
SLV
Today: a no changes in inventory:
INVENTORY RESTS AT 326.757 MILLION OZ
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1909 contracts from 186,906 DOWN TO 184,997 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) . AGAIN TODAY, IT SEEMS THAT A TINY FRACTION OF OUR BANKER SHORTS COVERED. THEY NEED TO COVER A MUCH HIGHER NUMBER WHEN RAIDS ARE ORCHESTRATED. SO THEY TRIED AGAIN TODAY.
RESULT: A SMALL SIZED DROP IN SILVER OI AT THE COMEX WITH THE GOOD SIZED RISE IN PRICE OF 9 CENTS IN YESTERDAY’S TRADING. ANOTHER ATTEMPTED RAID ORCHESTRATED BY THE CROOKS FOR TODAY SEEMS TO HAVE FAILED IN SILVER.
(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 WEDNESDAY night/THURSDAY morning: Shanghai closed DOWN 5.60 POINTS OR 0.17% / /Hang Sang CLOSED DOWN 220.83 POINTS OR 0.80%/ The Nikkei closed UP 96.06 POINTS OR 0.47%/Australia’s all ordinaires CLOSED DOWN 0.11%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.6640/Oil UP to 52.65 dollars per barrel for WTI and 58.28 for Brent. Stocks in Europe OPENED GREEN/MIXED. Offshore yuan trades 6.6634 yuan to the dollar vs 6.6640 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN HUGELY WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
Rocket man claims that 5 million new soldiers have been forced to enlist ahead of his “imminent provocation” with the west;
( zerohedge)
b) REPORT ON JAPAN
c) REPORT ON CHINA
A must read commentary suggesting what happened it August with respect to falling USA dollar and rising CNY and CNH. I am sure that Juckes is correct: China was for sure accumulating treasuries (this is inthe Sept report) which in turn caused the rates on USA treasuries to fall and the dollar to fall. The POBC was also no doubt buying the Eur/USA. China was worried that they would be classified as the FX currency manipulator. That all changed on Sept 8 and he have now witnessed a complete fall in both CNH and CNY : China has abandoned their support for their currency and wish it to fall.
( zerohedge)
ii)Two days after the latest sanctions orchestrated by the USA in which they targeted 26 North Korean banks and personnel doing business with China, it was China today that ordered all North Korean businesses operating in China to close. The noose is getting tighter and tighter around the neck of Kim. What will be his next move as economically he has just been murdered…
( zero hedge)
4. EUROPEAN AFFAIRS
The world’s largest derivative player and convicted criminal bank Deutsche bank has just been downgraded by Fitch. They comment that they : “No longer expect this franchise to recover this year
( Fitch/zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY/GERMANY/INCIRLIK
Not good: Germany withdraws from the huge Turkey airbase Incirlik as Turkey turns towards Russia and China. The big question is what will happen to all of those 3 million migrants. The west will not allow Turkey to become a member of NATA
( zerohedge)
6 .GLOBAL ISSUES
Bali, Indonesia
As reported to you yesterday, the huge volcano around Bali is set to erupt. Tens of thousands of people are fleeing this active Volcano
( zerohedge)
7. OIL ISSUES
i)Nick Cunningham discusses the pros and cons of a further rise in oil prices
( Nick Cunningham/OilPrice.com
ii)Global warming??
(zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Interesting: bullion dealer Sharp Pixley will now accept payment in Bitcoin
( Reuters/GATA)
ii)We brought you this story yesterday where John Paulsen is targeting gold mining CEO’s for excessive pay.
I agree with him but they should also be punished for their silence in the manipulation of the metals and when this is over their lower stock options should be rescinded
( John Paulsen/Bloomberg/GATA)
iii)Golden week is coming tomorrow upon which China will be closed for business until Oct 9. Hoffman suggests that traders are front running knowing that the dominant physical player will be absent the first week of October.
( zerohedge)
iv)Today the “Wolf of Wall Street” agrees with Jamie Dimon of JPM that bitcoin is a fraud
(courtesy zerohedge)
10. USA Stories
i)trading early morning:
as I promised you, Trump tax reform has little chance of passing. Today UBS also stated that tax reform has little chance.
( zerohedge)
i b)Markets will not like this: Gary Cohn states that he cannot guarantee taxes will not go up for the middle class. The whole narrative for the past year as been the “stimulus” created by cutting taxes for the middle class.
( zerohedge)
ii)Wholesaler inventories surge due to plant shuttering/automobile makers are stocking up. This is positive for Q3 GDP but as sales plummet in Q4 this could go terribly wrong
( zero hedge)
iii)Hardly any change in Q2 at 3.1%.
( zero hedge)
iv)Bannon describes it is time for “war” on the Republican establishment as the anti Trumper Republicans are being attacked by more conservative leaning Republicans.
( zero hedge)
v) Nothing but fake news: the Dept of Homeland Security was wrong as California also joined other states by reporting that the Russians did not hack their voting systems
( zero hedge)
vi)Seems that advertisers agree with Trump: One sponsor has decided to pull ads from the NFL
( zerohedge)
Let us head over to the comex:
The total gold comex open interest FELL BY MORE THAN EXPECTED 9752 CONTRACTS DOWN to an OI level of 539,885 WITH THE FALL IN THE PRICE OF GOLD ($13.65 LOSS IN YESTERDAY’S TRADING).
Result: a LARGER SIZED open interest DECREASE WITH THE GOOD SIZED FALL IN THE PRICE OF GOLD ($13.65.)
The new non active September contract month saw it’s OI FELL BY 0 contracts REMAINING AT 484. We had 0 notices filed UPON YESTERDAY so we LOST 0 contracts or an additional NIL oz will not stand for delivery in this non active month of September. We had 0 EFP’s ISSUED FOR SEPTEMBER which entitles them to a fiat bonus plus a deliverable contract on a different exchange and most likely that would be London. These are private deals so we do not get to see the makeup of these deals only the number of EFP’s issued.
The next active contract month is Oct and here we saw a LOSS of 8524 contracts DOWN to 6.131 WITH ONE DAY TO GO BEFORE FIRST DAY NOTICE FRIDAY SEPT 29..
The November contract saw A GAIN OF 46 contracts UP to 1177.
The very big active December contract month saw it’s OI LOSS OF 4684 contracts DOWN to 428,428.
We had 484 notice(s) filed upon today for 48400 oz
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And now for the wild silver comex results. Total silver OI FELL BY 1909 CONTRACTS FROM 186,906 DOWN TO 184,997 WITH YESTERDAY’S GOOD SIZED 24 CENT FALL IN PRICE. WE HAVE HAD CONSTANT TORMENT FROM THE BANKERS THESE PAST 13 DAYS, AND IT CONTINUED TODAY AS WE STILL HAVE OPTIONS EXPIRY ON OUR LONDON/OTC TO DEAL WITH AND THEY EXPIRE AT 9- 10 AM FRIDAY MORNING. HOWEVER OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS A TINY FRACTION OF SILVER LEAVES LEFT THE SILVER THEATRE. WE MUST HAVE HAD SOME BANKER SHORTS COVERING. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY 135,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW).
RESULT: A SMALL DECREASE IN OI AT THE COMEX WITH A 9 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY 135,000 OZ.SILVER DEMAND REMAINS EXTREMELY STRONG/THE RAID ALL WEEK LONG HAD NEGLIGIBLE EFFECT ON OUR RESOLUTE LONGS. WE MUST HAVE HAD SOME SMALL NUMBER OF BANKERS COVER THEIR SHORTS WITH THE RISE IN SILVER PRICE
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSE 51 contacts DOWN to 37. We had 78 notices filed yesterday, so we again gained 27 contracts or an additional 135,000 oz will stand for delivery. This phenomenon has been happening in silver for the past 5 months whereby the amount standing increases on each and every delivery day. This queue jumping highlights the huge demand for silver that we have been witnessing around the globe. The next non active contract month for silver after September is October and here the OI LOST 104 contacts DOWN TO 918. November saw a GAIN of 70 contract(s) and thus RISING TO 201. After November, the NEXT big active contract month is December and here the OI LOST 2002 contracts DOWN to 146,207 contracts.
