Canada Rare Earth Corp., a development stage company, engages in the exploration, development, processing, and sale of rare earth elements. The company holds various exploration properties located in Canada, as well as has optioned a prospective rare earth property situated in Brazil. Its products include high-purity rare earth oxides, rare earth fluorides, larger particle/nano rare earth oxides, and other products. The company was formerly known as Rare Earth Metals Inc. and changed its name to Canada Rare Earth Corp. in February 2013. Canada Rare Earth Corp. was incorporated in 1987 and is headquartered in Vancouver, Canada. http://www.canadarareearth.com/
Home » Silver » Silver News » Gold & Silver WHACKED! – Harvey Organ
GOLD AND SILVER WHACKED AGAIN!
CHINA’S HOUSING BUBBLES IMPLODES/CHINA SITES PLATFORM VIOLATIONS IN BITCOIN TRADING/PEARSON OF GREAT BRITAIN PLUMMETS AS DOES TARGET IN THE USA AS THEY ISSUE DIRE WARNINGS AS WELL AS POOR RESULTS/GOLD AND SILVER WHACKED IN THE ACCESS MARKET
Gold at (1:30 am est) $1211.30 DOWN $0.70
silver at $17.23: UP 13 CENTS
Access market prices:
Gold: $1204.65
Silver: $17.04
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
.
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
WEDNESDAY gold fix Shanghai
Shanghai FIRST morning fix Jan 18/17 (10:15 pm est last night): $ 1232.92
NY ACCESS PRICE: $1215.10 (AT THE EXACT SAME TIME)/premium $17.82
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Please Slow Down Your reading Too Fast
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Theres another song after this one playing
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r e a d SLow
Shanghai SECOND afternoon fix: 2: 15 am est (second fix/early morning):$ 1230.75
NY ACCESS PRICE: $1212.90 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD 2ND FIX TODAY!!: $17.85
China rejects NY pricing of gold as a fraud/arbitrage will now commence fully
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London Fix: Jan 18/2017: 5:30 am est: $1212.50 (NY: same time: $1214.70 (5:30AM)
(???? why the discrepancy)
London Second fix Jan 18.2017: 10 am est: $1214.75 (NY same time: $1214.60 (10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end For comex gold:
NOTICES FILINGS FOR JANUARY CONTRACT MONTH: 27 NOTICE(S) FOR 2700 OZ. TOTAL NOTICES SO FAR: 1134 FOR 113,400 OZ (3.5272 TONNES)
For silver:
NOTICES FOR JANUARY CONTRACT MONTH FOR SILVER: 0 NOTICE(s) FOR nil OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 432 FOR 2,160,000 OZ
In silver, the total open interest ROSE by 3,468 contracts UP to 172,056 with respect to YESTERDAY’S TRADING. In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .860 BILLION TO BE EXACT or 123% of annual global silver production (ex Russia & ex China).
FOR THE JANUARY FRONT MONTH IN SILVER: 0 NOTICES FILED FOR nil OZ.
In gold, the total comex gold ROSE BY 13,513 contracts WITH THE RISE IN THE PRICE GOLD ($16.70 with YESTERDAY’S trading ).The total gold OI stands at 467,937 contracts.
we had 37 notice(s) filed upon for 3700 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD
Inventory rests tonight: 807.96 tonnes
.
SLV
we had no changes in silver into the SLV:
THE SLV Inventory rests at: 338.356 million oz
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First, here is an outline of what will be discussed tonight: Preliminary data
1. Today, we had the open interest in silver ROSE by 3,468 contracts UP to 172,056 AS SILVER ROSE 38 CENTS with YESTERDAY’S trading. The gold open interest ROSE by 13,513 contracts UP to 467,037 AS THE PRICE OF GOLD ROSE BY $16.70 WITH YESTERDAY’S TRADING
(report Harvey).
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed UP 4.23 POINTS OR 0.14%/ /Hang Sang closed UP 257.29 OR 1.23%. The Nikkei closed UP 80.84 POINTS OR 0.43% /Australia’s all ordinaires CLOSED DOWN 0.37%/Chinese yuan (ONSHORE) closed UP at 6.8480/Oil FELL to 51.67 dollars per barrel for WTI and 54.72 for Brent. Stocks in Europe MOSTLY IN THE RED. Offshore yuan trades 6.8181 yuan to the dollar vs 6.8480 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE COMPLETELY NARROWS AGAIN AS DOLLARS STOP LEAVING CHINA’S SHORES / REPORT ON JAPAN SOUTH KOREA NORTH KOREA AND CHINA 3a)THAILAND/SOUTH KOREA b) REPORT ON JAPAN none today
Oh I get it SKIM Reading
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c) REPORT ON CHINA
i)China seems to be going after Bitcoin as they site platform violations .Gold will surely benefit from this
(courtesy zero hedge)
ii)A Chinese province now admits to fabricated economic data. I would be willing to be that all Chinese data is fabricated
( zero hedge)
iii)Finally housing prices are coming down in China with respect to Tier one and Tier two cities
( zero hedge) 4 EUROPEAN AFFAIRS
i)Great Britain
The world’s largest education company, Pearson PLC rocked London as its company crashes on the London Stock Exchange after giving a dire warning of its business. This is the same company that sold the Financial Times. It is putting its famed Penguin Random House up for sale.
