GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75, HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!
GOLD BREAKS THROUGH $1264 AND FINISHES THE COMEX SESSION AT $1267.75/SILVER ALSO PERFORMS ADMIRABLY RISING 21 CENTS TO $17.33/ GOLD OPEN INTEREST RISES BY 3,000 CONTRACTS FOR THE ENTIRE COMPLEX WITH YESTERDAY’S $2.90 GAIN/HOWEVER THE BIG STORY IS THE HUGE AMOUNT OF GOLD OI STANDING FOR JUNE!/HUGE CHINESE SOVEREIGN INTERVENTION LAST NIGHT IN THE CURRENCY MARKETS/WALL STREET THROWS IN THE TOWEL ON OIL AS IT DOES NOT LIKE THE FUNDAMENTALS
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ.
TOTAL NOTICES SO FAR: 529 FOR 52900 OZ (1.6457 TONNES)
For silver: For silver: MAY 21 NOTICES FILED TODAY FOR 105,000 OZ/
Total number of notices filed so far this month: 4615 for 23,035,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
END
We have now entered options expiry week:
options expiry on the OTC/LBMA gold/silver contracts: May 31/2017 at around 12 noon.
The big news of the day is the huge open interest at the gold comex for the upcoming June delivery month. We may have a monstrous amount of gold ounces seeking delivery. We have so far 126,399 contracts still standing vs last yr’s 88,374 with 2 days to go before first day notice. This should be interesting to watch!
In silver, the total open interest FELL BY 1,585 contract(s) DOWN to 201,865 DESPITE THE RISE IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (UP 9 CENT(S). IT IS OBVIOUS THAT WE ARE GETTING SOME BANKER SHORT COVERING IN CONJUNCTION WITH BANKER DELTA HEDGING. In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0099 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 21 NOTICE(S) FOR 105,000 OZ OF SILVER
In gold, the total comex gold ROSE BY 2983 contracts WITH THE RISE IN THE PRICE OF GOLD ($2.95 with YESTERDAY’S TRADING). The total gold OI stands at 473,848 contracts. SO FAR WE HAVE NOT HAD OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER IN TOTAL CONTRAST TO SILVER. WE MAY HAVE WITNESSED SOME OF THOSE LONG CALLS HIDDEN IN THE EFP’S BEING EXERCISED FOR THE JUNE CONTRACT MONTH
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: 847.45 tonnes
.
SLV
Today: another huge changes in inventory/another withdrawal of 946,000 oz with the price of silver rising?
THE SLV Inventory rests at: 340.976 million oz
Here is a strange fact for the CFTC to price discover:
when the record OI occurred on April 21, the price of silver was at $18.42 (OI record 234,000 contracts. Interestingly the SLV inventory on April 21 was 325 million oz and today it is 340 million dollars and the price of silver is $1.09 less. And the comex is a price discovery mechanism????
end
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY 1,585 contract DOWN TO 201,865, (AND now moving away from THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), WITH THE RISE IN PRICE FOR SILVER WITH YESTERDAY’S TRADING (9 CENTS). NO QUESTION THAT WE HAD SHORT COVERING BY THE BANKERS ALONG WITH SOME BANKER DELTA HEDGING.
(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 THURSDAY night/FRIDAY morning: Shanghai closed UP 2.28 POINTS OR 0.07% / /Hang Sang CLOSED UP 8.49 POINTS OR 0.03% The Nikkei closed DOWN 126.29 POINTS OR 0.64%/Australia’s all ordinaires CLOSED DOWN 0.64%/Chinese yuan (ONSHORE) closed WELL UP at 6.8560/Oil DOWN to 48.63 dollars per barrel for WTI and 51.06 for Brent. Stocks in Europe OPENED IN THE RED ..Offshore yuan trades 6.8224 yuan to the dollar vs 6.85603 for onshore yuan. NOW THE OFFSHORE IS HUGELY STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A MUCH STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY WEAKER DOLLAR. CHINA NOT HAPPY WITH THE NEWS THAT ITS DEBT HAS BEEN DOWNGRADED BUT IS HAPPY WITH THE WEAKER DOLLAR/CHINA UNDERGOES MASSIVE INTERVENTION LAST NIGHT 3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA/SOUTH KOREA b) REPORT ON JAPAN c) REPORT ON CHINA
i)CHINA/GREAT BRITAIN
huge story last night: the yuan rises sharply on Chinese central bank intervention and cable (British Pound/USA dollar) cracks on poor confidence numbers ahead of the British June election
( zero hedge)
ii) China/USA Two Chinese fighter jets attempted to intercept a USA surveillance plane. This would make it two incidents whereby USA was close to invading Chinese airspace.
(courtesy zero hedge) 4. EUROPEAN AFFAIRS 5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)EGYPT
This saddens me greatly; Gunman kills 23 Coptic Christians in an Egyptian attack, many of whom are children. The attack occurred in Minya, 140 miles south of Egypt
( zerohedge)
ii)ESTONIA/RUSSIA
This does not look good. Estonia which borders with Russia and is a firm NATO country expels two Russian diplomats and no reasons given. Russia responds that this unfriendly action will not go unanswered. Remember the Estonia has weapons pointing towards Russia
( zero hedge) 6 .GLOBAL ISSUES
ESPN/Sports’ Bubble
A great commentary on another bubble bursting: the sports bubble and ESPN
( William Anderson/Mises Institute) 7. OIL ISSUES
i)Finally Wall Street gets the picture and throws up on OPEC. Barclay’s is very negative on the future of oil pricing as they see no light at the end of the tunnel
( zero hedge)
ii)This ought to be “good” for the price of oil: USA crude production hits a 21 month high and rig counts rises for the 19th straight week;
( zero hedge) 8. EMERGING MARKET 9. PHYSICAL MARKETS i)A good lesson on the faults of Keynesian theory ( Alasdair Macleod)
ii)A good story..