We had 37 notice(s) filed for 185,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 275,115 CONTRACTS / GOOD
YESTERDAY’S confirmed volume was 412,4110 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
FINAL standings for SEPTEMBER
Sept.28/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
64,300.00 oz
Scotia
2000 kilobars
No of oz served (contracts) today
484 notice(s)
48,400 OZ
No of oz to be served (notices)
0 contracts
(NIL oz)
Total monthly oz gold served (contracts) so far this month
577 notices
57700 oz
1.7947 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month 39,990.7 oz
Today we HAD 1 kilobar transaction(s)/
WE HAD 0 DEALER DEPOSIT:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 1 customer deposit(s):
i) Into Scotia: 64,300 oz (2000 kilobars)
64300.00 oz (dubious)
total customer deposits; 64,300.00 oz
We had 0 customer withdrawal(s)
total customer withdrawals; nil oz
we had 0 adjustment(s)
For SEPT:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 484 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 49 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the FINAL total number of gold ounces standing for the SEPTEMBER. contract month, we take the total number of notices filed so far for the month (577) x 100 oz or 57700 oz, to which we add the difference between the open interest for the front month of SEPT. (484 contracts) minus the number of notices served upon today (484) x 100 oz per contract equals 57,700 oz, the number of ounces standing in this active month of SEPT.
Thus the FINAL standings for gold for the SEPTEMBER contract month:
No of notices served (577) x 100 oz or ounces + {(484)OI for the front month minus the number of notices served upon today (484) x 100 oz which equals 57,700 oz standing in this active delivery month of SEPTEMBER (1.797 tonnes)
We LOST 0 contracts OR AN ADDITIONAL NIL OZ WILL STAND FOR GOLD and 0 EFP’s were issued for September which gives the long holder a fiat bonus plus a deliverable product on another exchange and that most likely will be London. IT IS OBVIOUS THAT THERE IS HARDLY ANY GOLD TO DELIVER UPON LONGS IN SEPTEMBER. THUS THE CROOKS USE THE EFP’S TO TRANSFER THEIR OBLIGATION TO ANOTHER EXCHANGE. THIS IS WHY OVER 7400 EFP’S WERE ISSUED FOR OCTOBER THIS PAST FRIDAY.
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Total dealer inventory 692,502.452 or 21.54 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,761,405.917 or 272.516 tonnes
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 13 MONTHS 81 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE SEPT DELIVERY MONTH
September FINAL standings
Sept 28 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,200,604.08 oz
CNT
No of oz served today (contracts)
37 CONTRACT(S)
(185,000 OZ)
No of oz to be served (notices)
0 contracts
(NIL oz)
Total monthly oz silver served (contracts) 6575 contracts (32,875,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month 6,505,871.2 oz
today, we had 0 deposit(s) into the dealer account:
total dealer deposit: nil oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 0 customer withdrawal(s):
TOTAL CUSTOMER WITHDRAWALS: nil oz
We had 1 Customer deposit(s):
i) Into CNT: 1,200,604.08 oz
***deposits into JPMorgan have stopped again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits: 1,200,604.08 oz
we had 2 adjustment(s)
i) Out of Brinks: 325,091.770 oz was adjusted out of the dealer and this landed into the customer acct of Brinks
ii) Out of CNT: 739,798.081 oz was adjusted out of the dealer and this landed into the customer account of CNT
The total number of notices filed today for the SEPTEMBER. contract month is represented by 37 contract(s) for 185,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPTEMBER., we take the total number of notices filed for the month so far at 6575 x 5,000 oz = 32,875,000 oz to which we add the difference between the open interest for the front month of SEPT (37) and the number of notices served upon today (37) x 5000 oz equals the number of ounces standing.
.
Thus the FINAL standings for silver for the SEPTEMBER contract month: 6575 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(37 ) -number of notices served upon today (37)x 5000 oz equals 32,875,000 oz of silver standing for the SEPTEMBER contract month. This is excellent for this active delivery month. Silver is being constantly demanded at the silver comex and we witness again the amount of silver demanded daily increase right from the get go. (ON AUGUST 31 (FIRST DATE NOTICE) WE HAD 20.15 MILLION OZ STAND. THUS IN THE FIRST 28 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 12.8 MILLION OZ STAND FOR DELIVERY AS DEALERS JUMP QUEUE TRYING TO FIND THE NECESSARY SILVER TO SUPPLY TO OUR LONGS.)
WE HAD AN INCREASE OF 27 CONTRACTS OR AN ADDITIONAL 135,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS ACTIVE CONTRACT MONTH OF SEPTEMBER. THIS HAS BEEN THE 5th CONSECUTIVE MONTH THAT WE HAVE WITNESSED EITHER AN INCREASE (95% OF THE TIME) OR STANDING PAT (THE OTHER 5%). WE HAVE NOT HAD A DECREASE IN STANDING I.E. AS THEY DELIVERY MONTH PROCEEDS NOBODY WISHES AN EFP PRODUCT IN EXCHANGE FOR A DEPARTING LONG.SOMEBODY BIG WANTS SILVER IN A VERY BIG WAY.
Last yr on the first day notice for the Sept silver 2016 contract we had 17.070 million oz stand for delivery.
By month end: 16.075 million oz/
Volumes: for silver comex
ESTIMATED VOLUME TODAY: 64,532 CONTRACTS: (HUGE)
YESTERDAY’s confirmed volume was 87,128 contracts which is EXCELLENT
YESTERDAY’S CONFIRMED VOLUME OF 87,128 CONTRACTS WHICH EQUATES TO 435 MILLION OZ OF SILVER OR 63% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 37.610 million (close to record low inventory
Total number of dealer and customer silver: 219.978 million oz
Interestingly enough for the non active delivery month of August we had 6,245,000 oz stand and in Sept 32,875,000 oz stand for delivery for a total of 39,120,000 oz. These oz should have been first removed from the dealer account and settle into the customer account. This obviously did not happen. If all of those deliveries wanted to sell their silver then they would receive a warrant and the silver would be classified as registered or for sale. For years we have not seen any evidence of settling for physical in either gold or silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.3 percent to NAV usa funds and Negative 6.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.2%
cash .+0.0%( Sept 28/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.52% (Sept 28/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.62% to NAV (Sept 28/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.52%-/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
(courtesy Sprott/GATA)
Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017
www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.
Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
end
And now the Gold inventory at the GLD
Sept 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.65 TONNES
Sept 27/WOW!! WITH GOLD DOWN $13.25, WE HAD A HUGE 8.57 TONNES OF GOLD ADDED TO THE GLD/
Sept 26/no changes in gold inventory at the GLD/Inventory rests at 856.08 tonnes
Sept 25./Another big deposit of 3.84 tonnes into GLD/Inventory rests tonight at 856.08 tonnes
Sept 22/with gold up only 1 dollar on the day we had a massive 6.21 tonnes of gold added to the GLD/.this is a good sign that gold will advance nicely this coming week.
Sept 21/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 20/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 19/another deposit of 2.07 tonnes of gold into the GLD/inventory rests at 846.03 tonnes
Sept 18/a huge 5.32 tonnes of gold deposit into the GLD despite gold’s whack today/inventory rests at 843.96 tonnes
Sept 15./strange!!no change in GLD after the whacking of gold/inventory remains at 838.64 tonnes
Sept 14./no changes at the GLD/inventory rests at 838.64 tonnes
Sept 13/late last night a huge 4.14 tonnes of gold was added to the GLD inventory/inventory rests at 838.64 tonnes.
Sept 12/as of 5: 40 pm est, no changes in gold inventory at the GLD/Inventory rests at 834.50 tonnes
Sept 11/Today we had a rather large 2.37 tonnes of gold removed from the GLD/Inventory rests at 834.50 tonnes
Sept 8/we had a tiny withdrawal of .34 tonnes and probably that would be to pay for fees like insurance etc.
Inventory rests at 836.87 tonnes
Sept 7./no changes in gold inventory at the GLD/Inventory rests at 837.21 tonnes
SEPT 6/WE HAD ANOTHER DEPOSIT OF 5.91 TONNES INTO THE GLD/IN THE LAST TWO DAYS: 20.69 TONNES/INVENTORY RESTS AT 837.21 TONES
Sept 5/we had a huge deposit of 14.78 tonnes into the GLD/Inventory rests at 831.21 tonnes
Sept 1/ no change in gold inventory at the GLD/Inventory rests at 816.43 tonnes
AUGUST 31/no change in gold inventory at the GLD. Inventory rests at 816.43 tonnes
August 30/another deposit of 2.07 tonnes into the GLD inventory/inventory rests at 816.43 tonnes
August 29/a huge deposit of 9.16 tonnes of probable paper gold/inventory rests at 814.36 tonnes
AUGUST 28/a huge deposit f 5.91 tonnes of gold into GLD inventory/inventory rests at 805.20 tonnes
AUGUST 25/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 799.29 TONNES
AUGUST 24/no change in gold inventory at the GLD/inventory rests at 799.29 tonnes
August 23/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes
August 22/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes/
AUGUST 21/this is good!! a huge deposit of gold into the GLD to the tune of 3.85 tonnes/Inventory rests at 799.29 tonnes
August 18/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.44 TONNES
August 17/late last night, a deposit of 4.43 tonnes of gold at the GLD/inventory rests at 795.44 tonnes/the bleeding of gold has stopped.
