Wednesday, May 08, 2019 11:06:55 PM
Afternoon Data
Good Morning Good Evening
Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~
We have lots of good stuff on the show tonight Great Data & News by Harvey Organ, Bill Holter on Dirt Cheap Coin Premiums,Headline links from Miners Weekly America's Home, Some Are Waiting For A Double Bottom For Gold Are You? and of course the GATA Daily Dispatch
Hello everybody I'm J:D your host tonight Thanks for being with us.
Hope your having a wonderful evening EnJoy the show
OK...Onward to The Data !
MMGYS
Thank you
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MAY 8/GOLD DOWN $3.70 TO $1280.60//SILVER DOWN 3 CENTS TO $14.86//MARKETS VERY VOLATILE AS THE GLOBE IS WORRIED THAT TRUMP WILL FINALIZE AN INCREASE IN TARIFFS ON FRIDAY//THE DOW AFTER BEING UP HUGELY DURING THE DAY PLUMMETS TO A NEAR ZERO GAIN/NASDAQ FALLS 20 POINTS//CHINA RESPONDS ANGRILY TO THE POTENTIAL INCREASE IN TARIFFS BY SHUNNING THE 10 YR AUCTION//TRUMP BANS COMPANIES DEALING WITH IRAN WITH RESPECT TO COPPER AND ALUMINUM///SOME HUGE BREAKING SWAMP STORIES ON THE STEELE DOSSIER PLUS OTHER GOODIES FOR YOU TONIGHT//
May 8, 2019 · by harveyorgan · in Uncategorized ·
GOLD: $1280.60 DOWN $3.70 (COMEX TO COMEX CLOSING)
Silver: $14.86 DOWN 3 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold : 1284.60
silver: $14.91
JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)
today RECEIVING: 5/7
EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,283.500000000 USD
INTENT DATE: 05/07/2019 DELIVERY DATE: 05/09/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 5
737 C ADVANTAGE 2 2
905 C ADM 5
____________________________________________________________________________________________
TOTAL: 7 7
MONTH TO DATE: 171
NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 7 NOTICE(S) FOR 700 OZ (0.0217 tonnes)
TOTAL NUMBER OF NOTICES FILED SO FAR: 171 NOTICES FOR 17100 OZ (.5318 TONNES)
SILVER
FOR MAY
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152 NOTICE(S) FILED TODAY FOR 760,000 OZ/
total number of notices filed so far this month: 3279 for 16,395,000 oz
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Bitcoin: OPENING MORNING TRADE :$5930 UP 79.00
Bitcoin: FINAL EVENING TRADE: $5953 UP 101
end
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Let us have a look at the data for today
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IN SILVER THE COMEX OI FELL BY A TINY SIZED 705 CONTRACTS FROM 199,591 DOWN TO 199,467 ACCOMPANYING YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE705RRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.
WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
0 FOR MAY, 0 FOR JUNE, 529 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 529 CONTRACTS. WITH THE TRANSFER OF 529 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 529 EFP CONTRACTS TRANSLATES INTO 2.645 MILLION OZ ACCOMPANYING:
1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND
2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:
JUNE/2018. (5.420 MILLION OZ);
FOR JULY: 30.370 MILLION OZ
FOR AUG., 6.065 MILLION OZ
FOR SEPT. 39.505 MILLION OZ S
FOR OCT.2.525 MILLION OZ.
FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND
21.925 MILLION OZ FINALLY STAND FOR DECEMBER.
5.845 MILLION OZ STAND IN JANUARY.
2.955 MILLION OZ STANDING FOR FEBRUARY.:
27.120 MILLION OZ STANDING IN MARCH.
3.875 MILLION OZ STANDING FOR SILVER IN APRIL.
AND NOW 18.1 MILLION OZ STANDING FOR SILVER IN MAY.
ACCUMULATION FOR EFP’S/SILVER/J.P.MOAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:
8808 CONTRACTS (FOR 6 TRADING DAYS TOTAL 8808 CONTRACTS) OR 44.01 MILLION OZ: (AVERAGE PER DAY: 1468 CONTRACTS OR 7.34 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 44.01 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.28% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.
ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 784.87 MILLION OZ.
JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ
FEB 2019 TOTALS: 147.4 MILLION OZ/
MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ
APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.
RESULT: WE HAD A TINY SIZED 176 INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 705 WITH THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 529 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 (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.
TODAY WE LOST A TINY SIZED: 176 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 529 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 705 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.89 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!
In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 152 NOTICE(S) FOR 760,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.1 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).
IN GOLD, THE OPEN INTEREST ROSE BY A HUGE SIZED 7551 CONTRACTS, TO 450,039 WITH THE TINY RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $1.85//YESTERDAY’S TRADING).
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 3268 CONTRACTS:
APRIL 0 CONTRACTS,JUNE: 3268 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 450,039. 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. . 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 VERY STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,819 CONTRACTS: 7551 OI CONTRACTS INCREASED AT THE COMEX AND 3268 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 10,819 CONTRACTS OR 1,081,900 OZ OR 33.65 TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF ONLY $1.85….AND WITH THAT TINY RISE, WE HAD A HUGE GAIN IN TONNAGE OF 33.65 TONNES!!!!!!.??????????????????????????????????????????
AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.
HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.
AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:
“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 33,418 CONTRACTS OR 3,341,800 OR 103.44 TONNES (6 TRADING DAYS AND THUS AVERAGING: 6030 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAYS IN TONNES: 103.45 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 103.45/3550 x 100% TONNES =2.91% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1919.51 TONNES
JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES
FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES
MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES
APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
Result: A HUGE SIZED INCREASE IN OI AT THE COMEX OF 7551 WITH THE RISE IN PRICING ($1.85) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 3268 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. 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 3268 EFP CONTRACTS ISSUED, WE HAD AN VERY STRONG GAIN OF 10,819 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
3268 CONTRACTS MOVE TO LONDON AND 7551 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 33.65 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A TINY RISE IN PRICE OF $1.85 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.
we had: 7 notice(s) filed upon for 700 oz of gold at the comex.
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With respect to our two criminal funds, the GLD and the SLV:
GLD...
WITH GOLD DOWN $3.70 TODAY
NO CHANGE IN GOLD INVENTORY AT THE GLD//
INVENTORY RESTS AT 739.64 TONNES
IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.
TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY
SLV/
WITH SILVER DOWN 3 CENTS TODAY:
NO CHANGE IN SILVER INVENTORY AT THE SLV//
/INVENTORY RESTS AT 316.582 MILLION OZ.