Russian explorers find a billion roubles in an abandoned mine and all of it worthless. It would have been better to have converted the roubles into gold
( BBC) iii)Jim Richards take on the embarrassing gold/silver manipulation scheme. I kind of disagree with him on the China situation. It is my belief that when China cannot get enough gold for its citizens, it will then crash the comex and that is when the game ends
( GATA/Jim Rickards)
iv)An important commentary from Ronan Manly on gold withdrawals from the Shanghai gold Exchange
(Ronan Manly/GATA)
v) Gresham’s Law to almost perfection (they left out gold and silver) as Bitcoin rises to 2,600 per coin
( zero hedge)
v b) Then Bitcoin crashed again late in the day:
(zero hedge)
vi)A good start: now we need to see the other 49 states peal state capital gain taxes on gold and silver as well as other countries:
( SchiffGold.com)
vii)In the latest data from Swiss exports of refined gold, India tops the list for the 4th consecutive month. Total for the last 4 months: 167.2 tonnes. Normally Switzerland supplies around 47% of India’s gold needs. Thus you can safely say that India will import another round of 1000+ tonnes of gold. Also remember that this is recorded gold. India smuggles a huge amount of gold into the country to avoid the 10% tax.
( Lawrie Williams/Sharp Pixley) 10. USA stories
i)My goodness: this is ridiculous. Washington Post writes that Kushner is under FBI scrutiny. The facts suggest otherwise:
( zero hedge)
ii)Trump will appeal the travel ban to the Supreme Court
( zero hedge)
iii)Trump takes on the Germans with their huge trade surplus with the uSA. Trump vows to stop this
( zerohedge)
iv)A bill in California to raise the minimum wage to $15.00 will no doubt cause a huge number of teenagers to be fired especially if the Democrats wins Congress in 2018.
( zero hedge) v)You will recall that Republican candidate Gianforte assaulted a reporter the day before the election in Montana. It had no effect on that election as Gianforte wins handily. We were waiting to see any anti Trump backlash which was not to be
( zerohedge) vi)Core durable goods/new orders plunge in April
(courtesy zero hedge) vii)strange: Q1 DGP revised upwards to 1.2% on stronger spending despite corporate profits tumbling. Still no word on 2nd quarter GDP but expect a huge downdraft with yesterday’s poor inventory numbers and today’s poor durable goods report
( zero hedge)
viii) Soft data report U. of Michigan confidence report shows a huge divide between Republicans and Democrats. However what it does agree with on both sides, it that it is time to sell your house
(courtesy zero hedge)
ix)FISA court blasts the FBI for their disregard for rules and illegally shares spy data with private contractors
( zerohedge)
x)The G7 leaders got nowhere with Trump to back a climate deal and that was to be expected.
(courtesy zero hedge) Let us head over to the comex:
The total gold comex open interest ROSE BY 2,983 CONTRACTS UP to an OI level of 473,848 WITH THE RISE IN THE PRICE OF GOLD ( $2.90 with YESTERDAY’S trading). SO FAR WE HAVE NOT HAVE OUR USUAL OBLITERATION OF OPEN INTEREST AS WE ENTER FIRST DAY NOTICE. I WILL BE MONITORING THIS!! THE BANKERS SUPPLIED THE NECESSARY SHORT PAPER AS LONGS STAMPEDED INTO THE GOLD ARENA YESTERDAY. WE MAY HAVE ALSO WITNESSED THE EXERCISING OF LONG CALLS IN THE JUNE GOLD CONTRACT MONTH. We are now in the contract month of MAY and it is one of the POORER delivery months of the year. In this MAY delivery month we had A LOSS OF 7 contract(s) FALLING TO 23. We had 4 notices filed yesterday so we LOST 3 GOLD CONTRACTS OR AN ADDITIONAL 300 gold ounce will NOT stand for delivery and 3 contracts were cash settled through the EFP route where they receive a cash bonus plus a future gold contract.
The next big active month is June/2017 and here the OI LOST A MUCH SMALLER THAN ANTICIPATED 25,527 contracts DOWN to 126,399. The non active July contract GAINED another 6 contracts to stand at 1510 contracts. The next big active month is August and here the OI gained 26,264 contracts up to 211,005. FIRST DAY NOTICE IS WEDNESDAY MAY 31.2017 AND WE HAVE TWO MORE READING DAYS AFTER TODAY: TUESDAY AND WEDNESDAY.
OH OH!! WE HAVE NOW SURPASSED last year’s huge open interest as on May 26 2016 we had at this exact time: 88,374 contracts of JUNE 2016 CONTRACTS OPEN.( compared to JUNE 2017: 126,399)WITH EXACTLY 2 DAYS TO GO BEFORE FIRST DAY NOTICE FOR BOTH YEARS.
For the June 2016 contract month initially 48.189 tonnes stood for delivery. Eventually a huge 48.552 tonnes stood.
TONIGHT OUR BANKER FRIENDS ARE QUITE NERVOUS WHEN THEY LOOK OUT THE WINDOW AND SEE THE HIGH OPEN INTEREST THAT IS STILL STANDING IN GOLD FOR JUNE 2017.
And now for the wild silver comex results. Total silver OI FELL BY 1585 contracts FROM 203,460 DOWN TO 201,865 DESPITE YESTERDAY’S 9 CENT GAIN. IT SURE LOOKS LIKE OUR BANKERS HAVE CAPITULATED AGAIN AS THEY TRYING TO COVER THEIR SHORTS IN EARNEST. WE ALSO HAVE EVIDENCE OF SOME DELTA HEDGING BY THE BANKERS TRYING TO OFFSET THAT HUGE SHORT POSITION THEY HAVE BEEN BURGEONING OVER THE YEARS.
