Thursday, March 15, 2018 12:01:25 AM
Data Abbey
Good Morning Ladies and Gentlemen
MMgys
~Welcome To :
~*~Mining & Metals Du Jour~*~ Graveyard Shift~
Always a Pleasure To Have You with Us
MMgys
OK Here We Go >>>>>>>>>>>>>>>>>>
Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>
Mid Week Data Pack>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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MARCH 14/GOLD DOWN ONLY $1.55 ON A BANKER FAILED RAID: GOLD FINISHES AT $1325.75/SILVER DOWN 8 CENTS AT $1654/ AT COMEX A MONSTROUS 20,000 INCREASE IN OI COUPLED WITH 6700 EFP’S ISSUED/ IN SILVER OI ADVANCES TO 200,000 AND ANOTHER 1300 EFP’S ISSUED/TRUMP READY TO INITIATE FURTHER TARIFFS ON CHINA/ TRUMP READY TO TANGLE WITH INDIA OVER INDIAN SUBSIDIES AS HE FILES WITH THE WTO/UK AND RUSSIA HAVE A WAR OF WORDS OVER THE SPY POISONING SCANDAL/IN USA RETAIL SALES STAGNATE BUT ALSO PPI INCREASES SETTING UP THE STAGE FOR STAGFLATION/SWAMP STORIES/
March 14, 2018 · by harveyorgan · in Uncat
GOLD: $1325.75 DOWN $1.55
Silver: $16.54 DOWN 8 CENTS
Closing access prices:
Gold $1325.30
silver: $16.55
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: $1336.22 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1327.95
PREMIUM FIRST FIX: $8.27
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SECOND SHANGHAI GOLD FIX: $1334.58
NY GOLD PRICE AT THE EXACT SAME TIME: $1327.90
PREMIUM SECOND FIX /NY:$8.68
SHANGHAI REJECTS NY PRICING OF GOLD.
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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!
LONDON FIRST GOLD FIX: 5:30 am est $1324.95
NY PRICING AT THE EXACT SAME TIME: $1325.40
LONDON SECOND GOLD FIX 10 AM: $1323.75
NY PRICING AT THE EXACT SAME TIME. $1323.80
For comex gold:
MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR:4 FOR 400 OZ
For silver:
MARCH
6 NOTICE(S) FILED TODAY FOR
30,000 OZ/
Total number of notices filed so far this month: 4834 for 24,170,000 oz
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Bitcoin: BID $8647/OFFER $8,717: DOWN $459(morning)
Bitcoin: BID/ $8250/offer $8320: DOWN $853 (CLOSING/5 PM)
end
Let us have a look at the data for today
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In silver, the total open interest ROSE BY A SMALL SIZED 910 contracts from 199,184 RISING TO 200,094 WITH YESTERDAY’S 10 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 1323 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1323 CONTRACTS. WITH THE TRANSFER OF 1323 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1323 CONTRACTS TRANSLATES INTO 6.615 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:
22,384 CONTRACTS (FOR 10 TRADING DAYS TOTAL 22,384 CONTRACTS OR 122.92 MILLION OZ: AVERAGE PER DAY: 2238 CONTRACTS OR 11.190 MILLION OZ/DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 122.92 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.56% OF ANNUAL GLOBAL PRODUCTION
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 599.395 MILLION OZ.
ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ
ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ
RESULT: WE HAD A SMALL SIZED GAIN IN COMEX OI SILVER COMEX OF 910 WITH THE 10 CENT RISE IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1323 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1323 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 2233 OI CONTRACTS i.e. 1323 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 910 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 10 CENTS AND A CLOSING PRICE OF $16.72 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.
In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.001 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 248 NOTICE(S) FOR 1,240,000 OZ OF SILVER
In gold, the open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP TO 528,118 DESPITE THE FAIR SIZED RISE IN PRICE YESTERDAY ( GAIN OF ONLY $6.25) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN STRONG SIZED 6784 CONTRACTS : APRIL SAW THE ISSUANCE OF 6784 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 528,118. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUMONGOUS OI GAIN IN CONTRACTS: 20,771 OI CONTRACTS INCREASED AT THE COMEX AND A STRONG SIZED 6784 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 27555 CONTRACTS OR 2,755,000 OZ =85.69 TONNES
YESTERDAY, WE HAD 4161 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 86,588 CONTRACTS OR 8,658,800 OZ OR 269.32 TONNES (10 TRADING DAYS AND THUS AVERAGING: 8659 EFP CONTRACTS PER TRADING DAY OR 865,900 OZ/ TRADING DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 10 TRADING DAYS IN TONNES: 269.32 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 269.32/2550 x 100% TONNES = 10.56% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1519.66 TONNES
ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES
ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES
Result: AN ATMOSPHERIC SIZED INCREASE IN OI AT THE COMEX DESPITE THE SMALL RISE IN PRICE IN GOLD TRADING YESTERDAY ($6.25 GAIN). HOWEVER, WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6784 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 6784 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 27,555 contracts ON THE TWO EXCHANGES:
6784 CONTRACTS MOVE TO LONDON AND 20,771 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 85.69 TONNES).
we had: 2 notice(s) filed upon for 200 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
WITH GOLD DOWN $1.55 : NO CHANGES IN GOLD INVENTORY AT THE GLD /
Inventory rests tonight: 833.73 tonnes.
SLV/
WITH SILVER DOWN 8 CENTS TODAY:
NO CHANGES IN SILVER INVENTORY AT THE SLV/
/INVENTORY RESTS AT 319.012 MILLION OZ/
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY A FAIR 910 contracts from 199,184 UP TO 200,094 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE RISE IN PRICE OF SILVER (10 CENT GAIN WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 1323 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 910 CONTRACTS TO THE 1328 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 2233 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 11.16 MILLION OZ!!!