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Sept 28 /2017/ Inventory rests tonight at 864.65 tonnes
*IN LAST 239 TRADING DAYS: 76.45 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 174 TRADING DAYS: A NET 80.98 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 49.59 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 28/NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ/
Sept 27/STRANGE!! SILVER IS HIT FOR 24 CENTS YESTERDAY AND. 9 CENTS TODAY AND YET NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ
Sept 26./no change in silver inventory at the SLV/.inventory rests at 326.757 million oz
Sept 25./ a big deposit of 1.842 million oz into the SLV/inventory rests at 326.757 million oz/
Sept 22/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz/
Sept 21/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz
Sept 20/no changes in silver inventory/Inventory remains at 324.915 million oz
Sept 19/strange!! another withdrawal of 1.134 million oz despite the rise in silver/inventory rests at 324.915 million oz
Sept 18/a withdrawal of 1.039 million oz from the SLV/Inventory rests at 326.049 million oz
Sept 15./no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 14/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 13/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 12.2017/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 11.2017: no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 8/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 7/STRANGE!! WITH DEMAND FOR SILVER HUGE WE HAD ANOTHER 945,000 OZ WITHDRAWN. NO DOUBT THAT THIS IS CRIMINAL ACTIVITY AS SILVER IS WITHDRAWN AND USED TO CONTAIN THE RISE IN PRICE/INVENTORY RESTS AT 327.088 MILLION OZ/
SEPT 6/STRANGE WITH A HUGE DEMAND FOR SILVER THROUGHOUT THE WORLD THESE DOORKNOBS WITHDRAW A HUGE 3.148 MILLION OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 328.033 MILLION OZ
Sept 5/2017: no change in silver inventory at the SLV/Inventory rests at 331.178 million oz/
Sept 1/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 331.178 MILLION OZ
AUGUST 31/STRANGE!! a huge withdrawal of 2.019 million oz with silver up today./INVENTORY RESTS AT 331.178 MILLION OZ
August 30/no change in silver inventory at the SLV/inventory rests at 333.178 million oz
August 29/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 28/no change in silver inventory at the SLV/Inventory rests at 333.178 million oz/
AUGUST 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 24/A HUGE WITHDRAWAL OF 1.229 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
August 23/no change in silver inventory at the SLV/Inventory rests at 334.407 million oz
August 22/no change in silver inventory at the SLV/inventory rests at 334.407 million oz.
AUGUST 21/no change in silver inventory/inventory rests at 334.407 million oz/
August 18/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REST AT 334.407 MILLION OZ
August 17/A WITHDRAWAL OF 1.418 MILLION OZ LEAVES THE VAULTS OF THE SLV (WITH SILVER UP 25 CENTS YESTERDAY?)/INVENTORY RESTS AT 334.407 MILLION OZ
Sept 28.2017:
Inventory 326.757 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.34%
12 Month MM GOFO
+ 1.57%
30 day trend
end
Major gold/silver trading/commentaries for THURSDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Gold Standard Resulted In “Fewer Catastrophes” – FT
By janskoyles September 28, 2017 0 Comments
Editor Mark O’Byrne
– “Going off gold did the opposite of what many people think” – FT Alphaville
– “Surprising” findings show benefits of Gold Standard
– Study by former Obama advisor in 1999 and speech by Bank of England economist in 2017 make case for gold
– UK economy was ‘much less prone to extremes’ under than the gold standard – research shows
– ‘Gold standard seems to have produced fewer catastrophes for Britain’ – data shows
– FT still wary of gold standard arguing ‘stability can be overrated and growth is worth having’
– Finding is not surprising and joins a wealth of evidence and research that shows gold’s importance as money, a store of value and safe haven asset
300 years ago last week on the 21st September, 1717 Sir Isaac Newton, Master of the Royal Mint of Great Britain, accidentally invented the gold standard.
Last month it was the 46th anniversary of President Nixon ending the gold standard. Since then the world has existed on a system of fiat paper and digital currency. It works so badly that it has lead to the global financial crisis, unending debt issues and a dramatic devaluation in sovereign currencies.
Despite this, much of the media and central banking system remain supporters of the current financial and monetary status quo.
They are so convinced that the time before fiat money was a disaster that anyone who suggests otherwise is labelled a gold-bug and told to move along.
Last week, there was a glimmer of light when the Financial Times’ Matthew C. Klein uncovered some 18-year old research into the gold standard and a recent speech by a Bank of England economist.
Mr Klein although a young man has quite an impressive journalistic c.v. He writes for FT Alphaville and Bloomberg View about the economy and financial markets.
He previously wrote for the Economist magazine and before that, Klein was a research associate at the Council on Foreign Relations (CFR), where he spent more than two years studying the history of the Federal Reserve and the intellectual history of monetary economics.
Going off gold did the opposite of what many people think
Klein writing in FT Alphaville draws on research from former economics advisor to President Obama, Christina Romer:
Imagine you can choose between living in two kinds of societies:
Dynamic world prone to wild swings and big crashes, but ultimately more growth in the long run
Safe and stable world with greater consistency, less volatility, and much lower risk of catastrophe
You might think that Americans and Europeans effectively decided to move from option 1 to option 2 between the late 19th and mid-20th centuries. Depending on your politics, you might attribute this to the stultification of modernity, or the triumph of the enlightened welfare state.
Regardless, you would be wrong.
The growth of government as a service provider and guarantor of financial security — backed by fiat money — has actually coincided with faster trend growth and greatervariance around that trend line. Moreover, the likelihood of particularly bad events has increased since the escape from the “golden fetters”.
Klein refers to this and subsequent information from Romer as ‘surprising findings’. They are not likely suprising to Klein but would be too many FT readers given its generally negative stance towards gold in recent years.
The gold standard: Reduced volatility
Klein reports that in 1999, Romer made some interesting findings regarding the stability and volatility of various business cycles in the 20h century.
The findings initially suggest results that would make modern bankers rest on their laurels in terms of how they manage things today, but dig deeper and things don’t look so straight forward.
He reports that Romer concluded:
that business cycles had roughly the same amplitude both before WWI and after WWII. Volatility was slightly lower in the modern period:
Credit: FT, Romer
But this was entirely attributable to the unusual calm of 1985-1997:
Credit: FT, Romer
Given what’s happened since then, the pre-WWI period might look more stable than the era of the “countercylical” Federal Reserve. Romer measured the severity of a downturn by looking at how far industrial production fell from its peak and how long it took to return to its old level. Using her method, the financial crisis was about as painful as the depression of 1920 and the contraction of 1937 — and about 2.5 times as bad as any post-WWII downturn.
Bank of England’s economist makes case for gold
Gertjan Vlieghe, an economist and former economic assistant to Lord Mervyn King at the Bank of England, gave a speech last week entitled ‘Real Interest Rates and Risk’.
The speech presented research on and linked the history of interest rates, economic volatility, and stock market returns.
As Klein points out in the FT the most important part of the speech is most likely to the be most underreported.
Vlieghe’s research finds that whilst the UK economy off the gold standard was better at allocating resources, the dangers it brought to the financial system made it “more fragile” and “lead to a financial crisis”.
Vlieghe at the Bank of England says:
I suspect the increase in the importance of private sector debt and financial intermediation plays an important role, which in turn was facilitated by moving off the gold standard. An economy where debt and financial intermediation play a more important role can allocate resources more efficiently and achieve a higher growth rate, but also becomes more fragile. Small set-backs can have amplified downside effects and even lead to a financial crisis
Klein draws our attention to an interesting chart presented as part of Vlieghe’s speech.
Credit: FT, Vlieghe
Klein explains:
The table, based on nearly three centuries of UK data, shows that the economy grew much less (in per person terms) under the gold standard than in the period of fiat money, but was also much less prone to extremes.
The distribution of growth performance during the gold standard era was much more tightly concentrated around the average than the distribution in the epoch of fiat money. The comparison is even more stark when comparing average consumption, which is the best single measure of living standards. (That’s what the kurtosis numbers show.)
Credit: FT, Vlieghe
Klein clearly recognises that this shows the gold standard for what it is: a monetary system which brings far fewer disasters to an economy than one easily manipulated by central bankers and governments.
This, says Klein, requires some serious consideration.
the gold standard seems to have produced fewer catastrophes for Britain. There is no negative (or positive) skew in the distribution, unlike in the modern period, which has been blighted by several profoundly unpleasant downturns.