Below is a little background on the EFP contracts initiated by our bankers:
(We now know for certainty that private EFP contracts are given by the bankers when faced with an upcoming active delivery month. We just do not know the makeup of that private deal. It is my contention that the longs in silver at the end of April were given a fiat bonus plus a long “in the money” call for a future May contract or a July contract. They were told not to exercise for a new contract until at least the first week of May is over so it would not look like a paper settlement which in reality it surely is. So now everything makes sense: the obliteration of OI as we enter first day notice has not really occurred but replaced with a future contract with some bonus money for their effort. No doubt by the end of May, the open interest in the silver contract month will be close to the OI we had around mid April/2017.)
We are in the active delivery month is MAY Here the open interest LOST 24 contracts FALLING TO 41 contracts. We had 11 notices filed on yesterday , so we LOST 15 notices or an additional 75,000 oz will NOT stand for delivery and 15 CONTRACTS were settled through the EFP route.
The non active June contract LOST 67 contracts to stand at 623. The next big active month will be July and here the OI LOST 3035 contracts DOWN to 142,224.
For those keeping score, the initial amount of silver oz that stood for delivery for the May 2016 contract month: 28.01 million oz. By conclusion of the month only 13.58 million oz stood and the rest was cash settled.(EFP ROUTE)
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
We had 21 notice(s) filed for 105,000 oz for the MAY 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 218,091 contracts which is FAIR
Yesterday’s confirmed volume was 275,167 contracts which is GOOD (BUT MANY ROLLOVERS).
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for MAY May 26/2017.
Gold Ounces Withdrawals from Dealers Inventory in oz nil Withdrawals from Customer Inventory in oz
nil
Deposits to the Dealer Inventory in oz nil oz Deposits to the Customer Inventory, in oz
NIL
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices) 22 contracts 2200 oz
Total monthly oz gold served (contracts) so far this month
529 notices 52900 oz 1.6457 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 230,129.2 oz
Today we HAD 0 kilobar transaction(s)/
total dealer deposits: nil oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; NIL oz
We had 0 customer withdrawal(s)
total customer withdrawal: nil oz
we had 0 adjustments:
For MAY:
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 1 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 MAY. contract month, we take the total number of notices filed so far for the month (529) x 100 oz or 52,900 oz, to which we add the difference between the open interest for the front month of MAY (23 contracts) minus the number of notices served upon today (1) x 100 oz per contract equals 55,100 oz, the number of ounces standing in this active month of MAY.
Thus the INITIAL standings for gold for the MAY contract month: No of notices served so far (529) x 100 oz or ounces + {(30)OI for the front month minus the number of notices served upon today (1) x 100 oz which equals 55,100 oz standing in this non active delivery month of MAY (1.718 tonnes). We LOST 3 contracts or an additional 300 oz will NOT stand for delivery and 3 contracts were cash settled through the EFP route
I have now gone over all of the final deliveries for this year and it is startling.
Here are the final deliveries for all of 2016 and the first 5 months of 2017 Jan 2016: .5349 tonnes (Jan is a non delivery month) Feb 2016: 7.9876 tonnes (Feb is a delivery month/deliveries this month very low) March 2016: 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 Nov. 8.3950 tonnes. DEC/2016. 29.931 tonnes JAN/2017 3.9004 tonnes FEB/ 18.734 tonnes March: 0.5816 tonnes April/2017: 2.8678 MAY:2017/ 1.718 TONNES
total for the 17 months; 249.651 tonnes average 14.685 tonnes per month
Total dealer inventory 877,817.092 or 27.303 tonnes DEALER RAPIDLY LOSING GOLD Total gold inventory (dealer and customer) = 8,811,289.032 or 274.06 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 274.06 tonnes for a loss of 28 tonnes over that period. Since August 8/2016 we have lost 79 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 12 MONTHS 79 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE MAY DELIVERY MONTH
MAY INITIAL standings May 26. 2017 Silver Ounces Withdrawals from Dealers Inventory nil Withdrawals from Customer Inventory
1,353,429.270 oz
Brinks SCOTIA JPMorgan
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
559,691.100 oz
HSBC
No of oz served today (contracts) 21 CONTRACT(S) (105,000 OZ) No of oz to be served (notices) 20 contracts ( 100,000 oz) Total monthly oz silver served (contracts) 4615 contracts (23,075,000 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 8,111,049.1 oz
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: 458,026.000 oz ??? EXACT WEIGHT?? ii) out of Scotia: 559,691.100 oz iii) out of JPMorgan: 335,722.120 oz* this is the first withdrawal of silver from JPMorgan this year.
TOTAL CUSTOMER WITHDRAWALS: 1.353.429.27 oz
We had 1 Customer deposits: i) Into HSBC: 3559,691.100 oz
***deposits into JPMorgan have now stopped In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts. why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits 559,691.100 oz
we had 1 adjustment(s) out of the Delaware vault: 5067.600 oz was adjusted out of the dealer and this landed into the customer account of Delaware
The total number of notices filed today for the MAY. contract month is represented by 21 contract(s) for 105,000 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 4615 x 5,000 oz = 23,075,000 oz to which we add the difference between the open interest for the front month of MAY (41) and the number of notices served upon today (21) x 5000 oz equals the number of ounces standing
.