( zero hedge)
ii)Germany
Deutsche bank is set to scrap bonuses to at least 90% of its bankers. The huge amount of fines has not helped this bank
( zero hedge)
iii) Europe
Jamie Dimon, of JPMorgan is warning that the Euro zone may not survive:
(courtesy zero hedge) 5. RUSSIAN AND MIDDLE EASTERN AFFAIRS none today 6.GLOBAL ISSUES
Both the Canadian dollar and the Mexican peso were pounded today. The Canadian economy is not doing well at all with huge excess capacity. The Governor of the Bank of Canada states that a rate cut remains on the table:
( zero hedge) 7. OIL ISSUES
API reports a drawdown in oil, they also reported a huge build in gasoline inventories
i)The details on Deutsche banks 7.2 billion settlement over the mortgage scandal
(courtesy Arons/Farrell/DOJ/Bloomberg)
ii)An excellent commentary from Chris Powell as he describes that Trump does not want a strong dollar policy. So exactly what was the mechanics throughout the years to allow the USA to have a strong dollar policy? Yes, it was the suppression of gold via gold leasing ( Chris Powell/GATA)
iii)Here are Trump’s 5 options for weakening the dollar. The author missed the big one: stopping the use of gold leasing and gold suppression
( Wong/Bloomberg/GATA) 10.USA STORIES
i)Target tumbles after cutting their guidance for the year. Target performance rubbed off onto WalMart:
( zero hedge)
ii)Trump tells Canada and Mexico that he will begin NAFTA renegotiation within days of his inauguration. However the Globe and Mail reports that he will concentrate on Mexico.
( zero hedge)
iii)So much for wag inflation, the most important part of Janet Yellen’s mantra. Instead of growing at 2% it grew only .2% year over year and it is the weakest in 2 and 1/2 years. When the Fed states that it wants 2% inflation, what it really wants is wage inflation to pay for things. It is just not happening@!!
( zerohedge)
iv)USA inflation is rearing its ugly head as we witness the highest rent inflation in almost 10 years and well above the Fed’s target. Core inflation has been rising now for the 14th consecutive month
( zero hedge)
v)The high dollar is certainly killing USA manufacturing. USA manufacturing stagnates for the 14th straight month
( zero hedge)
vi)My goodness, that did not last long: the border tax scenario is back on the table!!
( zerohedge)
vii)All foreign central banks have liquidated a record 405 billion USA in treasuries. China has sold the most since 2011 at 66 billion in just the month of November.
If this pace continues and if there are no foreign buyers for these treasury notes, the Yellen will be in a bind as rates rise and nobody around to buy the new treasuries that Trump will need to finance all of his new infrastructure spending.
( zero hedge) Let us head over to the comex:
The total gold comex open interest ROSE BY 13,513 CONTRACTS UP to an OI level of 467,937 AS THE PRICE OF GOLD ROSE $16.70 with YESTERDAY’S trading. We are now in the contract month of JANUARY and it is one of the poorest deliveries of the year.
With the front month of January we had a LOSS of 54 contract(s) DOWN to 132. We had 61 notices filed YESTERDAY so we GAINED 7 contract(s) or AN ADDITIONAL 700 oz WILL STAND for gold in this non active delivery month of January. For the next big active delivery month of February we had a LOSS of 420 contracts DOWN to 216,884.(feb 2016: 211,000 contracts). March had a GAIN of 114 contracts as it’s OI is now 697. We are on a par with respect to OI when we compare data for open interest re the Feb 2016 contract.
. Total silver OI ROSE by 3,468 contracts FROM 168,588 p to 172,056 AS the price of silver ROSE 38 CENTS with YESTERDAY’S trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540).
We are now in the non active delivery month of January and here the OI FELL by 0 contract(s) REMAINING AT 229. We had 0 notice(s) filed on yesterday so we neither lost nor gained any silver contracts or oz in this delivery month of January. The next non active month of February saw the OI rise by 3 contract(s) RISING TO 219.