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in SILVER FELL BY A TINY SIZED 705 CONTRACTS from 200,172 DOWN TO 199,467 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..
EFP ISSUANCE:
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 581 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 581 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 705 CONTRACTS TO THE 529 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL LOSS OF 176 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 0.300 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.1 MILLION OZ FOR MAY
RESULT: A TINY SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 529 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL
(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 32.63 POINTS OR 1.12% //Hang Sang CLOSED DOWN 359.82 POINTS OR 1.23% /The Nikkei closed DOWN 321.13 POINTS OR 1.46%//Australia’s all ordinaires CLOSED DOWN .50%
/Chinese yuan (ONSHORE) closed DOWN at 6.7824 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 61.22 dollars per barrel for WTI and 69.56 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7824 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8005 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%
3A//NORTH KOREA/ SOUTH KOREA
NORTH KOREA
b) REPORT ON JAPAN
3 China/Chinese affairs
i)China/USA
China responds to Trump as they are fully prepared for an escalated trade war:
(courtesy zerohedge)
ii)Then: bang!!
China boycotts the 10 yr auction as indirects (which is usually China) plunges. The bankers took up double to make up for the loss
(courtesy zerohedge)
iii)Goldman capitulates and now sees a greater chance that we will see a tariff increase on Friday
( zerohedge)
4/EUROPEAN AFFAIRS
i)ITALY
Major problems with the Italian coalition partners as well as Italian budget chaos brings the Italian 10 yr yield much higher to 2.69% and the spread between the German bund and Italian funds rise to 2.75%
( zerohedge)
ii)UK
The tories have had enough of Theresa May who really does not want a proper Brexit. They demand to pick her resignation date or they will do it themselves. The message is clear; deliver a Brexit
( Mish Shedlock/Mishtalk)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)IRAQ/USA/IRAN
Pompeo makes a surprise Iraqi visit as they site Iranian escalation.
( zerohedge)
ii)Iran
Iran reneges on its JCPOA agreement (with Europe) and thus an unprecedented escalation from Tehran. Europe now has a big problem
( zerohedge)
6. GLOBAL ISSUES
7. OIL ISSUES
8 EMERGING MARKET ISSUES
9. PHYSICAL MARKETS
i)These two days will go down in infamy as they were the May Day massacre of silver in 2011 and the Bank of England’s gold sales in 19999
( zerohedge)
ii)China adds 14.93 tonnes of gold to its official reserves. it produces around 33 tonnes of gold per month and no gold ever leaves China so these figures are again still muted
( zerohedge)
10. USA stories which will influence the price of gold/silver)
MARKET TRADING//
a)Market trading: last night
b)This morning
ii)Market data
Credit card defaults climb as banks are hoarding the riskiest accounts.
(courtesy zerohedge)
ii)USA ECONOMIC/GENERAL STORIES
a)California’s mandatory minimum wage at $15.00 is already starting to backfire.
( zerohedge)
b)We have been highlighting to you on several occasions that Trump’s new tariffs hurt the USA as much as China because it is the USA citizen that must pay for thee higher cost of goods.
( Tom Luongo)
c)I guess when it rains it pours: Baltimore is paralyzed with a ransomware attack
good luck to them..
(courtesy zerohedge)
SWAMP STORIES
i)The following is a huge story: Steel made a damning pre fisa confession that the dossier is political and must be out before Nov 8. Also the FBI retroactively classified this document.
my goodness.
( zerohedge)
i b)former FBI official states that James Comey is in a heap of trouble
(courtesy zerohedge)
ii) a Trump asserts executive privilege over the Mueller report and its underlying documents even though Barr released the report already to the public at large save the redacted stuff.
( zerohedge)
iib)Ridiculous!! The House Judiciary committee votes to hold Barr in contempt over the Mueller report which Barr refuses to hand over. This will end up in court and the Dems will lose
(courtesy zerohedge)
iii)The Democrats are now taking aim at corporations that pay zero Federal taxes (even though they probably have loses.
( zerohedge)
iv)trump had severe losses in his New York Times report. The losses stem from his casinos and airline endeavours.
He has done nothing wrong.
(courtesy New York Times/zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT
Let us head over to the comex:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7551 CONTRACTS.TO A LEVEL OF 450,039 DESPITE THE TINY GAIN IN THE PRICE OF GOLD ($1.85) IN YESTERDAY’S // COMEX TRADING)
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3268 EFP CONTRACTS WERE ISSUED:
0 FOR JUNE ’19: 3268 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3268 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 BASED FORWARD.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 10,819 TOTAL CONTRACTS IN THAT 3268 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 7551 COMEX CONTRACTS.
NET GAIN ON THE TWO EXCHANGES : 10,819 contracts OR 1,081,900 OZ OR 33.65 TONNES.
We are now in the NON active contract month of MAY and here the open interest stands at 130 contracts, having GAINED 3 contracts. We had 6 notices served yesterday so we gained 9 contracts or an additional 900 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus
The next contract month after May is June and here the open interest FELL by 5629 contracts DOWN to 283,304. July LOST 1 contracts to stand at 52. After July the next active month is August and here the OI rose by 11,422 contracts up to 93,578 contracts.
TODAY’S NOTICES FILED:
WE HAD 7 NOTICES FILED TODAY AT THE COMEX FOR 700 OZ. (0.0217 TONNES)
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And now for the wild silver comex results.
Total COMEX silver OI FELL BY A TINY SIZED 705 CONTRACTS FROM 200,172 DOWN TO 199,467(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX LOSS OCCURRED WITH A 3 CENT GAIN IN PRICING.//YESTERDAY.
WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 499 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 122 CONTRACTS. WE HAD 150 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 28 CONTRACTS OR AN ADDITIONAL 140,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019
THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 3 CONTRACTS DOWN TO 699. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 741 CONTRACTS DOWN TO 151,801 CONTRACTS.
TODAY’S NUMBER OF NOTICES FILED:
We, today, had 152 notice(s) filed for 760,000 OZ for the MARCH, 2019 COMEX contract for silver
Trading Volumes on the COMEX TODAY: 310,659 CONTRACTS
CONFIRMED COMEX VOL. FOR YESTERDAY: 292,012 contracts
INITIAL standings for MAY/GOLD
MAY 8 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
46,630.620
oz
JPM
Scotia
Deposits to the Dealer Inventory in oz nil
oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
7 notice(s)
700 OZ
(0.0217TONNES)
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3825 TONNES
Total monthly oz gold served (contracts) so far this month
171 notices
17100 OZ
.5318 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 dealer entries:
total dealer deposits: nil oz
total dealer withdrawals: nil oz
We had 0 kilobar entries
we had 0 deposit into the customer account
i) Into JPMorgan: nil oz
ii) Into everybody else: zero oz
total gold deposits: nil oz
very little gold arrives from outside/ again zero amount arrived today
we had 0 gold withdrawals from the customer account:
(maybe investors are taking our advice by not storing their gold at the comex.)
this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.
