Replies to post #33445 on ~*~Mining and Metals Du Jour~*~

[nagoya1]

Yup, you were right, the SUNDAY NIGHT BIG SLAM because "everything is awesome".

I won't be going for a walk in London anytime soon, it's more dangerous on the sidewalks these days than on the highways.

[123tom]

That Is a nicer looking spot chart ,Bob


I'll have to go there,goldprice dot org.

Does it look like they also smooth out the bottoms so they don't show how low gold really went,like Kitco does?

[srm4u]

i like it, been using it since April, i like watching the gold/silver ratio chart and to the right it shows real time spot prices
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=130436980

[Pro-Life]

I greatly appreciate this!!! Thx

[~ Blue ~]

hey bud PPPMF hit the floor, it was a 10 dollars gold stock in 2014 now 9 cents... possible turnaround.. and possible 1000% .. have a look at.. great weekend

[JD400]

My Last Day On The Job



Letting Baby Bitcoin Drive

[JD400]

The criminal underworld is dropping bitcoin for another cryptocurrency

MMgys

Looks like a Bad Romance

Submitted by cpowell on Tue, 2018-01-02 14:41. Section: Daily Dispatches

By Olga Kharif
Bloomberg News
Tuesday, January 2, 2018

Bitcoin is losing its luster with some of its earliest and most avid fans -- criminals -- giving rise to a new breed of virtual currency.

Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards linked to crime or money laundering, alerting exchanges and preventing conversion into traditional cash.

The European Union's law-enforcement agency, Europol, raised alarms three months ago, writing in a report that "other cryptocurrencies such as monero, ethereum, and Zcash are gaining popularity within the digital underground." Online extortionists, who use ransomware to lock victims' computers until they fork over a payment, have begun demanding those currencies instead. On Dec. 18 hackers attacked up to 190,000 WordPress sites per hour to get them to produce monero, according to security company Wordfence.

For ransomware attacks, monero is now "one of the favorites, if not the favorite," Matt Suiche, founder of Dubai-based security firm Comae Technologies, said in a phone interview. ...

In monero's case, criminals are snapping it up because bitcoin's underlying technology can work against them. Called blockchain, the digital ledger meticulously records which addresses send and receive transactions, including the exact time and amount -- great data to use as evidence. Match an address to a crime and then watch the bitcoin universe carefully, and you can see the funds disappear and reappear in other locations. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-01-02/criminal-underworld-i...

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Bitcoin investors complain that Australian banks are freezing their accounts
Submitted by cpowell on Sun, 2017-12-31 03:11. Section: Daily Dispatches

By Jennifer Duke
Sydney Morning Herald, Australia
Saturday, December 30, 2017

Bitcoin investors are claiming that Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges, with a viral tweet slamming the big four and an exchange platform putting a restriction on Australian deposits.

Cryptocurrency trader and Youtuber Alex Saunders called out National Australia Bank, ANZ, the Commonwealth Bank of Australia, and Westpac Banking Corp. on Twitter for freezing customer accounts and transfers to four bitcoin exchanges -- CoinJar, CoinSpot, CoinBase, and BTC Markets.

Bitcoin, a currency once known for its use by criminals trading online through a "Silk Road" for drugs and weapons, has become a popular investment option.

After hundreds of shares and responses to the social media posts calling the banks' alleged behavior "disgusting" and "appalling," with some threatening to move their accounts, some users said their activities with the cryptocurrency had still been described as a "security risk" by their financial institutions. ...

... For the remainder of the report:

http://www.smh.com.au/business/bitcoin-tensions-rise-as-investors-claim-...

[JD400]

The "Say What" Speakeasy Data Special

Good Morning Ladies and Gentleman

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

Nice to have You with us tonight


A real treat in store for us tonight from our award winning MMGYS team

Really kicking it out tonight and with a special "Out of this world" Speakeasy Three Show at the end of this data broadcast.

featuring the GYS Songs of the Years 2016,17 and 2018.

So grab a Cold One or a Hot One Or a Lit One Or Anyone and Hope You EnJoy the Show

MMgys

courtesy: a real Star, starboy So Awesome Thanks man <3

onwards to the data !

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Jan 5/Gold rises by $1.40 to $1320.90//silver up 4 cents to $17.23/Huge gold comex gain of 30,141 contracts coupled with a huge 17,213 gain in gold EFP/ In silver a comex gain of 2536 contracts coupled with a huge 5894 EFP transfer/
January 5, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1320.90 up $1.40

Silver: $17.23 UP 4 cents

Closing access prices:

Gold $1319.75

silver: $17.23

For comex gold:

JANUARY/
NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 4 NOTICE(S) FOR 400 OZ.

TOTAL NOTICES SO FAR: 242 FOR 24200 OZ (0.7527 TONNES),

For silver:

jANUARY
2 NOTICE(S) FILED TODAY FOR
10,000 OZ/

Total number of notices filed so far this month: 507 for 2,535,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $15,821/OFFER $15,943 UP $698 (morning)
Bitcoin: BID 16,547/OFFER $16,667 up $1429(CLOSING)

end

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest SURPRISINGLY ROSE BY A CONSIDERABLE 2536 contracts from 1921728 RISING TO 191,728 DESPITE YESTERDAY’S TINY 1 CENT FALL IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION BUT WITHOUT A DOUBT WE WITNESSED ANOTHER MAJOR BANK SHORT- COVERING OPERATION. NOT ONLY THAT , WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: A HUGE 5894 EFP’S FOR MARCH (AND ZERO FOR OTHER MONTHS) AND THUS TOTAL ISSUANCE OF 5894 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE A MAJOR PLAYER TAKING ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 5894 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. YESTERDAY WITNESSED EFP’S FOR SILVER ISSUED. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. I BELIEVE THAT WE MUST HAVE HAD SOME MAJOR BANKER SHORT COVERING AGAIN TODAY.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

16,210 CONTRACTS (FOR 5 TRADING DAYS TOTAL 16,210 CONTRACTS OR 81.05 MILLION OZ: AVERAGE PER DAY: 3242 CONTRACTS OR 16.210 MILLION OZ/DAY)

RESULT: A GOOD SIZED GAIN IN OI COMEX DESPITE THE TINY 1 CENT RISE IN SILVER PRICE WHICH USUALLY INDICATES HUGE BANKER SHORT-COVERING. WE ALSO HAD A HUGE SIZED SIZED EFP ISSUANCE OF 5894 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. FROM THE CME DATA 5894 EFP’S WERE ISSUED FOR TODAY (FOR MARCH EFP’S AND NONE FOR ALL OTHER MONTHS) FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 8430 OI CONTRACTS i.e. 5894 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2536 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE TINY FALL IN PRICE OF SILVER BY 1 CENT AND A CLOSING PRICE OF $17.19 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9710 BILLION TO BE EXACT or 139% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 2 NOTICE(S) FOR 10,000 OZ OF SILVER

In gold, the open interest ROSE BY AN ATMOSPHERIC SIZED 30,141 CONTRACTS UP TO 542,313 WITH THE SMALL RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($2.50). IN ANOTHER HUGE DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED YESTERDAY FOR TODAY AND IT TOTALED A STRONG SIZED 17,213 CONTRACTS OF WHICH THE MONTH OF FEBRUARY SAW 17,213 CONTRACTS AND APRIL SAW THE ISSUANCE OF 0 CONTRACTS. The new OI for the gold complex rests at 542,313. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE ANOTHER HUMONGOUS GAIN OF 47,354 OI CONTRACTS: 30,141 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 17,213 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 8798 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 51,490 CONTRACTS OR 5.149 MILLION OZ OR 160.715 TONNES (5 TRADING DAYS AND THUS AVERAGING: 10,298 EFP CONTRACTS PER TRADING DAY OR 1.0298 OZ/DAY)

Result: A HUMONGOUS SIZED INCREASE IN OI WITH THE SMALL SIZED RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($2.50). WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 17,213. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 17,213 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 47,354 contracts:

17,213 CONTRACTS MOVE TO LONDON AND 30,141 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the gain in total oi equates to 147.29 TONNES)

we had: 4 notice(s) filed upon for 400 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD: with gold up for 11 consecutive days, we still have no changes in gold inventory

Today, NO CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 836.32 tonnes.

SLV/DESPITE NO CHANGE IN SILVER PRICING WE HAD A HUGE WITHDRAWAL TODAY.

HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 2.026 MILLION OZ OZ



INVENTORY RESTS AT 318.423 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A CONSIDERABLE 2536 contracts from 191,728 UP TO 194,264 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE TINY FALL IN PRICE OF SILVER TO THE TUNE OF 1 CENT YESTERDAY. WE HAD WITHOUT A DOUBT ANOTHER MAJOR SHORT COVERING FROM OUR BANKERS AS THEY HAVE CAPITULATED. NOT ONLY THAT BUT OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 5894 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM). EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD NO COMEX SILVER COMEX LIQUIDATION. BUT, IF WE TAKE THE GOOD OI GAIN AT THE COMEX OF 2536 CONTRACTS TO THE 5894 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GAIN OF 8430 OPEN INTEREST CONTRACTS DESPITE THE MAJOR BANKER SHORT COVERING. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ: 42.150 MILLION OZ!!!

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY SIZED FALL OF 1 CENT IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER 5894 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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
3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS
10. USA stories which will influence the price of gold/silver
Let us head over to the comex:

The total gold comex open interest ROSE BY ATMOSPHERIC 30,141 CONTRACTS UP to an OI level of 542,313 WITH THE SMALL SIZED RISE IN THE PRICE OF GOLD ($2.50 GAIN WITH RESPECT TO YESTERDAY’S TRADING). OBVIOUSLY WE HAD ZERO COMEX GOLD LIQUIDATION WITH ANOTHER STRONG GAIN IN TOTAL OPEN INTEREST AS WE WITNESSED ANOTHER HUMONGOUS COMEX TRANSFER THROUGH THE EFP ROUTE. THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. THE CME REPORTS THAT 17,213 EFP’S WERE ISSUED FOR FEBRUARY AND 0 EFP’s FOR APRIL: TOTAL 8430 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 47,354 OI CONTRACTS IN THAT 17,213 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 30,141 COMEX CONTRACTS. NET GAIN: 47,354 contracts OR 4,735,400 OZ OR 147.27 TONNES

Result: A STRONG SIZED INCREASE IN COMEX OPEN INTEREST WITH THE SMALL RISE IN THE PRICE OF YESTERDAY’S GOLD TRADING (2.50.) WE HAD NO GOLD LIQUIDATION ANYWHERE. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 47,354 OI CONTRACTS…

We have now entered the active contract month of JANUARY. The open interest for the front month of JANUARY saw it’s open interest FALL by 14 contracts DOWN to 183. We had 16 notices served on Friday so we GAINED 2 contracts or 200 additional oz of gold will stand in this non active month AND AGAIN WE WITNESS QUEUE JUMPING .

FEBRUARY saw a GAIN of 7980 contacts DOWN to 370,433. March saw a gain of 10 contracts up to 67. April saw a GAIN of 18,826 contracts UP to 476,468.



We had 4 notice(s) filed upon today for 400 oz
PRELIMINARY VOLUME TODAY ESTIMATED; 329,333
FINAL NUMBERS CONFIRMED FOR YESTERDAY: 412,858

comex gold volumes are RISING AGAIN

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 2536 CONTRACTS FROM 191,727 UP TO 194,264 DESPITE YESTERDAY’S TINY 1 CENT FALL IN PRICE WHICH SEEMS TO INDICATE WE HAD ANOTHER MAJOR ROUND OF BANKER SHORT-COVERING. NOT ONLY THAT, WE HAD ANOTHER HUMONGOUS SIZED 5894 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 5894. IT SURE LOOKS LIKE THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. WE HAD ZERO LONG COMEX SILVER LIQUIDATION BUT A RISE IN TOTAL SILVER OI AS IT SEEMS THAT WE ARE WITNESSING SOME MAJOR BANKER SHORT-COVERING. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER AS IT SEEMS THAT A MAJOR PLAYER WISHES TO TAKE ON THE CROOKED COMEX SHORTS. ON A NET BASIS WE GAINED 8430 OPEN INTEREST CONTRACTS:

2536 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2536 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN: 8430 CONTRACTS

We are now in the poor non active delivery month of January and here the OI GAIN by 17 contracts UP to 41. We had 0 notices served upon yesterday, so we GAINED 17 contracts or an additional 85,000 oz will stand for delivery

February saw a GAIN OF 2 OI contracts RISING TO 182. The March contract gained 1819 contracts up to 151,389.

We had 2 notice(s) filed for 10,000 oz for the January 2018 contract for silver
INITIAL standings for JANUARY

Jan 5/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
N/A oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
4 notice(s)
400 OZ
No of oz to be served (notices)
179 contracts
(17,900 oz)
Total monthly oz gold served (contracts) so far this month
242 notices
24200 oz
0.7527 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
I CANNOT RETRIEVE COMEX DATA MOVEMENTS

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 4 contract(s) of which 4 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the JANUARY. contract month, we take the total number of notices filed so far for the month (242) x 100 oz or 24200 oz, to which we add the difference between the open interest for the front month of JAN. (183 contracts) minus the number of notices served upon today (4 x 100 oz per contract) equals 42,100 oz, the number of ounces standing in this active month of JANUARY

Thus the INITIAL standings for gold for the JANUARY contract month:

No of notices served (242 x 100 oz or ounces + {(183)OI for the front month minus the number of notices served upon today (4 x 100 oz which equals 42,100 oz standing in this active delivery month of JANUARY (1.303 tonnes). THERE IS 33.29 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE GAINED TWO CONTRACTS OR AN ADDITIONAL 200 OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY

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ON FIRST DAY NOTICE FOR JANUARY 2017, THE INITIAL GOLD STANDING: 3.904 TONNES STANDING

BY THE END OF THE MONTH: FINAL: 3.555 TONNES STOOD FOR COMEX DELIVERY AS THE REMAINDER HAD TRANSFERRED OVER TO LONDON FORWARDS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Total dealer inventory 1,070,309.229 or 33.29 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 9,143,181.135 or 284.39 tonnes

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 14 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER FINAL standings
Jan 5/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
N/A oz
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
N/A oz
Scotia
No of oz served today (contracts)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
39 contract
(195,000 oz)
Total monthly oz silver served (contracts) 507 contracts

(2,535,000 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

CANNOT RETRIEVE COMEX INVENTORY DATA

The total number of notices filed today for the JANUARY. contract month is represented by 2 contract(s) FOR 10,000 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 507 x 5,000 oz = 2,535,000 oz to which we add the difference between the open interest for the front month of JAN. (41) and the number of notices served upon today (2 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JANUARY contract month: 507(notices served so far)x 5000 oz + OI for front month of JANUARY(41) -number of notices served upon today (2)x 5000 oz equals 2,730,000 oz of silver standing for the JANUARY contract month. This is VERY GOOD for this NONACTIVE delivery month of JANUARY. WE GAINED 17 CONTRACTS OR AN ADDITIONAL 85,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY.

ON FIRST DAY NOTICE FOR THE JANUARY 2017 CONTRACT WE HAD 3,790 MILLION OZ STAND.

THE FINAL STANDING: 3,730 MILLION OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 82,640

CONFIRMED VOLUME FOR FRIDAY: 104,064 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 104,064 CONTRACTS EQUATES TO 520 MILLION OZ OR 74.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

Total dealer silver: 59.182 million
Total number of dealer and customer silver: 240.232 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

NPV for Sprott and Central Fund of Canada

1. Central Fund of Canada: traded at Negative 2.4 percent to NAV usa funds and Negative 2.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.8%
Percentage of fund in silver:37.0%
cash .+.2%( Jan 4/2018)

2. Sprott silver fund (PSLV): NAV RISES TO -0.91% (Jan 4/2018)??????????????????????????????
3. Sprott gold fund (PHYS): premium to NAV RISES TO -0.50% to NAV (Jan 4 /2018 )
Note: Sprott silver trust back into NEGATIVE territory at -0.91%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.50%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

END

And now the Gold inventory at the GLD

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

Dec 20/DESPITE THE GOOD ADVANCE IN PRICE TODAY/THE CROOKS RAIDED THE COOKIE JAR TO THE TUNE OF 1.18 TONNES/INVENTORY RESTS AT 836.02 TONNES

Dec 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.20 TONNES

Dec 18 SHOCKINGLY AFTER TWO GOOD GOLD TRADING DAYS, THE CROOKS RAID THE COOKIE JAR BY THE SUM OF 7.09 TONNES/INVENTORY RESTS AT 837.20 TONNES

Dec 15/NO CHANGES IN GOLD INVENTORY/RESTS AT 844.29 TONNES.

Dec 14/a good sized gain of 1.48 tonnes of gold into the GLD/inventory rests at 844.29 tones

Dec 13/no changes in gold inventory at the GLD/inventory rests at 842.81 tonnes

Dec 12/SURPRISINGLY NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 842.81 TONNES

Dec 11/SURPRISINGLY NO CHANGES IN GOLD INVENTORY AT THE GLD DESPITE THE CONSTANT RAIDS ON GOLD/INVENTORY RESTS AT 842.81 TONNES

Dec 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 842.81 TONNES

Dec 7/A BIG WITHDRAWAL OF 2.66 TONNES FROM THE GLD/INVENTORY RESTS AT 842.81 TONNES

Dec 6/No changes in GOLD inventory at the GLD/Inventory rests at 845.47 tonnes

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Jan 5/2018/ Inventory rests tonight at 836.32 tonnes

*IN LAST 305 TRADING DAYS: 104.65 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 240 TRADING DAYS: A NET 52.66 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 211.754TONNES HAVE BEEN ADDED.

end

Now the SLV Inventory

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

Dec 20/INVENTORY REMAINS CONSTANT AT 326.337 MILLION OZ (COMPARE WITH GLD)

Dec 19/SILVER INVENTORY REMAINS CONSTANT AT 326.337 MILLION OZ

Dec 18.2017//SILVER INVENTORY CONTINUES TO REMAIN PAT./INVENTORY REMAINS AT 326.337 MILLION OZ/

INVENTORY RESTS AT 326.337 TONNES

Dec 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.337 MILLION OZ/

Dec 14/a small withdrawal of 377,000 oz and that usually means to pay for fees./inventory rests at 326.337 million oz/

Dec 13/no change in silver inventory at the SLV/Inventory rests at 326.714 million oz/

Dec 12/WOW!ANOTHER STRANGE ONE: SILVER HAS BEEN DOWN FOR 10 CONSECUTIVE DAYS, YET THE SLV ADDS ANOTHER 1.415 MILLION OZ TO ITS INVENTORY. IN THAT 10 DAY PERIOD, SLV ADDS 9.584 MILLION OZ/

INVENTORY RESTS AT 326.714 MILLION OZ

Dec 11/WOW!! ANOTHER STRANGE ONE: SILVER DESPITE BEING DOWN FOR 9 CONSECUTIVE TRADING DAYS ADDS ANOTHER 944,000 OZ TO ITS INVENTORY. FROM NOV 30 UNTIL TODAY SILVER HAS BEEN DOWN EVERY DAY. HOWEVER THE INVENTORY OF SILVER HAS RISEN 8.169 MILLION OZ.

Dec 8/A HUGE DEPOSIT OF 2.642 MILLION OZ/INVENTORY RESTS AT 324.355 MILLION OZ/

Dec 7/strange!! with the continual whacking of silver, no change in silver inventory at the SLV/Inventory rests at 321.713

Dec 6/no change in silver inventory at the SLV/Inventory remains at 21.713 million oz.

Jan 5/2017:
Inventory 318,423 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.79%
12 Month MM GOFO
+ 1.98%
30 day trend

end



At 3:30 pm we receive our COT report which is basically useless due to the huge transfer of contracts through the EFP route






Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
241,428 78,160 60,048 155,104 332,704 456,580 470,912
Change from Prior Reporting Period
38,838 11,518 2,405 -365 27,766 40,878 41,689
Traders
170 86 74 45 52 246 183

Small Speculators
Long Short Open Interest
44,151 29,819 500,731
3,383 2,572 44,261
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, January 2, 2018
Our large speculators:

those large specs who have been long in gold added 38,838 contracts to their long side

those large specs who have been short in gold added 11,518 contracts to their short side


Our commercials;

those commercials who are long in gold pitched 365 contracts from their long side

those commercials who have been short in gold added a monstrous 27,766 contracts to their short side (and that does not include the efp transfers)
our small specs:

those small specs that have been long in gold added 3383 contracts to their long side

those small specs that have been short in gold added 2572 contracts to their short side


Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
75,127 52,377 20,600 70,480 107,672
1,114 -16,988 528 -6,566 9,887
Traders
105 47 46 39 37
Small Speculators Open Interest Total
Long Short 192,423 Long Short
26,216 11,774 166,207 180,649
-2,974 -1,325 -7,898 -4,924 -6,573
non reportable positions Positions as of: 164 11
Our large speculators:

those large specs that have been long in silver added 1114 contracts to their long side

those large specs that have been short in silver covered a monstrous 16,988 contracts
Our commercials;

those commercials that have been long in silver pitched a huge 6566 contracts from their long side

those commercials that have been short in silver added a net 9887 contracts
our small specs:

those small specs that have been long in silver pitched 2974 contracts

those small specs that have been short in silver covered 1325 contracts.
Major gold/silver trading /commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Spectre, Meltdown Highlight Online Banking and Digital Gold Risks

5, January

Spectre and Meltdown Highlight Online Banking and Digital Gold Risks
– Critical hardware flaw breaks basic security: risks to online banking & digital assets
– Nearly all computers worldwide, smartphones and other devices – exposed to major security risk
– Two separate security flaws identified in devices powered by Intel, ARM and AMD chips
– Vulnerability known about for six months by tech insiders
– Cyber crime represents the biggest transfer of economic wealth in history
– Cyber crime damage costs to hit $6 trillion annually by 2021
– All digital assets and information at risk
– Crypto currencies, digital assets including gold exposed
– Physical gold’s benefits highlighted

Editor: Mark O’Byrne



The Spectre and Meltdown double whammy this week underlines the increasing risks in the global computing infrastructure and our online banking and digital asset world of banking and finance.

On Wednesday, came news that anyone who uses a computer, smartphone, tablet etc has been introduced to the concept of ‘hacked hardware’. Two separate security flaws, named ‘Meltdown’ and ‘Spectre’ have been identified in devices powered by Intel, ARM and AMD chips. The flaws make pretty much any device hackable.

Not only are our ‘things’ affected but data centres and devices that connect to the cloud are also at risk.

The problem was identified by Google engineers and has been known about for approximately six months. Whilst no attacks taking advantage of these security flaws have yet been identified, we are talking about an unprecedented number of computers, devices, people and companies, including banks, being exposed.

The BBC estimates that ‘for personal computers alone: there are 1.5 billion in use today (desktop and laptop combined) and around 90% are powered by Intel chips, IDC estimates. That means exposure to the Meltdown bug is potentially huge.’

Meltdown affects laptops, desktop computers and internet servers with Intel chips. However, Spectre is an arguably bigger threat. It affects chips powered by Intel, ARM and AMD. in smartphones, tablets and computers.

Why is this a big deal?

The weaknesses leave any device with affected chips vulnerable to both hacking and slowdown in performance. The flaw could give cyberattackers unauthorized access to sensitive data.

This is scary as for years users have been used to warnings by the tech industry that there are security holes in software. These are regularly taken advantage of by hackers. But we are now exposed to a flaw in hardware. Hardware troubles are arguably much harder to fix and newer impossible to replace given their extensive presence around the world.

Scott Borg, director of the U.S. Cyber Consequences Unit, is most concerned about hardware vulnerabilities over software ones. He sees the biggest threat in industry.

Borg recently spoke at Stanford University and explained the shift in hackers’ mentality:

“Initially,” he said, “[hackers] focused on operations control, monitoring different locations from a central site. Then they moved to process control, including programmable logic controllers and local networks. Then they migrated to embedded devices and the ability to control individual pieces of equipment…You can imagine countless attacks manipulating physical things,”

Why are hackers turning to hardware over software? Surely software has a greater reach? No, argues Borg. The decision to move to hardware is purely economic. Stock manipulation is a key way cyberattackers can take advantage of a hardware malfunction.

“There is a limit to how much you can steal from credit card fraud; there is no limit to how much you can make in taking a position in a market and making something happen,” Borg says. “You can short a company’s stock in a highly leveraged way, then attack the company in a way that makes stock fall, reinvest on the way down, and multiply your investment hundreds of times. This is a big growth area for cybercrime; it has been done multiple times already, but it is really just starting to get under way. This is going to be a huge area for cybercriminals.”

Previously individuals were worried about the clicking on a dodgy link or downloading an unknown file. Worst case we believed was credit card or identity fraud. Now, we’re looking at elements of our portfolio being attacked – imagine if you have shares affected by this latest round of news regarding chip security.

We are also, very seriously, facing an attack on our homes.

Nowhere is safe



This Christmas showed the smart home had arrived. Sales of Amazon’s Alexa and Google’s Echo made headlines as families realised they could have a smart home for just $500. The total spend on Internet of Things products and services was expected to reach $2 trillion by the end of last month.

Gadgets such as wearables and smart fridges make our busy lives more productive. They’re supposed to free up time for us to do ‘fun’ things but they arguably just create space for more tasks we create for ourselves, one of those being securing our home from hackers.

By the end of 2017 there were expected to be 8.4 billion internet-enabled devices in use, increasing to 20.4 billion by the end of 2020. This all sounds great but its a goldmine for hackers.

Which? carried out a series of tests in a ‘smart home’ last year. Eight out of the fifteen devices were found to have security vulnerabilities.

We can even be taken in by freebies. In 2006 McDonald’s Japan put their customers at major financial risk just by giving them a free mp3 player. Popular Science explains:

In late summer of 2006, the Japanese division of McDonald’s decided to run a new promotion. When customers ordered a Coca-Cola soft drink, they would receive a cup with a code. If they entered that code on a designated website and were among 10,000 lucky winners, they would receive an MP3 player pre-loaded with 10 songs.

Cleverly constructed, the promotion seemed destined for success. Who doesn’t like a Coke and a free MP3 player? But there was one problem the marketers at McDonald’s could not anticipate: In addition to 10 free songs, the music players contained QQPass malware. The moment winners plugged their players into a computer, the Trojan horse slipped undetected into their system and began logging keystrokes, collecting passwords, and gathering personal data for later transmission.

This is just one example but a good one of how easy it is for us to be affected by vulnerable hardware. These microchips that are under threat are in our fridges, our cars, our phone, planes and even missiles.

Popular Science goes onto explain:

Even hardware generally considered innocuous could be exploited by hackers and used for covert acts. Modified third-party phone chargers have served as vehicles for malware, as have game consoles. In the world of hardware hacking, any smart device—a refrigerator, clock, even a wearable fitness monitor—could be weaponized.

Such covert actions could inflict even greater harm were they to work their way into the backbone of the Internet: the servers and other networking equipment that comprise the infrastructure of the IT world. Instead of gathering embarrassing emails from a handful of executives, hackers with compromised servers could monitor most of the world’s Internet messages. As companies such as Huawei Technologies and ZTE Corporation—both of which supply telecommunication equipment and have ties to the Chinese military—continue to grow, so too will concerns about network security.



Significant cost

The Cybersecurity Business Report offers the following stats that outline just how vulnerable we are as society and financially:

1. Cyber crime damage costs to hit $6 trillion annually by 2021. It all begins and ends with cyber crime. Without it, there’s nothing to cyber-defend. The cybersecurity community and major media have largely concurred on the prediction that cyber crime damages will cost the world $6 trillion annually by 2021, up from $3 trillion just a year ago. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.

2. Cybersecurity spending to exceed $1 trillion from 2017 to 2021. The rising tide of cyber crime has pushed information security (a subset of cybersecurity) spending to more than $86.4 billion in 2017, according to Gartner. That doesn’t include an accounting of internet of things (IoT), industrial IoT, and industrial control systems (ICS) security, automotive security, and other cybersecurity categories. Global spending on cybersecurity products and services are predicted to exceed $1 trillion over the next five years, from 2017 to 2021.

3. Cyber crime will more than triple the number of unfilled cybersecurity jobs, which is predicted to reach 3.5 million by 2021. Every IT position is also a cybersecurity position now. Every IT worker, every technology worker, needs to be involved with protecting and defending apps, data, devices, infrastructure and people. The cybersecurity workforce shortage is even worse than what the jobs numbers suggest. As a result, the cybersecurity unemployment rate has dropped to zero percent.

4. Human attack surface to reach 6 billion people by 2022. As the world goes digital, humans have moved ahead of machines as the top target for cyber criminals. There are 3.8 billion internet users in 2017 (51 percent of the world’s population of 7 billion), up from 2 billion in 2015. Cybersecurity Ventures predicts there will be 6 billion internet users by 2022 (75 percent of the projected world population of 8 billion) — and more than 7.5 billion internet users by 2030 (90 percent of the projected world population of 8.5 million, 6 years of age and older). The hackers smell blood now, not silicon.

5. Global ransomware damage costs are predicted to exceed $5 billion in 2017.That’s up from $325 million in 2015—a 15X increase in two years, and expected to worsen. Ransomware attacks on healthcare organizations—the No. 1 cyber-attacked industry—will quadruple by 2020. Cybersecurity Ventures predicts that a business will fall victim to a ransomware attack every 14 seconds by 2019.

What does it all mean? In 2015, Ginni Rometty, IBM’s chairman, president and CEO, said, “Cyber crime is the greatest threat to every company in the world.“

How can we protect ourselves?

It’s not time to move off-grid, we’re not suggesting that – don’t worry. But what we do suggest is that you take an element of your portfolio, savings and wealth off-grid.

Physical gold that is allocated and segregated is about as off-grid as you can get when it comes to investments. Sure, you can have some crypto currencies and some shares but they’re unbelievably connected to the outside world thanks to just the click of button. You cannot transact them without using an electronic device.

When it comes to physical gold, it does not rely on you having the safest chip in your smartphone or ensuring no-one is listening to you at home chatting to your loved ones.

Gold bullion has been bought by millions all over the world because of its role in protecting investors during times of war, financial hardship and economic disasters. It is only recently that the idea of cyber warfare and the misuse of this power by governments has become an important point of consideration.

Gold is as relevant here as it always has been. But it is specifically allocated, segregated physical gold which will protect from these risks – not paper gold or digital gold.

Owning gold coins and bars either in one’s possession or in allocated and segregated storage will protect people and will be accessible and liquid. It will protect investors and savers and those who use online banking from malicious attacks. Let’s face it we’re all there already and these growing risks are very real.

Related reading

Internet Shutdowns Show Risk of Digital Gold Platforms

Cyberwar Risk – Was U.S. Navy Victim Of Hacking?

Cyber Wars Could Crash Markets and Threat To Humanity – Buffett and Rickards

News and Commentary

Gold scores longest winning streak since 2011 (MarketWatch.com)

Palladium prices could top gold as record rally continues – GoldCore in Marketwatch (MarketWatch.com)

Turkish central bank’s gold holdings hit record as dollar holdings fall (HurriyetDailyNews.com)

Pakistan ditches dollar for trade with China hours after Trump’s denunciation (CNBC.com)

London house prices dropped in 2017: This is how the experts reacted (CityAM.com)

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Commodites Are Cheap Versus Stocks (Incrementum via Capital and Conflict)

Next Decade’s Most Important Chart (CapitalAndConflict.com)

Gold ETF GLD just did something it’s never done before (CNBC.com)

Dow 25K! Here’s what it says about the stock market (MarketWatch.com)

6 money lessons I’m going to remember this year (StansBerryChurcHouse.com)

Iranians Struggle As The Cost Of Basic Goods Surges (Statista.com)

Morgan Stanley Wealth Sells All Junk Bond Holdings, Warns Of Recession Risk (ZeroHedge.com)

Jeremy Grantham, who predicted the last two bubbles, warns the stock market is ready for a “melt-up” (CityAM.com)

Gold Prices (LBMA AM)

04 Jan: USD 1,313.70, GBP 969.77 & EUR 1,090.24 per ounce
03 Jan: USD 1,314.60, GBP 968.20 & EUR 1,092.96 per ounce
02 Jan: USD 1,312.80, GBP 968.85 & EUR 1,087.52 per ounce
29 Dec: USD 1,296.50, GBP 960.84 & EUR 1,082.45 per ounce
28 Dec: USD 1,291.60, GBP 960.43 & EUR 1,082.75 per ounce
27 Dec: USD 1,285.40, GBP 958.78 & EUR 1,081.54 per ounce
22 Dec: USD 1,268.05, GBP 947.74 & EUR 1,069.85 per ounce
21 Dec: USD 1,265.85, GBP 945.97 & EUR 1,065.09 per ounce

Silver Prices (LBMA)

04 Jan: USD 17.13, GBP 12.64 & EUR 14.20 per ounce
03 Jan: USD 17.12, GBP 12.63 & EUR 14.25 per ounce
02 Jan: USD 17.06, GBP 12.59 & EUR 14.15 per ounce
29 Dec: USD 16.87, GBP 12.48 & EUR 14.07 per ounce
28 Dec: USD 16.74, GBP 12.46 & EUR 14.02 per ounce
27 Dec: USD 16.50, GBP 12.30 & EUR 13.87 per ounce
22 Dec: USD 16.18, GBP 12.08 & EUR 13.65 per ounce
21 Dec: USD 16.15, GBP 12.08 & EUR 13.61 per ounce


Recent Market Updates

– Gold Has Best Year Since 2010 With Near 14% Gain In 2017
– Happy 2nd Birthday Bail-in Tool! We Suggest Gold As The Perfect Gift
– 98,750,067,000,000 Reasons to Buy Gold in 2018
– Gold, Bitcoin and the Blockchain Replaces the Banks – Realists Guide To The Future
– It’s A Wonderful Life Is A Wonderful Lesson To Hold Gold Outside of The Banking System
– Goldnomics Podcast – Gold, Stocks, Bitcoin in 2018. Everything Bubble Bursts?
– What Peak Gold, Interest Rates And Current Geopolitical Tensions Mean For Gold in 2018
– New Rules For Cross-Border Cash and Gold Bullion Movements
– ‘Gold Strengthens Public Confidence In The Central Bank’ – Bundesbank
– WGC: 2018 Set To Be A Positive Year For Price of Gold and Investors
– Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price
– UK Stagflation Risk As Inflation Hits 3.1% and House Prices Fall
– Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts

Market Snapshot

S&P 500 futures up 0.3% to 2,730.75
STOXX Europe 600 up 0.5% to 395.67
MSCI Asia Pacific up 0.6% to 179.04
MSCI Asia Pacific ex Japan up 0.6% to 586.16
Nikkei up 0.9% to 23,714.53
Topix up 0.9% to 1,880.34
Hang Seng Index up 0.3% to 30,814.64
Shanghai Composite up 0.2% to 3,391.75
Sensex up 0.5% to 34,141.10
Australia S&P/ASX 200 up 0.7% to 6,122.35
Kospi up 1.3% to 2,497.52
German 10Y yield fell 0.5 bps to 0.429%
Euro down 0.2% to $1.2047
Italian 10Y yield fell 5.2 bps to 1.746%
Spanish 10Y yield fell 1.4 bps to 1.529%
Brent futures down 0.9% to $67.48/bbl
Gold spot down 0.4% to $1,317.36
U.S. Dollar Index up 0.2% to 92.07

Top Overnight News

Euro-area inflation slowed to 1.4% last month from November’s 1.5%, and the underlying rate unexpectedly failed to accelerate, easing pressure on the ECB to unwind stimulus
President Donald Trump fired off a tweet saying that a book alleging dysfunction, backstabbing and chaos in his administration was “full of lies” and that he had given the author, Michael Wolff, “zero access” to the White House; Wolff’s publishers said they would bring forward publication of “Fire and Fury” to Friday
China capped how much bond traders at brokerages and fund companies can earn from a year’s work to 1 million yuan ($154,000), people with knowledge of the matter said, as regulators step up a campaign to control risk-taking across financial markets

Asian equities closed the week out on a high, following yet another day of gains in the US, whereby the DJIA broke 25k for the first time. Strong data out of the US boosted sentiment with the ADP figure beating analysts’ estimates, hinting at a firm number in today’s US NFP report. ASX 200 (+0.7%) continued to make fresh 10yr highs with the index finding support from financial and mining stocks. Nikkei 225 (+0.9%) had its best two day gain since November and probed 26yr highs amid the rise in banking stocks, while Chinese markets also posted gains (Shanghai Comp +0.2%, Hang Seng Index +0.3%)

Top Asian News

Bubbly H.K. Housing Is Unsustainable, $2.6 Billion Fund Says
HNA Said to Walk Away From Late-Stage Value Partners Talks
Axiata Surges as Carrier Said to Mull $500 Million Tower IPO
China Is Said to Keep 6.5% Economic Growth Target Amid Debt Push
China Data Mismatch Could Imperil Aluminum’s Stand-Out Surge

European equities (Eurostoxx 50 +0.5%) are also trading higher across the board in the wake of another upbeat Asia-Pac session which saw the Nikkei 225 print its best two-day gain since November. In terms of sector performance, auto names are performing well with Volkswagen (+2.7%), Peugeot (+2.7%) and Fiat Chrysler (+3.2%) all top of the DAX, CAC 40 and FTSE MIB respectively following a slew of broker upgrades at JP Morgan with utility names, Centrica (+1.9%) and United Utilities (+1.4%) at the top of the FSTE 100 following broker upgrades at Credit Suisse. Elsewhere, Dialog Semiconductor (-3.7%) shares are lagging their peers in the wake of reports that Apple products have been hit by chip flaws.

Top European News

U.K. Car Sales Drop Most Since Recession on Brexit, Diesel Fears
Euro-Area Inflation Slows, Undermining Calls for ECB to Curb QE
Ryanair Pulls Further Ahead of Pack Even After Pilot Debacle
Deutsche Bank CIB Unit Sought $1.5 Billion Bonus Pool, WiWo Says
Dole Food Takeover Approach From Belgium’s Greenyard Fails
President Macron Wins French Pollsters’ First Ever ‘Beer Test’

European fixed income has seen trading volumes remain paltry even by normal pre-US jobs data standards (MiFiD 2 and tighter Chinese bond market rules may help to explain low turnover), but there have been some decent moves, disconnects and distortions. Gilts have confounded the weaker or indifferent impulses seen ahead of the Liffe open to push ahead from the off (aside from a brief 2 tick stutter below parity), and printed at 124.88 for a 23 tick gain on what appears to be at least corrective due to their earlier closing time. Nevertheless, Bunds have caught a bid to register a fresh Eurex peak as well, at 161.74 (+15 ticks vs -9 ticks at the other extreme), after holding in at the 50% retracement support level. 161.82-86 forms the next tech resistance area, while bears will still be eyeing 161.36 ahead of Thursday’s 161.26 low and the 161.18 ultimate downside target that has survived several times. US Treasuries marginally weaker pre-NFP, aside from flat 2 year notes as the curve steadies a tad following the most recent bout of flattening.

In FX markets, AUD/USD one of the big movers overnight, with the pair recoiling from 0.7870 to a 0.7835 low on the back of Aussie trade data showing a deficit vs expected surplus as exports completely stagnated. Elsewhere, broad risk appetite, as Wall Street sets more all-time records and global stocks continue to rally, has undermined the traditional safe-haven currencies, and with the JPY also losing ground amidst decent cross-related flows (ie EUR/JPY bids said to be targeting 140.00 from around 136.50 currently). NZD/CAD/GBP/EUR are all holding up relatively well vs the USD as the DXY attempts to stay within touching distance of the 92.000 handle ahead of today’s US jobs report.

In commodities, both WTI and Brent crude futures are seen lower as markets take a breather from the recent rally which had lifted prices to multi-year highs with some profit-taking potentially entering the market. In terms of energy newsflow, things remain on the light side but markets remain sensitive to events in Iran and any potential backlash from the US via sanctions. In metals markets, gold prices have been seen lower overnight amid touted profit-taking, albeit prices remain in close proximity to recent highs. Elsewhere, Chinese steel futures were seen lower overnight as weather concerns continue to sway prices whilst Zinc (highest since mid-2007) remains supported in London amid supply fears.

Looking at the day ahead, the December CPI for the Eurozone (1.4% yoy expected), France (1.3% yoy expected) and Italy are due. Then the Eurozone’s November PPI, Germany’s retail sales and France’s consumer confidence data are also due. In the US, there is the December nonfarm payrolls, ISM non-mfg composite, unemployment rate and average hourly earnings data. Elsewhere, the November trade balance, factory orders as well as the final readings for the durable and capital goods orders are also due. Onto other events, the Fed’s Harker and Mester are both scheduled to speak.

US Event Calendar

8:30am: Change in Nonfarm Payrolls, est. 190,000, prior 228,000
Unemployment Rate, est. 4.1%, prior 4.1%; Underemployment Rate, prior 8.0%
Average Hourly Earnings MoM, est. 0.3%, prior 0.2%; YoY, est. 2.5%, prior 2.5%
Average Weekly Hours All Employees, est. 34.5, prior 34.5
8:30am: Trade Balance, est. $49.9b deficit, prior $48.7b deficit
10am: ISM Non-Manf. Composite, est. 57.6, prior 57.4
10am: Factory Orders, est. 1.1%, prior -0.1%; Ex Trans, prior 0.8%
10am: Durable Goods Orders, prior 1.3%; Durables Ex Transportation, prior -0.1%
Cap Goods Orders Nondef Ex Air, prior -0.1%;

DB’s Jim Reid concludes the overnight wrap

Flying at the moment are risk assets after a strong day yesterday. More on this later but it’s an important day for data today. Hot on the heels of a bumper US manufacturing ISM on Tuesday (59.7 vs. 58.2 expected), a beat on the services PMI (53.7 vs 52.5 expected) and ADP (250k vs 190k expected) yesterday, today sees the all-important US employment report. To be honest payrolls (DB forecast upped from 185k to 220k last night, consensus 190k but probably higher now after ADP) is a sideshow as Average Hourly Earnings will be the key part of the release. Both DB and consensus are expecting 0.3% MoM and 2.5% YoY. Earnings are key at the moment as this global recovery/expansion has everything apart from wage growth/inflation which in turn is keeping the Fed rate hikes gradual and volatility low. DB has put out a fair amount of research over the last few weeks detailing how US wage growth is picking up so it’ll be interesting to see whether this can find its way into the main headline data soon!

Elsewhere in the report the unemployment rate (4.1% vs. 4.1%) should remain stable at its lowest level since 2000. Our economists expect this stability to be temporary as they expect the unemployment rate to break through 4% in H1 2018. This level could prove important since they recently found using state-level data that wage growth picks up significantly as the unemployment rate falls below 4%. So they would argue wage growth is coming even if today’s number is flat.

Given the recent strength in US data, it’s interesting that the big call out of DB yesterday was to target 1.30 on EUR/USD in 2018. George Saravelos suggests that although the Fed is hiking rates, US rate differentials are widening and the dollar has become a G10 high-yielder, the dollar is not responding. He thinks current dynamics look very similar to the 2004-06 Fed cycle. Back then the dollar weakened even as the dollar became one of the highest-yielding currencies in the world. Weaker flows into the US mattered more than rising rates. Our FX team believe flows will matter more in 2018 too, and these are decidedly EUR/USD positive.

The buzz phrase yesterday was speculation about whether we were in a ‘melt up’ for risk assets. US bourses reached fresh highs for the third consecutive day with the S&P 500 up 0.40% and the Dow cracking through 25,000. All Euro equities were higher with Stoxx 600 up 0.89% to the highest in 8-weeks and the Nikkei jumping 3.26% near its 26 year high after trading resumed for 2018. Within the S&P, all sectors excluding real estate and utilities were in the green while the Stoxx’s gains were led by financials and energy stocks. Elsewhere, credit spreads continue to grind tighter (c1bp lower), with US CDX IG now at 46.1bp and Europe Main at 43.9bp.

This morning in Asia, markets are trading higher as we type. The Kospi is up 1.08% and reversing its underperformance from yesterday, while Nikkei and Hang Seng are up 0.82% and 0.05% respectively. Elsewhere, North Korea has accepted South Korea’s proposal for talks on 9 January and Japan’s December Nikkei composite PMI was in line at 52.2.

Staying in Asia, our Japanese team published their macro and equity outlook for 2018. They expect a slowing Japanese economy and forecast 0.9% real GDP growth in 2018 (vs. FY17 1.9%; FY19 0.8%). They note durable goods spending, capital investment and housing investment are at the end of their cycles or are in the midst of transitioning to a decline. On rates, they believe the expected US rate hikes in 2018 should not have much impact on yen interest rates as long as the BOJ continues its yield curve control (YCC) policy – which should continue on the assumption that core CPI will not consistently exceed 1%. Further, they expect Haruhiko Kuroda to be reappointed as BOJ governor, in part due to the absence of a strong alternative candidate. Finally, they maintain their positive stance on Japanese equities, mainly driven by their expectations that aggregate Japanese earnings will remain strong, supported by slowing but robust global growth and a stable if not weaker yen. For more details, refer to the link.

Now recapping other market performance from yesterday. In government bonds, core 10y yields were mixed but little changed. Treasuries initially weakened after the strong ADP print, but pared losses to close +0.5bp to 2.453%, while Gilts rose 2bp and Bunds fell 0.6bp. Notably, peripherals outperformed with yields down 5-7bp, in part supported by Spain’s first government bond sale for the year, selling €4.6bn of bonds which was towards the top end of its targeted range.

Turning to currencies, the US dollar index weakened 0.32%, while Sterling and Euro gained 0.26% and 0.44% respectively. In commodities, WTI oil rose 0.42% and consolidated near its three year high after the EIA report confirmed a fall in US crude inventories. Elsewhere, precious metals strengthened c0.6% (Gold +0.75%; Silver +0.54%) and other base metals also advanced modestly (Copper flat; Zinc +0.62%; Aluminium +0.43%).

Away from markets and onto Brexit, France’s President Macron has called for a unified EU approach and “common mandate” amongst EU members in the next stage of Brexit talks. He noted that each country can have their own interests, but if we acted like the prisoner’s dilemma game theory, then its “probable that collectively we’ll create a situation that is unfavourable to the EU and thus to each one of us”. Elsewhere, the Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs Ted McKinney noted if the UK has its own rules on farming and food standards rather than keeping the existing EU rules, then “there is much greater opportunity for trade” between the two countries.

In the US, the Fed’s Bullard reiterated his views that a tightening labour market is unlikely to materially lift inflation. He also noted that he “would not want the Fed to push so hard that we get to an inverted yield curve situation” and that the yield curve issue “is something that needs to be debated out sooner rather than later”. On Bitcoin, he noted it is not something “that monetary policy makers have to worry very much about at this point”. Elsewhere, the SEC Chairman Jay Clayton noted that “…we again caution you that, if you lose money (on cryptocurrencies), there is a substantial risk that our efforts will not result in a recovery of your investment.”

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the final reading for the December composite PMI was above expectations at 54.1 (vs. 53 previous). Elsewhere, the weekly initial jobless claims were higher than expectations (250k vs. 240k) but continuing claims (1,914k vs. 1,928k expected) were lower.

In Europe, the final readings for the Eurozone’s services and composite PMI were both revised 0.1ppt higher to 56.6 and 58.1 respectively – the highest since the GFC. On a country basis, Germany’s services PMI was unrevised at 55.8 but the composite PMI was 0.2ppt higher at 58.9. In France, its composite PMI was revised 0.4ppt lower to 59.6. Finally, the flash composite PMI for Italy was above market (56.5 vs. 56 expected) while the UK was softer (54.9 vs. 55 expected).

In the UK, the December Nationwide House price index was above market at 2.6% yoy (vs. 2.0% expected), while London posted its first full year decline since 2009 (albeit -0.5% yoy). Elsewhere, the November mortgage approvals (65.1k vs. 64.1k expected) and net lending on dwellings both beat expectations (£3.5bln vs. £3.4bln).

Looking at the day ahead, the December CPI for the Eurozone (1.4% yoy expected), France (1.3% yoy expected) and Italy are due. Then the Eurozone’s November PPI, Germany’s retail sales and France’s consumer confidence data are also due. In the US, there is the December nonfarm payrolls, ISM non-mfg composite, unemployment rate and average hourly earnings data. Elsewhere, the November trade balance, factory orders as well as the final readings for the durable and capital goods orders are also due. Onto other events, the Fed’s Harker and Mester are both scheduled to speak.

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Thank You Harvey Always Good stuff https://www.silverdoctors.com/tag/harvey-organ/
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Thanks for the advice

MMgys

who do you think is buying all that gold up

good guys ?

MMgys

"Say What"

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MMgys

Courtesy: the man that continues to Wow us !! wow_happens28 Thanks Man



and Thank You All for your Outstanding contributions

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Eric Sprott: Maybe the whole fraud of the Comex is unwinding



Submitted by cpowell on Fri, 2018-01-05 20:11. Section: Daily Dispatches

3:12p ET Friday, January 5, 2018

Dear Friend of GATA and Gold:

Weakness in the U.S. dollar is pushing gold and silver up along with commodities generally, mining entrepreneur Eric Sprott tells interviewer Craig Hemke in the weekly wrapup for Sprott Money News.

Citing the work of gold researchers Harvey Organ and Ronan Manly, Sprott and Hemke also discuss the extraordinary increase in the use of the "exchange for physicals" procedure for clearing gold and silver contracts on the New York Commodities Exchange, which suggests that little metal is available for delivery in New York. "Maybe the whole fraud of the Comex is unwinding," Sprott says.

We can only hope.

The interview is 12 minutes long and can be heard at the Sprott Money internet site here:

https://www.sprottmoney.com/Blog/maybe-the-whole-fraud-of-the-comex-is-u...

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Thanks GATA
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the Following is a GYS Special Presentation







Must Be 21 to enter "Say What"





Welcome to afterhours at the MMGYS Speakeasy Three Cafe




Featuring the GYS Songs Of Year 2016, 2017 & 2018



GYS2016

GYS 2016 Song Of The Year !

GYS2017

GYS 2017 Song Of The Year !

GYS2018

GYS 2018 Song Of The Year !


Hope you enJoyed this and are having a Great Weekend !

and Thank You

Hoping it just got a little Better <3

[JD400]

Night Shadows Data


Good Morning Ladies and Gentlemen !

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


MMgys

Jan 24/USA DOLLAR TANKS ON MNUCHIN STATEMENT THAT HE WANTS A LOWER DOLLAR VALUE/USA INDEX BREAKS 90 AND ENDS AT 89.25/USA 10 YR BOND NOTE AT 2.65%/GOLD RISES $25.00 TO $1357.15/SILVER RISES 56 CENTS TO $17.50 AND BREAKS THE HUGE $17.25 RESISTANCE/MONSTROUS ISSUE IN GOLD EFPS: 12,223/HUGE SILVER EFP ISSUANCE OF 2598 CONTRACTS/HUGE 2.65 TONNES OF GOLD ADDED INTO THE GLD/NOTHING ADDED INTO THE SLV/HUGE NUMBER OF SWAMP STORIES FOR YOU TONIGHT/
January 24, 2018 · by Harvey Organ




GOLD: $1357.15 UP $25.00

Silver: $17.50 UP 56 cents

Closing access prices:

Gold $1359.00

silver: $17.57

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1348.77 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1341.15

PREMIUM FIRST FIX: $7.62

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SECOND SHANGHAI GOLD FIX: $1358.46

NY GOLD PRICE AT THE EXACT SAME TIME: $1343.00

Premium of Shanghai 2nd fix/NY:$15.46

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1350.50

NY PRICING AT THE EXACT SAME TIME: $1349.80

LONDON SECOND GOLD FIX 10 AM: $1353.70

NY PRICING AT THE EXACT SAME TIME. $1355.25

For comex gold:

JANUARY/
NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 8 NOTICE(S) FOR 800 OZ.

TOTAL NOTICES SO FAR: 692 FOR 69200 OZ (2.1524 TONNES),

For silver:

jANUARY
10 NOTICE(S) FILED TODAY FOR
50,000 OZ/

Total number of notices filed so far this month: 726 for 3,630,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $10,947/OFFER $11,047 DOWN $171 (morning)
Bitcoin: BID $11,108/OFFER $11,212 UP $332 (CLOSING/4 PM)

end

Let us have a look at the data for today

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In silver, the total open interest FELL BY A TINY 76 contracts from 200,061 FALLING TO 199,985 WITH YESTERDAY’S 6 CENT LOSS IN SILVER PRICING. WE THUS MINIMAL COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2598 EFP’S FOR MARCH AND ZERO FOR OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2598 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 2598 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

37,797 CONTRACTS (FOR 17 TRADING DAYS TOTAL 37,797 CONTRACTS OR 188.98 MILLION OZ: AVERAGE PER DAY: 2223 CONTRACTS OR 11.116 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 188.98 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 26.99% OF ANNUAL GLOBAL PRODUCTION

RESULT: A TINY SIZED LOSS IN OI COMEX DESPITE THE 6 CENT LOSS IN SILVER PRICE WHICH USUALLY INDICATES ANOTHER FAILED BANKER SHORT-COVERING. WE ALSO HAD A HUGE SIZED EFP ISSUANCE OF 2598 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2598 EFP’S WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 2522 OI CONTRACTS i.e. 2598 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 76 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 6 CENTS AND A CLOSING PRICE OF $16.92 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.999 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 10 NOTICE(S) FOR 50,000 OZ OF SILVER

In gold, the open interest SURPRISINGLY ROSE BY A CONSIDERABLE 9126 CONTRACTS UP TO 582,421 WITH THE GOOD SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($5.55). IN ANOTHER HUGE DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR WEDNESDAY AND IT TOTALED A HUMONGOUS SIZED 12,223 CONTRACTS OF WHICH FEBRUARY SAW 11,023 CONTRACTS ISSUED AND APRIL SAW THE ISSUANCE OF 1200 CONTRACTS. The new OI for the gold complex rests at 583,590. ALSO REMEMBER THAT THERE CAN BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A HUGE GAIN OF 21,349 CONTRACTS: 9126 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 12,223 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. EXPECT HUGE NUMBERS OF EFP’S TO BE ISSUED AS WE APPROACH FIRST DAY NOTICE IN THE GOLD FEB COMEX CONTRACT, WEDNESDAY JAN 31.2018

YESTERDAY, WE HAD 11,759 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 164,474 CONTRACTS OR 16.474 MILLION OZ OR 512.41 TONNES (17 TRADING DAYS AND THUS AVERAGING: 9674 EFP CONTRACTS PER TRADING DAY OR 967,400 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 17 TRADING DAYS: IN TONNES: 513 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 474/2200 TONNES = 23.31% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

Result: A SHOCKINGLY STRONG SIZED INCREASE IN OI AT THE COMEX WITH THE FAIR SIZED RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($5.55). WE HAD ANOTHER GIGANTIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 12,223. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 12,223 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 21,349 contracts ON THE TWO EXCHANGES:

12,223 CONTRACTS MOVE TO LONDON AND 9,126 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 70.03 TONNES).

we had: 8 notice(s) filed upon for 800 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

With gold UP $25.00, we had a huge change in gold inventory at the GLD/A DEPOSIT OF 2.65 TONNES

Inventory rests tonight: 849.32 tonnes.

SLV/

A BIG CHANGES IN SILVER INVENTORY AT THE SLV/A HUGE WITHDRAWAL OF 1.131 MILLION OZ FROM THE SLV INVENTORY/

INVENTORY RESTS AT 313.048 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A TINY 76 contracts from 200,061 DOWN TO 199,985 (AND now A LITTLE FURTHER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE FALL IN PRICE OF SILVER TO THE TUNE OF 5 CENTS WITH RESPECT TO YESTERDAY’S TRADING. OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 2598 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 76 CONTRACTS TO THE 2598 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A BIG GAIN OF 2522 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 12.61 MILLION OZ!!!

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE TINY FALL OF 6 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER STRONG 2598 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 12.96 points or 0.37% /Hang Sang CLOSED UP 27.99 pts or 0.08% / The Nikkei closed DOWN 183.97 POINTS OR 0.76%/Australia’s all ordinaires CLOSED UP 0.29%/Chinese yuan (ONSHORE) closed WELL UP at 6.3748/Oil UP to 64.63 dollars per barrel for WTI and 69.91 for Brent. Stocks in Europe OPENED ALL RED . ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.2748. OFFSHORE YUAN CLOSED UP AGAINST THE ONSHORE YUAN AT 6.3732//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS VERY HAPPY TODAY.(GOOD MARKETS/WEAKER USA DOLLAR )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)/North Korea/China/USA

CIA director Mike Pompeo claims that North Korea’s missile program is much more advanced than anyone thought

( zerohedge)

ii)This is not good; North Korean officials raid homes and farms to feed its army

( Mac Slavo.SHFTplan.com)

END


b) REPORT ON JAPAN


3 c CHINA
4. EUROPEAN AFFAIRS



5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
Caterpillar is an excellent Bellwether indicator for global growth. Today the company announced huge dealer sales, the most in 6 years.

( zerohedge)
7. OIL ISSUES

WTI tops 65 dollars for the first time since 2014 despite record production.

( zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)The LBMA hopes that blockchain can track everybody’s gold. They are correct, it can

( LBMA/GATA)

ii)Even though China has a massive $40 trillion debt, they plan to rescue any or all big banks

( Ambrose Pritchard Evans/GATA)

iii)IMPORTANT ANNOUNCEMENT

Andrew Maguire’s new crypto currency which is fully backed by allocated gold and silver is now ready and it will without a doubt destroy all other cryptos



Mp3 download.