Thus the initial standings for silver for the MAY contract month: 4615(notices served so far)x 5000 oz + OI for front month of APRIL.(65 ) -number of notices served upon today (21)x 5000 oz equals 23,175,000 oz of silver standing for the MAY contract month.
We lost 15 contracts or an additional 75,000 oz will not stand for delivery this month, and 15 contracts were issued EFP contract for a huge fiat bonus and a future silver contract (probably either a June or July contract.)
Volumes: for silver comex
Today the estimated volume was 34,019 which is FAIR Yesterday’s confirmed volume was 67020 contracts which is HUGE
TODAY’S ESTIMATED VOLUME OF 67,020 CONTRACTS EQUATES TO 335 MILLION OZ OF SILVER OR 48% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 32.530 million (close to record low inventory Total number of dealer and customer silver: 200.987 million oz
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
Today at 3:30 pm est we receive the COT report which gives position levels of our major players.
I would like to see what the commercials did in both gold and silver:
First the Gold COT Gold COT Report – Futures Large Speculators Commercial Total Long Short Spreading Long Short Long Short 241,752 81,985 63,428 112,114 286,405 417,294 431,818 Change from Prior Reporting Period 20,220 -12,823 8,769 -1,605 29,827 27,384 25,773 Traders 167 95 97 51 59 259 217
Small Speculators Long Short Open Interest 45,278 30,754 462,572 167 1,778 27,551 non reportable positions Change from the previous reporting period COT Gold Report – Positions as of Tuesday, May 23, 2017
Our large speculators: those large speculators that have been long in gold added a whopping 20,220 contracts to their long side and refused so far to trade for an EFP
those large specs that have been short in gold covered a whopping 12,823 contracts. large specs thus go net long by 33,043 which is gigantic
Our commercials; those commercials that have been long in gold pitched 1605 contracts from their short side. those commercials that have been short in gold added a monstrous 29,827 contracts to their short side and basically controlled the northbound price rise in gold
Our small specs:
those small specs that have been long in gold added a tiny 167 contracts to their long side ?? strange that we got only a tiny rise in the small spec oi.
those small specs that have been short in gold added 1778 contracts to their short side and got it wrong this week.
Conclusion: large specs go net long by 33,000 contracts. the commercials go net short by 31,000 and at the comex, the front OI for June with two days to go is extremely high suggesting a 50 tonnes+ of gold standing for delivery. Next week should be extremely interesting.
And now the Silver COT
Silver COT Report: Futures Large Speculators Commercial Long Short Spreading Long Short 96,531 45,358 27,962 53,195 117,182 -3,611 -11,780 -2,371 -2,417 4,233 Traders 102 52 46 35 37 Small Speculators Open Interest Total Long Short 203,459 Long Short 25,771 12,957 177,688 190,502 -3,269 -1,750 -11,668 -8,399 -9,918 non reportable positions Positions as of: 155
Our large speculators:
those large specs that have been long in silver, pitched 3611 contracts from their long side.
those large specs that have been short in silver covered a whopping 11,780 contracts from their short side.
large specs go net long by 8169 contracts.
Our commercials; those commercials that have been long in silver pitched 2417 contracts from their long side those commercials that have been short in silver only added 4233 contracts to their short side. commercials go net short by 6650 contracts . Our small specs: those small specs that have been long in silver pitched 3269 contracts from their long side. those small specs that have been short in silver covered 1750 contact from their short side.
Conclusion: it seems everybody is confused with silver and do not know what to make of the situation. However it is bearish if your just look at the commercials going net short.
end NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 6.7 percent to NAV usa funds and Negative 6.7% to NAV for Cdn funds!!!! Percentage of fund in gold 61.7% Percentage of fund in silver:38.2% cash .+0.1%( May 26/2017)
2. Sprott silver fund (PSLV): Premium RISES TO -.10%!!!! NAV (May 26/2017) 3. Sprott gold fund (PHYS): premium to NAV rises to -0.62% to NAV (May 26/2017 ) Note: Sprott silver trust back into NEGATIVE territory at -0.10% /Sprott physical gold trust is back into NEGATIVE/ territory at -0.62%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada
Ronan Manly: Update on Shanghai Gold Exchange withdrawals and premiums Submitted by cpowell on Fri, 2017-05-26 03:14. Section: Daily Dispatches
9:16p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly reports today that withdrawals of metal from the Shanghai Gold Exchange were strong in 2016 but there are signs that China is slowing the liberalization of its gold market. Manly's analysis is headlined "An Update on SGE Vault Withdrawals and SGE Price Premiums" and it's posted at Bullion Star here:R
Sentiment in monetary metals has never been worse, GATA chairman says Submitted by cpowell on Fri, 2017-05-26 02:46. Section: Daily Dispatches
8:48p MT Thursday, May 25, 2017
Dear Friend of GATA and Gold:
Wall Street for Main Street's Jason Burack today interviews GATA Chairman Bill Murphy, who says that sentiment in the monetary metals sector has never been worse but he thinks the bottom is in. The interview is a half-hour long and can be heard at You Tube here:
ANOTHER ORCHESTRATED GOLD AND SILVER RAID IN THE ACCESS MARKET/AT COMEX CLOSING: GOLD UP $7.00 AND SILVER UP 37 CENTS/PALLADIUM LEASE RATES SKYROCKET TO 16% AS SHORTAGES GALORE APPEAR/TWO SHOOTINGS IN THE USA: FIRST IN VIRGINIA WITH THE REPUBLICAN WHIP SHOT AND IN CRITICAL CONDITION/SECOND: IN SAN FRANCISCO/HIGHLIGHTS OF THE JANET’S “DOVISH HIKE”
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx OH NO There Something In That Cleansing Cream
GYSLN
GOLD: $1272.80 UP $7.00
Silver: $17.11 UP 37 cent(s)
Closing access prices:
Gold $1261.60
silver: $16.90
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 15 NOTICE(S) FOR 1500 OZ.