IT LOOKS LIKE THE RATS ARE FLEEING A SINKING SHIP!
Gold withdrawals;
i) We had 2 withdrawals:
Out of JPMorgan: 40,629.560 oz
ii) Out of Scotia: 6,001.06 oz
.
total gold withdrawals; 46,630.620 oz
i) we had 0 adjustments today
FOR THE MAY 2019 CONTRACT MONTH)
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 7 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)
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To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (171) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (130 contract) minus the number of notices served upon today (7 x 100 oz per contract) equals 29,400 OZ OR 0.9144 TONNES) the number of ounces standing in this NON active month of MAY
Thus the INITIAL standings for gold for the MAY/2019 contract month:
No of notices served (171 x 100 oz) + (130)OI for the front month minus the number of notices served upon today (7 x 100 oz )which equals 29,400 oz standing OR 0.9144 TONNES in this NON active delivery month of MAY.
We gained 9 contracts or an additional 900 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.
SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.9144 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.
total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,702,775.662 oz 239.58 tonnes
FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018
AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.
IN THE LAST 31 MONTHS 116 NET TONNES HAS LEFT THE COMEX.
THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.
end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 8 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
984,748.412 oz
Brinks
CNT
Scotia
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
2923,700 oz
Delaware
No of oz served today (contracts)
152
CONTRACT(S)
(760,000 OZ)
No of oz to be served (notices)
347 contracts
1,735,000 oz)
Total monthly oz silver served (contracts) 3279 contracts
16,395,000 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 dealer deposits: nil oz
total dealer withdrawals: nil oz
we had 1 deposits into the customer account
into JPMorgan: nil
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)
into Delaware: 2923.700 oz
total customer deposits today: 2923.700 oz
we had 3 withdrawals out of the customer account:
i) Out of CNT: 73107.062 oz
ii) Out of Brinks: 906,752.85 oz
iii) Out of Scotia: 4888.500 oz
total withdrawals: 984,748.412 oz
we had 2 adjustment :
out of CNT: 168,114.02 oz was adjusted out of the customer account and this landed into the dealer account of CNT
ii) out of Brinks: 112,819.88 oz was adjusted out of the dealer and this landed into the customer account of Brinks
total dealer silver: 95.093 million
total dealer + customer silver: 307 348 million oz
The total number of notices filed today for the MAY 2019. contract month is represented by 152 contract(s) FOR 760,000 oz
To calculate the number of silver ounces that will stand for delivery in MAY, we take the total number of notices filed for the month so far at 3279 x 5,000 oz = 16,395,000 oz to which we add the difference between the open interest for the front month of MAY. (499) and the number of notices served upon today (152 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the MAY/2019 contract month: 3279(notices served so far)x 5000 oz + OI for front month of MAY( 499) -number of notices served upon today (152)x 5000 oz equals 18,130,000 oz of silver standing for the MAY contract month.
We GAINED 28 contracts or an additional 140,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.
FOR COMPARISON VS LAST YEAR:
ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.
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TODAY’S ESTIMATED SILVER VOLUME: 58,050 CONTRACTS
CONFIRMED VOLUME FOR YESTERDAY: 62,463 CONTRACTS..
..
YESTERDAY’S CONFIRMED VOLUME OF 62,463 CONTRACTS EQUATES to 312 million OZ 44.6% 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
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NPV for Sprott
1. Sprott silver fund (PSLV): NAV FALLS TO -4.24% (MAY 8/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.20% to NAV (MAY 8/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.24%-/Sprott physical gold trust is back into NEGATIVE/
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):
NAV 12.86 TRADING 12.29/DISCOUNT 4.44
END
And now the Gold inventory at the GLD/
MAY 8/WITH GOLD DOWN $3.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 739.64 TONNES
MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES
MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES
MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52
MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES
MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES
APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//
APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES
APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES
APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES
APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES
APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//
APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES
APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES
APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES
APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03
APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES
APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES
APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES
APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES
APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES
APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.
APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES
APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES
APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES
APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10
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MAY 8/2019/ Inventory rests tonight at 739.64 tonnes
*IN LAST 592 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 492 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.
IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.
end
Now the SLV Inventory/
MAY 8/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ///
MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//
MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/
MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//
MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//
MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////
APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/
APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.
APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//
APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//
APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/
APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//
APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.
APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.
APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//
April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.
APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//
APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/
APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/
APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167
MAY 8/2019:
Inventory 316.582 MILLION OZ
LIBOR SCHEDULE AND GOFO RATES:
THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE
YOUR DATA…..
6 Month MM GOFO 2.11/ and libor 6 month duration 2.64
Indicative gold forward offer rate for a 6 month duration/calculation:
G0LD LENDING RATE: + .53/
XXXXXXXX
12 Month MM GOFO
+ 2.48%
LIBOR FOR 12 MONTH DURATION: 2.75
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.27
end
PHYSICAL GOLD/SILVER STORIES
end
i) GOLDCORE BLOG/Mark O’Byrne
Deutsche Bank’s Crisis Will Likely Lead To U.S. and Global Banking Crisis
8, May
by Christopher Whalen, via TheAmericanConservative.com
Americans generally think of Europe first as a wonderful place to visit. They rarely ponder the economic and financial ties between the United States and European Union, but in fact these ties are extensive and significant to the stability of both economies.
Deutsche Bank Share Collapse – From €116 in 2007 to €7 Today (Google)
One area of particular connection involves the large banks and companies that provide services on both sides of the Atlantic. It is this area of commercial finance that risks are actually growing to the United States—in large part due to political gridlock in Europe stemming from the 2008 financial crisis.
Credit market professionals have been aware of problems among the European banks for many years. Their lack of profitability, combined with high credit losses and a lack of transparency have created a minefield for global investors going back decades. Whereas the United States has a bankruptcy court system to protect investors, in Europe the process of resolving insolvency is an opaque muddle that leans heavily in favor of corporate debtors and their political sponsors.