The next big active delivery month is March and here the OI ROSE by 3067 contracts UP to 132,930 contracts.
We had 0 notice(s) filed for nil oz for the January contract.
VOLUMES: for the gold comex
Today the estimated volume was 188,174 contracts which is fair.
Yesterday’s confirmed volume was 426,849 contracts which is huge
volumes on gold are getting higher! Initial standings for january Jan 18/2017.
Gold Ounces Withdrawals from Dealers Inventory in oz nil Withdrawals from Customer Inventory in oz
13,921.298 OZ SCOTIA Brinks incl 49 kilobars
Deposits to the Dealer Inventory in oz 1899.95 ozBrinks Deposits to the Customer Inventory, in oz
55,772.123 oz OZ SCOTIA JPM
No of oz served (contracts) today
37 notice(s) 3700 oz
No of oz to be served (notices) 95 contracts 9500 oz
Total monthly oz gold served (contracts) so far this month
1134 notices 113,400 oz 3.5272 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 4,804,476.6 oz
Today we HAD 2 kilobar transaction(s)/
Today we had 1 deposit(s) into the dealer: i) Into Brinks: 1899.95 oz
total dealer deposits: 1899.95 oz
We had nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 2 customer deposit(s): i) Into JPMorgan: 12,345.600 oz (384 kilobars) ii) into Scotia; 43,426.523 oz
Oh This go on
and you maybe reading too fast again
. . . .
. . . . . ....
total customer deposits; 55,772.123 oz
We had 2 customer withdrawal(s) i) Out of Scotia: 1,575.35 oz (49 kilobars) ii) Out of Brinks: 12,345.948 oz
total customer withdrawal: 13, 921.298oz
We had 0 adjustment(s)
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx For January:
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 37 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the initial total number of gold ounces standing for the JANUARY. contract month, we take the total number of notices filed so far for the month (1134) x 100 oz or 113,400 oz, to which we add the difference between the open interest for the front month of JANUARY (132 contracts) minus the number of notices served upon today (37) x 100 oz per contract equals 122,900 oz, the number of ounces standing in this non active month of JANUARY.
Thus the INITIAL standings for gold for the JANUARY contract month: No of notices served so far (1134) x 100 oz or ounces + {OI for the front month (132) minus the number of notices served upon today (37) x 100 oz which equals 122,900 oz standing in this non active delivery month of JANUARY (3.8227 tonnes)
On first day notice for January 2016, we had .9642 tonnes of gold standing. At the conclusion of the month we had only .5349 tonnes standing so you can visualize the increasing demand for physical gold a t the comex.
On first day notice for January 2016, we had .9642 tonnes of gold standing. At the conclusion of the month we had only .5349 tonnes standing so you can visualize the increasing demand for physical gold a t the comex.
I have now gone over all of the final deliveries for this year and it is startling. First of all: in 2015 for the 13 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month. Here are the final deliveries for all of 2016 and the first month of January 2017 Jan 2016: .5349 tonnes (Jan is a non delivery month) Feb 2015: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low) March 2015: 2.311 tonnes (March is a non delivery month) April: 12.3917 tonnes (April is a delivery month/levels on the low side And then something happens and from May forward deliveries boom! May; 6.889 tonnes (May is a non delivery month) June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge) July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!) August: 44.358 tonnes (August is a good delivery month and it came to fruition) Sept: 8.4167 tonnes (Sept is a non delivery month) Oct; 30.407 tonnes complete. Nov. 8.3950 tonnes. DEC. 29.931 tonnes JAN/ 3.8277 tonnes
total for the 13 months; 226.213 tonnes average 17.401 tonnes per month vs last yr 51.534 tonnes total for 13 months or 3.964 tonnes average per month.
Total dealer inventor 1,457,113.466 or 45.322 tonnes DEALER RAPIDLY LOSING GOLD Total gold inventory (dealer and customer) = 8,982,278.436 or 279.38 tonnes
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 279.38 tonnes for a loss of 24 tonnes over that period. Since August 8/2016 we have lost 75 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
IN THE LAST 5 MONTHS 75 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
JANUARY INITIAL standings Jan 28. 2017 Silver Ounces Withdrawals from Dealers Inventory nil Withdrawals from Customer Inventory
632,290.783 0z
Brinks CNT Delaware
Deposits to the Dealer Inventory NIL oz
Deposits to the Customer Inventory
1,257,073.923 oz
JPM Scotia
No of oz served today (contracts) 0 CONTRACT(S) (nil OZ) No of oz to be served (notices) 229 contracts (1,145,000 oz) Total monthly oz silver served (contracts) 432 contracts (2,160,000 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 15,605,338.6 oz END
today, we had 0 deposit(s) into the dealer account:
total dealer deposit: nil oz
we had nil dealer withdrawals: total dealer withdrawals: nil oz
we had 3 customer withdrawal(s): i) Out of Brinks: 623,349.403 oz ii) out of CNT: 6928.770 oz iii) Out of Delaware: 2012.610 oz
TOTAL CUSTOMER WITHDRAWALS: 632,290.783 oz
we had 2 customer deposit(s):
i) Into JPMorgan: 623,349.403 oz** ** JPMorgan has deposited a huge amount of silver on each and every day starting in 2017: ii) Into Scotia; 633,724.520 oz
total customer deposits; 1,257,072.923 oz TED BUTLER IS CORRECT: JPMORGAN IS MASSIVELY ACQUIRING SILVER.