(Andrew Maguire)

iv)The Perth mint will also issue a cryptocurrency backed by gold

( GATA)
10. USA stories which will influence the price of gold/silver

i)LAST NIGHT EARLY TRADING (Tuesday night)

(zerohedge)

ii)Early Wednesday morning
Trade wars are to commence as Mnuchin endorses a weaker USA currency on top of tariffs. This accelerated the downfall on the uSA this morning
( zerohedge)

iib)The Composite USA PMI which covers both manufacturing and service tumbles to a 8 month low. It was the service sector that had the big slump
( zerohedge)

iic)Starbucks is the latest company to announce a 250 million dollar spending program for worker benefits which include a pay boost( zero hedge)

iid)The USA seems that it is not doing as well as Europe: Today existing home sales slumped due to record low supply

( zerohedge)
iii)The bond market is already in bear territory and this will cause a massive crash to the financial system (as outlined by Russell Clark of Horseman Capital)
( Ray Dalio/zerohedge)

iv)Simple: Trump to Schumer: if there is no wall, there is no DACA
( zerohedge)
v)GE’s stock falls as they announce an SEC probe into one of their insurance companies. They took a huge charge of 6.2 billion dollars

( zerohedge)

vi)SWAMP STORIES

a)A whistleblower has revealed to Congress that a clandestine, offsite meetings have occurred between high ranking FBI and Dept of Justice people with the sole purpose to undermine President Trump. This was confirmed by Rep Ron Johnson of Wisconsin

( zerohedge)



b)A good summary so far of the massive scandal brewing at the FBI

( zerohedge)

c)Judicial Watch does what it does best: it sues the DOJ for the text messages between our love birds
(courtesy zerohedge/Judicial watch)


d)a JOKE!! it now seems that 1000’s of FBI phones were hit by the same glitch as the lost Strozok-Page texts. Strange! nobody asks to see the physical phones and nobody has asked the carriers for any copies??

( zerohedge)



e)Trump would speak to Mueller under oath in the next few weeks.

( zerohedge)
Let us head over to the comex:

The total gold comex open interest SHOCKINGLY ROSE BY A HUGE 9126 CONTRACTS UP to an OI level of 582,421 DESPITE THE SMALL RISE IN THE PRICE OF GOLD ($5.55 GAIN WITH RESPECT TO YESTERDAY’S TRADING). WE HAD SURPRISINGLY NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A GOOD SIZED 11023 EFP’S ISSUED FOR FEBRUARY AND 1200 EFP’s FOR APRIL: TOTAL 12,233 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE CAN BE A DELAY OF UP TO 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS AS THEY ARE NEGOTIATING A PRIVATE EFP CONTRACT WITH THE BANKS… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 21,349 OI CONTRACTS IN THAT 12,223 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 9126 COMEX CONTRACTS. NET GAIN ON THE TWO EXCHANGES: 21,349 contracts OR 2,134,900 OZ OR 66.40 TONNES

Result: A SURPRISING AND STRONG INCREASE IN COMEX OPEN INTEREST DESPITE THE SMALL RISE IN YESTERDAY’S GOLD TRADING ($5.55.) WE HAD NO COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 21,349 OI CONTRACTS..

We have now entered the active contract month of JANUARY. The open interest for the front month of JANUARY saw it’s open interest FALL by 159 contracts FALLING TO 26. We had 162 notices served upon yesterday so we GAINED 3 contracts or an additional 300 oz of gold will stand AT THE COMEX in this non active month of January AS QUEUE JUMPING RETURNS WITH A VENGEANCE.

FEBRUARY saw a LOSS of 24,785 contacts DOWN to 201,744. March saw a GAIN of 508 contracts UP to 1313. April saw a GAIN of 30,502 contracts UP to 257,912.

We had 8 notice(s) filed upon today for 800 oz
PRELIMINARY VOLUME TODAY ESTIMATED; 617,690
FINAL NUMBERS CONFIRMED FOR YESTERDAY: 457,325

comex gold volumes are RISING AGAIN

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And now for the wild silver comex results.

Total silver OI FELL BY A TINY 76 CONTRACTS FROM 200,061 DOWN TO 199,985 DESPITE YESTERDAY’S TINY 6 CENT FALL. WE WERE ALSO INFORMED THAT WE HAD ANOTHER GIGANTIC SIZED 2598 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2598. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE HAD ZERO LONG COMEX SILVER LIQUIDATION AND A HUGE SIZED RISE IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 2522 SILVER OPEN INTEREST CONTRACTS:

76 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 2598 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 2522 CONTRACTS

We are now in the poor non active delivery month of January and here the OI LOST 3 contracts FALLING TO 12. We had 9 notices served upon yesterday, so we GAINED 6 contracts or an additional 30,000 oz will stand for delivery AT THE COMEX AND QUEUE JUMPING CONTINUES

February saw a GAIN OF 10 OI contracts RISING TO 169. The March contract LOST 1100 contracts DOWN to 138,719.

We had 10 notice(s) filed for NIL 50,000 for the January 2018 contract for silver
INITIAL standings for JANUARY

Jan 24/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
NIL
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
96,095.061 OZ
hsbc
No of oz served (contracts) today
8 notice(s)
800 OZ
No of oz to be served (notices)
18 contracts
(1800 oz)
Total monthly oz gold served (contracts) so far this month
692 notices
69200 oz
2,1524 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory movement into the dealer accounts: nil oz
we had 0 withdrawals into the customer account:
i
total withdrawal: NIL oz
we had 1 customer deposit
i )Into HSBC: 96,095.061 oz
total deposits: 96,095.061 oz
we had 0 adjustments
total registered or dealer gold: 586,501.473 oz or 18.242 tonnes
total registered and eligible (customer) gold; 9,313,542.543 oz 289.69 tones

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 8 contract(s) of which 6 notices were stopped (received) by j.P. Morgan dealer and 0 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 JANUARY. contract month, we take the total number of notices filed so far for the month (692) x 100 oz or 69200 oz, to which we add the difference between the open interest for the front month of JAN. (26 contracts) minus the number of notices served upon today (8 x 100 oz per contract) equals 71,000 oz, the number of ounces standing in this active month of JANUARY

Thus the INITIAL standings for gold for the JANUARY contract month:

No of notices served (692 x 100 oz or ounces + {(26)OI for the front month minus the number of notices served upon today (8 x 100 oz which equals 71,000 oz standing in this active delivery month of JANUARY (2.209 tonnes). THERE IS 18.245 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE gained 3 CONTRACTS OR AN ADDITIONAL 300 OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY AS QUEUE JUMPING CONTINUES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ON FIRST DAY NOTICE FOR JANUARY 2017, THE INITIAL GOLD STANDING: 3.904 TONNES STANDING

BY THE END OF THE MONTH: FINAL: 3.555 TONNES STOOD FOR COMEX DELIVERY AS THE REMAINDER HAD TRANSFERRED OVER TO LONDON FORWARDS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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 15 MONTHS 65 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER FINAL standings
Jan 24 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
1,190,341,081 oz
CNT
DELAWARE
HSBC
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
598,818.830 oz
JPMORGAN
No of oz served today (contracts)
10
CONTRACT(S)
(50,000 OZ)
No of oz to be served (notices)
2 contracts
(10,000 oz)
Total monthly oz silver served (contracts) 726 contracts

(3,630,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 1 inventory deposits into the customer account

i) JPMorgan continues to add silver to its inventory:

Deposit: 598,818.830 oz

total inventory deposits: 598,818.830 oz

we had 3 withdrawals from the customer account;

i) Out of CNT: 599,110.110 oz

ii) Out of Delaware: 4099.071 oz

iii) Out of HSBC; 587,131.900 oz

total withdrawals; 1,190,341.081 oz

we had 0 adjustment

total dealer silver: 45.461 million

total dealer + customer silver: 245.948 million oz

The total number of notices filed today for the JANUARY. contract month is represented by 10 contract(s) FOR 50,000 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 726 x 5,000 oz = 3,630,000 oz to which we add the difference between the open interest for the front month of JAN. (12) and the number of notices served upon today (10 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JANUARY contract month: 726(notices served so far)x 5000 oz + OI for front month of JANUARY(12) -number of notices served upon today (10)x 5000 oz equals 3,640,000 oz of silver standing for the JANUARY contract month. This is VERY GOOD for this NONACTIVE delivery month of JANUARY. WE GAINED 6 CONTRACTS OR AN ADDITIONAL 30,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY AS QUEUE JUMPING CONTINUES AS WE PROCEED TO MONTH’S END.

ON FIRST DAY NOTICE FOR THE JANUARY 2017 CONTRACT WE HAD 3.790 MILLION OZ STAND.

THE FINAL STANDING: 3,730 MILLION OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

I almost fell from my chair: we received volumes at the comex and they were on time

ESTIMATED VOLUME FOR TODAY: 116,815

CONFIRMED VOLUME FOR YESTERDAY: 95,499 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 95,499 CONTRACTS EQUATES TO 477 MILLION OZ OR 68.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.29% (Jan 23/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.36% to NAV (Jan 23/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.29%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.36%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO 2.85%: NAV 13.96/TRADING 13.56//DISCOUNT 2.89%



END

And now the Gold inventory at the GLD/

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Jan 24/2018/ Inventory rests tonight at 849.32 tonnes

*IN LAST 314 TRADING DAYS: 91.83 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 248 TRADING DAYS: A NET 65.48 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end





Now the SLV Inventory

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Jan 24/2017:
Inventory 313.048 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.80%
12 Month MM GOFO
+ 2.16%
Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Cyber War Coming In 2018?

24, January

– Cyber war is increasing threat – Investors are not prepared for
– Third most likely global risk in 2018 is cyber war say WEF
– “Scale and sophistication of attacks is going to grow”
– EU, US, NATO lay down ground rules for offensive cyber war
– Ireland is viable target for attackers but is ‘grossly unprepared for cyber war’
– UK should expect attack that cripples infrastructure within 2 years
– Trump administration may use nuclear weapons in response to cyber attacks
– Cyber war designed to have a economic impact on countries
– Invest in physical assets as well as digital assets & currencies
– Avoid ETF and digital gold and own physical gold that is allocated and segregated

Editor: Mark O’Byrne

Cyber-attacks are the third most likely global risk for 2018, behind extreme weather conditions and natural disasters, according to a new report by the World Economic Forum.

Estimated to cost over $1 trillion per year, cyber-attacks are now more expensive than natural disasters which in 2017 brought in a bill of $300 billion.

“We are still under resourced in the amount of effort put into trying to mitigate this risk…Cyber is at or above the scale of natural catastrophes [in terms of financial damage caused] and yet the comparative infrastructure is much smaller in scale,” according to John Drzik of WEF report partner Marsh.

The World Economic Forum’s Margareta Drzeniek-Hanouz, head of economic progress, told a press conference that cyber-risks are affecting society and the economy in “new, broader ways.”

They now impact not just the corporate sector as we usually assume but also government infrastructures and the geopolitical sphere. Arguably we are also seeing them shape societies.

The report’s launch comes at a time when cyber-attack warnings are coming in thick and fast. Governments have been warned this week that they are grossly underprepared for an attack which could see politics taken out of the electorate’s hands, billions wiped from financial markets and chaos generally created between otherwise peaceful nations.

The average citizen and investor is only vaguely aware of these risks and has yet to “join the dots” and realise the real risks they pose to economies, financial markets and people’s online savings and investments.

This is becoming urgent and yet complacency is common place with financial media focus on soaring stock markets and parabolic crypto currencies.

Governments, financial service providers, banks, brokerages are all grossly underprepared for a cyber-attack which means that your assets are vulnerable.

Governments unprepared

This week at the incredibly ‘in-touch’ event that is Davos a public-private platform in the form of a Global Centre for Cybersecurity will be launched.

“Cyber-risk is rapidly emerging as a major headache in boardrooms of all sorts of institutions around the world,” Marsh’s John Drzik told the recent press conference. The new center for cybersecurity will, (launched with Interpol) be a “framework in which there will be a better opportunity for leaders of institutions across the public and private sectors to pool information on their intelligence and response capabilities to get ahead of the curve on a number of these risks.”

Hopefully this is not a case of too little too late.

Throughout the world, including in the United Kingdom and Ireland, experts have been very vocal about the dangers that face entire nations.

CEO of Ward Solutions, Pat Larkin has told the Irish government that they need to ‘wake-up’ to the risks facing the country’s cyber systems as they are totally under prepared for what may come.

The country is completely unprepared for the “doomsday scenario” that was seen in Estonia, in 2007, Larkin warned via the Sun.ie in the first week of this year.

Intermittent but continuous power outages, attacks on the financial infrastructure, the transport and water infrastructure — to the point where it is significantly impacting the commercial and social activities of the citizens and damages the country’s brand internationally and its economy — would be the worst case scenario.

In a warning that is relevant to all technologically advanced and vulnerable nations, Larkin said:

“A continuous drip-feed of cyber attacks would lead to very unstable environment — a targeted attack like that on Ireland could wreak havoc on the country.

It would have a major impact on everyday life for citizens and businesses.

But it would also be catastrophic for the country’s foreign direct investment.

Major companies come to Ireland to invest for a number of reasons — the talent, tax environment — but they also come here because Ireland is a very politically stable country with good infrastructure and good services.

This is the major challenge for Ireland. Given that we are not well prepared or protected, if someone really did decide to target us they could inflict continuous long-term damage.”

Meanwhile in the UK, Ciaran Martin, head of the country’s National Cyber Security Centre, has told the Guardian:

“I think it is a matter of when, not if and we will be fortunate to come to the end of the decade without having to trigger a category one attack.”

A Category One (C1) attack can be defined as an attack that might cripple infrastructure such as energy supplies, banks (including ATMs) and the financial services sector.

Sadly it is not just country-based attacks that both Ireland, the UK and its contemporaries need to be aware of.

Ciaran Martin explains:

“What we have seen over the past year or so is a shift in North Korean attack motivation from what you might call statecraft – disrupting infrastructure – through to trying to get money through attacks on banks but also the deployment of ransomware, albeit in a way that didn’t pan out in the way the attackers wanted to.”

As well as North Korea, intrusions have been blamed on Russia, China and Iran. Some of these, Martin said, were espionage-based, scouting out vulnerabilities in infrastructure for potential future disruption.

Although the UK signed a treaty with China in 2015 not to engage in cyber-attacks for commercial gain, espionage was left out of the treaty.

“What we have seen from Russia thus far against the UK is a series of intrusions for espionage and possible pre-positioning into key sectors but in a more controlled form of attack from others,” he said.

The changing definition of war

What many nations in their cyber operations seem to be doing, including Russia and the U.S., is something that once would not have come under the definition of war. They (along with the likes of North Korea) are not using things that go ‘bang’ or cause physical harm and destruction.

Instead, they are using weapons which give them a greater advantage in this new multi-polar world which has made way for new forms of competing with one another.

In previous eras ‘war’ came about as a push for territory, now in this interconnected world, physical territory is easier to obtain once you have taken hold of the operating systems, the political system and even the minds of the electorate.

Whilst terrorism is still a priority for Western defence, a British Army Chief believes that the cyber threat, particularly from Russia is a more immediate concern.

As ever, let us hope that calm minds and the diplomats prevail and nations do not pursue the cyber war option.

Worryingly, this is not the attitude of the U.S. military and the Trump administration who, in simple terms, believe that the U.S. should use nuclear weapons in retaliation for a cyber attack.

That’s right, various drafts of the Nuclear Posture Review, as seen by the New York Times, suggest that the US would retaliate to a non-nuclear attack with nuclear weapons.

Journalists David Sanger and William Broad report in the New York Times that nuclear weapons can be used should an adversary conduct “non-nuclear strategic attacks … on U.S., allied, or partner civilian population or infrastructure.”

Quite simply, the new U.S. military doctrine seems to be threatening to nuke anyone who conducts a massively disruptive cyberattack on the power grid, water system or financial markets of the U.S. or its friends.

Cyber-attacks increase in cost and reach

Infrastructure generally means electricity, water, roads, rails etc to the general public. However, infrastructure in today’s connected world also means cloud based services, online brokerages and bank accounts.

If you use online services, even just email or online banking, then you are exposed to the cloud.

“If an attacker took down a major cloud provider, the damages could be $50bn (£36bn) to $120bn, so something in the range of a [Hurricane] Sandy event to a Katrina event,” warns WEF report author John Drzik.

Companies are well aware of this rising cost and are feeling the pinch already. In the summer of 2017 an attack more potent than WannaCry took a hold of a number of companies’ operations. The attack, NotPetya, went after vulnerabilities in Ukrainian accounting software but ended up causing serious damage to non-Ukrainian counterparties.

Large multinationals from Mondelez to Moller-Maersk, Reckitt Benckiser to FedEx, were forced to warn shareholders that the ‘NotPetya’ cyber attack had hit their bottom line, costing each company hundreds of millions of dollars. They said that the extent of the damage to their finances was not yet known but projected that the year’s revenue would be hit.

The price of a cyber attack varies significantly depending on the kind of breach a company suffers, a company’s size, industry and country, and how well prepared it was for an attack.

Overall, the cost of cyber security for companies rose 22.7 per cent last year to an average of $11.7m, mainly due to a rising number of security breaches. The number of breaches is up an average 27.4 per cent year on year, according to the Ponemon Institute’s Cost of Cyber Crime report. The report was based on 2,182 interviews from 254 companies in seven countries.

And ultimately who bears the brunt of these increased costs? The clients. You and I. That’s not just in monetary terms, its also in terms of risk and inconvenience.

It will be our data that will be increasingly exposed, our passwords that will need to be triple-verified, or our bio-metric data insisted upon in order to access our money and our money confiscated in bail-ins should banks get into difficulties again either due to hacking and cyber war or plain old bankruptcy.

Even then, with all the complex password and finger prints in the world, we cannot be guaranteed that our financial assets are safe. Why not?

Because so many of them are digital. They’re not real. Therefore, they can be manipulated, stolen and vanished should a cyber attacker choose to do so.

Trust people not systems

“Perhaps their strongest control is the human firewall; the person in the business,” says Larkin when advising on how companies can best protect themselves and their data.

Perhaps savers and investors should take the same approach and place increasing trust in assets which are tangible and which can be verified, handled, seen and taken delivery of.

This is not the first time that we have written about the growing threat of cyber terrorism. To many it is seen as scaremongering. A bit like nuclear war it seems to be something that is so far removed from our day to day lives that we cannot relate or appreciate the level to which a cyber attack would disrupt our lives.

All we are doing is reporting on what is already out there regarding the risks of cyber war. Security and defence chiefs, global economic organisations and private companies, governments and journalists are all sitting up and paying attention to these threats. But, many are still severely behind the curve when it comes to the potential impacts on investors and savers.

This is why investors need to stay one step ahead. Luckily for them it’s not as complicated as it is for those trying to protect the infrastructure of massive companies, governments and nations.

It is simply a matter of prudent asset allocation and diversifying into physical assets that cannot be deleted or transferred at the touch of a button: physical, allocated and segregated gold and silver bullion and coins.


Recommended Reading

Massive Equifax Hack Shows Cyber Risk to Deposits and Investments

Cyber Attacks Show Vulnerability of Digital Systems and Digital Currencies

Cyber Wars Could Crash Markets and Threat To Humanity – Buffett

News and Commentary

Gold ETF Assets Climb to Highest Since 2013 (Bloomberg.com)

Gold firm as dollar sinks further (Reuters.com)

Australia Is Cashing In on Gold ETFs (Bloomberg.com)

South Korea now requires verified ID to trade cryptocurrencies (MarketWatch.com)

Gold Market Mulling Blockchain to Secure $200 Billion of Supply (Bloomberg.com)

First Cryptocurrency Freight Deal Takes Russian Wheat to Turkey (Bloomberg.com)



Source: Bloomberg

This Rare Bear Who Called the Crash Warns Housing Is Too Hot Again (Bloomberg.com)

Now that the bond bull market is over, what comes next? (MoneyWeek.com)

Look For The Stock Market To Move Higher Before Topping In Early To Mid March (TheTechnicalTraders.com)

Everyone Is Affected: Why The Implications Of The Intel “Bug” Are Staggering (ZeroHedge.com)

Why Bitcoin Is Silver’s Best Friend In 2018 (Silver-Pheonix500.com)

“America First” and China – and what’s next (StansBerryChurcHouse.com)

Gold Prices (LBMA AM)

24 Jan: USD 1,350.50, GBP 957.50 & EUR 1,093.77 per ounce
23 Jan: USD 1,337.10, GBP 959.10 & EUR 1,091.74 per ounce
22 Jan: USD 1,334.15, GBP 959.12 & EUR 1,087.87 per ounce
19 Jan: USD 1,335.80, GBP 960.17 & EUR 1,087.74 per ounce
18 Jan: USD 1,329.75, GBP 961.14 & EUR 1,088.40 per ounce
17 Jan: USD 1,337.35, GBP 969.45 & EUR 1,092.48 per ounce

Silver Prices (LBMA)

24 Jan: USD 17.19, GBP 12.16 & EUR 13.93 per ounce
23 Jan: USD 16.98, GBP 12.19 & EUR 13.87 per ounce
22 Jan: USD 17.04, GBP 12.25 & EUR 13.90 per ounce
19 Jan: USD 17.04, GBP 12.27 & EUR 13.89 per ounce
18 Jan: USD 17.09, GBP 12.31 & EUR 13.96 per ounce
17 Jan: USD 17.21, GBP 12.49 & EUR 14.10 per ounce


Recent Market Updates

– Government Shutdown Ends – Markets Ignore Looming Debt and Bond Market Threat
– Global Pension Ponzi – Carillion Collapse One Of Many To Come
– The Next Great Bull Market in Gold Has Begun – Rickards
– Gold Bullion May Have Room to Run As Chinese New Year Looms
– Digital Gold Flight To Physical Gold Coins and Bars
– Gold and Silver Bullion Are Only “Safe Investments Left” – Stockman
– Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver”
– London Property Crash Looms As Prices Drop To 2 1/2 Year Low
– Gold Bullion Up 1% In Week, Heads For 5th Weekly Gain As Bonds Sell Off
– Gold Prices Rise To $1,326/oz as China U.S. Treasury Buying Report Creates Volatility
– Gold Hits All-Time Highs Priced In Emerging Market Currencies
– World is $233 Trillion In Debt: UK Personal Debt At New Record
– 10 Reasons Why You Should Add To Your Gold Holdings

janskoyles



END



Silver breaks the resistance level of $17.25

(courtesy zerohedge)
Silver Spikes Most Since Before Election As Dollar Nosedives

After tagging its 50-DMA yesterday in an ‘odd’ plunge, Silver has screamed higher…



Pushing towards $17.50 on its best day since Nov 1st 2016.



As the dollar nosedives, gold and Bitcoin are also bid…



Gold continues its post-Fed-hike ramp…



END



Gold and silver trading today courtesy of Lawrie Williams/Sharp’s Pixley

(Lawrie Williams/Sharp’s Pixley)


LAWRIE WILLIAMS: Dollar drops, gold soars as U.S. starts to lose control

If gold trading this morning in Europe is anything to go by, gold is headed for US$1,350 an ounce, and not before time. But before non-U.S. gold-owning citizens get carried away with euphoria they should also be aware that the dollar index has dropped below 90 for the first time since early 2014 and the gold price in many other key currencies like the British pound (easily at its highest level against the dollar since the Brexit vote) the Swiss Franc and the Japanese yen, has actually fallen. Silver though has been somewhat left behind with the Gold:Silver Ratio at well over 78, but we do anticipate, if gold stays in the high $1,340s, or breaks through $1,350, that silver will play catch-up. It usually outperforms gold when the latter is rising sharply.

The performance of the dollar gold price level, though, does suggest that the big money into the gold futures markets, which had been successful in keeping the shiny yellow metal price down below $1,340, may be losing control. It could thus see discretion as the better part of valour and allow gold to find a new top and then work hard again to keep it there.

The key though looks to be U.S. dollar strength and it remains to be seen whether the recent decline is an engineered one in an attempt to make U.S.-manufactured goods more competitive (a policy that had had been signalled by President Trump some time back – although since denied). If so a dollar decline may have gained more steam than intended, as these things do. On the face of things the U.S. economy is in a decent growth stage, unemployment is at a low level – both things that might normally lead to dollar strength, not weakness. But perhaps massaged government-produced statistics are beginning to be doubted and the huge U.S. debt level is beginning to come home to roost as some countries seemingly (reportedly) are beginning to reduce their reliance on dollar denominated securities in their foreign exchange holdings. Perhaps the Trump Presidency is not making America great again – at least in terms of dollar dominance of global financial markets – but having the opposite effect globally.

Could all this herald the start of the much predicted crash. Stock markets appear to be stalling, bitcoin has come off nearly 50% from its peak – maybe the speculators and wealth protectors are at last beginning to see gold as an answer. It’s probably too early to tell yet, but signs don’t augur well for the seemingly unending bull markets in equities we have been seeing in the past few years. Market growth is all about confidence. Once that starts getting eroded it can turn into a desperate downwards spiral.

The problem of course for gold is that, should markets collapse, it too could suffer collateral damage as institutions and funds struggle for liquidity and have to sell good assets to stay afloat. We saw this in 2008 in the last big stock market collapse, but the comfort for gold holders, perhaps, is that gold was far faster to recover than equities and went on to perhaps its strongest bull market ever taking the price up to around $1,900-plus over three and a half years, nearly tripling its price from its October 2008 nadir.

As I write the spot gold price has indeed briefly hit the $1,350 level. Whether the U.S. market will allow it to stay there when it opens in just over 3 hours time remains to be seen.

https://www.sharpspixley.com/articles/lawrie-williams- dollar-drops-gold-soars-as-us-starts-to-lose- control_276074.html



The LBMA hopes that blockchain can track everybody’s gold. They are correct, it can

(courtesy LBMA/GATA)


LBMA hopes that blockchain can track everybody’s gold

Submitted by cpowell on Tue, 2018-01-23 13:56. Section: Daily Dispatches

Gold Market Mulling Blockchain for $200 Billion of Supply

By Eddie Van Der Walt and Ranjeetha Pakiam
Bloomberg News
Tuesday, January 23, 2018

Gold is going digital.

Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen, and melted down by recyclers that’s sold each year to buyers scattered around the world.

The London Bullion Market Association, which oversees the world’s biggest spot gold market, will seek proposals including the use of blockchain for tracing the origins of metal, partly to help prevent money laundering, terrorism funding, and conflict minerals, according to Sakhila Mirza, an executive board director.

“Blockchain cannot be ignored,” Mirza, also general counsel of the LBMA, said in an interview Monday. “Let’s understand how it can help us today, and address the risks that impact the precious metals market.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-01-23/gold-market-mulling-b.





END

Even though China has a massive 40 trillion debt, they plan to rescue any or all big banks

(courtesy Ambrose Pritchard Evans/GATA)


China plans to rescue any big bank

Submitted by cpowell on Tue, 2018-01-23 14:29. Section: Daily Dispatches

China Promises Bank Rescue in Next Crisis as Market Prophets Warn on Rising US Rates

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, January 23, 2018

China’s financial regulator has vowed to rescue the Chinese banking system immediately to avert a banking crisis when the bubble bursts, issuing a blanket guarantee that no major institution will be allowed to fail.

Beijing says it has studied the errors that led to the Lehman crisis in the 2008 and will not allow a chain reaction to occur, even if this means paying a price in terms of lost economic growth and dynamism.

“We have too much debt in our system. If something bad happens, we have learned from the U.S. financial crisis, and we will move very swiftly to contain the risk so that panic caused by a small institution does not spread,” said Fang Xinghai, the deputy chief of the China Regulatory Securities Commission and a key architect of policy. …

… For the remainder of the report:

http://www.telegraph.co.uk/business/2018/01/23/china-promises-bank-rescu

END



IMPORTANT ANNOUNCEMENT

Andrew Maguire’s new crypto currency which is fully backed by allocated gold and silver is now ready and it will without a doubt destroy all other cryptos



(courtesy Andrew Maguire)



Here is an introduction to this exciting new entity:



from Andrew to me:

“It rough and ready but here is some more information. Given to Goldseek yesterday.

Mp3 download.

“While Eric Sprott gold backed offering is helpful as possibly is Perth mint, our currency differs in every respect. This is an entire gold/silver backed ecosystem that already has the power of adoption by the Indonesian post office system which transacts $9.6 Billion in cross border migrant worker fees, as well as adoption by the largest 100Million member Islamic Financial group . Attached is the press release linked here…. https://abx.com/2018/01/23/ptpos-abx/

There is much more. Every hedge fund we have discussed this with under NDA’s has committed ALL their physical holdings into this currency. The beauty of this is that bullion does not have to move out of the holder’s direct control and remains 100% allocated in their name, it simply draws a yield. This will also draw in large, institutional money to buy gold vs. treasuries etc as the yield is far greater.

The whitepaper will be released in the next 24 hours and will detail how this currency is able to do this with Zero risk.

The currency will have billions of dollars of liquidity day one. Each once transacted is 100% backed by gold and silver and the bottom up demand cannot be fought by the cartel or officials. Every aspect of our currency meets all the KYC requirements and cannot be stopped. This enormous fresh bullion demand flowing in from Asian post offices alone let alone how much of the $800 billion unbacked, volatile crypto currency market will want to convert to a currency that has an intrinsic value and also returns them a yield. This gold and silver bullion buying is going to be conducted through our very liquid ABX vaulting network and will backwash into the LBMA forcing the offer to sell to rise.

This is going to accelerate the inevitable gold silver market reset in a highly leveraged ‘at the margin’ market.

This is it Chaps!”

Best

ANDREW

end



The Perth mint will also issue a cryptocurrency backed by gold



(courtesy GATA)
Gold-backed cryptocurrency planned by Perth Mint to entice investors back to metals

Submitted by cpowell on Tue, 2018-01-23 20:35. Section: Daily Dispatches

By Tara de Landgrafft
Australian Broadcasting Corp., Sydney
Tuesday, January 23, 2018

Australia’s biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.

The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.

The mint also plans to make use of blockchain technology, first used as the core component of the digital currency bitcoin, where it works as a public ledger for transactions.

In the 10 years since its inception, blockchain has been used to track transactions in industries from agriculture to land registration and the music recording industry.

For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes. …

… For the remainder of the report:

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-bein..

END


Your early WEDNESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.3748 /shanghai bourse CLOSED UP AT 12.96 POINTS 0.37% / HANG SANG CLOSED UP 27.99 POINTS OR 0.08%
2. Nikkei closed DOWN 183.37 POINTS OR 0.76% /USA: YEN FALLS TO 109.53

3. Europe stocks OPENED RED /USA dollar index FALLS TO 89.63/Euro RISES TO 1.2334

3b Japan 10 year bond yield: RISES TO . +.084/ GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.53/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 64.63 and Brent: 69.91

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.584%/Italian 10 yr bond yield UP to 1.919% /SPAIN 10 YR BOND YIELD DOWN TO 1.362%

3j Greek 10 year bond yield FALLS TO : 3.72?????????????????

3k Gold at $1353.64 silver at:17.31: 6 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 3/100 in roubles/dollar) 56.35

3m oil into the 64 dollar handle for WTI and 69 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.53 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9509 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1731 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.584%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.6410% early this morning. Thirty year rate at 2.928% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Futures A Sea Of Green As Dollar Bloodbath Accelerates

In what has been a relatively quiet overnight session, equity futures are once again a sea of green, as the stock market meltup continues.



MSCI’s world equity index hit new highs in a continuation of a long running theme but on Wednesday it was a bit more of a mixed picture.

The biggest news, as noted earlier, is that the dollar losing streak entered its third day and the sell-off accelerated to fresh three year lows, after Steven Mnuchin welcomed its recent weakness amid concerns over an increase in U.S. protectionism, saying its decline provides a boost to the American economy through trade.



“It looks as if U.S. politics are indeed affecting the currency market, especially as they start to affect trade policy,” said Marshall Gittler, chief strategist at ACLS Global, pointing to recently-introduced import tariffs as an example. Trump slapped steep tariffs on imported washing machines and solar panels on Monday, giving a boost to Whirlpool Corp and dealing a setback to the renewable energy industry in the first of several potential trade restrictions.

The dollar weakness also meant the DXY index sank below 90, with the euro and the pound hitting fresh cycle highs. The yen took out resistance at 110 per dollar on momentum selling dropping as low as 109.40, the lowest since September, even as the yield on the 10Y Treasury picked up, rising to a session high of 2.6373% from 2.16131% the day before.

“We’re looking for the dollar to continue to depreciate against most currencies,” Daniel Morris, an FX strategist with BNP Paribas, said in an interview with Bloomberg Television. “The U.S. economy has a current-account deficit and it needs to close that — one way to do that is for the dollar to depreciate.”

While the dollar fell As the euro gained the Stoxx Europe 600 Index initially fell before reversing, while emerging-market equities were little changed after eight days climbing. The FSTE 100 (-0.5%) lags its peers amid a firmer GBP and softness in Sage shares (-5.5%) after a disappointing earnings update. Looking at the sectors, health care names outperform their peers following the latest earnings update from Novartis (+2.4%), to the downside, utility names lag after Suez Environment (-17%) issued a profit warning, IT names are also seen lower with Infineon and STMicroelectronics near the foot of the DAX and CAC respectively.

Meanwhile, the yen pushed past 110 per dollar for the first time since September due to the weak dollar, and South Africa’s rand traded below 12 per dollar for the first time since May 2015. The greenback’s slide also fed into commodities, with oil in New York holding its ground even amid signs of a possible gain in U.S. crude stockpiles. Bitcoin was trading at around $11,000.



However, it was China were records continued to be broken. The Shanghai Composite rose 0.37% to 3359, a new 2 year high.



The SSE 50 index tracking 50 biggest stocks in Shanghai closed higher for the 19th consecutive day;
The Chinext index tracking mid- and small-caps surged near 2.6% to recover 1800 mark.

Meanwhile, the record streak for Chinese stocks in Hong Kong continued. The Hang Seng Index gained 0.08% to 32958, closing at a new record high for the 7th day in a row. The index broke through 33,000 mark at one point, which was the the first time ever. Meanwhile, Hang Seng’s China Enterprises index climbed near 1%, higher for the 19th consecutive day.



Also in Asia, Australia’s ASX 200 (+0.3%) and Nikkei 225 (-0.8%) were varied with Japanese exporter sentiment weighed by a firmer currency and following a miss on trade data. Japan’s exports to China and Asia hit record levels as shipments rose for a 13th straight month in December and manufacturing growth hit a four-year high in January, pointing to an economy that powered through the fourth quarter and into 2018.

Japanese Trade Balance Total Yen (Dec) 359.0B vs. Exp. 535.0B (Prev. 112.2B).
Japanese Exports YY (Dec) 9.30% vs. Exp. 10.00% (Prev. 16.20%)
Japanese Imports YY (Dec) 14.90% vs. Exp. 12.40% (Prev. 17.20%)

10yr JGBs were range-bound as initial support from a risk averse tone was later pared, while the BoJ were also in the JGB market for between 1yr-10yr maturities with all the amounts of its Rinban operation kept unchanged. PBoC injected CNY 110bln via 7-day, CNY 100bln via 14-day and CNY 10bln via 63-day reverse repos. PBoC set CNY mid-point at 6.3916

Over in Europe, French, German composite PMIs beat estimates supported by stronger-than forecast readings for the services sector while manufacturing missed; euro-zone composite PMI jumps to 58.6 from 58.1, exceeding the estimate of 57.9. This is Goldman’s take on the latest strong set of European PMIs:

Today’s 0.5pt rise in the flash composite manufacturing PMI reflects a shift in momentum from manufacturing to services. The manufacturing PMI fell 1.0pt to 59.6, but remains in highly expansionary territory. Within the sub-components, manufacturing output fell 0.9pt, new orders fell 2pt and employment fell 0.7pt. The services PMI accelerated, rising 1.0pt to 57.6, its highest level since 2007.

In France and Germany, the composite PMIs were roughly level, indicating that new momentum in the Euro area PMI lies outside its two largest economies. In Germany, a 1.2pt rise in the services PMI was offset by a 2.1pt decline in the manufacturing PMI (which nonetheless remains above 60.0pt). In France, a more modest decline in the manufacturing PMI (-0.7pt to 58.1) was offset by a small rise in services.

Investors will now shift attention to Thursday’s ECB meeting. The euro surged to a fresh three-year high of $1.2345 ahead of Thursday’s European Central Bank meeting, which is in focus following recent commentary that the central bank could change its policy guidance early this year.

This after the euro zone’s economy outpaced that of the U.S. in 2017 and shows further signs of strength in the New Year. In a strong sign of the positive sentiment towards the region, Spain generated over 40 billion euros of demand in a sale of 10-year government bonds in what is likely one of the largest order books in Europe ever. Indeed, most low-rated “peripheral” euro zone government bond yields are now trading at their lowest level against benchmark German peers in years; another sign of confidence in the region.

Elsewhere, the British pound powered above $1.41, its highest since the Brexit in June 2016, aided by the weak dollar and optimism around Britain’s chances of securing a favorable Brexit deal.

The dollar’s decline has been a boon to commodities priced in the currency, with gold edging up to $1,341.81 an ounce. Oil prices were consolidating after jumping more than 1 percent on Tuesday when Brent crude hitting $70 a barrel for the first time in a week. Brent futures was off 22 cents at $69.75, still not far off the three-year high of $70.37 reached on Jan. 15, while U.S. crude CLc1 was marginally higher 4 cents to $64.52 a barrel.

Market Snapshot

S&P 500 futures up 0.2% to 2,843.75
STOXX Europe 600 down 0.2% to 402.21
MSCI Asia Pacific up 0.1% to 186.55
MSCI Asia Pacific ex Japan up 0.1% to 608.68
Nikkei down 0.8% to 23,940.78
Topix down 0.5% to 1,901.23
Hang Seng Index up 0.08% to 32,958.69
Shanghai Composite up 0.4% to 3,559.47
Sensex up 0.05% to 36,156.63
Australia S&P/ASX 200 up 0.3% to 6,054.66
Kospi up 0.06% to 2,538.00
Brent futures down 0.3% to $69.78/bbl
Gold spot up 0.6% to $1,348.56
U.S. Dollar Index down 0.6% to 89.62
German 10Y yield rose 1.9 bps to 0.58%
Euro up 0.4% to $1.2351
Italian 10Y yield fell 3.3 bps to 1.622%
Spanish 10Y yield rose 0.3 bps to 1.361%

Top Overnight News from Bloomberg

The Bloomberg Dollar Spot Index extended its slide to make a fresh three-year low in early London session after U.S. Treasury Secretary Mnuchin said a weaker dollar is good for trade; Mnuchin also said he is not “particularly concerned” about the U.S. Treasury market
There will be more measures to come, U.S. Commerce Secretary Wilbur Ross tells reporters in Davos, Switzerland, when asked about Donald Trump’s decision to impose tariffs on solar panels and washing machines
China has a long history of tit-for-tat retaliation when it comes to trade disputes and may well dust off the same policy playbook in the wake of the Trump administration’s decision to slap tariffs on solar panels and washing machines
The Nikkei Japan PMI for manufacturers showed a preliminary reading of 54.4 for January, rising to the highest level since February 2014. New orders were at 56.0, while stocks of finished goods shrank, suggesting demand will continue to be strong in the near term
French, German composite PMIs beat estimates supported by stronger-than forecast readings for the services sector while manufacturing missed; euro-zone composite PMI jumps to 58.6 from 58.1, exceeding the estimate of 57.9
China President Economic Adviser: China to cut vehicle import tariffs; measures to open up the economy may exceed expectations
U.K. Nov. Average Weekly Earnings: 2.5% vs 2.5% est; Earnings Ex-bonus 2.4% vs 2.3% est.
European Jan P Composite PMIs: France 59.7 vs 59.2 est; Germany 58.8 vs 58.5 est; Eurozone 58.6 vs 57.9 est; Manufacturing below consensus for all three readings, partly reflected weaker growth of new export orders
Japan Jan P Manufacturing PMI 54.4 vs 54.0 prev; highest in four years
API inventories according to people familiar w/data: Crude +4.8m; Cushing -3.6m; Gasoline +4.1m; Distillates -1.3m

Asian equity markets traded mixed following an unconvincing close on Wall Street where all majors posted fresh record highs and the Nasdaq 100 outperformed as Netflix led post-earnings, although DJIA failed to hold onto gains and finished flat. ASX 200 (+0.3%) and Nikkei 225 (-0.8%) were varied with Japanese exporter sentiment weighed by a firmer currency and following a miss on trade data. Elsewhere, a cautious tone was seen in Chinese markets with the Hang Seng (-0.1%) and the Shanghai Comp. (+0.3%) choppy alongside early weakness in Shenzhen, as ChiNext heavyweight Leshi Internet & Tech Co. returned from a 9- month trading halt to hit limit down with losses of 10% at the open. Finally, 10yr JGBs were range-bound as initial support from a risk averse tone was later pared, while the BoJ were also in the JGB market for between 1yr-10yr maturities with all the amounts of its Rinban operation kept unchanged. PBoC injected CNY 110bln via 7-day, CNY 100bln via 14-day and CNY 10bln via 63-day reverse repos. PBoC set CNY mid-point at 6.3916

Top Asia News

Vietnam’s Biggest Stock Bourse Sees Halt Move to Second Day
China Pharma Tycoon Said to Mull $500 Million IPO of Clinic Arm
Former Chinese Web Star Plunges as Analyst Tips More Declines
Top Indian Steelmaker Seeks to Buy Bhushan, Monnet Assets
India Ending Curbs Will Allow 10 Foreign Retailers to Set Shop

European equities (Eurostoxx 50 +3.00 to 3662) trade with little in the way of firm direction in the wake of what was a relatively mixed session during Asia-Pac trade. In terms of outliers from an index perspective, the FSTE 100 (-0.5%) lags its peers amid a firmer GBP and softness in Sage shares (-5.5%) after a disappointing earnings update. Looking at the sectors, health care names outperform their peers following the latest earnings update from Novartis (+2.4%), to the downside, utility names lag after Suez Environment (-17%) issued a profit warning, IT names are also seen lower with Infineon and STMicroelectronics near the foot of the DAX and CAC respectively.

Top European News

Euro-Area Economy Opens 2018 With Best Growth in Almost 12 Years
U.K. Labor Market Shows Surprise Strength as Employment Rises
Spain Is Said to Pressure Abertis Investor to Accept ACS Bid
Glapinski: Polish Rates May Increase in 2019 on Wage Pressure



In FX, the USD has succumbed to yet more selling pressure, and right across the board as the Greenback’s losses stack up against G10 peers, EM currencies and commodities. The USD was dealt a further blow during European trade after US Treasury Secretary Mnuchin stated that the weaker USD is good for trade. The Index is below layered chart ‘supports’ under 90.000 and now looking at 89.370 to potentially arrest the slide before the next round number. In terms of USD pairings, the 110.00 handle vs JPY has given way and 109.56 ahead of 109.07 are now within sight, while Cable has extended post-Brexit vote highs above the 1.4000 level to around 1.4075 and briefly broke above 1.4100 following the latest jobs report with UK employment at a record high. EUR/USD has probed a bit further beyond 1.2300 to 1.2345, but displaying some caution ahead of tomorrow’s ECB meet and a Fib level at 1.2377. USD/CAD has dipped below 1.2400 amidst some constructive NAFTA noises after the 1st day of the latest round of talks and 1.2355 is the nearest support/recent low. USD/CHF has also breached its previous January base and 0.9500 is within sight, while AUD/USD and NZD/USD are both on track to post fresh year-to-date peaks.

In commodities, WTI crude futures trade in close proximity to the lows seen yesterday in the wake of the latest API inventory report which showed an unexpected build in headline crude stockpiles. Elsewhere in energy newsflow, source reports suggest that Saudi Arabia intend on keeping their Q1 crude oil production at 9.8mln bpd and exports at around 7mln bpd, despite planned domestic refinery maintenance. In metals markets, despite being relatively rangebound overnight, gold has benefitted during European trade from the broad softness in the USD. Elsewhere copper nursed some of its recent losses during Asia-Pac trade amid touted shortcovering. US API weekly crude stocks (19 Jan, w/e) +4.755M vs. Exp. -1.600M (Prev. -5.120M). Saudi Arabia intend on keeping their Q1 crude oil productions 9.8mln bpd, and exports around 7mln bpd, despite planned domestic refinery maintenance

Looking at the day ahead, the latest monthly PMIs with flash January manufacturing, services and composite prints are due for the Euro area, Germany, France and the US. In the UK, the November and December employment stats are due. Also due in the US are December existing home sales and the November FHFA house price index. General Electric and Ford Motor are due to report.

US Event Calendar

7am: MBA Mortgage Applications, prior 4.1%
9am: FHFA House Price Index MoM, est. 0.5%, prior 0.5%
9:45am: Markit US Manufacturing PMI, est. 55, prior 55.1; US Services PMI, est. 54.3, prior 53.7; US Composite PMI, prior 54.1
10am: Existing Home Sales, est. 5.7m, prior 5.81m; MoM, est. -1.89%, prior 5.6%

DB’s Jim Reid concludes the overnight wrap

It seems it would take more than a glass of water to halt the melt up in equities at the moment although yesterday was a day of differentiation as earnings saw winners and losers. The Stoxx 600 (+0.17%) rose for the 11th out of 16 days in 2018 with the DAX (+0.71%) beating the CAC (-0.12%) on decent earnings and a strong ZEW survey (see below). Although the broad US equity indices were flat to slightly higher (S&P +0.22%, Dow -0.01%), the NASDAQ climbed +0.71% as Netflix soared +9.98% after the previous night’s subscriber numbers impressed. On the other side, the DOW was held back by P&G (-3.09%) and Johnson and Johnson (-4.26%) despite headline beats to earnings, in part as some investors were hoping for a faster turnaround at P&G and the US appeals court ruled J&J’s Remicade patent was invalid. As an aside Netflix market cap is now above $100bn after nearly doubling over the last 12 months. Talking of big round numbers, Microsoft climbed above $700bn market cap this week and Apple is also above $900bn. Could the latter soon be the first trillion dollar company since PetroChina hit that mark for one day back in the heady days of 2007?

Staying with records, the MSCI emerging markets index rose for the 8th consecutive day (+1.12%). The last time this occurred was in July 17 and the recent record to beat was back in March 15 when the index rose for 11 straight days. Similarly the HK H-shares index was up for the 18th consecutive day with a cumulative gain of 16.1% (vs. Hang Seng at 11.3%), partly aided by inflows from mainland China. This morning it is up +0.16% as we type, clinging on to a 19th day of gains, comfortably a record run.

Elsewhere in Asia, markets are taking a breather and are modestly lower. The Kospi is broadly flat (-0.06%), while the Nikkei (-0.67%) and Hang Seng (-0.03%) are all down as we type. The January Nikkei manufacturing PMI was 54.4 (vs. 54 previous). After the bell last night, the world’s largest maker of analog chips Texas instrument fell c7% after its 1Q profit missed market expectations. This morning the main event are the European flash PMIs with the recent strength in this data setting the tone for the global equity rally over the last 18 months so always an important release.

Looking back to yesterday now, in the US, the Fed nominee Marvin Goodfriend received a bit of grilling at the Senate Panel although it is unlikely to jeopardise his confirmation prospects. Elsewhere the US Senate has voted 84-13 to confirm Jerome Powell as the Fed chair.

Now recapping other markets performance from yesterday. Government bonds were firmer with UST 10y yields down the most in c1 month (-3.7bp), partly aided by the dovish BOJ speak earlier while Bunds and Gilts also fell 0.6bp. Peripheral 10y bond yields also declined c3bp, in part as Spain’s biggest syndicated debt offering since 2014 was well received with bids c4.5x higher than the amount offered (€10bn 10-yr notes).

Turning to currencies, the US dollar index extended on its 3 year low (-0.31%), while the Euro and Sterling gained 0.30% and 0.09% respectively. In commodities, WTI oil was up 1.42% ahead of data on US crude stockpiles and Brent was back near $70/bbl again. Elsewhere, precious metals strengthened (Gold +0.55%; Silver +0.20%) but copper fell 2.01% to a five week low due to concerns of rising inventories while other base metals were little changed (Zinc +0.02%; Aluminium -0.17%).

Away from the markets and onto US trade. China’s Ministry of Commerce noted China is “strongly” dissatisfied with the US tariffs hikes on imported solar panels and washing machines yesterday, calling them a misuse of trade measures. Back home, Senator Pat Roberts noted the President has had a “more populist view” on trade and “I do not know of a Senator in the Republican conference who has not voiced concern about our trade policy”, in part as goods assembled in the US with imported parts can create jobs in both countries too. In markets generally yesterday there was chatter as to whether this marked another small step towards a more protectionist world. Elsewhere, Mexico’s Economy Minister Guajardo said “Mexico is ready to work constructively towards getting” a good agreement on NAFTA and it could happen anywhere from March and even July when the national elections will be on.

Over in Germany, the latest Forsa poll suggests the majority of Germans (59%) support the coalition talks between the SPD and Ms Merkel’s bloc. Notably, 65% of SPD voters welcome the negotiations for a “grand coalition” and support is much higher among CDU and CSU voters (c87%).

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the January Richmond Fed manufacturing index was below market at 14 (vs. 19). In Europe, both the Eurozone’s January ZEW survey on expectations (31.8 vs. 29 previous) and consumer confidence (1.3 vs. 0.6 expected) readings beat expectations, with the latter marking a fresh high since August 2000. In Germany, the January ZEW survey on current situations (95.2 vs. 89.6) rose to a fresh 27 year record high and the expectations index (20.4 vs. 17.7) also beat. In the UK, the public sector net borrowing was lower than expected at £2.6bln (vs. £5bln) as Britain benefited from a strong rise in value-added tax receipts and a £1.2bln credit from the EU due to 2017 budget amendments. Elsewhere, the January CBI trend total orders index was also above at 14 (vs. 12 expected) with trends selling prices higher than last month’s reading (40 vs. 23).

Looking at the day ahead, the latest monthly PMIs with flash January manufacturing, services and composite prints are due for the Euro area, Germany, France and the US. In the UK, the November and December employment stats are due. Also due in the US are December existing home sales and the November FHFA house price index. General Electric and Ford Motor are due to report.

end


Caterpillar Dealer Sales Soar Most In 6 Years
Profile picture for user Tyler Durden
by Tyler Durden
Wed, 01/24/2018 – 09:24
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If Caterpillar’s dealer sales statistics, traditionally released just one day before the company’s earnings report, are an indication of what to expect from the heavy industrial equipment maker, then CAT’s Q4 results will be a blow out.

As shown in the following chart, growth in world retail sales jumped from 26% to 34% in December, the highest single month increase since August 2011, and nearly double the 19% growth rates just 2 months ago. The last time retail sales spiked this fast we into the 2010-2011 inflationary surge, which led to China rapidly hiking rates to arrest inflation, and unleashed the most acute phase of Europe’s sovereign debt crisis. So far, inflation in China remains missing although that will change soon.



On a regional basis, CAT reported an increase in every single geographic segment:

North America machine sales up 23% after rising 12% in Nov.
Asia/Pacific Dec sales up 50% after rising 43%
Latam Dec. sales up 55% after rising 48%
EAME (Europe, Africa, Middle East) Dec. sales up 37% after rising 32%




That said, before reading too much into the CAT data, recall that between 2013 and 2017, CAT went through a period of 51 consecutive months of declining retail sales, which however failed to adversely impact either the CAT stock price, or result in an accepted economic recession. It is worth noting, however, that CAT’s rebound, as well as that of every other asset, start in early 2016, right around the time of the Shanghai Accord, when China’s implicit intervention in global market changed everything and has resulted in 21 of 22 consecutive months of S&P growth.


7. OIL ISSUES



WTI tops 65 dollars for the first time since 2014 despite record production.

(courtesy zerohedge)




WTI Tops $65 For First Time Since Dec 2014 After Crude Draw, Production Record

After API reported a surprise crude build overnight, all eyes are on the DOE data this morning which showed a smaller than expected crude draw (-1.07mm vs 2.32mm exp) but still a draw (for the 10th week in a row) compared to API’s build.

As Bloomberg’s Julian Lee notes, cold weather and a growing list of refineries undergoing maintenance probably cut crude intake for a third week. Along with rising production, this could be enough to halt the downward trend in inventories – at least for now.

API

Crude +4.755mm (-2mm exp) – biggest build since September
Cushing -3.572mm(-2.2mm exp)
Gasoline +4.117mm (+2.2mm exp) – 11th weekly draw in a row
Distillates -1.28mm (-1.1mm exp)



DOE

Crude -1.07mm (-2.32mm exp)
Cushing -3.15mm (-2.2mm exp)
Gasoline +3.1mm (+2.2mm exp)
Distillates +639k (-1.1mm exp)

DOE data flipped the narrative from API and saw the 10th weekly crude draw in a row (though smaller than expected) and 11th weekly gasoline draw in a row..

US crude production surged back from its weather-impacted plunge to a new record high last week



Getting ever closer to topping Saudi production…

US oil production: 9.878MMbpd
Saudi Arabia oil production: 9.918MMbpd




WTI rebounded a little overnight from the API tumble but RBOB was weak heading into the DOE data. WTI pushed back up above its pre-API level and after a delay, RBOB followed…

WTI is back above $65 for the first time since Dec 2014



end


GE Stock Erases Pre-Open Gains On SEC Probe Headlines

After a brief respite in the early morning hours as GE raised its guidance, shares in the beleaguered company are tumbling once again on a statement that the firm is under investigation by the SEC.

As Bloomberg reports, General Electric said it’s under investigation by the U.S. Securities and Exchange Commission after taking a $6.2 billion charge related to an old insurance business. The company said it’s cooperating fully with the probe, which is in the early stages.

“We’ve been notified by the SEC that they are investigating the process leading to the insurance-reserve increase and fourth-quarter charge, as well as GE’s revenue recognition and controls for long-term service agreements,” GE Chief Financial Officer Jamie Miller said Wednesday on a conference call with analysts and investors.

The result is that early gains are gone…


GE Stock Erases Pre-Open Gains On SEC Probe Headlines

After a brief respite in the early morning hours as GE raised its guidance, shares in the beleaguered company are tumbling once again on a statement that the firm is under investigation by the SEC.

As Bloomberg reports, General Electric said it’s under investigation by the U.S. Securities and Exchange Commission after taking a $6.2 billion charge related to an old insurance business. The company said it’s cooperating fully with the probe, which is in the early stages.

“We’ve been notified by the SEC that they are investigating the process leading to the insurance-reserve increase and fourth-quarter charge, as well as GE’s revenue recognition and controls for long-term service agreements,” GE Chief Financial Officer Jamie Miller said Wednesday on a conference call with analysts and investors.

The result is that early gains are gone…

end



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Thank You Harvey Always Good Stuff Man ! https://www.silverdoctors.com/tag/harvey-organ/
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You have been reading

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

Hello everybody I'm JD400 Your host and


It's been a Pleasure having you with us tonight

Wishing You All a Safe and Wonderful Day !

Thanks

[JD400]

Battle of the Data Blossoms


Good Morning Ladies and Gentlemen !

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

MMgys

A Good old fashion Battle of the

Blossoms taking us into the Weekend

Hope You enJoy and have a Nice Safe Weekend !

Let the Battle Begin !

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Jan 25/GOLD UP $5.80 TO $1363.00 AT COMEX CLOSING/SILVER IS UP 13 CENTS TO $17.63. IN THE ACCESS MARKET GOLD/SILVER RAIDED AFTER TRUMP IS PARADED OUT AND TELLS US THAT MNUCHIN WAS “MISTAKEN”/COMEX GOLD OI RISES BY A HUGE 15,531 CONTRACTS AND THEN THE CROOKS ISSUE 20,747 EFP CONTRACT TRANSFERS FOR LONDON BASED FORWARDS/SILVER COMEX OI RISES BY 5889 CONTRACTS AND THEN ANOTHER 2865 EFP ISSUANCE FOR LONDON BASED FORWARDS IN SILVER/ ANDREW MAGUIRE’S COMPANY TO BEGIN A CRYPTO CURRENCY 100% BACKED BY GOLD AND SILVER/IN USA THE DEPT OF JUSTICE HAS FOUND OUR LOVE BIRDS’ 50,000 TEXTS/MORE SWAMP STORIES/
January 25, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1363.00 UP $5.80

Silver: $17.63 UP 13 cents

Closing access prices:

Gold $1348.50

silver: $17.31

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1371.20 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1361.60

PREMIUM FIRST FIX: $9.60

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SECOND SHANGHAI GOLD FIX: $1368.90

NY GOLD PRICE AT THE EXACT SAME TIME: $1360.60

Premium of Shanghai 2nd fix/NY:$8.30

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1360.25

NY PRICING AT THE EXACT SAME TIME: $1359.85

LONDON SECOND GOLD FIX 10 AM: $1353.70

NY PRICING AT THE EXACT SAME TIME. $1355.25

For comex gold:

JANUARY/
NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 3 NOTICE(S) FOR 300 OZ.

TOTAL NOTICES SO FAR: 695 FOR 69500 OZ (2.1617 TONNES),

For silver:

jANUARY
1 NOTICE(S) FILED TODAY FOR
5,000 OZ/

Total number of notices filed so far this month: 727 for 3,635,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $11,132/OFFER $11,232 DOWN $201 (morning)
Bitcoin: BID $11,231/OFFER $11,333 down $100 (CLOSING/4 PM)

end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A HUGE 5889 contracts from 199,985 RISING TO 205,874 WITH YESTERDAY’S BIG 56 CENT GAIN IN SILVER PRICING. OBVIOUSLY WE HAD NO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2865 EFP’S FOR MARCH AND ZERO FOR OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2865 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 2865 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

40,662 CONTRACTS (FOR 18 TRADING DAYS TOTAL 40,662 CONTRACTS OR 203,31 MILLION OZ: AVERAGE PER DAY: 2259 CONTRACTS OR 11.295 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 203.31 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 29.04% OF ANNUAL GLOBAL PRODUCTION

RESULT: A HUGE SIZED GAIN IN OI COMEX WITH THE 56 CENT GAIN IN SILVER PRICE. WE ALSO HAD A HUGE SIZED EFP ISSUANCE OF 2865 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2865 EFP’S WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 8754 OI CONTRACTS i.e. 2865 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 5889 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 56 CENTS AND A CLOSING PRICE OF $17.50 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.029 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 3 NOTICE(S) FOR 300 OZ OF SILVER

In gold, the open interest SURPRISINGLY ROSE BY A HUMONGOUS 15,531 CONTRACTS UP TO 597,952 WITH THE HUGE SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($25.00). IN ANOTHER HUGE DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR THURSDAY AND IT TOTALED A HUMONGOUS SIZED 20,747 CONTRACTS OF WHICH FEBRUARY SAW 15,590 CONTRACTS ISSUED AND APRIL SAW THE ISSUANCE OF 5157 CONTRACTS. The new OI for the gold complex rests at 599,121. ALSO REMEMBER THAT THERE CAN BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A HUGE GAIN OF 36.278 CONTRACTS: 15,531 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 20,747 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. EXPECT HUGE NUMBERS OF EFP’S TO BE ISSUED AS WE APPROACH FIRST DAY NOTICE IN THE GOLD FEB COMEX CONTRACT, WEDNESDAY JAN 31.2018

YESTERDAY, WE HAD 12,223 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 185,218 CONTRACTS OR 18.218 MILLION OZ OR 566.65 TONNES (18 TRADING DAYS AND THUS AVERAGING: 10,289 EFP CONTRACTS PER TRADING DAY OR 1,028,900 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 17 TRADING DAYS: IN TONNES: 567 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 567/2200 TONNES = 25.77% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

Result: A SHOCKINGLY STRONG SIZED INCREASE IN OI AT THE COMEX WITH THE HUGE SIZED RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($25.00). WE HAD ANOTHER GIGANTIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 20,747. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 20,747 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 36,278 contracts ON THE TWO EXCHANGES:

20,747 CONTRACTS MOVE TO LONDON AND 15,531 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 116.47 TONNES).

we had: 3 notice(s) filed upon for 300 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

With gold UP $5.80, we had no changes in gold inventory at the GLD/

Inventory rests tonight: 849.32 tonnes.