When we talk about true mediocrity among European banks, one of the leading example are, surprisingly, German institutions. Germany, after all, has a reputation for being the economic leader of Europe and a global industrial power, thus the continued failures in the financial sector are truly remarkable.
The biggest example, Deutsche Bank, Germany’s largest bank, has had problems with capital and profitability going back decades.
But Deutsche Banks’s problems are not unique.
What is troubling and indeed significant for American policy makers, however, is the nearly complete failure of our friends in Europe to address their banking sector, either in terms of cleaning up bad assets or raising capital to enable the cleanup.
One of the political understandings that came out of the Basel III process (a regulatory regime first introduced in 2013 to promote stability in the international financial system) was that the United States would take a harder view on mortgage related exposures and particularly intangible assets like mortgage servicing rights. The Europeans, it is said by participants, agreed to take a tougher line on bad assets loitering inside banks and to particularly require banks to take a reserve against bad credits immediately.
Prior to 2018, when the president of the European Central Bank, Mario Draghi, directed EU banks to start recognizing bad credits, international accounting rules essentially allowed EU banks to ignore bad credits. Indeed, EU banks could pretend that loan payments were still being received. Loans that defaulted prior to 2018 were not included in the directive. Thus Europe has a decade of detritus sitting in the loan portfolios of many banks that is neither disclosed nor properly valued. Whereas in the United States banks must charge-off bad assets down to some expected recovery value, in Europe we extend and pretend.
Many observers were surprised several years ago when Chinese airline conglomerate HNA arrived on the scene as the new shareholder of Deutsche Bank, a significant global investment bank that provides a range of services in the United States. The German lender had been marketing an offering of new equity shares for years without luck, thus the arrival of the high-flying and highly-leveraged HNA was greeted with quiet gratitude in European capitals. No European politician wants to be caught dead talking about large banks in anything but the most responsible tones, thus nobody asked any questions about HNA or its owners.
Sadly the HNA equity investment in Deutsche Bank was financed with a lot of debt.When the Chinese firm started to literally implode two years ago due to massive debt payments on its $40 billion in obligations, it began to sell its shares in Deutsche Bank, creating the latest crisis for the chronically underperforming bank. Today HNA is being liquidated under the supervision of the Chinese government. And to this day, nobody among United States or European bank regulators really knows who owns the company that was briefly the largest shareholder of Deutsche Bank
The setback with HNA led to discussions of merging Deutsche Bank with Germany’s Commerbank, another poor performer among the country’s banking sector.
Again, German politicians led by Chancellor Angela Merkel refuse to even hint at public assistance for Deutsche Bank, but the mounting troubles with banks across Europe may force Merkel’s hand as it has in Italy.
Bank earnings in Europe are weak, notes veteran bank consultant Mayra Rodriguez Valladares. As she exlains in a recent Forbes column:
Unfortunately, many of European banks’ woes are of their own making. A host of regulatory and legal fines and ongoing money laundering investigations of several banks do not bode well for European earnings. According to a Moody’s Investors Services report: ‘European banks were fined over $16 billion from 2012 to 2018 related to money laundering and trade sanction breaches.’
Rodriguez Valladares notes that U.S. and EU banks are enormously intertwined, particularly in terms of funding and derivatives—two areas of keen interest to U.S. regulators. But the fact of the matter is that the EU banking system and the EU economy are still too weak to shoulder the burden of a general cleanup of bad credits in EU banks.
The economic reality and ugly politics are both too daunting for EU leaders to engage publicly on these issues. Indeed, German Finance Minister Olaf Scholtz, who is touted as a possible successor to Merkel, was attacked by opposition politicians because of the prospective job losses in a Deutsche-Commerzbank merger.
But sadly the union of two zombie banks was not to be. “Banking giant Deutsche Bank and its crosstown rival Commerzbank ended merger talks, leaving in tatters the German government’s hope to shore up both banks and create a banking powerhouse,” The Wall Street Journal reported on April 25.
So now the German government must try to identify another politically expedient way to hide the Deutsche Bank problem without resorting to an explicit state bailout. Not only is financial help for EU banks problematic politically, but the EU simply lacks the economic resources to clean up the broader asset quality problems affecting European banks.
The tendency of EU politicians to stick their heads in the sand when it comes to these issues represents a smoldering threat to global financial stability. Troubles affecting Deutsche Bank and other EU lenders could easily explode into financial contagion if markets decide to turn away from these banks à la Lehman Brothers. For American business leaders and political leaders, the festering problems in European banks are a source of potential risk that could cause significant economic problems for all of us. Stay tuned.
Avoid Digital and ETF Gold: 7 Real Risks to Your Gold Ownership
News & Commentary
“Poor seasonal time for gold is over as we move into May and June and…increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future” – GoldCore
Stocks Resume Slide on Tariff Worries; Dollar Dips
China vice premier going to U.S. for trade talks despite Trump threatsGold glitters in India during key festival as prices dip
Gold ends higher on U.S.-China trade-induced jittersWatch Video Here
https://www.youtube.com/watch?v=MtKSxpVQQFc&t=132s
Global Stock Sell-Off Exposes Stretched Valuations
A Synchronized Global Downturn Intensifies As JPM Global Manufacturing PMI Plunges
Silver Backwardation Signals Rally – Maguire
When The S&P Hit A Record High, The Only Buyer Was Buybacks; Everyone Else Was Selling
What’s Wrong With Mainstream Economics? Werner
American Scholars Say The Real Threat To The U.S. Is Russophobia
Recent Market Updates
– Global Gold Demand Gains In Q1, 2019: Central Banks Buy Gold Bullion and ETFs See Inflows
– Newstalk Interview: Investors Looking To Store Gold In Dublin Rather Than London
– Australia and Many Property Markets To Crash Like Ireland?
– Death of Inflation and the Death of Equities?
– SWOT Analysis: Venezuela Sells $400 Million Worth Of Gold Bullion
– World’s Central Banks Want More Gold – India May Buy 1.5M Ounces In 2019
– Russia’s 2019 Gold Rush Continues: Buys 600,000 Ounces of Gold In March
– When Should You Sell Your Gold and Silver? (GoldCore Video)
– Understanding Gold: A Step By Step Guide To Gold As An Asset Class
Mark OByrne
end
Read more Harvey here....
https://harveyorganblog.com/2019/05/08/may-8-gold-down-3-70-to-1280-60-silver-down-3-cents-to-14-86-markets-very-volatile-as-the-globe-is-worried-that-trump-will-finalize-an-increase-in-tariffs-on-friday-the-dow-after-being-up-hugely/
.jpg)
Good Morning Good Evening
Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~
We have lots of good stuff on the show tonight Great Data & News by Harvey Organ, Bill Holter on Dirt Cheap Coin Premiums,Headline links from Miners Weekly America's Home, Some Are Waiting For A Double Bottom For Gold Are You? and of course the GATA Daily Dispatch
Hello everybody I'm J:D your host tonight Thanks for being with us.