…the standard arguments in favour of the flexible and “counter-cyclical” state we have today, need serious revision.
Very little desire for serious revision
Throughout history, the majority of fiat currencies have met a miserable end, succumbing to hyperinflation after just a few decades.
So far the current global fiat monetary system has survived just over 45 years. Few can seriously look at it and argue that it is healthy. It is increasingly unstable and is in terminal decline.
It is not unfathomable to expect it to fail in the coming financial crisis. Unfortunately bankers and governments have not woken up to this thought yet.
Ignorance is apparently bliss when it comes to believing a decade of money printing can be unwound without serious consequence.
Whilst it is refreshing to see the Financial Times take a positive look at the gold standard, it is unfortunate that they have failed to recognise this simple fact from looking at monetary history and at the wealth of research out there which makes very similar arguments.
One of the world’s most famous bankers, Alan Greenspan, recognised the destructive nature of the fiat system:
‘In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value …’ (Greenspan, 1967)
In a study which used data from 15 countries from as early as 1820 to as late as 1994, Rolnick and Weber (1997) found ‘money growth and inflation are higher’ under fiat standards than those seen in gold and silver standards. They found during the fiat standard the average inflation rate was 9.17% per year compared to 1.75% per-cent found in gold standards.
The result of the FT’s approach is their readers (you, I, central bankers, finance ministers) are easily swayed into believing that a system of debt, volatility, high returns and high risk is preferable to the gold standard. We come to believe it is ‘the norm’.
But a system which repeatedly fails cannot be ‘the norm.’ Surely the one that we ultimately return to after each failure should be ‘the norm’?
Did we learn anything about money?
Following the financial crisis, a 2009 UN report concluded that the disaster was not a result of failures, instead the result of bad political choices:
‘…our multiple crises are not the result of a failure or failures of the system. Rather, the system itself – its organization and principles, and its distorted and flawed institutional mechanisms – is the cause of many these failures… our global economy is but one of many possible economies, and, unlike the laws of physics, we have a political choice to determine when, where, and to what degree the so- called laws of economic behaviour should be allowed to hold sway.’
Luckily gold’s role as a store of value and important monetary asset is being increasingly appreciated. This is happening both on the part of governments and individuals alike.
Major holders and buyers of gold include the world’s largest central banks, the largest global banks, the largest insurance companies in the world, the largest hedge funds in the world, the largest pension funds in the world and of course many wealthy and prudent investors.
The idea of returning gold to the monetary system is clearly not a crazy one – it is already slowly happening and the Chinese look set to take the lead in this regard.
The mainstream media should not be surprised by this. After all, the evidence shows gold’s ability to protect wealth, reduce volatility and protect us from the policies of central banks and increasingly populist governments.
Klein’s article can be read in full here Going off gold did the opposite of what many people think – FT Alphaville
News and Commentary
Gold rises from 1-mth lows; palladium at discount to platinum (Reuters.com)
Ex-UBS metals trader indicted over alleged metals price rigging (Reuters.com)
Bonds Slide as Dollar Climbs on Tax Plan, Economy (Bloomberg.com)
Trump proposal slashes taxes on businesses, the rich amid deficit worries (Reuters.com)
Billionaire Paulson Targets CEOs Of Poorly Performing Gold Miners (Bloomberg.com)
Source: City AM
London house prices to fall this year and next on Brexit – Experts (CityAM.com)
This Is Not A Time To Buy Anything – Zell Warns Retail Real Estate Market Is A “Falling Knife” (ZeroHedge.com)
A Real Republic of Opportunity would Tax Land and Property to the Hilt (DavidMCWilliams.ie)
You’re Likely A Lot Less Prepared For Crisis Than You Realize (PeakProsperity.com)
Jim Rogers on why you should get “less passive” today (StansBerryChurcHouse.com)
Gold Prices (LBMA AM)
28 Sep: USD 1,284.30, GBP 961.04 & EUR 1,091.40 per ounce
27 Sep: USD 1,291.30, GBP 963.83 & EUR 1,099.54 per ounce
26 Sep: USD 1,306.90, GBP 969.59 & EUR 1,105.38 per ounce
25 Sep: USD 1,295.50, GBP 957.89 & EUR 1,089.26 per ounce
22 Sep: USD 1,297.00, GBP 956.15 & EUR 1,082.09 per ounce
21 Sep: USD 1,297.35, GBP 960.56 & EUR 1,089.00 per ounce
20 Sep: USD 1,314.90, GBP 970.53 & EUR 1,094.79 per ounce
Silver Prices (LBMA)
28 Sep: USD 16.82, GBP 12.53 & EUR 14.28 per ounce
27 Sep: USD 16.89, GBP 12.58 & EUR 14.38 per ounce
26 Sep: USD 17.01, GBP 12.67 & EUR 14.43 per ounce
25 Sep: USD 16.95, GBP 12.57 & EUR 14.27 per ounce
22 Sep: USD 16.97, GBP 12.52 & EUR 14.18 per ounce
21 Sep: USD 16.95, GBP 12.58 & EUR 14.24 per ounce
20 Sep: USD 17.38, GBP 12.84 & EUR 14.48 per ounce
Recent Market Updates
– Financial Advice From Man Who Made $1+ Billion in 1929 – Importance Of Being Patient and “Sitting”
– “Gold prices to reach $1,400 before the end of the year” – GoldCore
– Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder
– Bitcoin “Is A Bubble” but Gold Is Money Says World’s Biggest Hedge Fund Manager
– Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms
– Gold Investment “Compelling” As Fed May “Kill The Business Cycle”
– “This Is Where The Next Financial Crisis Will Come From” – Deutsche Bank
– Global Debt Bubble Understated By $13 Trillion Warn BIS
– Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– Gold Up, Markets Fatigued As War Talk Boils Over
– Oil Rich Venezuela Stops Accepting Dollars
– Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today
– British People Suddenly Stopped Buying Cars
END
http://www.silverdoctors.com/tag/harvey-organ/
Sept 28/Gold rises by $1.55 to $1286.00/Silver up 3 cents/UBS agrees with us that the USA will not implement any meaningful tax reform/China orders all Northern Korean companies and personnel out of the country/Germany withdraws from Incirlik/
September 28, 2017 · by harveyorgan · in Uncategorized ·
GOLD: $1286.00 UP $1.55
Silver: $16.82 UP 3 CENT(S)
Closing access prices:
Gold $1287.50
silver: $16.87
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: $1293.84 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1283.30
PREMIUM FIRST FIX: $9.54 (premiums getting larger)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
SECOND SHANGHAI GOLD FIX: $1291.23
NY GOLD PRICE AT THE EXACT SAME TIME: $1279.90
Premium of Shanghai 2nd fix/NY:$11.32 (PREMIUMS GETTING LARGER)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
LONDON FIRST GOLD FIX: 5:30 am est $1284.30
NY PRICING AT THE EXACT SAME TIME: $1282.30 ???
LONDON SECOND GOLD FIX 10 AM: $1283.35
NY PRICING AT THE EXACT SAME TIME. 1284.00???
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 484 NOTICE(S) FOR 48400 OZ.
TOTAL NOTICES SO FAR: 577 FOR 57700 OZ (1.7947 TONNES)
For silver:
SEPTEMBER
37 NOTICES FILED TODAY FOR
185,000 OZ/
Total number of notices filed so far this month: 6,575 for 32,875,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
end
Let us have a look at the data for today
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
In silver, the total open interest FELL BY 1909 contracts from 186,997 DOWN TO 184,997 WITH THE GOOD SIZED FALL IN PRICE THAT SILVER UNDERTOOK IN YESTERDAY’S TRADING (DOWN 9 CENTS ). AGAIN TODAY, IT SURE LOOKS LIKE WE GOT A SMALL AMOUNT OF BANKER SILVER SHORT COVERING AT THIS WEEK IS OPTIONS EXPIRY ON THE LONDON/OTC MARKET AND WE ALWAYS ON THE RECIPROCAL END OF RAIDS
RESULT: A SMALL FALL IN OI COMEX WITH THE 9 CENT PRICE FALL. IT LOOKS LIKE WE HAD A SMALL AMOUNT OF BANKER SHORTS COVERING. THE BANKERS AGAIN ORCHESTRATE ANOTHER RAID TODAY AND FAILED AGAIN.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.924 BILLION TO BE EXACT or 132% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 78 NOTICE(S) FOR 390,000 OZ OF SILVER
In gold, the open interest FELL BY A LARGE 9752 CONTRACTS WITH THE FALL in price of gold ($13.65 DROP) WITH YESTERDAY’S COMEX TRADING. The new OI for the gold complex rests at 539,885. WE ARE NOW IN THE MIDDLE OF OPTIONS EXPIRY WEEK SO IT IS NOT A SURPRISE THAT THE CROOKS CONTINUED WITH THEIR RAIDING. THERE IS NO DOUBT THAT THE CONTINUAL RAIDS HAS THE OBJECT OF INTEREST BEING SILVER AND NOT GOLD AS WE STILL WITNESS STUBBORN LONGS REFUSE TO BUDGE FROM THEIR SILVER TREE.