we had 0 adjustment(s)
The total number of notices filed today for the JANUARY. contract month is represented by 0 contract(s) for nil oz. To calculate the number of silver ounces that will stand for delivery in JANUARY., we take the total number of notices filed for the month so far at 432 x 5,000 oz = 2,160,000 oz to which we add the difference between the open interest for the front month of JAN (229) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing
Thus the initial standings for silver for the JANUARY contract month: 432(notices served so far)x 5000 oz +(229) OI for front month of JAN. ) -number of notices served upon today (0)x 5000 oz equals 3,305,000 oz of silver standing for the JAN contract month. This is STILL huge for a non active delivery month in silver. We lost 1 contracts or an additional 5,000 oz will not stand.
At first day notice for the January/2016 silver contract month we had 1,845,000 oz standing for delivery. By he conclusion of the delivery month we had only 575,000 oz stand.
END
Volumes: for silver comex
Today the estimated volume was 54,775 which is very good YESTERDAY’S confirmed volume was 94,664 contracts which is huge.
Total dealer silver: 28.582 million (close to record low inventory Total number of dealer and customer silver: 181.605 million oz
The total open interest on silver is NOW moving away from its all time high with the record of 224,540 being set AUGUST 3.2016.
end
And now the Gold inventory at the GLD
Jan 18/no changes in gold inventory at the GLD/Inventory rests at 807.96 tonnes
Jan 17/17/a deposit of 2.96 tonnes of gold/inventory at the GLD rests at 807.96 tonnes. I guess there is no more gold inventory to sent to C+Shanghai
Jan 13/17/there were no changes in gold inventory at the GLD/Inventory rests at 805.00 tonnes
Jan 12/2017/no change in gold inventory at the GLD/Inventory rests at 805.00 tonnes
Jan 11/no change in gold inventory at the GLD/Inventory rests at 805.00 tonnes
JAN 10/no changes in gold inventory at the GLD/Inventory rests at 805.00 tonnes
JAN 9/A WITHDRAWAL OF 8.87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 805.00 TONNES Jan 6/no changes in gold inventory at the GLD/inventory rests at 813.87 tonnes Jan 5/no change in gold inventory at the GLD/inventory rests at 813.87 tonnes Jan 4/no change in inventory/inventory rests at 813.87 tonnes Jan 3.2017/a huge 9.49 tonnes of gold leaves the GLD/inventory rests at 813.87 tonnes DEC 30/no changes in gold inventory at the GLD/Inventory rests at 823.36 tonnes Dec 29/no changes in gold inventory at the GLD/Inventory rests at 823.36 tonnes Dec 28/no change in gold tonnage at the GLD/inventory rests at 823.36 tonnes Dec 27/a withdrawal of 1.18 tonnes from the GLD/Inventory rests at 823.36 tonnes
Dec 23/NO CHANGES IN GOLD INVENTORY AT THE GLD/RESTS TONIGHT AT 824.54 TONNES
Dec 22/no change in inventory at the GLD/Inventory rests at 824.54 tonnes DEC 21/another massive 3.56 tonnes leaves the GLD/Inventory rests at 824.54 tonnes Dec 20/no changes in gold inventory at the GLD/Inventory rests at 828.10 tonnes Dec 19/A MASSIVE WITHDRAWAL OF 14.23 TONNES OF GOLD FROM THE GLD (WITH GOLD UP THESE PAST TWO TRADING SESSIONS)/INVENTORY RESTS TONIGHT AT 828.10 TONNES
Dec 16/no changes at the GLD/Inventory rests at 842.33 tonnes Dec 15/ANOTHER HUGE WITHDRAWAL OF 7.11 TONNES OF GOLD/INVENTORY RESTS AT 842.33 TONNES DEC 14/another huge withdrawal of 6.82 tonnes from the GLD/Inventory rests at 849.44 tonnes/ DEC 13/no changes in gold inventory at the GLD/Inventory rests at 856.26 tonnes Dec 12/a withdrawal of 1.19 tonnes of gold from the GLD/Inventory rests at 856.26 tonnes
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Jan 18/2017/ Inventory rests tonight at 807.96 tonnes
*IN LAST 71 TRADING DAYS: 141.85 TONNES REMOVED FROM THE GLD *LAST 18 TRADING DAYS: 16.58 TONNES HAVE LEFT
end