Hope your having a wonderful evening EnJoy the show
OK...Onward to The Data !
MMGYS
Thank you
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MAY 8/GOLD DOWN $3.70 TO $1280.60//SILVER DOWN 3 CENTS TO $14.86//MARKETS VERY VOLATILE AS THE GLOBE IS WORRIED THAT TRUMP WILL FINALIZE AN INCREASE IN TARIFFS ON FRIDAY//THE DOW AFTER BEING UP HUGELY DURING THE DAY PLUMMETS TO A NEAR ZERO GAIN/NASDAQ FALLS 20 POINTS//CHINA RESPONDS ANGRILY TO THE POTENTIAL INCREASE IN TARIFFS BY SHUNNING THE 10 YR AUCTION//TRUMP BANS COMPANIES DEALING WITH IRAN WITH RESPECT TO COPPER AND ALUMINUM///SOME HUGE BREAKING SWAMP STORIES ON THE STEELE DOSSIER PLUS OTHER GOODIES FOR YOU TONIGHT//
May 8, 2019 · by harveyorgan · in Uncategorized ·
GOLD: $1280.60 DOWN $3.70 (COMEX TO COMEX CLOSING)
Silver: $14.86 DOWN 3 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold : 1284.60
silver: $14.91
JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)
today RECEIVING: 5/7
EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,283.500000000 USD
INTENT DATE: 05/07/2019 DELIVERY DATE: 05/09/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 5
737 C ADVANTAGE 2 2
905 C ADM 5
____________________________________________________________________________________________
TOTAL: 7 7
MONTH TO DATE: 171
NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 7 NOTICE(S) FOR 700 OZ (0.0217 tonnes)
TOTAL NUMBER OF NOTICES FILED SO FAR: 171 NOTICES FOR 17100 OZ (.5318 TONNES)
SILVER
FOR MAY
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152 NOTICE(S) FILED TODAY FOR 760,000 OZ/
total number of notices filed so far this month: 3279 for 16,395,000 oz
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Bitcoin: OPENING MORNING TRADE :$5930 UP 79.00
Bitcoin: FINAL EVENING TRADE: $5953 UP 101
end
XXXX
Let us have a look at the data for today
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IN SILVER THE COMEX OI FELL BY A TINY SIZED 705 CONTRACTS FROM 199,591 DOWN TO 199,467 ACCOMPANYING YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE705RRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.
WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
0 FOR MAY, 0 FOR JUNE, 529 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 529 CONTRACTS. WITH THE TRANSFER OF 529 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 529 EFP CONTRACTS TRANSLATES INTO 2.645 MILLION OZ ACCOMPANYING:
1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND
2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:
JUNE/2018. (5.420 MILLION OZ);
FOR JULY: 30.370 MILLION OZ
FOR AUG., 6.065 MILLION OZ
FOR SEPT. 39.505 MILLION OZ S
FOR OCT.2.525 MILLION OZ.
FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND
21.925 MILLION OZ FINALLY STAND FOR DECEMBER.
5.845 MILLION OZ STAND IN JANUARY.
2.955 MILLION OZ STANDING FOR FEBRUARY.:
27.120 MILLION OZ STANDING IN MARCH.
3.875 MILLION OZ STANDING FOR SILVER IN APRIL.
AND NOW 18.1 MILLION OZ STANDING FOR SILVER IN MAY.
ACCUMULATION FOR EFP’S/SILVER/J.P.MOAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:
8808 CONTRACTS (FOR 6 TRADING DAYS TOTAL 8808 CONTRACTS) OR 44.01 MILLION OZ: (AVERAGE PER DAY: 1468 CONTRACTS OR 7.34 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 44.01 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.28% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.
ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 784.87 MILLION OZ.
JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ
FEB 2019 TOTALS: 147.4 MILLION OZ/
MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ
APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.
RESULT: WE HAD A TINY SIZED 176 INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 705 WITH THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 529 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 (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.
TODAY WE LOST A TINY SIZED: 176 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 529 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 705 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.89 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!
In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 152 NOTICE(S) FOR 760,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.1 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).
IN GOLD, THE OPEN INTEREST ROSE BY A HUGE SIZED 7551 CONTRACTS, TO 450,039 WITH THE TINY RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $1.85//YESTERDAY’S TRADING).
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 3268 CONTRACTS:
APRIL 0 CONTRACTS,JUNE: 3268 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 450,039. 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. . 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 VERY STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,819 CONTRACTS: 7551 OI CONTRACTS INCREASED AT THE COMEX AND 3268 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 10,819 CONTRACTS OR 1,081,900 OZ OR 33.65 TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF ONLY $1.85….AND WITH THAT TINY RISE, WE HAD A HUGE GAIN IN TONNAGE OF 33.65 TONNES!!!!!!.??????????????????????????????????????????
AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.
HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.
AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:
“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 33,418 CONTRACTS OR 3,341,800 OR 103.44 TONNES (6 TRADING DAYS AND THUS AVERAGING: 6030 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAYS IN TONNES: 103.45 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 103.45/3550 x 100% TONNES =2.91% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1919.51 TONNES
JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES
FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES
MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES
APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
Result: A HUGE SIZED INCREASE IN OI AT THE COMEX OF 7551 WITH THE RISE IN PRICING ($1.85) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 3268 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. 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 3268 EFP CONTRACTS ISSUED, WE HAD AN VERY STRONG GAIN OF 10,819 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
3268 CONTRACTS MOVE TO LONDON AND 7551 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 33.65 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A TINY RISE IN PRICE OF $1.85 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.
we had: 7 notice(s) filed upon for 700 oz of gold at the comex.
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With respect to our two criminal funds, the GLD and the SLV:
GLD...
WITH GOLD DOWN $3.70 TODAY
NO CHANGE IN GOLD INVENTORY AT THE GLD//
INVENTORY RESTS AT 739.64 TONNES
IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.
TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY
SLV/
WITH SILVER DOWN 3 CENTS TODAY:
NO CHANGE IN SILVER INVENTORY AT THE SLV//
/INVENTORY RESTS AT 316.582 MILLION OZ.