Result: A LARGE SIZED DECREASE IN OI WITH THE GOOD SIZED FALL IN PRICE IN GOLD ($13.65).
we had: 484 notice(s) filed upon for 48400 oz of gold.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
With respect to our two criminal funds, the GLD and the SLV:
GLD: WOW!!
Tonight , NO CHANGES in gold inventory at the GLD:
Inventory rests tonight: 864.65 tonnes.
SLV
Today: a no changes in inventory:
INVENTORY RESTS AT 326.757 MILLION OZ
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1909 contracts from 186,906 DOWN TO 184,997 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) . AGAIN TODAY, IT SEEMS THAT A TINY FRACTION OF OUR BANKER SHORTS COVERED. THEY NEED TO COVER A MUCH HIGHER NUMBER WHEN RAIDS ARE ORCHESTRATED. SO THEY TRIED AGAIN TODAY.
RESULT: A SMALL SIZED DROP IN SILVER OI AT THE COMEX WITH THE GOOD SIZED RISE IN PRICE OF 9 CENTS IN YESTERDAY’S TRADING. ANOTHER ATTEMPTED RAID ORCHESTRATED BY THE CROOKS FOR TODAY SEEMS TO HAVE FAILED IN SILVER.
(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 WEDNESDAY night/THURSDAY morning: Shanghai closed DOWN 5.60 POINTS OR 0.17% / /Hang Sang CLOSED DOWN 220.83 POINTS OR 0.80%/ The Nikkei closed UP 96.06 POINTS OR 0.47%/Australia’s all ordinaires CLOSED DOWN 0.11%/Chinese yuan (ONSHORE) closed WELL DOWN at 6.6640/Oil UP to 52.65 dollars per barrel for WTI and 58.28 for Brent. Stocks in Europe OPENED GREEN/MIXED. Offshore yuan trades 6.6634 yuan to the dollar vs 6.6640 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN HUGELY WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
Rocket man claims that 5 million new soldiers have been forced to enlist ahead of his “imminent provocation” with the west;
( zerohedge)
b) REPORT ON JAPAN
c) REPORT ON CHINA
A must read commentary suggesting what happened it August with respect to falling USA dollar and rising CNY and CNH. I am sure that Juckes is correct: China was for sure accumulating treasuries (this is inthe Sept report) which in turn caused the rates on USA treasuries to fall and the dollar to fall. The POBC was also no doubt buying the Eur/USA. China was worried that they would be classified as the FX currency manipulator. That all changed on Sept 8 and he have now witnessed a complete fall in both CNH and CNY : China has abandoned their support for their currency and wish it to fall.
( zerohedge)
ii)Two days after the latest sanctions orchestrated by the USA in which they targeted 26 North Korean banks and personnel doing business with China, it was China today that ordered all North Korean businesses operating in China to close. The noose is getting tighter and tighter around the neck of Kim. What will be his next move as economically he has just been murdered…
( zero hedge)
4. EUROPEAN AFFAIRS
The world’s largest derivative player and convicted criminal bank Deutsche bank has just been downgraded by Fitch. They comment that they : “No longer expect this franchise to recover this year
( Fitch/zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY/GERMANY/INCIRLIK
Not good: Germany withdraws from the huge Turkey airbase Incirlik as Turkey turns towards Russia and China. The big question is what will happen to all of those 3 million migrants. The west will not allow Turkey to become a member of NATA
( zerohedge)
6 .GLOBAL ISSUES
Bali, Indonesia
As reported to you yesterday, the huge volcano around Bali is set to erupt. Tens of thousands of people are fleeing this active Volcano
( zerohedge)
7. OIL ISSUES
i)Nick Cunningham discusses the pros and cons of a further rise in oil prices
( Nick Cunningham/OilPrice.com
ii)Global warming??
(zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Interesting: bullion dealer Sharp Pixley will now accept payment in Bitcoin
( Reuters/GATA)
ii)We brought you this story yesterday where John Paulsen is targeting gold mining CEO’s for excessive pay.
I agree with him but they should also be punished for their silence in the manipulation of the metals and when this is over their lower stock options should be rescinded
( John Paulsen/Bloomberg/GATA)
iii)Golden week is coming tomorrow upon which China will be closed for business until Oct 9. Hoffman suggests that traders are front running knowing that the dominant physical player will be absent the first week of October.
( zerohedge)
iv)Today the “Wolf of Wall Street” agrees with Jamie Dimon of JPM that bitcoin is a fraud
(courtesy zerohedge)
10. USA Stories
i)trading early morning:
as I promised you, Trump tax reform has little chance of passing. Today UBS also stated that tax reform has little chance.
( zerohedge)
i b)Markets will not like this: Gary Cohn states that he cannot guarantee taxes will not go up for the middle class. The whole narrative for the past year as been the “stimulus” created by cutting taxes for the middle class.
( zerohedge)
ii)Wholesaler inventories surge due to plant shuttering/automobile makers are stocking up. This is positive for Q3 GDP but as sales plummet in Q4 this could go terribly wrong
( zero hedge)
iii)Hardly any change in Q2 at 3.1%.
( zero hedge)
iv)Bannon describes it is time for “war” on the Republican establishment as the anti Trumper Republicans are being attacked by more conservative leaning Republicans.
( zero hedge)
v) Nothing but fake news: the Dept of Homeland Security was wrong as California also joined other states by reporting that the Russians did not hack their voting systems
( zero hedge)
vi)Seems that advertisers agree with Trump: One sponsor has decided to pull ads from the NFL
( zerohedge)
Let us head over to the comex:
The total gold comex open interest FELL BY MORE THAN EXPECTED 9752 CONTRACTS DOWN to an OI level of 539,885 WITH THE FALL IN THE PRICE OF GOLD ($13.65 LOSS IN YESTERDAY’S TRADING).
Result: a LARGER SIZED open interest DECREASE WITH THE GOOD SIZED FALL IN THE PRICE OF GOLD ($13.65.)
The new non active September contract month saw it’s OI FELL BY 0 contracts REMAINING AT 484. We had 0 notices filed UPON YESTERDAY so we LOST 0 contracts or an additional NIL oz will not stand for delivery in this non active month of September. We had 0 EFP’s ISSUED FOR SEPTEMBER which entitles them to a fiat bonus plus a deliverable contract on a different exchange and most likely that would be London. These are private deals so we do not get to see the makeup of these deals only the number of EFP’s issued.
The next active contract month is Oct and here we saw a LOSS of 8524 contracts DOWN to 6.131 WITH ONE DAY TO GO BEFORE FIRST DAY NOTICE FRIDAY SEPT 29..
The November contract saw A GAIN OF 46 contracts UP to 1177.
The very big active December contract month saw it’s OI LOSS OF 4684 contracts DOWN to 428,428.
We had 484 notice(s) filed upon today for 48400 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results. Total silver OI FELL BY 1909 CONTRACTS FROM 186,906 DOWN TO 184,997 WITH YESTERDAY’S GOOD SIZED 24 CENT FALL IN PRICE. WE HAVE HAD CONSTANT TORMENT FROM THE BANKERS THESE PAST 13 DAYS, AND IT CONTINUED TODAY AS WE STILL HAVE OPTIONS EXPIRY ON OUR LONDON/OTC TO DEAL WITH AND THEY EXPIRE AT 9- 10 AM FRIDAY MORNING. HOWEVER OUR LONGS REMAIN RESOLUTE DETERMINED TO TAKE ON OUR BANKERS AS A TINY FRACTION OF SILVER LEAVES LEFT THE SILVER THEATRE. WE MUST HAVE HAD SOME BANKER SHORTS COVERING. WE AGAIN WITNESS THE AMOUNT STANDING FOR SILVER DELIVERY INCREASE AND THIS TIME BY 135,000 OZ. WE HAVE BEEN WITNESSING THIS PHENOMENA FOR THE PAST 5 MONTHS. (SEE BELOW).