RESULT: A FAIR SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE RISE IN SILVER PRICING YESTERDAY (10 CENTS GAIN IN PRICE) . BUT WE ALSO HAD ANOTHER GOOD SIZED 1323 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
(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)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 18.86 POINTS OR 0.57% /Hang Sang CLOSED DOWN 166/44 POINTS OR 0.53% / The Nikkei closed DOWN 190.81 POINTS OR 0.87%/Australia’s all ordinaires CLOSED DOWN 0.57%/Chinese yuan (ONSHORE) closed UP at 6.3146/Oil UP to 61.09 dollars per barrel for WTI and 65.08 for Brent. Stocks in Europe OPENED GREEN EXCEPT LONDON . ONSHORE YUAN CLOSED UP AT 6.3268 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3054 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (STRONGER CURRENCY BUT WEEK CHINESE MARKETS/AND TRUMP TARIFFS INITIATED/ )
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
b) REPORT ON JAPAN
3 c CHINA
i)China overproduces on steel which saved this country from further economic problems but still is facing a credit impulse collapse: as retail sales plunge
( zerohedge)
ii)We will in short order come to the main event in the tariff war but this time it will be focused on only China. Zero hedge discusses what section 301 is all about and how the war will commence
( zerohedge)
4. EUROPEAN AFFAIRS
SLOVAKIA
Murder and protests are rocking this small European nation of Slovakia. The government under Robert Fico is corrupt and he is now fighting for his political future
( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i) Russia: UK
Britain reacts angrily to the poisoning scandal as it expels Russian diplomats from London. Theresa May and trump are calling for harsh sanctions against Russia including the freezing of Russian assets as well as not participating in the soccer World Cup
( zerohedge)
ii) The town of Salisbury is in total lockdown as the army investigates the Russian spy poisoning. The situation is escalating(courtesy zerohedge)
iii)The Russian response: this action is unacceptable. So far only words from Russia
(courtesy zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES
i)We have been highlighting to you the attributes of Pompeo as the new Sec. of State. He is a hawk against Iran and it is very likely the USA will walk away from the Iran deal which will place further sanctions on Iran. This should cut off around 600,000 barrels of oil per day from the market
( Nick Cunningham : Oil Price.com)
ii)Oil is down by gasoline is up as crude builds but gasoline has a huge draw. Crude again is at record production
(courtesy zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)In order to save itself they are advocating Venezuela to adopt the USA dollar
( Gillespie/CNN/GATA)
ii)Bitcoin sinks as google moves to ban all crypto advertising in June
( zerohedge)
10. USA stories which will influence the price of gold/silver
i)Instead of a gain of .3% the all important retail sales dropped for the 2nd straight month at .1% month/month.
This is a hard data report and certainly signals some problems in the economy
( zerohedge)
ii)This is not what the USA needs: the smell of stagflation. After reporting stagnant retail sales, the core PPI registered its biggest gain since 2014 coming in at .4% month/month instead of an expected print of .2%. This means input costs are on the rise which will hurt margins
( zerohedge)
iii)Business inventories jump in January (probably in anticipation of higher sales which did not happen) coupled with a sales drop, the highest in 18 months.
seems all of the hard data reports which January was not good for the USA
(courtesy zerohedge)
iv)New Jersey is second only to Illinois with the worst ratings of any state. Now the Governor of New Jersey is set to raise taxes on just about everything as they near financial disaster
( zerohedge)
v)A good commentary by Krieger on what Pompeo stands for.
( Mike Krieger/Liberty Blitzkrieg blog)
vi)That did not take long: The Atlanta Fed slashes its forecast for Q1 to below 2.0% at 1.9%,…so much for Trump`s 3.0% growth
(courtesy zerohedge)
vii) SWAMPVILLE
a)We are now witnessing Democrats being furious over Hillary Clinton`s latest comments on how she lost the elction
( zerohedge)
b)New York Times is reporting that Andrew Mccabe is to be fired days before his official retirement
( zerohedge)
c)Vanity Fair reports that Trump is planning to fire Attorney General Jeff Sessions and replacing him with EPA cabinet minister Pruitt, as well as removing McMaster as National Security Advisor. If this happens expect the market to tumble another 1000 points
(courtesy zerohedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP to an OI level 528,118 DESPITE THE FAIRLY SMALL RISE IN THE PRICE OF GOLD ($6.25 GAIN/ YESTERDAY’S TRADING). WE HAD NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 6784 EFP’S ISSUED FOR APRIL , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 6784 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!
ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 27,555 OI CONTRACTS IN THAT 6784 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 20,771 COMEX CONTRACTS.
NET GAIN ON THE TWO EXCHANGES: 27,555 contracts OR 2,755,500 OZ OR 85.69 TONNES.
Result: AN ATMOSPHERIC SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE SMALL RISE IN PRICE YESTERDAY (ENDING UP WITH A GAIN OF $6.25.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 27,555 OI CONTRACTS..
We have now entered the non active contract month of MARCH where we LOST 6 contracts LOWERING TO 537 contracts. We had 0 notices served upon yesterday, so in essence we LOST 6 contacts or an additional 600 oz will NOT stand for delivery at the comex AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS.
April saw a GAIN of 1323 contracts UP to 252,852. May saw A GAIN of 74 contracts to stand at 432. The really big June contract month saw a GAIN of 15,958 contracts UP to 175,282 contracts.
We had 2 notice(s) filed upon today for 200 oz
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 282,592 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 380,470 CONTRACTS
comex gold volumes are RISING AGAIN
Here is a summary of the latest gold trading volumes at the Comex per year
certainly the introduction of EFP’s has certainly had an effect:
Meanwhile, gold-trading volumes on the COMEX have never been higher:
end
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And now for the wild silver comex results.
Total silver OI ROSE BY A FAIR SIZED 910 CONTRACTS FROM 199,184 UP TO 200,094 WITH OUR 10 CENT GAIN IN YESTERDAY’S TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 1323 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1323. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 2233 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 910 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1323 OI CONTRACTS NAVIGATING OVER TO LONDON.
NET GAIN ON THE TWO EXCHANGES:2233 CONTRACTS
AMOUNT STANDING FOR SILVER AT THE COMEX
We are now in the active delivery month of MARCH and here the front month GAINED 3 contracts RISING TO 402 contracts. We had 6 contracts filed upon yesterday, so we GAINED 9 contract or an additional 45,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN URGENT NEED OF CONSIDERABLE PHYSICAL SILVER)
April LOST 10 contracts FALLING TO 433 .
The next big active delivery month for silver will be May and here the OI LOST 221 contracts DOWN to 143,589
We had 248 notice(s) filed for 1,240,000,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD
MARCH 14/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
2 notice(s)
200 OZ
No of oz to be served (notices)
535 contracts
(53500 oz)
Total monthly oz gold served (contracts) so far this month
6 notices
600 oz
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,124,611.485 oz 283.813 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES
For MARCH:
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 2 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (6) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (537 contracts) minus the number of notices served upon today (2 x 100 oz per contract) equals 54100 oz, the number of ounces standing in this nonactive month of MARCH (1.6821 tonnes)
Thus the INITIAL standings for gold for the MARCH contract month:
No of notices served (6 x 100 oz or ounces + {(537)OI for the front month minus the number of notices served upon today (2 x 100 oz )which equals 54100 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.
WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.
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IN THE LAST 18 MONTHS 70 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 14 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
34,678.01 oz
Malca
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
444,877.400 oz
Scotia
No of oz served today (contracts)
248
CONTRACT(S
(1,240,000 OZ)
No of oz to be served (notices)
154 contracts
(770,000 oz)
Total monthly oz silver served (contracts) 5082 contracts
(25,410,000 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
we had 0 inventory movement at the dealer side of things
total inventory deposits/withdrawals/ into dealer: nil oz
we had 1 deposits into the customer account
i) Scotia: 444,877.400 oz
ii) Into JPMorgan: zero
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.