TOTAL NOTICES SO FAR: 2206 FOR 220,600 OZ (6.8615 TONNES)
For silver: For silver: JUNE 18 NOTICES FILED TODAY FOR 90,000 OZ/
Total number of notices filed so far this month: 834 for 4,170,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
END
You could see a raid coming in the afternoon: with gold and silver quite strong up until 2: 00 pm, the gold/silver equity shares languished and some of these guys were already in the red. Then comes the dovish hike and after gold spiked to $1280, the crooks unleashed a torrent of paper shorts to bury our metals again.
Over at the comex, the amount standing for the silver metal again rose in similar fashion to what we witnessed last month and also in April. It is up for the 10th consecutive trading day. We certainly have a determined entity trying to get its hands on whatever silver is available.
This is where we are heading: (JB Slear/Jim Sinclair)
According to JB Slear, this is what the future holds. Why should I write words. Get into the cellar as fast as you can!
Jim
unnamed
In silver, the total open interest FELL BY 3,786 contract(s) DOWN to 201,214 WITH THE NASTY FALL IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (DOWN 17 CENT(S). In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0065 BILLION TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 18 NOTICE(S) FOR 90,000 OZ OF SILVER
In gold, the total comex gold FELL BY ANOTHER 2,795 contracts WITH THE FALL GOLD TOOK ($0.80 with YESTERDAY’S TRADING). The total gold OI stands at 471,134 contracts.
we had 15 notice(s) filed upon for 1500 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: 867.00 tonnes
.
SLV
Today: no changes in inventory/
THE SLV Inventory rests at: 339.605 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 3,786 contracts DOWN TO 201,214 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), WITH THE NASTY FALL IN PRICE FOR SILVER WITH YESTERDAY’S TRADING ( DOWN 17 CENTS).We lost a few of our paper players but the core players remain firm and determined.
(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 DOWN 23.07 POINTS OR 0.73% / /Hang Sang CLOSED UP 23.80 POINTS OR 0.09% The Nikkei closed DOWN 15.23 POINTS OR 0.08%/Australia’s all ordinaires CLOSED UP 1.04%/Chinese yuan (ONSHORE) closed DOWN at 6.7972/Oil DOWN to 45.96 dollars per barrel for WTI and 48.23 for Brent. Stocks in Europe OPENED IN THE GREEN ..Offshore yuan trades 6.7927 yuan to the dollar vs 6.7972 for onshore yuan. NOW THE OFFSHORE IS WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN A LITTLE WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS A LOT WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE STRONGER DOLLAR. CHINA IS NOT HAPPY TODAY WITH THE RISE IN THE USA DOLLAR 3a)THAILAND/SOUTH KOREA/NORTH KOREA
i)NORTH KOREA
b) REPORT ON JAPAN c) REPORT ON CHINA
Chinese yield curve inverts more as liquidity in China seems to disappear
( zero hedge)
4. EUROPEAN AFFAIRS
i)UK
How on earth could this happen; a fire destroyed an apartment building killing 6 and injuring many. Builders of the apartment complex used flammable material and that caused the fire to spread like wild fire…
( zero hedge)
ii) EU
my goodness! the EU sues Poland, Hungary and the Czeck Republic for not accepting refugees
(courtesy zero hedge) 5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
CANADA/SEARS
The bricks and mortar retail apocalypse moves north into Canada as Sears Canada admits that it’s future is dim
(courtesy zero hedge)
7. OIL ISSUES
Oil drops after another increase in crude and gasoline inventories
( zerohedge)
8. EMERGING MARKET
VENEZUELA
More Anti Government protests in Venezuela
( zero hedge) 9. PHYSICAL MARKETS
i)We have 3 important traders who now have abandoned an extradition fight and have agreed to face charges of manipulation of foreign exchange (and that no doubt includes gold and silver)
( Alan Tovey/London’s Telegraph/GATA)
ii)James Ledbetter’s new book on how governments always tried to control the price of gold:
( GATA/Chris Powell)
iii)Palladium is the smallest of the 4 precious metals. Russia for generations has been the dominant supplier of Palladium as this nation was the first to issue coinage of this rare metal. Russia had so much of the metal they did not know what to do with it. (Actually around the turn of the 20th Century they made ice boxes made of Palladium). In the late 1990’s they exported the metal to the west where its dominant use is in the auto sector. They were exporting around 2.5 million oz per year. Last year however, their inventories having been depleted and no new mining finds has caused a huge scarcity. Derivatives incorporated by the west kept the metal price low. Today the paper balloon burst with lease rates over 16% and mining for Palladium in South Africa on the skids due to high mining costs.
a must read..
(courtesy David Jensen/Safe Haven)
10. USA Stories
i)Today’s early trading right after CPI and retail sales were announced:
(ZEROHEDGE)
ii)Jeff Sessions did a terrific job yesterday deflecting collusion accusations and calling them appalling and a detestable lie. That did not stop the democrats trying to create the impression that Trump et al allied with Russian operatives to steal the USA election.
( zero hedge) iii)All eyes were on the CPI report and it was hoped that inflation would rip higher and instead it dropped .1%. This will no doubt cause the Fed to stop raising rates as the economy is coming to a complete halt
( zerohedge)
iv)The first data point (above) was lower than expected inflation. Then they released another important data point: retail sales and it tumbled .3% month over month the biggest drop since Jan 2016. The USA economy is grinding to a halt.