SLV/

A SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ WITH SILVER UP TODAY AND YESTERDAY, THEY COULD ONLY MUSTER A GAIN OF 848,00 OZ AT THE SLV /

INVENTORY RESTS AT 313.896 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A HUGE 5889 contracts from 199,985 UP TO 205,874 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE HUGE RISE IN PRICE OF SILVER (56 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 2865 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 5889 CONTRACTS TO THE 2865 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A BIG GAIN OF 8754 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 43.770 MILLION OZ!!!

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE HUGE RISE OF 56 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER STRONG 2865 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 11.16 points or 0.31% /Hang Sang CLOSED DOWN 304.24 pts or 0.92% / The Nikkei closed DOWN 271,29 POINTS OR 1.13%/Australia’s all ordinaires CLOSED DOWN 0.07%/Chinese yuan (ONSHORE) closed WELL UP at 6.3280/Oil UP to 66.10 dollars per barrel for WTI and 71.00 for Brent. Stocks in Europe OPENED ALL GREED . ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3280. OFFSHORE YUAN CLOSED UP AGAINST THE ONSHORE YUAN AT 6.3230//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS SEMI HAPPY TODAY.(STRONG CURRENCY BUT WEAKER MARKETS )




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)/South Korea/

Wow!! this is a surprise. The South Korean economy unexpectedly contracts with a huge crash in exports..the most in 33 years. The South Korean economy is considered a canary for the global economy



( zerohedge)



ii) North Korea/South Korea

It sure looks like a thawing of the relations between the two Koreas. Now the North is calling on all Koreans to push for unification

(courtesy zerohedge)


b) REPORT ON JAPAN
3 c CHINA

The dollar continues on its nosedive after China threatens the USA with appropriate measures after the USA initiated tariffs on washing machines and on solar panels.



( zerohedge)


4. EUROPEAN AFFAIRS

i)The ECB keeps rates unchanged and reaffirms its taper. But in a surprise statement they state that they may increase their QE in size and also in duration…and may continue after September if inflation does not meet their needs.

( zerohedge)



ii)The Euro surge was halted but our dollar bulls were not happy as Draghi was not dovish enough. Draghi states that there will be very few chances for a rate hike this year.
( zerohedge)

iii)In a stunning development Draghi slams the comments of Mnuchin and Ross i.e. jawbonning the USA dollar southbound.

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey/USA

Turkey disagrees with Trump’s version of a phone call between him and Erdogan. You can take that the USA release is the accurate one.

( zerohedge)
6 .GLOBAL ISSUES
i)SWEDEN

Malmo is becoming a war zone

( zerohedge)
ii)Bellwether stock Caterpillar, a good indicator of global growth soars to all time highs after beating expectations and boosting guidance. This goes against South Korea’s export collapse, announced this morning
( zerohedge)
7. OIL ISSUES


8. EMERGING MARKET
9. PHYSICAL MARKETS

i)The gold backed cryptocurrency planned by the Perth mint is supposedly used to entice investors back to metals

( Landgrafft/ABC/Sydney)

ii)As we brought this to your attention yesterday, the Trump team at Davos wants a weaker dollar. Trump seems to want greater protectionism for the USA economy

( Bloomberg/GATA)

iii)Craig Hemke discusses the strength in major commodities especially oil and copper. He questions whether the bullion banks will ever let silver out of their shackles

( Craig Hemke/GATA)

iv)Commerce secretary tries to correct Mnuchin and basically fails as the USA dollar continues on its decent

( CNBC/GATA)

v)In case you missed this yesterday, here is the story that sent the USA dollar into a freefall

( CNBC/GATA)

vi)This will be good for gold and silver as Myanmar (Burma) will now be allowed to import and export gold/silver

( Myanmar Times/GATA)
10. USA stories which will influence the price of gold/silver

i)a.Trading/early this morning

the dollar is crashing again

( zerohedge)

b)And so is bond prices falling as yields spike higher: to 2.67% and that send stocks plunging. The 10 yr yield is the benchmark cost for money.

( zerohedge)

ii)The dollar this morning continues on its downward trajectory buoyed by additional comments by Mnuchin. He reaffirmed his comments that he wants a lower USA dollar to help the USA. He further complicated the rhetoric by stating that Trump wants a “relaxed” dollar

( zerohedge)

iib) what a joke!! the dollar surges again after Trump says Mnuchin was misinterpreted..twice.

keystone cops at their finest



(courtesy zerohedge)

iii)New home sales crash in December and the likely candidate is the record high prices for them. New home sales plunged 9.3% lower/month over month

( zerohedge)



iv)SWAMP STORIES

a)Congressional Republicans are feuding with the FBI on political bias. Republicans and Fox news are demanding the release of the 4 page memo, something that the Democrats do not want released.

a good summary of what is going on…

( zerohedge)



b)Late last night, Fox news reports that the Dept. of Justice has reportedly started recovering many of the missing Strzok/Page texts.

( zerohedge)



b i)And the missing FBI text messages have been found

( zerohedge)

c)In the bombshell 4 page “FISA memo” alleging surveillance abuse by the FBI, the Dept of Justice and the Obama administration, it has now been leaked that 3 people have been named;

FBI deputy director Andrew McCabe
Former FBI director James Comey
and Deputy Attorney General Rod Rosenstein

and these guys are inflamed over the leak.



The Democrats are coming out with their memo disputing the facts but it is falling on deaf ears

( zerohedge)
d)Mueller’s probe is now focused on obstruction against Trump. Yet the Constitution allows him obstruction as long as it is not a criminal matter. His mindset against Comey as to his firing his not criminal and thus not subject to Mueller’s probe. It seems that Mueller’s case is wrapping up much faster than anticipated.
( zerohedge)
Let us head over to the comex:

The total gold comex open interest SHOCKINGLY ROSE BY A HUGE 15,531 CONTRACTS UP to an OI level of 597,952 WITH THE HUGE RISE IN THE PRICE OF GOLD ($25.00 GAIN WITH RESPECT TO YESTERDAY’S TRADING). WE HAD SURPRISINGLY NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A GOOD SIZED 15,590 EFP’S ISSUED FOR FEBRUARY AND 5157 EFP’s FOR APRIL: TOTAL 20,747 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE CAN BE A DELAY OF UP TO 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS AS THEY ARE NEGOTIATING A PRIVATE EFP CONTRACT WITH THE BANKS… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 36,278 OI CONTRACTS IN THAT 20,747 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 15,531 COMEX CONTRACTS. NET GAIN ON THE TWO EXCHANGES: 36,278 contracts OR 3.6278 MILLION OZ OZ OR 112.83 TONNES

Result: A SURPRISING AND STRONG INCREASE IN COMEX OPEN INTEREST DESPITE THE HUGE RISE IN YESTERDAY’S GOLD TRADING ($25.00.) WE HAD NO COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 36,278 OI CONTRACTS..

We have now entered the active contract month of JANUARY. The open interest for the front month of JANUARY saw it’s open interest FALL by 20 contracts FALLING TO 6. We had 8 notices served upon yesterday so we LOST 12 contracts or an additional 1200 oz of gold will NOT stand AT THE COMEX in this non active month of January as these guys joined others in obtaining a London based forward contract.

FEBRUARY saw a LOSS of 44,211 contacts DOWN to 157,533. March saw a GAIN of 341 contracts UP to 1656. April saw a GAIN of 46,858 contracts UP to 304,618.

We had 3 notice(s) filed upon today for 300 oz
PRELIMINARY VOLUME TODAY ESTIMATED; 580,409
FINAL NUMBERS CONFIRMED FOR YESTERDAY: 697,516

comex gold volumes are RISING AGAIN

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And now for the wild silver comex results.

Total silver OI ROSE BY A HUGE 5,889 CONTRACTS FROM 199,985 UP TO 205,874 WITH YESTERDAY’S HUGE 56 CENT GAIN. WE WERE ALSO INFORMED THAT WE HAD ANOTHER GIGANTIC SIZED 2865 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2865. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE HAD ZERO LONG COMEX SILVER LIQUIDATION AND A HUGE SIZED RISE IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 8754 SILVER OPEN INTEREST CONTRACTS:

5889 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2865 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 8754 CONTRACTS

We are now in the poor non active delivery month of January and here the OI LOST 9 contracts FALLING TO 3. We had 10 notices served upon yesterday, so we GAINED 1 contract or an additional 5,000 oz will stand for delivery AT THE COMEX AND QUEUE JUMPING CONTINUES

February saw a LOSS OF 23 OI contracts FALLING TO 146. The March contract GAINED 3317 contracts UP to 142,036.

We had 1 notice(s) filed for NIL 5,000 for the January 2018 contract for silver
INITIAL standings for JANUARY

Jan 25/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
321.500
Scotia
10 kilobars
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil OZ
No of oz served (contracts) today
3 notice(s)
300 OZ
No of oz to be served (notices)
3 contracts
(300 oz)
Total monthly oz gold served (contracts) so far this month
695 notices
69500 oz
2,1617 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory movement into the dealer accounts: nil oz
we had 1 withdrawals into the customer account:
i) Out of Scotia: 321.50 oz
total withdrawal: 321.50 oz
we had 0 customer deposit
total deposits: nil oz
we had 1 adjustments
i) out of HSBC, 22,041.942 oz was removed from the dealer and this landed into the customer account of the HSBC
total registered or dealer gold: 564,459.531 oz or 17.557 tonnes
total registered and eligible (customer) gold; 9,313,221.043 oz 289.68 tones

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 3 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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 (695) x 100 oz or 69500 oz, to which we add the difference between the open interest for the front month of JAN. (6 contracts) minus the number of notices served upon today (3 x 100 oz per contract) equals 69,800 oz, the number of ounces standing in this active month of JANUARY

Thus the INITIAL standings for gold for the JANUARY contract month:

No of notices served (695 x 100 oz or ounces + {(6)OI for the front month minus the number of notices served upon today (3 x 100 oz which equals 69,800 oz standing in this active delivery month of JANUARY (2.1710 tonnes). THERE IS 17.557 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 2 CONTRACTS OR AN ADDITIONAL 200 OZ WILL NOT STAND IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY (DATA CORRECTED FROM YESTERDAY)

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ON FIRST DAY NOTICE FOR JANUARY 2017, THE INITIAL GOLD STANDING: 3.904 TONNES STANDING

BY THE END OF THE MONTH: FINAL: 3.555 TONNES STOOD FOR COMEX DELIVERY AS THE REMAINDER HAD TRANSFERRED OVER TO LONDON FORWARDS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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 15 MONTHS 65 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER FINAL standings
Jan 25 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
1,199,756.010 oz
CNT
No of oz served today (contracts)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
2 contracts
(10,000 oz)
Total monthly oz silver served (contracts) 727 contracts

(3,635,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 1 inventory deposits into the customer account

i) CNT Deposit: 1,199,756.010 oz

total inventory deposits: 1,199,756.010 oz

we had 0 withdrawals from the customer account;



total withdrawals; nil oz

we had 0 adjustment

total dealer silver: 45.461 million

total dealer + customer silver: 247.148 million oz

The total number of notices filed today for the JANUARY. contract month is represented by 1 contract(s) FOR 5,000 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 727 x 5,000 oz = 3,635,000 oz to which we add the difference between the open interest for the front month of JAN. (3) and the number of notices served upon today (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JANUARY contract month: 727(notices served so far)x 5000 oz + OI for front month of JANUARY(3) -number of notices served upon today (1)x 5000 oz equals 3,645,000 oz of silver standing for the JANUARY contract month. This is VERY GOOD for this NONACTIVE delivery month of JANUARY. WE GAINED 1 CONTRACTS OR AN ADDITIONAL 5,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY AS QUEUE JUMPING CONTINUES AS WE PROCEED TO MONTH’S END.

ON FIRST DAY NOTICE FOR THE JANUARY 2017 CONTRACT WE HAD 3.790 MILLION OZ STAND.

THE FINAL STANDING: 3,730 MILLION OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

I almost fell from my chair: we received volumes at the comex and they were on time

ESTIMATED VOLUME FOR TODAY: 107,890

CONFIRMED VOLUME FOR YESTERDAY: 132,365 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 132,265 CONTRACTS EQUATES TO 662 MILLION OZ OR 94.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.25% (Jan 24/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.45% to NAV (Jan 24/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.25%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.36%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO 3.21%: NAV 14.22/TRADING 13.59//DISCOUNT 3.21%

END

And now the Gold inventory at the GLD/

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Jan 25/2018/ Inventory rests tonight at 849.32 tonnes

*IN LAST 315 TRADING DAYS: 91.83 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 249 TRADING DAYS: A NET 65.48 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Jan 25/2017:
Inventory 313.896 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.81%
12 Month MM GOFO
+ 2.13%

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
MMgys

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

News and Commentary

Gold Posts Highest Close Since 2016 in Heavy Trading (Bloomberg.com)

Gold hits 1-1/2-year high as dollar slumps to three-year low (Reuters.com)

Asian Equities Decline, U.S. Dollar Extends Slide (Bloomberg.com)

Trump Team at Davos Backs Weaker Dollar, Sharpens Trade War Talk (Bloomberg.com)

Dollar skids to three-year low as Mnuchin welcomes currency weakness (Reuters.com)

Gold-backed cryptocurrency planned by Perth Mint to entice investors back to metals (ABC.net.au



Source: Bloomberg

Video: Dalio Warns That Rise in Yields Could Spark Bond Crash (Bloomberg.com)

Gold Jumps To Crucial Technical Level. Important Action Coming Up (GoldSeek.com)

Warning: The Financial System Just Made a Tectonic Shift (ZeroHedge.com)

Dollar Dumps Below Key Level – Worst Start To A Year Since 2003 (ZeroHedge.com)

Is the U.S. consumer in trouble? (StansBerryChurcHouse.com)

Gold Prices (LBMA AM)

25 Jan: USD 1,360.25, GBP 954.35 & EUR 1,095.27 per ounce
24 Jan: USD 1,350.50, GBP 957.50 & EUR 1,093.77 per ounce
23 Jan: USD 1,337.10, GBP 959.10 & EUR 1,091.74 per ounce
22 Jan: USD 1,334.15, GBP 959.12 & EUR 1,087.87 per ounce
19 Jan: USD 1,335.80, GBP 960.17 & EUR 1,087.74 per ounce
18 Jan: USD 1,329.75, GBP 961.14 & EUR 1,088.40 per ounce
17 Jan: USD 1,337.35, GBP 969.45 & EUR 1,092.48 per ounce

Silver Prices (LBMA)

25 Jan: USD 17.52, GBP 12.29 & EUR 14.12 per ounce
24 Jan: USD 17.19, GBP 12.16 & EUR 13.93 per ounce
23 Jan: USD 16.98, GBP 12.19 & EUR 13.87 per ounce
22 Jan: USD 17.04, GBP 12.25 & EUR 13.90 per ounce
19 Jan: USD 17.04, GBP 12.27 & EUR 13.89 per ounce
18 Jan: USD 17.09, GBP 12.31 & EUR 13.96 per ounce
17 Jan: USD 17.21, GBP 12.49 & EUR 14.10 per ounce


Recent Market Updates

– Cyber War Coming In 2018?
– Government Shutdown Ends – Markets Ignore Looming Debt and Bond Market Threat
– Global Pension Ponzi – Carillion Collapse One Of Many To Come
– The Next Great Bull Market in Gold Has Begun – Rickards
– Gold Bullion May Have Room to Run As Chinese New Year Looms
– Digital Gold Flight To Physical Gold Coins and Bars
– Gold and Silver Bullion Are Only “Safe Investments Left” – Stockman
– Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver”
– London Property Crash Looms As Prices Drop To 2 1/2 Year Low
– Gold Bullion Up 1% In Week, Heads For 5th Weekly Gain As Bonds Sell Off
– Gold Prices Rise To $1,326/oz as China U.S. Treasury Buying Report Creates Volatility
– Gold Hits All-Time Highs Priced In Emerging Market Currencies
– World is $233 Trillion In Debt: UK Personal Debt At New Record
– 10 Reasons Why You Should Add To Your Gold Holdings

Mark O’Byrne
Executive Director

END

for those that missed Andrew Maguire’s email to myself and Bill Murphy of GATA



I am repeating it. It is huge!!



Have I got another bombshell for you! This is a heads up .

I have been keeping my head down for some months now working as an advisory board member and strategic advisor for the Allocated Bullion Exchange. https://abx.com/. After 6 years of building out independent fully allocated trading hubs, we are now ready to launch our fully 100% gold and silver backed crypto currency.

While other gold backed solutions such as Eric’s are very helpful, this currency differs in every respect. This is an entire gold/silver backed ecosystem that already has the power of adoption by the Indonesian post office system which transacts $9.6 Billion in cross border migrant worker fees, as well as adoption by the largest 100Million member Islamic Financial group . Attached is the press release from 1 minute ago also linked here….https://abx.com/2018/01/23/ptpos-abx/

There is much more. Every hedge fund we have discussed this with under NDA’s has committed ALL their physical holdings into this currency. The beauty of this is that bullion does not have to move out of the holder’s direct control and remains 100% allocated in their name, it simply draws a yield. This will also draw in large, institutional money to buy gold vs. treasuries etc as the yield is far greater.

The whitepaper will be released in the next 24 hours and will detail how this currency is able to do this with Zero risk.

The currency will have billions of dollars of liquidity day one. Each once transacted is 100% backed by gold and silver and the bottom up demand cannot be fought by the cartel or officials. Every aspect of our currency meets all the KYC requirements and cannot be stopped. This enormous fresh bullion demand flowing in from Asian post offices alone let alone how much of the $800 billion unbacked, volatile crypto currency market will want to convert to a currency that has an intrinsic value and also returns them a yield. This gold and silver bullion buying is going to be conducted through our very liquid ABX vaulting network and will backwash into the LBMA forcing the offer to sell to rise.

This is going to accelerate the inevitable gold silver market reset in a highly leveraged ‘at the margin’ market.

Bill, you will remember March 23rd 2010 well. That bombshell caused the industry a lot of pain along with industry apologist J. Christian, and we know how officials closed ranks thereafter.

After my lawyers and I walked out of the DOJ building in 2011 having just presented 88 clear examples of LIBOR style collusion and market rigging in the gold and silver markets, and the words still ringing in my ears, ” but what about the economic consequences of this”, I knew we had to attack this cartel from a different angle. To find an intelligent way of breaking the paper markets with one objective in mind, to assist in the rollout of a cartel bomb, it is now ready!

We will be launching it this week. This is not just a 100% gold and silver backed currency already adopted by the largest Islamic financial group with 100Million members, (yet to be announced), this is a gold and silver backed currency with a yield that will be enrich everybody.

I will get you the whitepaper as soon as we release it, in the meantime, if it’s of any help or if you feel it contributes anything to le-metropole, please feel free to publish my subscriber commentary dealing with EFP’s etc. Please find a copy of my subscriber commentary from Sunday attached.

The full public announcement will be within the next 24 hours.

This is it guys, we’re going to take down the paper marker at last!!

Best
Andrew

ABX-PT-POS-PR.pdf
Commentary 21st January 2018.pdf



end

The gold backed cryptocurrency planned by the Perth mint is supposedly used to entice investors back to metals



(courtesy Landgrafft/ABC/Sydney)
Gold-backed cryptocurrency planned by Perth Mint to entice investors back to metals

Submitted by cpowell on Tue, 2018-01-23 20:35. Section: Daily Dispatches

By Tara de Landgrafft
Australian Broadcasting Corp., Sydney
Tuesday, January 23, 2018

Australia’s biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.

The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.

The mint also plans to make use of blockchain technology, first used as the core component of the digital currency bitcoin, where it works as a public ledger for transactions.

In the 10 years since its inception, blockchain has been used to track transactions in industries from agriculture to land registration and the music recording industry.

For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes. …

… For the remainder of the report:

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-bein

END



As we brought this to your attention yesterday, the Trump team at Davos wants a weaker dollar. Trump seems to want greater protectionism for the USA economy



(courtesy Bloomberg/GATA)
Trump team at Davos backs weaker dollar, sharpens trade war talk

Submitted by cpowell on Wed, 2018-01-24 12:39. Section: Daily Dispatches

By Enda Curran and Jan Dahinten
Bloomberg News
Wednesday, January 24, 2018

President Donald Trump’s top economic advisers set the stage for the rollout of his “America First” manifesto on the world stage.

A day before Trump’s scheduled arrival in the Swiss ski resort of Davos for the World Economic Forum’s annual meeting, Treasury Secretary Steven Mnuchin endorsed the dollar’s decline as a benefit to the American economy and Commerce Secretary Wilbur Ross said the U.S. would fight harder to protect its exporters.

“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told reporters in Davos. The currency’s short term value is “not a concern of ours at all,” he said.

“Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency,” he said. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-01-24/mnuchin-says-weaker-d…

END

Craig Hemke discusses the strength in major commodities especially oil and copper. He questions whether the bullion banks will ever let silver out of their shackles



(courtesy Craig Hemke/GATA)

‘
Craig Hemke: Will the bullion banks ever let silver join commodities rally?

Submitted by cpowell on Wed, 2018-01-24 15:05. Section: Daily Dispatches

10:07a ET Wednesday, January 24, 2018

Dear Friend of GATA and Gold:

Weakness in the U.S. dollar, the TF Metals Report’s Craig Hemke writes today at Sprott Money, is being reflected in the prices of major commodities, particularly oil and copper, but not in silver, whose market is “easily the most manipulated in the world.”

So will silver ever rise and catch up to the rest?

“The dollar weakness suggests it,” Hemke writes. “Other commodities suggest it. The commitment-of-traders structure suggests it. But will the banks allow it?”

Hemke’s analysis is headlined “Positioning Ahead of Additional Dollar Weakness” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/positioning-ahead-of-additional-dollar-…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]



END



Commerce secretary tries to correct Mnuchin and basically fails as the USA dollar continues on its decent

(courtesy CNBC/GATA)
Commerce secretary says U.S. isn’t abandoning ‘strong dollar’ policy

Submitted by cpowell on Wed, 2018-01-24 16:45. Section: Daily Dispatches

By Matthew J. Belvedere
CNBC, New York
Wednesday, January 24, 2018

Commerce Secretary Wilbur Ross took issue today with media characterizations that the United States is departing from its historically strong dollar policy.

Treasury Secretary Steve Mnuchin’s remarks at a news conference at the World Economic Forum in Davos, Switzerland should not be interpreted as a call for a weaker U.S. currency, Ross told CNBC.

Earlier today Mnuchin said, “Obviously, a weaker dollar is good for us as it relates to trade and opportunities,” but he added that the short-term value is “not a concern of ours at all” and “longer term, the strength of the dollar is a reflection of the strength of the U.S. economy.”

The Trump administration has made stronger economic growth a top priority.

Ross said in a “Squawk Box” interview from Davos that Mnuchin “was not advocating anything” in terms of the dollar. “I think what he exactly said is the dollar, just like the Treasury bond market, is a huge market, a very liquid market. It’s not something we worry a lot about day by day,” Ross argued. …

… For the remainder of the report:

https://www.cnbc.com/2018/01/24/commerce-secretary-wilbur-ross-theres-a-…

END



In case you missed this yesterday, here is the story that sent the USA dollar into a freefall



(courtesy CNBC/GATA)
Mnuchin comment surprises markets, turns dollar decline into ‘one-way bet’

Submitted by cpowell on Wed, 2018-01-24 20:19. Section: Daily Dispatches

By Patti Domm
CNBC, New York
Wednesday, January 24, 2018

Treasury Secretary Steven Mnuchin’s comment that a weak dollar is good for the country accelerated a decline in the currency and fed fears in a market already speculating that White House may make the dollar less attractive for the longer term. …

Mnuchin’s comments echo statements by President Donald Trump, who famously helped turn a market trend of a stronger dollar last January when he said, prior to his inauguration, that the dollar was “too strong” and that U.S. companies can’t compete because of it, particularly against the Chinese. The dollar index has lost more than 10 percent since then, and after Mnuchin’s comment this morning, it sank to a new three-year low.

The comments also depart from the policy of the past three presidential administrations and Treasury secretaries, going back to Robert Rubin, to support a strong dollar policy, at least publicly. Prior to Trump, presidents in recent history have refrained from talking the currency up or down. …

While the weak dollar could help U.S. exports, strategists point out it devalues all types of U.S. assets, including Treasurys, and makes the cost of goods from overseas more expensive for everyone from manufacturers to everyday Americans.

Whether a weak dollar policy was the intended message or not, the fact that Mnuchin made the comments at a briefing at the World Economic Forum’s annual meeting in Davos, Switzerland, was not lost on the market. The forum is viewed as the bastion of globalization and free trade, while Trump officials have been or are expected to reaffirm the administration’s America first policies, seen as protectionist by some.

“I think you could have a situation where cyclical forces come into play, and it snaps back, but for now, they’ve put a wild card on the dollar, which could tell you that normal cyclical forces won’t operate,” said Robert Sinche, chief global strategist at Amherst Pierpont. “They basically open this up as a one-way bet for traders, and traders will keep pushing it and keep pushing it. … Who’s going to stand in front of it? It’s not a healthy global environment.”

The Trump administration, which this week slapped new tariffs on Asian washing machines and solar panels, sees a weaker dollar as a positive for American exporters. But on the other hand, the market has been worrying about the fact that central banks are clearly diversifying reserve holdings away from the dollar, and U.S. assets, like Treasurys, could become less appealing.

“I think the dollar will stay the reserve currency — We’re too big and too influential — but does it mean people have to hold so many dollar assets if the administration says this is not a good place to hold your money, particularly with a trillion-dollar deficit? There’s a long way down,” Sinche said. …

… For the remainder of the report:

https://www.cnbc.com/2018/01/24/mnuchin-comment-surprises-financial-mark…

END



This will be good for gold and silver as Myanmar (Burma) will now be allowed to import and export gold/silver



(courtesy Myanmar Times/GATA)
Myanmar legalizes gold imports and exports

Submitted by cpowell on Wed, 2018-01-24 20:09. Section: Daily Dispatches

Gold Exports Now Permitted in Myanmar

By Thiha Ko Ko
Myanmar Times, Yangon
Wednesday, January 24, 2018

Gold and gold jewelry and accessories have been legally cleared for import and export, the Ministry of Commerce said Monday.

Traders will now be able to sell gold, which is mined as a natural resource in Myanmar, to buyers overseas. The move is the first step in a government effort to establish a legal gold market in which local and international traders can engage. By doing so, the government also hopes to raise tax revenues, said U Khin Maung Lwin, the ministry’s assistant secretary.

Allowing the export of Myanmar gold, which was prohibited in the past, actually took the ministry three years.

Now gold, gold jewelry, and accessories with gold can be traded via air and sea routes as well as across the border. …

… For the remainder of the report:

https://www.mmtimes.com/news/gold-exports-now-permitted-myanmar.html

END

Toronto’s Financial Post:

Only two bidders for Scotiabank’s precious metals business. Both are crooked.

No doubt future liabilities will play a big part in the offer



(courtesy Toronto’s Financial Post)
Goldman, Citi final bidders for Scotiabank’s metals business: sources
Most of ScotiaMocatta’s business is in precious metals and it’s one of five banks that clear bullion in London’s US$5 trillion a year gold market
Reuters
Peter Hobson and Clara Denina

January 24, 2018
3:46 PM EST

LONDON — The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada’s Bank of Nova Scotia, has narrowed to two, three banking and industry sources said on Wednesday.

The two – Goldman Sachs Group and Citi – are undertaking due diligence checks, the sources said.

The sources said Japanese trading house Sumitomo and Australian bank ANZ (Australia and New Zealand Banking Group), which had also expressed interest, were not taking their offers forward and there was no certainty a deal would be reached.

Scotiabank did not immediately respond to a request for comment. Goldman and Citi declined to comment.
LAWSUITS

Scotiabank hired JPMorgan to help with the sale after conducting a review of its metals business in 2016 following a string of lawsuits related to the manipulation of gold and silver price benchmarks and due to dissatisfaction over its performance, sources said.

It aims to complete the process by the end of March 2018.

The sources said that Scotiabank’s price tag of up to US$1 billion for ScotiaMocatta was unlikely to be met by the suitors.

“I think the process will see the great majority of the business move to a new owner but would definitely expect there to be subsequent trimming, either by sale or closure,” one said.

The bulk of ScotiaMocatta’s business is in precious metals and it is one of five banks that clear bullion in London’s US$5 trillion a year gold market, the world’s biggest.
PRECIOUS METALS

Citi trades precious metals and does some hedging and financing business for some of Canada’s gold producers. Buying Scotia’s business would give them a much larger precious metals trading book, one of the sources said.

Goldman Sachs has been seeking to turn around its commodities business by hiring a number of executives after reporting weak revenues in 2017.

Goldman was one of five banks that invested several million dollars in designing and building gold and silver contracts launched by the London Metal Exchange in July.

A fourth source said Goldman would be mostly interested in Scotia’s mine finance business.

ScotiaMocatta is one of London’s main gold trading banks with a history dating back to the 17th century. It was acquired by Scotiabank from Standard Chartered in 1997 and employs more than 160 people in 10 offices around the world, according to its website.

Market sources put Scotiabank’s annual revenues from the precious metals unit at US$100-US$180 million with operating margins of around 25 per cent.

END

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MMgys

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One of the largest commodity hedge funds is shutting down, Jamison. They are probably not playing the EFP game in gold and silver as this would give them instant profits

(courtesy zerohedge)

(courtesy zerohedge)
One Of The Largest Commodity Hedge Funds Shuts Down

Less than five years ago, commodity and macro markets trader Stephen Jamison was facing an avalanche of clients desperate to give his Jamison Capital Partners money to manage, ultimately forcing him to close his macro commodity fund to new investors after nearly doubling its capital to $1.5 billion in 2012, making it one of the biggest players in the commodity space. Jamison, a former Morgan Stanley trader, mainly invested in commodities but “would turn to other assets such as treasuries and equities when he sees better opportunities.”

Fast forward to today when things are decidedly bleaker for Jamison and his Jamison Capital, because as Reutersreports, the New York-based commodity hedge fund will be shutting its nearly $1.5 billion macro commodity fund and converting to a family office, a source familiar with the matter said on Thursday.

It won’t be the first commodity/macro fund to admit defeat in a market in which nothing makes sense. The closure of Jamison, one of the largest commodity-focused hedge funds, comes after several other big names have closed shop in recent months. They include hedge fund manager Andy Hall, who closed his Astenbeck Capital Management last summer, and Texas tycoon T. Boone Pickens, who said this month that he was closing his fund, in part due to declining health.

Performance did not help: Jamison was down 9% last year, Reuters cites sources familiar, partially due to losses on natural gas in the second half of the year.

It was a bad year for many: numerous trading firms and banks reported poor results in 2017 due to muted client activity and wild fluctuations across energy markets. As we reported previously, Goldman Sachs said the second quarter of 2017 was its worst quarter on record in commodities, which was also due to a nat gas bet gone bad:

“Goldman wagered that gas prices in the Marcellus Shale in Ohio and Pennsylvania would rise with the construction of new pipelines to carry gas out of the region, said people familiar with the matter. Instead, prices there fell sharply in May and June as a key pipeline ran into problems.”

It was not immediately clear if, like Pierre Andurand’s closure last year, any residual liquidation of asset holdings would impact the market.


Your early THURSDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.3280 /shanghai bourse CLOSED DOWN AT 11.16 POINTS 0.31% / HANG SANG CLOSED DOWN 304.24 POINTS OR 0.92%
2. Nikkei closed DOWN 271,29 POINTS OR 1.13% /USA: YEN FALLS TO 108.98

3. Europe stocks OPENED GREEN /USA dollar index FALLS TO 89.14/Euro RISES TO 1.2413

3b Japan 10 year bond yield: RISES TO . +.086/ GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.98/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 66.10 and Brent: 71.00

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.585%/Italian 10 yr bond yield DOWN to 1.901% /SPAIN 10 YR BOND YIELD UP TO 1.373%

3j Greek 10 year bond yield FALLS TO : 3.68?????????????????

3k Gold at $1358.45 silver at:17.50: 6 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 30/100 in roubles/dollar) 55.84

3m oil into the 66 dollar handle for WTI and 71 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.98 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9416 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1684 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.585%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.630% early this morning. Thirty year rate at 2.914% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Dollar Tumbles To 3 Year Low As Futures, Oil Rebound

Another day, another rout in the USD index, with the Bloomberg dollar index sliding for the 4th consecutive day to the lowest level since December 2014 after Asian participants were able to react to yesterday’s comments from US Treasury Secretary Mnuchin, which he refused to deny in follow up Davos commentary on Thursday.



With the dollar tumbling, the EUR hit a new three year high ahead of the ECB’s policy decision this morning (full preview here) before stabilizing around 1.24 as investors wait to see if ECB President Draghi can stem its advance later today when explaining the central bank’s rate decision.

Concerns about U.S. protectionism kept the dollar weak after its worst day in six months, but it was the ECB’s first meeting of 2018, and when it will end its 2.6 trillion euro stimulus programme, that was attracting attention. Another challenge facing policymakers is how to address the euro’s surge – it hit a three-year high of over $1.24 on Thursday – as this could dampen inflation and endanger the work done by years of unprecedented stimulus.

The USDJPY treaded water just below 109, where a number of stops are said to be waiting. Kiwi dropped lower on weaker-than-expected 4Q CPI data only to pare losses as dollar selling resumes across the board.

With offshore currencies surging it was a mixed picture across European stocks, as investors digested the weakening dollar and a protectionist push from the U.S. that helped spur declines in Asian equities. Still, not even the soaring Euro was enough to dent risk optimism, and Europe was trading modestly in the green, while S&P futures were about 0.2% higher at 2,847, just shy of all time melt up high. Germany’s DAX underperforms as large trade union threatens walkout over wage negotiations.



In Europe, media and travel companies dragged on the Stoxx Europe 600 Index after the MSCI Asia Pacific posted losses earlier. Tech names the underperforming sector this morning having taken the impetus from their US counterparts. Additionally, in terms of specific stocks, Aryzta is the worst performing stock after the company announced a profit warning, while Smith and Nephew sit at the top of the FTSE 100 following a broker upgrade at JP Morgan Chase. Top Stoxx 600 outperformers include: Elior Group +3.4%, Daily Mail & General Trust +2.9%, Smith & Nephew +2.9%, Elekta +2.8%, STMicro +2.4%

Some additional developments out of Europe this morning:

German Ifo Business Climate (Jan) 117.6 vs. Exp. 117.1 (Prev. 117.2)
German Ifo Expectations (Jan) 108.4 vs. Exp. 109.4 (Prev. 109.5, Rev. 109.4)
German Ifo Current Conditions (Jan) 127.7 vs. Exp. 125.4 (Prev. 125.4, Rev. 125.5)
Norwegian Cenbank Rate Decision (N/A) 0.50% vs. Exp. 0.50% (Prev. 0.50%)
The assessment of the outlook and the balance of risks suggested that the key policy rate would remain at 0.5% in the period ahead. The outlook and the balance of risks for the Norwegian economy do not appear to have changed substantially since the December Report.

Japanese shares fell as the yen traded at the strongest since September; it’s one of a host of major currencies at elevated levels thanks to the dollar slump. The euro edged higher before the European Central Bank’s first policy decision of 2018, and after data showed improving business confidence in Germany.

In Asian geopolitcs, North Korea is said to be calling for rapid improvement in North-South relations and said it will smash all challenges against reunification of the Korean peninsula.

As pointed out last night, the onshore yuan strengthens toward the level before its one-off devaluation in August 2015, as the dollar heads for a three-year low. The onshore yuan rose 0.4% to 6.3335 after an overnight gain of 0.8%, the most since February 2016. At this rate the PBOC will need another Yuantervention soon.



Following Lula’s failure to get approval to run for president, the Brazilian real strengthened the most in eight months and the MSCI Emerging Markets Index climbed for a tenth day, hitting the strongest on record.

Dollar weakness continues to boost commodities: Bloomberg’s index of raw materials is at the highest since October 2015, and gold traded at about the strongest in more than a year. Indeed, it was onward and upwards for commodity prices which have benefitted from the aforementioned USD weakness. Brent crude futures briefly took out the $71.00 handle. Elsewhere, gold rose to levels not seen since mid-2013 and copper also rallied despite the risk averse tone, as the greenback’s woes solely fuelled gains across the complex.



https://www.zerohedge.com/sites/default/files/inline-images/BCOM.jpg

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Thank You Harvey Always Good Stuff Man https://www.silverdoctors.com/tag/harvey-organ/
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and Thank You for being with us tonight <3

MMgys

Have a Fine Friday !

[JD400]

Allthe Data By Morning


Good Morning Ladies and Gentlemen !

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

MMgys

Harvey's Packed as Usual

So Let Us Ride this Data Doggie

enJoy

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JAN 29 A/WEDNESDAY IS OPTION’S EXPIRY IN LONDON AND THUS THE REASON FOR BANKER RAID TODAY/GOLD DOWN $11.25 TO $1341.75/SILVER IS DOWN 26 CENTS TO $17.16/GOLD EFP’S ISSUED:4123 CONTRACTS/SILVER EFP’S ISSUED: 2304/CFTC CHARGE 6 TRADERS WITH SPOOFING IN GOLD AND SILVER TRADING/USA 10 YR BOND YIELD CLIMBS ABOVE 2.71%/MCCABE RESIGNS EFFECTIVE IMMEDIATELY/HUGE NUMBER OF SWAMP STORIES TODAY
January 29, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1341.75 DOWN $11.25

Silver: $17.16 DOWN 26 cents

Closing access prices:

Gold $1340.20

silver: $17.16

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1356.69 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1348.90

PREMIUM FIRST FIX: $7.79

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SECOND SHANGHAI GOLD FIX: $1361.25

NY GOLD PRICE AT THE EXACT SAME TIME: $134.35

Premium of Shanghai 2nd fix/NY:$12.90

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1348.40

NY PRICING AT THE EXACT SAME TIME: $1347.70

LONDON SECOND GOLD FIX 10 AM: $1343.85

NY PRICING AT THE EXACT SAME TIME. $1343.35

For comex gold:

JANUARY/
NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 0 NOTICE(S) FOR 100 OZ.

TOTAL NOTICES SO FAR: 696 FOR 69600 OZ (2.1648 TONNES),

For silver:

jANUARY
1 NOTICE(S) FILED TODAY FOR
5,000 OZ/

Total number of notices filed so far this month: 729 for 3,645,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $11,057/OFFER $11,155 UP $145 (morning)
Bitcoin: BID/ $11,194/ $11,297 offer UP $284 (CLOSING/5 PM)

end
EXPECT SOME TORMENT IN BOTH GOLD AND SILVER FOR TWO MORE DAYS AS WE HAVE LONDON BASED OPTIONS EXPIRING AT AROUND 11 AM WEDNESDAY.

Let us have a look at the data for today

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In silver, the total open interest FELL BY A FAIR SIZED 3591 contracts from 204,418 FALLING TO 200,827 WITH FRIDAY’S 21 CENT FALL IN SILVER PRICING. OBVIOUSLY WE HAD SOME COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2304 EFP’S FOR MARCH AND AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2304 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 2304 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

45,714 CONTRACTS (FOR 20 TRADING DAYS TOTAL 45,714 CONTRACTS OR 228.570 MILLION OZ: AVERAGE PER DAY: 2285 CONTRACTS OR 11.423 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 228.6 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 32.7% OF ANNUAL GLOBAL PRODUCTION

RESULT: A FAIR SIZED LOSS IN OI COMEX WITH THE 21 CENT FALL IN SILVER PRICE. WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 2304 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2304 EFP’S WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY LOST 1287 OI CONTRACTS i.e. 2304 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 3591 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 21 CENTS AND A CLOSING PRICE OF $17.42 WITH RESPECT TO FRIDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.004 BILLION TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 1 NOTICE(S) FOR 5,000 OZ OF SILVER

In gold, the open interest FELL BY A LARGE 7895 CONTRACTS DOWN TO 565,240 WITH THE GOOD SIZED FALL IN PRICE OF GOLD WITH FRIDAY’S TRADING ($11.00). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR MONDAY AND IT TOTALED A SMALLER SIZED 4123 CONTRACTS OF WHICH FEBRUARY SAW 2912 CONTRACTS ISSUED AND APRIL SAW THE ISSUANCE OF 1211 CONTRACTS. The new OI for the gold complex rests at 565,240. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DUE TO THE DELAY IN THE RELEASE OF YESTERDAY’S DATA YOU CAN BET THE FARM THAT THEY HAVE DELAYED THE RELEASE OF MANY EFPS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A LOSS OF 3772 CONTRACTS: 7895 OI CONTRACTS DECREASED AT THE COMEX AND A SMALL SIZED 4123 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. EXPECT HUGE NUMBERS OF EFP’S TO BE ISSUED AS WE APPROACH FIRST DAY NOTICE IN THE GOLD FEB COMEX CONTRACT, WEDNESDAY JAN 31.2018

YESTERDAY, WE HAD 20,747 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 197,786 CONTRACTS OR 19.779 MILLION OZ OR 615.20 TONNES (20 TRADING DAYS AND THUS AVERAGING: 9,889 EFP CONTRACTS PER TRADING DAY OR 988,900 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 17 TRADING DAYS: IN TONNES: 615 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 615/2200 TONNES = 27.95% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

Result: A GOOD SIZED DECREASE IN OI AT THE COMEX WITH THE FAIR SIZED FALL IN PRICE IN GOLD TRADING ON FRIDAY ($11.00). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS ARE WAITING TO RECEIVE A PRIVATE EFP CONTRACT FOR EITHER FEBRUARY OR APRIL AND THESE GUYS ARE STILL NEGOTIATING THEIR DEAL. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4123 AS THESE HAVE ALREADY BEEN NEGOTIATED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4123 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 3772 contracts ON THE TWO EXCHANGES:

4123 CONTRACTS MOVE TO LONDON AND 7895 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 11.73 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

With gold down another $11.25, we had a big changes in gold inventory at the GLD/a withdrawal of 1.18 tonnes of gold/

Inventory rests tonight: 848.14 tonnes.

SLV/

A NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY RESTS AT 313.896 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A CONSIDERABLE 3591 contracts from 204,418 DOWN TO 200,827 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE FAIR SIZED LOSS IN PRICE OF SILVER (21 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 2245 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 3591 CONTRACTS TO THE 2304 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A LOSS OF 1287 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 6.435 MILLION OZ!!!

RESULT: A FAIR SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE FAIR SIZED LOSS OF 13 CENTS IN PRICE (WITH RESPECT TO FRIDAY’S TRADING). BUT WE ALSO HAD ANOTHER STRONG 2304 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 SUNDAY night/MONDAY morning: Shanghai closed DOWN 35.13 points or 0.99% /Hang Sang CLOSED DOWN 187.23 pts or 0.56% / The Nikkei closed DOWN 2.54 POINTS OR 0.01%/Australia’s all ordinaires CLOSED UP 0.37%/Chinese yuan (ONSHORE) closed DOWN at 6.3319/Oil UP to 65.71 dollars per barrel for WTI and 69.76 for Brent. Stocks in Europe OPENED MIXED TO RED . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3319. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.3407//ONSHORE YUAN MUCH WEALER AGAINST THE DOLLAR/OFF SHORE MUCH WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT HAPPY TODAY.(WEAKER CURRENCY AND WEAK MARKETS )
3a)THAILAND/SOUTH KOREA/NORTH KOREA
b) REPORT ON JAPAN
3 c CHINA
4. EUROPEAN AFFAIRS

The ECB is running out of bonds to purchase, even as they state that QE will end in September. Now to talk down the Euro, the ECB now says that they will tape the end of QE by a short taper of 3 months. Boy what heros.

( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
wow!! the swamp is getting nasty: John Kerry was in secret communication with Palestine’s leader. Kerry suggests that there will be an alternative initiative circumventing Trump. The plan is that Trump will be removed.

( zerohedge)
6 .GLOBAL ISSUES

i)Stocks tumble on news that NAFTA counties, (Canada, USA and Mexico) will not issue a joint statement. Obviously things did not go well with the discussions

( zerohedge)
7. OIL ISSUES

An excellent commentary on how to read the tea leaves with respect to oil

( Kent Moors/OilPrice.com)
8. EMERGING MARKET

i)Venezuela is starving:

( zerohedge)

ii)Cape Town, a beautiful city has been experiencing its worst drought in 100 years. Today is day zero as citizens line up for their rationed water. Security forces are guarding water collection points
( zerohedge)
9. PHYSICAL MARKETS

i)This is a surprise: the CFTC is charging major firms, UBS, HSBC and our good friend Deutsche bank for spoofing and manipulating in the USA futures market. This is the first time that all 3 agencies have been involved; Dept of Justice, the FBI and the CFTC.

the fines will be north of 10s of millions of dollars. Except for Deutsche bank this is pocket change and they will continue to do with misdeeds.

( zerohedge)

ii)Saturday: Cryptos bounce back after the biggest cyber heist in history
( zerohedge)

iii)Japanese police launch a probe into the biggest cryptocurrency heist
( zerohedge)

iv)Interesting: divers find a stash of rare gold coins at the site of the 1838 shipwreck( Price/Charlotte Observer)

v)Maund is a technical analyst and when you have continual manipulation, their observations are worthless
(courtesy Chris Powell/GATA)
vi)This is good for gold/silver pricing but not good for equities as Trump is again reversing his stand on controversial gold mining in Alaska

( zerohedge)

vii)Brandon White, a former member and chief economist at the BIS considers gold the ultimate asset

(courtesy GATA)
10. USA stories which will influence the price of gold/silver

i)trading on NY this morning:

( zerohedge)

ii)US citizens are just not saving probably because they are living from pay check to pay check. The saving rate just hit a crisis lows amid soaring credit card dept.

( zerohedge)

iii)After all the other Fed manufacturing indices missed expectations, the Dallas Fed smashed expectations soaring to 33.4.

( zerohedge)

iv)Although the 4th quarter GDP became in below the 3% threshold, the Atlanta Fed has stated that it believes the first quarter GDP will come in at a rosy 4.2%

( zerohedge)

v)SWAMP STORIES

a)GOP congressional investigators have written letters to various people including Hillary Clinton, John Podesta and others forcing them to respond to question on the “dossier”

( zerohedge)

b)The Dept of Justice is withholding over 85% over the Strzok -Page FBI texts

( zerohedge)
c)Trump is ignoring the Dept of Justice (and who can blame him) as he notifies Sessions that he wants the FISA 4 page memo released

( zerohedge)

d)Trey Gowdy yesterday dropped big hints as to what is in the FISA memo: i.e. FBI misuse and Hillary’s relationship to Christopher Steele

( zerohedge)

e)This is a little surprising! McCabe who announced that he will step down in March once he became eligible for his full pension..has stepped down effective immediately. Either Christopher Wray is cleaning house or the Inspector General’s report is coming out and it will be very damning to him
( zerohedge)

f)The House Committee is expected to vote yes to release the memo this afternoon
( zerohedge)

g)Trump is furious over the Dept of Justice (a member of the Deep State) over their refusal to release the FISA memo to which they are themselves implicated. However it is not up to the Justice dept but the Intelligence Committee and they will vote on it tonight( zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY A CONSIDERABLE 7,895 CONTRACTS DOWN to an OI level of 565,240 WITH THE GOOD SIZED FALL IN THE PRICE OF GOLD ($11.00 FALL WITH RESPECT TO FRIDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A SMALL SIZED 2912 EFP’S ISSUED FOR FEBRUARY AND 1211 EFP’s FOR APRIL: TOTAL 4123 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE LOST TODAY: 3772 OI CONTRACTS IN THAT 4123 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 7895 COMEX CONTRACTS. NET LOSS ON THE TWO EXCHANGES: 3772 contracts OR 377200 OZ OR 11.73 TONNES

Result: A STRONG DECREASE IN COMEX OPEN INTEREST WITH THE FAIR SIZED LOSS IN FRIDAY’S GOLD TRADING ($11.00.) WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST LOSS ON THE TWO EXCHANGES: 3772 OI CONTRACTS..

We have now entered the active contract month of JANUARY. The open interest for the front month of JANUARY saw it’s open interest FALL by 2 contracts FALLING TO 2. We had 3 notices served upon yesterday so we GAINED 1 contract or an additional 100 oz of gold will stand AT THE COMEX in this non active month of January as these guys joined others in obtaining a London based forward contract.

FEBRUARY saw a LOSS of 28,316 contacts DOWN to 77,049. March saw a GAIN of 320 contracts UP to 2138. April saw a GAIN of 17,098 contracts UP to 346,600.

We had 0 notice(s) filed upon today for nil oz
PRELIMINARY VOLUME TODAY ESTIMATED; 488,317
FINAL NUMBERS CONFIRMED FOR YESTERDAY: 497,150

comex gold volumes are RISING AGAIN

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE 3591 CONTRACTS FROM 204,418 DOWN TO 200,827 WITH FRIDAY’S GOOD SIZED 13 CENT LOSS. WE WERE ALSO INFORMED THAT WE HAD ANOTHER FAIR SIZED 2304 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 0 EFP CONTRACTS FOR FEBRUARY..AS SOMEBODY WAS IN URGENT NEED OF METAL AND NEEDED TO GO TO LONDON TO GET IT AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2304. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE HAD SOME LONG COMEX SILVER LIQUIDATION AND A SMALL SIZED RISE IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE LOST 1287 SILVER OPEN INTEREST CONTRACTS:

3591 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 2304 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS TWO EXCHANGES: 1287 CONTRACTS

We are now in the poor non active delivery month of January and here the OI LOST 1 contract FALLING TO 2. We had 1 notice served upon yesterday, so we GAINED 0 contract or an additional NIL oz will stand for delivery AT THE COMEX

February saw a LOSS OF 52 OI contracts FALLING TO 148. The March contract LOST 4049 contracts DOWN to 134.341.

We had 1 notice(s) filed for NIL 5,000 for the January 2018 contract for silver
INITIAL standings for JANUARY

Jan 29/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
22,041,94 oz
HSBC
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil OZ
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
2 contracts
(200 oz)
Total monthly oz gold served (contracts) so far this month
696 notices
69600 oz
2,1648 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory movement into the dealer accounts: nil oz
we had 1 withdrawals out of the customer account:
i) Out of HSBC: 22,041.942 oz
total withdrawal: 22,041.942 oz oz
we had 0 customer deposit
total deposits: nil oz
we had 1 adjustments
i) out of DELAWARE, 1069.540 oz was removed from the CUSTOMER and this landed into the DEALER account of the Delaware
total registered or dealer gold: 567,868.167 oz or 17.663 tonnes
total registered and eligible (customer) gold; 9,291179.101 oz 288.99 tones

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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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 (696) x 100 oz or 69,600 oz, to which we add the difference between the open interest for the front month of JAN. (2 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 69,800 oz, the number of ounces standing in this active month of JANUARY

Thus the INITIAL standings for gold for the JANUARY contract month:

No of notices served (696 x 100 oz or ounces + {(2)OI for the front month minus the number of notices served upon today (0 x 100 oz which equals 69,800 oz standing in this active delivery month of JANUARY (2.1710 tonnes). THERE IS 17.629 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE GAINED 1 CONTRACTS OR AN ADDITIONAL 100 OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY(CME correction from Friday

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ON FIRST DAY NOTICE FOR JANUARY 2017, THE INITIAL GOLD STANDING: 3.904 TONNES STANDING

BY THE END OF THE MONTH: FINAL: 3.555 TONNES STOOD FOR COMEX DELIVERY AS THE REMAINDER HAD TRANSFERRED OVER TO LONDON FORWARDS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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 15 MONTHS 66 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER FINAL standings
Jan 29 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
23,999.713 oz
BRINKS
DELAWARE
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
1,193,538.740 OZ
JPMORGAN RESUMES DEPOSITS
SCOTIA
No of oz served today (contracts)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
1 contracts
(5,000 oz)
Total monthly oz silver served (contracts) 728 contracts

(3,640,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 2 inventory deposits into the customer account

i) JPMORGAN Deposit: 1,193,538.740 oz

ii) into Scotia: 841,551.600

total inventory deposits: 2,035,090.340 oz

we had 2 withdrawals from the customer account;

i) out of Brinks: 5890.670 oz

ii) Out of Delaware: 18109.043 oz

total withdrawals; 23,999.713 oz

we had 0 adjustment

total dealer silver: 45.461 million

total dealer + customer silver: 248,007 million oz

The total number of notices filed today for the JANUARY. contract month is represented by 1 contract(s) FOR 5,000 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 729 x 5,000 oz = 3,645,000 oz to which we add the difference between the open interest for the front month of JAN. (2) and the number of notices served upon today (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JANUARY contract month: 729(notices served so far)x 5000 oz + OI for front month of JANUARY(2) -number of notices served upon today (1)x 5000 oz equals 3,650,000 oz of silver standing for the JANUARY contract month. This is VERY GOOD for this NONACTIVE delivery month of JANUARY. WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JANUARY AS QUEUE JUMPING CONTINUES AS WE PROCEED TO MONTH’S END.

ON FIRST DAY NOTICE FOR THE JANUARY 2017 CONTRACT WE HAD 3.790 MILLION OZ STAND.

THE FINAL STANDING: 3,730 MILLION OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 86,757

CONFIRMED VOLUME FOR YESTERDAY: 86,005 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 86,005 CONTRACTS EQUATES TO 430 MILLION OZ OR 61.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.18% (Jan 246/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.35% to NAV (Jan 26/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.25%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.35%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO 3.42%: NAV 14.08/TRADING 13.60//DISCOUNT 3.42%

END

And now the Gold inventory at the GLD/

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Jan 29/2018/ Inventory rests tonight at 848.14 tonnes

*IN LAST 316 TRADING DAYS: 93.01 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 250 TRADING DAYS: A NET 64.30 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Jan 29/2017:
Inventory 313.896 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.74%
12 Month MM GOFO
+ 2.11%

end
Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Silver Bullion: ‘Once and Future Money’
Profile picture for user GoldCore
by GoldCore
Mon, 01/29/2018 – 07:31

Silver Bullion: Once and Future Money

– “Silver is as much a monetary metal as gold” – Rickards
– U.S. following footsteps of Roman Empire which collapsed due to currency debasement (must see table)
– Silver bullion is set to rally due to a combination of supply/demand fundamentals, geopolitical pressures creating safe haven demand, and increasing inflation expectations as confidence in central banking and fiat money erodes
– “Silver is ripe for a major breakout to the upside in 2018? – analyst Samson Li of Reuters
– Investors can still buy 99.9% pure one ounce silver bullion coins
– “Secular rally in silver bullion is in its early days” and “will be sustained and amplified in the months and years to come”

Editor: Mark O’Byrne



Silver Denarius of Marcus Aurelius via Wikipedia and Silver Eagles (2018) of U.S. Mint

Text by Jim Rickards via Daily Reckoning

The Roman Republic and the later Roman Empire had gold coins called the aureus and solidus, but they also minted a popular silver coin called the denarius. One denarius was the daily wage for unskilled labor and Roman soldiers.

Of course, in the late Empire, the aureus, solidus and denarius were all debased by mixing the gold and silver with base metals. The decline of the Roman Empire went hand in hand with the decline of sound money.

In the early ninth century AD, Charlemagne greatly expanded silver coinage to compensate for a shortage of gold. This was successful in stimulating the economy of the predecessor of the Holy Roman Empire. In a sense, Charlemagne was the inventor of quantitative easing over 1,000 years ago. Silver was his preferred form of money.

Under the U.S. Coinage Act of 1792, both gold and silver coins were legal tender in the U.S. From 1794 to 1935, the U.S. Mint issued “silver dollars” in various designs. These were widely circulated and used as money by everyday Americans. The American dollar was legally defined as one ounce of silver.

The American silver dollar of the late eighteenth century was a copy of the earlier Spanish Real de a ocho minted by the Spanish Empire beginning in the late sixteenth century. The English name for the Spanish coin was the “piece of eight,” (ocho is the Spanish world for “eight”) because the coin could easily be divided into one-eighth pieces.

Until 2001 stock prices on the New York Stock Exchange were quoted in eighths and sixteenths based on the original Spanish silver coin and its one-eight sections.



Until 1935 U.S. silver coins were 90% pure silver with 10% copper alloy added for durability. After the U.S. Coinage Act of 1965, the silver content of half-dollars, quarters and dimes was reduced from 90% to 40% due to rising price of silver and hoarding by citizens who prized the valuable silver content of the older coins.

The new law signed by President Johnson in 1965 marked the end of true silver coinage by the U.S. Other legislation in 1968 ended the redeemability of old “silver certificates” (paper Treasury notes) for silver bullion.

Thereafter, U.S. coinage consisted of base metals and paper money that was not convertible into silver; (gold convertibility had already ended in 1933).

Let’s hope that the U.S. is not following in the footsteps of the Roman Empire in terms of a political decline coinciding with the substitution of base metals for true gold and silver coinage.