JPMorgan did not add any silver into its warehouses (official) today.
total deposits today: 444,877.400 oz
we had 1 withdrawals from the customer account;
i) Out of Malca 34,678.01 oz
total withdrawals; 34,678.01 oz
we had 1 adjustments
i) out of JPMorgan; 20,195.460 oz was removed from the customer account
total dealer silver: 59.419 million
total dealer + customer silver: 253.703 million oz
The total number of notices filed today for the March. contract month is represented by 248 contract(s) FOR 1,240,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 5082 x 5,000 oz = 25,410,000 oz to which we add the difference between the open interest for the front month of Mar. (402) and the number of notices served upon today (248 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the March contract month: 5082(notices served so far)x 5000 oz + OI for front month of March(402) -number of notices served upon today (248)x 5000 oz equals 26,180,000 oz of silver standing for the March contract month.
We GAINED an additional 9 contracts or 45,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.
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ESTIMATED VOLUME FOR TODAY: 62,963 CONTRACTS
CONFIRMED VOLUME FOR YESTERDAY: 74,979 CONTRACTS
YESTERDAY’S CONFIRMED VOLUME OF 72,979 CONTRACTS EQUATES TO 364 MILLION OZ OR 52.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER
COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.
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
1. Sprott silver fund (PSLV): NAV RISES TO -2.32% (MARCH 14/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.53% to NAV (March 14/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.32%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.653%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.78%: NAV 13.69/TRADING 13.30//DISCOUNT 2.78.
END
And now the Gold inventory at the GLD/
MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES
MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES
FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.
feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES
FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/
FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES
FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES
FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES
Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES
Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES
Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES
Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES
Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES
Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES
Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES
Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES
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MARCH 14/2018/ Inventory rests tonight at 833.73 tonnes
*IN LAST 342 TRADING DAYS: 107,41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 272 TRADING DAYS: A NET 48.89 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
end
Now the SLV Inventory
MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/
March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./
FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/
feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ
FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/
FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/
fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/
FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/
Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ
Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ
Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
MARCH 14/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 319.012 million oz
end
6 Month MM GOFO 1.97/ and libor 6 month duration 2.30
Indicative gold forward offer rate for a 6 month duration/calculation:
G0FO+ 1.97%
libor 2.30 FOR 6 MONTHS/
GOLD LENDING RATE: .33%
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12 Month MM GOFO
+ 2.39%
LIBOR FOR 12 MONTH DURATION: 2.58
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.19
GOLD LENDING RATES FALLING TO APPROACH ZERO AS PHYSICAL GOLD IS SCARCE/GOFO RATES RISING
end
Major gold/silver trading /commentaries for WEDNESDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
13, March
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
– Hungarian National Bank (MNB) to repatriate 100,000 ounces gold from Bank of England
– Follows trend of Netherlands, Germany, Austria and Belgium each looking to bring gold back to home soil
– Hungary one of the smallest gold owners amongst central banks, with just 5 tonnes
– Central bank gold purchases continue to be major drivers of gold market
– Russian central bank gold reserves now exceed those of China
– Decisions to repatriate and increase gold reserves come as rifts between East and West widen
A country’s sovereignty is becoming the driving force of so many changes in the geopolitical sphere, today. Whether it is Brexit, surprise electoral victories in central Europe or a change in trade deals, sovereignty is at the forefront of so many of these decisions.
One of the first indicators that there was a change in the water when it comes to globalisation and international cooperation was through central bank gold buying and repatriation.
For some time now many central banks have been working on building up their gold reserves and ensuring they are stored on soil it believes to be safe and trustworthy.
The most recent central bank to make this change is that of Hungary. Last week it was announced that it intends to bring 100,000 ounces of its very limited 5 tonnes gold reserves, back home from the Bank of England.
This is not an unusual move. In recent years we have seen the likes of Germany, Venezuela and the Netherlands each repatriate their gold from various locations. The pace does appear to have been picking up since the late Hugo Chavez decided to bring home 180 tonnes of gold in 2011.
Furthermore, huge central banks namely Russia and China have been adding to their gold hoards, one more publicly than the other. Both have also been encouraging the use of gold as a means of payment in international trade as a means of avoiding US dollar hegemony.
The decision to place more focus on gold reserves is a statement by central banks and their governments to reduce the counterparty risk on their reserve assets. When holding another country’s currency you are vulnerable, the same applies to when a third-party holds your gold at a time when their own assets are perhaps more exposed than you’re comfortable with.
Russia, China and Turkey leading the gold rush
Hungary’s decision on gold repatriation was not something that made the mainstream news. After all, 100,000 ounces is very little when you consider than Russia increased its physical gold exposure by 20 tons in January 2018 alone.
Hungary decision is, however, a major comment on the current mindset of countries that feel they need to start working to protect their finances and borders. Hungary’s political changes are widely known and have been criticised extensively by both the EU and wider Western world.
The decision to bring gold home is a statement that says Prime Minister Viktor Orban would rather have the country’s assets close to home rather than in the hands-off a country that perhaps does not have his own best interests at heart.
This is a common theme, not just reflected in gold repatriation decisions but also in gold purchases.
Russia, China and Turkey have each materially increased their gold reserves in recent years. Since March 2015 Russia has bought gold every single month. January’s purchase took their reserves above those of China, a level which had previously been monitored as an example of the East’s great interest in moving away from US dollar dominance.
China has been famously coy about its gold reserves. apart from the period from July 2015 to October 2016, China only reported its gold reserve increases at various multi-year intervals. Most recently it has been reporting zero additions to the IMF.
Russia’s reasons for buying so much gold is akin to those of China, Turkey and smaller countries such as Kazakhstan. Gold gives each of these countries independence from the US dollar amid financial sanctions, trade wars and ongoing posturing by the West.
The West is also full of gold bugs
Whilst many in the West are dismissive about gold, the behaviour of central banks suggests quite a different mindset. The top four holders of gold are all from the West. Germany, the second largest has been making big strides of late to show their interest and faith in gold.
Not only did they make the decision to repatriate a late proportion of their gold back to home soil but they also recognised that transparency when it came to the country’s gold reserves was paramount.
‘…another milestone and a global first, an additional fourth step towards increasing transparency was taken with the publication of a list of all German gold bars, totalling around 270,000 in number. The Bundesbank has now published this roughly 2,400-page list three times since October 2015, even though it involved a series of significant challenges. There is no ‘blueprint’ for inventory lists of gold holdings and, in 2015, virtually no central bank in the world had ever released such a list.’
Act like a central bank
Gold cannot be devalued as the euro, dollar, sterling and all fiat currencies currently are. It cannot be confiscated as can deposits through bank bail-ins and it is extremely difficult to confiscate gold coins and bars if owned in allocated and segregated storage in safe vaults in the safest jurisdictions in the world.
Gold is a borderless money that acts as the ultimate reserve and safe haven in a diversified portfolio. This is something central banks are strongly aware of. The difference between the East and West banks is that the East is making big strides to bring gold to the forefront of their international affairs.
By adding gold to their reserves they are gaining equal footing with Western banks who have so far tried to dominate under a US-centric financial system.