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in SILVER FELL BY A TINY SIZED 705 CONTRACTS from 200,172 DOWN TO 199,467 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..
EFP ISSUANCE:
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 581 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 581 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 705 CONTRACTS TO THE 529 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL LOSS OF 176 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 0.300 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.1 MILLION OZ FOR MAY
RESULT: A TINY SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 529 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL
(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 32.63 POINTS OR 1.12% //Hang Sang CLOSED DOWN 359.82 POINTS OR 1.23% /The Nikkei closed DOWN 321.13 POINTS OR 1.46%//Australia’s all ordinaires CLOSED DOWN .50%
/Chinese yuan (ONSHORE) closed DOWN at 6.7824 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 61.22 dollars per barrel for WTI and 69.56 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7824 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8005 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%
3A//NORTH KOREA/ SOUTH KOREA
NORTH KOREA
b) REPORT ON JAPAN
3 China/Chinese affairs
i)China/USA
China responds to Trump as they are fully prepared for an escalated trade war:
(courtesy zerohedge)
ii)Then: bang!!
China boycotts the 10 yr auction as indirects (which is usually China) plunges. The bankers took up double to make up for the loss
(courtesy zerohedge)
iii)Goldman capitulates and now sees a greater chance that we will see a tariff increase on Friday
( zerohedge)
4/EUROPEAN AFFAIRS
i)ITALY
Major problems with the Italian coalition partners as well as Italian budget chaos brings the Italian 10 yr yield much higher to 2.69% and the spread between the German bund and Italian funds rise to 2.75%
( zerohedge)
ii)UK
The tories have had enough of Theresa May who really does not want a proper Brexit. They demand to pick her resignation date or they will do it themselves. The message is clear; deliver a Brexit
( Mish Shedlock/Mishtalk)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)IRAQ/USA/IRAN
Pompeo makes a surprise Iraqi visit as they site Iranian escalation.
( zerohedge)
ii)Iran
Iran reneges on its JCPOA agreement (with Europe) and thus an unprecedented escalation from Tehran. Europe now has a big problem
( zerohedge)
6. GLOBAL ISSUES
7. OIL ISSUES
8 EMERGING MARKET ISSUES
9. PHYSICAL MARKETS
i)These two days will go down in infamy as they were the May Day massacre of silver in 2011 and the Bank of England’s gold sales in 19999
( zerohedge)
ii)China adds 14.93 tonnes of gold to its official reserves. it produces around 33 tonnes of gold per month and no gold ever leaves China so these figures are again still muted
( zerohedge)
10. USA stories which will influence the price of gold/silver)
MARKET TRADING//
a)Market trading: last night
b)This morning
ii)Market data
Credit card defaults climb as banks are hoarding the riskiest accounts.
(courtesy zerohedge)
ii)USA ECONOMIC/GENERAL STORIES
a)California’s mandatory minimum wage at $15.00 is already starting to backfire.
( zerohedge)
b)We have been highlighting to you on several occasions that Trump’s new tariffs hurt the USA as much as China because it is the USA citizen that must pay for thee higher cost of goods.
( Tom Luongo)
c)I guess when it rains it pours: Baltimore is paralyzed with a ransomware attack
good luck to them..
(courtesy zerohedge)
SWAMP STORIES
i)The following is a huge story: Steel made a damning pre fisa confession that the dossier is political and must be out before Nov 8. Also the FBI retroactively classified this document.
my goodness.
( zerohedge)
i b)former FBI official states that James Comey is in a heap of trouble
(courtesy zerohedge)
ii) a Trump asserts executive privilege over the Mueller report and its underlying documents even though Barr released the report already to the public at large save the redacted stuff.
( zerohedge)
iib)Ridiculous!! The House Judiciary committee votes to hold Barr in contempt over the Mueller report which Barr refuses to hand over. This will end up in court and the Dems will lose
(courtesy zerohedge)
iii)The Democrats are now taking aim at corporations that pay zero Federal taxes (even though they probably have loses.
( zerohedge)
iv)trump had severe losses in his New York Times report. The losses stem from his casinos and airline endeavours.
He has done nothing wrong.
(courtesy New York Times/zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT
Let us head over to the comex:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7551 CONTRACTS.TO A LEVEL OF 450,039 DESPITE THE TINY GAIN IN THE PRICE OF GOLD ($1.85) IN YESTERDAY’S // COMEX TRADING)
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3268 EFP CONTRACTS WERE ISSUED:
0 FOR JUNE ’19: 3268 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3268 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 BASED FORWARD.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 10,819 TOTAL CONTRACTS IN THAT 3268 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 7551 COMEX CONTRACTS.
NET GAIN ON THE TWO EXCHANGES : 10,819 contracts OR 1,081,900 OZ OR 33.65 TONNES.
We are now in the NON active contract month of MAY and here the open interest stands at 130 contracts, having GAINED 3 contracts. We had 6 notices served yesterday so we gained 9 contracts or an additional 900 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus
The next contract month after May is June and here the open interest FELL by 5629 contracts DOWN to 283,304. July LOST 1 contracts to stand at 52. After July the next active month is August and here the OI rose by 11,422 contracts up to 93,578 contracts.
TODAY’S NOTICES FILED:
WE HAD 7 NOTICES FILED TODAY AT THE COMEX FOR 700 OZ. (0.0217 TONNES)
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And now for the wild silver comex results.
Total COMEX silver OI FELL BY A TINY SIZED 705 CONTRACTS FROM 200,172 DOWN TO 199,467(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX LOSS OCCURRED WITH A 3 CENT GAIN IN PRICING.//YESTERDAY.
WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 499 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 122 CONTRACTS. WE HAD 150 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 28 CONTRACTS OR AN ADDITIONAL 140,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019
THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 3 CONTRACTS DOWN TO 699. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 741 CONTRACTS DOWN TO 151,801 CONTRACTS.
TODAY’S NUMBER OF NOTICES FILED:
We, today, had 152 notice(s) filed for 760,000 OZ for the MARCH, 2019 COMEX contract for silver
Trading Volumes on the COMEX TODAY: 310,659 CONTRACTS
CONFIRMED COMEX VOL. FOR YESTERDAY: 292,012 contracts
INITIAL standings for MAY/GOLD
MAY 8 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
46,630.620
oz
JPM
Scotia
Deposits to the Dealer Inventory in oz nil
oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
7 notice(s)
700 OZ
(0.0217TONNES)
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3825 TONNES
Total monthly oz gold served (contracts) so far this month
171 notices
17100 OZ
.5318 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 dealer entries:
total dealer deposits: nil oz
total dealer withdrawals: nil oz
We had 0 kilobar entries
we had 0 deposit into the customer account
i) Into JPMorgan: nil oz
ii) Into everybody else: zero oz
total gold deposits: nil oz
very little gold arrives from outside/ again zero amount arrived today
we had 0 gold withdrawals from the customer account:
(maybe investors are taking our advice by not storing their gold at the comex.)
this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.