In 1986, the U.S. reintroduced silver coinage with a .999 pure silver one-ounce coin called the American Silver Eagle. However, this is not legal tender although it does carry a “one dollar” face value. The silver eagle is a bullion coin prized by investors and collectors for its silver content. But it is not money.



Who in their right mind would pay a full ounce of silver for goods or services worth only a buck?

In short, silver is as much a monetary metal as gold, and has just as good a pedigree when it comes to use in coinage. Silver has supported the economies of empires, kingdoms and nation states throughout history.

It should come as no surprise that percentage increases and decreases in silver and gold prices denominated in dollars are closely correlated.

Silver is more volatile than gold and is more difficult to analyze because it has far more industrial applications than gold. Silver is useful in engines, electronics and coatings.

Interestingly, gold is used very little other than as money in bullion form. Gold has some highly specialized uses for coating and ultra-thin wires, but these are a very small part of the gold market.

Both gold and silver are used extensively in jewelry. I consider jewelry to be “wearable wealth” and akin to bullion rather than a separate market segment.



Because silver has more industrial uses than gold, the price can rise or fall based on the business cycle independent of monetary considerations. However, over long periods of time, monetary and bullion aspects tend to dominate industrial uses and silver closely tracks its close cousin gold in dollar terms.

While gold and silver prices have a high correlation, the correlation is not perfect. There are times where gold outperforms silver and vice versa. Right now we are in a sweet spot for silver.

Gold is performing well, and silver is performing even better!

The latest data is telling me that silver prices are set to rally. This conclusion is based in part on a bull market thesis for gold.

Gold staged an historic rally from 1999 to 2011, from about $250 per ounce to $1,900 per ounce, a gain of about 900% in that twelve-year span. Since then, gold prices fell in a 50% retracement (using the 1999 base) and bottomed at around $1,050 per ounce in December 2015.

Secular bull and bear market tops and bottoms are difficult to see in real time, but they become apparent with hindsight. Gold gained over 23% in 2016-2017. From the perspective of early 2018, it is clear than the gold bear market ended over two years ago and a new multi-year secular bull market has begun.

Silver is not only along for the ride, it is showing even better performance than gold, albeit with greater volatility. Both the gold and silver rallies are based on a combination of supply/demand fundamentals, geopolitical pressures creating safe haven demand, and increasing inflation expectations as confidence in central banking and fiat money erodes.



Silver bullion prices in USD 10 years (GoldCore.com)

In addition, silver has an excellent technical set-up right now. Precious metals analyst Samson Li writing in Thomson Reuters on January 2, 2018 offers this insight in the current technical trading position for silver:

Technically, silver is ripe for a major breakout to the upside in 2018. The CFTC figures Managed Money positions show that COMEX silver has been in a net short for three straight weeks since 12th December. This is not unheard of but is relatively rare for silver; the last time COMEX silver was net short was between the end of June and the first week of August 2015. As investment sentiment can swing from one extreme to another, and given silver’s innate volatility, this net short position should point to the possibility of a sharp short-covering rally. Looking back at the corresponding period in 2015, silver price was trading at $15.61/oz on the 7th July, and it was the third consecutive week recording a net short position. Approximately a year later, silver was trading over $20/oz in July 2016… [T]he current poor sentiment does suggest that silver could be one of the better performing precious metals in 2018, barring any crisis that could trump most of the commodities but gold.

The good news is that this secular rally in silver is in its early days. Recent gains will be sustained and amplified in the months and years to come.



Recommended reading

Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver”

Silver Bullion Has Key New Player – China Replaces JP Morgan

Gold and Silver Bullion Are Only “Safe Investments Left” – Stockman

News and Commentary

Gold’s path to US$1,400 seen cleared by slumping US dollar, equity fears (TaipeiTimes.com)

ECB executive warns against currency war (Reuters.com)

Coincheck Says It Lost Crypto Coins Valued at About $400 Million (Bloomberg.com)

Bitcoin May Split 50 Times in 2018 as Forking Craze Mounts (Bloomberg.com)

U.S. CFTC to fine UBS, Deutsche Bank, HSBC for spoofing, manipulation: sources (Reuters.com)



Source: BofA via ZeroHedge

BofA Sounds The Alarm: “Biggest Sell Signal In 5 Years Was Just Triggered” (ZeroHedge.com)

A Doomsayer’s Guide to the Dollar and Why It Could Keep Plunging (Bloomberg.com)

Another Positive Year Ahead For Gold, Says The World Gold Council (Forbes.com)

Surprise! While Bitcoin Crashed, Investors Poured Into This Asset (Madison.com)

The Art Museum That Offered Donald Trump a Solid Gold Toilet (VanityFair.com)

Gold Prices (LBMA AM)

29 Jan: USD 1,348.40, GBP 955.07 & EUR 1,085.46 per ounce
26 Jan: USD 1,354.35, GBP 950.21 & EUR 1,087.41 per ounce
25 Jan: USD 1,360.25, GBP 954.35 & EUR 1,095.27 per ounce
24 Jan: USD 1,350.50, GBP 957.50 & EUR 1,093.77 per ounce
23 Jan: USD 1,337.10, GBP 959.10 & EUR 1,091.74 per ounce
22 Jan: USD 1,334.15, GBP 959.12 & EUR 1,087.87 per ounce
19 Jan: USD 1,335.80, GBP 960.17 & EUR 1,087.74 per ounce

Silver Prices (LBMA)

29 Jan: USD 17.34, GBP 12.33 & EUR 13.99 per ounce
26 Jan: USD 17.40, GBP 12.21 & EUR 13.99 per ounce
25 Jan: USD 17.52, GBP 12.29 & EUR 14.12 per ounce
24 Jan: USD 17.19, GBP 12.16 & EUR 13.93 per ounce
23 Jan: USD 16.98, GBP 12.19 & EUR 13.87 per ounce
22 Jan: USD 17.04, GBP 12.25 & EUR 13.90 per ounce
19 Jan: USD 17.04, GBP 12.27 & EUR 13.89 per ounce

Recent Market Updates

– Davos – My Personal Experience of the $100,000 Event, $60 Burgers, Massive Inequality and the Blockchain Revolution
– Is This The Greatest Stock Market Bubble In History? Goldnomics Podcast
– Cyber War Coming In 2018?
– Government Shutdown Ends – Markets Ignore Looming Debt and Bond Market Threat
– Global Pension Ponzi – Carillion Collapse One Of Many To Come
– The Next Great Bull Market in Gold Has Begun – Rickards
– Gold Bullion May Have Room to Run As Chinese New Year Looms
– Digital Gold Flight To Physical Gold Coins and Bars
– Gold and Silver Bullion Are Only “Safe Investments Left” – Stockman
– Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver”
– London Property Crash Looms As Prices Drop To 2 1/2 Year Low
– Gold Bullion Up 1% In Week, Heads For 5th Weekly Gain As Bonds Sell Off
– Gold Prices Rise To $1,326/oz as China U.S. Treasury Buying Report Creates Volatility

end

This is a surprise: the CFTC is charging major firms, UBS, HSBC and our good friend Deutsche bank for spoofing and manipulating in the USA futures market. This is the first time that all 3 agencies have been involved; Dept of Justice, the FBI and the CFTC.

the fines will be north of 10s of millions of dollars. Except for Deutsche bank this is pocket change and they will continue to do with misdeeds.

(courtesy zerohedge)
Traders Arrested In Futures Spoofing Probe

In a shocking development – shocking because as everyone obviously knows market are never rigged or manipulated – late on Friday Reuters reported that the CFTC was set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for “spoofing” and manipulation in the U.S. futures market.

The enforcement action by the U.S. derivatives regulator was said to be the result of a multi-agency investigation that also involved the Department of Justice and the FBI – the first of its kind for the CFTC.

Reuters also reported that the fines for UBS and Deutsche Bank would be north of ten million, while the fine for HSBC will be slightly less than that. Spoofing, as a reminder, involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions. Spoofing is what Navinder Sarao was criminally accused of doing when he singlehandedly launched the May 2010 flash crash, for which he is now imprisoned.

And yes, spoofing is a criminal offense under a provision implemented as part of the 2010 Dodd-Frank financial reform.

* * *

Following the Reuters report, many asked why Sarao was arrested and jailed, while major banks caught spoofing and manipulating futures will get away with paying a fine that is a tiny fraction of how much they made from rigging markets in the first place.

Well, it appears that someone else is going to jail after all, because as Reuters followed up this morning, US authorities were set to arrest several people on Monday as part of the spoofing and manipulation probe. The individuals who are set to be perp walked, were previously employed as traders by UBS, Deutsche Bank and HSBC, and will be charged as part of the multi-agency probe,

Last August, a U.S. appeals court upheld the conviction of former New Jersey-based high-speed trader Michael Coscia who was the first individual to be criminally prosecuted for spoofing in the US, aside from Sarao of course.

This is the first time the CFTC, DOJ and FBI have worked together to bring both criminal and civil charges against multiple companies and individuals, sources said.

As Reuters adds, “the bank investigations have been going on for more than a year, but the CFTC has pursued the charges against the traders as part of a more recent effort led by the agency’s head of enforcement, James McDonald, to hold individual employees accountable for corporate wrongdoing, two of the sources said.”

McDonald, a former prosecutor in the Southern District of New York who was appointed to the CFTC role in March, has said he aims to achieve that by encouraging companies and staff to report their own wrongdoing and cooperate with investigators in return for more lenient penalties.

Once the names of market riggers are revealed we will promptly follow up, although we are sad to advise readers that the biggest manipulator of all will sadly be spared.



end
Here are the 6 traders who have been arrested for spoofing in the gold market
Our good friend Andre Floton formerly of UBS has been convicted before. Also note that our good friends over at Deutsche bank who promised not to ever engage in manipulation again, just did so. I would also like to comment on the fact that HFT traders especially guys like Bart Chilton spoof on a regular basis and the crooked CFTC allow them to do so.
(courtesy zerohedge)
These Are The 6 Traders Who Were Just Arrested For Manipulating The Gold Market

On Monday morning we reported that a number of traders – currently or formerly employed by UBS, HSBC and Deutsche Bank (as usual, no JPMorgan US banks were touched) – would be perp-walked and charged in an unprecedented cross-agency crackdown between the CFTC, DOJ and FBI seeking to punish spoofers of futures. This was confirmed moments ago by a CFTC press release which announced criminal and civil enforcement actions against three banks and six individuals involved in commodities fraud and spoofing schemes.

Here is what got far less publicity: it wasn’t just any futures that were spoofed – all the banks and traders busted were charged for spoofing the precious metals market, i.e. gold and silver. We bring this up because there are still the occasional idiots out there who say gold and silver were never manipulated.

The banks in question, and their penalties:

Deutsche Bank will pay a $30 million civil monetary penalty and undertake remedial relief. The Orders finds that “from at least February 2008 and continuing through at least September 2014, DB AG, by and through certain precious metals traders (Traders), engaged in a scheme to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), and by trading in a manner to trigger customer stop-loss orders.”

UBS will pay a $15 million civil monetary penalty and undertake remedial relief. The Order finds that from “January 2008 through at least December 2013, UBS, by and through the acts of certain precious metals traders on the spot desk (Traders), attempted to manipulate the price of precious metals futures contracts by utilizing a variety of manual spoofing techniques with respect to precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX), including gold and silver, and by trading in a manner to trigger customer stop-loss orders.”

HSBC will pay a civil monetary penalty of $1.6 million, and cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing, after an Order found HSBC engaged in numerous acts of “spoofing with respect to certain futures products in gold and other precious metals traded on the Commodity Exchange, Inc. (COMEX). The Order finds that HSBC engaged in this activity through one of its traders based in HSBC’s New York office.”

For those keeping count, this is roughly the 4th time HSBC has been found guilty of manipulating markets after the bank nearly lost its charter and swore it would never manipulate markets again.

* * *

And here are the 6 traders who spoof and otherwise manipulated the precious metals market:

Krishna Mohan

The CFTC today announced the filing of a federal court enforcement action in the U.S. District Court for the Southern District of Texas against Krishna Mohan of New York City, New York, charging him with spoofing (bidding or offering with the intent to cancel before execution) and engaging in a manipulative and deceptive scheme in the E-mini Dow ($5) futures contract market on the Chicago Board of Trade and the E-mini NASDAQ 100 futures contract market on the Chicago Mercantile Exchange.

Jitesh Thakkar & Edge Financial Technologies

The CFTC today announced the filing of a federal court enforcement action in the U.S. District Court for the Northern District of Illinois, charging Jitesh Thakkar of Naperville, Illinois, and his company, Edge Financial Technologies, Inc. (Edge), with aiding and abetting spoofing and a manipulative and deceptive scheme in the E-mini S&P futures contract market on the Chicago Mercantile Exchange (E-mini S&P).

Jiongsheng Zhao

The CFTC today announced the filing of a federal court enforcement action in the U.S. District Court for the Northern District of Illinois against Defendant Jiongsheng Zhao, of Australia, charging him with spoofing and engaging in a manipulative and deceptive scheme in the E-mini S&P 500 futures contract market on the Chicago Mercantile Exchange (CME).

James Vorley & Cedric Chanu

The CFTC announced the filing of a civil enforcement action in the U.S. District Court for the Northern District of Illinois against James Vorley, a U.K. resident, and Cedric Chanu, a United Arab Emirates resident, charging them with spoofing and engaging in a manipulative and deceptive scheme in the precious metals futures markets.

Finally, our old friend, Andre Flotron, formerly of UBS, who as we reported on several prior occasions was arrested and charged with gold-rigging after a lengthy career of doing just that at the largest Swiss bank:

The CFTC announced the filing of a civil enforcement action in the U.S. District Court for the District of Connecticut against Andre Flotron, of Switzerland, charging him with engaging in a manipulative and deceptive scheme and spoofing in the precious metals futures markets on a registered entity.

* * *

Meanwhile, the manipulation by the Fed and spoofing by HFTs of the S&P500 continues apace, and will do so as long as the market keeps levitating because it is only when stocks crash, that the fingerpointing begins.

end

China brought in a huge 21.5 million oz of silver into their country last year. They also produce around 120 million oz.

(courtesy China/Scrap Register)
China’s Silver imports shoot up in 2017; Gold imports plunge

SHANGHAI (Scrap Register): China’s gold imports fell during last year, but silver imports rose, said Commerzbank in a snippet.

According to customs authorities, silver imports soared by 28% year-on-year to nearly 4,300 tons, achieving a seven-year high.

Last year saw solar-cell production stepped up considerably for the second consecutive year in China, with over 50% more solar panels installed. This resulted in high demand for silver, Commerzbank added.

Analysts cited data from the Hong Kong government showing that China imported only 31.2 net tons of gold from Hong Kong in December, almost 40% less than last year.

“The sharp gold price rises in the second half of the month appear to have deterred Chinese gold buyers,” Commerzbank added.

Meanwhile, the Hong Kong data show net gold imports in 2017 fell by 18.5% year-on-year to 628.2 tons, this was the lowest figure in five years.

“Whereas private household gold demand was largely stable, the Chinese central bank bought no gold at all last year,” the bank added.

https://www.scrapregister.com/news/44002/chinas-silver- imports-shoot-up-in-2017-gold-imports-plunge

-END-

Saturday: Cryptos bounce back after the biggest cyber heist in history
(courtesy zerohedge)
Cryptos Bounce Back After Biggest Cyber-Heist In History

Following the biggest cybertheft in history – $534 million from Japan’s Coincheck – cryptocurrencies are soaring back higher after the exchange confirmed that it will issue full refunds to all of the 260,000 of its users who have become victims of the Friday NEM hack.

As a reminder, the Coincheck exchange was hacked Friday, Jan. 26, resulting in a massive loss of 523 mln NEM coins, worth approximately $534 mln at that time. During a press release following the hack it has been revealed by the exchange’s representatives that the funds were stored on a single-signature
hot wallet, constituting a relatively low-security environment.



But now, as CoinTelegraph reports, the company has now confirmed its intention to refund the stolen money to the affected users. According to the announcement, the refunds will be done using the exchange’s own capital.

The company is still considering the exact timing and methodology for the process. However, it has already announced that the compensation for each NEM coin will be JPY 88.549, which is the weighted average exchange rate during the period from when the trading was halted to the release of the latest announcement.

Coincheck indicated that they are referencing the XEM/JPY exchange rate at Zaif, another Japanese exchange which has the most trading volume for XEM globally.

Furthermore, Coincheck has again confirmed their intention to stay in business, as opposed to declaring bankruptcy, saying:

”Along with our ongoing efforts to file applications to be registered as a Cryptocurrency Exchange Service Provider with Financial Services Agency, we will continue business.”

NEM soared back to recent highs after the headlines hit…



The crypto community has shown support for Coincheck after this action and the development team behind NEM has announced that it is working on an automated system that will track the stolen coins and tag all addresses that receive the “tainted” money. This will allow any cryptocurrency exchange to blacklist the hackers’ accounts, preventing them from ever cashing out their illegally obtained fortune.

The positive sentiment in NEM and the Japanese markets has sparked a rally in the broader crypto markets with Ethereum leading the bounce…



Additionally, this rebound follows a week-long attack from the great-and-good elites in Davos. As CoinTelegraph reports, Full Tilt Capital Partner Anthony Pompliano was scathing in his analysis of the prevailing sentiment floating around in Davos towards Bitcoin.

The former Facebook product and growth manager suggested that statements made by economist Joseph Stiglitz that Bitcoin was still used for shady purposes actually has the opposite effect of driving people away from cryptocurrency adoption.

Pomp ??

?@APompliano

Joseph Stiglitz, well-known economist, is bragging to the Davos crowd that Bitcoin is used for “secret use cases” & that fiat currency is superior. My theory is that this type of fear-mongering actually drives more adoption of Bitcoin & cryptocurrencies.https://cointelegraph.com/news/regulate-it-out-of-existence-stiglitz-and-swiss-bank-bash-bitcoin-at-davos …
9:41 AM – Jan 24, 2018


‘Regulate It Out of Existence’: Stiglitz And Swiss Bank Bash Bitcoin At Davos

Two senior economists have objected strongly to Bitcoin versus fiat currency at the 2018 World Economic Forum.

cointelegraph.com

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Thank You GATA http://www.gata.org/

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Divers find stash of rare gold coins at site of 1800s wreck off NC coast

Submitted by cpowell on Sat, 2018-01-27 01:54. Section: Daily Dispatches

By Mark Price
Charlotte (North Carolina) Observer
Friday, January 26, 2018

A stash of gold coins found Monday is the latest piece of evidence that a shipwreck 40-plus miles off the North Carolina coast is that of the steamship Pulaski, which took half its wealthy passengers to the bottom of the Atlantic in 1838.

Divers found 14 gold coins and 24 silver coins in a spot “no bigger than a cigar box.” All predate the Pulaski’s sinking and include one British coin that experts say could be worth $100,000. Other gold coins in the collection are valued in the $10,000 to $12,000 range, officials said.

James Sinclair, a marine archaeologist involved in project, says finding gold coins proves the team is in the right spot.

“This evidence supports reports that valuables, including gold and silver, were aboard the Pulaski when she sank,” Sinclair said in a statement. …

The disappearance of Pulaski remains one of the nation’s most dramatic and deadly maritime disasters, partly because half on board died, but also because its passengers included some of the most prominent families in the Southeast. …

… For the remainder of the report:

http://www.charlotteobserver.com/news/local/article196911119.html

END

Maund is a technical analyst and when you have continual manipulation, their observations are worthless


(courtesy Chris Powell/GATA)

Complaints of gold and silver market rigging are more than ‘sour grapes’

Submitted by cpowell on Sat, 2018-01-27 01:42. Section: Daily Dispatches

8:48p ET Friday, January 26, 2018

Dear Friend of GATA and Gold:

Technical analyst Clive Maund today takes a crack at those who complain about the rigging of the monetary metals markets.

In commentary headlined “Controlled Demolition of the Markets — Dollar, Next Treasuries, Then Stocks — Gold, Silver, and PM Stocks to Soar” —

https://www.clivemaund.com/article.php?id=4517

— Maund asserts: “The extensive talk about manipulation suppressing prices of gold and silver is largely ‘sour grapes’ by those who were too slow-witted to ‘get with the plot’ and jump on the bandwagons that were rolling elsewhere, in biotech, in bitcoin, in the FANGs, in the broad market itself, etc.”

Of course GATA hasn’t been the only one to complain about manipulation of the monetary metals markets. More and more people are complaining about it every day. But GATA has been the only one to complain about and document this manipulation since January 1999, nearly 20 years, through uptrends and downtrends alike for the monetary metals, and giving trading advice and making money have not been the organization’s objectives.

Rather GATA was founded, has been maintained, and has been formally recognized by the U.S. Internal Revenue Service as a civil rights and educational organization.

So those who would criticize GATA are obliged to examine what it does, not to attribute to the organization what they themselves try to do.

Disparaging complaints of gold and silver market manipulation as “largely ‘sour grapes,'” Maund suggests that there is nothing to them. Yet he does not dispute even one bit of the extensive documentation compiled by GATA here:

http://www.gata.org/taxonomy/term/21

Nor does Maund try to answer the crucial questions GATA long has put to those who sneer at its work without ever really confronting it:

1) Are governments and central banks active in the monetary metals markets or not?

2) Are the documents compiled by GATA from government archives and other official sources asserting such activity genuine or forgeries?

3) If governments and central banks are active in the monetary metals markets, is it just for fun or is it for policy purposes?

4) If such activity by governments and central banks is for policy purposes, do those purposes involve the traditional objectives of defeating an independent world currency that competes with government currencies and interferes with government control of interest rates and, indeed, interferes with control of the entire economy and society itself?

Those questions are fairly put regardless of how pleased or disappointed anyone is by how much money he has made. They are not fairly ignored just to duck a challenge to the technical analysis by which Maund makes a living, as much as all investors in the monetary metals may hope that it’s right this time.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA

END

This is good for gold/silver pricing but not good for equities as Trump is again reversing his stand on controversial gold mining in Alaska

(courtesy zerohedge)

In reversal, EPA deals setback to controversial gold mining proposal in Alaska

Submitted by cpowell on Sat, 2018-01-27 14:05. Section: Daily Dispatches

By Juliet Eilperin and Brady Dennis
The Washington Post
Friday, January 26, 2018

Environmental Protection Agency Administrator Scott Pruitt announced late Friday that he will not scrap the agency’s 2014 determination that a large-scale mining operation could irreparably harm Alaska’s Bristol Bay water­shed.

His decision, which falls short of blocking a proposed gold and copper mine in the region outright, represents a surprising twist in a years-long battle that has pitted a Canadian-owned mining company against commercial fishing operators, native Alaskans and conservationists determined to protect the world’s largest sockeye salmon fishery.

Last spring, shortly after meeting with the top executive from the project’s main backer, Northern Dynasty Minerals, Pruitt directed EPA staff to revisit the Obama-era decision to short-circuit the project using a provision of the Clean Water Act. The 2014 decision came after several years of scientific study during which the EPA determined that the mining operation could cause “significant and irreversible harm” to the area’s fish habitat.

On Friday, after receiving more than a million public comments and consulting with tribal governments and others, the EPA said it will leave the previous administration’s determination in place while it takes additional comments. The announcement said the decision “neither deters nor derails the application process” for the mine. …

… For the remainder of the report:

https://www.washingtonpost.com/national/health-science/in-reversal-epa-d…

END

Brandon White, a former member and chief economist at the BIS considers gold the ultimate asset

(courtesy GATA)

Brandon White: Canada’s bank regulator already considers gold the ultimate asset

Submitted by cpowell on Sat, 2018-01-27 21:32. Section: Daily Dispatches

4:38p ET Saturday, January 27, 2018

Dear Friend of GATA and Gold:

Bullion dealer BMG Group’s Brandon White reports in his latest edition of “This Week in 3 Minutes” that Canadian banks are already treating monetary gold in their vaults or in trust as a “zero-risk” asset for capital purposes, though gold’s “zero-risk” standard is still being implemented gradually on an international basis.

That is, Canada’s bank regulator now formally considers gold the ultimate financial asset.

This, White notes, may encourage Canada’s financial institutions to hold more real metal.

White’s report and his correspondence on the point with Canada’s Office of the Superintendent of Financial Institutions are posted at BMG Group’s internet site here:

http://bmg-group.com/this-week-in-3-minutes/?inf_contact_key=10cd7e5a2ab…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

Interesting exchange between Chris Powell and a GATA supporter:

(courtesy Chris Powell/GATA)

Gold’s revaluation is ‘just a matter of time,’ but then so is everything else

Submitted by cpowell on Sun, 2018-01-28 16:23. Section: Daily Dispatches

11:34a ET Sunday, January 28, 2018

Dear Friend of GATA and Gold:

Our friend P.C. writes:

“As a long-time GATA follower, I fully subscribe to the understanding that markets generally, and particularly the precious metal markets, are controlled to keep international exchange and trade ‘stable’ and maintain ‘Western’ market wealth. But I have a question you may be able to answer.

“If the major players in the futures and paper markets are able to contain prices with impunity, who is on the buying side who can compete? Why is there such volatility and any upward movement in the gold price at all? The algorithms of the market controllers could simply keep the prices at an arbitrary constant. Or are these same players introducing volatility to simulate reality or shake out long players?

“Is there genuine large long interest that can push the futures market up? I disregard the Asian central bank buying of physical as not yet having impact on the internationally accepted price.

“If there are paper buyers who can match the muscle of the shorts, is this made up of many small unconnected entities or is it a cohesive group? Unless there is such a group, is there any hope of change unless and until the Western financial system is broken? That could be a dystopian outcome.

“I cannot foresee short- or even medium-term capitulation by the shorts, as control is not only the official remit of the manipulators and in their financial interest, but also a one-way alley that cannot be easily reversed out of.

“– P.C.”

* * *

Dear P.C.:

Thanks for your note.

The paper and physical markets are connected, if only thinly. Paper is convertible to metal, if with some difficulty. If there was no connection, the paper markets would have no credibility or relevance.

There is always some offtake from the physical market — ordinary jewelry, coin, and monetary bar demand — just as there is always mine production added to the physical market.

The longstanding challenge for central banks and governments is to discourage interest in gold’s return — silver’s too — as money competing with their own currencies. Hence the ever-increasing issuance of paper claims to metal that doesn’t exist, the fractional-reserve gold and silver banking system. As long as enough investors are content to own metal that is unallocated and only imaginary, metal that is only a claim against a bullion bank or a central bank, central banks and governments can keep real metal’s price under control.

But Asian central bank and investor interest is having an effect on the price, as signified by the premiums being paid in Shanghai over the prices quoted in London and New York. And a couple of times in the past physical demand has overwhelmed the Western central banks and governments that were suppressing the price of gold. That’s why the London Gold Pool was closed abruptly in 1968 —

https://en.wikipedia.org/wiki/London_Gold_Pool

— and why in 1971 President Nixon repudiated the U.S. dollar’s gold convertibility for foreign central banks:

https://en.wikipedia.org/wiki/Nixon_shock

That is, back then the United States was quickly running out of gold to use for dumping in the physical market to keep the gold price down and support the dollar.

Using futures and options — paper gold — since 1974, Western central banks and governments have been able to inject enough volatility in the gold price to scare the retail market out of much metal. The futures market seems to have been created precisely for the purpose of causing price volatility and scaring off ordinary investors:

http://www.gata.org/node/17081

I don’t have much faith that the retail market will ever wise up to the racket and simply buy real metal, remove it from the banking system, and put it away for the long term. Certainly the monetary metals mining industry is too frightened of its governments and banks to protest the price suppression.

But some governments are getting annoyed with U.S. dollar imperialism and are moving away from the dollar and toward gold’s return as the world reserve currency, a more impartial reserve currency. These governments have not shared their timetable with GATA but the movement is clear. Indeed, the United States and other Western countries well may be cooperating with it, if begrudgingly:

http://www.gata.org/node/11373

In any case a debt-based, fiat money system requires regular devaluation of currencies in favor of gold and other hard assets to prevent interest payments from consuming the economy:

http://www.gata.org/node/4843

So as some financial pundits say, it is “just a matter of time” before currencies are devalued against gold again and central banks move the gold price up to a level at which they more easily can sustain another half century of price suppression and control of the currency and bond markets.

But of course as is postulated by the Infinite Monkey Theorem —

https://en.wikipedia.org/wiki/Infinite_monkey_theorem

— everything is “just a matter of time,” including, for example, Earth’s destruction by an asteroid.

Will the next gold price revaluation happen before the next asteroid arrives? Will it happen even in the lifetime of most current gold investors?

I don’t know. I can only hope that the conclusion of the doomsday cult leader is correct here:

https://www.youtube.com/watch?v=-hJQ18S6aag&t=1s

That is: “Same time tomorrow. We must get a winner one day.”

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END
Your early MONDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.3319 /shanghai bourse CLOSED DOWN AT 35.13 POINTS 0.99% / HANG SANG CLOSED DOWN 187.23 POINTS OR 0.56%
2. Nikkei closed DOWN 2.54 POINTS OR 0.01% /USA: YEN RISES TO 108.80

3. Europe stocks OPENED MIXED TO RED /USA dollar index RISES TO 89.35/Euro FALLS TO 1.2382

3b Japan 10 year bond yield: FALLS TO . +.089/ GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.80/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 65.71 and Brent: 69.76

3f Gold DOWN/Yen DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.683%/Italian 10 yr bond yield UP to 2.024% /SPAIN 10 YR BOND YIELD UP TO 1.421%

3j Greek 10 year bond yield FALLS TO : 3.655?????????????????

3k Gold at $1343.90 silver at:17.30: 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 23/100 in roubles/dollar) 56.47

3m oil into the 65 dollar handle for WTI and 69 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.80 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9357 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1586 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.683%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.716% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 2.956% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)

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Thank You Harvey Always Good Stuff Man <3
https://www.silverdoctors.com/tag/harvey-organ/
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and Thank You For Being With Us Tonight

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Dow Soars To Best January Since 1997, Bonds’ Worst Start In 25 Years

January summed up… Bonds worst January since 1992… Dow’s best

January since 1997… Dollar’s worst January since 1987…



Phew… that was quite a month…

Records busted everywhere…

And the S&P is now on a 15-month win-streak (never happened before) and is up for 22 of the last 23 months – since The Shanghai Accord in Feb 2016!!



But the month ended ugly with the last few days setting up for the S&P’s worst weekly loss since 11/4/16 (the week before the election)…

Greenspan spooked stocks this afternoon…but they were rescued into the green…

The S&P 500 has had two consecutive 50bp+ selloffs this week for the first time since 2016

Notably, The Dow has dramatically outperformed Trannies in January back to a historical resistance level…



Gold outperformed post-FOMC…



Ahead of today’s FOMC statement, the market was pricing in 2.75 rate hikes (of 25bps each)… and a 93% probability of a March rate-hike.



The March rate-hike odds are now at 99.1% after The FOMC.

Since The Fed hiked rates in December, Gold is up 7.6% outperforming The Dow (+6.8%) and The Dollar and Treasury Bond prices have tumbled…



“Mission Accomplished Janet” – Since Yellen took the reins of The Fed – Feb 3rd 2014 – the S&P is up 61%, gold and the dollar are up around 7%, and bonds down 4%…



However, Janet is leaving The Fed with a big problem… Financial Conditions are collapsing easier and easier despite The Fed’s tightening…



And so, what to expect for the rest of the day? Tough to say – with no press conference…



China continues to suffer with Shenzhen and CSI-300 now down YTD…




And Volatility’s biggest monthly jump since Aug 2015’s China Devaluation Crash…



And vols across all assets spiked in Jan…

Bonds are now the most oversold since the election in Nov 2016…




Which is understandable after the worst start to a year since 1992 (based on Lehman Agg)…

10Y Treasury yields back above 2.75%



Finally, it’s been an ugly month for many cryptocurrencies, but Ethereum managed to gain 45% YTD…



Bitcoin ends back below $10,000 – suffering the worst monthly loss since Dec 2013…



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Gold Jumps; Bonds, Stocks, & Dollar Slump; Cryptos Crushed

Everything (except gold) was hammered today from the end of Asian trading… (even if the machines did try their best to rally stocks)…



China ugly overnight…



European stocks are suffering (DAX below key support)…



Cash markets were just as chaotic with Nasdaq and Trannies the big laggards…Small Caps and The Dow managed to ramp into the green to close..



With AMZN, AAPL, and GOOG earnings tonight, it’s anyone’s guess but AMZN was hit hard today…



Since Janet Yellen’s last FOMC meeting, gold is a notable outperformer and bonds the big laggard…



Bonds were an utter bloodbath today with the long-end up almost 9bps!!



30Y Yields blew through 3.00%…



The dollar was monkeyhammered lower.. again…



Gold spiked back above $1350…



WTI soared non-stop from Tuesday’s post-DOE close to top $66 once again into tonight’s close..



And just to top things off, cryptocurrencies were a bloodbath today…



Leaving everything but Ethereum deeply red YTD…



But notably as Bitcoin tested below $8500, a sudden surge of (Novogratz) buying stepped in…



Physical Gold or Digital Gold?











a few from Finvis

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Feb 2/TURMOIL ON WALL STREET/MEMO RELEASED/GOLD DOWN $10.50 TO $1334.40/SILVER FALLS BY 43 CENTS TO $16.77/HUGE NUMBER OF SWAMP STORIES TONIGHT
February 3, 2018 · by Harvey Organ · in Uncat




GOLD: $1334.40 DOWN $10.50

Silver: $16.77 down 43 cents

Closing access prices:

Gold $1333.20

silver: $16.60

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1356.09 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1348.00

PREMIUM FIRST FIX: $8.09

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SECOND SHANGHAI GOLD FIX: $1354.87

NY GOLD PRICE AT THE EXACT SAME TIME: $1348.70

Premium of Shanghai 2nd fix/NY:$6.17

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1345.00

NY PRICING AT THE EXACT SAME TIME: $1345.65

LONDON SECOND GOLD FIX 10 AM: $1331.15

NY PRICING AT THE EXACT SAME TIME. $1330.75

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 196 NOTICE(S) FOR 19600 OZ.

TOTAL NOTICES SO FAR: 871 FOR 87100 OZ (2.709 TONNES),

For silver:

jANUARY
0 NOTICE(S) FILED TODAY FOR
nil OZ/

Total number of notices filed so far this month: 124 for 620,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $7,598/OFFER $7,695:DOWN $1424(morning)
Bitcoin: BID/ $8528/offer $8,628: down $490 (CLOSING/5 PM)

end



In case you missed this yesterday:

From the CBO:

it now looks like Congress will run out of money by the first half of March instead of late March or April

the way that the Democrats are acting, it does not look good for them to raise the debt ceiling!!

CBO>>

“Congress urged to take action on debt ceiling ahead of deadline: A Bloomberg report notes on Wednesday the CBO revised its estimate on when the Treasury Department will exhaust extraordinary measures to avoid debt default, with the expected deadline now in the first half of March (vs prior estimate for late March/early April). The Treasury Department separately urged Congress to “act promptly” amid its own estimated deadline at the end of February. According to the memo released by the CBO, the passage of tax reform legislation was a primary driver of the revised deadline amid changes to tax revenue projections. The updated timelines from the CBO and Treasury come as Congress continues to negotiate a government funding agreement following last month’s short- term stopgap bill.”

Let us have a look at the data for today

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In silver, the total open interest ROSE BY HUGE 4770 contracts from 198,036 RISING TO 202,806 DESPITE YESTERDAY’S 7 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD NO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1884 EFP’S FOR MARCH AND AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1884 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 1884 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

6546 CONTRACTS (FOR 3 TRADING DAYS TOTAL 6546 CONTRACTS OR 32.73 MILLION OZ: AVERAGE PER DAY: 2182 CONTRACTS OR 10.010 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 32.73 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.67% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 267.7 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A HUGE SIZED GAIN IN OI COMEX DESPITE THE 7 CENT FALL IN SILVER PRICE. WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 1884 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1884 EFP’S FOR MARCH WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 6654 OI CONTRACTS i.e. 1884 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 4770 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 7 CENTS AND A CLOSING PRICE OF $17.20 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0040 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER

In gold, the open interest FELL BY 1427 CONTRACTS DOWN TO 550,608 DESPITE THE GOOD SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($8.00). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TODAY AND IT TOTALED A GOOD SIZED 6579 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 6579 CONTRACTS AND ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 550,608. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DUE TO THE DELAY IN THE RELEASE OF YESTERDAY’S DATA YOU CAN BET THE FARM THAT THEY HAVE DELAYED THE RELEASE OF MANY EFPS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A GAIN OF 5152 CONTRACTS: 1427 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED 6579 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 8262 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 29,212 CONTRACTS OR 2,921,200 OZ OR 90.86 TONNES (3 TRADING DAYS AND THUS AVERAGING: 9,737 EFP CONTRACTS PER TRADING DAY OR 973,700 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 2 TRADING DAYS: IN TONNES: 90.86 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 90.86/2200 x 100% TONNES = 4.13% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 743.17 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A FAIR SIZED DECREASE IN OI AT THE COMEX DESPITE THE GOOD SIZED RISE IN PRICE IN GOLD TRADING YESTERDAY ($8.00). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS ARE WAITING TO RECEIVE A PRIVATE EFP CONTRACT FOR EITHER FEBRUARY OR APRIL AND THESE GUYS ARE STILL NEGOTIATING THEIR DEAL. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6579 AS THESE HAVE ALREADY BEEN NEGOTIATED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 6579 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 95152 contracts ON THE TWO EXCHANGES:

6579 CONTRACTS MOVE TO LONDON AND 1427 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 16.02 TONNES).

we had: 196 notice(s) filed upon for 19600 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

No change in gold inventory at the GLD/

Inventory rests tonight: 841.35 tonnes.

SLV/

HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 982,000 OZ INVENTORY RESTS AT 312.914 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A HUGE 4770 contracts from 198,036 UP TO 202,806 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (7 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 1884 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD MINIMAL COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 4770 CONTRACTS TO THE 1884 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GAIN OF 6546 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 32.73 MILLION OZ!!!

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE SMALL SIZED FALL OF 7 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER GOOD 1884 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 15.10 points or 0.44% /Hang Sang CLOSED DOWN 40.31 or 0.12% / The Nikkei closed DOWN 2111.58 POINTS OR 0.90%/Australia’s all ordinaires CLOSED UP 0.50%/Chinese yuan (ONSHORE) closed UP at 6.2870/Oil UP to 65.76 dollars per barrel for WTI and 69.31 for Brent. Stocks in Europe OPENED RED . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2870. OFFSHORE YUAN CLOSED UP AGAINST THE ONSHORE YUAN AT 6.2922//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGEER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS HAPPY TODAY.(WEAKER CURRENCY BUT STRONG MARKETS )




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN

The Bank of Japan realized yesterday that they were in trouble as their long 10 yr bond yield hit .10%. They announced another round of QE buying. This time they are buying any bond any time the yield hits .11% on an unlimited basis as well as boosting POMO in a panic response to its surging rates



( zerohedge)
3 c CHINA

i)Chinese stocks tumble especially the Hang Sang. Hong Kong officials are now monitoring a surge in ATM withdrawals a citizens expect a big devaluation

( zerohedge)
ii)Same story as above: a huge Chinese liquidity crunch begins as stocks sink. Chinese bankers are begging friends for deposits

( Investing In Chinese Stocks blog)
4. EUROPEAN AFFAIRS

i)Italy

Italian banks are dumping Italian sovereign bond debt by the bucketful. The only buyer: the ECB

( zerohedge)

ii)Germany/Deutsche Bank)
Our good friends over at Deutsche Bank, who are subject to criminal investigations on manipulation on both gold and silver have suffered another loss in this latest quarter to the tune of 1.3 billion Euros

( zerohedge)


5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Israel/Palestine/USATrump plans to present a middle east peace plan with our without the Palestinians. The reason that the Palestinian leaders do not want a peace plan is because they are pocketing themselves, the USA money sent as aid. Now Trump states that no money will be sent unless the Palestinians engage in meaningful dialogue

( zerohedge)
ii)TURKEY/USA/SYRIA
An excellent commentary on why the USA has maintained its presence in Syria and why they oppose the moves of its ally Turkey.
(courtesy Darius Shatahmasebi/AntiMedia.org)
6 .GLOBAL ISSUES
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Initial reaction after the jobs report with respect to gold/silver. A huge 2 billion dollars worth of notional paper gold to which our crooks have no way to supply with called upon was issued by our banker crooks
i.e. 1,400,000 oz of paper gold or 43.5 tonnes
(zerohedge)

ii)Russian banks accumulated 205 tonnes of gold as official reserves last year
( Russia today/GATA)

iii)LBMA always promises transparency but it never delivers upon that promise( Ronan Manly/Bullionstar/GATA)
iv)Ted Butler has been banging the table, screaming at the CFTC as they allow JPMorgan to acquire huge amounts of silver and now gold. JPMorgan is now up to 700 million oz of silver and they still are the largest silver short on the planet.

Two commentaries: Chris Powell on Ted Butler/Ted Butler GATA)

v)Almost 1000 miners trapped in an underground mine, Sibanye in South Africa/the rescued

two commentaries

( Business Day/J’berg/GATA)



vi)Bitcoin crashes

( zerohedge)



vii)Bank of America and JPMorgan both bar crypto purchases on credit cards
( zerohedge)
viii Bill Holter’s commentary tonight on “Confidence”
(Bill Holter)


10. USA stories which will influence the price of gold/silver

i)The jobs report: payrolls jump 200,000 and earnings soar along with wage growth

( zerohedge)

ii)Initial reaction to the jobs growth:

Bond yields skyrocket (bond prices fall) stocks and gold drop. The yield on the 10 yr USA bond rises to 2.82% and that about kills off valuations on just about everything

( zerohedge)
iii)The surging hourly earnings is what caught the attention of our traders. They missed the full story: a considerable drop in weekly hours worked..
that would do it..
( zerohedge)

iii b)Here is where the jobs went in January: who is hiring and who is not
( zerohedge)
iv)This goes against what Trump stated in his State of the Union speech: black unemployment surges by the most in 12 years.
( zerohedge)

v)With a “strong” jobs report, why does the University of Michigan report that its economic confidence indicator has tumbled to its lowest levels since the election

( zerohedge)

vi)This is not suppose to happen in a booming economy: core capital goods orders tumble the most in over a year
( zerohedge)

vii)All USA companies report a slump in January car sales

( zerohedge)

viii)My goodness: NEWSWEEK publisher caught defrauding the Government Agency in an ad revenue scheme

( zerohedge)
ix)SWAMP STORIES
a)Unbelievable! The FBI now warns that releasing the memo could undermine the faith in massive and unaccountable secret agencies
( zero hedge)

The memo is released and everything that we speculated on has proven to be true

I outlined the key points in red.

( zerohedge)

b)New text messages between our love birds discussed evading new security and monitoring issues and legal discovery( zero hedge)

c)Trump blasts the FBI leadership in their roll with respect to the issuing of FISA warrants, illegally spying on USA citizens

( zerohedge)

d)The Obama State department under the stewardship of John Kerry secretly distributed its own
“dossier” leaking it to Sen Cardin, a democrat from Maryland in an attempt to undermine Trump once he assumed the Presidency. This is according to new Freedom of Information documents

( zero hedge)
Let us head over to the comex:

The total gold comex open interest SURPRISINGLY FELL BY A CONSIDERABLE 1427 CONTRACTS DOWN to an OI level 550,608 DESPITE THE GOOD SIZED RISE IN THE PRICE OF GOLD ($8.00 GAIN WITH RESPECT TO YESTERDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A GOOD SIZED 6579 EFP’S ISSUED FOR APRIL AND 0 EFP’s FOR ALL OTHER MONTHS: TOTAL 6579 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 5152 OI CONTRACTS IN THAT 6579 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 1427 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 5152 contracts OR 515,200 OZ OR 16.02 TONNES,

Result: A STRONG DECREASE IN COMEX OPEN INTEREST DESPITE THE GOOD SIZED GAIN IN YESTERDAY’S GOLD TRADING ($8.00.) WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 5152 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we lost 737 contracts to 2897 contracts. We had 223 notices filed upon yesterday, so we lost 514 contracts or 51,400 oz will not stand in this active contract month of February AND THESE WERE MORPHED INTO LONDON BASED FORWARDS.

March saw a GAIN of 33 contracts UP to 2078. April saw a LOSS of 1314 contracts DOWN to 397,395.

We had 196 notice(s) filed upon today for 19600 oz
PRELIMINARY VOLUME TODAY ESTIMATED; 280,450
FINAL NUMBERS CONFIRMED FOR YESTERDAY: 395,706

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI ROSE BY A HUGE 4770 CONTRACTS FROM 198,036 UP TO 202,806 DESPITE YESTERDAY’S 7 CENT LOSS. WE WERE ALSO INFORMED THAT WE HAD ANOTHER FAIR SIZED 1884 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 0 EFP CONTRACTS FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1884. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION AND A HUGE SIZED GAIN IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 6546 SILVER OPEN INTEREST CONTRACTS:

4770 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1884 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 6546 CONTRACTS

We are now in the poor non active delivery month of FEBRUARY and here the front month lost 8 contracts DOWN TO 3 contracts. We had 8 notices filed upon yesterday so we LOST 0 contracts or NIL ADDITIONAL oz will stand for delivery.

The March contract LOST 40 contracts DOWN to 126,457.

We had 0 notice(s) filed for NIL NIL for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb2/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
7523.100
oz
Scotia
No of oz served (contracts) today
196 notice(s)
19600 OZ
No of oz to be served (notices)
2701 contracts
(270,100 oz)
Total monthly oz gold served (contracts) so far this month
871 notices
87100 oz
2.709 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory movement into the dealer accounts: nil oz
we had 0 withdrawals out of the customer account:
total withdrawal:nil oz
we had 1 customer deposit
i) into Scotia: 7523.100 oz
(234 kilobars)
total deposits: 7523.100 oz
we had 1 adjustments
i) Out of Delaware: 540.79 oz was adjusted out of the dealer and into the customer account of Delaware. this usually leads to a settlement of gold at the comex
total: 55,245.967 oz or 1,71 tonnes
Ladies and Gentlemen: the bankers are now experiencing a problem at the comex in gold. They just cannot find enough of the yellow metal to satisfy longs.
total registered or dealer gold: 432,841.184 oz or 13.463 tonnes
total registered and eligible (customer) gold; 9,265,378.582 oz 288.19 tones

For FEBRUARY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 182 notices were issued from their client or customer account. The total of all issuance by all participants equates to 196 contract(s) of which 153 notices were stopped (received) by j.P. Morgan dealer and 41 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 FEBRUARY. contract month, we take the total number of notices filed so far for the month (871) x 100 oz or 87,100 oz, to which we add the difference between the open interest for the front month of FEB. (2897 contracts) minus the number of notices served upon today (196 x 100 oz per contract) equals 357,200 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (871 x 100 oz or ounces + {(2897)OI for the front month minus the number of notices served upon today (196 x 100 oz )which equals 357,200 oz standing in this active delivery month of February (11.110 tonnes). THERE IS 13.463 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 514 CONTRACTS OR AN ADDITIONAL 51,400 OZ WILL NOT STAND BUT THEY WILL JOIN OTHER LONGS AS THEY HAVE BEEN TRANSFERRED TO A LONDON BASED FORWARD THROUGH THE EFP ROUTE.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 66 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 2 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
352,369.800 oz
CNT
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
591,161.460 OZ
JPMORGAN
No of oz served today (contracts)
0
CONTRACT(S)
(NIL OZ)
No of oz to be served (notices)
3 contracts
(15,000 oz)
Total monthly oz silver served (contracts) 124 contracts

(620,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 1 inventory deposits into the customer account

i) into JPMORGAN: 591,161.460 oz

total inventory deposits: 591,161.460 oz

JPMORGAN CONTINUES TO ADD TO ITS INVENTORY DESPITE BEING THE BIGGEST SHORT AT THE COMEX. ACCORDING TO BUTLER JPMORGAN HAS AMASSED IN 2 YRS: 700 MILLION OZ PHYSICAL SILVER. THIS COULD EASILY BE PROVEN. THIS BEHAVIOUR IS TOTALLY CRIMINAL

we had 1 withdrawals from the customer account;

i) out of CNT: 352,369.800 oz





total withdrawals; 352,369.800 oz

we had 0 adjustment

i

total dealer silver: 43.131 million

total dealer + customer silver: 246.260 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 0 contract(s) FOR NIL oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 124 x 5,000 oz = 640,000 oz to which we add the difference between the open interest for the front month of FEB. (3) 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 FEB contract month: 124(notices served so far)x 5000 oz + OI for front month of FEBRUARY(3) -number of notices served upon today (0)x 5000 oz equals 635,000 oz of silver standing for the FEBRUARY contract month.

WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 87,093

CONFIRMED VOLUME FOR YESTERDAY: 114,604 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 114,604 CONTRACTS EQUATES TO 573 MILLION OZ OR 81.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.24% (FEB 1/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.65% to NAV (FEB 1/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.24%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.65%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -3.49%: NAV 13.77/TRADING 13.30//DISCOUNT 3.49%

END

And now the Gold inventory at the GLD/

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 2/2018/ Inventory rests tonight at 841.35 tonnes

*IN LAST 318 TRADING DAYS: 99.80 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 252 TRADING DAYS: A NET 57.51 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 313.896 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Feb 2/2017:
Inventory 312.914 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.70%
12 Month MM GOFO
+ 2.12%

end



At 3:30 pm we receive the COT report. With new revelations on the use of EFP’s which transfer longs to London, this report is totally useless. But for completeness sake, I am including it in my reporting to you



First/ gold COT


Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
298,327 91,065 57,648 154,690 379,766 510,665 528,479
Change from Prior Reporting Period
-7,485 -63 -6,875 -6,768 -16,244 -21,128 -23,182
Traders
182 86 73 45 56 262 185

Small Speculators
Long Short Open Interest
48,667 30,853 559,332
-1,961 93 -23,089
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, January 30, 2018





OUR LARGE SPECULATORS

those large speculators that have been long in gold pitched a very large 7485 contracts from their long side and no doubt many are on their way to London



those large specs who have been short in gold covered a very tiny 63 contracts from their short side

OUR COMMERCIALS

those commercials who have been long in gold pitched a huge 6768 contracts from their long side

those commercials who have been short in gold covered a huge 16,244 contracts. (at the comex their obligation ends but in London on EFP transfers it begins.

commercials go net long by 9476 contracts

OUR SMALL SPECULATORS

those small specs who have been long in gold pitched 1961 contracts from their long side and these guys also morphed into London forwards.

those small specs who have been short in gold added 93 contracts to their short side.


Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
72,145 39,723 30,601 68,278 115,569
-4,048 -7,389 5,985 -3,808 1,986
Traders
103 52 44 42 40
Small Speculators Open Interest Total
Long Short 198,358 Long Short
27,334 12,465 171,024 185,893
244 -2,209 -1,627 -1,871 582
non reportable positions Positions as of: 163 121
Tuesday, January 30, 2018 © SilverSeek.c



OUR LARGE SPECULATORS

those large speculators who have been long in silver pitched a huge 4048 contracts from their long side these figures are net. Many longs in silver morphed into EFP contracts acquiring London based forwards.



those large speculators who are short in silver covered a huge 7389 contracts from their short side



OUR COMMERCIALS

those commercials who have been long in silver pitched 3803 contracts from their long side and maybe they were morphed into London based forwards.



those commercials who have been short in silver added a net 1986 contracts to their short side



OUR SMALL SPECULATORS



those small specs who have been long in silver added a tiny 286 contracts to their long side

those small specs who have been short in silver covered a huge 2347 contracts from their short side.



end.












Major gold/silver trading /commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

U.S. Debt Is “Extraordinarily High” and Are Stock And Bond Bubbles – Greenspan

2, February

– “We have a stock market bubble” warns Greenspan
– “Bond bubble will be the big issue” he tells Bloomberg TV (see video)
– “Fiscally unstable long-term outlook in which inflation will take hold”
– “Ratio of federal debt to GDP which is extraordinarily high” (see chart)
– Higher interest rates, inflation and stagflation coming
– Gold is the “ultimate insurance policy” – Greenspan



Source: US Funds

via Bloomberg:

The man who made the term “irrational exuberance” famous says investors are at it again.

“There are two bubbles: We have a stock market bubble, and we have a bond market bubble,” Alan Greenspan, 91, said Wednesday on Bloomberg Television with Tom Keene and Scarlet Fu. Greenspan, who led the Federal Reserve from 1987 until 2006, memorably used the phrase to describe asset values during the 1990’s dot-com bubble.

Greenspan’s comments come as stock indexes remain near record highs, despite selling off in recent days, and as the yields on government notes and bonds hover not far from historic lows. Interest rates are expected to move up in coming years as the Fed continues with a campaign to gradually tighten monetary policy.

“At the end of the day, the bond market bubble will eventually be the critical issue, but for the short term it’s not too bad,” Greenspan said. “But we’re working, obviously, toward a major increase in long-term interest rates, and that has a very important impact, as you know, on the whole structure of the economy.”

The Fed on Wednesday opted to leave rates unchanged and markets are pricing in an increase at the central bank’s March meeting.

Greenspan sounded an alarm on forecasts that the U.S. government deficit will continue to climb as a share of gross domestic product. He said he was “surprised” that President Donald Trump didn’t specify how he would fund new government initiatives in Tuesday’s State of the Union speech. The president last month signed into law about $1.5 trillion in tax cuts that critics say will further balloon the budget gap.

U.S. Raises Longer-Term Debt Sales as Budget Deficit Worsens

Greenspan blamed the growing fiscal shortfall for his bond call.

“What’s behind the bubble? Well the fact, that, essentially, we’re beginning to run an ever-larger government deficit,” Greenspan said. As a share of GDP, “debt has been rising very significantly” and “we’re just not paying enough attention to that.”
End

Editors Note

Greenspan laughed when asked “what is behind the bubble” and explained that the deteriorating U.S. budget deficits are not sustainable and his comments in this regard are important to note:

“Essentially, we are beginning to run ever larger government deficits. Remember, that we are talking about deficits going to a trillion dollars.

But, debt has been rising very significantly and we are in fact – if you want to take the Congressional budget office figures at face value – we are going to run through the peaks of where we were during World War II on the ratio of federal debt to GDP which is extraordinarily high.

I think that we are not paying enough attention to that.”

As we noted in our recent podcasts, the total debt position of the U.S. is completely unsustainable and Trump’s irresponsible fiscal policies may speed up the slow bankruptcy of the U.S.

Last February, Greenspan said that gold is the “ultimate insurance policy” and “the primary global currency.”

He warned that “the eurozone isn’t working” and has “grave concerns about the euro.”

“Investment in gold now is insurance…”

Related reading
Greenspan Says Gold “Ultimate Insurance Policy” as has “Grave Concerns About Euro”

Greenspan Warns Stagflation Like 1970s “Not Good For Asset Prices”

News and Commentary

Gold likely to trade in an average of $1,410 by Q4 2018 (ScrapRegister.com)

Asia Stocks Slide; Rising Yields Spur BOJ to Act (Bloomberg.com)

Tech Selloff Accelerates as Treasury Rout Deepens (Bloomberg.com)

Chinese gold demand returns to growth as appetite for jewellery soars (SCMP.com)

China’s Gold Buying Rises 9.41% in 2017 (Xinhuanet.com)

Perth Mint’s Jan gold sales surges 38 pct m/m, silver jumps 22 pct (Reuters.com)



Source: SoundingLine

Gold Price To Rise Nearly 5% in 2018 – LBMA Forecast (LMBA.org)

Russian banks increase gold purchases at record pace (RT.com)

These are 5 finance terms you might be using incorrectly (StansBerryChurcHouse.com)

Bitcoin Is Just the Latest in the Trend Toward Decentralization (GoldSeek.com)

This Isn’t a Drill Mortgage Rates Hit Highest Level Since May 2014 (TheMaven.net)

Crash ‘Risk’ Is Soaring: “This Is Where They Lost Their Minds” Hussman (ZeroHedge.com)

Gold Prices (LBMA AM)

02 Feb: USD 1,345.00, GBP 946.48 & EUR 1,077.61 per ounce
01 Feb: USD 1,341.10, GBP 941.99 & EUR 1,077.98 per ounce
31 Jan: USD 1,343.35, GBP 950.29 & EUR 1,078.98 per ounce
30 Jan: USD 1,345.70, GBP 954.37 & EUR 1,083.56 per ounce
29 Jan: USD 1,348.40, GBP 955.07 & EUR 1,085.46 per ounce
26 Jan: USD 1,354.35, GBP 950.21 & EUR 1,087.41 per ounce
25 Jan: USD 1,360.25, GBP 954.35 & EUR 1,095.27 per ounce

Silver Prices (LBMA)

02 Feb: USD 17.14, GBP 12.05 & EUR 13.72 per ounce
01 Feb: USD 17.19, GBP 12.09 & EUR 13.82 per ounce
31 Jan: USD 17.23, GBP 12.17 & EUR 13.84 per ounce
30 Jan: USD 17.30, GBP 12.24 & EUR 13.91 per ounce
29 Jan: USD 17.34, GBP 12.33 & EUR 13.99 per ounce
26 Jan: USD 17.40, GBP 12.21 & EUR 13.99 per ounce
25 Jan: USD 17.52, GBP 12.29 & EUR 14.12 per ounce
end
Initial reaction after the jobs report with respect to gold/silver. A huge 2 billion dollars worth of notional paper gold to which our crooks have no way to supply with called upon was issued by our banker crooks
i.e. 1,400,000 oz of paper gold or 43.5 tonnes
(zerohedge)
Gold & Silver Hammered As BLS Jobs Report Hits Tape
February 2, 2018 12 592

Nearly $2,000,000,000 of gold “sold” in two minutes, and silver hammered under $17. Here’s an update…

Today is one of the cartel’s favorite days to smash.

Gold & silver were hit hard as soon as the jobs report hit the tape:

In the first two minutes, 14,000 gold contracts were “sold” into the “news”.

For anybody doing the math, that’s $1,890,000,000 notional value of gold sold in two minutes, and it created less than a $10 move in the price of gold.

Silver was hit too as you can see. Right now, they have even managed to get silver under $17.