Now the SLV Inventory Jan 18/no changes in silver inventory/inventory rests at 338.356 million oz/ Jan 17/no change in silver inventory at the SLV/Inventory rests at 338.356 million oz/ Jan 13/2017/on changes in the SLV inventory/rests tonight at 338.356 million oz/ Jan 12.2017/ no changes in the SLV Inventory/ rests at 338.356 million oz Jan 11/ A HUGE WITHDRAWAL F 2.843 MILLION OZ/INVENTORY RESTS AT 338.356 MILLION OZ/ JAN 10/no changes in inventory at the SLV/Inventory rests at 341.199 million oz JAN 9/no changes in inventory at the SLV/Inventory rests at 341.199 million oz/ jan 6/no changes in inventory at the SLV/Inventory rests at 341.199 million oz Jan 5/no changes in inventory at the SLV/Inventory rests at 341.199 million oz Jan 4/a small withdrawal of 149,000 oz (probably to pay for fees/inventory rests at 341.199 million oz Jan 3.2017/no changes in silver inventory at the SLV/Inventory rests at 341.348 million oz/ DEC 30/no changes in silver inventory at the SLV/inventory rests at 341.348 million oz/ Dec 29/no changes in silver inventory at the SLV/Inventory rests at 341.348 million oz Dec 28/no changes in silver inventory at the SLV/Inventory at 341.348 million oz/ Dec 27/a big deposit of 1.138 million oz/Inventory rests at 341.348 million oz Dec 23/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 340.210 MILLION OZ/ Dec 22/WE HAD A SMALL DEPOSIT OF 948,000 OZ INTO THE SLV/INVENTORY RESTS AT 340.210 MILLION OZ/ DEC 21/no change in silver inventory at the SLV/Inventory rests at 339.262 million oz Dec 20/a small withdrawal of 758,000 oz/inventory rests at 339.262 tonnes Dec 19A HUGE DEPOSIT OF 1.327 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 340.020 MILLION OZ Dec 16/A HUGE WITHDRAWAL OF 2.37 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 338.693 MILLION OZ/ Dec 15/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 341.063 MILLION OZ/ Dec 14.no change in inventory at the SLV/Inventory rests at 341.063 million oz/ DEC 13/ a huge withdrawal of 1.802 million oz from the SLV/Inventory rests at 341.063 million oz Dec 12/no change in silver inventory/inventory rests at 342.865 million oz/
. Jan 18.2017: Inventory 338.356 million oz
end
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.9 percent to NAV usa funds and Negative 6.4% to NAV for Cdn funds!!!! Percentage of fund in gold 60.9% Percentage of fund in silver:38.8% cash .+0.3%( jan 18/2017).
2. Sprott silver fund (PSLV): Premium RISES to +.30%!!!! NAV (Jan 18/2017) 3. Sprott gold fund (PHYS): premium to NAV rises TO – 0.17% to NAV ( Jan 18/2017) Note: Sprott silver trust back into POSITIVE territory at +0.30% /Sprott physical gold trust is back into NEGATIVE territory at -0.17%/Central fund of Canada’s is still in jail.
Gold futures log biggest one-day loss of the year, but hold above $1,200 an ounce
New York (Jan 19)
Gold prices logged their largest one-day loss of the year on Thursday as the dollar gained on the combination of inaction on interest rates from the European Central Bank and relatively hawkish comments from Federal Reserve chief Janet Yellen.
Gold for February delivery GCG7, -0.59% fell $10.60, or 0.9%, to settle at $1,201.50 an ounce. That marked the largest dollar and percentage loss for a single session so far in 2017. Prices had continued to trade lower after the ECB released its policy statement. Gold retreated on Wednesday as well, but the contract had climbed 1.4% Tuesday to finish at its highest level since Nov. 17, according to FactSet data.
March silver SIH7, -1.41% unraveled by 27.2 cents, or 1.6%, to $17.002 an ounce.
The ICE U.S. Dollar Index DXY, -0.11% meanwhile, gained 0.5%. Gold and the dollar typically trade inversely because a stronger greenback can erode demand by making commodities pegged to the buck, including metals, more expensive to buyers using other monetary units.