RESULT: A SMALL DECREASE IN OI AT THE COMEX WITH A 9 CENT LOSS IN PRICE. DEMAND FOR PHYSICAL SILVER RISES AGAIN AS THE AMOUNT STANDING INCREASES FOR THE SEPT CONTRACT MONTH BY 135,000 OZ.SILVER DEMAND REMAINS EXTREMELY STRONG/THE RAID ALL WEEK LONG HAD NEGLIGIBLE EFFECT ON OUR RESOLUTE LONGS. WE MUST HAVE HAD SOME SMALL NUMBER OF BANKERS COVER THEIR SHORTS WITH THE RISE IN SILVER PRICE
We are now in the active contract month of September (and the last active month until December). Today we witness Sept. OI LOSE 51 contacts DOWN to 37. We had 78 notices filed yesterday, so we again gained 27 contracts or an additional 135,000 oz will stand for delivery. This phenomenon has been happening in silver for the past 5 months whereby the amount standing increases on each and every delivery day. This queue jumping highlights the huge demand for silver that we have been witnessing around the globe. The next non active contract month for silver after September is October and here the OI LOST 104 contacts DOWN TO 918. November saw a GAIN of 70 contract(s) and thus RISING TO 201. After November, the NEXT big active contract month is December and here the OI LOST 2002 contracts DOWN to 146,207 contracts.
We had 37 notice(s) filed for 185,000 oz for the SEPT. 2017 contract
VOLUMES: for the gold comex
ESTIMATED VOLUME TODAY: 275,115 CONTRACTS / GOOD
YESTERDAY’S confirmed volume was 412,4110 which is EXCELLENT
volumes on gold are STILL HIGHER THAN NORMAL!
FINAL standings for SEPTEMBER
Sept.28/2017.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
64,300.00 oz
Scotia
2000 kilobars
No of oz served (contracts) today
484 notice(s)
48,400 OZ
No of oz to be served (notices)
0 contracts
(NIL oz)
Total monthly oz gold served (contracts) so far this month
577 notices
57700 oz
1.7947 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month 39,990.7 oz
Today we HAD 1 kilobar transaction(s)/
WE HAD 0 DEALER DEPOSIT:
total dealer deposits: nil oz
We had nil dealer withdrawals:
total dealer withdrawals: 0 oz
we had 1 customer deposit(s):
i) Into Scotia: 64,300 oz (2000 kilobars)
64300.00 oz (dubious)
total customer deposits; 64,300.00 oz
We had 0 customer withdrawal(s)
total customer withdrawals; nil oz
we had 0 adjustment(s)
For SEPT:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 484 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 49 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the FINAL total number of gold ounces standing for the SEPTEMBER. contract month, we take the total number of notices filed so far for the month (577) x 100 oz or 57700 oz, to which we add the difference between the open interest for the front month of SEPT. (484 contracts) minus the number of notices served upon today (484) x 100 oz per contract equals 57,700 oz, the number of ounces standing in this active month of SEPT.
Thus the FINAL standings for gold for the SEPTEMBER contract month:
No of notices served (577) x 100 oz or ounces + {(484)OI for the front month minus the number of notices served upon today (484) x 100 oz which equals 57,700 oz standing in this active delivery month of SEPTEMBER (1.797 tonnes)
We LOST 0 contracts OR AN ADDITIONAL NIL OZ WILL STAND FOR GOLD and 0 EFP’s were issued for September which gives the long holder a fiat bonus plus a deliverable product on another exchange and that most likely will be London. IT IS OBVIOUS THAT THERE IS HARDLY ANY GOLD TO DELIVER UPON LONGS IN SEPTEMBER. THUS THE CROOKS USE THE EFP’S TO TRANSFER THEIR OBLIGATION TO ANOTHER EXCHANGE. THIS IS WHY OVER 7400 EFP’S WERE ISSUED FOR OCTOBER THIS PAST FRIDAY.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Total dealer inventory 692,502.452 or 21.54 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,761,405.917 or 272.516 tonnes
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 13 MONTHS 81 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE SEPT DELIVERY MONTH
September FINAL standings
Sept 28 2017
Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,200,604.08 oz
CNT
No of oz served today (contracts)
37 CONTRACT(S)
(185,000 OZ)
No of oz to be served (notices)
0 contracts
(NIL oz)
Total monthly oz silver served (contracts) 6575 contracts (32,875,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month 6,505,871.2 oz
today, we had 0 deposit(s) into the dealer account:
total dealer deposit: nil oz
we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
we had 0 customer withdrawal(s):
TOTAL CUSTOMER WITHDRAWALS: nil oz
We had 1 Customer deposit(s):
i) Into CNT: 1,200,604.08 oz
***deposits into JPMorgan have stopped again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits: 1,200,604.08 oz
we had 2 adjustment(s)
i) Out of Brinks: 325,091.770 oz was adjusted out of the dealer and this landed into the customer acct of Brinks
ii) Out of CNT: 739,798.081 oz was adjusted out of the dealer and this landed into the customer account of CNT
The total number of notices filed today for the SEPTEMBER. contract month is represented by 37 contract(s) for 185,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPTEMBER., we take the total number of notices filed for the month so far at 6575 x 5,000 oz = 32,875,000 oz to which we add the difference between the open interest for the front month of SEPT (37) and the number of notices served upon today (37) x 5000 oz equals the number of ounces standing.
.
Thus the FINAL standings for silver for the SEPTEMBER contract month: 6575 (notices served so far)x 5000 oz + OI for front month of SEPTEMBER(37 ) -number of notices served upon today (37)x 5000 oz equals 32,875,000 oz of silver standing for the SEPTEMBER contract month. This is excellent for this active delivery month. Silver is being constantly demanded at the silver comex and we witness again the amount of silver demanded daily increase right from the get go. (ON AUGUST 31 (FIRST DATE NOTICE) WE HAD 20.15 MILLION OZ STAND. THUS IN THE FIRST 28 DAYS OF SEPTEMBER, WE HAVE HAD A HUGE INCREASE OF 12.8 MILLION OZ STAND FOR DELIVERY AS DEALERS JUMP QUEUE TRYING TO FIND THE NECESSARY SILVER TO SUPPLY TO OUR LONGS.)
WE HAD AN INCREASE OF 27 CONTRACTS OR AN ADDITIONAL 135,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS ACTIVE CONTRACT MONTH OF SEPTEMBER. THIS HAS BEEN THE 5th CONSECUTIVE MONTH THAT WE HAVE WITNESSED EITHER AN INCREASE (95% OF THE TIME) OR STANDING PAT (THE OTHER 5%). WE HAVE NOT HAD A DECREASE IN STANDING I.E. AS THEY DELIVERY MONTH PROCEEDS NOBODY WISHES AN EFP PRODUCT IN EXCHANGE FOR A DEPARTING LONG.SOMEBODY BIG WANTS SILVER IN A VERY BIG WAY.
Last yr on the first day notice for the Sept silver 2016 contract we had 17.070 million oz stand for delivery.
By month end: 16.075 million oz/
Volumes: for silver comex
ESTIMATED VOLUME TODAY: 64,532 CONTRACTS: (HUGE)
YESTERDAY’s confirmed volume was 87,128 contracts which is EXCELLENT
YESTERDAY’S CONFIRMED VOLUME OF 87,128 CONTRACTS WHICH EQUATES TO 435 MILLION OZ OF SILVER OR 63% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 37.610 million (close to record low inventory
Total number of dealer and customer silver: 219.978 million oz
Interestingly enough for the non active delivery month of August we had 6,245,000 oz stand and in Sept 32,875,000 oz stand for delivery for a total of 39,120,000 oz. These oz should have been first removed from the dealer account and settle into the customer account. This obviously did not happen. If all of those deliveries wanted to sell their silver then they would receive a warrant and the silver would be classified as registered or for sale. For years we have not seen any evidence of settling for physical in either gold or silver.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.3 percent to NAV usa funds and Negative 6.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.2%
cash .+0.0%( Sept 28/2017)
2. Sprott silver fund (PSLV): STOCK NAV FALLS TO -0.52% (Sept 28/2017)
3. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.62% to NAV (Sept 28/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.52%-/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
(courtesy Sprott/GATA)
Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017
www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.
Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
end
And now the Gold inventory at the GLD
Sept 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.65 TONNES
Sept 27/WOW!! WITH GOLD DOWN $13.25, WE HAD A HUGE 8.57 TONNES OF GOLD ADDED TO THE GLD/
Sept 26/no changes in gold inventory at the GLD/Inventory rests at 856.08 tonnes
Sept 25./Another big deposit of 3.84 tonnes into GLD/Inventory rests tonight at 856.08 tonnes
Sept 22/with gold up only 1 dollar on the day we had a massive 6.21 tonnes of gold added to the GLD/.this is a good sign that gold will advance nicely this coming week.