As to no surprise, the dollar shot straight up like a rocket ship.
end
Russian banks accumulated 205 tonnes of gold as official reserves last year
(courtesy Russia today/GATA)
Russian banks increase gold purchases at record pace

Submitted by cpowell on Thu, 2018-02-01 20:51. Section: Daily Dispatches

From Russia Today, Moscow
Thursday, February 1, 2018

The Russian government has purchased two-thirds of all the gold mined in country, buying it from local banks to add to reserves as the Kremlin sees the precious metal as a safe haven at a time of geopolitical turbulence.

“For banks this is good business. They credit mining companies, which return the loan with the gold they extracted. Then banks sell it to the central bank,” according to the Russian Finance Ministry, quoted by the Prime news agency.

Russia is the largest gold buyer in the world, and purchases by Russian banks have increased substantially in recent years.

Last year Russian banks bought 205.155 tons of gold, which is 4.7 percent more than in 2016 (195.89 tons), and approximately 67 percent of all gold produced in Russia. This is also a 13 percent increase compared to 2013.

The biggest buyers are VTB24, Sberbank, and Gazprombank. All three banks have registered at the Shanghai precious metals exchange. In April VTB announced plans to sell up to 100 tons of gold to China annually. …

… For the remainder of the report:

https://www.rt.com/business/417592-russian-banks-gold-purchases

END

LBMA always promises transparency but it never delivers upon that promise

(courtesy Ronan Manly/Bullionstar/GATA)
Ronan Manly: LBMA promises transparency but never delivers

Submitted by cpowell on Thu, 2018-02-01 21:21. Section: Daily Dispatches

4:23p ET Thursday, February 1, 2018

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly today examines the years-long racket of the London Bullion Market Association’s promising greater transparency in the gold market while always failing to deliver. Manly’s analysis is headlined “What’s Happening (or Not) at the LBMA: Some Updates” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/whats-happening-not-lbma-u…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

Ted Butler has been banging the table, screaming at the CFTC as they allow JPMorgan to acquire huge amounts of silver and now gold. JPMorgan is now up to 700 million oz of silver and they still are the largest silver short on the planet.

Two commentaries: Chris Powell on Ted Butler/Ted Butler GATA)
Ted Butler: CFTC’s long silver investigation missed what the agency just fined

Submitted by cpowell on Thu, 2018-02-01 21:47. Section: Daily Dispatches

4:48p ET Thursday, February 1, 2018

Dear Friend of GATA and Gold:

Rather than congratulate the U.S. Commodity Futures Trading Commission for taking note last week of the manipulation of the monetary metals futures markets, silver market rigging whistleblower Ted Butler today notes acerbically that the violations just cited by the commission took place during its interminable investigation of the silver market, which found … nothing at all!

Now, Butler writes, what about JPMorganChase’s domination of the silver market? Will the CFTC examine that?

Butler’s commentary is headlined “Unfinished Business” and it’s posted at GoldSeek’s companion site, SilverSeek, here —

http://silverseek.com/commentary/unfinished-business-17082

— and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-unfinished-business.aspx…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]


Unfinished Business

Theodore Butler

|

February 1, 2018 – 11:23am



The big news this week was the filing of charges and settlements for price manipulation and “spoofing” brought by the CFTC, in conjunction with the DOJ and FBI, against three banks and a half dozen individual traders; mostly involving illegal trading activities in COMEX gold and silver futures. The announcement set off a debate about whether the filing proved the allegations that gold and silver prices were manipulated as many, certainly including me, have maintained.

http://www.cftc.gov/PressRoom/PressReleases/pr7682-18

Put simply, the filings do not prove that silver and gold have been manipulated lower in price over the years. But then again, neither do the filings show that prices have not been manipulated in the manner I contend. What the charges do prove is that spoofing is a corrupt and illegal practice that should not exist in any form and on that basis. My immediate reaction is what the heck took the CFTC this long to act? Regular readers know I have railed against spoofing for many years as being completely devoid of any redeeming or legitimate features while the CFTC stood by. The practice of placing phony orders to influence price should have been outlawed from day one.

That said, I suppose it is good that the agency finally took action, under the kindest interpretation of the cliché of it’s better late than never. Certainly, those banks and traders accused of the practice will likely not do so in the future. And seeing the CFTC actually use the word manipulation in connection with COMEX gold and silver can’t be considered bad. Beyond that, unfortunately, the charges and settlements are troubling in that they only scratch the surface of whether silver and gold prices are manipulated.

Truth be told, if the regulators were out to clean up what ails silver and gold pricing, then they didn’t come close with these filings. If the CFTC was intending that this week’s announcements showed that it was truly cracking down on bad actors in silver and gold, then it failed. I would remind you that many of the violations announced took place while the CFTC was in the midst of its infamous five year silver “investigation”.

Think I’m being too hard on the CFTC? Then try explaining how the agency has managed to ignore the activities of the most prominent gold and silver market crook of all – JPMorgan. It’s not as if the agency hasn’t been given ample evidence of JPMorgan’s dominant role in manipulating prices ever since the bank took over Bear Stearns in 2008. I know because I’ve done nothing but make the case against JPMorgan for nearly all that time.

And I must say, I am disappointed in the actions, or lack thereof, of the Enforcement Director, James McDonald. Privately, I’m still assured that McDonald is a straight arrow, although lately the question has come up whether what JPMorgan is doing is really illegal if higher ups in the government pecking order have ordered McDonald to keep off JPM’s case. To that I say balderdash – in matters silver and gold, JPMorgan is a stone cold crook and no order from above supersedes McDonald’s oath to uphold the Constitution and the law of the land. It’s disturbing that the agency seems to be going after the little fish, while the biggest market crook of them all, JPMorgan, gets a pass.

It’s not as if I haven’t gone out of my way to present the case against JPMorgan to McDonald, starting on his first day on the job last April 10. I spelled out in great detail how JPMorgan had never taken a loss on any short position it ever added in COMEX silver in nearly 10 years; a trading record that would be impossible if JPMorgan wasn’t rigging prices. And get this – since I wrote to McDonald last year, JPMorgan has added and bought back silver shorts on four separate occasions for more than 10,000 net contracts on each occasions, making close to $500 million in total trading profits. As a reminder, I base all my calculations on the data published by the agency.

http://silverseek.com/commentary/another-opportunity-16489

In that public letter last year, I even spelled out the rationale for why JPMorgan was manipulating silver (and gold) prices, namely, to allow this crooked bank in acquiring as much physical metal as it could get at the lowest prices it could rig. This is the means, motive, opportunity and intent behind JPMorgan’s manipulation – to pick up as much cheap metal as it possibly could. In the last 10 months, in addition to racking up massive profits in paper COMEX trading, JPMorgan has added another 100 million oz of silver to a hoard now measuring nearly 700 million oz. And as I have written recently, JPMorgan has been doing the exact same thing in gold, namely, making enormous paper profits by being the largest short in COMEX gold, while picking up boatloads of physical gold on the cheap – at least 20 million oz over the past 5 years.

You can lead a horse to water but you can’t force it to drink. I can lay out the crimes of JPMorgan, using the agency’s data and taking the risk of publicly accusing the nation’s largest bank of criminality, but I can’t force to the CFTC to do its job. After all, the easiest way to dismiss these very serious allegations would be to openly address them. To be fair, should the CFTC ever get around to cracking down on the crooks at JPMorgan, I will happily eat my words and sing the regulators’ praises.

Ted Butler

February 1, 2018

Questions or comments? [e-mail]

END

Almost 1000 miners trapped in an underground mine, Sibanye in South Africa



(courtesy Business Day/J’berg/GATA)
Nearly a thousand gold miners trapped underground in South Africa

Submitted by cpowell on Thu, 2018-02-01 22:08. Section: Daily Dispatches

Central banks and bullion banks are working hard to keep them trapped.

* * *

By Allan Seccombe
Business Day, Johannesburg
Thursday, February 1, 2018

About 950 workers are trapped underground at Sibanye-Stillwater’s Beatrix gold mine in the Free State, after an overnight power failure cause by a lightning strike.

Rescue efforts are under way, the Association of Mineworkers and Construction Union (AMCU) said this afternoon.

At least 40 workers had been brought back to the surface at the gold mine, with 950 miners still below ground at 3 Shaft at Beatrix, the union said.

Sibanye said a power pylon had been knocked over during a storm Wednesday night, cutting power to 4 Shaft and the main Beatrix operations of 2 and 3 Shafts. Power had since been restored to 4 Shaft and people hauled to surface.

Power was restored to 2 Shaft and workers were hoisted to the surface there today.

Sibanye wanted 950 workers at 3 Shaft to wait there until the winder serving the shaft was back in working order, rather than have hundreds of people walking for four hours to 2 Shaft, company spokesperson James Wellsted said.

No one had been injured, he said, and the company was supplying food and water to the workers trapped underground at 3 Shaft by deploying a capsule down the shaft, he said. The professional rescue team was with the trapped miners, he said.

There was no immediate timeline of when the workers would be returned to surface, he said. …

… For the remainder of the report:

https://www.businesslive.co.za/bd/companies/mining/2018-02-01-at-least-9…

* * *

END

All miners rescued

News 24 J’Berg/GATA)
All trapped gold miners in S. Africa rescued unhurt

Submitted by cpowell on Fri, 2018-02-02 12:11. Section: Daily Dispatches

By Jeanette Chabalala
News24, Johannesburg
Friday, February 2, 2018

WELKOM, South Africa — The National Union of Mineworkers confirmed today that all 955 Sibanye Gold mine workers who were trapped underground have been resurfaced.

“The mine workers were rescued at around 6:30 this morning,” the union’s national spokesperson, Livhuwani Mammburu, confirmed to News24.

“They are currently getting medical checkups. No injuries were sustained. They are just exhausted.”

A meeting was set to be held later at the mine’s training centre with management after all the workers had been attended to medically.

Sibanye Gold spokesperson James Wellsted also confirmed that the miners had been brought to the surface and that there were no serious injuries. …

… For the remainder of the report:

https://www.news24.com/SouthAfrica/News/rescued-sibanye-gold-miners-rece…
END

Bitcoin crashes

(courtesy zerohedge)

Bitcoin Bounces Hard But Cryptocarnage Remains

Update 0815ET: Just as we saw at yesterday’s US stock market close, dip-buyers just stepped in to Bitcoin in a significant way, lifting the crypto currency over $1000 off the lows and back above $8000…



But the carnage remains… for now…



Notably, another exchange – BitMEX is down…



* * *

It seemed like just yesterday that every cryptocurrency bloodbath would be promptly bought, often sending the price of bitcoin and its peers to new record highs. Those days appear to be over, at least for now.

So far this year, cryptocurrencies have been beset with bad news: Bitfinex, by some accounts the world’s largest exchange, was recently subpoenaed by the CFTC, along with Tether, a separate corporate entity that involves many of the same people from Bitfinex, as questions mount about the authenticity of its tether token. Tethers, which are widely used by crypto traders to quickly move in and out of different crypto pairs, are supposed to be backed by dollars, with one tether = one dollar. But Tether’s decision to fire its auditor appears to validate the concerns of the exchange’s critics.

Raising fears about another massive, Mt. Gox-like hack, Coincheck, a mid-sized Japanese exchange, reported this month that it suffered “the biggest crypto theft in its history” when hackers made off with $400 million worth of NEM tokens. On Friday, Bloomberg reported that Japan’s Financial Services Agency raided Coincheck’s offices a week after the hack, hauling out documents and computers as evidence.

The inspection was conducted to ensure security for users, Finance Minister Taro Aso said. On Friday morning, 10 FSA officials entered Coincheck’s premises to gain a better understanding of how the exchange is operating in light of the regulator’s business improvement order imposed earlier this week, an agency official told reporters in Tokyo. The exchange has until Feb. 13 to produce a report detailing the causes of the incident.

And as if the threat of cybertheft wasn’t enough to scare off the marginal buyer, the threat of regulators trying to ban crypto – much like China did – has become a major concern. Regulators in India said explicitly declared yesterday that bitcoin is not legal tender and said it would take “all measures to eliminate their use,”foreshadowing a coming crackdown in a market that many hoped would one day grow to one of bitcoin’s largest. After a weekslong will-they-won’t-they back and forth, South Korea‘s Ministry of Justice announced revealed that it had abandoned a proposal to ban crypto outright, but instead seek to regulate it, requiring exchanges to obtain details about customer identities.

After bitcoin’s worst month in years, it dipped below $8,000 Friday morning in the US to levels it hasn’t seen since November while Ethereum, Ripple and Litecoin all took double-digit beatings.



Meanwhile, as Bloomberg points out, bitcoin’s rough month was even worse in South Korea. As of Friday morning ET, bitcoin has dropped more than 60% from its January high in Korea as South Korea struggles with how to prevent money laundering and tax evasion without throttling the ecosystem.

The selloff has many Korea traders fearing the worst.

“The bubble in cryptocurrencies has burst” in Korea, said Yeol-mae Kim, an analyst at Eugene Investment & Securities Co. in Seoul. Because of the intense demand from retail buyers, bitcoin trades at what’s called “the kimchi premium” on SK exchanges. In January, the premium stretched to its widest level on record when bitcoin traded at $22,525 in Korea, $7,500 higher than the composite price at the time.




A good one from Bill Holter tonight and his topic is confidence





(courtesy Bill Holter/Holter Sinclair collaboration)


When truth matters …confidence will break.

by Bill Holter | Feb 2, 2018 | Articles | 0 comments

With the four page Congressional memo slated to come out today, our topic will be “confidence”. Confidence and all that goes with it stands to sustain a huge body blow! But first, we need to discuss a topic I have written about several times in the past that took a very strange turn yesterday …Harry Dent.

For years he has scared (tried) hard money advocates by forecasting a collapse in gold to $700 and possibly even $250. I have written several times breaking his “Dented logic”, most recently here . Yesterday he took a very strange turn and published a story predicting higher prices. To be fair, in this latest article he is calling for $25-$50 higher gold prices and suggests it is your opportunity to “take your ‘money’ and run”. I would ask Mr. Dent, if gold is such a risky asset as he claims, does it really make sense to try and time it for an extra 2-4%?

But here is the problem, at the very same time he published the above article where he claims gold has been rising as “he predicted”, he has been running this ad for a months …!

Bitcoin vs. Gold: Which Will Protect You From The Upcoming Crisis?

So which is it? I hate to call someone a huckster but Harry Dent is talking out of both sides of his mouth now. Enough said…
As for “confidence”, while we don’t yet know exactly what is in the four page memo, confidence will take a hit. Speculating, rather than Donald Trump colluding with the Russians to throw (steal) the election, it looks like an attempted coup took place (and still is) to steal the election by Hillary and company. The saddest thing of all will be the revelations that our investigative and justice agencies are not impartial and have not been for quite some time.

The scary thing for “us” is that a rogue FBI, coupled with a compromised justice department is a one-two punch able to “end” anyone’s life as they knew it without notice. Another scary thought and one just now becoming visible is how foreigners might react? We have previously seen the dollar and our debt being sold, now the herd is exiting stocks. Foreigners are looking at already poor U.S. finances and most probably wondering whether the books are cooked in line with a crooked legal system?

You see, the U.S. in the past attracted capital from all over the world because it was THE “safest” place. Explaining, the U.S. was viewed as having a real and true rule of law. We were seen as being “fair” or just when it came to any disputes. Over time, this has obviously changed. Today’s memo has the ability to scare foreigners as far away from U.S. jurisdiction as possible. Interestingly, it is China’s new financial infrastructure waiting in the wings to attract flight capital from the West.

Don’t get me wrong, the books are also cooked in China and a break in confidence in the U.S. will affect confidence everywhere. One can come to this conclusion because whatever is in the 4 page memo will bring up more questions than it gives answers. More questions will lead to even more questions like tugging on a woven thread. I have no doubt whatsoever these questions will lead all the way back to Obama himself and most probably the Bush administration also.
We currently live in THE most financially levered period in history. Assets of all sorts have been levitated and supported by credit (except for gold and silver which have financially suppressed with use of credit). Credit flows for many reasons, most important of all being “confidence”. Confidence in getting paid back. Confidence your borrower will perform as to contract. Think of it this way, if you lent to a friend, what would go through your mind if you picked up the morning paper (like the old days) and read your neighbor has been accused of and hard evidence surfaced of robbing a bank, bribing cops and judges, molesting little children on the side and even murder?

Obviously the first thought would be your lent money is toast and you’ll never see it again. In this instance there is not much you can do to get your money back but it is different when looking at it systemically in supposed “liquid markets”. Foreigners, and even American citizens will react by trying to exit the system any way they can. In other words, EVERYTHING with perceived connection to the rogue entity will be sold …and the rogue entity is represented by DOLLARS! I would be remiss if I did not mention the “exit window” is already quite small, a flip in the algo herd will break the wall down trying to get out. This will be seen when markets can no longer open nor function…

Going further down the rabbit hole, GLOBAL panic will ensue because the dollar affects and is used in virtually all financial systems. It will be like a bunch of gamblers who borrowed money just to get into the game, only to find out the chips are counterfeit, the game is rigged by the crooked casino and you won’t get paid even if you win because the casino is broke!

“Mood” is going to change and probably quite rapidly. Some will be shocked. For some it will be disbelief. Others will be very angry. The “anger” will come from both sides, anger that it happened and also anger it was discovered and made public. If I am correct, markets will be taking back all sorts of previous “wealth” and the wealth effect will move in reverse. It is the recipe if I ever saw one for violence unlike anything we have ever seen in the U.S. with the exception of the Civil War …and I would not rule that out either!

Be on guard for rapidly changing events because “leverage” creates speed. Leverage “forces” action via margin calls …and our global financial system is one giant margin call waiting to happen! Some have said they are stocking up on beer and popcorn waiting for this event. A loss of control of the entire system will even strike fear in the hearts of those on the sidelines who believe they are prepared. Truth will finally matter in a very ugly way!

Standing a nervous watch,
Bill Holter
Holter-Sinclair collaboration



Your early FRIDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.2844 /shanghai bourse CLOSED UP AT 15.10 POINTS 0.44% / HANG SANG CLOSED DOWN 40.31 POINTS OR 0.12%
2. Nikkei closed DOWN 211.58 POINTS OR 0.90% /USA: YEN RISES TO 109.88

3. Europe stocks OPENED RED /USA dollar index RISES TO 88.85/Euro FALLS TO 1.2490

3b Japan 10 year bond yield: RISES TO . +.085/ (CENTRAL BANK INTERVENTION THIS MORNING) GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.88/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 65.76 and Brent: 69.31

3f Gold UP/Yen DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.734%/Italian 10 yr bond yield DOWN to 2.002`% /SPAIN 10 YR BOND YIELD UP TO 1.433%

3j Greek 10 year bond yield FALLS TO : 3.668?????????????????

3k Gold at $1346.30 silver at:17.18: 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 35/100 in roubles/dollar) 56.31

3m oil into the 65 dollar handle for WTI and 69 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.88 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9245 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1597 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.734%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.7844% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.032% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)


“Sea Of Red”: Stocks, Futures Plunge Amid Soaring Yields

The last day of an already tumultuous week is shaping up as a bloodbath for investors across the globe as the following market snapshot of global stocks and futures shows.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Market Snapshot

S&P 500 futures down 0.7% to 2,803.75
STOXX Europe 600 down 0.8% to 390.55
MSCI Asia Pacific down 0.7% to 183.03
MSCI Asia Pacific ex Japan down 0.7% to 599.58
Nikkei down 0.9% to 23,274.53
Topix down 0.3% to 1,864.20
Hang Seng Index down 0.1% to 32,601.78
Shanghai Composite up 0.4% to 3,462.08
Sensex down 2.3% to 35,099.20
Australia S&P/ASX 200 up 0.5% to 6,121.39
Kospi down 1.7% to 2,525.39
German 10Y yield rose 2.0 bps to 0.741%
Euro down 0.2% to $1.2484
Italian 10Y yield fell 6.3 bps to 1.697%
Spanish 10Y yield rose 1.4 bps to 1.423%
Brent futures up 0.2% to $69.78/bbl
Gold spot down 0.2% to $1,346.44
U.S. Dollar Index up 0.2% to 88.87

Top Overnight News

Chancellor Angela Merkel’s bloc and Germany’s Social Democrats secured an agreement on education even as “large” policy differences remain, a top party official said as parties near a self-imposed weekend deadline
The U.K. must not enter into a new customs union with the European Union after it leaves the bloc, Trade Secretary Liam Fox said, setting a new red line for Theresa May’s negotiations with Brussels and her own party on Brexit
Riksbank Deputy Governor Martin Floden says “there are risks to the rate path, inflation in particular is unusually uncertain,” according to an interview with Market News International
Japan’s government will likely present to Parliament its nominees of BOJ governor and deputy governors around mid- to late February at the earliest, Reuters reports, citing unidentified people familiar with the matter
BofAML says “massive” equity inflows last week helped trigger a sell signal triggered Jan 30th via record equity inflows, bullish hedge fund risk appetite indicator and global equity index breadth measure
U.K. Jan. Construction PMI 50.2 vs 52.2 est; housing activity lowest since Jul. 2016
BOJ took action today after large increase in JGB yields: senior official
Strong chance that BOJ’s Kuroda will be reappointed, according to people familiar, Reuters reports
China to allow overseas investors to trade iron ore futures on Dalian exchange

Asia equity markets traded broadly lower with sentiment in the region dampened amid a lack of catalysts and following the indecisive lead from Wall St. where most major indices finished negative and the Nasdaq 100 underperformed. ASX 200 (+0.5%) and Nikkei 225 (-0.8%) were mixed with Australia kept afloat by financials and energy, while the Japanese benchmark was the laggard and saw nearly all the prior day’s gains wiped out. Elsewhere, Shanghai Comp. (-0.4%) and Hang Seng (-0.1%) were downbeat amid Shenzhen volatility, while continued inaction by the PBoC also resulted to a weekly net liquidity drain of CNY 760bln. Finally, 10yr JGBs reversed the initial spill-over selling from US, with support from a risk averse tone and after the BoJ Rinban announcement in which it increased purchases in the 5yr-10yr range. Furthermore, the BoJ also effectively placed a cap on yields as it offered to buy an unlimited amount in 10yr JGBs at a yield of 0.110%. BoJ announced to buy JPY 450bln in 5yr-10yr (Prev. JPY 410bln), JPY 190bln in 10yr-25yr and JPY 80bln in 25yr+ JGBs, while it also announced a special bond operation to buy an unlimited amount of 10yr JGBs at a yield of 0.110%. However, there were no takers for the fixed rate operation and the BoJ stated it took the steps after a surge in yields and that it is adhering to policy of keeping 10yr yield near 0%. PBoC skipped open market operations for a net weekly drain of JPY 760bln vs. Prev. JPY 320bln drain W/W.

Top Asia News

Dollar Slide Spurs Yuan Forecast Revisions, Worry on Speed
Foreign Funds Poured $13 Billion Into Chinese Shares in January
Fosun’s $1.5 Billion Biotech Arm Is Said to Mull Hong Kong IPO
HNA-Like Debt Pileups Raise Risk of Forced Asset Sales in China
What’s on the Block in China’s Potential Sale of the Century?
World’s Biggest Pension Fund Gains $55 Billion as Stocks Climb
Mitsui & Co Surges to Highest Since 2008 on Share Buyback

European equities (Eurostoxx 50 -0.6%) are trading lower across the board following a downbeat session overnight in Asia-Pac and the US. Underperformance has been seen in the DAX (-1.1%) with the index dragged lower by Deutsche Bank (-6.1%) after reporting a larger than expected quarterly loss; Commerzbank (-1.5%) also seen lower but little contagion seen in the broader European banking sector. Elsewhere, energy names are the only sector trading higher in Europe alongside firmer energy prices, telecoms underperform with BT (-5.5%) at the bottom of the FSTE 100 following their latest earnings update.

Top European News

Germany DAX Gives Up Year’s Gain in Worst Selloff Since 2016
ECB Official Warns Markets Are Unprepared for Inflation Bogeyman
Czechs Signal Pause in Rate Hikes and Bet on Currency Gains
Wereldhave Slumps On 2018 Profit Guidance Miss, Dividend Cut

In FX, the DXY remains weak overall as its 2018 (and late 2017) bear trend continues, but the index is holding in above 88.500 and some key support levels ahead of the 88.000 level. In fact, the Dollar is firmer vs all G10 rivals as US Treasury yields continue their ascent and some benchmark maturities hit key or psychological levels (long bond over 3% for example). EUR/USD is pivoting around 1.2500, Cable still finding it tough on advances beyond 1.4200, USD/Cad sticky circa 1.2300 and similarly USD/CHF bouncing back towards 0.9300 after forays below. USD/JPY is still gradually firming within a wide 109.00-110.00 range, and sniffing out layered offers up to the top of that band, with a 50% Fib at 109.88 also providing some resistance. JPY undermined by more aggressive BoJ buying of JGBs overnight, NZD by weak building permits and the AUD extending recent losses/underperformance on disappointing data and rolled out RBA rate expectations. Ahead, NFP the main Friday focus.

In commodities, WTI and Brent crude futures have modestly extended on the prior day’s gains, albeit off best levels with WTI back below USD 66/bbl and Brent retreating from USD 70/bbl with energy newsflow otherwise relatively light ahead of the Baker Hughes rig count and earnings from Exxon and Chevron (keep an eye out for CAPEX plans). In metals markets, Gold has traded relatively sideways ahead of NFP, whilst Chinese steel futures were seen higher overnight amid ongoing speculation over further extensions to domestic steel production curbs.

US Event Calendar

8:30am: Change in Nonfarm Payrolls, est. 180,000, prior 148,000
Unemployment Rate, est. 4.1%, prior 4.1%
Average Hourly Earnings MoM, est. 0.2%, prior 0.3%; Average Hourly Earnings YoY, est. 2.6%, prior 2.5%
10am: U. of Mich. Sentiment, est. 95, prior 94.4; Current Conditions, prior 109.2; Expectations, prior 84.8
5%
10am: Factory Orders, est. 1.5%, prior 1.3%; Factory Orders Ex Trans, prior 0.8%
10am: Durable Goods Orders, prior 2.9%; Durables Ex Transportation, prior 0.6%
10am: Cap Goods Orders Nondef Ex Air, prior -0.3%

DB’s Jim Reid concludes the overnight wrap

Today’s highlight will obviously be the employment report. Average hourly earnings have taken over from the headline number as the key focus of the report at the moment. DB are strongly of the view that wages are going up but we are not convinced you’ll see that in this report. They expect the number to tick down a tenth (+0.2% vs. +0.3% – consensus 0.2%) but the year-over-year trend may round up a tenth to 2.6%. For the headline number they expect a healthy gain in payrolls (+210k vs. +148k – consensus 180k) which should keep the unemployment rate steady at 4.1%. So far this week the employment and wages data has generally been positive. The latest evidence was 4Q unit labour costs yesterday which were above market at 2% (vs. 0.9% expected).

The employment report comes at a time of a continued sell off in US treasuries. UST 10y yields jumped the most in 12 months, rising 8.5bp to 2.791% and making a fresh high since April 2014. The UST 30y also closed above 3% for the first time since May 17 (3.025%) while the 2s10s steepened 6.5bp back to the highest since mid-December. The weakness seemed to have several contributing factors, such as a perception of it being a hawkish FOMC statement the night before, more data that supports the view that inflation is firming (the highest ISM prices paid reading since May 2011), and the UCL data discussed above. Over in Europe, changes in core 10y bond yields were more modest, with Bunds and Gilts up c2bp and OATs up 0.8bp. Peripherals actually outperformed, with yields down 2-6bp, in part supported by successful debt auctions in Spain.

Staying with US equities, the S&P 500 initially traded higher yesterday post Facebook’s results (shares +3.3%) but pared back gains to be marginally lower (-0.06%) while other bourses were mixed (Dow +0.14%; Nasdaq -0.35%). European markets were broadly lower, with the Stoxx 600 (-0.50%), FTSE (-0.57%) and DAX (-1.41%) down to a c4 week low. The pull back in the DAX was broad based with all sectors in the red, particularly industrials, real estate and healthcare stocks. The VIX was little changed at 13.47 (-0.5%).

After the bell, Amazon’s share price jumped c6% after reporting the strongest holiday quarter sales growth in eight years, while Apple’s shares recovered to be up c3%, in part as the CFO guided to >10% growth in iphone sales for the current quarter and investors took note of Apple’s higher average selling price for iPhone (+14% on pcp) as a potential sign of solid demand for its iPhone X after earlier reports to the contrary. Elsewhere, Alphabet is down c2% after its 4Q results missed estimates.

This morning in Asia, markets are broadly lower. The Nikkei (-0.85%), Kospi (-1.62%) and China’s CSI300 (-0.20%) are all down while the Hang Seng is up modestly (+0.13%) as we type. Elsewhere, the BOJ has announced its first unlimited fixed rate bond purchase operation since July, while also offering to buy more (40bn Yen; $365m) 5-10 year bonds at its regular operation this morning.

The yield on 10y JGBs fell from yesterday’s 9.4bp to c8bp this morning. Now turning to the ECB, Bloomberg has reported a group of unnamed ECB members had urged Mr Draghi in last week’s ECB meeting to be more specific than its current expectation that it will keep rates on hold “well past” the end of QE, but Draghi resisted a change on the wording. Elsewhere the ECB’s Praet seemed a tad dovish. On inflation, he noted “…we’re still some distance away from meeting the council’s criteria for a sustained adjustment in the path of inflation” and that “monetary policy will evolve in a data dependent and time consistent manner”.

Over in Germany, Ms Merkel noted that based on mid-term growth estimates, she expects the new government will “have additional scope” to spend beyond the EUR46bn agreed to in the exploratory talks with the SPD. The additional funds could be spent on digital transformation, development and foreign policy objectives. Elsewhere, when asked if the self-imposed Sunday deadline for coalition talks would hold, the SPD premier of the state of Mecklenburg said “we need to take the time that we need so that we can do good things for the people”.

Turning to currencies performance from yesterday, the US dollar index fell for the third consecutive day (-0.52%), while the Euro and Sterling jumped 0.77% and 0.51% respectively, with the Euro now at 1.251 – a fresh high since December 2014. In commodities, WTI oil edged up 0.4%. Precious metals were mixed but little changed (Gold +0.27%; Silver -0.62%) while other base metals advanced (Copper flat; Aluminium +0.14%; Zinc +0.71%).

Away from the markets, the ECB’s Nowotny has added to the debate on bitcoins, he noted “for a long time, I had the view that investment in Bitcoin should be a private matter, but I got the feeling that a legal provision is needed” and that “I like what the Chinese PBOC governor has said – bitcoins…are a matter for the police”. As a reminder, bitcoin fell c9% yesterday and is c54% down from its December highs. Elsewhere, he also noted “in my view, we should end the bond buying program” and that “this will also then lead to an increase in long term interest rates”.

Over in the UK, the BOE has begun simulating stresses in “stretched” bond markets to assess potential financial stability risks, in part as companies issued more bonds for funding than they did before the GFC. A key focus will be on liquidity mismatch in times of stressed markets. Across the pond, 38 US banks will have to report back to the Fed by 5 April in their annual stress test. Some of the downside assumptions include a jump in unemployment rate to 10%. Staying in the UK, the FT has reported that Brexit advisers to PM May are in “live” discussions on whether Britain can achieve a customs union deal covering trade in goods with the EU post a two year transition period.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the January ISM manufacturing index was above market at 59.1 (vs. 58.6) and the ISM prices paid rose to the highest since May 2011 (72.7 vs. 68.8 expected), which likely adds to the argument of higher inflation going forward. The 4Q nonfarm productivity fell for the first time in seven quarters (-0.1% vs. 0.7% expected) while unit labour costs was above market at 2% (vs. 0.9%). The December construction spending was up 0.7% mom (vs. 0.4%). Elsewhere, the final reading of the January manufacturing PMI was confirmed at 55.5. Finally, the weekly initial jobless claims was below expectations (230k vs. 235k) while continuing claims was above (1,953k vs. 1,929k). Factoring in the above, the Atlanta Fed now estimate 1Q GDP growth to be a whopping 5.4% (vs. 4.2% previous).

In Europe, the final readings for January manufacturing PMIs were broadly unchanged with the Euro area confirmed at 59.6 – 1pt below last month’s 20 year high, while Germany’s PMI was revised 0.1 lower to 61.1 and France 0.3 higher to 58.4. Elsewhere, the flash PMI for Italy was above market at 59 (vs. 57.4) but the UK PMI fell to the lowest since June 2017 at 55.3 (vs. 56.5), although still above its long run average of 51.7. Finally, the UK’s January Nationwide House price index was above expectations at 3.2% yoy (vs. 2.5%).

Looking at the day ahead, as discussed at the top it’s another payrolls Friday in the US and as usual keep an eye on other components of the January report including average hourly earnings and the unemployment rate. Also due in the US will be December factory orders, the final January University of Michigan consumer sentiment report and final December durable and capital goods orders.


3. ASIAN AFFAIRS

i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 15.10 points or 0.44% /Hang Sang CLOSED DOWN 40.31 or 0.12% / The Nikkei closed DOWN 2111.58 POINTS OR 0.90%/Australia’s all ordinaires CLOSED UP 0.50%/Chinese yuan (ONSHORE) closed UP at 6.2870/Oil UP to 65.76 dollars per barrel for WTI and 69.31 for Brent. Stocks in Europe OPENED RED . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2870. OFFSHORE YUAN CLOSED UP AGAINST THE ONSHORE YUAN AT 6.2922//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGEER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS HAPPY TODAY.(WEAKER CURRENCY BUT STRONG MARKETS )
3 a NORTH KOREA/USA

/NORTH KOREA


end

3 b JAPAN AFFAIRS



The Bank of Japan realized yesterday that they were in trouble as their long 10 yr bond yield hit .10%. They announced another round of QE buying. This time they are buying any bond any time the yield hits .11% on an unlimited basis as well as boosting POMO in a panic response to its surging rates



(courtesy zerohedge)
BoJ Offers To Buy Unlimited Debt, Boosts POMO In Panic Response To Surging Rates

Kuroda is losing kontrol

After unexpectedly boosting its bond-buying in the 3-5Y segment of the JGB curve on Tuesday, as global bond yields break ever higher, it appears The Bank of Japan is realizing it is losing control of its yield curve and today unleashed a double-whammy to stifle the bond bears...

Whammy 1 – BoJ offers to buy unlimited 10Y notes at 11bps.

Result – a 0.5bps drop in the JGB yield!!

end

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~~~~~~~~~~~~~~~~ Perk Up Sign ~~~~~~~~~~~~~~~~~~~~~~~~~~~~`

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight <3

Have a Nice Weekend !

MMgys

Metal Healing "Midnight Love Potion" Not Affiliated with "S&H Green Stamps" Sponsor

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Tucson Gem & Mineral Show Kicks Off Next Thursday
Feb.8th

Here's one of 46 shows around town


http://www.tgms.org/calendar/2017/10/17/tucson-gem-mineral-society-present

[JD400]

Bitter Sweet Data



Good Morning Ladies and Gentlemen !



~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

Glad To Have You With Us Tonight

MMgys

En Joy

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Feb 6/XIX TERMINATION KNOCKS OUT BILLIONS IN INVESTOR DOLLARS/GOLD DOWN $8.50 TO $1334.70 AND THEN ANOTHER 10 DOLLARS IN ACCESS MARKET TRADING/SILVER DOWN 8 CENTS TO $16.63/SWAMP STORIES: WE NOW HAVE A SECOND DOSSIER AND QUITE POSSIBLY A THIRD DOSSIER TRYING TO DESTROY TRUMP/

February 6, 2018 · by Harvey Organ · in Uncat




GOLD: $1334.70 down $8.50

Silver: $16.62 down 8 cents

Closing access prices:

Gold $1324.75

silver: $16.63

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1345.69 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1343.20

PREMIUM FIRST FIX: $2.49

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SECOND SHANGHAI GOLD FIX: $1345.69

NY GOLD PRICE AT THE EXACT SAME TIME: $1344.25

Premium of Shanghai 2nd fix/NY:$1.44

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1344.65

NY PRICING AT THE EXACT SAME TIME: $1344.25

LONDON SECOND GOLD FIX 10 AM: $1331.40

NY PRICING AT THE EXACT SAME TIME. $1331.10

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 122 NOTICE(S) FOR 12200 OZ.

TOTAL NOTICES SO FAR:1302 FOR 130200 OZ (4.049 TONNES),

For silver:

jANUARY
2 NOTICE(S) FILED TODAY FOR
10,000 OZ/

Total number of notices filed so far this month: 126 for 630,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $6300/OFFER $7,370: DOWN $571(morning)
Bitcoin: BID/ $7721/offer $7791: UP $849 (CLOSING/5 PM)

end

Let us have a look at the data for today

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In silver, the total open interest FELL BY CONSIDERABLE 3086 contracts from 209,256 FALLING TO 206,171 DESPITE YESTERDAY’S TINY 7 CENT FALL IN SILVER PRICING. WE HAD CONSIDERABLE COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2732 EFP’S FOR MARCH AND AND 0 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2732 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 2732 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 2732 CONTRACTS TRANSLATES INTO 13.66 MILLION OZ

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

14,074 CONTRACTS (FOR 5 TRADING DAYS TOTAL 14,074 CONTRACTS OR 70.370 MILLION OZ: AVERAGE PER DAY: 2815 CONTRACTS OR 14.074 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 70.37 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 10.00% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 305.34 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A CONSIDERABLE SIZED LOSS IN OI SILVER COMEX DESPITE THE TINY 7 CENT FALL IN SILVER PRICE. WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 2732 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2732 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR MONDAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY LOST A TINY 354 OI CONTRACTS i.e. 2732 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 3086 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 7 CENTS AND A CLOSING PRICE OF $16.70 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.030 BILLION TO BE EXACT or 148% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 2 NOTICE(S) FOR 10,000 OZ OF SILVER

In gold, the open interest FELL BY A TINY 2385 CONTRACTS DOWN TO 545,893 WITH THE TINY SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($0.30). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TUESDAY AND IT TOTALED A GOOD SIZED 5581 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 5581 CONTRACTS AND JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 545,893. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A GAIN OF 2324 CONTRACTS: 2385 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED 5581 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(5581 CONTRACTS EQUATES TO 17.36 TONNES)

YESTERDAY, WE HAD 14,200 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 48,993 CONTRACTS OR 4,899,300 OZ OR 152.38 TONNES (5 TRADING DAYS AND THUS AVERAGING: 9799 EFP CONTRACTS PER TRADING DAY OR 979,900 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 4 TRADING DAYS: IN TONNES: 152.38 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 152.38/2200 x 100% TONNES = 6.90% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 804.69 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A SURPRISING A FAIR SIZED DECREASE IN OI AT THE COMEX DESPITE THE RISE IN PRICE IN GOLD TRADING YESTERDAY ($0.30). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS RECEIVED THEIR PRIVATE EFP CONTRACT FOR EITHER APRIL OR JUNE. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5581 AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 5581 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 2385 contracts ON THE TWO EXCHANGES:

5581 CONTRACTS MOVE TO LONDON AND 2385 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 7.22 TONNES).

we had: 122 notice(s) filed upon for 12,200 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

STRANGE, WITH ALL OF TODAY’S TURMOIL: No change in gold inventory at the GLD/

Inventory rests tonight: 841.35 tonnes.

SLV/

NO CHANGES IN SILVER INVENTORY AT THE SLV/ WITH ALL OF TODAY’S TURMOIL AND WHACKING OF SILVER

/INVENTORY RESTS AT 314.045 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A CONSIDERABLE 3086 contracts from 209,256 DOWN TO 206,170 (AND now A LITTLE FURTHER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE SLIGHT FALL IN PRICE OF SILVER (7 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 2732 PRIVATE EFP’S FOR MARCH AND 0 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 3086 CONTRACTS TO THE 2732 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A TINY LOSS OF 354 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET LOSS TODAY IN OZ ON THE TWO EXCHANGES:1.77 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE TINY SIZED FALL OF 7 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER GOOD 2732 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 MONDAY night/TUESDAY morning: Shanghai closed DOWN 116.8 points or 3.35% /Hang Sang CLOSED DOWN 1,649.80 or 5.12% / The Nikkei closed DOWN 1071,84 POINTS OR 4.73%/Australia’s all ordinaires CLOSED DOWN 3.23%/Chinese yuan (ONSHORE) closed UP at 6.2740/Oil DOWN to 63.57 dollars per barrel for WTI and 66.69 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2740. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.2879//ONSHORE YUAN A LOT STRONGER AGAINST THE DOLLAR/OFF SHORE A LOT STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES EXCEPT THE YUAN. CHINA IS NOT TOO HAPPY TODAY.(STRONGER CURRENCY BUT WEAK MARKETS THROUGHOUT THE GLOBE )




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA

Asian stocks last night, a sea of red



( zerohedge)
4. EUROPEAN AFFAIRS

i)Both the ECB and the White House concerned with yesterday market crash

( zerohedge)

ii)An excellent commentary on the state of affairs inside Germany. Yesterday we brought you Mish Shedlock’s take and it parallels Luongos. If there is no coalition, that should be the top in the price of the Euro



(courtesy Tom Luongo)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
7. OIL ISSUES

Oil and gasoline rise after a bigger than expected crude draw



( zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)Despite the fall in Bitcoin, we have been witnessing a huge increase pf Bitcoin ATM”s

( zerohedge)

ii)Mike Kosares on the roll of gold with the dollar in free fall

( Mike Kosares/GATA)

iii)This will be the death knell of cryptocurrencies as the CFTC are demanding more oversight

( Reuters/GATA)
10. USA stories which will influence the price of gold/silver

i)LAST NIGHT/EVENING TRADING

I will try and keep this simple: XIV is the “short” vehicle for volatility. In other words traders who think that everything is normal short the VIX ( = XIV) as they believe the market is complacent. However the shear panic of the losses yesterday caused severe panic as they tried to get out of their losing XIV trades. In an unbelievable event, the vehicle disintegrated by a monstrous 90% causing heart failure for our shorts and a massive increase of ambulance visits to their local hospitals. Any drop of greater than 80% causes a “termination event”

( zerohedge)
ii)Last night: the big bank in trouble as they were long volatility:
Not sure if the entire 550 million loss is the bank itself or its client
( zerohedge)

iii)And true to form, Credit Suisse terminates its XIV contract

( zerohedge)

iv)Early this morning: 6 am
trading halted due to termination event
( zerohedge)

v)7:30 AM THIS MORNING:

The volatility index surges above 50 indicating trouble for the markets today.

(zerohedge)

vi)My goodness: this was a huge deficit recorded in the USA trade balance of -53.1 billion dollars The imbalance was both with China and Europe and it worsened from last month. For the year the trade imbalance was 566 billion dollars or an increase of $61.2 billion dollars. This will cause a further revision in G4 GDP was at last reporting was a gain of only 2.5%

( zerohedge)

vii)Troubles for Newsweek continues as they fire their top editors and many of their staffers are told to pack up and head home

( zerohedge)



viii)Trump creates a national vetting centre to allow for the free flow of information on immigrants wishing to enter the USA
( zerohedge)

viii b) Trump ready to shutdown government as he threatens Schumer over immigration laws( zerohedge)

viii b)Job openings continue to decline and that confirms a labour market slowdown(courtesy zerohedge)

ix)SWAMP STORIES

The House intelligence committee votes to release the Democratic response to the Nunes memo. It has been leaked that there is nothing in the democratic memo.

( zerohedge)
x)Senator Grassley releases a second dossier underwritten by Cody Shearer, a Clinton hatchet man. This dossier was fed to Obama State Department and then onto Christopher Steel and this made its rounds back to the FISA court. This false document had similar false narrative on Russian collusion. Also in this report, Tom Fitton of Judicial Watch reports that there was a third dossier bandied about originated in the State dept under John Kerry and this 3rd dossier also contained many false and fallacious statements
( zerohedge)
x) part B

Nunes: a clear link has formed between the Democrats and Russia and how they tried to influence the election of 2016. Here zero hedge also discusses the origins of the second dossier from the Obama State dept. under John Kerry and how the dossier got to Steele who then used to spy on the Trump team through the FISA warrants

(courtesy zerohedge)

x) Part C
Steele fails to show up in a London court appearance after the USA senate under Grassley gave a criminal referral’
( zerohedge)

xi)Trump lawyer have advised Trump not to be interviewed by Mueller. Lawyer Ty Cobb explains that Mueller will not risk a showdown in the Supreme Court

( zerohedge)
Let us head over to the comex:

The total gold comex open interest SURPRISINGLY FELL BY 2385 CONTRACTS DOWN to an OI level 545,893 DESPITE THE TINY SIZED FALL IN THE PRICE OF GOLD ($0.30 LOSS WITH RESPECT TO YESTERDAY’S TRADING). WE HAD SOME COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A GOOD SIZED 5581 EFP’S ISSUED FOR APRIL AND 0 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 5581 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 3,196 OI CONTRACTS IN THAT 5581 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 2385 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 3196 contracts OR 319600 OZ OR 9.94 TONNES,

Result: A GOOD SIZED DECREASE IN COMEX OPEN INTEREST DESPITE THE TINY LOSS IN YESTERDAY’S GOLD TRADING ($0.30.) WE HAD SOME COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 3,196 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we lost 450 contracts to 1789 contracts. We had 431 notices filed upon yesterday, so we lost 19 contracts or 1900 oz will not stand in this active contract month of February AND THESE WERE MORPHED INTO LONDON BASED FORWARDS.

March saw a LOSS of 18 contracts DOWN to 2077. April saw a LOSS of 2135 contracts DOWN to 39,.342. MARCH BECOMES THE FRONT MONTH FOR GOLD

We had 122 notice(s) filed upon today for 19600 oz
PRELIMINARY COMEX VOLUME FOR TODAY: 438,427 contracts
CONFIRMED COMEX VOLUME FOR YESTERDAY: 314,189

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE 3086 CONTRACTS FROM 209,256 DOWN TO 206,170 DESPITE YESTERDAY’S TINY 7 CENT LOSS. WE WERE ALSO INFORMED THAT WE HAD ANOTHER GOOD SIZED 2732 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 0 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2732. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD CONSIDERABLE LONG COMEX SILVER LIQUIDATION AND A TINY SIZED LOSS IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE LOST 354 SILVER OPEN INTEREST CONTRACTS:

3086 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 2732 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS TWO EXCHANGES: 354 CONTRACTS

We are now in the poor non active delivery month of FEBRUARY and here the front month GAINED 11 contracts UP TO 12 contracts. We had 0 notices filed upon yesterday so we GAINED 11 contracts or 55,000 ADDITIONAL oz will stand for delivery at the comex

The March contract lost 5973 contracts DOWN to 121,017

April gained 11 contracts up to 22.

.

We had 2 notice(s) filed for 10,000 for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb6/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
32,436.833 oz
HSBC
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
122 notice(s)
12200 OZ
No of oz to be served (notices)
1667 contracts
(166,700 oz)
Total monthly oz gold served (contracts) so far this month
1424 notices
142,400 oz
4.429 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory movement into the dealer accounts: nil oz
we had 1 withdrawals out of the customer account:
i) out of HSBC:
we had 32,436.833 oz of gold transferred out of HSBC
total withdrawal: 32,436.833 oz
we had 0 customer deposit
total deposits: nil oz
we had 2 adjustments
i) Out of HSBC: 20,233.450 oz was adjusted out of the dealer and into the customer account of HSBC. this usually leads to a settlement of gold at the comex
total registered or dealer gold: 387,695.824 oz or 12.05 tonnes
total registered and eligible (customer) gold; 9,329,119.323 oz 290.17 tones

For FEBRUARY:
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 122 contract(s) of which 113 notices were stopped (received) by j.P. Morgan dealer and 7 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 FEBRUARY. contract month, we take the total number of notices filed so far for the month (1424) x 100 oz or 142,400 oz, to which we add the difference between the open interest for the front month of FEB. (1789 contracts) minus the number of notices served upon today (122 x 100 oz per contract) equals 309,100 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (1424 x 100 oz or ounces + {(1789)OI for the front month minus the number of notices served upon today (122 x 100 oz )which equals 309,100 oz standing in this active delivery month of February (9.6143 tonnes). THERE IS 12.05 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 19 CONTRACTS OR AN ADDITIONAL 1900 OZ WILL NOT STAND BUT THEY WILL JOIN OTHER LONGS AS THEY HAVE BEEN TRANSFERRED TO A LONDON BASED FORWARD THROUGH THE EFP ROUTE.

THE COMEX IS NOW UNDER STRESS AS THE REGISTERED GOLD FALLS BELOW 13 TONNES.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 64 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 6 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
44,797.320 oz
HSBC
Malca
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
781,102.170 OZ
CNT
Delaware
No of oz served today (contracts)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
10 contracts
(50,000 oz)
Total monthly oz silver served (contracts) 126 contracts

(630,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 2 inventory deposits into the customer account

i) into CNT: 599,344.35 oz

ii) into Delaware: 181,757.820 oz

total inventory deposits: 781,102.170 oz



we had 2 withdrawals from the customer account;

i) out of HSBC: 20,050.180 oz

ii) out of Scotia: 24,747.190 oz

total withdrawals; 44,797.320 oz

we had 0 adjustment



total dealer silver: 43.080 million

total dealer + customer silver: 248.788 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 2 contract(s) FOR 10,000 oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 126 x 5,000 oz = 630,000 oz to which we add the difference between the open interest for the front month of FEB. (12) and the number of notices served upon today (2 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB contract month: 126(notices served so far)x 5000 oz + OI for front month of FEBRUARY(12) -number of notices served upon today (2)x 5000 oz equals 680,000 oz of silver standing for the FEBRUARY contract month.

WE GAINED 11 CONTRACTS OR AN ADDITIONAL 55,000 OZ WILL STAND AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 85.186

CONFIRMED VOLUME FOR YESTERDAY: 152,793 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 152,793 CONTRACTS EQUATES TO 763 MILLION OZ OR 109.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.24% (FEB 5/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.65% to NAV (FEB 5/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.24%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.65%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -3.62%: NAV 13.85/TRADING 13.20//DISCOUNT 3.62%

END

And now the Gold inventory at the GLD/

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 6/2018/ Inventory rests tonight at 841.35 tonnes

*IN LAST 320 TRADING DAYS: 99.80 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 254 TRADING DAYS: A NET 57.51 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Feb 5/2017:
Inventory 314.045 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.71%
12 Month MM GOFO
+ 2.12%

end
Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%

6, February

– Gold gains 0.6% in USD and surges 1.7% in euros and pounds
– European stocks fall more than 3% at the open after sharp falls in Asia
– DJIA falls 1,175 points, S&P 500 down 4.1% and Nikkei plummets 4.7%
– Gold rises from $1,330 to $1,342, £942 to £960 and €1,067 to €1,085 /oz
– Bitcoin crashes another 10% and has now plummeted by 70% to below $6,000
– Increased risk aversion will drive safe haven demand for gold as its hedging properties are appreciated again

Source: Bloomberg via Mining.com

Gold prices rose today in all major currencies as a rout in global equities prompted investors to seek shelter in safe haven gold.

Spot gold prices were up 0.4 percent to $1,345.00 per ounce this morning in early European trading following Monday’s 0.6 percent gain in dollar terms. Gold saw larger gains in euros, sterling and other currencies as the dollar bounced back after a recent pronounced weakness.

Bitcoin plummeted for a fifth day, dropping below $6,000 and leading other digital tokens lower. A backlash by banks and government regulators against cryptocurrencies is impacting already fragile sentiment due to recent sharp falls.

Yesterday, bitcoin tumbled as much as 22 percent to $6,579. It has lost 70 percent of its value from a record high $19,511 in December. Other crypto currencies also fell sharply on Monday, with Ripple losing as much as 21 percent and Ethereum and Litecoin also weaker – down 16% and 13% respectively.

We believe gold prices may rise further as the global rout in stock markets should lead to a period of risk aversion and a new found appreciation for gold’s hedging and safe haven attributes.

However, as was seen during the ‘Lehman moment’ in 2008, gold could see short term weakness if stock markets continue to crash as speculators see margin calls and some liquidate all futures positions.

The fact that gold made good gains in all currencies yesterday, including the dollar, bodes well for gold and shows there is robust demand and the fundamentals of the gold market are sound. This is more than can be said than the fundamentals of the US economy and indeed of global stock and bond markets.

News and Commentary

Gold rises as equity sell-off spurs safe-haven buying (Reuters.com)

Global Stock Sell-Off Deepens, Yen Gains Haven Bid (Bloomberg.com)

These Charts Show Just How Bad the Selloff in Risk Assets Is (Bloomberg.com)

Bitcoin Tumbles Almost 20% as Crypto Backlash Accelerates (Bloomberg.com)

Monday massacre: Gold price rises as stocks crater (Mining.com)

Why the stock market is selling off, explained (WashingtonPost.com)

4 Takeaways From Monday’s Stock Market Sell-Off (NYTimes.com)

Gundlach: ‘Hard to love bonds at even 3 percent’ yield (Reuters.com)

Why the European sovereign debt crisis is back (CapitalAndConflict.com)

Argument against crypto is getting tired (StansBerryChurcHouse.com)

Gold and Silver Price Riggers Arrested – David Morgan (Youtube.com)

Two Elephants In The Room That The GOP Has Completely Forgotten (DavidStockMansContraCorner.com)

Gold Prices (LBMA AM)

05 Feb: USD 1,337.10, GBP 947.20 & EUR 1,072.49 per ounce
02 Feb: USD 1,345.00, GBP 946.48 & EUR 1,077.61 per ounce
01 Feb: USD 1,341.10, GBP 941.99 & EUR 1,077.98 per ounce
31 Jan: USD 1,343.35, GBP 950.29 & EUR 1,078.98 per ounce
30 Jan: USD 1,345.70, GBP 954.37 & EUR 1,083.56 per ounce
29 Jan: USD 1,348.40, GBP 955.07 & EUR 1,085.46 per ounce

Silver Prices (LBMA)

05 Feb: USD 16.88, GBP 12.01 & EUR 13.56 per ounce
02 Feb: USD 17.14, GBP 12.05 & EUR 13.72 per ounce
01 Feb: USD 17.19, GBP 12.09 & EUR 13.82 per ounce
31 Jan: USD 17.23, GBP 12.17 & EUR 13.84 per ounce
30 Jan: USD 17.30, GBP 12.24 & EUR 13.91 per ounce
29 Jan: USD 17.34, GBP 12.33 & EUR 13.99 per ounce


Recent Market Updates

– U.S. Debt Is “Extraordinarily High” and Are Stock And Bond Bubbles – Greenspan
– Gold Bullion Price Suppression To End? Bullion Bank Traders Arrested For Manipulating Market
– ATMs Hit By Malware “Jackpotting” Attacks That Dispense All Cash In Minutes
– London Property Market Tumbles As Glut of Luxury Apartments Grows To 3,000
– Silver Bullion: Once and Future Money
– Greatest Stock Bubble In History? GoldNomics Podcast Transcript
– Davos – My Personal Experience of the $100,000 Event, $60 Burgers, Massive Inequality and the Blockchain Revolution
– Is This The Greatest Stock Market Bubble In History? Goldnomics Podcast
– Cyber War Coming In 2018?
– Government Shutdown Ends – Markets Ignore Looming Debt and Bond Market Threat
– Global Pension Ponzi – Carillion Collapse One Of Many To Come
– The Next Great Bull Market in Gold Has Begun – Rickards
– Gold Bullion May Have Room to Run As Chinese New Year Looms

Mark O’Byrne
Executive Direct

END



Despite the fall in Bitcoin, we have been witnessing a huge increase pf Bitcoin ATM”s



(courtesy zerohedge)
Bitcoin ATM Installations Skyrocket Throughout Market Correction

While some investors are weathering the crypto storm confidently, many have jumped ship, but one group has proven resilient despite market conditions: Bitcoin ATM providers.



Bitcoin ATM installations Outpacing Traditional ATMs

As CryptoAnswers’ Creighton Piper details, installations have gone parabolic over past weeks/months, as seen below.



Chart courtesy of CoinATMRadar.com via amCharts

136 Bitcoin ATMs (BTMs) were installed during the market pullback alone, bringing the worldwide total to 2177 as tracked by CoinATMRadar.com. On average, 5 BTM locations spring up every day. This is just one more example of how the crypto ecosystem continues to grow, despite depressing market sentiment.

The United States still dominates the BTM industry with 1296 locations nationwide. This is a marked 30% increase since we last covered this development in October 2017. Canada and the UK follow with 340 locations and 109 locations respectively.



Top 5 countries: USA, Canada, UK, Austria, Spain
Bitcoin ATMs Expand Access to Top Cryptocurrencies

BTMs are beginning to pop up everywhere. Las Angeles alone boasts 165 units, and New York has 127. They offer quick, easy access to anyone needing to acquire and use Bitcoin on the fly. Transactions are instant, but this convenience comes at a price. Buying Bitcoin incurs a ~9% fee, while selling fetches a 7% fee.

In addition to Bitcoin, many locations offer Litecoin (905), Ether (332), and DASH (173) as well. Of the 2177 total BTMs, 944 of them offer some sort of altcoin support, and some of them even offer Dogecoin and/or Monero.
Privacy Issues

Until recently, fiat could be converted to crypto with nothing more than cash in your pocket. Personal details were unnecessary, and transactions could be made anonymously. This was great for innocent users to take advantage of, but it also allowed black market operatives easy access. Most BTM manufacturers are beginning to incorporate identification features now to comply with increasing regulation. Operators may opt to disable those features but are often mandated to use them. Some locations are still able to be used anonymously, but generally a phone number is required. BTMs remain the go-to resource for private transactions, however. Exchanges maintain an arsenal of client data, while BTMs do not. They help distance users from centralized banks and exchanges and keep private details safe. Anyone off-put by the phone number requirement can sidestep using a burn phone.
Final Word

Unfortunately, I was not able to find out how much Bitcoin is traded through these avenues compared to LTC, ETH or other offerings. That would be interesting info, as it would represent how raw use cases of top cryptocurrencies are evolving as their networks compete. As BTC network fees escalate out of control, I would imagine ETH and LTC are gaining on BTC in this respect.

At any rate, the confidence in the BTM market tells a different story than the exchange market. While currencies are subject to FUD and manipulation, ecosystem figures are immune. The best way to gauge the health of crypto in general is to look at real usage, adoption, and infrastructure growth. Fortunately for us all, that continues to be very much a growth story.