As for European policy, the expected, policy inaction comes as the ECB last month decided to extend its bond-buying program through the end of 2017. In postmeeting comments, the ECB’s Mario Draghi said he is ready to expand quantitative easing to boost the economy if needed.
Read ECB live blog recap: Mario Draghi sees no sign of sustained inflation pickup
The U.S. dollar began to climb on Wednesday after Yellen said she expects Fed-controlled interest rates to rise “a few times a year” through 2019. She also said the central bank was nearing its goals for inflation and employment and that it “makes sense” to reduce the central bank’s level of monetary support. Higher interest rates tend to dull demand for gold which doesn’t bear a yield.
The Fed’s stance contrasts with central banks elsewhere, including the ECB.
Data Thursday showed that manufacturing activity in the Philadelphia region expanded at the fastest pace in more than two years in January, and the number of workers being laid off each week has plunged again back to a more-than-40-year low.
The U.S. economic data released Thursday favors the Fed, which wants increase the interest rate this year on the back of solid economic growth, said Naeem Aslam, chief market analyst at ThinkMarkets.
Trump Reviving Fortunes for Mine Explorer With Zero Revenue
by Natalie Obiko Pearson
January 18, 2017, 10:01 PM MST January 19, 2017, 7:44 AM MST
Northern Dynasty’s shares have tripled since the U.S. election
President-elect expected to revive company’s Alaska project
There’s one thing Donald Trump is already making great again: a small Canadian explorer with rights to one of the world’s largest undeveloped copper and gold deposits.
NAK Northern Dynasty Minerals Ltd. has more than tripled since the U.S. election to approach a four-year high this week amid speculation the incoming administration will allow the explorer’s long-stalled Pebble project in Alaska to move ahead. Last week, the Vancouver-based company drummed up C$43 million ($32.4 million) in a secondary share offering to investors eager for a stake in a resource it estimates at more than 6 billion tons of ore.
That’s quite a revival for Northern Dynasty, whose sole project had appeared all but dead only a year ago. After peaking at a market value of almost $2 billion in 2011, the company’s luck turned -- it was abandoned by Anglo American Plc and Rio Tinto Group amid a commodity rout, and it was obstructed by the Environmental Protection Agency after the project had already burned through more than $550 million. Northern Dynasty’s latest quarterly results showed its cash holdings had dwindled to less than C$8 million.
“On Friday, Trump gets inaugurated -- that’s a good thing,” said John Tumazos, a Holmdel, New Jersey-based independent mining analyst, who owns Northern Dynasty shares and believes the EPA under Trump will reverse a 2014 move to prevent Pebble from obtaining a permit. Nomination hearings began Wednesday for Trump’s pick to head the agency, Scott Pruitt, a climate-change skeptic who has called for “regulatory rollback.” That can’t happen soon enough for Northern Dynasty. Shifting Fortunes
The company first began exploring the Pebble site in 2001 and discovered a deposit stunning in its scale. Each component on its own -- measured, indicated and inferred resources of 81.5 billion pounds of copper, 107 million ounces of gold and 514 million ounces of silver -- would be considered a major asset. Depending on the project’s plan, mining Pebble for 80 years would deplete only 55 percent of its known resources, Northern Dynasty Chief Executive Ronald Thiessen told investors in a speech last March. Thiessen declined to be interviewed, citing a packed schedule of investor meetings in Montreal, Toronto and New York.
In 2007, Thiessen took then-Alaska Governor Sarah Palin to London to help woo BHP Billiton Ltd., Rio Tinto and Anglo American to invest, according to last year’s speech. The latter two bit -- Anglo American became a partner in the project, and Rio Tinto acquired a stake in Northern Dynasty.
But in 2013, Anglo American walked away after sinking more than $500 million into the project, and Rio Tinto several months later gifted its 19.1 percent stake in Northern Dynasty to local charities, including one opposed to the project.
100 Rolled Into One
“This is like 100 junior gold miners rolled into one,” said Tumazos, who retains about 120,000 Northern Dynasty shares after selling a small holding recently to recoup his initial outlay. “I think it’s the most significant mining project in the world.”
Northern Dynasty shares were unchanged at C$3.34 Thursday at 9:34 a.m. in Toronto, giving it a market value of C$894.4 million and making the stake of Thiessen, a major shareholder, worth about $10.8 million. The company hasn’t reported revenue since it was listed in the U.S. in 2004.
The Pebble site, about 200 miles (320 kilometers) southwest of Anchorage, is nestled among the rolling tundra and pristine waters of Bristol Bay -- home to the one of the world’s largest runs of sockeye salmon. That’s made it a lightening rod for opposition by environmentalists, indigenous groups, as well as commercial and sport-fishing industries. Tiffany & Co. is among retailers that have pledged not to source gold from the region. President Barack Obama declared Bristol Bay permanently off limits to oil and gas drilling and toured the region in 2015 in an effort to cement his environmental legacy.