( zerohedge) v)All eyes were on the CPI report and it was hoped that inflation would rip higher and instead it dropped .1%. This will no doubt cause the Fed to stop raising rates as the economy is coming to a complete halt
( zerohedge)
vi)Business inventories tumble badly in April on all two fronts: Wholesale and Retail. Manufacturing inventory rose a tiny fraction. This will without a doubt lower 2nd quarter GDP considerably
( zero hedge)
vii)The scenario last night was for today’s hike being a dovish hike. Now that the Fed received a slap in the face with a drop in inflation and also a drop in inflation expectations we will probably see only one hike and it is done!
vii a) And she delivered a “dovish hike”
( zero hedge) vii b) And now the unwinding of bond purchases. there is no way that they will be able to do thus unless they collapse the economy
( zero hedge)
( zero hedge)
viii)The auto sector is in complete shambles as now the big auto companies extend plant shutdowns because of increasing inventory. The
subprime auto loans together with lower used car prices are causing havoc to the industry
( zero hedge) ix)This is not good: early this morning shots fired in Alexandria Virginia where Majority Whip Scalise was hit.
3 commentaries
( zero hedge) x)OH NO!! Not again!! Active shooter in San Francisco. the UPS building on 17th and Potrero
( zero hedge)
Let us head over to the comex:
The total gold comex open interest FELL BY 2795 CONTRACTS DOWN to an OI level of 471,134 WITH THE FALL IN THE PRICE OF GOLD ($0.80 with YESTERDAY’S trading). AGAIN, the bankers were expecting more gold leaves to fall from the gold tree and as such they could not cover as much as they wanted.
We are now in the contract month of JUNE and it is one of the BETTER delivery months of the year. In this JUNE delivery month we had A LOSS OF 70 contract(s) FALLING TO 1551. We had 11 notices filed yesterday so we LOST ANOTHER 59 contracts or an additional 5900 oz will NOT stand for delivery in this very active delivery month of June AND WITHOUT A SHADOW OF DOUBT THESE 59 CONTRACTS RECEIVED AN EFP CONTRACT WHICH ENTITLES THEM TO A FIAT BONUS PLUS A FUTURE GOLD CONTRACT/OR A LONG CALL OR MOST LIKELY A LONDON BASED FORWARD GOLD CONTRACT. THESE EFP’S ARE PRIVATE OFF COMEX TRANSACTIONS. THE STUBBORN LONGS WHO ARE REMAINING STOIC AT THE COMEX ARE SO FAR REFUSING THAT FIAT BONUS (OVER 11 TONNES STANDING) Below is a little background on the EFP contracts initiated by our bankers:
We now know for certain that private EFP contracts are given by the bankers when faced with an upcoming active delivery month and they state that this is for emergency purposes only and that they do not have actual physical metal to deliver upon in the front month. We just do not know the makeup of that private deal. It is my contention that the longs in GOLD FOR INSTANCE at the end of MAY(for June contracts) were given a fiat bonus plus a long “in the money” call for a future July contract or a August FUTURE contract or MAYBE EVEN A LONDON BASED FORWARD GOLD CONTRACT. . and this is why the total comex open interest complex obliterates as we enter first day notice. So now everything makes sense: the obliteration of OI as we enter first day notice has not really occurred in the real sense but replaced with a future long contract call and/or an off -comex London based gold contract with some bonus money for their effort.
The non active July contract GAINED 54 contracts to stand at 2019 contracts. The next big active month is August and here the OI LOST 2,630 contracts DOWN to 345,745, as the bankers trying to keep this month down to manageable size.
We had 15 notice(s) filed upon today for 1500 oz xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Psychotic Reaction
It's Cool Man, You just got some of that DG Cream on your skin.
And now for the wild silver comex results. Total silver OI FELL BY 3,786 contracts FROM 205,000 DOWN TO 201,214 WITH YESTERDAY’S BIG 17 CENT LOSS. WE LOST SOME OF OUR PAPER PLAYERS BUT THE CORE LONGS REMAIN STOIC. OUR BANKER FRIENDS ARE DESPERATELY TRYING TO COVER THEIR SHORTS IN SILVER AND FINALLY THEY WERE ABLE TO COVER SOME OF THOSE SHORTS.
We are in the NON active delivery month is JUNE Here the open interest SOMEHOW GAINED 15 contract(s) RISING TO 28 contracts. We had 4 notices served upon yesterday so we AGAIN GAINED 19 CONTRACTS OR AN ADDITIONAL 95,000 OZ OF SILVER WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE. IT SEEMS WE ARE CONTINUING WHERE WE LEFT OFF LAST MONTH IN SILVER AS INVESTORS ARE WILLING TO FORGO THE FIAT PROFIT JUST TO SECURE PHYSICAL SILVER METAL. THIS IS THE 10TH CONSECUTIVE DAY THAT THE AMOUNT OF SILVER STANDING ADVANCED FROM FIRST DAY NOTICE.
The next big active month will be July and here the OI LOST 7,623 contracts DOWN to 100,533 as we start to wind down before first day notice Friday, June 30. July will be interesting to watch in silver as we witness fewer players pitching for EFP contracts than with gold.
The month of August, a non active month picked up 17 contracts to stand at 55. The next big active delivery month for silver will be September and here the OI already jumped by another 3139 contracts up to 59,452.
I will give you a snapshot as to what happened last year at the exact number of days before first day notice:
Monday, June 14.2016: 92,722 contracts were still outstanding vs 100,533 contracts June 14.2017
At the conclusion of June, the final standing for physical silver was 3,080,000 oz and we have already surpassed that number this year (3,945,000 oz).