END

Mike Kosares on the roll of gold with the dollar in free fall

(courtesy Mike Kosares/GATA)
Mike Kosares: Gold takes center stage in dollar scare

Submitted by cpowell on Mon, 2018-02-05 19:31. Section: Daily Dispatches

2:32p ET Monday, February 5, 2018

Dear Friend of GATA and Gold:

The Trump administration, USAGold’s Mike Kosares writes today, doesn’t want the “strong dollar” policy of previous administrations but a dollar that can be “strategically benign.”

“In its unambiguous ambiguity,” Kosares writes, “the Trump administration has signaled no intention of disrupting any market-generated dollar weakness. It will stand aside.”

This, Kosares concludes, signifies stagflation, which is good for gold.

His analysis is headlined “Gold Takes Center Stage in Dollar Scare” and it’s posted at USAGold here:

http://www.usagold.com/cpmforum/2018/02/05/gold-takes-center-stage-in-do…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

This will be the death knell of cryptocurrencies as the CFTC are demanding more oversight



(courtesy Reuters/GATA)
U.S. regulators to back more oversight of virtual currencies

Submitted by cpowell on Tue, 2018-02-06 03:50. Section: Daily Dispatches

By Michelle Price and Pete Schroeder
Reuters
Monday, February 5, 2018

WASHINGTON — Digital currencies such as bitcoin demand increased oversight and may require a new federal regulatory framework, the top U.S. markets regulators will tell lawmakers at a congressional hearing on Tuesday.

Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, and Jay Clayton, chairman of the Securities and Exchange Commission, will provide testimony to the Senate Banking Committee amid growing global concerns over the risks virtual currencies pose to investors and the financial system.

Giancarlo and Clayton will say a patchwork of rules for cryptocurrency exchanges may need to be reviewed in favor of a rationalized federal framework, according to prepared testimony published today. …

… For the remainder of the report:

https://www.reuters.com/article/us-global-bitcoin-congress/u-s-regulator…

END


Your early TUESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.2740 /shanghai bourse CLOSED DOWN AT 116.80 POINTS 3.35% / HANG SANG CLOSED DOWN 1649.80 POINTS OR 5.12%
2. Nikkei closed DOWN 1071.84 POINTS OR 4.73% /USA: YEN FALLS TO 109.00

3. Europe stocks OPENED DEEPLY IN THE RED /USA dollar index RISES TO 89.67/Euro FALLS TO 1.2365

3b Japan 10 year bond yield: FALLS TO . +.078/ (CENTRAL BANK INTERVENTION THIS MORNING) GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.00/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 63.51 and Brent: 66.69

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.664%/Italian 10 yr bond yield DOWN to 1.978% /SPAIN 10 YR BOND YIELD UP TO 1.420%

3j Greek 10 year bond yield RISES TO : 3.762?????????????????

3k Gold at $1340.60 silver at:16.82: 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 3/100 in roubles/dollar) 57.34

3m oil into the 63 dollar handle for WTI and 66 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.00 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9356 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1567 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to +0.664%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.6950% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 2.989% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
“Euphoria Turns To Terror”: Dow To Open 750 Points Lower As VIX Eruption Accelerates

Update: VIX SURGES ABOVE 50 FOR FIRST TIME SINCE AUGUST 2015

* * *

It’s a bloodbath, with the Dow set to open 750 points lower “thanks” to the +377 fair value...



… but it could have been much worse, with S&P futures actually trading toward the highs of the overnight session after tumbling an additional 3.5% from Monday’s close, as risk assets around the world crashed then modestly rebounded even as traders remain on edge over what the implosion in the vol complex means for everyone.



World stock markets nosedived for a fourth day running on Tuesday, having seen $4 trillion wiped off from what just eight days ago had been record high values.

“Playtime is officially over, kids,” analysts at Rabobank said. “Rising volatility painfully reminds some investors that one-way bets don’t exist.”

“Since last autumn, investors had been betting on the ‘Goldilocks’ economy – solid economic expansion, improving corporate earnings and stable inflation. But the tide seems to have changed,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

Meanwhile, “The euphoria has turned to terror.”

There was a modest bound in European bourses, which opened sharply lower in the wake of the largest ever point loss in Dow Jones Industrial Average history. London’s FTSE 100 lost 3.5% at the opening bell, with every constituent falling and financial stocks hit hardest. The Europe-wide Stoxx 600 fell 2.2 %, while Frankfurt’s Xetra Dax 30 fell 3.5%, before recouping some losses. As of this writing, core European cash equity markets trade around -1.5%/-2.0%.

In fact, as Bloomberg notes, the Stoxx Europe 600 Index at one point today slumped the most since Brexit, with every industry sector falling as much as 2 percent.

This came after massive falls on Asian bourses. Stocks in Japan and China were the worst hit, with Hong Kong tumbling over 6% in early trading. Japan’s Topix index was down by more than 6%, marking its biggest one-day fall in a year and a half, while Japan’s Nikkei fell over 10% from its Jan 23 high, entering a correction, after plunging as much as 7.1%, triggering JSCC intraday margin call for Japanese index futures.

And while Asian stocks also managed to rebound modestly from overnight lows it was not before the MSCI Asia Pacific index erased 2018 gains, just like the Dow Jones, which is itself on the verge of a -10% correction.

Meanwhile, in some welcome news, there was at least a little normalcy as Treasuries extend their safe-haven rally with 10-year yield down three basis points to 2.68%, while euro-area bonds found support.

The currency market was stock-driven for another day with the dollar turning negative as European equities pared losses and S&P futures traded briefly in the green, although after the Bloomberg Dollar index was modestly in the red, it has since surge higher suggesting things are about to get ugly again.

As Bloomberg notes, major G-10 FX pairs again remain relatively immune to wild equity swings, yuan rallies after PBOC says the market will have a larger role in FX rate; USD/JPY holds close to 109.00. Haven demand eased modestly, with the yen and the Swiss franc turning defensive. The euro moved above the $1.24 handle as short-term accounts closed shorts with a loss. The Aussie remains lower after uneventful RBA policy meeting.

Whipsaw in core fixed income, early trades see fading of rally in UST, Bund and Eurodollar futures before uptick in volatility measures prompts reversal; UST/bund spread wider by 7bps with futures block trades in focus, iTraxx crossover opens sharply wider but settles close to key 260bps level. Bitcoin briefly trades below $6k level.

In the commodities complex, both WTI and Brent crude futures trade lower albeit off worst levels with prices suppressed by the ongoing global risk sentiment; the recovery for WTI has also been stalled by a failure to reclaim USD 64/bbl to the upside with energy newsflow otherwise relatively light ahead of tonight’s API inventories. In metals markets, spot gold (+0.25%) continues to benefit from its safe-haven appeal and the softer USD despite the World Gold Council stating that demand for the yellow metal fell to its lowest level since 2009 during 2017. The Bloomberg Commodity Index is trading 0.2% lower, having pared loss of as much as 0.4% earlier.

But unlike recent days, when attention was on US TSYs and the Dollar, today – and for the coming days – it will be all about the VIX, which extended its advance after Monday’s biggest-ever jump, which sent it higher by 116% on the session, heading for a level not seen since August 2011.

As of 6:39am in New York, the VIX climbed another 24% to 46.37. As discussed last night, the surge in the volatility measure is already claiming casualties, with various VIX-linked ENT set for “termination” and raising questions about the future of exchange-traded products tied to it.



And while we wait for today’s trading session to unfold, here is what else happened overnight.

Bulletin Headline Summary from RanSquawk

European equities join the global sell-off as markets look to see whether Wall St will endure another day of heavy losses
That said, markets have gradually pared losses throughout the morning as commentators debate whether this is a minor blip or part of a larger correction
Looking ahead, highlights today include Canadian trade, APIs, NZ jobs and a slew of speakers

Market Snapshot

&P 500 futures little changed at 2,608
STOXX Europe 600 down 1.6% to 375.99
MXAP down 3.4% to 173.27
MXAPJ down 3.5% to 568.36
Nikkei down 4.7% to 21,610.24
Topix down 4.4% to 1,743.41
Hang Seng Index down 5.1% to 30,595.42
Shanghai Composite down 3.4% to 3,370.65
Sensex down 1.6% to 34,198.34
Australia S&P/ASX 200 down 3.2% to 5,833.34
Kospi down 1.5% to 2,453.31
German 10Y yield fell 4.8 bps to 0.688%
Euro up 0.3% to $1.2404
Brent Futures down 0.7% to $67.13/bbl
Italian 10Y yield fell 2.4 bps to 1.757%
Spanish 10Y yield fell 2.9 bps to 1.43%
Brent Futures down 1% to $66.93/bbl
Gold spot up 0.3% to $1,343.64
U.S. Dollar Index down 0.1% to 89.48

Top Overnight News from BBG

ECB’s Jens Weidmann says the greatest risk is now to assume that all problems are solved. “Shocks in specific regions or specific sectors of the economy can still put the euro area to an endurance test — despite the progress that has been made in the past years”
RBA leaves interest rates unchanged at record-low 1.5% as seen by all 28 economists surveyed by Bloomberg; its chief, Philip Lowe, reinforced that a return of rapid wage growth remains a distant prospect despite strengthening business investment and a hiring bonanza
Germany’s factory orders increased 7.2% y/y in December versus estimate increase of 3.1% y/y; Germany construction PMI rose to 59.8 in January from 53.7 in December
Janus Henderson Group’s return to inflows proved to be short-lived, another sign that active managers have a long way to go before they stop the bleeding; the firm reported $2.9b of outflows in the three months through December, compared with the $700m of net new money it attracted in the three months through September
U.S. House sets Tuesday vote on stopgap spending measure
U.K. January BRC like-for-like retail sales 0.6% vs 0.7% estimate
Kuroda: Carefully watching stock markets; economic fundamentals are firm
RBA leaves rate unchanged; sees low wage growth to continue for a while
Australia December trade balance – A$1.4b vs A$0.2b estimate; Australia December retail sales -0.5% vs -0.2% estimate

Asia stocks continued the global equity sell-off and saw hefty losses across the board, as panic selling rolled over to the region following a slaughtering on Wall St. in which the DJIA (-4.6%) tumbled nearly 1200 points and briefly slipped into correction territory with sell programmes pushing the space lower but closed well off session lows amid a recovered on low volume. ASX 200 (-3.2%) and Nikkei 225 (-4.7%) slumped at the open in which losses in crude weighed on Australia’s energy stocks, while the Japanese benchmark was the worst performer amid JPY strength and with the index in a technical correction. Hang Seng (-5.1%) and Shanghai Comp. (-3.4%) were also heavily weighed amid the ongoing market turmoil and after the PBoC refrained again from liquidity operations. Finally. 10yr JGBs traded higher and tracked the gains in T-notes which were up over a point, as the ongoing stock market sell-off spurred a flight-to-quality and lifted bond across the curve which saw the Japanese 40yr yield drop to its lowest since April last year. Furthermore, today’s 10yr inflation-indexed auction from Japan also attracted stronger demand and higher accepted prices. PBoC skipped open market operations again today for a daily net drain of CNY 80bln. PBoC set CNY mid-point at 6.3072.

Top Asian News

Ex-Goldman Volatility Trader Sees More Blood Before Rout Ends
Kuroda Says 10-Year Yield Target Won’t Change ‘Even a Bit’
Singapore, Malaysia Agree to New Stock Exchange Trading Link
What Global Policy Makers Are Saying About the Stock Slide
Currency Fundamentals Aren’t Shifting Much: FX Macro Ranking
Evergrande January Contract Sales 64.4B Yuan

European equities have kicked the session off on the backfoot (Eurostoxx 50 -1.8%) in a continuation of the sentiment seen late last night on Wall Street and overnight during Asia-Pac trade. There’s been a lack of fresh catalysts in European trade for the sell-off with participants in the region catching up to yesterday’s aforementioned losses; prices have recovered modestly from initial losses but remain markedly lower with all the ten sectors firmly in the red. Losses across all sectors are relatively broad-based with some slight underperformance in financials amid the downtick in yields and a disappointing earnings update from Munich Re (- 3.9%) who sit at the bottom of the DAX. Focus in the financial sector has also been placed on Credit Suisse (-3.7%) who opened with heavy losses (-7.2%) amid fears over declines in the XIV (a product issued by the company). In the Stoxx 600, very few companies trade in the green with Intesa Sanpaolo (+1.7%) a notable exception following their pre-market earnings.

Top European News

ECB’s Weidmann Says Complacency Is Biggest Risk for Euro Area
Freezing Russian Air Hits Europe After Third-Mildest January
AMS Potential Convertible Bond Placement Up to EU600m
Investec’s Koseff, Kantor Step Down After 40 Years at Helm

In currencies, Usd/Jpy and Eur/Jpy are edging higher again as EU cash bourses pare worst losses and flight to quality flow/positioning wanes somewhat. The headline pair has rebounded above 109.00 vs circa 108.50 lows overnight and bids at that level extending down to 108.30, just ahead of strong technical support at 108.28. The cross has traded up to 136.75 from around 134.00 in Asia, as Eur/Usd briefly reclaimed 1.2400+ status and the DXY continues to struggle on recoveries above 89.6000 near term resistance (within an 89.720-370 range). Cable is back below 1.4000 and briefly took out 1.3980 ‘support’ as Sterling succumbs to more UK political/Brexit uncertainty – Eur/Gbp pulling away from 0.8900. Usd/Cad edging back down towards 1.2500 having tested 1.2550+ levels when risk aversion was running rife (Dow crashing almost 1600 points for example). Elsewhere, some marked region-specific divergence in the Aud and Nzd, as the former was hit by disappointing data (weak retail sales and an unexpected trade deficit) plus some RBA concerns about wages, household consumption and the growth/inflation outlook, if the currency appreciates too much. Aud/Usd is now under 0.7900 albeit off 0.7835 lows, while the Aud/Nzd cross has lost the 1.0800 handle and the Kiwi is back above 0.7300 vs the Greenback.

In the commodities complex, both WTI and Brent crude futures trade lower albeit off worst levels with prices suppressed by the ongoing global risk sentiment; the recovery for WTI has also been stalled by a failure to reclaim USD 64/bbl to the upside with energy newsflow otherwise relatively light ahead of tonight’s API inventories. In metals markets, spot gold (+0.25%) continues to benefit from its safe-haven appeal and the softer USD despite the World Gold Council stating that demand for the yellow metal fell to its lowest level since 2009 during 2017. Elsewhere, base metals were seen notably lower overnight in-fitting with the lack of global risk appetite with nickel said to have led the complex lower.

US Event Calendar

8:30am: Trade Balance, est. $52.1b deficit, prior $50.5b deficit
10am: JOLTS Job Openings, est. 5,961, prior 5,879

DB’s Jim Reid concludes the overnight wrap

If you turned off your phone after dinner last night in Europe or if you had to leave early in the US you’ll be waking up to an extra-ordinary last hour on Wall Street. In fact the DOW dropped c.800 points in 10 minutes at 3pm NY time to be down -5.87% at the time. The DOW and S&P 500 eventually closing at -4.60% and -4.10% respectively – the worst day since August 2011. 10 yr Treasuries rallied 13.6bps (18bps from the day’s highs) to 2.707% – the biggest rally since June 2016. The biggest talking point though has to be the VIX which saw its biggest daily climb EVER, both in percentage and absolute terms (+116%, +20.0 to 37.32). This was the highest level since August 2015 when the Shanghai Comp.’s c8.5% drop briefly led to a vol spike after their currency devaluation. However before that you’d have to go back to October 2011 to see a higher close. Indeed if we look at the 7,077 trading days since VIX data is available (back to 1990), yesterday’s close would be in the top 96.85% percentile with most of the higher points occurring in 2008/09. Given how many products (including leverage ETFs) that have set up to exploit low vol, yesterday surely would have done some serious damage.

This morning in Asia, markets are extending the US selloff. The Nikkei (-5.23%) is on track for the largest fall since November 2016, while the Kospi (-1.36%), Hang Seng (-4.03%), and China’s CSI 300 (-2.55%) are all down as we type. S&P futures are 1.5% lower. The UST 10y yield is another c2bp lower and the House Republicans will vote later today to extend government funding until 23 March.

Indeed the last few days have really emphasised how easy it would be to get the next financial crisis if inflation really started to misbehave as most of this price action stems from a hint of it. When we published the note of the same name last September, we said the next crisis was inevitable soon and that the most likely cause over the next 2-3 years was if what we called the great withdrawal of unconventional policy coincided with higher inflation, especially given what are still record high levels of global market debts. If higher inflation materialised then central banks would be unable to respond in the way they have done in recent years (and even decades). Our structural view was that the next financial crisis was probably unavoidable before the end of the decade. In our 2018 outlook the base case was higher than expected inflation and yields but a controlled widening of spreads as the year progressed reflecting this and the likely associated higher levels of vol that this would bring. So the price action of the last few sessions is an extreme version of our 2018 view but perhaps more in line with medium term views.

For 2018 it all still rests with inflation. If US inflation is just a bit above expectations this year then our base case is still probably something we feel comfortable with (IG +25bps and HY +100bps over 2018). However if US inflation beats by more, the glue that has held the carry trade – and associated recent multi-year risk rally – will unfold very quickly and the timing of the next financial crisis will be brought forward. The problem is that a number of US labour market statistics look increasingly stretched. So could wages really break out much higher in 2018? One to ponder but Torsten Slok’s latest chart book on the stretched US labour market is useful on this.

For balance, we should say if this fails to lead to US inflation breaking out on the upside then we will almost certainly go back to carry and risk will rally back big time. So inflation is absolute key. If we get through 2018 without some pick up, economists may have to throw out all their inflation/wages models. In listening to one of our US economists Matt Luzzetti last night, he made the point that this recent move will matter in so far as in impacts financial conditions. They have tightened sharply from record easy levels but their analysis suggest that the tightening needs to last for at least 6 weeks for it to impact growth momentum. So we have some time before growth expectations should be materially influenced. Interesting Bloomberg’s March Fed hike calculator went down from 82% to 80% yesterday. Not a big move so far.

Staying with rates, a big difference yesterday was that bonds seemed to benefit from a flight to safety even though they are the root cause of the move. Interestingly DB’s Alan Ruskin has shown that consecutive weeks of higher US bond yields and lower equity prices, have become progressively less common since the 1980s/1990s, and especially since the 2008 financial crisis. Three weeks of equities down, 10y yields up (as we’ve just seen) has not happened for more than a decade. The normal crisis relationship between equities and bonds was restored yesterday.

In Europe, 10y Bunds fell as much as 4.7bps at one stage to 0.715% before paring that move to close just over 3bps lower by the end of play. The Stoxx 600 however tumbled -1.56% and suffered its biggest one day and two day fall (-2.92%) since July 2016, while the six-day tumble of -4.64% is the biggest since June 2016. However this all happened before the bulk of the US sell-off so stand by for a wild ride at the open this morning. It’s worth highlighting that the moves in the last two days have now pushed most major US/European markets into negative territory YTD.

Rounding out the stats for the US, all sectors fell with losses led by the financials, health care and industrials sectors. Wells Fargo dropped 9.2% after the story we discussed yesterday concerning the Fed banning the bank from increasing its total assets beyond their size at the end of 2017 (US$1.95trn) until it cleans up its consumer and compliance issues.

Turning to currencies, the US dollar index gained for the second consecutive day (+0.40%), while the Euro and Sterling fell -0.77% and -1.13% respectively, with the latter weighed down by softer PMI readings. In commodities, WTI oil retreated for the third consecutive day to $63.55/bbl (-0.94%). Elsewhere, precious metals rebounded given the risk off tone (Gold +0.47%; Silver +0.87%) and other base metals were mixed but little changed (Copper +0.92%; Zinc +0.79%; Aluminium -0.24%).

Away from the markets, the ECB’s Draghi seemed relatively dovish on his annual report to the EU parliament. On rates and inflation, he noted that “while our confidence that inflation will converge toward our aim of close to 2% target has strengthened, we cannot yet declare victory”. Further, he added “monetary policy will evolve in a fully data-dependent and time consistent manner” and that “….patience and persistence with regard to monetary policy is still warranted for underlying inflation pressure to build up”. Elsewhere, the Fed’s Kashkari noted in last Friday’s jobs report “we saw a little hint that wages might finally be rising…

but its’ not yet enough”. He added “it could be a blip, but let’s not ignore it”. In Germany, today may be the deciding day for Ms Merkel to form the next coalition government as talks resume at the CDU’s headquarters. The Saxony State Premier Haseloff expects a coalition deal with the SPD today and noted “we’ve covered most topics (with the SPD), just several fundamental questions on health care policy remain”. On the other side, the SPD General Secretary Klingbeil said today “is the decisive day…it’ll be decided whether we successfully close the talks or not”. He added “all of us are willing to get to a solution, but the talks are contentious”.

Now onto some of the Brexit headlines. The EU negotiator Barnier and the UK’s Brexit secretary Davis have met officially for the first time in 2018 but their respective positions seemed broadly unchanged. Mr Davis emphasised that the UK has been “very clear” on what it wants, but Mr Barnier disagreed and noted “the time has come to make a choice” and that barriers to goods and services are unavoidable if the UK leaves the customs union. For now, the EU side “will wait for an official UK position of the government, in the next few weeks”. Elsewhere, the head of the UK’s Financial Conduct Authority warned that both sides need to reach a transitional agreement for financial services by March, in part as some derivatives and insurance financial contracts may no longer be “serviceable”.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the January ISM non-manufacturing index was above market at 59.9 (vs. 56.7 expected) – the highest since 2005. In the details, the employment gauge rose to 61.6 – the strongest since 1997 and the new orders index rose to a seven year high. The final reading of January composite and services PMIs were unrevised at 53.8 and 53.3 respectively. In the Fed’s latest senior loan officers survey, banks reported demand for commercial and industrial loans (C&I) were broadly unchanged but weaker for auto loans and residential mortgages. Looking ahead, the survey found that banks expect to ease standards on residential mortgages and C&I loans, while tightening standards on commercial real estate and credit card loans.

The Euro area retail sales was broadly in line at -1.1% mom (vs. -1% expected), while the February Sentix investor confidence index was slightly lower than expected at 31.9 (vs. 33.2). The final reading of the Euro area January PMIs was revised slightly higher, with the composite PMI up 0.2 to 58.8 to a c11 year high and services PMI up 0.4 to 58. Across the countries, Germany’s composite PMI was revised 0.2 higher to 59 while France was revised down 0.1 to 59.7.

Elsewhere, the flash PMIs for Italy were above market, with the composite PMI at 59 (vs. 57.4 expected) and services at 57.7 (vs. 55.9 expected). In the UK, the flash PMIs were lower than expectations, with the composite PMI at 53.5 (vs. 54.6) and services PMI at 53 (vs. 54.1 expected) – the lowest since September 2016.

Looking at the day ahead, a fairly quiet data day all round with December factory orders in Germany the only release of note in Europe, while in the US the December trade balance and JOLTS job openings data is scheduled to be released. Away from that it’ll be worth keeping an eye on Fed Bullard’s comments when he speaks in the afternoon on the US Economy and Monetary Policy, while the ECB’s Weidmann speaks in the morning. General Motors and Walt Disney are due to report earnings.

Good luck navigating what looks set to be a volatile period for markets.
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Intervention in the Overnight Futures Market Turns the Tide on Stocks' Wild Ride




“In a world where success is the measure and justification of all things the figure of Him who was sentenced and crucified remains a stranger, and is at best the object of pity... Worldly history appeals in its own cause to the dictum that the end justifies the means. The figure of the Crucified invalidates all thought which takes success for its standard.”

Dietrich Bonhoeffer


“These people honour me with their lips,
but their hearts are far from me.
They worship me in vain;
they follow rules of their own making.”

Mark 7:6-7


“Compassion asks us to go where it hurts, to enter into the places of pain, to share in brokenness, fear, confusion, and anguish. Compassion challenges us to cry out with those in misery, to mourn with those who are lonely, to weep with those in tears. Compassion requires us to be weak with the weak, vulnerable with the vulnerable, and powerless with the powerless. Compassion means full immersion in the condition of being human.”

Henri J.M. Nouwen


Stocks were swooning overnight. Early in the morning hours buying started turning the tide, with the SP 500 futures leading the way.

As we know from the past crises and statements, buying the SP 500 futures was the remedy recommended by Treasury Secretary Robert Rubin.

But we did have a significant correction, and it may not be over. One day's bounce does not a bull market make.

The problem was that the underpinnings of the market were so thin that it took very little to set the market spinning on a wild ride as volatility, long suppressed, began to revert to the mean.

Trump said he would love to 'shut the government down' if the Democrats do not give him what he wants on immigration, and that 'the world is laughing at the US.' Yep, but maybe not for the reasons he thinks. His act is getting tired.

The Dollar managed to get a little boost higher and hang on to it, but silver and especially gold were methodically sold. Gold was smacked into the close, but bounced back three dollars after the close.

The XIV inverse to volatility ETN, marketed to retail investors by Credit Suisse, was incinerated in the market drop, and is said to be in liquidation. Other funds were suspending redemptions.

Nothing has really changed. Arrogance and a disregard for the proper treatment of risk has once again been reinforced.

I am afraid that this is just a taste things to come.

Have a pleasant evening.

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight

Hoping You Have a Good Day <3



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Tucson Gem & Mineral Show Kicks Off This Thursday
Feb.8th

Here's one of 46 shows around town


http://www.tgms.org/calendar/2017/10/17/tucson-gem-mineral-society-present

[JD400]

Slippin and Slidin Data


Good Morning Ladies and Gentlemen !

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~

Nice To Have You With Us Tonight

Markets slippin & slidin all over the place

MMgys

En Joy

Onwards to the Data >>>>>>>>>>

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Today was another whippy day in the markets. The usual suspects juiced the SP 500 markets higher in an attempt to reassert the exceptionalism of the American economy.

Alas, it was not to be. After European markets closed and before Asia opened, the powers of big money withdrew their support, and the gains of the day were mislaid.

I do not want to make too much of it, but just watching the action on the futures seems to show a series of fingerprints all over the tape.

And why not, when the stock market has become the equivalent of the economy, and of empire? Stocks are the mother's milk of inequality.

The US Dollar, la douleur du monde, rallied higher today, in what seemed to be a further technical gain from a deeply oversold condition.

Gold put in what may prove to be a tradeable bottom at 1311 today. Silver has been lagging, but at some point will act like the beta rabbit which it is and catch up in a furious pace.

But let's not get ahead of ourselves. This is far from over, and the story continues to unfold. It is engaging to watch the confusion over the deflation of yet another bubble in financial assets is causing. It seems so obvious you have to wonder why even people sitting in the best seats in the house don't seem to understand it.

I am afraid that true believers in false idols will be drinking the koolaid of their own desires to the very end.

"Once you get locked into a serious drug collection, the tendency is to push it as far as you can.”

Hunter S. Thompson, Fear and Loathing in Las Vegas

Who could have seen it coming?

Have a pleasant evening.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Feb 7/ANOTHER RAID TODAY/GOLD DROPS $22.60 DOWN TO $1312.10/SILVER DROPS ANOTHER 32 CENTS TO $16.32/ COMEX GOLD ISSUES ANOTHER WHOPPING 14,039 EFP CONTRACTS TRANSFERRING THESE LONGS OVER TO LONDON/COMEX SILVER TRANSFERS 3408/ROYAL BANK OF SCOTLAND CAUGHT FORGING SIGNATURES: THEY WILL PROBABLY BE TOAST/CHINA’S NHA IN TECHNICAL DEFAULT THIS MORNING/USA 10 YR BOND YIELD BACK UP TO 2.84%/TROUBLE TOMORROW AS FUTURES ARE ALREADY DOWN BADLY/HUGE SWAMP STORIES/CHUCK GRASSLEY: DEMOCRATS IN TURMOIL/
February 7, 2018 · by Harvey Organ · in Uncat




GOLD: $1312.10 down $22.60

Silver: $16.30 down 32 cents

Closing access prices:

Gold $1318.50

silver: $16.38

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1338.47 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1329.70

PREMIUM FIRST FIX: $8.77

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SECOND SHANGHAI GOLD FIX: $1339.02

NY GOLD PRICE AT THE EXACT SAME TIME: $1331.90

Premium of Shanghai 2nd fix/NY:$8.12

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1328.50

NY PRICING AT THE EXACT SAME TIME: $1328.10

LONDON SECOND GOLD FIX 10 AM: $1324.65

NY PRICING AT THE EXACT SAME TIME. $1324.40

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 113 NOTICE(S) FOR 11300 OZ.

TOTAL NOTICES SO FAR:1537 FOR 153700 OZ (4.780 TONNES),

For silver:

jANUARY
13 NOTICE(S) FILED TODAY FOR
65,000 OZ/

Total number of notices filed so far this month: 139 for 695,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $8162/OFFER $8232: up $502(morning)
Bitcoin: BID/ $7802/offer $7822: UP $143 (CLOSING/5 PM)

end

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL BY A TINY 700 contracts from 206,171 FALLING TO 205,470 WITH YESTERDAY’S 8 CENT FALL IN SILVER PRICING. WE HAD TINY COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 3408 EFP’S FOR MARCH AND AND 0 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 3408 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 3408 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 3408 CONTRACTS TRANSLATES INTO 17.04 MILLION OZ

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

17,482 CONTRACTS (FOR 6 TRADING DAYS TOTAL 17,482 CONTRACTS OR 87.410 MILLION OZ: AVERAGE PER DAY: 2913 CONTRACTS OR 14.565 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 87.41 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.42% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 322.34 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A TINY SIZED LOSS IN OI SILVER COMEX WITH THE SMALL 8 CENT FALL IN SILVER PRICE. WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 3408 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 3408 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 2708 OI CONTRACTS i.e. 3408 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 700 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.62 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.028 BILLION TO BE EXACT or 148% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 13 NOTICE(S) FOR 65,000 OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 10,572 CONTRACTS DOWN TO 535.321 WITH THE FAIR SIZED FALL IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($8.50). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TUESDAY AND IT TOTALED A HUGE SIZED 14,039 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 14039 CONTRACTS AND JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 535,321. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A GAIN OF 3467 CONTRACTS: 10,572 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED 14,039 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(3467 oi gain in CONTRACTS EQUATES TO 10.78 TONNES)

YESTERDAY, WE HAD 5581 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 63,032 CONTRACTS OR 6,303,200 OZ OR 196.055 TONNES (6 TRADING DAYS AND THUS AVERAGING: 10,505 EFP CONTRACTS PER TRADING DAY OR 1,050,500 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 6 TRADING DAYS: IN TONNES: 177.53 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 177.53/2200 x 100% TONNES = 8.04% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 829.84 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A HUGE SIZED DECREASE IN OI AT THE COMEX WITH THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($8.50). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS RECEIVED THEIR PRIVATE EFP CONTRACT FOR EITHER APRIL OR JUNE. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 14,039 AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 14039 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 3467 contracts ON THE TWO EXCHANGES:

14039 CONTRACTS MOVE TO LONDON AND 10,572 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 10.79 TONNES).

we had: 113 notice(s) filed upon for 11300 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WOW!!!, WITH ALL OF TODAY’S TURMOIL: A MASSIVE 12.08 TONNES OF GOLD WAS REMOVED FROM THE GLD AND NO DOUBT THAT THIS WILL TURN OUT TO BE CRIMINAL BEHAVIOUR

Inventory rests tonight: 829.27 tonnes.

SLV/

NO CHANGES IN SILVER INVENTORY AT THE SLV/ WITH ALL OF TODAY’S TURMOIL AND WHACKING OF SILVER

/INVENTORY RESTS AT 314.045 MILLION OZ/



can someone please explain why GLD behaves differently to SLV

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A TINY 700 contracts from 206,170 DOWN TO 205,470 (AND now A LITTLE FURTHER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE SLIGHT FALL IN PRICE OF SILVER (8 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 3408 PRIVATE EFP’S FOR MARCH AND 0 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 700 CONTRACTS TO THE 3408 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GOOD GAIN OF 2708 OPEN INTEREST CONTRACTS. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES:13.54 MILLION OZ!!!

RESULT: A TINY SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE SMALL SIZED FALL OF 8 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER GOOD 3408 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 61.39 points or 1.82% /Hang Sang CLOSED DOWN 272.22 or 0.89% / The Nikkei closed UP 35.13 POINTS OR 0.16%/Australia’s all ordinaires CLOSED UP 0.87%/Chinese yuan (ONSHORE) closed UP at 6.2700/Oil DOWN to 63.21 dollars per barrel for WTI and 66.84 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2700. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.2820//ONSHORE YUAN A LOT STRONGER AGAINST THE DOLLAR/OFF SHORE A LOT STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES EXCEPT THE YUAN. CHINA IS NOT TOO HAPPY TODAY.(STRONGER CURRENCY BUT WEAK MARKETS THROUGHOUT THE GLOBE )




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN

Nomura sincerely apologizes for blowing up investors with their ill fated VIX linked ETN

( zerohedge)
3 c CHINA


4. EUROPEAN AFFAIRS

i)Finally, the German parties have reached an agreement on a grand coalition

( zerohedge)

ii)Calais is a war zone and it is spiraling out of control
(courtesy Kern/Gatestone Institute)

iii)OH OH!! We have been reporting for quite some time the troubles inside one of China’s biggest conglomerates; NHA. Last night they went into technical default and this caused Deutsche bank to tumble as they have financed a huge number of Deutsche shares as they own almost 10%of the bank.

( zerohedge)

iv)The Euro/usa cross tumbles after the ECB accuses the USA of manipulating their dollar lower

that caused gold to fall

(courtesy zerohedge)

v)What!!!! Royal Bank of Scotland has routinely forged customer signatures. This no doubt will be another huge scandal
(courtesy Don Quijones/WolfStreet)
special thanks to Robert H for sending this to us!
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
Luongo explains beautifully the concept of VIX and the damage it did to the markets yesterday

( Tom Lunongo)
7. OIL ISSUES

Oil and gasoline prices sink after announcement of a huge USA oil production record level even surpassing the Saudis



( zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)Bitcoin gains as investors were heartened in the USA that regulators plan a balanced and not a dismissive approach. Actually the regulators are planning to destroy bitcoin et al pricing.

( zerohedge)

ii)China is doing everything in its power to stamp out cryptocurrencies trading in its country as they are banning foreign platforms

( SCMP/Hong Kong)

iii)Bitcoin surges back above $8500.00 even though Goldman Sachs (and I) doubt about its survival
( zerohedge)
iv)As we have reporting to you for quite some time: Chinese citizens are having a love affair with gold/silver as they purchase a huge amount of jewellry with their gains on property values
( Bloomberg/gata)

v)As I have been warning you for many years, Barrick will never get the Pascua Lama project off the ground. He just took another 429 million charge against the stalled mine
(courtesy zerohedge)
10. USA stories which will influence the price of gold/silver



i) a Early morning trading

the Dow surges past its key 50 day moving average as the VIX is monkey hammered back down to 20.

The 10 yr Treasury bonds yield:2.794



i b)EARLY THIS AFTERNOON:
EITHER THEY ARE REACTING TO A SUPPOSED SENATE DEAL, OR A BAD AUCTION:
10 yr Bond yield 2.84%, also VIX: 25

ic)An analyst who predicted Volmageddon states: don’t even think about buying the dip..where is why!!( zerohedge)

ii)Donald seemed upset with Monday’s big 1100 point drop on “good news”

( zerohedge)

iii)Supposedly a Senate two year budget spending deal is close to an agreement without immigration commitment. That is annoying Pelosi. Also the huge increase in spending/1/4 trillion dollars increase per year) is bothering the fiscal conservatives
( zerohedge)

iiib)the dollar rises on a Bipartisan budget deal to increase spending for the military and non military. The interim bill funds an extra 400 billion in spending and suspends the debt ceiling. However an omnibus bill must pass before March 23. The bond yields rose due to the increased spending.
( zerohedge)

iv)Dudley reveals that the new Powell put is much lower in price on the Dow. The Fed may be wishing to engineer a fall of considerable magnitude(courtesy zerohedge)

v)This was largely expected: S and P downgrades Wells Fargo due to their transgressions
( zerohedge)

vi)Revolving or credit card debt now at an all time record: 1.03 trillion dollars

Student loans and auto loans are also at record levels: 2.813 trillion dollars

total: 3.843 trillion dollars

(courtesy zerohedge)

vii)SWAMP STORIES

a)Chuck Grassley on the Senate Judiciary Committee released its criminal complaint against Steele and their shoddy FISA application to the FISA court. It contains lies by Steele as well as collaboration (and payment) from the Clinton campaign. It also outlines a second dossier started by the Obama administration and that filtered to Steele as well and he used that in his FISA application.

the democrats are dead in the water..

( zerohedge)

b)It seems that our two love birds, Strzok and Page kept Obama in the loop as he wanted to know everything that

was going on

( zerohedge)


Let us head over to the comex:

The total gold comex open interest SURPRISINGLY FELL BY A CONSIDERABLE 10,572 CONTRACTS DOWN to an OI level 535,321 WITH THE FAIR SIZED FALL IN THE PRICE OF GOLD ($8.50 LOSS WITH RESPECT TO YESTERDAY’S TRADING). WE HAD HUGE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A HUGE SIZED 14,039 EFP’S ISSUED FOR APRIL AND 0 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 14039 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 3467 OI CONTRACTS IN THAT 14.039 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 10,572 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 3467 contracts OR 346700 OZ OR 10.78 TONNES,

Result: A HUGE SIZED DECREASE IN COMEX OPEN INTEREST WITH THE LOSS IN YESTERDAY’S GOLD TRADING ($8.50.) WE HAD SOME COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 3047 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we lost 161 contracts to 1628 contracts. We had 122 notices filed upon yesterday, so we lost 44 contracts or 4400 oz will not stand in this active contract month of February AND THESE WERE MORPHED INTO LONDON BASED FORWARDS.

March saw a LOSS of 110 contracts DOWN to 1967. April saw a LOSS of 13,086 contracts DOWN to 379,256. MARCH BECOMES THE FRONT MONTH FOR GOLD

We had 113 notice(s) filed upon today for 11300 oz
PRELIMINARY COMEX VOLUME FOR TODAY: 325,530 contracts
CONFIRMED COMEX VOLUME FOR YESTERDAY: 488,251

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI FELL BY A TINY 700 CONTRACTS FROM 206,170 DOWN TO 205,470 WITH YESTERDAY’S TINY 8 CENT LOSS. WE WERE ALSO INFORMED THAT WE HAD ANOTHER LARGE SIZED 3408 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 0 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 3408. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD MINIMAL LONG COMEX SILVER LIQUIDATION BUT A GOOD SIZED GAIN IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 2708 SILVER OPEN INTEREST CONTRACTS:

700 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 3048 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 2708 CONTRACTS

We are now in the poor non active delivery month of FEBRUARY and here the front month GAINED 202 contracts UP TO 214 contracts. We had 2 notices filed upon yesterday so we GAINED 200 contracts or 1,000,000 ADDITIONAL oz will stand for delivery at the comex AS SOMEBODY BADLY NEEDED SOME PHYSICAL SILVER AT THE COMEX

The March contract lost 2961 contracts DOWN to 118,056

April gained 17 contracts up to 39.

.

We had 13 notice(s) filed for 65,000 for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb7/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
36,858.905 oz
JPMORGAN
Deposits to the Dealer Inventory in oz 2399.99 oz



DELAWARE




Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
113 notice(s)
11300 OZ
No of oz to be served (notices)
1515 contracts
(151,500 oz)
Total monthly oz gold served (contracts) so far this month
1537 notices
153700 oz
4.7807 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 1 inventory movement at the dealer accounts
i) Into Delaware/a deposit of 2399.99 oz
total inventory deposit into the dealer accounts: 2399.99 oz
we had 1 withdrawals out of the customer account:
i) out of JPMorgan
we had 36,858.905 oz of gold transferred out of HSBC
total withdrawal: 36,858.905 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 1 adjustments
i) Out of HSBC: 4462.713 oz was adjusted out of the dealer and into the customer account of HSBC. this usually leads to a settlement of gold at the comex
total registered or dealer gold: 385,633.101 oz or 11.99 tonnes
total registered and eligible (customer) gold; 9,294,660.408 oz 289.10 tones

For FEBRUARY:
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 106 contract(s) of which 113 notices were stopped (received) by j.P. Morgan dealer and 3 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 FEBRUARY. contract month, we take the total number of notices filed so far for the month (1537) x 100 oz or 153,700 oz, to which we add the difference between the open interest for the front month of FEB. (1628 contracts) minus the number of notices served upon today (113 x 100 oz per contract) equals 305,200 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (1537 x 100 oz or ounces + {(1628)OI for the front month minus the number of notices served upon today (113 x 100 oz )which equals 305,200 oz standing in this active delivery month of February (9.4993 tonnes). THERE IS 11.99 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 44 CONTRACTS OR AN ADDITIONAL 4400 OZ WILL NOT STAND BUT THEY WILL JOIN OTHER LONGS AS THEY HAVE BEEN TRANSFERRED TO A LONDON BASED FORWARD THROUGH THE EFP ROUTE.

THE COMEX IS NOW UNDER STRESS AS THE REGISTERED GOLD FALLS BELOW 13 TONNES.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 65 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 7 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
726,931.07 OZ
JPM
Delaware
No of oz served today (contracts)
13
CONTRACT(S)
(65,000 OZ)
No of oz to be served (notices)
201 contracts
(1,005,000 oz)
Total monthly oz silver served (contracts) 139 contracts

(695,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 2 inventory deposits into the customer account

i) into J.P.MORGAN: 605,120,500 oz

ii) into Delaware: 181,757.820 oz

total inventory deposits: 726,931.07 oz

we had 2 withdrawals from the customer account;

i) out of HSBC: 20,050.180 oz

ii) out of Scotia: 24,747.190 oz

total withdrawals; 726,931.07 oz

we had 0 adjustment

total dealer silver: 43.080 million

total dealer + customer silver: 249,515 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 13 contract(s) FOR 65,000 oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 139 x 5,000 oz = 695,000 oz to which we add the difference between the open interest for the front month of FEB. (214) and the number of notices served upon today (13 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB contract month: 139(notices served so far)x 5000 oz + OI for front month of FEBRUARY(214) -number of notices served upon today (13)x 5000 oz equals 1,700,000 oz of silver standing for the FEBRUARY contract month.

WE GAINED 200 CONTRACTS OR AN ADDITIONAL 1,000,000 OZ WILL STAND AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 129,663

CONFIRMED VOLUME FOR YESTERDAY: 109,181 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 109,181 CONTRACTS EQUATES TO 546 MILLION OZ OR 77.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.15% (FEB 6/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.25% to NAV (FEB 6/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.14%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.25%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -3.79%: NAV 13.72/TRADING 13.20//DISCOUNT 3.79%

END

And now the Gold inventory at the GLD/



FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 7/2018/ Inventory rests tonight at 829.27 tonnes

*IN LAST 321 TRADING DAYS: 111.88 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 255 TRADING DAYS: A NET 45.43 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Feb 7/2017:
Inventory 314.045 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.71%
12 Month MM GOFO
+ 2.09%

end
Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Crypto Currency Backlash Sees Flight From Cryptos and Bitcoin

February 7

2018

– Bitcoin falls from $20,000 to below $6,000 and bounces back to $8000
– Top 50 crypto currencies lost over 50% of value in 24 hours
– Over $60 billion wiped off entire crypto currency market in 24 hours
– Markets concerned about increased regulation, manipulation & country-wide bans
– ‘Growing global unease about risks virtual currencies pose to investors and financial system’ – SEC
– Gold acting as store of value from “correcting” stock markets & crashing cryptos
– Gold is essentially flat in recent days and building on its 11% gain in 2017
– Offline physical gold is safer than online digital gold

Editor: Mark O’Byrne

Investors in the bitcoin and cryptomarkets are running scared as prices continued to plunge yesterday before a bounce today.

Top altcoins lost 50% of their value on Monday, bringing the total value wiped off the crypto market in 24 hours to over $60 billion.

Monday’s performance is a further kick for a market that has rapidly lost favour since bitcoin touched $20,000 in December. Investors and market participants are being forced to question the stability and security of the crypto currency market which is currently under regulated and prone to be taken advantage of.

Meanwhile, the gold price rose Monday and is essentially flat in recent days – building on 11% gain in 2017.

Investors began to turn to gold last month, as they began to seek ways to protect their crypto profits. Now, the market is spooked by developments in both price and the wider ecosystem, prompting calls for investors to avoid cryptos altogether.

Government shutdown

Tougher regulation has been a key factor overshadowing market action, in the last few weeks.

Yesterday Financial News, a service closely associated with the People’s Bank of China, reported that the central bank will block all cryptocurrency and ICO related platforms. Previously it announced the crackdown of domestic platforms, this has now been extended to foreign ones, as well.

“In the future, any related (platform) will be closed as soon as it is found. At the same time, further regulatory measures will be taken with the future development of the situation.” Financial News

The PBOC news follows India’s Finance Minister Arun Jaitley announcement that the government was looking to ‘eliminate the use of digital currencies’. Whilst the country is not a major player in the crypto universe, it does put a spanner in the works for those who were hoping the likes of bitcoin would become adopted globally – either as a global currency or a store of value.

Jaitley stated that bitcoin was being used for ‘illegitimate’ activities and that the country would not recognise cryptocurrencies as legal tender.

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.” – Arun Jaitley

The severe swings in price combined with security issues have lead many regulators to push forward with deciding how they are going to deal with cryptocurrencies, regardless of how popular bitcoin is in the country. It is also seen a threat to their fiat currencies and existing banking and monetary systems.

South Korea has been particularly vocal of late, at the end of January the central bank introduced legislation to put more control on speculative cryptocurrency investing, restricting trading to real-name bank accounts.

The world was also watching yesterday as Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, chairman of the Securities and Exchange Commission (SEC), gave testimony to the Senate Banking Committee ‘amid growing global unease about the risks virtual currencies pose to investors and the financial system’.

Both Chairs are expected to show how their respective agencies have been working to protect investors from extreme volatility, financial fraud and security threats from hackers. Statements are expected to say that cryptocurrencies demand increased oversight and may even require a new federal regulatory framework.

Crypto exchange Bitfinex and digital currency Tether have come under scrutiny by the SEC, since early December. The currency is thought to be inflating the price of bitcoin by billions of dollars, supported by the Bitfinex exchange.

The lack of regulatory oversight is prompting many to look into claims of manipulation in crypto currency markets. Along with price volatility banks are now becoming increasingly nervous at their exposure to digital currencies, through the risks their clients are taking.

No credit offered

Spooked by the $44bn drop in value of bitcoin during January, many banks and large organisations have rushed to put cryptocurrency controls in place, in recent weeks.

Lloyds Bank, Virgin Money and US investment banks including J.P. Morgan Chase, Bank of America and Citigroup have all come down hard on credit-card purchases of crypto currency.

The announcements by the US investment banks followed Facebook’s decision to ban crypto currency advertising as it is ‘frequently associated with misleading or deceptive promotional practices’.

Banks and companies are keen to separate themselves from bitcoin, its contemporaries and related activities before regulators begin to clamp down on the market. Currently banks are hugely exposed should customers by cryptos using credit cards, only for the price to then crash.

Bitcoin, cryptos and digital gold are not substitutes for real gold

“In our view, bitcoin and cryptocurrencies more generally are not a substitute for gold. Gold is a tried and tested effective investment tool in portfolios,” concluded the World Gold Council in a recent report.

This is a key statement from one of the leading research bodies for the physical gold market. Since the publication of Nakamoto’s white paper in 2008 it has been inevitable that bitcoin and other cryptocurrencies are compared to physical gold. As a result, the myth that the two are substitutes for one another has been a long-standing one.

Back in January we brought news to you that many early investors in bitcoin, Ripple and other digital currencies were hedging their gains with physical gold:

Unsurprisingly many cryptocurrency buyers or investors have been looking at how they can secure their gains. Since early December and continuing in recent days, we are seeing numerous existing and new clients who had seen massive gains in bitcoin, ripple etc diversifying into physical gold. They have been buying both gold coins and bars, for both delivery and storage.

Bitcoin and the various crypto currencies are digital assets. Most are no more secure in terms of value or pricing than any other form of digital gold, bullion vaulting platform or ETF. However, many of those who choose to hold cryptocurrencies do so for the same reason many choose precious metals – because they wish to diversify and own finite assets (in the case of bitcoin and some other cryptos) outside of the global monetary and financial system.

The problem with crypto currency and digital gold platforms are the regulatory, cyber and liquidity risk that is so prevalent in both markets. Whilst the extremely high returns from cryptos was good for investors in the short-term, the ecosystem is still in the early days. Both digital gold products and cryptos have quite a degree of unappreciated counter party risk. The platform or exchange in effect controls your assets and you are exposed to them, their servers, websites, staff and management – not too mention the antiquated electrical grids and an internet that is vulnerable to shutdowns.

In contrast, physical gold is a long established and highly liquid global market. The largest buyers of physical gold in the world today are central banks.

Those early adopters of crypto currency and spin-offs products such as Ripple and Ethereum should diversify and own a real safe haven – physical gold and offline physical gold is safer than online.

In order to avoid getting stung again, they need to ensure they rebalance and diversify into undervalued assets such as physical, segregated gold and extremely undervalued silver bullion.
-END-

END


Bitcoin Surges Back Above $8500 As Goldman Doubts Cryptocurrency Survival

Following reassuring words from US securities regulators yesterday, Bitcoin has extended its rebound back above $8500 (from below $6000), shrugging off Goldman Sachs’ latest report questioning cryptocurrencies’ long-term existence.

Bitcoin is up over $2500 from its anxious lows ahead of yesterday’s US regulatory hearing…



As Mike Krieger noted last night, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, said at today’s hearing with the Congressional Committee on Banking, Housing, and Urban Affairs.

In case you missed it, here’s his opening statement:

With your permission, I’d like to begin briefly with a slightly different perspective, and that is, as a dad. I’m the father of three college age children, a senior, a junior and a freshman. During their high school years, we tried to interest them in financial markets. My wife and I set up small brokerage accounts with a few hundred dollars that they could use to buy stocks, yet other than my youngest son who owned shares in a video game company, we haven’t been able to pique their interest in the stock market. I guess they’re not much different than most kids their age.

Well something changed in the last year. Suddenly they were all talking about Bitcoin. They were asking me what I thought, and should they buy it. One of their older cousins, who owns Bitcoin, was telling them about it, and they got all excited, and I imagine that maybe members of this committee may have had similar experiences in your own families of late.

It strikes me that we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one, and yet we must crack down hard on those who try to abuse their enthusiasm with fraud and manipulation.

That’s just about as good as you’re gonna get from a government regulator.

And the entire crypto universe is notably higher on the relief…



And the extended gains appear to be shrugging off a widely distributed report from Goldman Sachs questioning the existential viability of cryptocurrencies.

Steve Strongin, Head of Global Investment Research, argues that that the current generation of cryptocurrencies is unlikely to survive even if blockchain technology endures.

Whether any of today’s cryptocurrencies will survive over the long run seems unlikely to me, although parts of them may evolve and survive…. To my eye, they still seem too primitive to be the long-term answer.

Is the market accurately pricing the likelihood that several—if not most—of the current cryptocurrencies will ultimately fail?

I don’t believe it is. People seem to be trading cryptocurrencies as though they’re all going to survive, or at least maintain their value. The high correlation between the different cryptocurrencies worries me. Contrary to what one would expect in a rational market, new currencies don’t seem to reduce the value of old currencies; they all seem to move as a single asset class. But if you believe this is a “few-winnerstake-most” situation, then the potential for retirement depreciation should be taken into account. And because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.

Is there a useful role for cryptocurrencies in financial markets today?

As it relates to the underlying technology, there is clearly a role for improving the ledgers that underlie financial transactions. Substantial investment is being made in leveraging blockchain technology to more efficiently and quickly settle contracts, confirmations, and related transactions. But the current technology does not yet offer the speed that will be required for market transactions. Now, if the question is whether there is a fundamental need for a currency that is not tied to a central bank, the answer in my opinion is “no” in most cases, at least within the regulated markets. Even if transaction times improved, the notion that people would prefer cryptocurrencies for everyday transactions seems like a stretch. There is perhaps a slightly more compelling case for their use as a store of a value.

Cryptocurrencies are well-suited in particular for the many documented use cases in dark markets. They are cheap to store, easy to conceal and hard to trace. So it is plausible that cryptocurrencies may have a long-term role to play in these markets, but even that is not assured. And the possibility of cryptocurrencies catching on in the dark markets has little to no implication for their applications elsewhere; it is very difficult to turn an asset that was optimized for dark markets into one suitable for lit markets. Is it possible? Yes. But in my view, it is unlikely.

However, Goldman does attempt some ‘fair and balanced’ reporting by interviewing Dan Morehead, founder and CEO of Pantera Capital, an investment firm focused exclusively on cryptocurrencies and one of the largest institutional investors in crypto to date.

Not surprisingly, Morehead is a diehard crypto aficionado who believes that cryptocurrencies have enormous disruptive potential across financial services and money transmission.

My passionate belief is that most of the largest blockchains today will survive. That doesn’t mean that 90% of the altcoins and ICOs being issued right now won’t go to zero; I believe they will. But blockchains like bitcoin and Ethereum and Ripple will almost certainly still be very important in 10 or 20 years.

He sees cryptos as competitors to correspondent banks, credit card companies, conventional stores of wealth like gold, and fiat currencies. Assuming bitcoin captures some market share from each of these incumbents, he estimates its fair value could be roughly $500,000.

If I had to take a really big-picture view of the terminal value of bitcoin, I think it’s roughly a half a million dollars per bitcoin. How do I calculate that? By taking into account some of the markets that bitcoin will disrupt.

In Morehead’s view, it is therefore difficult to call recent cryptocurrency price action a bubble. And the potential for new market entrants in the form of institutional investors – which are essentially non-existent in the space today – gives him confidence that the price of cryptos will be substantially higher a year from now.

I do not believe this is a bubble. Cryptocurrencies are clearly very volatile. And anything that can go up 10 times in six months can easily go down 50% in a week. So I have no idea where it’s going to be in the short run.

But it’s very difficult for me to believe that we are in the midst of a bubble given that almost all institutional investors have zero exposure to it. That said, I do expect a substantial wave of institutional investor flows into the space over the next 18 months.

What could quash his enthusiasm? Adverse regulatory action.

I think the main risk is that regulatory bodies around the world issue rulings that are excessively harsh in their treatment of cryptocurrencies. This risk is particularly high for ICOs, which are very speculative—like early-stage venture capital—but are also a very important way to fund new projects. That said, overall, US regulatory bodies have been reasonable in allowing the cryptocurrency market to develop while coming down on bad actors like the Silk Road. And it has been a long time now since I’ve worried about the long-term future of blockchain. I think that has to do with the general population really embracing this new technology, learning how it works, and getting used to it. I have no doubt that blockchain will be important 20 years from now.

And judging by yesterday’s hearings, that is less of a problem now (though definitely still a worry).



end
As we have reporting to you for quite some time: Chinese citizens are having a love affair with gold/silver as they purchase a huge amount of jewellry with their gains on property values
(courtesy Bloomberg/gata)
China’s love affair with gold heats up on property boom riches

Submitted by cpowell on Tue, 2018-02-06 23:52. Section: Daily Dispatches

By Ranjeetha Pakiam and Daniela Wei
Bloomberg News
Tuesday, February 6, 2018

China’s growing throng of affluent consumers is driving a rebound in demand for gold rings, bracelets, and necklaces as a property boom and high stock market valuations boost wealth in the largest bullion market.

“Things are much more positive than they were this time last year,” and the jewelry market has bottomed out after three years of declines, said Nikos Kavalis, London-based director of research firm Metals Focus Ltd. Colleagues who visited the southern commercial hub of Shenzhen in early January told him showrooms were quite busy and wholesalers expected clients to return to replenish their stocks before Lunar New Year in the middle of February.

The nation’s demand for gold jewelry climbed 10 percent last year to almost 700 metric tons as the wealthy increased purchases and consumption improved in second- and third-tier cities, according to the China Gold Association. Buying of ornaments represented more than 60 percent of the 1,090 tons of gold consumed in China last year and made up a third of world jewelry demand. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-02-06/china-s-love-affair-w..
END
As I have been warning you for many years, Barrick will never get the Pascua Lama project off the ground. He just took another 429 million charge against the stalled mine
(courtesy zerohedge)
Miner Barrick to take $429 million charge at stalled Chilean gold project

Submitted by cpowell on Wed, 2018-02-07 03:07. Section: Daily Dispatches

From Reuters
Tuesday, February 6, 2018

Barrick Gold Corp. expects to record a pre-tax charge of around $429 million at its stalled Pascua-Lama project in South America in the fourth quarter due to reclassifying its gold reserves.

Barrick, the world’s biggest gold miner by output, also said it had formed a working group with China’s Shandong Gold to study a potential partnership at Pascua-Lama, which straddles the border of Chile and Argentina in the Andes Mountains.

Barrick put the contentious gold and silver project on hold in 2013 due to environmental issues, political opposition, labor unrest, and development costs that had ballooned to $8.5 billion.

Last month Chilean environmental regulators ordered Barrick to close existing infrastructure on the Chilean side of the project, where Barrick had originally planned to develop an open pit mine. …

… For the remainder of the report:

https://www.reuters.com/article/barrick-gold-pascua-lama/barrick-gold-to…

END
Your early WEDNESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.2700 /shanghai bourse CLOSED DOWN AT 61.39 POINTS 1.82% / HANG SANG CLOSED DOWN 232.22 POINTS OR 0.89%
2. Nikkei closed UP 35.13 POINTS OR 0.16% /USA: YEN RISES TO 109.18

3. Europe stocks OPENED DEEPLY IN THE GREEN /USA dollar index RISES TO 89.84/Euro FALLS TO 1.2352

3b Japan 10 year bond yield: FALLS TO . +.076/ (CENTRAL BANK INTERVENTION THIS MORNING) GOVERNMENT INTERVENTION !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.18/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 63.21 and Brent: 66.84

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.708%/Italian 10 yr bond yield DOWN to 1.930% /SPAIN 10 YR BOND YIELD DOWN TO 1.376%

3j Greek 10 year bond yield FALLS TO : 3.67?????????????????