Wild Salmon
“Bristol Bay is remarkable as one of the last places on Earth with such bountiful and sustainable harvests of wild salmon,” the EPA said in July 2014, estimating that Pebble’s mine pit, tailings and waste rock would cover an area larger than Manhattan. It proposed restrictions before the project submitted a development application -- a rare regulatory maneuver obstructing Pebble’s ability to seek a permit.
Thiessen didn’t respond to questions about how Pebble’s prospects will change under the incoming administration, but said in an e-mail that the company’s successful fundraising last week “bodes well” for the industry.
At his Senate nomination hearing Wednesday, Pruitt signaled the U.S. will adopt a new approach to environmental protection.
“I think the people in this country are really hungry for some change -- and with change comes an opportunity for growth,” he said at the hearing. “In this nation we can grow our economy, harvest the resources that God has blessed us with, while also being good stewards of the air, land and water.”
‘Activist’ EPA
It’s clear Northern Dynasty expects the self-described opponent of the “EPA’s activist agenda” may ease the way ahead. A company investor presentation this month -- touting “a return to normal permitting” -- anticipates a resolution with the EPA, finding a new partner, and formally advancing the project into the permitting process this year.
That timeline also sets commercial production to begin in 2024 -- still a big if, cautions Caesar Bryan, portfolio manager of GAMCO Investors Inc.’s Gabelli Gold Fund, which owns Northern Dynasty shares.
“The Pebble project has caught the imagination of people who don’t want it developed -- environmentalists have taken it on as something to unite over,” Bryan said by phone. “The company will still have to deal with that apart from the technical aspects of the project.”
There’s also no guarantee it’ll get a permit, and Northern Dynasty lacks the money and expertise to develop the mine on its own, he said.
“I have to give them credit for being so dogged when it looked like no progress would ever be made,” Bryan said. “But an enhanced skill set will be required if and when it gets to the next step.” NAK
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Treasuries Got a Break. Now Beatings Resume until the Mood Improves
by Wolf Richter • Jan 19, 2017
What would Yellen do?
“Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road – either too much inflation, financial instability or both,” Fed Chair Janet Yellen warned her rapt listeners at the Commonwealth Club in San Francisco on Wednesday.
Investors in US Treasuries are an edgy lot these days. Yellen is considered a dove, and when she exudes hawkish overtones, investors listen.
So Treasuries took another beating today, a milder one than yesterday’s. And as Treasury prices fell, yields, which move in the opposite direction, rose. The 10-year yield jumped 5 basis points today to 2.47%. It’s up 16 basis points since January 17, when yields bounced off 2.31%.
Treasury bondholders had been granted the much needed break from the brutal beatings they’d taken since July last year. At the time they’d been in Nirvana – those who buy government bonds for capital gains, and not for yield – with bond prices sky-high, and the 10-year yield bottoming out at 1.38%. But after that, it became tough. And after the election, it became a bloodbath, as prices plunged and yields soared to hit 2.61% intraday on December 15. A lot of paper wealth went down the drain.
The 3-week rally since then brought yields down 30 basis points, but now the beatings have resumed and will continue until the mood improves.
Yet the kinds of radical moves seen after the election are unlikely, unless something extra-fancy happens. And yields could temporary drop as well, particularly if stocks get hit.
The chart of daily yields since October captures the full beauty of the post-election bond massacre, when yields soared. Note the break from the selloff after December 15, with yields fell from peak to trough nearly 30 basis points. And note the current resurgence:
So what would Yellen do?
In December, the Fed raised rates for the second time in this tightening cycle. It took a year of relentless flip-flopping to accomplish that. But now it seems the flip-flopping is over.
Yellen told her audience in San Francisco that Fed officials expect to raise the target for the fed funds rate “a few times a year,” including this year, until it’s close to 3% by the end of 2019.
The fed funds rate target range is currently between 0.5% and 0.75%. So that’s about 9 rate hikes till 3%! And that would just be “neutral.”
“Right now our foot is still pressing on the gas pedal, though, as I noted, we have eased back a bit,” she said. “Our foot remains on the pedal in part because we want to make sure the economic expansion remains strong enough to withstand an expected shock, given that we don’t have much room to cut interest rates.”
So in its view, the Fed isn’t tightening yet. It’s just backing off the accelerator a wee bit. Tightening might then start at above 3%?