IT LOOKS LIKE THE RATS ARE FLEEING A SINKING SHIP!
Gold withdrawals;
i) We had 2 withdrawals:
Out of JPMorgan: 40,629.560 oz
ii) Out of Scotia: 6,001.06 oz
.
total gold withdrawals; 46,630.620 oz
i) we had 0 adjustments today
FOR THE MAY 2019 CONTRACT MONTH)
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 7 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (171) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (130 contract) minus the number of notices served upon today (7 x 100 oz per contract) equals 29,400 OZ OR 0.9144 TONNES) the number of ounces standing in this NON active month of MAY
Thus the INITIAL standings for gold for the MAY/2019 contract month:
No of notices served (171 x 100 oz) + (130)OI for the front month minus the number of notices served upon today (7 x 100 oz )which equals 29,400 oz standing OR 0.9144 TONNES in this NON active delivery month of MAY.
We gained 9 contracts or an additional 900 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.
SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.9144 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.
total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,702,775.662 oz 239.58 tonnes
FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018
AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.
IN THE LAST 31 MONTHS 116 NET TONNES HAS LEFT THE COMEX.
THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.
end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 8 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
984,748.412 oz
Brinks
CNT
Scotia
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
2923,700 oz
Delaware
No of oz served today (contracts)
152
CONTRACT(S)
(760,000 OZ)
No of oz to be served (notices)
347 contracts
1,735,000 oz)
Total monthly oz silver served (contracts) 3279 contracts
16,395,000 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 dealer deposits: nil oz
total dealer withdrawals: nil oz
we had 1 deposits into the customer account
into JPMorgan: nil
*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.
JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)
into Delaware: 2923.700 oz
total customer deposits today: 2923.700 oz
we had 3 withdrawals out of the customer account:
i) Out of CNT: 73107.062 oz
ii) Out of Brinks: 906,752.85 oz
iii) Out of Scotia: 4888.500 oz
total withdrawals: 984,748.412 oz
we had 2 adjustment :
out of CNT: 168,114.02 oz was adjusted out of the customer account and this landed into the dealer account of CNT
ii) out of Brinks: 112,819.88 oz was adjusted out of the dealer and this landed into the customer account of Brinks
total dealer silver: 95.093 million
total dealer + customer silver: 307 348 million oz
The total number of notices filed today for the MAY 2019. contract month is represented by 152 contract(s) FOR 760,000 oz
To calculate the number of silver ounces that will stand for delivery in MAY, we take the total number of notices filed for the month so far at 3279 x 5,000 oz = 16,395,000 oz to which we add the difference between the open interest for the front month of MAY. (499) and the number of notices served upon today (152 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the MAY/2019 contract month: 3279(notices served so far)x 5000 oz + OI for front month of MAY( 499) -number of notices served upon today (152)x 5000 oz equals 18,130,000 oz of silver standing for the MAY contract month.
We GAINED 28 contracts or an additional 140,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.
FOR COMPARISON VS LAST YEAR:
ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
TODAY’S ESTIMATED SILVER VOLUME: 58,050 CONTRACTS
CONFIRMED VOLUME FOR YESTERDAY: 62,463 CONTRACTS..
..
YESTERDAY’S CONFIRMED VOLUME OF 62,463 CONTRACTS EQUATES to 312 million OZ 44.6% 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
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NPV for Sprott
1. Sprott silver fund (PSLV): NAV FALLS TO -4.24% (MAY 8/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.20% to NAV (MAY 8/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.24%-/Sprott physical gold trust is back into NEGATIVE/
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):
NAV 12.86 TRADING 12.29/DISCOUNT 4.44
END
And now the Gold inventory at the GLD/
MAY 8/WITH GOLD DOWN $3.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 739.64 TONNES
MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES
MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES
MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52
MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES
MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES
APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//
APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES
APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES
APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES
APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES
APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//
APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES
APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES
APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES
APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03
APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES
APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES
APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES
APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES
APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES
APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.
APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES
APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES
APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES
APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
MAY 8/2019/ Inventory rests tonight at 739.64 tonnes
*IN LAST 592 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 492 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.
IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.
end
Now the SLV Inventory/
MAY 8/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ///
MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//
MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/
MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//
MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//
MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////
APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/
APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.
APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//
APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//
APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///
APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/
APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//
APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.
APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.
APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//
April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.
APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///
APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//
APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/
APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/
APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167
MAY 8/2019:
Inventory 316.582 MILLION OZ
LIBOR SCHEDULE AND GOFO RATES:
THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE
YOUR DATA…..
6 Month MM GOFO 2.11/ and libor 6 month duration 2.64
Indicative gold forward offer rate for a 6 month duration/calculation:
G0LD LENDING RATE: + .53/
XXXXXXXX
12 Month MM GOFO
+ 2.48%
LIBOR FOR 12 MONTH DURATION: 2.75
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.27
end
PHYSICAL GOLD/SILVER STORIES
end
i) GOLDCORE BLOG/Mark O’Byrne
Deutsche Bank’s Crisis Will Likely Lead To U.S. and Global Banking Crisis
8, May
by Christopher Whalen, via TheAmericanConservative.com
Americans generally think of Europe first as a wonderful place to visit. They rarely ponder the economic and financial ties between the United States and European Union, but in fact these ties are extensive and significant to the stability of both economies.
Deutsche Bank Share Collapse – From €116 in 2007 to €7 Today (Google)
One area of particular connection involves the large banks and companies that provide services on both sides of the Atlantic. It is this area of commercial finance that risks are actually growing to the United States—in large part due to political gridlock in Europe stemming from the 2008 financial crisis.
Credit market professionals have been aware of problems among the European banks for many years. Their lack of profitability, combined with high credit losses and a lack of transparency have created a minefield for global investors going back decades. Whereas the United States has a bankruptcy court system to protect investors, in Europe the process of resolving insolvency is an opaque muddle that leans heavily in favor of corporate debtors and their political sponsors.