3k Gold at $1328.10 silver at:16.69: 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 33/100 in roubles/dollar) 57.19

3m oil into the 63 dollar handle for WTI and 66 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.18 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9396 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1607 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.708%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.769% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.038% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
US Futures Resume Slide As VIX Rises: Dow Set To Open Down 200 As Dip Buying Fails In Asia

“To Buy, or not to buy the dip”, that is the question this morning across the world.



In the US, for now, the answer appears to be no, as yesterday’s dead cat bounce is hanging, with S&P futures retreating, even as European stocks rebound, and while Asia started off well higher, it faded almost all gains paring earlier gains, with Chinese shares dropping and Japan and South Korea fading gains of as much as 3%. Meanwhile, S&P 500 futures are down 0.6% after gaining 1.7% Tuesday, and the Dow is set to open around 200 points lower after adding 2.3%.



Understandably, attention is squarely focused on the VIX, which is elevated and remains glued to 30 where it was at the Tuesday close, not providing much clarity in terms of direction.



“The stock market has a way of “cleansing out” the emotion and rhetoric. While we never like to see clients lose money, investors need to remember that pullbacks, corrections, and pauses are vital components to any secular or cyclical bull market. Yes – the bull market is very much alive. This too shall pass,” Brian Belski, chief investment strategist at BMO Capital Markets, wrote in note. “As such, allow the market to do its job and focus on the fundamentals of investing relative to the noise, machines, and emotion.”

Asian markets were mixed, mostly higher as the region attempted to track Wall Street’s rebound where stocks found shelter from the 2-day violent market turmoil on dip buying, which saw S&P 500 briefly reclaim 2700 and the DJIA home in on the 25000 level. Australia (+0.8%) traded positive in which energy and resources names led the recovery as commodities rebounded, while Japan’s Nikkei 225 (+0.2%) was initially the best performer and gained over 3% in early-trade before it gradually pared most the advances amid a choppy currency and as momentum waned. China, meanwhile, saw surprising weakness, with Hang Seng (-0.9%) and the Shanghai Comp. (-1.8%) both lifted at the open by the early rising tide, although mainland stocks then retreated amid Shenzhen volatility and after the PBoC continued to drain liquidity from the banking system with its inaction.



The broad Asian weakness was especially evident in Korea, which saw the Kospi open at the highs, only to fade all day and close at session lows.



After yesterday’s sharp losses, Europe’s Stoxx 600 gains 0.8% in early trade, bouncing after a seven-session selloff which sent the index to its lowest level since August 2017. The benchmark still remains down 7% since peak on Jan. 23; and is below both the 50- DMA, 200-DMA. Euro Stoxx 50 up 0.7%, DAX up 0.7%, CAC up 0.5%, FTSE 100 up 1%, FTSE MIB up 0.9%, IBEX up 1.1%.

Over in FX, it has been another day of choppy price action for the major currencies, and yet the ranges remain tighter compared to other asset classes, as they remain buffered and – so far – immune to the stock turbulence. The dollar picked up as U.S. futures pointed to a lower open and Treasury yields fell, while VIX rebounded.



The yen led gains in G-10 even as European equities traded in the green and Asian counterparts were mixed. The EUR/USD reversed gains to trade as much as 0.3% lower, with the retreat coming amid a strong BBDXY rebound that reverses an early drop of 0.2%; the USD/JPY stayed near day low of 108.92 as Treasuries remain supported; Cable dropped by 50 pips within 10 minutes, heads below 1.39 after reaching a day-high of 1.3994 in European morning as algo trading in the pair continues to dominate. According to Bloomberg, sellers of FX volatility in the majors emerged across tenors.

WTI and Brent crude futures are trending lower this morning, with the latter breaking below USD 67.00/bbls despite the last nights API crude inventory data showing an unexpected drawdown. Some of the bearish sentiment could be attributed to the latest EIA forecasts, in which the agency upped their US oil production led by shale to 11.2mln bpd in 2019 from 10.85mln bpd. In metals markets, spot gold is modestly higher whilst copper was supported during Asia-Pac trade amid the improved risk appetite.

Several Fed representatives are due to speak. Economic data include mortgage applications, consumer credit. Scheduled earnings include Fox, Tesla, Suncor Energy

Market Snapshot

S&P 500 futures down 0.6% to 2,673.00
STOXX Europe 600 up 0.8% to 375.85
MSCI Asia Pacific up 0.2% to 173.46
MSCI Asia Pacific ex Japan down 0.1% to 567.73
Nikkei up 0.2% to 21,645.37
Topix up 0.4% to 1,749.91
Hang Seng Index down 0.9% to 30,323.20
Shanghai Composite down 1.8% to 3,309.26
Sensex unchanged at 34,196.75
Australia S&P/ASX 200 up 0.8% to 5,876.81
Kospi down 2.3% to 2,396.56
German 10Y yield rose 0.2 bps to 0.694%
Euro down 0.2% to $1.2359
Italian 10Y yield fell 3.7 bps to 1.72%
Spanish 10Y yield fell 5.2 bps to 1.374%
Brent Futures up 0.07% to $66.91/bbl
Gold spot up 0.4% to $1,329.84
U.S. Dollar Index up 0.2% to 89.73

Top Overnight News

House passes stopgap spending bill to fund U.S. govt until March 23
Prime Minister Theresa May is unlikely to provide the kind of clarity on her government’s Brexit blueprint that the European Union wants by the end of this week, according to a senior U.K. official; Banks must continue to prepare for any outcome, including a hard Brexit, ECB Executive Board member and Supervisory Board vice chair Sabine Lautenschlaeger says
German Chancellor Angela Merkel’s bloc and the Social Democratic Party have agreed on the ministries each will get in a coalition government, people familiar with the matter said; Hamburg Mayor Olaf Scholz will be Germany’s next finance minister, DPA reports without saying where it got the information
Nomura Holdings Inc. issued an apology after investors in a $300 million product betting on low volatility were all but wiped out during this week’s stock-market turmoil. Nomura said it will redeem the exchange-traded notes at 1,144 yen per unit, a 96 percent discount to the previous day’s close
Casino mogul Steve Wynn, caught amid a deluge of sexual harassment allegations, stepped down Tuesday night as chairman and chief executive officer of the company he founded
Fed’s Bostic sees slow gradual rate hikes pace if growth robust: CBS
China Jan. FX Reserves rise $21.5b from Dec. to $3.16t, 12th consecutive increase
India: holds rates unchanged at 6.00% as expected; policy stance stays neutral
API inventories according to people familiar w/data: Crude -1.1m; Cushing -0.6m; Gasoline -0.2m; Distillates +4.6m
Newfangled investments linked to volatility in the stock market — until a few years ago, obscure niche products — have exploded in spectacular fashion. The shock waves have only just begun
Goldman Sachs Group Inc. Co-President Harvey Schwartz said he believes investors are confident that stocks will bounce back from this month’s rout and welcomed efforts to bring interest rates back to normal
An Italian court rejected a 1.8 billion-euro ($2.2 billion) civil claim filed by Parmalat SpA against Citigroup Inc. related to the food company’s collapse in 2003
An elated Elon Musk pulled off another seemingly impossible feat Tuesday when SpaceX launched the world’s most powerful rocket in 45 years, then flew two of its spent boosters back to the Florida coast for a spectacular, simultaneous recovery on land

In Asia, equity markets were mostly higher as region attempted to track the rebound on Wall St. where stocks found reprieve from the 2-day market turmoil on dip buying, which saw S&P 500 briefly reclaim 2700 and the DJIA home in on the 25000 level. ASX 200 (+0.8%) traded positive in which energy and resources names led the recovery as commodities nursed losses, while Nikkei 225 (+0.2%) was initially the best performer and gained over 3% in early-trade before it gradually pared most the advances amid a choppy currency and as momentum waned. Elsewhere, Hang Seng (-0.9%) and Shanghai Comp. (-1.8%) were both lifted at the open by the early rising tide, although mainland stocks then retreated amid Shenzhen volatility and after the PBoC continued to drain liquidity from the banking system with its inaction. Finally, 10yr JGBs shrugged off the initial safe-haven outflows and returned flat, as price action proved to be as indecisive as the recovery in Japanese stocks. Furthermore, the BoJ’s Rinban announcement failed to spur any market reaction as the bank kept its purchase amounts in line with the previous. PBoC skipped open market operations again today for a net daily drain of CNY 100bn.

Top Asian News

India Holds Rates Again to Balance Weak Growth, Strong Inflation
Masayoshi Son Plans Push to Cut Discount on SoftBank’s Stock
More Rich Chinese Forgo Hong Kong, Invest in Singapore Instead
Even Mainland Chinese Investors Are Abandoning Hong Kong Stocks
Yuan Nears Pre-Devaluation Level Despite China’s Policy Hints

European equities (Eurostoxx 50 +0.7%) are broadly higher this morning in a typical dead cat bounce. US equity futures are pointing to a negative open on Wall Street, which has capped the upside this morning. European bourses are also failing to be excited by the reports of an agreement between the CDU, CSU and the SPD to form a grand coalition. In terms of stock specific movers, earnings continue to dictate price action with earnings from Rio Tinto (flat), ABN Amro (-2.7%), Sanofi (-1.8%). The healthcare sector will come into focus when GSK report their latest financial reports at midday.

Top European News

Osram Sees Slowdown in Headlamps as China Car Sales Dip
ARM Embraces Tech Revolution Under SoftBank and Loses Money
Spain Nominates de Guindos as Candidate for ECB Post

In FX, the Dollar is broadly firmer against all G10 rivals apart from the Jpy, which has tested the resolve of bids at 109.00 again amidst more topside flow/heavy offers in Jpy crosses such as Eur/Jpy and Gbp/Jpy. However, the DXY has failed to sustain a rebound above near term resistance (89.600 treble top and then 89.700-750) or seriously challenge the next key tech levels above 90.000 (between 90.113-150). Hence, Wednesday could be key for the Buck in terms of whether its recent recovery continues or the end-2017 through January bear market resumes, and this also applies to Wall Street and equities in general after Monday’s rout and partial recovery yesterday. Looking at headline currency pairings, Eur/Usd is drifting lower having breached the 1.2400 level amidst conflicting headlines about a deal or no deal struck on a German grand coalition, but comfortably above the 20 DMA at 1.2303, while Cable has retreated further from 1.4000 and through a similar MA at 1.3958 to a 1.3920 low amidst reports that the EU will insist on harsh Brexit transition conditions if terms are violated. Usd/Cad remains anchored around 1.2500 after trade deficit misses on both side of the NA divide, while the Aud and Nzd are both hovering nearer recent lows around 0.7860 and 0.7300 respectively, with the Kiwi not getting much traction from better than expected NZ jobs data as attention quickly shifts to the RNBZ policy meeting later today.

In commodities, WTI and Brent crude futures are trending lower this morning, with the latter breaking below USD 67.00/bbls despite the last nights API crude inventory data showing an unexpected drawdown. Some of the bearish sentiment could be attributed to the latest EIA forecasts, in which the agency upped their US oil production led by shale to 11.2mln bpd in 2019 from 10.85mln bpd. In metals markets, spot gold is modestly higher whilst copper was supported during Asia-Pac trade amid the improved risk appetite.

Looking at the day ahead, the data calendar continues to remain fairly sparse with December consumer credit data in the US the only releases of note. However there is plenty of central bank speak due with the ECB’s Nouy and Lautenschlaeger speaking in Frankfurt in the morning, while the Fed’s Kaplan, Dudley, Evans and Williams are all due to speak throughout the day.

US Event Calendar

7am: MBA Mortgage Applications, prior -2.6%
3pm: Consumer Credit, est. $20.0b, prior $28.0b
8:30am: Fed’s Dudley Speaks in Moderated Q&A
10:15am: Fed’s Evans Speaks on Economic and Policy Outlook
5:20pm: Fed’s Williams Speaks in Hawaii

DB’s Jim Reid concludes the overnight wrap

If you’ve only been working in markets for a handful of years then treat the last 36 hours as a mild dress rehearsal for what can happen when a bear market hits. Yesterday actually felt relatively orderly though in spite of a 1,000 point range on the DOW and a c28 point range in the VIX. Orderly unless you were at the epicentre of things and an equity volatility trader. I’m teaching 2 and a half year old Maisie how to count to five at the moment and the VIX yesterday felt like watching her do that as when I ask her to count for me she says something likes this “….four, two, three, one, five”. It closed at 37.32 the previous session before climbing to 50.30 around noon London time, then collapsing to 22.42 just after the US opened 2.5-3 hours later, a spike back to 46.34 occurred less than an hour later and then after oscillating between 30-40 for the rest of the day we closed at 29.98 (-19.7%). The 50.30 print was the highest since early March 2009 when equity markets hit rock bottom. Remarkable really.

Yesterday afternoon Craig and I put a note out showing what happens 1 week, 1 month and 3 months after the largest 10 VIX spikes in history. Basically the VIX usually rallies over all subsequent periods but equities tend to be strong the week after but on average fall 3 months later. The reverse is true for bonds. See the quick note here for more details.

What might make this VIX spike slightly different to previous ones is that although it had a macro catalyst (higher inflation and yields) the scale of the wounds are mostly self inflicted within the equity derivatives product as the scale of the moves have been caused by low volatility ETPs/ETFs being liquidated, suspended and/ or suffering major losses.

In other words all the other previous major spikes have been more to do with a big macro event or a crisis. The higher average earnings print could turn 2018 into a year of higher inflation and a big macro shift but we’re certainly not in crisis territory yet.

This morning in Asia, markets are broadly higher after the positive lead from the US, but the rebound has been fading as we type though. The Nikkei (+0.84%) and Hang Seng (+0.70%) are up but have pared earlier gains of around 3%. The Kospi (-1.44%) and China’s CSI 300 (-1.13%) are now lower. The UST 10y yield is down c3bp. In the US, the House has voted 245-182 to extend government funding until 23 March. The bill will now go to a Senate vote, but one of the prior obstacle is now largely mitigated as Senator McConnell noted he’ll allow the Senate to debate the immigration bill later on if the government is not shut down this week. Elsewhere, President Trump noted “if we don’t change it (immigration laws), let’s have a (government) shutdown”.

Now recapping market performance from yesterday. US bourses were volatile with trading volumes the highest since the November 2016 election. The S&P initially fell 2.1%, then quickly recovered to trade sideways before a late rally to close +1.74% higher. The Dow (+2.33%) and Nasdaq (+2.13%) also rebounded. Within the S&P, gains were led by tech, materials and consumer discretionary stocks, with only the real estate and utilities sectors in the red.

In Europe, markets were all lower following the prior day’s selloff in US equities. The Stoxx 600 fell for the seventh consecutive day and was down 2.41% (biggest fall since June 2016), while the Dax (-2.32%) and FTSE (-2.64%) also fell. Credit Suisse dropped 6%, in part following headlines that one of its short-term EFN will be liquidated after the spike in VIX futures (from c$2bn market cap in late Jan.). Notably, CS said it has not suffered any trading losses related to the exchange traded note. Elsewhere, the VSTOXX jumped 60% back to June 2016 levels (30.18).

European government bonds benefited from the flight to safety with core 10y bond yields down c4bp (Bunds -4.3bp; Gilts -3.7bp; OATs -3.9bp). The UST 10y jumped 9.6bp to 2.803%, largely reversing the prior day’s rally. US credit indices also rebounded, with the spreads on CDX IG and CDX HY 2.8bp and 11.8bp tighter respectively. Turning to currencies, the US dollar index rose for the third consecutive day (+0.15%), while the Euro (+0.08%) and Sterling (-0.07%) were little changed. In commodities, WTI oil retreated for the third straight day (-0.36%) to $63.92/bbl. Elsewhere, precious metals weakened c1% (Gold -1.16%; Silver -0.55%) and other base metals also fell modestly (Copper -0.51%; Zinc -0.81%; Aluminium -1.19%).

Away from the markets and onto Germany. The coalition talks between Ms Merkel and the SPD are still ongoing, but Ms Merkel seemed more conciliatory. She noted “all of us will have to make painful compromises…I’m willing to do this if we can ensure that the advantages outweigh the disadvantages”. Elsewhere, a wage increase settlement was reached between the labour union IG Metall and employers. Overall, the deal will lead to 3.9% annual pay increase in 2018 and c3.5% in 2019 for union workers, which is at the upper end of expectations. This in our view should add to the evidence that inflation is indeed firming at a global level.

Finally before we recap the data and look at the day ahead, based on documents sighted by Bloomberg, the EU plans to implement the leverage ratio surcharge for globally systemically important banks, broadly in line with global standards agreed back in December. This implies large EU banks will be subjected to an extra 50bp-100bp leverage ratio buffer. Elsewhere, a spokesman for the Bulgarian presidency of the EU said there is “overall support” amongst EU members for the measure.

Now to yesterday’s data. In the US, the December trade deficit was slightly higher than expected at -$53.1bln (vs. -$52.1bln) and was also the largest monthly deficit since the GFC. In the details, exports rose 1.8% mom while imports grew 2.5% mom, with particularly strong growth in imports of consumer goods. The December JOLTS job openings was below market at 5,811 (vs. 5,961), but the quits rate edged up a tenth to 2.2%, broadly in line to last year’s readings.

Germany’s December factory orders was above market at 3.8% mom (vs. 0.7% expected) and 7.2% yoy (vs 3.1% expected), with growth mainly boosted by big ticket items in the month. The UK’s January BRC like for like sales was slightly below expectations at 0.6% yoy (vs. 0.7%), with that growth owing to a price-driven 2.9% yoy lift in spending on food. Elsewhere, France’s December budget deficit was narrower than last month at -€67.8bln (vs. -€84.7bln).

Looking at the day ahead, the data calendar continues to remain fairly sparse with December industrial production in Germany, December trade data in France and December consumer credit data in the US the only releases of note.
However there is plenty of central bank speak due with the ECB’s Nouy andLautenschlaeger speaking in Frankfurt in the morning, while the Fed’s Kaplan, Dudley, Evans and Williams are all due to speak throughout the day.
3. ASIAN AFFAIRS

i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed DOWN 61.39 points or 1.82% /Hang Sang CLOSED DOWN 272.22 or 0.89% / The Nikkei closed UP 35.13 POINTS OR 0.16%/Australia’s all ordinaires CLOSED UP 0.87%/Chinese yuan (ONSHORE) closed UP at 6.2700/Oil DOWN to 63.21 dollars per barrel for WTI and 66.84 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2700. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.2820//ONSHORE YUAN A LOT STRONGER AGAINST THE DOLLAR/OFF SHORE A LOT STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH STRONGER AGAINST ALL MAJOR CURRENCIES EXCEPT THE YUAN. CHINA IS NOT TOO HAPPY TODAY.(STRONGER CURRENCY BUT WEAK MARKETS THROUGHOUT THE GLOBE )
3 a NORTH KOREA/USA

/NORTH KOREA
end

END
7. OIL ISSUES



Oil and gasoline prices sink after announcement of a huge USA oil production record level even surpassing the Saudis



(courtesy zerohedge)
WTI/RBOB Sink After US Oil Production Hits Record High, Surpassing Saudis

WTI/RBOB held on to gains after last night’s surprise crude draw from API, but quickly tumbled after DOE reported a 1.9mm crude build (2nd week in a row) and significant gasoline and distillate builds. However, US crude production’s massive spike to 10.25m b/d was the big headline.



API

Crude -1.05mm (+3.15mm exp)
Cushing -633k
Gasoline -227k
Distillates +4.552m

DOE

Crude +1.895mm (+3.15mm exp)
Cushing -711k (-263k exp)
Gasoline +3.414mm (+500k exp)
Distillates +3.926mm (-1.25mm exp)

Last week’s surprise (huge) crude build from DOE was dismissed by API overnight but DOE ruined that party and showed the second weekly crude build in a row. Gasoline and Distillates stocks resumed their rise…



As Bloomberg’s David Marino notes, Total U.S. inventories grew the most since early September. It’s actually even a bigger deal than the headline number suggests: if not for a 6.4 million draw from propane/propylene and “other” oils, we’d be looking at a 10 million barrel build.

But all eyes were once again on US crude production as it smashed above 10m b/d.



As Bloomberg’s Julian Lee notes, that huge jump in crude production is not the result of a sudden burst of drilling. More likely it is the correction we expected after the earlier release of monthly data for November that showed production was already above 10 million barrels a day three months ago.

U.S. crude output hits a record high of 10.25 million bpd, surpassing both the monthly high set in Nov 1970, and Saudi Arabia’s latest production.



The reaction in WTI/RBOB was swift…



Sending WTI/RBOB lower for the 4th day in a row to one-month lows…



Let us close out today’s report with this good offering from Greg Hunter who is interviewing Peter Schiff

(courtesy Greg Hunter/USAWatchdog)

Biggest Ever Debt & Dollar Crisis Coming– Peter Schiff

By Greg Hunter’s USAWatchdog.com

Money manager Peter Schiff says the wild swings in the market are because of massive central bank money printing and exploding debt. What in the heck is going on? Schiff explains, “The real question is what was going on when the markets were going up? That’s what made no sense. The fact that they are coming back down to earth makes a lot more sense. I think the catalyst for this move (in the stock market) is, ironically, the tax cuts we got because that put the bigger deficits in the spotlight. Now, the deficits are going to go off the charts because we have to replace the lost tax revenue with more debt.”

What about the economy improving under Trump? Schiff says, “Growth hasn’t really picked up, it’s actually slower. This is all nonsense. The economy is not improving. Nothing is happening other than we are going into huge debt. We got tax cuts, and we borrowed the money to pay for them.”

Schiff predicts in the next recession, the Fed will go back to printing even more money. Schiff contends, “There is no question in my mind because the alternative is politically unacceptable to anybody, which would be a worse financial crisis than 2008. When we go back into recession, when we are in a bear market, they are going to go back to the only formula that they think works. They can’t do rate cuts because rates are so low, they can really cut them very much. So, the only real stimulus they can reach for is QE (money printing), but it’s not going to work this time. We are going to overdose on QE. There are no more bubbles that they can blow. They have already blown the mother of all bubbles, and this is it. There is no more. So, I think when they launch QE4, they get a currency crisis. We get a sovereign debt crisis. That is where we are headed. It’s taken a long time to get there, and because of that, the problem has gotten so much bigger. The bubble got so much bigger, so it’s going to be much more disruptive.”

Schiff points out when countries get into financial trouble, they rev up the printing press to pay debts and expenses. Schiff contends, “We are going to do the same thing, and we are going to pay people off in money that has very little value. That is the real risk. That is why the dollar is already weakening. Last year, the dollar had the biggest drop in 14 years. This year, the dollar is off to its worst start since 1987. That tells you something.”

Don’t expect to hear Schiff’s cutting analysis on mainstream media (MSM). He says he’s basically been banned. Why? Schiff says, “Over at CNBC or FOX Business, they just don’t invite me on anymore. I haven’t been on in years. . . . I think that what they are trying to do is actually silence anybody who is not on board with this narrative. If you don’t believe this nonsense about this bull market and this great economy, you are not welcome on their air. They don’t want anybody that’s going to have a contrarian point of view. They used to have me on a long time ago, so, obviously, there has been a change of policy. . . . Everybody agrees that everything is great. They don’t have anybody on to tell the truth. They don’t have anybody on to tell their audience they are being fed a bunch of lies.”

Schiff predicts, “Now, the crash in the dollar that I envisioned (years ago) and the crash in the U.S. economy is going to be much bigger than 2008 and much more dramatic and devastating to the average American as a result of the delay. We haven’t dodged the bullet, we have ended up stepping on an even bigger landmine.”

Schiff contends it’s not a matter of “if” there is going to be a dollar crisis, it’s simply a matter of “when.” Schiff points out, “All measures of gold and silver show it is inexpensive. The reason it is inexpensive is many people have the wrong view of the state of the U.S. economy and where monetary policy is headed. That’s where the value is because so few understand. It’s just like the 2008 financial crisis, people didn’t understand what was coming. I did.”

Join Greg Hunter as he goes One-on-One with Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.

Video Link

https://usawatchdog.com/biggest-ever-debt-dollar- crisis-coming-peter-schiff/

-END-

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Feb.8th

Here's one of 46 shows around town


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“Bloodbath” – Dow Crashes Over 1000 Points, Enters Correction


Dow crashed over 1000 points today….



All 2018 gains are gone…



Time for “Markets In Turmoil” special…





Markets “turmoiled” again today as Treasury yields spiked on a weak auction and the implications of a budget deal that means more supply is coming. This spooked stocks once again and XIV, the Inverse ETF, tumbled at the open – after ramping stocks delusionally into the open. As stocks got monkey-hammered again, so bonds were bid and ended with a relatively small rise in rates as plunges in Risk-Parity funds likely prompted forced delevering in stocks and bonds. Perhaps most notably, credit spreads started to snap wider and rate volatility spiked as equity market contagion spreads.

Investors have swung from “extreme greed” to extreme fear” in a record few days…



Source: CNN Money

While the mainstream media attempts to calm investors that this is a “healthy pullback,” one of their pillars of support just snapped. HY credit spreads snapped wider to 10 month wides and even IG spreads spiked…



This should not be a surprise as HY and IG ETFs have seen major outflows…



As credit investors fear rising rates more than anything else…



And the last week has seen huge equity outflows from US ETFs…



And as Risk-Parity funds see one of their biggest crashes in history…



And Risk-Parity had another ugly day today as aggregate bond and stock returns were negative…



So bonds and stocks were sold…NOTE that as stocks dumped, bonds were bid but that never stabilized stock flows…



In cash markets the selling started at the open after a gap up…and accelerated into the close!



Dow’s lowest close since Nov 30th



Futures show the chaotic manipulated swings…



All helped by XIV still!!



VIX is back above 35…



As equity vol surged again…



All the major US equity indices have broken key technical support levels…



10% Correction Levels:

Dow 23954 – Dow closed at 23860 is in correction
S&P 2585 – S&P closed at 2581 in correction
Nasdaq 6755 – Nasdaq closed at 6777, not in correction

Financials are now underwater for 2018 (despite soaring rates?) and Tech is also red…



While stocks were slammed, bonds actually ended the day with only modest yield rises (though plenty of vol)…10Y and 30Y yields are up on the week…



30Y Yields reached new cycle highs and 10Y yields tested them…

30Y INTRA



Today’s yield spike early on, spooked stocks again…



As rate volatility begins to surge…



The Dollar Index ended the day practically unchanged after rallying overnight (on Asia weakness) and selling off this morning…before rallying back as carry trades were unwound…



But the last 24 hours has seen incredible moves in offshore Yuan… Yuan is 1.3% weaker in the last two days against the dollar – the biggest drop since Aug 2015’s devaluation…



Despite the dollar’s quiet day, crude and copper slid lower while gold and silver trod water…



WTI was back to a $60 handle and RBOB back at 1.75…



Cryptos were volatile today but Bitcoin ended higher, extending gains from the pre-hearing lows…



Bitcoin held above the $8,000 level but the correlation with VIX remains a worry…



Overheard on CNBC this afternoon – “Volatility is here, embrace it, and we go back up again”

Easy eh?

It appears every asset class is starting to “embrace” the vol..



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A Warning Shot For Passive Investing


Lance Roberts | Feb, 12, 2018



Last week, investors received a “warning shot” about the dangers of “passive indexing.”

While the idea of “passive indexing” sounds harmless enough, we have spilled a lot of ink on this site digging into the relative dangers of it.

The biggest risk to investors is when “passive indexers” turn into “panic sellers.”

We witnessed it all first-hand last week.

The “sell off” proved our previous premise of the flaws of “passive investing.”

“While it is believed ETF investors have become ‘passive,’ the reality is they have simply become ‘active’ investors in a different form. As the markets decline, there will be a slow realization ‘this decline’ is something more than a ‘buy the dip’ opportunity. As losses mount, the anxiety of those ‘losses’ mounts until individuals seek to ‘avert further loss’ by selling.”

I have also stated that while “robo-advisors” are the new “shiny toy” for the markets to play with, and inexperienced investors to be lured into, when a crash does come, individuals will not be willing to just “ride it out.” To wit:

“The websites of two of the country’s biggest robo-advisers — Wealthfront Inc. and Betterment LLC — crashed on Monday as the S&P 500 Index sank. Complaints quickly spread across Reddit and other internet sites from people who had trouble logging onto their accounts.”

Yea….it’s that psychology thing.



Individuals just simply refuse to act “rationally” by holding their investments as they watch losses mount.

This behavioral bias of investors is one of the most serious risks arising from ETFs as the concentration of too much capital in too few places. But this concentration risk in ETF’s is not the first time this has occurred:




In the early 70’s it was the “Nifty Fifty” stocks,
Then Mexican and Argentine bonds a few years after that
“Portfolio Insurance” was the “thing” in the mid -80’s
Dot.com anything was a great investment in 1999
Real estate has been a boom/bust cycle roughly every other decade, but 2006 was a doozy
Today, it’s ETF’s and Bitcoin

Risk concentration always seems rational at the beginning, and the initial successes of the trends it creates can be self-reinforcing.

Until it goes in the other direction.

While the sell-off last week was not particularly unusual, it was the uniformity of the price moves which revealed the fallacy “passive investing” as investors headed for the door all at the same time.

Such a uniform sell-off is indicative of what we have been warning about for the last several months. For price chasing investors, last week’s plunge should serve as a warning.

“With everyone crowded into the ‘ETF Theater,’ the ‘exit’ problem should be of serious concern. Unfortunately, for most investors, they are likely stuck at the very back of the theater.

However, I am suggesting that remaining fully invested in the financial markets without a thorough understanding of your ‘risk exposure’ will likely not have the desired end result you have been promised.

As I stated often, my job is to participate in the markets while keeping a measured approach to capital preservation. Since it is considered ‘bearish’ to point out the potential ‘risks’ that could lead to rapid capital destruction; then I guess you can call me a ‘bear.’

Just make sure you understand I am still in ‘theater,’ I am just moving much closer to the ‘exit.’”

As we have previously discussed, when the “robot trading algorithms” begin to reverse, it will not be a slow and methodical process but rather a stampede with little regard to price, valuation or fundamental measures as the exit will become very narrow.
That Wasn’t THE Crash…

Fortunately, while the price decline was indeed sharp, and a “rude awakening” for investors, it was not a “crash.”

It was just a correction within the ongoing “bullish trend.”

For now.

But nonetheless, the media has been quick to repeatedly point out the decline was the worst since 2008.

That certainly sounds bad.

The question is “which” 10% decline was it?



From the amount of “digital ink” being spilled to telling investors “not to worry,” and given the fact markets remain in their currently “bullish trend,” this was probably the first. Regardless, as shown above, it was only a glimpse at what will eventually be the “real” decline when leverage is eventually clipped. I warned of this previously:

“At some point, that reversion process will take hold. It is then investor ‘psychology’ will collide with ‘margin debt’ and ETF liquidity. It will be the equivalent of striking a match, lighting a stick of dynamite and throwing it into a tanker full of gasoline.

When the ‘herding’ into ETF’s begins to reverse, it will not be a slow and methodical process but rather a stampede with little regard to price, valuation or fundamental measures.

Importantly, as prices decline it will trigger margin calls which will induce more indiscriminate selling. The forced redemption cycle will cause catastrophic spreads between the current bid and ask pricing for ETF’s. As investors are forced to dump positions to meet margin calls, the lack of buyers will form a vacuum causing rapid price declines which leave investors helpless on the sidelines watching years of capital appreciation vanish in moments. Don’t believe me? It happened in 2008 as the ‘Lehman Moment’ left investors helpless watching the crash.”



“Over a 3-week span, investors lost 29% of their capital and 44% over the entire 3-month period. This is what happens during a margin liquidation event. It is fast, furious and without remorse.”

Make no mistake we are sitting on a “full tank of gas.”



Don’t Just Stand There

One of the biggest problems facing investors is ultimately when “something goes wrong.” When this happens, the initial response is paralysis, followed by a bit of panic, before ultimately falling prey to the host of emotional mistakes that repeatedly plague investors time and again.

Currently, I do not believe that we have begun the next major corrective cycle just yet. There is simply too much momentum and bullish psychology in the market. Last week, the majority of the questions I received were not about “selling,” but rather is “now the time to ‘go all in?'”

The correction was most likely only that, for now.

However, this should be a clear “warning shot” to investors who have piled into ETF’s in the hopes indexing will offset the penalties of not paying attention to the risk they have taken on.

“While passive indexing works while all prices are rising, the reverse is also true.”

Importantly, it is only near peaks in extended bull markets that logic is dismissed for the seemingly easiest trend to make money. Today is no different as the chart below shows the odds are still heavily stacked against substantial market gains from current levels.



In the near term, over the next several months, or even a year, markets could very likely continue their bullish trend as long as nothing upsets the balance of investor confidence and market liquidity. However, of that, there is no guarantee.

As Ben Graham stated back in 1959:

“‘The more it changes, the more it’s the same thing.’ I have always thought this motto applied to the stock market better than anywhere else. Now the really important part of the proverb is the phrase, ‘the more it changes.’

The economic world has changed radically and will change even more. Most people think now that the essential nature of the stock market has been undergoing a corresponding change. But if my cliché is sound, then the stock market will continue to be essentially what it always was in the past, a place where a big bull market is inevitably followed by a big bear market.

In other words, a place where today’s free lunches are paid for doubly tomorrow. In the light of recent experience, I think the present level of the stock market is an extremely dangerous one.”

He is right, of course, things are little different now than they were then.

For every “bull market” there MUST be a “bear market.”

While “passive indexing” sounds like a winning approach to “pace” the markets during the late stages of an advance, it is worth remembering it will also “pace” just as well during the subsequent decline.

The correction had the “perma-bulls” scrambling to produce commentary as to why markets will continue to only rise. Unfortunately, that is not the way markets actually work over the long-term and why the basic rules of investing are REALLY hard to follow.

Think about it.

If investing was as easy as the media and Wall Street portray it to be, then everyone would be wealthy from investing. Right?

The vast majority aren’t because investing without a discipline and strategy has horrid consequences.

So, what’s your plan for when the real correction ultimately begins?



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Feb 12/GOLD RISES BY $12.00 TO $1324.00/SILVER UP A STELLAR 40 CENTS TO $16.60/SYRIAN ROCKETS DOWN AN ISRAELI FIGHTER JET INSIDE ISRAEL AND ISRAEL REACTS TAKING OUT A HUGE NUMBER OF SYRIAN/IRANIAN MILITARY POSITIONS/TRUMP DETAILS HIS 4 TRILLION DOLLAR BUDGET PLAN AND HIS HUGE SPENDING WILL BE GOOD FOR GOLD/MORE SWAMP STORIES FOR YOU TODAY/
February 12, 2018 · by harveyorgan · in Uncat




GOLD: $1324.60 UP $12.00

Silver: $16.60 UP 40 cents

Closing access prices:

Gold $1323.00

silver: $16.56

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1331.29 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1324.00

PREMIUM FIRST FIX: $7.90

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SECOND SHANGHAI GOLD FIX: $1326.24

NY GOLD PRICE AT THE EXACT SAME TIME: $1323.90

Premium of Shanghai 2nd fix/NY:$2.34

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1321.70

NY PRICING AT THE EXACT SAME TIME: $1321.00

LONDON SECOND GOLD FIX 10 AM: $1322.30

NY PRICING AT THE EXACT SAME TIME. $1321.10

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 50 NOTICE(S) FOR 5000 OZ.

TOTAL NOTICES SO FAR:1783 FOR 178300 OZ (5.458 TONNES),

For silver:

FEBRUARY
16 NOTICE(S) FILED TODAY FOR
80,000 OZ/

Total number of notices filed so far this month: 215 for 1,075,000 oz

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Bitcoin: BID $8692/OFFER $8763: up $381(morning)
Bitcoin: BID/ $8311/offer $8845: UP $463 (CLOSING/5 PM)

end

Let us have a look at the data for today\

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2828 contracts from 193,135 RISING TO 196,163 DESPITE FRIDAY’S GOOD 18 CENT LOSS IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2694 EFP’S FOR MARCH AND AND 139 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2833 CONTRACTS. WITH THE TRANSFER OF 2833 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 2833 CONTRACTS TRANSLATES INTO 14.16 MILLION OZ. WITH THE HUGE DROP IN OPEN INTEREST AT THE COMEX. WE SHOULD EXPECT BIGGER GAINS IN EFP TRANSFERS IN THE NEXT FEW DAYS WITH THE LARGE LOSS AT THE COMEX AS LONGS GAVE UP SEEKING METAL AT THIS EXCHANGE.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

30,392 CONTRACTS (FOR 9 TRADING DAYS TOTAL 30,392 CONTRACTS OR 151.960 MILLION OZ: AVERAGE PER DAY: 3376 CONTRACTS OR 16.884 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 151.96 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 21.7% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 381.9 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A GOOD SIZED GAIN IN OI SILVER COMEX DESPITE THE CONSIDERABLE 18 CENT LOSS IN SILVER PRICE. WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 2833 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2833 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR MONDAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 5523 OI CONTRACTS i.e. 2833 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2829 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE CONSIDERABLE FALL IN PRICE OF SILVER OF 18 CENTS AND A CLOSING PRICE OF $16.20 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.980 BILLION TO BE EXACT or 140% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 16 NOTICE(S) FOR 80,000 OZ OF SILVER

In gold, the open interest FELL BY ANOTHER CONSIDERABLE 6,968 CONTRACTS DOWN TO 510,740 WITH THE FAIR SIZED FALL IN PRICE OF GOLD WITH FRIDAY’S TRADING ($4.70). HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR MONDAY AND IT TOTALED A FAIR SIZED 7526 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 7526 CONTRACTS AND JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 510,740. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY DESPITE YESTERDAY’S TRADING IN GOLD, WE HAVE A GAIN OF 658 CONTRACTS: 6968 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED 7526 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(658 oi gain in CONTRACTS EQUATES TO 2.046 TONNES)

FRIDAY, WE HAD 14,716 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 98,896 CONTRACTS OR 9,889,600 OZ OR 307.60 TONNES (9 TRADING DAYS AND THUS AVERAGING: 10,988 EFP CONTRACTS PER TRADING DAY OR 1,098,800 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 9 TRADING DAYS: IN TONNES: 307.60 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 307.6/2200 x 100% TONNES = 13.98% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 941.12 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX DESPITE THE FAIR SIZED FALL IN PRICE IN GOLD TRADING FRIDAY ($4.70). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS RECEIVED THEIR PRIVATE EFP CONTRACT FOR EITHER APRIL OR JUNE. HOWEVER, WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7526 AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 7526 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 658 contracts ON THE TWO EXCHANGES:

7526 CONTRACTS MOVE TO LONDON AND 6968 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 2.045 TONNES).

we had: 50 notice(s) filed upon for 5000 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $12.00 TODAY, THE CROOKS WITHDREW ANOTHER 5.6 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 820.71

Inventory rests tonight: 820.71 tonnes.

SLV/ (IN TOTAL CONTRAST TO GOLD)

NO CHANGES IN SILVER INVENTORY AT THE SLV/ AGAIN WITH TODAY’S HUGE RISE IN SILVER PRICE: NO CHANGE IN INVENTORY

/INVENTORY RESTS AT 314.045 MILLION OZ/

can someone please explain why GLD behaves differently to SLV????

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A CONSIDERABLE 2829 contracts from 193,135 UP TO 195,964 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE GOOD SIZED FALL IN PRICE OF SILVER (18 CENTS WITH RESPECT TO FRIDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 3215 PRIVATE EFP’S FOR MARCH AND 0 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 2829 CONTRACTS TO THE 2833 OI TRANSFERRED TO LONDON THROUGH EFP’S, SURPRISINGLY WE OBTAIN A GAIN OF 5523 OPEN INTEREST CONTRACTS DESPITE FRIDAY’S DRUBBING IN SILVER PRICE. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 27.61 MILLION OZ!!!

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE CONSIDERABLE SIZED FALL OF 18 CENTS IN PRICE (WITH RESPECT TO FRIDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 2833 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 SUNDAY night/MONDAY morning: Shanghai closed UP 24.27 points or 0.78% /Hang Sang CLOSED DOWN 47.79 or 0.16% / The Nikkei closed HOLIDAY/Australia’s all ordinaires CLOSED UP 0.30%/Chinese yuan (ONSHORE) closed DOWN at 6.3286/Oil DOWN to 60.26 dollars per barrel for WTI and 63.65 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3286. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.3346//ONSHORE YUAN A LOT WEAKER AGAINST THE DOLLAR/OFF SHORE A LOT WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH WEAKER AGAINST ALL MAJOR CURRENCIES EXCEPT CHINA YUAN. CHINA IS HAPPY TODAY STRONGER MARKETS IN CHINA
3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA
4. EUROPEAN AFFAIRS

GREAT BRITAIN

An excellent commentary from Alasdair Macleod as he correctly states that Great Britain should leave the EU at no cost to them and then have free trade with the rest of Europe. He explains why:

(/Alasdir Macleod)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
A major escalation as Syria shoots down an F 16 jet on Israeli soil. Israel launches a large scale attack inside Syria wiping out huge weapon facilities

( zerohedge)
6 .GLOBAL ISSUES
These 11 cities are most likely to run out of drinking water after Capetown

( zerohedge)
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)As I explained below, the Fed has only two choices, rates or stocks. With Trump’s new spending initiate rates are heading higher and this will certainly cause stocks to flounder

( Eric Sprott/)

ii)Mike Kosares explains the meaning of volatility and how it usually presages a downward blast in the stockmarket and a rise in the price of gold

a must read..

( Michael Kosares/GATA)

iii)I wonder what gave this away: the Economist states that insider trading has been rife on Wall Steet

( the Economist/London)
10. USA stories which will influence the price of gold/silver

i(So far investors are ignoring the rise in the 10 yr and 30 yr note as Trump will drop its target of balancing the budget in 10 years. The dollar is falling along with bond prices (yields rise). The higher bond yields will create havoc with valuations (derivatives). Also the higher yield causes investors to think that they would rather have the sure yield than risk in the stock market

( zerohedge)

ii)And here is Trump’s $4 trillion budget proposal and its main highlights

( zerohedge)
iii)It is totally amazing: as soon as the 10 yr bond yield hits 2.88%, bang!!/the Dow begins to shake etcYou could either have a good stock market or a decent bond market, not both. The higher yields forced mammoth selling

( zerohedge)

iv)Gold gets a boost with Trump’s huge infrastructure plan: 1 1.5 trillion spending boost:
( zerohedge)

v)Rand Paul over the weekend accuses correctly that many of the GOP of hypocrisy for agreeing to the bipartisan budget deal and the huge increase in spending.( zerohedge)

vi)It begins tonight: a free for all debate on immigration..should be fun
(courtesy zerohedge)

vii)SWAMP STORIES

a)Trump blocks the Democratic memo on national security concerns and states that they should remove sources and methods of how surveillance of citizens is applied

( zerohedge)

b)Rachel Brand, next in line after Rod Rosenstein at the Dept of Justice is leaving to become an executive at WalMart. It was also revealed that Rod Rosenstein signed one of the FISA warrants and thus the committee wants to speak to him again on this matter.
( zerohedge)

c)Is Counterintelligence chief Bill Priestap co-operating with the authorities and giving details on Comey, Strzok, Page, Hillary et al? No question about it: Bill Priestap is the deep throat and will down everyone associated with this mess!!

a must read..

(courtesy the ConservativeTreeHouse.com)
Let us head over to the comex:

The total gold comex open interest FELL BY A CONSIDERABLE 6968 CONTRACTS DOWN to an OI level 510,740 DESPITE THE FAIR SIZED FALL IN THE PRICE OF GOLD ($4.70 LOSS WITH RESPECT TO FRIDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A HUGE SIZED 7526 EFP’S ISSUED FOR APRIL AND 0 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 7526 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 658 OI CONTRACTS IN THAT 7526 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 6968 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 658 contracts OR 65800 OZ OR 2.046 TONNES, AND THIS WAS ACCOMPLISHED WITH A FALL IN PRICE OF GOLD

Result: A HUGE SIZED DECREASE IN COMEX OPEN INTEREST DESPITE THE FAIR SIZED LOSS IN FRIDAY’S GOLD TRADING ($4.70.) WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 658 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we lost 110 contracts to 1199 contracts. We had 141 notices filed upon yesterday, so we gained 31 contracts or an additional 3100 oz will stand in this active contract month of February

March saw a GAIN of 94 contracts UP to 2091. April saw a LOSS of 6967 contracts DOWN to 353,850. MARCH BECOMES THE FRONT MONTH FOR GOLD

We had 50 notice(s) filed upon today for 5000 oz
PRELIMINARY COMEX VOLUME FOR TODAY: 207,408 contracts
CONFIRMED COMEX VOLUME FOR YESTERDAY: 366,130 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE SIZED 2829 CONTRACTS FROM 193,135 UP TO 195,964 DESPITE FRIDAY’S GOOD SIZED 18 CENT DROP IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD ANOTHER LARGE SIZED 2694 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 139 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2833. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION AND A GOOD SIZED GAIN IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 5523 SILVER OPEN INTEREST CONTRACTS:

2829 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2833 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 5523 CONTRACTS DESPITE THE DRUBBING SILVER TOOK IN PRICE WITH RESPECT TO FRIDAY’S TRADING

We are now in the poor non active delivery month of FEBRUARY and here the front month GAINED 16 contracts UP TO 157 contracts. We had 60 notices filed upon yesterday so we GAINED 76 contracts or 380,000 ADDITIONAL oz will stand for delivery at the comex as somebody was in urgent need of silver over at state side (NY)

The March contract lost 4696 contracts DOWN to 96,405

April lost 13 contracts down to 61 .

.

We had 16 notice(s) filed for 80,000 OZ for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb 12/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
183,144.973 oz
Scotia
Delaware
I.Delaware
JPMorgan
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil oz
No of oz served (contracts) today
50 notice(s)
5000 OZ
No of oz to be served (notices)
1149 contracts
(114,900 oz)
Total monthly oz gold served (contracts) so far this month
1783 notices
178300 oz
5.5458 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: nil oz
we had 3 withdrawals out of the customer account:
i) out of Scotia
we had 5,369.05 oz of gold transferred out of Scotia
ii) Out of Delaware: 1411.500 oz
iii) out of I.Delaware: 27,226.710 oz
iv) Out of JPMorgan: 149,137.713 oz
total withdrawal: 183,144.973 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 1 adjustments
i) Out of Delaware: 2199.0000?? was transferred into the dealer from the customer account of Delaware
total registered or dealer gold: 386,417.559 oz or 12.08 tonnes
total registered and eligible (customer) gold; 9,098,312.033 oz 282.99 tones

For FEBRUARY:
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 50 contract(s) of which 49 notices were stopped (received) by j.P. Morgan dealer and 1 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 FEBRUARY. contract month, we take the total number of notices filed so far for the month (1783) x 100 oz or 178,300 oz, to which we add the difference between the open interest for the front month of FEB. (1199 contracts) minus the number of notices served upon today (50 x 100 oz per contract) equals 293,200 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (1783 x 100 oz or ounces + {(1199)OI for the front month minus the number of notices served upon today (50 x 100 oz )which equals 293,300 oz standing in this active delivery month of February (9.119 tonnes). THERE IS 12.08 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE GAINED 31 CONTRACTS OR AN ADDITIONAL 3100 OZ WILL STAND IN THIS ACTIVE DELIVERY MONTH OF FEBRUARY.

THE COMEX IS NOW UNDER STRESS AS THE REGISTERED GOLD FALLS BELOW 13 TONNES AS WELL AS HUGE NUMBER OF TONNES LEAVING THE CUSTOMER ACCOUNT

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 71 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 12 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
54,585.481 oz
DELAWARE
I.DELAWARE
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
1,202,371.700 OZ
JPM
Delaware
No of oz served today (contracts)
16
CONTRACT(S
(80,000 OZ)
No of oz to be served (notices)
141 contracts
(705,000 oz)
Total monthly oz silver served (contracts) 215 contracts

(1,075,000 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

we had no inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 2 inventory deposits into the customer account

i) into J.P.MORGAN:1,201,401.200 oz

ii) into Delaware: 970.500 oz

total inventory deposits: 1,202,371.7000oz

we had 2 withdrawals from the customer account;

i Out of DELAWARE: 3965.500 OZ

ii) Out of International Delaware: 50,619.981 oz

total withdrawals; 54,585.481 oz

we had 0 adjustment

total dealer silver: 43.384 million

total dealer + customer silver: 251.417 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 16 contract(s) FOR 80,000 oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 215 x 5,000 oz = 1,075,000 oz to which we add the difference between the open interest for the front month of FEB. (157) and the number of notices served upon today (16 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB contract month: 215(notices served so far)x 5000 oz + OI for front month of FEBRUARY(157) -number of notices served upon today (16)x 5000 oz equals 1,780,000 oz of silver standing for the FEBRUARY contract month.

WE GAINED 16 CONTRACTS OR AN ADDITIONAL 80,000 OZ WILL STAND AT THE COMEX AS SOMEBODY WAS IN GREAT NEED OF SILVER STATE SIDE.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 89,325 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 108,959 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 108,959 CONTRACTS EQUATES TO 544 MILLION OZ OR 77.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.25% (FEB 12/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.45% to NAV (FEB 8/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.25%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.45%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -4.11%: NAV 13.68/TRADING 13.11//DISCOUNT 4.11%

END

And now the Gold inventory at the GLD/

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

Jan 10/with gold up today, a strange withdrawal of 2.95 tonnes/inventory rests at 831.91 tonnes

Jan 9/no changes in gold inventory at the GLD/Inventory rests at 834.88 tonnes

Jan 8/with gold falling by a tiny $1.40 and this being after 12 consecutive gains, today they announce another 1.44 tonnes of gold withdrawal from the GLD/

Jan 5/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.32 TONNES

Jan 4/2018/no change in gold inventory at the GLD/Inventory rests at 836.32 tonnes

Jan 3/a huge withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 836.32 tonnes

Jan 2/2018/no changes in gold inventory at the GLD/inventory rests at 837.50 tonnes

Dec 29/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 28/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 837.50 TONNES

Dec 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/ INVENTORY RESTS AT 837.50 TONNES

Dec 26/no change in gold inventory at the GLD

Dec 22/ A DEPOSIT OF 1.48 TONNES OF GOLD INTO GLD INVENTORY/INVENTORY RESTS AT 837.50 TONNES

Dec 21' NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 836.02 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 12/2018/ Inventory rests tonight at 820.71 tonnes

*IN LAST 323 TRADING DAYS: 120.44 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 257 TRADING DAYS: A NET 36.87 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 11/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ/

Jan 10/with silver up again, we had a huge withdrawal of 1.227 million oz from the SLV/inventory rests at 316.348 million oz

Jan 9/a withdrawal of 848,000 oz from the SLV/Inventory rests at 317.575 million oz/

jan 8/no change in silver inventory at the SLV/Inventory rests at 318.423 million oz/

Jan 5/DESPITE NO CHANGE IN SILVER PRICING, WE HAD A HUGE WITHDRAWAL OF 2.026 MILLION OZ/INVENTORY RESTS AT 318.423 MILLION OZ.

Jan 4.2018/a slight withdrawal of 180,000 oz and this would be to pay for fees/inventory rests at 320.449 million oz/

Jan 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.629 MILLION OZ.

Jan 2/WITH SILVER UP DRAMATICALLY THESE PAST 4 TRADING DAYS, THE FOLLOWING MAKES NO SENSE: WE HAD A WITHDRAWAL OF 2.83 MILLION OZ FROM THE SLV

INVENTORY RESTS AT 320.629 MILLION OZ/

Dec 29/no changes in silver inventory at the SLV/inventory rests at 323.459 million oz/

Dec 28/DESPITE THE RISE IN SILVER AGAIN BY 13 CENTS, WE LOST ANOTHER 1,251,000 OZ OF SILVER FROM THE SILVER.

Dec 27/WITH SILVER UP AGAIN BY 17 CENTS, WE LOST ANOTHER 802,000 OZ OF SILVER INVENTORY/WHAT CROOKS/INVENTORY RESTS AT 324.780 MILLION OZ/

Dec 26/no change in silver inventory at the SLV./Inventory rests at 325.582

Dec 21/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.227 MILLION OZ/

.

Feb 12/2017:
Inventory 314.045 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.65%
12 Month MM GOFO
+ 2.07%

end
Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
“This Is Where They Completely Lost Their Minds” – Hussman

10, February

“This Is Where They Completely Lost Their Minds” – Hussman

– Hussman warns ‘the S&P 500 to lose approximately two-thirds of its value over the completion of this cycle’
– ‘the market has lost value, even since 2009, when overvalued, overbought, overbullish conditions were joined by divergent internals’
– Believes the market is going to learn lessons about the crash ‘the hard way’



In an almost prophetic blog post from John Hussman last week, we are warned about the bubble waiting to collapse in the US equity market and the hard lesson investors are about to learn.

Drawing on both his own experience and the work of the much revered Didier Sornette, Hussman looks at the current state of the US equity market, where it sits in its cycle and how it compares to history.

The prognosis is not good. Hussman warns that ” the market has lost value, even since 2009, when overvalued, overbought, overbullish conditions were joined by divergent internals…I expect the S&P 500 to lose approximately two-thirds of its value over the completion of this cycle.”

Of course, the lesson may have finally begun. On Monday February 5th the Dow Jones dropped over 1,000 points, the largest single day drop ever, on a points-basis. Meanwhile, also on the 5th, the S&P500 went negative for 2018 closing down more than 7 percent from a record set in January. Similar action was repeated on the 8th February, with many traders declaring they’d never seen anything like it.

Gold performed well following the rout and we believe gold prices may rise further as the drama leads period of risk aversion and a new found appreciation by investors looking for gold’s hedging and safe haven attributes.

You can hear more about our bubble crash predictions in our Goldnomics podcast. Here we take a look at one of the important financial questions of our day – is this the greatest stock market bubble in history?

Excerpts taken from ‘Measuring the Bubble’ on 1st February 2018

Last week, the U.S. equity market climbed to the steepest valuation level in history, based on the valuation measures most highly correlated with actual subsequent S&P 500 10-12 year total returns, across a century of market cycles



As Didier Sornette correctly observed in Why Markets Crash,

“The collapse is fundamentally due to the unstable position; the instantaneous cause of the crash is secondary.”

My sense is that investors are going to learn this again the hard way.
On the accelerating slope of the current advance

Speaking of Didier Sornette, I’ve periodically discussed his concept of “log periodic power-law” price behavior, which has accompanied speculative episodes in numerous markets and often precedes inflection points or collapses. This structure is based on a purely mathematical fit to price behavior, and does not reflect any valuation considerations. It’s not part of our own investment discipline, but we occasionally fit the log-periodic structure to price behavior when market movements are particularly extreme.

In recent years, those structures have generally identified inflection points of flat or correcting prices, but certainly not crashes in the S&P 500. Given the increasingly steep slope of the current market advance, along with the most extreme valuations in history and the most lopsided bullish sentiment in more than three decades, it’s quite possible that this instance will be different. In any event, the underlying “arbitrage” considerations described by Sornette are worth reviewing here.

In 2000, as the tech bubble was peaking, Nobel laureate Franco Modigliani observed that the late stages of a bubble can be “rational” in a certain sense, provided that investors are inclined to self-reinforcing behavior.

Imagine a market that you fully believe to be overvalued and at risk of a market crash. Indeed, let’s say that there is a defined probability of a crash, which increases rapidly as the pitch of the market advance becomes more extreme. Should you sell? Well, it depends. Given that an immediate crash is not certain, a speculator must, in each period, weigh the potential gain from holding a bit longer against the potential loss from overstaying. Sornette uses a similar argument to describe a speculative bubble advancing toward its peak (italics mine):

“Since the crash is not a certain deterministic outcome of the bubble, it remains rational for investors to remain in the market provided they are compensated by a higher rate of growth of the bubble for taking the risk of a crash, because there is a finite probability of ‘landing smoothly,’ that is, of attaining the end of the bubble without crash.”

“This line of reasoning provides us with the following important result: the market return from today to tomorrow is proportional to the crash hazard rate. In essence, investors must be compensated by a higher return in order to be induced to hold an asset that might crash. As the price variation speeds up, the no-arbitrage conditions, together with rational expectations, then imply that there must be an underlying risk, not yet revealed in the price dynamics, which justifies this apparent free ride and free lunch. The fundamental logic here is that the no-arbitrage condition, together with rational expectations, automatically implies a dramatic increase of a risk looming ahead each time the price appreciates significantly, such as in a speculative frenzy or in a bubble. This is the conclusion that rational traders will reach.”

The chart below shows our current best-fit parameterization of Sornette’s log-periodic structure, applied to the S&P 500 Index. Notably, unless we allow for the slope of the current market advance to become quite literally infinite, it’s impossible to closely fit the current price advance without setting the “finite-time singularity” – the point at which instability typically emerges – within a few days of the present date. Notably, the singularity is not the date of a crash. Rather, it’s the point where the pitch of the advance reaches an extreme, which may simply be an inflection point (as has been the case for other structures in recent years) or a pre-crash peak.



The collapse is fundamentally due to the unstable position; the instantaneous cause of the crash is secondary.
– Didier Sornette

If you want my opinion (which we don’t trade on and neither should you), my opinion is that this singularity will prove to be more than an inflection point.

Though nearly every morning prompts the phrase “Yup, they’re actually going to do this again,” the steepening pitch of this ascent – coupled with record valuation extremes, record overbought extremes, and the most lopsided bullish sentiment in over three decades – now produces the most extreme “overvalued, overbought, overbullish” moment in history. In prior cycles across history, similar syndromes were either joined or quickly followed by deterioration in market internals. In this cycle, it has been essential to wait for explicit deterioration in market internals before establishing a negative outlook. Notably, the market has lost value, even since 2009, when overvalued, overbought, overbullish conditions were joined by divergent internals.

I expect the S&P 500 to lose approximately two-thirds of its value over the completion of this cycle.

My impression is that future generations will look back on this moment and say “… and this is where they completely lost their minds.”