Much of the above may sound as though it does not apply to the everyday saver and investor, but that couldn’t be further from the truth. The decision to move assets into physical gold is a decision to take control of your portfolio and to reduce the counterparty risk to which it is exposed. This is no different whether you are a bank with billions or a person with a few thousand.
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Recommended reading
Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
Turkey, Gold and the End of US Dollar Hegemony
News and Commentary
Gold prices edge higher as dollar sags (Reuters.com)
Asian Stocks Mixed Ahead of U.S. Data; Yen Higher (Bloomberg.com)
U.S. February budget report shows first sign of wider deficits to come (MarketWatch.com)
Stocks Retreat Before Price Data; Dollar Drops (Bloomberg.com)
Here’s the ideal amount of gold to keep in your investment portfolio (MarketWatch.com)
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Bitcoin Sinks As Google Moves To Ban All Crypto, ICO Ads In June
Mimicking its biggest rival for ad dollars – Facebook – Google will ban online advertisements promoting cryptocurrencies and initial coin offerings, and “other speculative financial instruments” starting in June.
Some aggressive businesses found a loophole: purposely misspelling words like “bitcoin” in their ads. A Google spokeswoman said the company’s policies will try to anticipate workarounds like this.
The reaction was immediate across the crypto space but for now is somewhat subdued…
Alphabet’s Google said the new policy will become effective in June across ads bought on its search and display-advertising network, as well as its YouTube unit.
But, as The Wall Street Journal reports, the policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting, Google said.
Google said last year it removed more than 130 million ads that were used by hackers to mine for cryptocurrency. That is a very small percentage of the ads run on Google’s ad network.
The company’s director of sustainable ads, Scott Spencer, declined to comment on how much potential ad revenue the company would be turning away by enacting the new policy, saying the decision was made to prevent consumer harm.
One wonders when the crackdown will start on inverse VIX ETFs, or just S&P ETFs, or brokerages? Aren’t they all capable of doing consumers “harm”?
As a reminder, here is Facebook’s justification:
We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.
This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.
We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.
This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.
Which roughly translated is “because we know what’s best for you!”
END
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Wyoming ends all taxation of gold and silver coins and bullion
Submitted by cpowell on Wed, 2018-03-14 21:33. Section: Daily Dispatches
From the Sound Money Defense League, Eagle, Idaho
Wednesday, March 14, 2018
CHEYENNE, Wyoming -- Sound-money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.
Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Introduced by state Rep. Roy Edwards, R-Gillette, HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week following Senate approval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today without his signature.
The most immediate impact of the new law, which formally takes effect on July 1, is to eliminate all Wyoming sales taxes when purchasing gold or silver. ...
... For the remainder of the announcement:
https://www.soundmoneydefense.org/news/2018/03/14/wyoming-ends-all-taxat...
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Monetary Metals' Weiner responds but answers nothing
Submitted by cpowell on Wed, 2018-03-14 16:53. Section: Daily Dispatches
Mr. Weiner, please allow us to introduce you -- for the umpteenth time -- to Alan Greenspan and Henry Kissinger.
* * *
1p ET Wednesday, March 14, 2018
Dear Friend of GATA and Gold:
Keith Weiner of Monetary Metals, whose recent commentary, "Super-Duper-Irrational Exuberance" was disputed by your secretary/treasurer yesterday --
http://www.gata.org/node/18102
-- today responds to the criticism but answers nothing about it.
In his "Open Letter to GATA," posted at GoldSeek here --
http://news.goldseek.com/GoldSeek/1521038153.php
-- Weiner continues to ignore all the documentation GATA has collected over nearly 20 years to show that central banks intervene surreptitiously in the gold market to control the price of the monetary metal as part of a scheme to control the currency and interest-rate markets generally. As he has failed before, he fails to address even one piece of the extensive documentation detailed yesterday.
Instead Weiner blithely asserts, without any authority: "The central banks are in the gold market to make money -- which all agree means dollars. They seek to earn fees on what would otherwise be an asset with a negative yield."
Even former Fed Chairman Alan Greenspan is on the record in congressional testimony from 1998 contradicting Weiner's fantasy:
https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
Greenspan testified: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise."
With his testimony Greenspan was urging Congress not to try regulating financial derivatives, and among his arguments was that there was no need for Congress to worry about a corner in the gold market for central banks already controlled the price through gold leasing.
Weiner's assertion that central banks are in the gold market to make money through leasing is ridiculous on its face anyway, for central banks make money all by themselves. They are the manufacturers of money, empowered to create infinite amounts, and in the last decade they have done so with a vengeance. By comparison to the money they have created effortlessly, any money they have made through gold leasing wouldn't amount to the pocket change that has fallen behind their couch cushions.
As your secretary/treasurer noted yesterday, the desire and plan to control the gold price to protect the U.S. dollar's status as the world reserve currency was laid out in splendid detail in the minutes of a meeting in April 1974 in the office of U.S. Secretary of State Henry Kissinger. The secretary was told by his deputy, Thomas O. Enders, that control of the gold price was crucial to U.S. government policy because it conveys control of all world currency values and even control of the world financial system:
http://www.gata.org/node/13310
Weiner is welcome to his mathematical formulas for making money with gold, which he describes today in tediously distracting detail. His calculated distraction from the issue GATA long has been pressing is not welcome. It is dishonest.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Gold Cup At Cheltenham – Gold Is For Winners, Not For the Gamblers
14, March
– Gold Cup at Cheltenham – ‘The Olympics’ of the European horse racing calendar
– Gold Cup trophy contains 10 troy ounces of gold – worth £9,000
– £620 million bets on horses, 230,000 pints of Guinness will be drunk, 9.2 tonnes of potato eaten
– Since the 5th century BC, gold has been the ultimate prize to award champions and gold has been constantly and universally awarded as top prize
– Gold, like the summit of human achievement, is very rare and hence precious
– Gold is a great prize and a good bet but works best as store of value and better to take a ‘punt’ on gold than gamble on the horses
https://news.goldcore.com/us/gold-blog/gold-cup-cheltenham-gold-winners-not-gamblers/
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Pics Of The Day
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What Can I Do?
"Which of these three was a neighbor to him? Go and do likewise."
"Jesus gave us a new norm of greatness. If you want to be important—wonderful. If you want to be recognized—wonderful. If you want to be great—wonderful.
But recognize that he who is greatest among you shall be your servant. That is a new definition of greatness... Everybody can be great, Because everybody can serve. You only need a heart full of grace, and a soul generated by love. And you can be that servant."
Martin Luther King
"Non serviam. (I will not serve)."
Lucifer
Stocks were wobbly most of the day. An effort to take the big cap tech stocks fizzled, with the Dow and the SP 500 lagging most of the day.
Gold and silver were listless. The Dollar finished unchanged.
As a reminder there will be a stock option expiration on Friday.
We will see Jay Powell's first FOMC meeting as the Chairman next week. A 25 bp rate hike is widely expected.
Have a pleasant evening.