Sept 21/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 20/no change in gold inventory tonight/inventory rests at 846.03 tonnes
Sept 19/another deposit of 2.07 tonnes of gold into the GLD/inventory rests at 846.03 tonnes
Sept 18/a huge 5.32 tonnes of gold deposit into the GLD despite gold’s whack today/inventory rests at 843.96 tonnes
Sept 15./strange!!no change in GLD after the whacking of gold/inventory remains at 838.64 tonnes
Sept 14./no changes at the GLD/inventory rests at 838.64 tonnes
Sept 13/late last night a huge 4.14 tonnes of gold was added to the GLD inventory/inventory rests at 838.64 tonnes.
Sept 12/as of 5: 40 pm est, no changes in gold inventory at the GLD/Inventory rests at 834.50 tonnes
Sept 11/Today we had a rather large 2.37 tonnes of gold removed from the GLD/Inventory rests at 834.50 tonnes
Sept 8/we had a tiny withdrawal of .34 tonnes and probably that would be to pay for fees like insurance etc.
Inventory rests at 836.87 tonnes
Sept 7./no changes in gold inventory at the GLD/Inventory rests at 837.21 tonnes
SEPT 6/WE HAD ANOTHER DEPOSIT OF 5.91 TONNES INTO THE GLD/IN THE LAST TWO DAYS: 20.69 TONNES/INVENTORY RESTS AT 837.21 TONES
Sept 5/we had a huge deposit of 14.78 tonnes into the GLD/Inventory rests at 831.21 tonnes
Sept 1/ no change in gold inventory at the GLD/Inventory rests at 816.43 tonnes
AUGUST 31/no change in gold inventory at the GLD. Inventory rests at 816.43 tonnes
August 30/another deposit of 2.07 tonnes into the GLD inventory/inventory rests at 816.43 tonnes
August 29/a huge deposit of 9.16 tonnes of probable paper gold/inventory rests at 814.36 tonnes
AUGUST 28/a huge deposit f 5.91 tonnes of gold into GLD inventory/inventory rests at 805.20 tonnes
AUGUST 25/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 799.29 TONNES
AUGUST 24/no change in gold inventory at the GLD/inventory rests at 799.29 tonnes
August 23/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes
August 22/no change in gold inventory at the GLD/Inventory rests at 799.29 tonnes/
AUGUST 21/this is good!! a huge deposit of gold into the GLD to the tune of 3.85 tonnes/Inventory rests at 799.29 tonnes
August 18/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.44 TONNES
August 17/late last night, a deposit of 4.43 tonnes of gold at the GLD/inventory rests at 795.44 tonnes/the bleeding of gold has stopped.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Sept 28 /2017/ Inventory rests tonight at 864.65 tonnes
*IN LAST 239 TRADING DAYS: 76.45 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 174 TRADING DAYS: A NET 80.98 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 49.59 TONNES HAVE BEEN ADDED.
end
Now the SLV Inventory
Sept 28/NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ/
Sept 27/STRANGE!! SILVER IS HIT FOR 24 CENTS YESTERDAY AND. 9 CENTS TODAY AND YET NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 326.757 MILLION OZ
Sept 26./no change in silver inventory at the SLV/.inventory rests at 326.757 million oz
Sept 25./ a big deposit of 1.842 million oz into the SLV/inventory rests at 326.757 million oz/
Sept 22/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz/
Sept 21/no change in silver inventory at the SLV/Inventory rests at 324.915 million oz
Sept 20/no changes in silver inventory/Inventory remains at 324.915 million oz
Sept 19/strange!! another withdrawal of 1.134 million oz despite the rise in silver/inventory rests at 324.915 million oz
Sept 18/a withdrawal of 1.039 million oz from the SLV/Inventory rests at 326.049 million oz
Sept 15./no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 14/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 13/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 12.2017/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 11.2017: no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 8/no change in silver inventory at the SLV/Inventory rests at 327.088 million oz/
Sept 7/STRANGE!! WITH DEMAND FOR SILVER HUGE WE HAD ANOTHER 945,000 OZ WITHDRAWN. NO DOUBT THAT THIS IS CRIMINAL ACTIVITY AS SILVER IS WITHDRAWN AND USED TO CONTAIN THE RISE IN PRICE/INVENTORY RESTS AT 327.088 MILLION OZ/
SEPT 6/STRANGE WITH A HUGE DEMAND FOR SILVER THROUGHOUT THE WORLD THESE DOORKNOBS WITHDRAW A HUGE 3.148 MILLION OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 328.033 MILLION OZ
Sept 5/2017: no change in silver inventory at the SLV/Inventory rests at 331.178 million oz/
Sept 1/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 331.178 MILLION OZ
AUGUST 31/STRANGE!! a huge withdrawal of 2.019 million oz with silver up today./INVENTORY RESTS AT 331.178 MILLION OZ
August 30/no change in silver inventory at the SLV/inventory rests at 333.178 million oz
August 29/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 28/no change in silver inventory at the SLV/Inventory rests at 333.178 million oz/
AUGUST 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
AUGUST 24/A HUGE WITHDRAWAL OF 1.229 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 333.178 MILLION OZ
August 23/no change in silver inventory at the SLV/Inventory rests at 334.407 million oz
August 22/no change in silver inventory at the SLV/inventory rests at 334.407 million oz.
AUGUST 21/no change in silver inventory/inventory rests at 334.407 million oz/
August 18/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REST AT 334.407 MILLION OZ
August 17/A WITHDRAWAL OF 1.418 MILLION OZ LEAVES THE VAULTS OF THE SLV (WITH SILVER UP 25 CENTS YESTERDAY?)/INVENTORY RESTS AT 334.407 MILLION OZ
Sept 28.2017:
Inventory 326.757 million oz
end
6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration
+ 1.34%
12 Month MM GOFO
+ 1.57%
30 day trend
end
Major gold/silver trading/commentaries for THURSDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Gold Standard Resulted In “Fewer Catastrophes” – FT
By janskoyles September 28, 2017 0 Comments
Editor Mark O’Byrne
– “Going off gold did the opposite of what many people think” – FT Alphaville
– “Surprising” findings show benefits of Gold Standard
– Study by former Obama advisor in 1999 and speech by Bank of England economist in 2017 make case for gold
– UK economy was ‘much less prone to extremes’ under than the gold standard – research shows
– ‘Gold standard seems to have produced fewer catastrophes for Britain’ – data shows
– FT still wary of gold standard arguing ‘stability can be overrated and growth is worth having’
– Finding is not surprising and joins a wealth of evidence and research that shows gold’s importance as money, a store of value and safe haven asset
300 years ago last week on the 21st September, 1717 Sir Isaac Newton, Master of the Royal Mint of Great Britain, accidentally invented the gold standard.
Last month it was the 46th anniversary of President Nixon ending the gold standard. Since then the world has existed on a system of fiat paper and digital currency. It works so badly that it has lead to the global financial crisis, unending debt issues and a dramatic devaluation in sovereign currencies.
Despite this, much of the media and central banking system remain supporters of the current financial and monetary status quo.
They are so convinced that the time before fiat money was a disaster that anyone who suggests otherwise is labelled a gold-bug and told to move along.
Last week, there was a glimmer of light when the Financial Times’ Matthew C. Klein uncovered some 18-year old research into the gold standard and a recent speech by a Bank of England economist.
Mr Klein although a young man has quite an impressive journalistic c.v. He writes for FT Alphaville and Bloomberg View about the economy and financial markets.
He previously wrote for the Economist magazine and before that, Klein was a research associate at the Council on Foreign Relations (CFR), where he spent more than two years studying the history of the Federal Reserve and the intellectual history of monetary economics.
Going off gold did the opposite of what many people think
Klein writing in FT Alphaville draws on research from former economics advisor to President Obama, Christina Romer:
Imagine you can choose between living in two kinds of societies:
Dynamic world prone to wild swings and big crashes, but ultimately more growth in the long run
Safe and stable world with greater consistency, less volatility, and much lower risk of catastrophe
You might think that Americans and Europeans effectively decided to move from option 1 to option 2 between the late 19th and mid-20th centuries. Depending on your politics, you might attribute this to the stultification of modernity, or the triumph of the enlightened welfare state.
Regardless, you would be wrong.
The growth of government as a service provider and guarantor of financial security — backed by fiat money — has actually coincided with faster trend growth and greatervariance around that trend line. Moreover, the likelihood of particularly bad events has increased since the escape from the “golden fetters”.
Klein refers to this and subsequent information from Romer as ‘surprising findings’. They are not likely suprising to Klein but would be too many FT readers given its generally negative stance towards gold in recent years.
The gold standard: Reduced volatility
Klein reports that in 1999, Romer made some interesting findings regarding the stability and volatility of various business cycles in the 20h century.