When we talk about true mediocrity among European banks, one of the leading example are, surprisingly, German institutions. Germany, after all, has a reputation for being the economic leader of Europe and a global industrial power, thus the continued failures in the financial sector are truly remarkable.
The biggest example, Deutsche Bank, Germany’s largest bank, has had problems with capital and profitability going back decades.
But Deutsche Banks’s problems are not unique.
What is troubling and indeed significant for American policy makers, however, is the nearly complete failure of our friends in Europe to address their banking sector, either in terms of cleaning up bad assets or raising capital to enable the cleanup.
One of the political understandings that came out of the Basel III process (a regulatory regime first introduced in 2013 to promote stability in the international financial system) was that the United States would take a harder view on mortgage related exposures and particularly intangible assets like mortgage servicing rights. The Europeans, it is said by participants, agreed to take a tougher line on bad assets loitering inside banks and to particularly require banks to take a reserve against bad credits immediately.
Prior to 2018, when the president of the European Central Bank, Mario Draghi, directed EU banks to start recognizing bad credits, international accounting rules essentially allowed EU banks to ignore bad credits. Indeed, EU banks could pretend that loan payments were still being received. Loans that defaulted prior to 2018 were not included in the directive. Thus Europe has a decade of detritus sitting in the loan portfolios of many banks that is neither disclosed nor properly valued. Whereas in the United States banks must charge-off bad assets down to some expected recovery value, in Europe we extend and pretend.
Many observers were surprised several years ago when Chinese airline conglomerate HNA arrived on the scene as the new shareholder of Deutsche Bank, a significant global investment bank that provides a range of services in the United States. The German lender had been marketing an offering of new equity shares for years without luck, thus the arrival of the high-flying and highly-leveraged HNA was greeted with quiet gratitude in European capitals. No European politician wants to be caught dead talking about large banks in anything but the most responsible tones, thus nobody asked any questions about HNA or its owners.
Sadly the HNA equity investment in Deutsche Bank was financed with a lot of debt.When the Chinese firm started to literally implode two years ago due to massive debt payments on its $40 billion in obligations, it began to sell its shares in Deutsche Bank, creating the latest crisis for the chronically underperforming bank. Today HNA is being liquidated under the supervision of the Chinese government. And to this day, nobody among United States or European bank regulators really knows who owns the company that was briefly the largest shareholder of Deutsche Bank
The setback with HNA led to discussions of merging Deutsche Bank with Germany’s Commerbank, another poor performer among the country’s banking sector.
Again, German politicians led by Chancellor Angela Merkel refuse to even hint at public assistance for Deutsche Bank, but the mounting troubles with banks across Europe may force Merkel’s hand as it has in Italy.
Bank earnings in Europe are weak, notes veteran bank consultant Mayra Rodriguez Valladares. As she exlains in a recent Forbes column:
Unfortunately, many of European banks’ woes are of their own making. A host of regulatory and legal fines and ongoing money laundering investigations of several banks do not bode well for European earnings. According to a Moody’s Investors Services report: ‘European banks were fined over $16 billion from 2012 to 2018 related to money laundering and trade sanction breaches.’
Rodriguez Valladares notes that U.S. and EU banks are enormously intertwined, particularly in terms of funding and derivatives—two areas of keen interest to U.S. regulators. But the fact of the matter is that the EU banking system and the EU economy are still too weak to shoulder the burden of a general cleanup of bad credits in EU banks.
The economic reality and ugly politics are both too daunting for EU leaders to engage publicly on these issues. Indeed, German Finance Minister Olaf Scholtz, who is touted as a possible successor to Merkel, was attacked by opposition politicians because of the prospective job losses in a Deutsche-Commerzbank merger.
But sadly the union of two zombie banks was not to be. “Banking giant Deutsche Bank and its crosstown rival Commerzbank ended merger talks, leaving in tatters the German government’s hope to shore up both banks and create a banking powerhouse,” The Wall Street Journal reported on April 25.
So now the German government must try to identify another politically expedient way to hide the Deutsche Bank problem without resorting to an explicit state bailout. Not only is financial help for EU banks problematic politically, but the EU simply lacks the economic resources to clean up the broader asset quality problems affecting European banks.
The tendency of EU politicians to stick their heads in the sand when it comes to these issues represents a smoldering threat to global financial stability. Troubles affecting Deutsche Bank and other EU lenders could easily explode into financial contagion if markets decide to turn away from these banks à la Lehman Brothers. For American business leaders and political leaders, the festering problems in European banks are a source of potential risk that could cause significant economic problems for all of us. Stay tuned.
Avoid Digital and ETF Gold: 7 Real Risks to Your Gold Ownership
News & Commentary
“Poor seasonal time for gold is over as we move into May and June and…increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future” – GoldCore
Stocks Resume Slide on Tariff Worries; Dollar Dips
China vice premier going to U.S. for trade talks despite Trump threatsGold glitters in India during key festival as prices dip
Gold ends higher on U.S.-China trade-induced jittersWatch Video Here
https://www.youtube.com/watch?v=MtKSxpVQQFc&t=132s
Global Stock Sell-Off Exposes Stretched Valuations
A Synchronized Global Downturn Intensifies As JPM Global Manufacturing PMI Plunges
Silver Backwardation Signals Rally – Maguire
When The S&P Hit A Record High, The Only Buyer Was Buybacks; Everyone Else Was Selling
What’s Wrong With Mainstream Economics? Werner
American Scholars Say The Real Threat To The U.S. Is Russophobia
Recent Market Updates
– Global Gold Demand Gains In Q1, 2019: Central Banks Buy Gold Bullion and ETFs See Inflows
– Newstalk Interview: Investors Looking To Store Gold In Dublin Rather Than London
– Australia and Many Property Markets To Crash Like Ireland?
– Death of Inflation and the Death of Equities?
– SWOT Analysis: Venezuela Sells $400 Million Worth Of Gold Bullion
– World’s Central Banks Want More Gold – India May Buy 1.5M Ounces In 2019
– Russia’s 2019 Gold Rush Continues: Buys 600,000 Ounces of Gold In March
– When Should You Sell Your Gold and Silver? (GoldCore Video)
– Understanding Gold: A Step By Step Guide To Gold As An Asset Class
Mark OByrne
end
Read more Harvey here....
https://harveyorganblog.com/2019/05/08/may-8-gold-down-3-70-to-1280-60-silver-down-3-cents-to-14-86-markets-very-volatile-as-the-globe-is-worried-that-trump-will-finalize-an-increase-in-tariffs-on-friday-the-dow-after-being-up-hugely/
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