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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight
Wishing You All a Beautiful Day <3
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.jpg)
Good Morning Ladies and Gentlemen
MMgys
~Welcome To :
~*~Mining & Metals Du Jour~*~ Graveyard Shift~
Always a Pleasure To Have You with Us
MMgys
OK Here We Go >>>>>>>>>>>>>>>>>>
Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>
Mid Week Data Pack>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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MARCH 14/GOLD DOWN ONLY $1.55 ON A BANKER FAILED RAID: GOLD FINISHES AT $1325.75/SILVER DOWN 8 CENTS AT $1654/ AT COMEX A MONSTROUS 20,000 INCREASE IN OI COUPLED WITH 6700 EFP’S ISSUED/ IN SILVER OI ADVANCES TO 200,000 AND ANOTHER 1300 EFP’S ISSUED/TRUMP READY TO INITIATE FURTHER TARIFFS ON CHINA/ TRUMP READY TO TANGLE WITH INDIA OVER INDIAN SUBSIDIES AS HE FILES WITH THE WTO/UK AND RUSSIA HAVE A WAR OF WORDS OVER THE SPY POISONING SCANDAL/IN USA RETAIL SALES STAGNATE BUT ALSO PPI INCREASES SETTING UP THE STAGE FOR STAGFLATION/SWAMP STORIES/
March 14, 2018 · by harveyorgan · in Uncat
GOLD: $1325.75 DOWN $1.55
Silver: $16.54 DOWN 8 CENTS
Closing access prices:
Gold $1325.30
silver: $16.55
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: $1336.22 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1327.95
PREMIUM FIRST FIX: $8.27
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SECOND SHANGHAI GOLD FIX: $1334.58
NY GOLD PRICE AT THE EXACT SAME TIME: $1327.90
PREMIUM SECOND FIX /NY:$8.68
SHANGHAI REJECTS NY PRICING OF GOLD.
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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!
LONDON FIRST GOLD FIX: 5:30 am est $1324.95
NY PRICING AT THE EXACT SAME TIME: $1325.40
LONDON SECOND GOLD FIX 10 AM: $1323.75
NY PRICING AT THE EXACT SAME TIME. $1323.80
For comex gold:
MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR:4 FOR 400 OZ
For silver:
MARCH
6 NOTICE(S) FILED TODAY FOR
30,000 OZ/
Total number of notices filed so far this month: 4834 for 24,170,000 oz
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Bitcoin: BID $8647/OFFER $8,717: DOWN $459(morning)
Bitcoin: BID/ $8250/offer $8320: DOWN $853 (CLOSING/5 PM)
end
Let us have a look at the data for today
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In silver, the total open interest ROSE BY A SMALL SIZED 910 contracts from 199,184 RISING TO 200,094 WITH YESTERDAY’S 10 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 1323 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1323 CONTRACTS. WITH THE TRANSFER OF 1323 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1323 CONTRACTS TRANSLATES INTO 6.615 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:
22,384 CONTRACTS (FOR 10 TRADING DAYS TOTAL 22,384 CONTRACTS OR 122.92 MILLION OZ: AVERAGE PER DAY: 2238 CONTRACTS OR 11.190 MILLION OZ/DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 122.92 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.56% OF ANNUAL GLOBAL PRODUCTION
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 599.395 MILLION OZ.
ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ
ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ
RESULT: WE HAD A SMALL SIZED GAIN IN COMEX OI SILVER COMEX OF 910 WITH THE 10 CENT RISE IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1323 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1323 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 2233 OI CONTRACTS i.e. 1323 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 910 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 10 CENTS AND A CLOSING PRICE OF $16.72 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.
In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.001 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 248 NOTICE(S) FOR 1,240,000 OZ OF SILVER
In gold, the open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP TO 528,118 DESPITE THE FAIR SIZED RISE IN PRICE YESTERDAY ( GAIN OF ONLY $6.25) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN STRONG SIZED 6784 CONTRACTS : APRIL SAW THE ISSUANCE OF 6784 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 528,118. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUMONGOUS OI GAIN IN CONTRACTS: 20,771 OI CONTRACTS INCREASED AT THE COMEX AND A STRONG SIZED 6784 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 27555 CONTRACTS OR 2,755,000 OZ =85.69 TONNES
YESTERDAY, WE HAD 4161 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 86,588 CONTRACTS OR 8,658,800 OZ OR 269.32 TONNES (10 TRADING DAYS AND THUS AVERAGING: 8659 EFP CONTRACTS PER TRADING DAY OR 865,900 OZ/ TRADING DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 10 TRADING DAYS IN TONNES: 269.32 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 269.32/2550 x 100% TONNES = 10.56% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1519.66 TONNES
ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES
ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES
Result: AN ATMOSPHERIC SIZED INCREASE IN OI AT THE COMEX DESPITE THE SMALL RISE IN PRICE IN GOLD TRADING YESTERDAY ($6.25 GAIN). HOWEVER, WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6784 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 6784 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 27,555 contracts ON THE TWO EXCHANGES:
6784 CONTRACTS MOVE TO LONDON AND 20,771 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 85.69 TONNES).
we had: 2 notice(s) filed upon for 200 oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
WITH GOLD DOWN $1.55 : NO CHANGES IN GOLD INVENTORY AT THE GLD /
Inventory rests tonight: 833.73 tonnes.
SLV/
WITH SILVER DOWN 8 CENTS TODAY:
NO CHANGES IN SILVER INVENTORY AT THE SLV/
/INVENTORY RESTS AT 319.012 MILLION OZ/
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY A FAIR 910 contracts from 199,184 UP TO 200,094 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE RISE IN PRICE OF SILVER (10 CENT GAIN WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 1323 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 910 CONTRACTS TO THE 1328 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 2233 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 11.16 MILLION OZ!!!