The findings initially suggest results that would make modern bankers rest on their laurels in terms of how they manage things today, but dig deeper and things don’t look so straight forward.
He reports that Romer concluded:
that business cycles had roughly the same amplitude both before WWI and after WWII. Volatility was slightly lower in the modern period:
Credit: FT, Romer
But this was entirely attributable to the unusual calm of 1985-1997:
Credit: FT, Romer
Given what’s happened since then, the pre-WWI period might look more stable than the era of the “countercylical” Federal Reserve. Romer measured the severity of a downturn by looking at how far industrial production fell from its peak and how long it took to return to its old level. Using her method, the financial crisis was about as painful as the depression of 1920 and the contraction of 1937 — and about 2.5 times as bad as any post-WWII downturn.
Bank of England’s economist makes case for gold
Gertjan Vlieghe, an economist and former economic assistant to Lord Mervyn King at the Bank of England, gave a speech last week entitled ‘Real Interest Rates and Risk’.
The speech presented research on and linked the history of interest rates, economic volatility, and stock market returns.
As Klein points out in the FT the most important part of the speech is most likely to the be most underreported.
Vlieghe’s research finds that whilst the UK economy off the gold standard was better at allocating resources, the dangers it brought to the financial system made it “more fragile” and “lead to a financial crisis”.
Vlieghe at the Bank of England says:
I suspect the increase in the importance of private sector debt and financial intermediation plays an important role, which in turn was facilitated by moving off the gold standard. An economy where debt and financial intermediation play a more important role can allocate resources more efficiently and achieve a higher growth rate, but also becomes more fragile. Small set-backs can have amplified downside effects and even lead to a financial crisis
Klein draws our attention to an interesting chart presented as part of Vlieghe’s speech.
Credit: FT, Vlieghe
Klein explains:
The table, based on nearly three centuries of UK data, shows that the economy grew much less (in per person terms) under the gold standard than in the period of fiat money, but was also much less prone to extremes.
The distribution of growth performance during the gold standard era was much more tightly concentrated around the average than the distribution in the epoch of fiat money. The comparison is even more stark when comparing average consumption, which is the best single measure of living standards. (That’s what the kurtosis numbers show.)
Credit: FT, Vlieghe
Klein clearly recognises that this shows the gold standard for what it is: a monetary system which brings far fewer disasters to an economy than one easily manipulated by central bankers and governments.
This, says Klein, requires some serious consideration.
the gold standard seems to have produced fewer catastrophes for Britain. There is no negative (or positive) skew in the distribution, unlike in the modern period, which has been blighted by several profoundly unpleasant downturns.
…the standard arguments in favour of the flexible and “counter-cyclical” state we have today, need serious revision.
Very little desire for serious revision
Throughout history, the majority of fiat currencies have met a miserable end, succumbing to hyperinflation after just a few decades.
So far the current global fiat monetary system has survived just over 45 years. Few can seriously look at it and argue that it is healthy. It is increasingly unstable and is in terminal decline.
It is not unfathomable to expect it to fail in the coming financial crisis. Unfortunately bankers and governments have not woken up to this thought yet.
Ignorance is apparently bliss when it comes to believing a decade of money printing can be unwound without serious consequence.
Whilst it is refreshing to see the Financial Times take a positive look at the gold standard, it is unfortunate that they have failed to recognise this simple fact from looking at monetary history and at the wealth of research out there which makes very similar arguments.
One of the world’s most famous bankers, Alan Greenspan, recognised the destructive nature of the fiat system:
‘In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value …’ (Greenspan, 1967)
In a study which used data from 15 countries from as early as 1820 to as late as 1994, Rolnick and Weber (1997) found ‘money growth and inflation are higher’ under fiat standards than those seen in gold and silver standards. They found during the fiat standard the average inflation rate was 9.17% per year compared to 1.75% per-cent found in gold standards.
The result of the FT’s approach is their readers (you, I, central bankers, finance ministers) are easily swayed into believing that a system of debt, volatility, high returns and high risk is preferable to the gold standard. We come to believe it is ‘the norm’.
But a system which repeatedly fails cannot be ‘the norm.’ Surely the one that we ultimately return to after each failure should be ‘the norm’?
Did we learn anything about money?
Following the financial crisis, a 2009 UN report concluded that the disaster was not a result of failures, instead the result of bad political choices:
‘…our multiple crises are not the result of a failure or failures of the system. Rather, the system itself – its organization and principles, and its distorted and flawed institutional mechanisms – is the cause of many these failures… our global economy is but one of many possible economies, and, unlike the laws of physics, we have a political choice to determine when, where, and to what degree the so- called laws of economic behaviour should be allowed to hold sway.’
Luckily gold’s role as a store of value and important monetary asset is being increasingly appreciated. This is happening both on the part of governments and individuals alike.
Major holders and buyers of gold include the world’s largest central banks, the largest global banks, the largest insurance companies in the world, the largest hedge funds in the world, the largest pension funds in the world and of course many wealthy and prudent investors.
The idea of returning gold to the monetary system is clearly not a crazy one – it is already slowly happening and the Chinese look set to take the lead in this regard.
The mainstream media should not be surprised by this. After all, the evidence shows gold’s ability to protect wealth, reduce volatility and protect us from the policies of central banks and increasingly populist governments.
Klein’s article can be read in full here Going off gold did the opposite of what many people think – FT Alphaville
News and Commentary
Gold rises from 1-mth lows; palladium at discount to platinum (Reuters.com)
Ex-UBS metals trader indicted over alleged metals price rigging (Reuters.com)
Bonds Slide as Dollar Climbs on Tax Plan, Economy (Bloomberg.com)
Trump proposal slashes taxes on businesses, the rich amid deficit worries (Reuters.com)
Billionaire Paulson Targets CEOs Of Poorly Performing Gold Miners (Bloomberg.com)
Source: City AM
London house prices to fall this year and next on Brexit – Experts (CityAM.com)
This Is Not A Time To Buy Anything – Zell Warns Retail Real Estate Market Is A “Falling Knife” (ZeroHedge.com)
A Real Republic of Opportunity would Tax Land and Property to the Hilt (DavidMCWilliams.ie)
You’re Likely A Lot Less Prepared For Crisis Than You Realize (PeakProsperity.com)
Jim Rogers on why you should get “less passive” today (StansBerryChurcHouse.com)
Gold Prices (LBMA AM)
28 Sep: USD 1,284.30, GBP 961.04 & EUR 1,091.40 per ounce
27 Sep: USD 1,291.30, GBP 963.83 & EUR 1,099.54 per ounce
26 Sep: USD 1,306.90, GBP 969.59 & EUR 1,105.38 per ounce
25 Sep: USD 1,295.50, GBP 957.89 & EUR 1,089.26 per ounce
22 Sep: USD 1,297.00, GBP 956.15 & EUR 1,082.09 per ounce
21 Sep: USD 1,297.35, GBP 960.56 & EUR 1,089.00 per ounce
20 Sep: USD 1,314.90, GBP 970.53 & EUR 1,094.79 per ounce
Silver Prices (LBMA)
28 Sep: USD 16.82, GBP 12.53 & EUR 14.28 per ounce
27 Sep: USD 16.89, GBP 12.58 & EUR 14.38 per ounce
26 Sep: USD 17.01, GBP 12.67 & EUR 14.43 per ounce
25 Sep: USD 16.95, GBP 12.57 & EUR 14.27 per ounce
22 Sep: USD 16.97, GBP 12.52 & EUR 14.18 per ounce
21 Sep: USD 16.95, GBP 12.58 & EUR 14.24 per ounce
20 Sep: USD 17.38, GBP 12.84 & EUR 14.48 per ounce
Recent Market Updates
– Financial Advice From Man Who Made $1+ Billion in 1929 – Importance Of Being Patient and “Sitting”
– “Gold prices to reach $1,400 before the end of the year” – GoldCore
– Commodities King Gartman Says Gold Soon Reach $1,400 As Drums of War Grow Louder
– Bitcoin “Is A Bubble” but Gold Is Money Says World’s Biggest Hedge Fund Manager
– Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms
– Gold Investment “Compelling” As Fed May “Kill The Business Cycle”
– “This Is Where The Next Financial Crisis Will Come From” – Deutsche Bank
– Global Debt Bubble Understated By $13 Trillion Warn BIS
– Bitcoin Price Falls 40% In 3 Days Underlining Gold’s Safe Haven Credentials
– Gold Up, Markets Fatigued As War Talk Boils Over
– Oil Rich Venezuela Stops Accepting Dollars
– Massive Equifax Hack Shows Cyber Risk to Deposits and Investments Today
– British People Suddenly Stopped Buying Cars
END
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