Lake Shore Gold Corporation (LSG)

[NYBob]

In the access market today at 5:15 pm tonight here are the final prices:

gold: $1405.00
silver: $24.33


Monday, August 26, 2013

aug 26/GLD and SLV remain constant/JPMorgan customer gold inventory declines/John Kerry addresses the nation on Syria/
Good evening Ladies and Gentlemen;


Gold closed down $2.70 to $1393.00. (comex closing time ). Silver was up 24 cents to $24.00 (comex closing time).




In the access market today at 5:15 pm tonight here are the final prices:

gold: $1405.00
silver: $24.33

Gold started to fly right on the opening gun, Sunday night. Even though, London was on holiday today, the American bankers showed up early to repel gold from advancing past the resistance level of $1400.00 Silver paid no attention to the antics of the bankers and proceeded to a high $24.40 before it too was hit, knocking it below 24.00 dollars. Tomorrow is options expiry for both silver and gold at the Comex and as it their usual custom, the precious metals are whacked to keep investors from exercising these contracts and thus obtain metal. However, late in the day, John Kerry put the USA on alert for war in Syria and that news drove gold to close in the access market at $1405.00 and silver at $24.33.

At the Comex, the open interest in silver fell by 346 contracts to 131,051 with silver's rise in price by 78 cents (Friday) .


The open interest on the entire gold comex contracts fell by 3071 contracts to 378,710 with gold's rise in price of $24.50 on Friday .

Tonight, the Comex registered or dealer inventory of gold rose marginally. It is still well below the 1 million oz mark, at 768,797 oz or 23.91 tonnes. This is dangerously low especially when we are closing in on the final few days of the August delivery month. With no gold entering the dealer side it seems almost impossible for the bankers to settle upon longs once the December contract hits. The total of all gold at the comex (dealer and customer) tonight rests just above the 7 million oz barrier resting at 7.002 million oz or 217.81 tonnes.

JPMorgan's customer inventory falls tonight to 167,056.49 oz or 5.196 tonnes. It's dealer inventory remains constant at 286,485.185 oz (8.91 tonnes)

The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account remain constant in gold inventory tonight and its resting inventory is 19.14 tonnes of gold. Brinks continues to record a low of only 4.03 tonnes in its dealer account.



The GLD reported no gain in its inventory tonight with a reading of 920.13 tonnes of gold. We had no change in the silver inventory at the SLV and thus the reading of the SLV inventory tonight is 339.373 million oz.



On Friday, we recorded our 35th consecutive trading day for negative GOFO rates. Today is a holiday in the UK and so no GOFO rates. For those that missed Friday's readings, here they are:

i) the one month: -.10833%
ii) the two months: -093333
iii)the three months: -07667
iv) 6 months GOFO:-01000%




Basically it means that gold is dearer in the present than in the future and it also signifies that London has scarce supplies of good delivery bars. No doubt that China, being a huge buyer of physical gold is responsible for this.



On the physical side of things, we have important commentaries from Paul Mylcreest as he discusses the Repo market and the gold market with one central theme...both have lack of good collateral essential for liquidity in our markets. You will enjoy this piece.

We have Henry Bonner of Sprott entertains the idea that central banks colluded to suppress the price of gold.

John Embry discusses the fact that the BIS has been very active these past few weeks intervening in the gold/silver markets.

Eric Sprott talks about shortages in gold and silver and how a panic will cause these metals to skyrocket.



Bill Holter tonight discusses what happened to the financial writers who called for the collapse of gold once it hit $1180?

Finally, on the paper side of things, we catch up with events inside Syria which will no doubt cause gold to skyrocket in the days ahead. We have an article written by Nigel Wilson, the Daily Mirror on an agreement between Obama and Cameron to proceed with an attack on Syria.

Late in the afternoon, John Kerry, USA secretary of state addressed the nation on who was responsible for the chemical attack and he left no doubt that the USA is on war footing and will attack Syria with the help of England, France, Germany and Israel. We have provided his entire address.

Finally, we have 2 great papers by Ellen Brown on the repo market and why the major banks use this vehicle for their liquidity needs and Ambrose Evans Pritchard on the plight of the emerging nations as demand for commodities fall causing their currency to fall, their bourses to plummet and their 10 yr bonds to rise northbound.




Let us now head over to the comex and assess trading over there today.
Here are the details:



The total gold comex open interest rose today by 1171 contracts from 378,710 up to 379,907 corresponding to a rise in price of gold to the tune of $24.50 on Friday. The front August contract month has an OI of 572 contracts down from Friday's level of 612 for a loss of 40 contracts . We had 36 contracts filed on Friday so we lost 4 contracts or 400 oz that will not be standing in this delivery month of August. The next non active delivery month for gold is September and here the OI fell by 4 contracts to 400. The next active delivery month is October and here the OI fell by 413 contracts down to 26,584. The biggest of all delivery months is the December contract month. The December OI rose by 1171 contracts from 225,431 up to 226,602. The estimated volume today was poor at 96,435 contracts. The confirmed volume on Friday was good at 172,277. The OI for the front August month remains extremely high as we head into the final days in the delivery process for August.