RESULT: A FAIR SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE RISE IN SILVER PRICING YESTERDAY (10 CENTS GAIN IN PRICE) . BUT WE ALSO HAD ANOTHER GOOD SIZED 1323 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
(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)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 18.86 POINTS OR 0.57% /Hang Sang CLOSED DOWN 166/44 POINTS OR 0.53% / The Nikkei closed DOWN 190.81 POINTS OR 0.87%/Australia’s all ordinaires CLOSED DOWN 0.57%/Chinese yuan (ONSHORE) closed UP at 6.3146/Oil UP to 61.09 dollars per barrel for WTI and 65.08 for Brent. Stocks in Europe OPENED GREEN EXCEPT LONDON . ONSHORE YUAN CLOSED UP AT 6.3268 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3054 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (STRONGER CURRENCY BUT WEEK CHINESE MARKETS/AND TRUMP TARIFFS INITIATED/ )
3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)North Korea
b) REPORT ON JAPAN
3 c CHINA
i)China overproduces on steel which saved this country from further economic problems but still is facing a credit impulse collapse: as retail sales plunge
( zerohedge)
ii)We will in short order come to the main event in the tariff war but this time it will be focused on only China. Zero hedge discusses what section 301 is all about and how the war will commence
( zerohedge)
4. EUROPEAN AFFAIRS
SLOVAKIA
Murder and protests are rocking this small European nation of Slovakia. The government under Robert Fico is corrupt and he is now fighting for his political future
( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i) Russia: UK
Britain reacts angrily to the poisoning scandal as it expels Russian diplomats from London. Theresa May and trump are calling for harsh sanctions against Russia including the freezing of Russian assets as well as not participating in the soccer World Cup
( zerohedge)
ii) The town of Salisbury is in total lockdown as the army investigates the Russian spy poisoning. The situation is escalating(courtesy zerohedge)
iii)The Russian response: this action is unacceptable. So far only words from Russia
(courtesy zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES
i)We have been highlighting to you the attributes of Pompeo as the new Sec. of State. He is a hawk against Iran and it is very likely the USA will walk away from the Iran deal which will place further sanctions on Iran. This should cut off around 600,000 barrels of oil per day from the market
( Nick Cunningham : Oil Price.com)
ii)Oil is down by gasoline is up as crude builds but gasoline has a huge draw. Crude again is at record production
(courtesy zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)In order to save itself they are advocating Venezuela to adopt the USA dollar
( Gillespie/CNN/GATA)
ii)Bitcoin sinks as google moves to ban all crypto advertising in June
( zerohedge)
10. USA stories which will influence the price of gold/silver
i)Instead of a gain of .3% the all important retail sales dropped for the 2nd straight month at .1% month/month.
This is a hard data report and certainly signals some problems in the economy
( zerohedge)
ii)This is not what the USA needs: the smell of stagflation. After reporting stagnant retail sales, the core PPI registered its biggest gain since 2014 coming in at .4% month/month instead of an expected print of .2%. This means input costs are on the rise which will hurt margins
( zerohedge)
iii)Business inventories jump in January (probably in anticipation of higher sales which did not happen) coupled with a sales drop, the highest in 18 months.
seems all of the hard data reports which January was not good for the USA
(courtesy zerohedge)
iv)New Jersey is second only to Illinois with the worst ratings of any state. Now the Governor of New Jersey is set to raise taxes on just about everything as they near financial disaster
( zerohedge)
v)A good commentary by Krieger on what Pompeo stands for.
( Mike Krieger/Liberty Blitzkrieg blog)
vi)That did not take long: The Atlanta Fed slashes its forecast for Q1 to below 2.0% at 1.9%,…so much for Trump`s 3.0% growth
(courtesy zerohedge)
vii) SWAMPVILLE
a)We are now witnessing Democrats being furious over Hillary Clinton`s latest comments on how she lost the elction
( zerohedge)
b)New York Times is reporting that Andrew Mccabe is to be fired days before his official retirement
( zerohedge)
c)Vanity Fair reports that Trump is planning to fire Attorney General Jeff Sessions and replacing him with EPA cabinet minister Pruitt, as well as removing McMaster as National Security Advisor. If this happens expect the market to tumble another 1000 points
(courtesy zerohedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP to an OI level 528,118 DESPITE THE FAIRLY SMALL RISE IN THE PRICE OF GOLD ($6.25 GAIN/ YESTERDAY’S TRADING). WE HAD NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 6784 EFP’S ISSUED FOR APRIL , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 6784 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!
ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 27,555 OI CONTRACTS IN THAT 6784 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 20,771 COMEX CONTRACTS.
NET GAIN ON THE TWO EXCHANGES: 27,555 contracts OR 2,755,500 OZ OR 85.69 TONNES.
Result: AN ATMOSPHERIC SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE SMALL RISE IN PRICE YESTERDAY (ENDING UP WITH A GAIN OF $6.25.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 27,555 OI CONTRACTS..
We have now entered the non active contract month of MARCH where we LOST 6 contracts LOWERING TO 537 contracts. We had 0 notices served upon yesterday, so in essence we LOST 6 contacts or an additional 600 oz will NOT stand for delivery at the comex AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS.
April saw a GAIN of 1323 contracts UP to 252,852. May saw A GAIN of 74 contracts to stand at 432. The really big June contract month saw a GAIN of 15,958 contracts UP to 175,282 contracts.
We had 2 notice(s) filed upon today for 200 oz
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 282,592 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 380,470 CONTRACTS
comex gold volumes are RISING AGAIN
Here is a summary of the latest gold trading volumes at the Comex per year
certainly the introduction of EFP’s has certainly had an effect:
Meanwhile, gold-trading volumes on the COMEX have never been higher:
end
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And now for the wild silver comex results.
Total silver OI ROSE BY A FAIR SIZED 910 CONTRACTS FROM 199,184 UP TO 200,094 WITH OUR 10 CENT GAIN IN YESTERDAY’S TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 1323 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1323. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 2233 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 910 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1323 OI CONTRACTS NAVIGATING OVER TO LONDON.
NET GAIN ON THE TWO EXCHANGES:2233 CONTRACTS
AMOUNT STANDING FOR SILVER AT THE COMEX
We are now in the active delivery month of MARCH and here the front month GAINED 3 contracts RISING TO 402 contracts. We had 6 contracts filed upon yesterday, so we GAINED 9 contract or an additional 45,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN URGENT NEED OF CONSIDERABLE PHYSICAL SILVER)
April LOST 10 contracts FALLING TO 433 .
The next big active delivery month for silver will be May and here the OI LOST 221 contracts DOWN to 143,589
We had 248 notice(s) filed for 1,240,000,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD
MARCH 14/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
2 notice(s)
200 OZ
No of oz to be served (notices)
535 contracts
(53500 oz)
Total monthly oz gold served (contracts) so far this month
6 notices
600 oz
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,124,611.485 oz 283.813 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES
For MARCH:
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 2 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (6) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (537 contracts) minus the number of notices served upon today (2 x 100 oz per contract) equals 54100 oz, the number of ounces standing in this nonactive month of MARCH (1.6821 tonnes)
Thus the INITIAL standings for gold for the MARCH contract month:
No of notices served (6 x 100 oz or ounces + {(537)OI for the front month minus the number of notices served upon today (2 x 100 oz )which equals 54100 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.
WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
IN THE LAST 18 MONTHS 70 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 14 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
34,678.01 oz
Malca
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
444,877.400 oz
Scotia
No of oz served today (contracts)
248
CONTRACT(S
(1,240,000 OZ)
No of oz to be served (notices)
154 contracts
(770,000 oz)
Total monthly oz silver served (contracts) 5082 contracts
(25,410,000 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
we had 0 inventory movement at the dealer side of things
total inventory deposits/withdrawals/ into dealer: nil oz
we had 1 deposits into the customer account
i) Scotia: 444,877.400 oz
ii) Into JPMorgan: zero
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.