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
We had 18 notice(s) filed for 90,000 oz for the June 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 243,283 contracts which is VERY GOOD
Yesterday’s confirmed volume was 181,591 contracts which is GOOD
volumes on gold are STILL HIGHER THAN NORMAL!
INITIAL standings for JUNE June 14/2017.
Gold Ounces Withdrawals from Dealers Inventory in oz nil Withdrawals from Customer Inventory in oz
10,288.910 oz
Brinks Manfra Scotia
xxxxxxxxxxxxxxxxxxxxxxxClickxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx To skip Acid Trip Don't this xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxonexxxxxxxxxxxxxxxxxxxxx
Dorothy Greys Cleansing Creme Acid Experience We warned You about usage during this read
No of oz to be served (notices) 1536 contracts 153,600 oz
Total monthly oz gold served (contracts) so far this month
2206 notices 220600 oz 6.8615 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 282,794.7 oz
Today we HAD 2 kilobar transaction(s)/ We had 0 deposit into the dealer:
total dealer deposits: nil oz
We had NIL dealer withdrawals:
total dealer withdrawals: NIL oz we had no dealer deposits:
total dealer deposits: nil oz
we had 0 customer deposit(s):
total customer deposits; nil oz
We had 3 customer withdrawal(s) i) Out of Brinks: 97.36 oz ii) Out of Manfra; 160.75 oz (5 kilobars) iii) Out of Scotia: 10,030.800 oz (312 kilobars)
total customer withdrawal: 10,288.910 oz
we had 1 adjustment(s): i) out of Brinks: 10,344.48 oz was adjusted out of the dealer and this landed into the customer account of Brinks
For JUNE:
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 15 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 9 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx To calculate the initial total number of gold ounces standing for the JUNE. contract month, we take the total number of notices filed so far for the month (2206) x 100 oz or 220,600 oz, to which we add the difference between the open interest for the front month of JUNE (1551 contracts) minus the number of notices served upon today (15) x 100 oz per contract equals 374,200 oz, the number of ounces standing in this active month of JUNE.
Thus the INITIAL standings for gold for the JUNE contract month: No of notices served so far (2206) x 100 oz or ounces + {(1621)OI for the front month minus the number of notices served upon today (15) x 100 oz which equals 374,200 oz standing in this active delivery month of JUNE (11.639 tonnes) . WE LOST 59 CONTRACTS OR AN ADDITIONAL 5900 OZ WILL NOT STAND AT THE COMEX. HOWEVER THESE GUYS (59 CONTRACTS) WERE GIVEN EFP CONTRACTS WHICH ENTITLES THEM TO A FIAT BONUS PLUS A FUTURES GOLD CONTRACT OR A LONG CALL ON A GOLD CONTRACT OR MOST LIKELY A LONDON BASED GOLD FORWARD CONTRACT. YOU CAN NOW SEE WHY THE COT REPORTS ARE DISTORTED DUE TO THE ISSUANCE OF THESE EFP CONTRACTS
Total dealer inventory 889,847.333 or 27.67 tonnes DEALER RAPIDLY LOSING GOLD Total gold inventory (dealer and customer) = 8,636,844.749 or 268.64 tonnes
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 268.64 tonnes for a loss of 34 tonnes over that period. Since August 8/2016 we have lost 85 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 10 MONTHS 85 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE MAY DELIVERY MONTH
June INITIAL standings June 14 2017 Silver Ounces Withdrawals from Dealers Inventory nil Withdrawals from Customer Inventory
63,16.421 oz CNT
Scotia
Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
3,029.07 oz DELAWARE JPM
No of oz served today (contracts) 18 CONTRACT(S) (90,000 OZ) No of oz to be served (notices) 10 contracts ( 50,000 oz) Total monthly oz silver served (contracts) 834 contracts (4,170,000 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 2,733,859.2 oz
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 2 customer withdrawal(s):
i) out of CNT: 3030.111 oz
ii) Out of Scotia; 60,086.310 oz
TOTAL CUSTOMER WITHDRAWALS: 63,116.421 oz
We had 2 Customer deposit(s):
i) Into Delaware: 999.05 oz ii) Into JPM: 2030.02 oz
***deposits into JPMorgan have now slightly resumed In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts. why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
total customer deposits 3029.07 oz
we had 0 adjustment(s)
The total number of notices filed today for the JUNE. contract month is represented by 18 contract(s) for 90,000 oz. To calculate the number of silver ounces that will stand for delivery in JUNE., we take the total number of notices filed for the month so far at 834 x 5,000 oz = 4,170,000 oz to which we add the difference between the open interest for the front month of JUNE (28) and the number of notices served upon today (18) x 5000 oz equals the number of ounces standing
.
Thus the initial standings for silver for the JUNE contract month: 834 (notices served so far)x 5000 oz + OI for front month of JUNE.(28 ) -number of notices served upon today (18)x 5000 oz equals 4,220,000 oz of silver standing for the JUNE contract month.
We gained 19 contracts or an additional 95,000 oz will stand for delivery. WE ALSO HAD 0 EFP CONTRACTS THAT WERE ISSUED AS THE LONGS REFUSED A FIAT BONUS: THEY WANT THEIR PHYSICAL SILVER.
Volumes: for silver comex
Today the estimated volume was 111,746 which is GIGANTIC Yesterday’s confirmed volume was 128,396 contracts which is GIGANTIC
YESTERDAY’S ESTIMATED VOLUME OF 128,396 CONTRACTS EQUATES TO 642 MILLION OZ OF SILVER OR 92% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.
Total dealer silver: 34.315 million (close to record low inventory Total number of dealer and customer silver: 204.798 million oz
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 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Nowhere To Run Man !