The total silver Comex OI fell by 1249 contracts today. The total of all comex silver OI stands at 129,802 contracts. For the front month of August we have an OI reading of 11 for a gain of 2 contracts. We had 1 notice served upon our longs yesterday and thus we gained 3 contracts or 15,000 additional silver ounces will stand for the August delivery month. The next big delivery month is September and here the OI fell by 3,694 contracts down to 35,565. The estimated volume today was good coming in at 76,190 contracts. The confirmed volume on Friday was excellent at 96,133. First day notice for the September contract is this Thursday.





Comex gold/August contract month:
August 26.2013


Gold
Ounces
Withdrawals from Dealers Inventory in oz
nil
Withdrawals from Customer Inventory in oz
10,539.325oz (JPM)
Deposits to the Dealer Inventory in oz
nil
Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
72 ( 7200 oz)
No of oz to be served (notices)
500 (50,000 oz)
Total monthly oz gold served (contracts) so far this month
3601 (360,100 oz)
Total accumulative withdrawal of gold from the Dealers inventory this month
58,327.81 oz
Total accumulative withdrawal of gold from the Customer inventory this month



228,899.32 oz



We have very little activity in the Comex gold vaults today.


The dealer had 0 deposits and 0 dealer withdrawals today

We had no customer deposits today.


total customer deposits: nil oz








we had 1 customer withdrawals

i) out of JPMorgan: 10,539.325 oz

(this was the reason for the SOS on Friday to Scotia)



Total Customer withdrawals: 10,539.325 oz






Today we had 1 adjustments:

i) out of Manfra: 1565.731 oz was adjusted out of the customer and into the dealer account of Manfra.

this will be used to settle upon longs








Thus tonight with respect to JPMorgan gold inventory here is JPMorgan's Monday night inventory :

JPM dealer inventory remains constant tonight to: 286,485.185 oz or 8.91 tonnes (same)
JPM customer inventory falls tonight to: 167,056.491 oz or 5.196 tonnes courtesy of Scotia's SOS .

Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 72 contracts of which 64 notices were stopped by JPMorgan dealer ( house account).

The total dealer comex gold rises slightly tonight to 768,797.799 oz or 23.91 tonnes of gold (due to the adjustment at Manfra). The total of all comex gold (dealer and customer) falls tonight to 7,002,716.313 oz or 217.81 tonnes.

Tonight, we still have the continuing disturbing piece of news concerning the low dealer gold inventory for our 3 major bullion banks(Scotia, HSBC and JPMorgan). These 3 dealer gold inventory remains constant tonight at an extremely low of 19.14 tonnes.


i) Scotia: 183,508.994 oz or 5.707 tonnes
ii) HSBC: 154,555.673 oz or 4.80 tonnes
iii) JPMorgan: 286,485.185 oz or 8.91 tonnes

total: 19.14 tonnes

Brinks dealer account which did have the lions share of the dealer gold saw its inventory level rises tonight to 129,679.910 oz or 4.03 tonnes. A few months ago they had over 13 tonnes of gold at its registered or dealer account.




Today we had 72 notices served upon our longs for 7,200 oz of gold. In order to calculate what I believe will stand for delivery in July, I take the total number of notices served (3601) x 100 oz per contract to give us 360,100 oz already served this month to which I add the OI standing for August (572 contracts) minus the number of notices served (72) = 500 notices x 100 oz per contract or 5,000. oz still to be served upon. The total standing is thus 410,100 oz

Thus we have the following gold ounces standing for metal:

3601 contracts served x 100 oz or 360,100 oz + ( 572 - 72 contracts x 100 oz) or 5,000 oz yet to be served upon = 410,100 oz or 12.75 tonnes of gold

we lost 4 contracts or 400 oz of gold that will not stand for delivery in August

Ladies and Gentlemen: we have a three-fold problem:

i) the total dealer inventory of gold rises a bit but at a very dangerously low level of only 23.91 tonnes

ii) a) JPMorgan's customer inventory falls to 167,056.491 oz


ii b) JPMorgan's dealer account remains constant tonight at 286,485.185 oz but all of that gold and them some is spoken for.


iii) the 3 major bullion banks have collectively only 19.14 tonnes of gold left in their dealer account.

end

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the gypsy 666 banksters nss short selling pawns -
diving for cover -



LSG Target gypsyfiat$5.-/sh.
LSG owns much more today than in the past and makes a lot more
GOLD

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