JPMorgan did not add any silver into its warehouses (official) today.
total deposits today: 444,877.400 oz
we had 1 withdrawals from the customer account;
i) Out of Malca 34,678.01 oz
total withdrawals; 34,678.01 oz
we had 1 adjustments
i) out of JPMorgan; 20,195.460 oz was removed from the customer account
total dealer silver: 59.419 million
total dealer + customer silver: 253.703 million oz
The total number of notices filed today for the March. contract month is represented by 248 contract(s) FOR 1,240,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 5082 x 5,000 oz = 25,410,000 oz to which we add the difference between the open interest for the front month of Mar. (402) and the number of notices served upon today (248 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the March contract month: 5082(notices served so far)x 5000 oz + OI for front month of March(402) -number of notices served upon today (248)x 5000 oz equals 26,180,000 oz of silver standing for the March contract month.
We GAINED an additional 9 contracts or 45,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.
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ESTIMATED VOLUME FOR TODAY: 62,963 CONTRACTS
CONFIRMED VOLUME FOR YESTERDAY: 74,979 CONTRACTS
YESTERDAY’S CONFIRMED VOLUME OF 72,979 CONTRACTS EQUATES TO 364 MILLION OZ OR 52.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER
COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.
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
1. Sprott silver fund (PSLV): NAV RISES TO -2.32% (MARCH 14/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.53% to NAV (March 14/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.32%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.653%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.78%: NAV 13.69/TRADING 13.30//DISCOUNT 2.78.
END
And now the Gold inventory at the GLD/
MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES
MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES
MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES
March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES
FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.
feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES
FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/
FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES
FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES
FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES
Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES
Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES
Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES
Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES
Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES
Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES
Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES
Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES
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MARCH 14/2018/ Inventory rests tonight at 833.73 tonnes
*IN LAST 342 TRADING DAYS: 107,41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 272 TRADING DAYS: A NET 48.89 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
end
Now the SLV Inventory
MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/
MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/
MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/
March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./
FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/
feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ
FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/
FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/
fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/
FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/
Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ
Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ
Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/
Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/
MARCH 14/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 319.012 million oz
end
6 Month MM GOFO 1.97/ and libor 6 month duration 2.30
Indicative gold forward offer rate for a 6 month duration/calculation:
G0FO+ 1.97%
libor 2.30 FOR 6 MONTHS/
GOLD LENDING RATE: .33%
XXXXXXXX
12 Month MM GOFO
+ 2.39%
LIBOR FOR 12 MONTH DURATION: 2.58
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.19
GOLD LENDING RATES FALLING TO APPROACH ZERO AS PHYSICAL GOLD IS SCARCE/GOFO RATES RISING
end
Major gold/silver trading /commentaries for WEDNESDAY
GOLDCORE/BLOG/MARK O’BYRNE.
GOLD/SILVER
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
13, March
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
– Hungarian National Bank (MNB) to repatriate 100,000 ounces gold from Bank of England
– Follows trend of Netherlands, Germany, Austria and Belgium each looking to bring gold back to home soil
– Hungary one of the smallest gold owners amongst central banks, with just 5 tonnes
– Central bank gold purchases continue to be major drivers of gold market
– Russian central bank gold reserves now exceed those of China
– Decisions to repatriate and increase gold reserves come as rifts between East and West widen
A country’s sovereignty is becoming the driving force of so many changes in the geopolitical sphere, today. Whether it is Brexit, surprise electoral victories in central Europe or a change in trade deals, sovereignty is at the forefront of so many of these decisions.
One of the first indicators that there was a change in the water when it comes to globalisation and international cooperation was through central bank gold buying and repatriation.
For some time now many central banks have been working on building up their gold reserves and ensuring they are stored on soil it believes to be safe and trustworthy.
The most recent central bank to make this change is that of Hungary. Last week it was announced that it intends to bring 100,000 ounces of its very limited 5 tonnes gold reserves, back home from the Bank of England.
This is not an unusual move. In recent years we have seen the likes of Germany, Venezuela and the Netherlands each repatriate their gold from various locations. The pace does appear to have been picking up since the late Hugo Chavez decided to bring home 180 tonnes of gold in 2011.
Furthermore, huge central banks namely Russia and China have been adding to their gold hoards, one more publicly than the other. Both have also been encouraging the use of gold as a means of payment in international trade as a means of avoiding US dollar hegemony.
The decision to place more focus on gold reserves is a statement by central banks and their governments to reduce the counterparty risk on their reserve assets. When holding another country’s currency you are vulnerable, the same applies to when a third-party holds your gold at a time when their own assets are perhaps more exposed than you’re comfortable with.
Russia, China and Turkey leading the gold rush
Hungary’s decision on gold repatriation was not something that made the mainstream news. After all, 100,000 ounces is very little when you consider than Russia increased its physical gold exposure by 20 tons in January 2018 alone.
Hungary decision is, however, a major comment on the current mindset of countries that feel they need to start working to protect their finances and borders. Hungary’s political changes are widely known and have been criticised extensively by both the EU and wider Western world.
The decision to bring gold home is a statement that says Prime Minister Viktor Orban would rather have the country’s assets close to home rather than in the hands-off a country that perhaps does not have his own best interests at heart.
This is a common theme, not just reflected in gold repatriation decisions but also in gold purchases.
Russia, China and Turkey have each materially increased their gold reserves in recent years. Since March 2015 Russia has bought gold every single month. January’s purchase took their reserves above those of China, a level which had previously been monitored as an example of the East’s great interest in moving away from US dollar dominance.
China has been famously coy about its gold reserves. apart from the period from July 2015 to October 2016, China only reported its gold reserve increases at various multi-year intervals. Most recently it has been reporting zero additions to the IMF.
Russia’s reasons for buying so much gold is akin to those of China, Turkey and smaller countries such as Kazakhstan. Gold gives each of these countries independence from the US dollar amid financial sanctions, trade wars and ongoing posturing by the West.
The West is also full of gold bugs
Whilst many in the West are dismissive about gold, the behaviour of central banks suggests quite a different mindset. The top four holders of gold are all from the West. Germany, the second largest has been making big strides of late to show their interest and faith in gold.
Not only did they make the decision to repatriate a late proportion of their gold back to home soil but they also recognised that transparency when it came to the country’s gold reserves was paramount.
‘…another milestone and a global first, an additional fourth step towards increasing transparency was taken with the publication of a list of all German gold bars, totalling around 270,000 in number. The Bundesbank has now published this roughly 2,400-page list three times since October 2015, even though it involved a series of significant challenges. There is no ‘blueprint’ for inventory lists of gold holdings and, in 2015, virtually no central bank in the world had ever released such a list.’
Act like a central bank
Gold cannot be devalued as the euro, dollar, sterling and all fiat currencies currently are. It cannot be confiscated as can deposits through bank bail-ins and it is extremely difficult to confiscate gold coins and bars if owned in allocated and segregated storage in safe vaults in the safest jurisdictions in the world.
Gold is a borderless money that acts as the ultimate reserve and safe haven in a diversified portfolio. This is something central banks are strongly aware of. The difference between the East and West banks is that the East is making big strides to bring gold to the forefront of their international affairs.
By adding gold to their reserves they are gaining equal footing with Western banks who have so far tried to dominate under a US-centric financial system.