MMgys
/
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 7.9 percent to NAV usa funds and Negative 7.8% to NAV for Cdn funds!!!! Percentage of fund in gold 62.4% Percentage of fund in silver:37.5% cash .+0.1%( June 14/2017)
2. Sprott silver fund (PSLV): STOCK NAV falls to -.20% (june 14/2017) 3. Sprott gold fund (PHYS): premium to NAV FALLS to -0.70% to NAV (June 14/2017 ) Note: Sprott silver trust back into NEGATIVE territory at -.20% /Sprott physical gold trust is back into NEGATIVE/ territory at -0.70%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada
(courtesy Sprott/GATA) Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press via Canadian Broadcasting Corp. News, Toronto Wednesday, March 8, 2017
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said. Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
end And now the Gold inventory at the GLD
June 14./no change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 13. No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 12/No change in gold inventory at the GLD/Inventory rests at 867.00 tonnes
June 9/no change in inventory at the GLD/Inventory rests at 867.00 tonnes
June 8/AN ADDITION OF 3.07 TONNES OF GOLD ADDED TO THE GLD/INVENTORY RESTS AT 867.00 TONNES
June 7 a huge change in inventory/a deposit of 13.93 tonnes/inventory rests at 864.93 tonnes
June 6/ no changes in inventory at the GLD/Inventory remains at 851.00 tonnes
June 5.2017/no changes at the GLD/Inventory remain at 851.00 tonnes
June 2/2017/a huge deposit of 3.55 tonnes of gold into the GLD/Inventory rests at 851.00 tonnes
June 1/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 847.45 TONNES
May 31./ no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 30/no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 26./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 25./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 24/no change in inventory at the GLD/inventory rests at 847.45 tonnes
May 23/a paper withdrawal of 5.03 tonnes of gold from the GLD/Inventory rests at 847.45 tonnes
May 22/A DEPOSIT OF 1.77 TONNES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.48 TONNES
May 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.71 TONNES
May 18/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 850.71
May 17/no change in the GLD inventory/inventory rests at 851.89 tonnes
May 16./ no change in the GLD inventory/inventory rests at 851.89 tonnes
May 15/no change in the GLD inventory/inventory rests at 851.89 tonnes
May 12/no changes in GLD/inventory rests at 851.89 tonnes
may 11/no changes in GLD inventory/inventory rests at 851.89 tonnes
May 10/no changes in GLD inventory/inventory rests at 851.89 tonnes/
May 9/a withdrawal of 1.19 tonnes from the GLD/Inventory rests tonight at 851.89 tonnes xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
June 14 /2017/ Inventory rests tonight at 867/00 tonnes
*IN LAST 172 TRADING DAYS: 80.13 NET TONNES HAVE BEEN REMOVED FROM THE GLD *LAST 114 TRADING DAYS: A NET 47.30 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY. *FROM FEB 1/2017: A NET 60.64 TONNES HAVE BEEN ADDED.
end Now the SLV Inventory
June 14/no change in silver inventory at the SLV/inventory rests at 339.605 million oz/
June 13/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz
June 12/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 9/no change in silver inventory at the SLV/Inventory rests at 339.605 million oz/
June 8/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 339.605 MILLION OZ/
June 7/no change in inventory at the SLV/inventory rests at 339.605 million oz/
June 6/no change in inventory at the SLV/Inventory rests at 339.605 million oz.
June 5/a huge change at the SLV/a withdrawal of 1.371 million oz /inventory rests at 339.605 million oz/
June 2/no change in silver inventory at the SLV/Inventory rests at 340.976 million oz/
June 1/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 340.976 MILLION OZ
May 31./ no change in silver inventory at the SLV/inventory rests at 340.976 million oz/
May 30/no change in silver inventory at the SLV/inventory rests at 340.976 million oz
May 26/another paper withdrawal of 946,000 oz of silver from the SLV with silver rising/inventory rests at 340.976 million oz
May 25/no change in silver inventory at the SLV/Inventory rests at 341.922 million oz
May 24./a “paper” withdrawal of 1.893 million oz from the SLV/inventory rests tonight at 341.922 million oz
May 23/no change in silver inventory at the SLV/inventory rests at 343.815 million oz
May 19/no change in silver inventory at the SLV/Inventory rests at 343.815 million oz.
may 18/2017/another big deposit of 1.42 million oz added to the SLV/inventory rests at 343.815 million oz.
may 17/no change in silver inventory at the SLV/Inventory rests at 342.395 million oz/
May 16./we had a huge addition of 1.416 million oz of silver into the SLV/inventory rests at 342.395 million oz
May 15/no changes in silver inventory/inventory rests at 340.979 million oz/
May 12/a huge change in silver: a deposit of 2.369 million oz/inventory rests at 340.979 million oz
May 11/no changes in silver inventory at the SLV/Inventory rests at 338.610 million oz
May 10/ a gigantic 3.833 million oz of silver added to the SLV and this occurred with the constant whacking of silver for the past 17 trading sessions/inventory rests at 338.610 million oz
may 9Again, no movement of inventory at the SLV. Inventory rests at 334.777 million oz
Thank You Harvey Doc Gata Jesse & All Always Good Stuff <3 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Government's agents keep 'spoofing' in gold market, Maguire tells KWN
Submitted by cpowell on Wed, 2017-06-14 16:42. Section: Daily Dispatches
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire today tells King World News that entities trading gold futures for the Federal Reserve and Bank for International Settlements were entering "spoofing" trades in gold futures yesterday at gold's 50-day moving average and that he reported this, along with supporting data, to the U.S. Commodity Futures Trading Commission.
With all the recent investigations, lawsuits, and criminal charges recently brought against market manipulation, Maguire says, only the operatives of governments and central banks would continue such "spoofing."
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