All this is far in the future and may be beyond reach. In an economy with over-indebted businesses, households, and governments at all levels, short-term “risk-free” rates at 3% or higher, and long-term rates, such as for mortgages, at much higher levels could cause some serious, let’s say, adjustments – of prices.
Even if rates don’t quite make it there before all heck breaks loose, the Fed is now seriously on track to take the “foot off the accelerator.” The idea of letting the infamous balance sheet shrink and thus reverse QE is also getting a public hearing from time to time.
Inflation may still be below where the Fed would like it to be, but consumers are already feeling the bite. The Consumer Price Index rose 2.1% in December year-over-year and has been on a decided upward trajectory since September 2015. Many consumers, particularly those paying rents and health care expenses, experience inflation rates that are far higher.
The Fed’s preferred “trimmed mean PCE” (Personal Consumption Expenditure) inflation gauge rose 1.8% in November from a year earlier. It too has been on an upward trajectory and is headed for the Fed’s 2% target.
And average hourly earnings are up 2.9% year-over-year. That’s frazzling the Fed – that wages rise faster than inflation, when it’s all about cheap labor [The Thing in the Jobs Report that Gives the Fed the Willies].
Yellen has taken notice: “Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road,” as she warned.
So, despite these higher yields, a lot of Treasury buyers would still get hit by inflation without compensation. For example, the five-year Treasury yield is currently 1.96%. While up from 1.23% before the election, it’s below the rate of inflation as measured by CPI. Our hapless 10-year note buyers aren’t out the woods either. If CPI rises to a range between 2.5% and 3%, they’ll see the purchasing power of their principle deteriorate faster than the current yield can fill the hole.
Bondholders can hold their bonds to maturity. Thanks to the Fed, the government will never run out of money and will always redeem these bonds. But during that time, they’ll get the puny coupon payments while rising inflation eats into the purchasing power of their principle, which will leave them with a loss after inflation.
But if they sell the bond before it matures, depending on when they bought it, and at what price, they get to eat the loss now.
It matters because the US bond market, all kinds of bonds combined, is a $47 trillion monster, far larger than the stock market (with a market capitalization of around $27 trillion). And even moderate losses have a big impact.
And these bondholders face a toxic trifecta. Read… China’s Holdings of US Treasuries Plunge at Historic Pace
The Rolling Stones played in front of 1.5million people, the biggest concert of all time, at Copacabana Beach, Rio De Janeiro, on the 18th February 2006. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx The Day After Tomorrow
Thursday January 19, 2017 18:01
On the day after tomorrow, all the pomp and circumstance surrounding the presidential inauguration will be over. All of the balls, celebrations, and parties for the most part will have concluded, and Americans will awaken to the beginning of a new chapter in our history.
On the day after tomorrow, a new president will begin his first full day as a politician. We will have a Commander-in-Chief who has never served in the military. For the first time in history an individual who has never held a political post or job will command our country.
This is Certainly Not the Status Quo
President Donald Trump’s campaign contained inherent promises to change the way business is done in Washington. This new administration believes that to change things in Washington, we must change our tax structure, regulatory laws, and create major infrastructure projects.
He also believes that to change the way business is done in Washington, we must dismantle the political power of lobbyists and special interest groups. Obviously, this can only be accomplished by individuals that are not beholden to those groups.
The fact of the matter is that for too long, these groups have had the ability to further their cause at the expense of the American citizens.
There’s A New Sheriff in Town
To that end, Trump has selected individuals who will hold Cabinet positions in his administration that have a uniquely seasoned, but different approach to accomplishing goals; a corporate methodology rather than a political methodology.
Trump’s selection of Cabinet members clearly illustrates his desire to change the way our country is run, organizing his administration like a boardroom and corporation, with many of his key posts being run by former corporate titans.
According to the Wall Street Journal, this new Cabinet will collectively have a net worth of over $14 billion, making it the wealthiest Cabinet ever assembled.
The most prominent names that fit into this category are Rex Tillerson (Secretary of State), Wilbur Ross (Commerce Secretary), and Steven Mnuchin (Treasury Secretary). Individuals with extremely defined and proven track records in the corporate arena will hold all of these positions. Individuals will hold these Cabinet positions who have proven themselves to be extremely qualified individuals in the global business arena, with the ability to accomplish the tasks and goals set before them.
The day after tomorrow will be the first day in which the uncertainty surrounding how Trump will govern will be replaced with actions rather than promises, as he puts pen to paper, and begins the task of effectively running our country. We wish him great success, as his accomplishments will benefit the prosperity of all American citizens.
For those who would like a deeper analysis, I invite you sign up for a free trial of our daily video newsletter “The Gold Forecast”. Simply use the link at the bottom of this report to sign up.
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