Much of the above may sound as though it does not apply to the everyday saver and investor, but that couldn’t be further from the truth. The decision to move assets into physical gold is a decision to take control of your portfolio and to reduce the counterparty risk to which it is exposed. This is no different whether you are a bank with billions or a person with a few thousand.
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Recommended reading
Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
Turkey, Gold and the End of US Dollar Hegemony
News and Commentary
Gold prices edge higher as dollar sags (Reuters.com)
Asian Stocks Mixed Ahead of U.S. Data; Yen Higher (Bloomberg.com)
U.S. February budget report shows first sign of wider deficits to come (MarketWatch.com)
Stocks Retreat Before Price Data; Dollar Drops (Bloomberg.com)
Here’s the ideal amount of gold to keep in your investment portfolio (MarketWatch.com)
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Bitcoin Sinks As Google Moves To Ban All Crypto, ICO Ads In June
Mimicking its biggest rival for ad dollars – Facebook – Google will ban online advertisements promoting cryptocurrencies and initial coin offerings, and “other speculative financial instruments” starting in June.
Some aggressive businesses found a loophole: purposely misspelling words like “bitcoin” in their ads. A Google spokeswoman said the company’s policies will try to anticipate workarounds like this.
The reaction was immediate across the crypto space but for now is somewhat subdued…
Alphabet’s Google said the new policy will become effective in June across ads bought on its search and display-advertising network, as well as its YouTube unit.
But, as The Wall Street Journal reports, the policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting, Google said.
Google said last year it removed more than 130 million ads that were used by hackers to mine for cryptocurrency. That is a very small percentage of the ads run on Google’s ad network.
The company’s director of sustainable ads, Scott Spencer, declined to comment on how much potential ad revenue the company would be turning away by enacting the new policy, saying the decision was made to prevent consumer harm.
One wonders when the crackdown will start on inverse VIX ETFs, or just S&P ETFs, or brokerages? Aren’t they all capable of doing consumers “harm”?
As a reminder, here is Facebook’s justification:
We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.
This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.
We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.
This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.
Which roughly translated is “because we know what’s best for you!”
END
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Wyoming ends all taxation of gold and silver coins and bullion
Submitted by cpowell on Wed, 2018-03-14 21:33. Section: Daily Dispatches
From the Sound Money Defense League, Eagle, Idaho
Wednesday, March 14, 2018
CHEYENNE, Wyoming -- Sound-money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.
Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Introduced by state Rep. Roy Edwards, R-Gillette, HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week following Senate approval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today without his signature.
The most immediate impact of the new law, which formally takes effect on July 1, is to eliminate all Wyoming sales taxes when purchasing gold or silver. ...
... For the remainder of the announcement:
https://www.soundmoneydefense.org/news/2018/03/14/wyoming-ends-all-taxat...
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Monetary Metals' Weiner responds but answers nothing
Submitted by cpowell on Wed, 2018-03-14 16:53. Section: Daily Dispatches
Mr. Weiner, please allow us to introduce you -- for the umpteenth time -- to Alan Greenspan and Henry Kissinger.
* * *
1p ET Wednesday, March 14, 2018
Dear Friend of GATA and Gold:
Keith Weiner of Monetary Metals, whose recent commentary, "Super-Duper-Irrational Exuberance" was disputed by your secretary/treasurer yesterday --
http://www.gata.org/node/18102
-- today responds to the criticism but answers nothing about it.
In his "Open Letter to GATA," posted at GoldSeek here --
http://news.goldseek.com/GoldSeek/1521038153.php
-- Weiner continues to ignore all the documentation GATA has collected over nearly 20 years to show that central banks intervene surreptitiously in the gold market to control the price of the monetary metal as part of a scheme to control the currency and interest-rate markets generally. As he has failed before, he fails to address even one piece of the extensive documentation detailed yesterday.
Instead Weiner blithely asserts, without any authority: "The central banks are in the gold market to make money -- which all agree means dollars. They seek to earn fees on what would otherwise be an asset with a negative yield."
Even former Fed Chairman Alan Greenspan is on the record in congressional testimony from 1998 contradicting Weiner's fantasy:
https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
Greenspan testified: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise."
With his testimony Greenspan was urging Congress not to try regulating financial derivatives, and among his arguments was that there was no need for Congress to worry about a corner in the gold market for central banks already controlled the price through gold leasing.
Weiner's assertion that central banks are in the gold market to make money through leasing is ridiculous on its face anyway, for central banks make money all by themselves. They are the manufacturers of money, empowered to create infinite amounts, and in the last decade they have done so with a vengeance. By comparison to the money they have created effortlessly, any money they have made through gold leasing wouldn't amount to the pocket change that has fallen behind their couch cushions.
As your secretary/treasurer noted yesterday, the desire and plan to control the gold price to protect the U.S. dollar's status as the world reserve currency was laid out in splendid detail in the minutes of a meeting in April 1974 in the office of U.S. Secretary of State Henry Kissinger. The secretary was told by his deputy, Thomas O. Enders, that control of the gold price was crucial to U.S. government policy because it conveys control of all world currency values and even control of the world financial system:
http://www.gata.org/node/13310
Weiner is welcome to his mathematical formulas for making money with gold, which he describes today in tediously distracting detail. His calculated distraction from the issue GATA long has been pressing is not welcome. It is dishonest.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Gold Cup At Cheltenham – Gold Is For Winners, Not For the Gamblers
14, March
– Gold Cup at Cheltenham – ‘The Olympics’ of the European horse racing calendar
– Gold Cup trophy contains 10 troy ounces of gold – worth £9,000
– £620 million bets on horses, 230,000 pints of Guinness will be drunk, 9.2 tonnes of potato eaten
– Since the 5th century BC, gold has been the ultimate prize to award champions and gold has been constantly and universally awarded as top prize
– Gold, like the summit of human achievement, is very rare and hence precious
– Gold is a great prize and a good bet but works best as store of value and better to take a ‘punt’ on gold than gamble on the horses
https://news.goldcore.com/us/gold-blog/gold-cup-cheltenham-gold-winners-not-gamblers/
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Pics Of The Day
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What Can I Do?
"Which of these three was a neighbor to him? Go and do likewise."
"Jesus gave us a new norm of greatness. If you want to be important—wonderful. If you want to be recognized—wonderful. If you want to be great—wonderful.
But recognize that he who is greatest among you shall be your servant. That is a new definition of greatness... Everybody can be great, Because everybody can serve. You only need a heart full of grace, and a soul generated by love. And you can be that servant."
Martin Luther King
"Non serviam. (I will not serve)."
Lucifer
Stocks were wobbly most of the day. An effort to take the big cap tech stocks fizzled, with the Dow and the SP 500 lagging most of the day.
Gold and silver were listless. The Dollar finished unchanged.
As a reminder there will be a stock option expiration on Friday.
We will see Jay Powell's first FOMC meeting as the Chairman next week. A 25 bp rate hike is widely expected.
Have a pleasant evening.
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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight
Wishing You All a Beautiful Day <3
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