As I’ve regularly noted in recent months, our immediate outlook is essentially flat neutral for practical purposes, though we’re partial to a layer of tail-risk hedges, such as out-of-the-money index put options, given that a market decline on the order of even 5% would almost certainly be sufficient to send our measures of market internals into a negative condition. It’s best not to rely on the ability to execute sales into a falling market, because the range-expansion we’ve recently seen on the upside may very well have a mirror-image on the downside. As usual, we’ll respond to new evidence as it emerges.

janskoyles

END
Bitcoin and Crypto Prices Being Manipulated Like Precious Metals?

12, February

Bitcoin and Crypto Prices Being Manipulated Like Precious Metals? – FSN Interview GoldCore


Listen on BlogTalkRadio

Kerry Lutz of the Financial Survival Network (FSN) interviewed GoldCore’s Mark O’Byrne about the outlook for crypto currencies, financial markets and precious metals.

– Are bitcoin and crypto prices being manipulated like precious metals?
– Is there a coordinated backlash against bitcoin from JPM and powerful interests?
– 95% of cryptocurrencies and ICOs will likely go to zero
– Good cryptos will thrive, most will disappear in “massive creative destruction”
– Ponzi like nature of financial markets and fiat monetary system
– Fundamentals do not justify the massive gains in US stocks in recent years (near parabolic rise of over 300% in the S&P 500 since 2009)
– Is Plunge Protection Team (PPT) active in supporting markets?
– Retail investors including millennials piling into markets near top
– Smart money is reducing allocations to stocks and bonds; diversifying into gold
– Bitcoin is just nine years old and not proven store of value
– Gold proven store of value as seen in data, history and experience
– Gold backed crypto, crypto bullion, “digital gold” and “gold on the blockchain” has huge potential
– Perth Mint, Royal Mint, Royal Canadian Mint, LBMA and many others looking at blockchain
– Important blockchain solutions have full backing, transparency, security, stop the fraud and have customers interest at heart
– Important to own hard assets including physical gold and silver outside our digital financial and banking systems

Listen/ Watch To FSN GoldCore Interview On YouTube Here

News and Commentary

Gold edges up as dollar eases; eyes on US inflation data (Reuters.com)

Asia Stocks Rise With S&P Futures; Dollar Declines (Bloomberg.com)

Holiday drives up Chinese gold demand (GlobalTimes.cn)

Gold prices remain up on sustained jewellers’ buying in India (Livemint.com)

Bitcoin Finds a Bottom as Risk Aversion Grips Global Markets (Bloomberg.com)

Moody’s Threatens US Downgrade Due To Soaring Debt, “Fiscal Deterioration” (ZeroHedge.com)



Source: Goldchartsrus via Goldseek

Eight signals to watch that the U.S. stock rout is over (Reuters.com)

What America’s Super Bowl says about Asia’s stocks (StansBerryChurcHouse.com)

Where Will The U.S. Get the Cash? – Mauldin (GoldSeek.com)

Except For Gold…The Big 6 Commodities Were Closed Lower Again – Ed Steer (GoldSeek.com)

Granddaddy of all Bubbles Has Been Pierced – Doug Noland (CreditBubbleBulletin.blogspot.ie)

How China Is About to Shake Up the Oil Futures Market (Bloomberg.com)

Gold Prices (LBMA AM)

12 Feb: USD 1,321.70, GBP 955.19 & EUR 1,077.45 per ounce
09 Feb: USD 1,316.05, GBP 945.58 & EUR 1,072.84 per ounce
08 Feb: USD 1,311.05, GBP 944.87 & EUR 1,071.13 per ounce
07 Feb: USD 1,328.50, GBP 956.12 & EUR 1,075.95 per ounce
06 Feb: USD 1,344.65, GBP 962.50 & EUR 1,083.52 per ounce
05 Feb: USD 1,337.10, GBP 947.20 & EUR 1,072.49 per ounce

Silver Prices (LBMA)

12 Feb: USD 16.43, GBP 11.86 & EUR 13.39 per ounce
09 Feb: USD 16.36, GBP 11.83 & EUR 13.37 per ounce
08 Feb: USD 16.35, GBP 11.70 & EUR 13.36 per ounce
07 Feb: USD 16.69, GBP 12.02 & EUR 13.52 per ounce
06 Feb: USD 16.81, GBP 12.07 & EUR 13.59 per ounce
05 Feb: USD 16.88, GBP 12.01 & EUR 13.56 per ounce


Recent Market Updates

– “This Is Where They Completely Lost Their Minds” – Hussman
– Brexit Risks Increase – London Property Market and Pound Vulnerable
– Peak Gold: Global Gold Supply Flat In 2017 As China Output Falls By 9%
– Crypto Currency Backlash Sees Flight From Cryptos and Bitcoin
– Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%
– Shrinkflation Intensifies – Stealth Inflation As Thousands of Food Products Shrink In Size, Not Price
– U.S. Debt Is “Extraordinarily High” and Are Stock And Bond Bubbles – Greenspan
– Gold Bullion Price Suppression To End? Bullion Bank Traders Arrested For Manipulating Market
– ATMs Hit By Malware “Jackpotting” Attacks That Dispense All Cash In Minutes
– London Property Market Tumbles As Glut of Luxury Apartments Grows To 3,000
– Silver Bullion: Once and Future Money
– Greatest Stock Bubble In History? GoldNomics Podcast Transcript
– Davos – My Personal Experience of the $100,000 Event, $60 Burgers, Massive Inequality and the Blockchain Revolution

Mark O’Byrne
end

As I explained below, the Fed has only two choices, rates or stocks. With Trump’s new spending initiate rates are heading higher and this will certainly cause stocks to flounder

(courtesy Eric Sprott/)
Fed will have to choose between rates and stocks, Sprott says

Submitted by cpowell on Fri, 2018-02-09 22:22. Section: Daily Dispatches

5:23p ET Friday, February 9, 2018

Dear Friend of GATA and Gold:

Mining entrepreneur and Sprott Asset Management founder Eric Sprott, interviewed by the TF Metals Report’s Craig Hemke for the Sprott Money weekly wrapup, says the Federal Reserve soon may have to make a choice between letting interest rates rise or crashing the stock and housing markets. Under the circumstances this week, Sprott says, the monetary metals have not done badly. The interview is 12 minutes long and can be heard and read at Sprott Money here:

https://www.sprottmoney.com/Blog/the-natural-instinct-should-be-to-buy-g…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

Mike Kosares explains the meaning of volatility and how it usually presages a downward blast in the stockmarket and a rise in the price of gold

a must read..

(courtesy Michael Kosares/GATA)
Mike Kosares: The anatomy of volatility and what it means for gold

Submitted by cpowell on Sat, 2018-02-10 23:17. Section: Daily Dispatches

6:19p ET Saturday, February 10, 2018

Dear Friend of GATA and Gold:

USAGold’s Mike Kosares today cites a Swiss Finance Institute study concluding that market crashes tend to follow a period of low volatility, that volatility can spike for months, and that “in recent history volatility has preceded upward movement in the gold price.”

Kosares adds that while volatility may not always spike before a crash, “it most certainly has surged in the past before an increase in the price of gold.”

Kosares’ commentary is headlined “The Anatomy of Volatility and What It Means for Gold” and it’s posted at USAGold here:

http://www.usagold.com/cpmforum/2018/02/10/the-anatomy-of-volatility-and…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

I wonder what gave this away: the Economist states that insider trading has been rife on Wall Steet

(courtesy the Economist/London)
The Economist: Insider trading has been rife on Wall St., academics conclude

Submitted by cpowell on Mon, 2018-02-12 12:28. Section: Daily Dispatches

From The Economist, London
Saturday, February 10, 2018

Insider-trading prosecutions have netted plenty of small fry. But many grumble that the big fish swim off unharmed. That nagging fear has some new academic backing, from three studies. One argues that well-connected insiders profited even from the financial crisis. The others go further still, suggesting the entire share-trading system is rigged.

What is known about insider trading tends to come from prosecutions. But these require fortuitous tipoffs and extensive, expensive investigations, involving the examination of complex evidence from phone calls, e-mails, or informants wired with recorders. The resulting haze of numbers may befuddle a jury unless they are leavened with a few spicy details—exotic code words, say, or (even better) suitcases filled with cash.

The papers make imaginative use of pattern analysis from data to find that insider trading is probably pervasive. The approach reflects a new way of analysing conduct in the financial markets. It also raises questions about how to treat behaviour if it is systemic rather than limited to the occasional rogue trader. …

… For the remainder of the report:

https://www.economist.com/news/finance-and-economics/21736561-one-study-…

END

Interview of Bill Holter

Is Rothschild Going To Tank The Market To Punish Trump? — Bill Holter

https://www.youtube.com/watch?time_continue=1669&v=C1hTvYOMSiQ
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Preview YouTube video Is Rothschild Going To Tank The Market To Punish Trump? — Bill Holter

Is Rothschild Going To Tank The Market To Punish Trump? — Bill Holter

Your early MONDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.3246 /shanghai bourse CLOSED UP AT 24.27 POINTS 0.78% / HANG SANG CLOSED DOWN 47.79 POINTS OR 0.16%
2. Nikkei closed HOLIDAY /USA: YEN FALLS TO 108.68

3. Europe stocks OPENED DEEPLY IN THE GREEN /USA dollar index RISES TO 90.45/Euro FALLS TO 1.2236

3b Japan 10 year bond yield: FALLS TO . +.066/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.97/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 60.26 and Brent: 63.65

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.764%/Italian 10 yr bond yield UP to 2.039% /SPAIN 10 YR BOND YIELD UP TO 1.460%

3j Greek 10 year bond yield RISES TO : 4.167?????????????????

3k Gold at $1319.70 silver at:16.42 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 40/100 in roubles/dollar) 57.97

3m oil into the 60 dollar handle for WTI and 63 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 108.68 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9383 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1504 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.764%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.8803% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.17610% /BOTH DEADLY

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)

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Bulletin Headline Summary from RanSquawk

European bourses catch up to the gains seen late Friday on Wall Street
A relatively quiet start to the week in FX, partly due to Japan’s market holiday, but also as many participants simply take some time out after the hectic sessions of late
Looking ahead, today sees a lack of tier 1 highlights

Market Snapshot

S&P 500 futures up 1.2% to 2,649.25
Brent Futures up 2.2% to $64.18/bbl
Gold spot up 0.4% to $1,321.31
U.S. Dollar Index down 0.3% to 90.21
STOXX Europe 600 up 1.6% to 374.31
MXAP up 0.4% to 171.13
MXAPJ up 0.6% to 557.88
Nikkei down 2.3% to 21,382.62
Topix down 1.9% to 1,731.97
Hang Seng Index down 0.2% to 29,459.63
Shanghai Composite up 0.8% to 3,154.13
Sensex up 1% to 34,329.57
Australia S&P/ASX 200 down 0.3% to 5,820.70
Kospi up 0.9% to 2,385.38
German 10Y yield rose 3.7 bps to 0.782%
Euro up 0.2% to $1.2271
Brent Futures up 2.2% to $64.18/bbl
Italian 10Y yield rose 5.4 bps to 1.779%
Spanish 10Y yield fell 0.4 bps to 1.476%

Top Overnight News from Bloomberg

President Trump will seek billions of dollars in new spending to build a border wall, improve veterans’ health care and combat opioid abuse in a budget proposal that’s likely to get little traction in a Republican Congress that has its own, very different spending priorities
OMB’s Mulvaney: U.S. will post a larger budget deficit this year and could see a “spike” in interest rates as a result
In a break from a longstanding Republican goal, the plan won’t balance the budget in 10 years, according to a person familiar with the proposal
The U.S. is ready to engage in talks about North Korea’s nuclear program even as it maintains pressure on Kim Jong Un’s regime, Vice President Mike Pence said, signaling a shift in American policy
The U.K. economy is ready for slightly higher rates, BOE’s Vlieghe says on a panel in London
Reports of Prime Minister Shinzo Abe’s plan to nominate Haruhiko Kuroda for another term as chief of the Bank of Japan is seen as easing pressure on the yen
BOE’s Vlieghe: U.K. economy ready for slightly higher rates
ECB’s Nowotny says euro-area inflation has room to move higher so ECB is still on the careful side; Visco says risk of deflation averted, forex volatility seen as main risk for inflation
German Chancellor Angela Merkel said she’s determined to serve another full term, rebuffing party critics who say she sold out to the Social Democrats to extend her 12 years in office
China Jan. M2 Money Supply: 8.6% vs 8.2% est; New Yuan Loans 2.9t vs 2.1t est; Agg. Financing 3.1t vs 3.2t est.

Asia equity markets began a holiday-quietened week mostly positive in which the region got a mild lift as US equity futures extended on Friday’s late rebound. However, upside was contained with Japan away in observance of National Founding Day, while the ASX 200 (-0.3%) was the laggard as energy names reeled from last week’s drop in crude prices and with financials subdued as the Royal Banking Commission started its inquiry into the industry. Elsewhere, Hang Seng (-0.2%) and Shanghai Comp. (+0.8%) were positive ahead of this week’s Lunar New Year celebrations, while most of the Asia peripheries traded with cautious gains amid a lack of drivers and with various holiday closures scheduled through to next week. PBoC skipped open market operations.

Top Asian News

China Is Said to Call on Companies, Mutual Funds to Boost Stocks
China New Loans Hit Record on Seasonal Boost, Shadow Bank Curbs
Chinese Tourists Are Taking Over the Earth, One Selfie at a Time
Singapore Seen Leading Race to Tax $38 Billion Shopping Boom
China’s Jan. New Loans 2.9T Yuan; Est. 2.05T Yuan

European equities have kicked the week off on the front foot (Eurostoxx 50 +1.9%) as European bourses catch up with the gains seen late on Wall Street on Friday with macro newsflow otherwise light in the region. Sector wise, material names outperform infitting with some of the price action seen in the complex during Asia-Pac trade, energy names are also higher as energy prices continue to retrace some of the losses seen on Friday. In terms of stock specifics, Heineken (-4.2%) are seen lower after their earnings report was clouded by currency effects, Akzo Nobel (+1.7%) have been in focus today after reports in the FT suggesting the Co.’s chemicals unit has been subject to PE interest, Barclays (+1%) have been charged by the SFO regarding their Qatari loans and Airbus (-1.2%) are lower amid reports that they have stopped delivering A320neo jets due to issues with Pratt &Whitney engines.

Top European News

Barclays Bank Unit Charged by SFO Over 2008 Qatar Loan Deal
ECB’s Nowotny Says Central Banks’ Task Isn’t to Satisfy Markets
TDC Withdraws Recommendation of MTG Transaction After Bid999
Kazakh Halyk Bank Weighs Dividend as CEO Predicts Excess Capital
Berlusconi Papers Over Cracks in Alliance: Italy Campaign Trail

In FX, a relatively quiet start to the week, partly due to Japan’s market holiday, but also as many participants simply take some time out after the hectic sessions of late. The Usd is modestly weaker vs all its G10 peers bar the Kiwi, and then only just as Nzd/Usd nestles around 0.7250 and Aud/Nzd remains below 1.0800 – Aud/Usd maintaining 0.7800+ status. Cable has ticked up towards the top of a 1.3810-1.3875 range on little obvious Sterling supportive news or factors aside from further BoE rhetoric underscoring more policy tightening (albeit gradual), while Eur/Usd is mid-way between 1.2245-95 parameters amidst more qualms registered by ECB’s Nowotny about the US exerting political influence on exchange rates. Usd/Jpy even more contained within a 108.50-108.95 band, as are Usd/Chf and Usd/Cad in 0.9370-0.9400 and 1.2600-1.2555 ranges awaiting more direction – via stock market developments and US CPI data for example. The Dollar index is keeping its head above the 90.000 level with the latest weekly CFTC reports on spec positioning showing a slightly less short Greenback base, along with the Jpy, while Eur and Gbp longs lighten up a bit and Loonie longs increase their Cad holdings. In terms of option expiries, nothing really of note or in size for today’s NY cut.

In commodities, both WTI and Brent crude futures have continued to retrace Friday’s losses despite Friday’s Baker
Hughes rig count showing a climb of 26 oil rigs. In terms of energy newsflow, UAE energy minister stated the energy market is to balance this year with shale oil output to be absorbed by rising 2018 demand. In metals markets, spot gold is seen higher alongside the softer USD, although gains are likely being capped by this morning’s risk environment. Elsewhere, copper prices have recovered from their two month lows during London trade while Chinese iron ore futures were seen lower overnight after recent rampant gains ahead of the Lunar New Year which kicks off this Thursday. North Sea Forties pipeline is now said to be in full operation, according to sources. Phillips 66 reports a unit upset at wood river, Illinois refinery; the refinery has a crude capacity of 314K bpd.

With data fairly thin on Monday all eyes will instead be on the White House with President Trump expected to release a $1.5tn infrastructure plan, along with his 2019 budget blueprint. Away from that the only data of note is the January monthly budget statement in the US.

US Event Calendar

2pm: Monthly Budget Statement, est. $51.0b, prior $51.3b

DB’s Jim Reid concludes the overnight wrap

Are we potentially set for a Valentine’s Day sell-off on Wednesday for markets or will Cupid fire some dovish arrows for the market. Indeed we can’t remember a more eagerly anticipated number than the US CPI release on the most romantic day of the year. It’s near impossible to predict one number but our bias continues to be for higher inflation than expected in 2018. This number has been slightly complicated as the BLS have recently made some seasonal adjustments. Before this, January’s print (i.e. this week’s number) had consistently exceeded expectations in the last 25 years and February’s had consistently missed. So all a bit uncertain. Our economists also think we should watch healthcare inflation which is due some upside surprise soon. We’ll fully preview on Wednesday but that’ll be the focal point for the week and the focal point for pretty much every month this year in our opinion.

Other data will pale into insignificance this week but you can see what’s in store at the end of this report. It’s also worth mentioning that today President Trump is expected to release a $1.5tn infrastructure plan (which will kick off the process for producing legislation) and also his 2019 budget blueprint. Given the tax reform, the recent budget concessions to keep the government open, and this infrastructure plan, it’s no surprise to see investors looking at whether government bond yields are too low regardless of inflation. It’s also worth noting that it’s a half-term week in the UK and parts of Europe so that could add to the liquidity fun and games in either direction. On a similar vein Chinese New Year kicks off on Thursday, with mainland markets subsequently shut until February 21st.

Now recapping equities performance from Friday. European bourses were all lower after the negative leads from Asia, with key bourses down 1-1.5% (Stoxx 600 -1.45%; DAX -1.25%; FTSE -1.09%). Across the pond, the S&P exhibited large swings with a peak to trough intraday range of 4.1% before recovering throughout the day and closing 1.49% higher. The Dow (+1.38%) and Nasdaq (+1.44%) also advanced. Within the S&P, all sectors excluding energy were in the green, with gains led by the tech, real estate and utilities sectors. Elsewhere, the VIX also traded in a large range of c13pt (27.7 to 41.1) before closing 4.4pt lower to 29.06 (-13.2%).

Over the weekend, the Nikkei reported Japan’s PM Abe intends to nominate Kuroda for a second five year term as BOJ Governor. Our Japanese strategist Yamashita expect the near term market impacts to be limited, in part as consensus was broadly expecting a reappointment. Looking ahead, he expects the current monetary easing framework to remain in the short term, but a normalisation bias is more likely down the track, albeit with actual action likely to be made on the condition of inflation reaching +1% and the government declaring a victory over deflation. If normalisation occurs, he expects a hike in the 10y JGB yield target to be the BOJ’s first move towards normalization. ETF purchases are also likely to be scaled back sooner rather than later, although domestic stock prices will probably need to move back into an uptrend trend before that can happen. Refer to his note for more details.

Following on, Nick Burns from my team has examined the potential headwinds for HY credit due to the spike higher in equity market volatility. We believe there will likely be a reversal from the current levels of equity market volatility, but credit spreads will likely come under pressure unless equity market volatility falls towards the lows seen during 2017. Further, he has also looked at how the technicals seem to be less supportive in the early stages of 2018 than they have been in recent years. Refer to his note for more details.

This morning in Asia, markets are modestly higher. The Hang Seng (+0.58%), Kospi (+1.18%) and China’s CSI 300 (+0.81%) are all up while the ASX 200 is down 0.30% as we type. Elsewhere, the Japanese market is closed today for a holiday and WTI is rebounding c1%.

Now recapping other market’s performance from Friday. In government bonds, earlier risk aversion seemed to help core European 10y bond yields to fall 2-5bp (Bunds -1.8bp; Gilts -4.6bp) while peripherals yields rose 3-7bp. Turning to currencies, the US dollar index strengthened 0.24% while the Euro was broadly flat and Sterling fell 0.62%, weighed down by the softer than expected prints on IP and trade deficits. In commodities, WTI oil fell 3.19%, in part as the Baker Hughes US rig count posted its biggest weekly increase in more than year. Elsewhere, precious metals softened (Gold -0.16%; Silver -0.34%) and other base metals also weakened (Copper -1.41%; Zinc -0.69%; Aluminium -0.81%).

Away from markets, the US Budget director Mulvaney noted that rising budgets deficits are “a very dangerous idea, but it’s the world we live in” and the “US will post a larger deficit this year and could see a spike in interest rates, but lower deficit are possible over time given sustained economic growth”. Elsewhere, Congress has officially passed the two year spending deal with our US economists expecting the c$300bln increase in spending to potentially add several tenths to their 2018 and 2019 growth forecasts of 2.6% and 2.1% (Q4/Q4) respectively, subject to more details from the deal.

Over in Germany, the BamS has reported the SPD leader Martin Schulz will be replaced on Tuesday when the SPD leadership meets. The BamS did not say how it got the information but noted Andrea Nahles will be appointed as acting party Head. Earlier on Friday, Mr Schulz has “declared his withdrawal from a (proposed) role in the federal government” but said he wanted party members to vote in favour of the coalition government with Ms Merkel’s bloc. Elsewhere, Ms Merkel noted that it’s acceptable to give the finance ministry post to the SPD and that “a finance minister can’t just do what he wants”.

Finally onto central banks commentaries. The ECB’s Nowotny noted the recent equities sell off as “a normalisation” and that “…the task of central banks isn’t to satisfy markets but to ensure economic stability. So if necessary, rates will have to rise and markets will have to adapt to that”. On QE, he said “…I don’t think we will need it (after September), at least not in its current form”. On inflation, he noted it still has room to move higher, so the ECB is still on the careful side, but that won’t last forever, as “in the foreseeable future there will be a need for the ECB to raise rates…”

In the UK, the BOE’s Haldane said “some further tightening of policy might be needed over the period ahead”, but the BOE is “in no rush” to do so. He added rates in the UK “won’t remotely go back to levels we’ve seen in the past, but nonetheless keeping the cost of living under control is….the single best and most important thing we can do to help the economy”.

We wrap up with other data releases from Friday. In the US, the final reading of the December wholesale inventories was revised upward to 0.4% mom (vs. 0.2% expected). Overall,the Atlanta Fed’s GDPNow model now estimate that the US economy will grow 4.0% saar in 1Q, while the NY Fed’s estimate is c3.4% saar. In Europe, both France and Italy’s December IP was above market, at 4.5% yoy (vs. 3.5% expected) and 4.9% (vs. 1.9% expected) respectively. Conversely, a fall in output in the oil and gas and mining sectors contributed to a lower than expected December IP in the UK, at -1.3% mom (vs. -0.9%) and 0% yoy (vs 0.4%), while its December trade deficit widened to -£4.9bln (vs. -£2.4bln expected). Exports for the month rose 0.8% mom, while imports rose an even stronger 3.0% mom.

With data fairly thin on Monday all eyes will instead be on the White House with President Trump expected to release a $1.5tn infrastructure plan, along with his 2019 budget blueprint. Away from that the only data of note is the January monthly budget statement in the US. Heineken will report earnings.
3. ASIAN AFFAIRS

i)Late SUNDAY night/MONDAY morning: Shanghai closed UP 24.27 points or 0.78% /Hang Sang CLOSED DOWN 47.79 or 0.16% / The Nikkei closed HOLIDAY/Australia’s all ordinaires CLOSED UP 0.30%/Chinese yuan (ONSHORE) closed DOWN at 6.3286/Oil DOWN to 60.26 dollars per barrel for WTI and 63.65 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3286. OFFSHORE YUAN CLOSED DOWN AGAINST THE ONSHORE YUAN AT 6.3346//ONSHORE YUAN A LOT WEAKER AGAINST THE DOLLAR/OFF SHORE A LOT WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS MUCH WEAKER AGAINST ALL MAJOR CURRENCIES EXCEPT CHINA YUAN. CHINA IS HAPPY TODAY STRONGER MARKETS IN CHINA
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end

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight <3


Hoping You Have a Nice day Today



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Tucson Gem & Mineral Show On Now

Here's one of 46 shows around town


http://www.tgms.org/calendar/2017/10/17/tucson-gem-mineral-society-present

[JD400]

A Day In A Chart

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Powell Saves Stocks But Crude, Cryptos, & Yield Curve Sink

As if last week never happened – sell as much vol as you can because Jay Powell can turn back time…

MMgysSimofriendly

It appears the stagnation of the rebound overnight was enough to bring out the committee to save the world as Jay Powell uttered some words this morning on financial stability… and the world was saved again…



Dow futures tested up to the 50% retracement once again today… and failed…



On the day we opened weak before Powell saved us all, but there was another weaker close…



Notably the other leg up in stocks happened around 1300ET – when someone suddenly lifted USDJPY… Thank you Kuroda-san…



Stocks are up 5 to 6% now from Friday’s lows.. Small Caps are lagging for now…





AMZN is now up 10% off the Friday lows…



VIX was monkey-hammered back below 25 briefly…



While vols came in modestly today across all asset classes, rate vol – on a normalized basis – appears to have stuck at more elevated levels…



Treasuries were mixed today with the short-end weak and the long-end bid…



This sparked a notable 5bps flattening in 2s30s…



For those hoping for higher rates, better start placing your bets on copper outperforming gold some more…



The Dollar resumed its incessant downtrend once again today…



Crude slipped lower once again – but copper ripped higher – as PMs managed gains against the weaker dollar



WTI closed below $60 again and RBOB below 1.70 ahead of tonight’s API data…



Gold topped $1330 and Silver topped $16.50 today as the Gold-to-Silver ratio topped 80x – the highest since April 2016…



Cryptos were lower on the day but Bitcoin is up from last Friday’s close…



Bitcoin ended the day modestly lower but tracked VIX once again this afternoon (BTC higher as VIX dropped)…



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Hotflation Sparks Gold Surge, Dollar Purge, Stock Splurge

Before we start, let’s summarize what we learned today (courtesy of @Lee_Saks)

Yields: many many rate hikes
Dollar: no rate hikes
Stocks: mmm maybe some rate hikes
Gold: we blew up the fed. no rate hikes.



Futures show today’s fun-and-games best…



Nasdaq futures were up 3% off the CPI-crash lows…



Nasdaq and Small Caps were up almost 2% today!!



S&P retook the 2700 level…



And The Dow closed above its 50% retracement of the losses… That is a 600-point swing from the lows to the highs today!



This is the 4th short-squeeze day in a row – and today’s squeeze was the biggest since Feb 2017…



Risk-Parity funds are not exactly rebounding from their losses…



VIX closed below 20 again (after topping 25 intraday)… yay!!!



The belly of the curve was hardest hit today with 5Y up 9bps and the short-and and long-end up around 6bps…



10Y broke out to its highest since Jan 2014…almost reaching 2.92% today…stocks now love higher rates?



Expectations for more rate-hikes in 2018 picked up notably…



The Dollar Index spiked on CPI but then collapsed…BBDXY is down 4 days in a row, today was worst day for USD since The Mnuchin Massacre



As USDJPY tumbled today, so Gold spiked…



Reverting back to its more normal highly negative correlation regime (after briefly going positive in the last two weeks)…



For a little context, since The Fed hiked rates in December, The Dow managed to get green again today, the long-bond is a bloodbath (down 6%) and gold has soared 9%…



Thanks to a weak dollar, commodities surged with crude spiking after inventory data (ignoring production data)…



Big day for Cryptos today, as South Korean backpedalling on bans sent most of the major surging…



Notably, as the dollar tumbled both gold and bitcoin were bid…



Finally, we noted that Atlanta Fed’s GDPNOW model has already plunged from a 5.4% estimate to 3.25% today… just as it always does…



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Blue Skies Data

Good Morning Ladies and Gentlemen



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ELO & Allman Brothers Taking Us Into The Weekend

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There Will Be No Economic Boom

Written by Lance Roberts | Feb, 15, 2018



Last week, Congress passed a 2-year “continuing resolution, or C.R.,” to keep the Government funded through the 2018 elections. While “fiscal conservatism” was just placed on the sacrificial alter to satisfy the “Re-election” Gods,” the bigger issue is the impact to the economy and, ultimately, the financial markets.

The passage of the $400 billion C.R. has an impact that few people understand. When a C.R. is passed it keeps Government spending at the same previous baseline PLUS an 8% increase. The recent C.R. just added $200 billion per year to that baseline. This means over the next decade, the C.R. will add $2 Trillion in spending to the Federal budget. Then add to that any other spending approved such as the proposed $200 billion for an infrastructure spending bill, money for DACA/Immigration reform, or a whole host of other social welfare programs that will require additional funding.

But that is only half the problem. The recent passage of tax reform will trim roughly $2 Trillion from revenues over the next decade as well.

This is easy math.

Cut $2 trillion in revenue, add $2 trillion in spending, and you create a $4 trillion dollar gap in the budget. Of course, that is $4 Trillion in addition to the current run rate in spending which continues the current acceleration of the “debt problem.”



But it gets worse.

As Oxford Economics reported via Zerohedge:

“The tax cuts passed late last year, combined with the spending bill Congress passed last week, will push deficits sharply higher. Furthermore, Trump’s own budget anticipates that US debt will hit $30 trillion by 2028: an increase of $10 trillion.”

Oxford is right. In order to “pay for” all of the proposed spending, at a time when the government will receive less revenue in the form of tax collections, the difference will be funded through debt issuance.

Simon Black recently penned an interesting note on this:

“Less than two weeks ago, the United States Department of Treasury very quietly released its own internal projections for the federal government’s budget deficits over the next several years. And the numbers are pretty gruesome.

In order to plug the gaps from its soaring deficits, the Treasury Department expects to borrow nearly $1 trillion this fiscal year. Then nearly $1.1 trillion next fiscal year. And up to $1.3 trillion the year after that.

This means that the national debt will exceed $25 trillion by September 30, 2020.”



Of course, “fiscal responsibility” left Washington a long time ago, so, what’s another $10 Trillion at this point?




While this issue is not lost on a vast majority of Americans that “choose” to pay attention, it has been quickly dismissed by much of the mainstream media, and Congressman running for re-election, by suggesting tax reform will significantly boost economic growth over the next decade. The general statement has been:

“By passing much-needed tax reform, we will finally unleash the economic growth engine which will more than pay for these tax cuts in the future.”

Don’t dismiss the importance of $25-30 Trillion in U.S. debt. It is larger than the debts of every other nation in the world – combined.

Congress Killed The Economic Boom

While it truly is a great “talking point,” the reality is it just isn’t true.

As I have shown previously, there is absolutely NO historical evidence that cutting taxes, without offsetting cuts to spending, leads to stronger economic growth.



Even Congressman Kevin Brady, Chairman of the House Ways and Means Committee, confirmed the same.

Deficits, and deficit spending, are HIGHLY destructive to economic growth as it directly impacts gross receipts and saved capital equally. Like cancer – running deficits, along with continued deficit spending, continues to destroy saved capital and damages capital formation.

Debt is, by its very nature, a cancer on economic growth. As debt levels rise it consumes more capital by diverting it from productive investments into debt service. As debt levels spread through the system it consumes greater amounts of capital until it eventually kills the host. The chart below shows the rise of federal debt and its impact on economic growth.



The reality is that the majority of the aggregate growth in the economy since 1980 has been financed by deficit spending, credit creation and a reduction in savings. This reduced productive investment in the economy and the output of the economy slowed. As the economy slowed, and wages fell, the consumer was forced to take on more leverage to maintain their standard of living which in turn decreased savings. As a result of the increased leverage more of their income was needed to service the debt – and with that, the “debt cancer” engulfed the system.

The Austrian business cycle theory attempts to explain business cycles through a set of ideas. The theory views business cycles:

“As the inevitable consequence of excessive growth in bank credit, exacerbated by inherently damaging and ineffective central bank policies, which cause interest rates to remain too low for too long, resulting in excessive credit creation, speculative economic bubbles and lowered savings.”



The problem that is yet not recognized by the current Administration and mainstream economists is that the excessive deficits and exponential credit creation can no longer be sustained. The process of a “credit contraction” will eventually occur over a long period of time as consumers and governments are ultimately forced to deal with the deficits.

The good news is the process of “clearing” the market will eventually allow resources to be reallocated back towards more efficient uses and the economy will begin to grow again at more sustainable and organic rates.

Today, however, expectations of a return to economic growth rates of the past are most likely just a fairy tale. The past 9-years of stock market returns have been fueled by trillions of dollars of support and direct injections into the financial system – that support is not sustainable in the long run. While the injections have kept the economy from falling into a depression in the short term –

There is no way to achieve the necessary goals “pain-free.” The time to implement austerity measures is when the economy is running a budget surplus and is close to full employment. That time was two Administrations ago when the economy would have slowed but could have absorbed and adjusted to the restrictive measures. However, when things are good, no one wants to “fix what isn’t broken”. The problem today is that with a high dependency on government support, high levels of underemployment and rising budget deficits, the implementation of austerity measures will only deter future economic growth, which is dependent on the very things that need to be “fixed”.

The processes that fueled the economic growth over the last 30 years are now beginning to run in reverse, and when combined with the demographic shifts in the U.S., the impact could be far more immediate and prolonged than the media, economists, and analysts are currently expecting. Sacrifices will have to be made, the economy will drag on at subpar rates of growth, individuals will be working far longer into their retirement years and the next generation of Americans will lead a far different life than what the currently retiring generation enjoyed.

It is simply a function of the math.

Lance Roberts

end



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Feb 15/GOLD DOWN $2.45 TO $1352.95/SILVER DOWN 8 CENTS TO $16.84/HUGE EFP TRANSFER IN GOLD OF 22,672 CONTRACTS/SILVER EFP ISSUANCE: 1731 CONTRACTS/THE KEY USA/YEN CROSS PLUMMETS TO CLOSE TO 106.00/TWO BIG USA DATA POINTS TODAY; PPI IS SCORCHING HOT AND THAT MEANS INFLATION AROUND THE CORNER/INDUSTRIAL PRODUCTION FALTERS MEANING STAGFLATION MAY BE UPON US/MORE SWAMP STORIES FOR YOU TONIGHT/
February 15, 2018 · by harveyorgan · in Uncat




GOLD: $1352.95 DOWN $2.45

Silver: $16.84 DOWN 8 cents

Closing access prices:

Gold $1353.50

silver: $16.88

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $XXXX DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $XXXX

PREMIUM FIRST FIX: $3.78

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SECOND SHANGHAI GOLD FIX: $XXXX

NY GOLD PRICE AT THE EXACT SAME TIME: $1333.50

discount of Shanghai 2nd fix/NY:$1.20

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX: 5:30 am est $1353.70

NY PRICING AT THE EXACT SAME TIME: $1353.90

LONDON SECOND GOLD FIX 10 AM: $1352.45

NY PRICING AT THE EXACT SAME TIME. $1351.900

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 1 NOTICE(S) FOR 100 OZ.

TOTAL NOTICES SO FAR:1784 FOR 178400 OZ (5.5489 TONNES),

For silver:

FEBRUARY
1 NOTICE(S) FILED TODAY FOR
5,000 OZ/

Total number of notices filed so far this month: 308 for 1,540,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $9638/OFFER $9714: up $198(morning)
Bitcoin: BID/ $99029/offer $9999: up $492 (CLOSING/5 PM)

end

Let us have a look at the data for today\

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In silver, the total open interest ROSE BY A HUGE SIZED 3070 contracts from 194,056 RISING TO 197,126 WITH YESTERDAY’S HUGE 35 CENT GAIN IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1731 EFP’S FOR MARCH AND AND 0 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1731 CONTRACTS. WITH THE TRANSFER OF 1731 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 1731 CONTRACTS TRANSLATES INTO 8.915 MILLION OZ DESPITE WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

36,852 CONTRACTS (FOR 12 TRADING DAYS TOTAL 36,852 CONTRACTS OR 184.26 MILLION OZ: AVERAGE PER DAY: 3071 CONTRACTS OR 15.355 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 184.26 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 26/32% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 432.60 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A HUGE SIZED GAIN IN OI SILVER COMEX WITH THE HUGE 35 CENT GAIN IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1731 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1731 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR TODAY FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 4801 OI CONTRACTS i.e. 1731 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 3070 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE HUGE RISE IN PRICE OF SILVER OF 35 CENTS AND A CLOSING PRICE OF $16.92 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.986 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 1 NOTICE(S) FOR 5,000 OZ OF SILVER

In gold, the open interest ROSE BY A HUMONGOUS 16,637 CONTRACTS UP TO 528,382 WITH THE GIGANTIC SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($27.40). HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TODAY AND IT TOTALED AN ATMOSPHERIC SIZED 22,672 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 21,922 CONTRACTS AND JUNE SAW THE ISSUANCE OF 750 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 528,382. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY DESPITE YESTERDAY’S TRADING IN GOLD, WE HAVE A GAIN OF 39,309 CONTRACTS: 16,637 OI CONTRACTS INCREASED AT THE COMEX AND A GIGANTIC SIZED 22,672 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(39,309 oi gain in CONTRACTS EQUATES TO 122.26 TONNES)

YESTERDAY, WE HAD 6481 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 131,430 CONTRACTS OR 13,143,000 OZ OR 408.80 TONNES (12 TRADING DAYS AND THUS AVERAGING: 10,952 EFP CONTRACTS PER TRADING DAY OR 1,095,200 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 12 TRADING DAYS: IN TONNES: 408.80 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 408.80/2200 x 100% TONNES = 18.58% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1042.2 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A HUGE SIZED INCREASE IN OI AT THE COMEX WITH THE HUGE SIZED GAIN IN PRICE IN GOLD TRADING YESTERDAY ($27.40). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS RECEIVED THEIR PRIVATE EFP CONTRACT FOR EITHER APRIL OR JUNE. HOWEVER, WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 22,672 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 22,672 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 39,309 contracts ON THE TWO EXCHANGES:

22,672 CONTRACTS MOVE TO LONDON AND 16,637 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 122.26 TONNES).

we had: 1 notice(s) filed upon for 100 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $2.45 TODAY, NO CHANGE IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 823.66 tonnes.

SLV/

NO CHANGES IN SILVER INVENTORY AT THE SLV/ AGAIN WITH TODAY’S HUGE RISE IN SILVER PRICE: NO CHANGE IN INVENTORY

/INVENTORY RESTS AT 314.045 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A HUGE 3070 contracts from 194,056 UP TO 197,126 (AND now A LITTLE FURTHER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE HUGE SIZED FALL IN PRICE OF SILVER (35 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 1731 PRIVATE EFP’S FOR MARCH AND 0 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 3070 CONTRACTS TO THE 1731 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 4801 OPEN INTEREST CONTRACTS . WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 24.00 MILLION OZ!!!

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE HUGE SIZED GAIN OF 35 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 1731 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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

)Late WEDNESDAY night/THURSDAY morning: Shanghai closed /Hang Sang CLOSED UP 599.83 or 1.97% / The Nikkei closed UP 310.81 POINTS OR 1.47%/Australia’s all ordinaires CLOSED UP 1.16%/Chinese yuan (ONSHORE) closed UP at 6.3415/Oil DOWN to 60.58 dollars per barrel for WTI and 63.84 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3415. OFFSHORE YUAN CLOSED UP AGAINST THE ONSHORE YUAN AT 6.2980//ONSHORE YUAN A LITTLE STRONGER AGAINST THE DOLLAR/OFF SHORE A LOT STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS A LOT WEAKER AGAINST ALL MAJOR CURRENCIES . CHINA IS HAPPY TODAY AS THEY BEGIN THEIR NEW YEAR ONE WEEK HOLIDAY TOMORROW


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN

Last night the Yen rose as Japanese machine orders crashed 11.9% month over month. Before central bank intervention the USA/Yen came close to 106.50

( zerohedge)
3 c CHINA
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES

Seems that Chinese buyers have stopped buying Canadian properties: Cdn existing home sales crash in January.

( zero hedge)
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS

Agnico Eagle beats the street by 2 cents. It also increases production guidance for both 2018 and 2019 and most importantly adds dramatically to its reserves to 20.6 million oz/

In times past, the most important part of the earnings report for major mining companies is not the income side of things but the reserves and the future production and costs. The street (the bankers) focused on current income instead of what is coming in the future.

( Agnico Eagle)
10. USA stories which will influence the price of gold/silver

i)Producer prices is generally considered a forerunner of inflation. Today’s reading shows PPI rose far more than expected in January, rising a good 2.7% year over year.

( zerohedge)

ii)Two regional Fed manufacturing reports send conflicting signals: The New York survey slid showing a slowdown but the Philly area survey rose.
However the key prices paid component which always leads to inflation rose in both surveys
( zerohedge)

ii b)Stagflation strikes with a vengeance as Industrial production sinks badly. So with the latest data provided, we inflation surging but the economy faltering.
(courtesy zerohedge)

iii)Trump agrees with some Democrats supporting a 25 cent Federal gas tax to help pay for infrastructure
( zerohedge)

iv)We have been telling you quite often that Trump wants his wall and block family migration. He now threatens the bipartisan immigration deal as there is no wall in the agreement
(courtesy zerohedge)

v)Part ii/ The folly of Central Bankers Keynesian philosophy
(courtesy David Stockman/ContraCorner Part ii)

vi)
A good article on the suspension of the Debt ceiling and where the USA debt is heading with respect to March 1.2019 where it is intended to be reinstated. The pundits figure that by that date the debt ceiling will be 22 trillion USA dollars
(courtesy Dave Kranzler/IRD)

vii)SWAMP STORIES

a)My goodness!! Adam Schiff now admits that the Democratic Memo contains “sources and methods”. It is interesting that he scolded the Republicans not to release their memo because it contained “sources and methods”

( zerohedge)

b)This does not look good for Kushner: both the IRS and the Dept of Justice subpoena investors in the Kushner companies.
( zerohedge)

c)I think most of expected this: Bruce Ohr hid his wife’s Fusion GPS payments form ethic officials as Bruce Ohr refused to obtain a conflict of interest waiver
( Luke Rosiak/DailyCaller)
Let us head over to the comex:

The total gold comex open interest ROSE BY A GIGANTIC 16,637 CONTRACTS UP to an OI level 528,382 WITH THE HUGE SIZED RISE IN THE PRICE OF GOLD ($27.40 GAIN WITH RESPECT TO YESTERDAY’S TRADING). WE HAD ZERO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED ANOTHER STRONG COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD AN ATMOSPHERIC SIZED 21922 EFP’S ISSUED FOR APRIL AND 750 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 22,672 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 39,309 OI CONTRACTS IN THAT 22,672 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 16,637 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 39,309 contracts OR 3,930,900 OZ OR 122.26 TONNES.

Result: A GIGANTIC SIZED INCREASE IN COMEX OPEN INTEREST WITH THE HUGE SIZED GAIN IN YESTERDAY’S GOLD TRADING ($27.40.) WE HAD ZERO COMEX GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 39,309 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we lost 7 contracts to 1140 contracts. We had 0 notices filed upon yesterday, so we LOST 7 contracts or an additional 700 oz will NOT stand in this active contract month of February AND THEY JOINED OTHER EFP’S IN TRANSFERRING FOR A LONDON FORWARD.

March saw a GAIN of 183 contracts UP to 2299. April saw a GAIN of 16,639 contracts UP to 368,487. MARCH BECOMES THE FRONT MONTH FOR GOLD

We had 1 notice(s) filed upon today for 100 oz


PRELIMINARY COMEX VOLUME FOR TODAY: 459,239 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 214,289 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A HUGE SIZED 3070 CONTRACTS FROM 194,056 UP TO 197,126 WITH YESTERDAY’S HUGE SIZED 35 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD ANOTHER HUGE SIZED 1731 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 143 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1731. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD NO LONG COMEX SILVER LIQUIDATION BUT A HUGE SIZED GAIN IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 4801 SILVER OPEN INTEREST CONTRACTS:

3070 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1731 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN TWO EXCHANGES: 4801 CONTRACTS

We are now in the poor non active delivery month of FEBRUARY and here the front month GAINED 198 contracts UP TO 254 contracts. We had 3 notices filed upon yesterday so we GAINED 195 contracts or 975,000 ADDITIONAL oz will stand for delivery at the comex

The March contract lost 969 contracts DOWN to 87,303

April GAINED 59 contracts UP to 155 .

.

We had 3 notice(s) filed for 15,000 OZ for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb 15/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
190.24 oz
Delaware
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
No of oz served (contracts) today
1 notice(s)
100 OZ
No of oz to be served (notices)
1139 contracts
(113900 oz)
Total monthly oz gold served (contracts) so far this month
1784 notices
178400 oz
5.5489 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: nil oz
we had 1 withdrawal out of the customer account:
i) out of Delaware: 190.24 oz
total withdrawal: 190/24 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustments
total registered or dealer gold: 402,632,052 oz or 12.52 tonnes
total registered and eligible (customer) gold; 9,108,086.938 oz 283.30 tones

For FEBRUARY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 1 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1 contract(s) of which 1 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the FEBRUARY. contract month, we take the total number of notices filed so far for the month (1784) x 100 oz or 178,300 oz, to which we add the difference between the open interest for the front month of FEB. (1140 contracts) minus the number of notices served upon today (1 x 100 oz per contract) equals 292,300 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (1784 x 100 oz or ounces + {(1140)OI for the front month minus the number of notices served upon today (1 x 100 oz )which equals 292,300 oz standing in this active delivery month of February (9.091 tonnes). THERE IS 12.52 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 7 CONTRACTS OR AN ADDITIONAL 700 OZ WILL NOT STAND IN THIS ACTIVE DELIVERY MONTH OF FEBRUARY.

THE COMEX IS NOW UNDER STRESS AS THE REGISTERED GOLD FALLS BELOW 13 TONNES AS WELL AS HUGE NUMBER OF TONNES LEAVING THE CUSTOMER ACCOUNT

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IN THE LAST 17 MONTHS 71 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 15 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
1,806,683.364 oz
CNT
Delaware
Scotia
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
1 573,745.260 oz
JPM
Scotia
No of oz served today (contracts)
1
CONTRACT(S
(5,000 OZ)
No of oz to be served (notices)
253 contracts
(1,265,000 oz)
Total monthly oz silver served (contracts) 308 contracts

(1,540,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had zero inventory movement at the dealer side of things

total inventory movement dealer: nil oz

we had 2 inventory deposits into the customer account

i) into J.P.MORGAN:994,507.590 oz ***

ii) Into Scotia: 579,237.620 oz

total inventory deposits: 1,573,745.260 oz

*** JPMorgan is continually adding to its inventory almost every single day.

JPMorgan now has 133 million oz of total silver inventory or 53% of all official comex silver.

we had 3 withdrawals from the customer account;

i) Out of Scotia: 544,315.070

ii) Out of CNT: 748,808.164 oz

iii) Out of Delaware:: 512,619.730 oz

total withdrawals; 65,079.95 oz

we had 0 adjustment

total dealer silver: 43.827 million

total dealer + customer silver: 252.477 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 1 contract(s) FOR 5,000 oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 308 x 5,000 oz = 1,540,000 oz to which we add the difference between the open interest for the front month of FEB. (56) and the number of notices served upon today (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB contract month: 308(notices served so far)x 5000 oz + OI for front month of FEBRUARY(254) -number of notices served upon today (1)x 5000 oz equals 2,805,000 oz of silver standing for the FEBRUARY contract month.

WE GAINED 195 CONTRACTS OR AN ADDITIONAL 975,000 OZ WILL STAND AT THE COMEX. SOMEBODY WAS BADLY IN DEEP OF PHYSICAL SILVER AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 91,562 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 119,981 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 119,981 CONTRACTS EQUATES TO 600 MILLION OZ OR 85.6% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -1.83% (FEB 14/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.34% to NAV (FEB 14/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.83%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.34%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -3.75%: NAV 13.96/TRADING 13.44//DISCOUNT 4.41%

END

And now the Gold inventory at the GLD/

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

JAN 29/with gold down $11.25, the GLD shed 1.18 tonnes of gold/inventory rests at 848.14 tonnes

jan 26/2018/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

jan 25/no changes in gold inventory at the GLD/inventory rests at 849.32 tonnes

Jan 24/A HUGE DEPOSIT OF 2.65 TONNES OF GOLD INTO GLD/INVENTORY RESTS AT 849.32 TONNES

Jan 23/NO CHANGE IN GOLD INVENTORY DESPITE GOLD’S RISE/INVENTORY RESTS AT 846.67 TONNES

Jan 22/a huge deposit of 5.71 tonnes of gold despite a drop in price/inventory rests at 846.67 tonnes. In 3 trading days, the GLD has added 17.71 tonnes/the bankers are now in trouble!!

Jan 19/no change in gold inventory at the GLD/Inventory rests at 840.76 tonnes

Jan 18/SHOCKINGLY A HUGE DEPOSIT OF 11.80 TONNES WITH GOLD DOWN ALMOST $12.00/INVENTORY RESTS AT 840.76

Jan 17/no changes in gold inventory at the GLD/inventory rests at 828.96 tonnes

Jan 16/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.96 TONNES

Jan 12/no changes in inventory at the GLD despite the rise in gold price/inventory rests at 828.96 tonnes

Jan 11/ANOTHER IDENTICAL WITHDRAWAL OF 2.95 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.96 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 15/2018/ Inventory rests tonight at 823.66 tonnes

*IN LAST 326 TRADING DAYS: 117.49 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 256 TRADING DAYS: A NET 39.82 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 29/no change in inventory/SLV inventory rests at 313.896 million oz/

Jan 26.2018/inventory rests at 313.896 million oz

Jan 25/with silver up today and yesterday, the SLV could only muster a gain of 848,000 oz

Inventory rests at 313.896 oz

jan 24/NO CHANGE IN SILVER INVENTORY DESPITE THE GOOD ADVANCE IN PRICE/INVENTORY RESTS AT 313.048 MILLION OZ/

Jan 23/ANOTHER HUGE WITHDRAWAL OF 1.131 MILLION OZ OF SILVER DESPITE THE TINY LOSS/THE CROOKS ARE USING THE INVENTORY TO RAID ON SILVER.

JAN 22.2018/with silver down by 5 cents/ the crooks at the SLV liquidate 1.321 million oz of silver/inventory rests at 314.179 million oz/

Jan 19/ no changes in silver inventory at the SLV/inventory rests at 315.500 million oz/

jan 18/A WITHDRAWAL OF 848,000 OZ OF SILVER FROM THE SLV/INVENTORY RESTS AT 315.500 MILLION OZ/

Jan 17/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Jan 16/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.348 MILLION OZ

Jan 12/no changes in silver inventory at the SLV/inventory rests at 316.348 million oz/

Feb 14/2017:
Inventory 314.045 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.70%
12 Month MM GOFO
+ 2.10%

end
Major gold/silver trading /commentaries for THURSDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
GoldCore
Is The Gold Price Heading Higher? IG TV Interview GoldCore

15, February

Is The Gold Price Heading Higher? IG TV Interview GoldCore

Research Director at GoldCore, Mark O’Byrne talks to IG TV’s Victoria Scholar about the outlook for the gold price.

In this interview, Mark O’Byrne, research director at Goldcore, says the fact that the gold price did not spike during last week’s equity sell-off was to be expected.

He said even at the height of the global financial crisis, amid the collapse in the Wall Street behemoth Lehman Brothers, gold prices fell. O’Byrne says gold’s hedge abilities and safe haven attributes are seen more in the medium to long term. Also, he points out that there was a big move up in December in the gold price, so a period of correction was expected.

O’Byrne says periods of rising interest rates have historically coincided with bull markets for gold. He cites the 1970s, and the period between 2003 and 2007, when gold prices did very well.

In terms of key levels, O’Byrne says there is resistance around $1360 before we head to $1400. He says he is cautious in the short term but feeling constructive for 2018 overall, and says $1500 is quite likely by autumn, although it could end 2018 above $1400.

Watch Interview On IG TV Here

News and Commentary

Gold holds steady near 2-1/2-week high as dollar dips (Reuters.com)

Paulson Maintained SPDR Gold Stake as Dollar Boosted Metal (Bloomberg.com)

Gold rallies to highest settlement in nearly 3 weeks on hotter-than-expected CPI (MarketWatch.com)

Gold quickly reverses US CPI-led fall, jumps back closer to session tops (FXStreet.com)

Gold rebounds from U.S inflation data-driven losses as dollar wilts (Reuters.com)



Source: Bloomberg

Gold Shines as Traders Count Down to ‘Critical’ CPI, Dalio Buys (Bloomberg.com)

Dalio’s Bridgewater Boosts Holdings in Gold (Bloomberg.com)

These Are the World’s Most Miserable Economies (Bloomberg.com)

Williams: “It’s The Long-Term Insolvency Of The US Government That Markets Don’t Like” (ZeroHedge.com)

Bullish Fundamentals To Push Gold Above $3,000 by 2020 (Gold-Eagle.com)

Gold Prices (LBMA AM)

14 Feb: USD 1,330.75, GBP 959.74 & EUR 1,077.77 per ounce
13 Feb: USD 1,329.40, GBP 955.04 & EUR 1,077.61 per ounce
12 Feb: USD 1,321.70, GBP 955.19 & EUR 1,077.45 per ounce
09 Feb: USD 1,316.05, GBP 945.58 & EUR 1,072.84 per ounce
08 Feb: USD 1,311.05, GBP 944.87 & EUR 1,071.13 per ounce
07 Feb: USD 1,328.50, GBP 956.12 & EUR 1,075.95 per ounce
06 Feb: USD 1,344.65, GBP 962.50 & EUR 1,083.52 per ounce

Silver Prices (LBMA)

14 Feb: USD 16.58, GBP 11.97 & EUR 13.43 per ounce
13 Feb: USD 16.61, GBP 11.94 & EUR 13.46 per ounce
12 Feb: USD 16.43, GBP 11.86 & EUR 13.39 per ounce
09 Feb: USD 16.36, GBP 11.83 & EUR 13.37 per ounce
08 Feb: USD 16.35, GBP 11.70 & EUR 13.36 per ounce
07 Feb: USD 16.69, GBP 12.02 & EUR 13.52 per ounce
06 Feb: USD 16.81, GBP 12.07 & EUR 13.59 per ounce


Recent Market Updates

– Global Debt Crisis II Cometh
– Sovereign Wealth Funds Investing In Gold For “Long Term Returns” – PwC
– Bitcoin and Crypto Prices Being Manipulated Like Precious Metals?
– “This Is Where They Completely Lost Their Minds” – Hussman
– Brexit Risks Increase – London Property Market and Pound Vulnerable
– Peak Gold: Global Gold Supply Flat In 2017 As China Output Falls By 9%
– Crypto Currency Backlash Sees Flight From Cryptos and Bitcoin
– Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%
– Shrinkflation Intensifies – Stealth Inflation As Thousands of Food Products Shrink In Size, Not Price
– U.S. Debt Is “Extraordinarily High” and Are Stock And Bond Bubbles – Greenspan
– Gold Bullion Price Suppression To End? Bullion Bank Traders Arrested For Manipulating Market
– ATMs Hit By Malware “Jackpotting” Attacks That Dispense All Cash In Minutes
– London Property Market Tumbles As Glut of Luxury Apartments Grows To 3,000

Mark O’Byrne
Executive Director

END

I wrote the following early this morning at the onset of AEM trading on NY with AEM down around $1.12

Agnico Eagle beats the street by 2 cents. It also increases production guidance for both 2018 and 2019 and most importantly adds dramatically to its reserves to 20.6 million oz/

In times past, the most important part of the earnings report for major mining companies is not the income side of things but the reserves and the future production and costs. The street (the bankers) focused on current income instead of what is coming in the future.

The smart guys came in and pushed the stock to a positive gain

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Your early THURSDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP AT 6.3444 /shanghai bourse CLOSED / HANG SANG CLOSED UP 599.83 POINTS OR 1.97%
2. Nikkei closed UP 310,81 POINTS OR 1.47% /USA: YEN FALLS TO 106.76/DEADLY AS YEN CARRY TRADERS DISINTEGRATE

3. Europe stocks OPENED DEEPLY IN THE GREEN /USA dollar index FALLS TO 88.81/Euro RISES TO 1.2469

3b Japan 10 year bond yield: RISES TO . +.067/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.76/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 60.58 and Brent: 63.58

3f Gold DOWN/Yen DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.789%/Italian 10 yr bond yield UP to 2.078% /SPAIN 10 YR BOND YIELD UP TO 1.520%

3j Greek 10 year bond yield FALLS TO : 4.37?????????????????

3k Gold at $1349.80 silver at:16.83 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 14/100 in roubles/dollar) 56.87

3m oil into the 60 dollar handle for WTI and 63 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.76 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9250 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1534 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.789%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.9333% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.186% /BOTH VERY DEADLY

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Global Stocks, S&P Futures Soar, Ignoring Yields Creeping Ever Closer To 3.00%
Profile picture for user Tyler Durden
by Tyler Durden
Thu, 02/15/2018 – 07:02
10
SHARES

Global stocks, bond yields and commodities all jumped higher on Thursday while the dollar plunge continued, as investors suddenly seemed to forget the inflation fears blamed for a brutal market sell-off in recent weeks.

Last week’s volocaust is a fading, distant memory, and this morning global stocks – albeit without China which is on weekly holiday for the Lunar New Year – continue their relentless surge with the Dow set to open back over 25,000, even as yields rise and the 10Y is fast approaching 3.00%, thanks to a plunging dollar which fell for a firth day, keeping financial condition well lubricated. As a result, global stocks and futures are a sea of green this morning despite growing inflationary noise in the background.



Commenting on the overnight price action, one major bank said it can be briefly summarized as: bearish USD, bearish fixed income, bullish equities, bullish oil. As the trader notes, “We’ve definitely been here before – in fact, it was the consensus trade for 2018 until the recent market rout questioned the move.” Therefore there’s certainly a sense of déjà vu as the paradoxical moves in markets continue at least until inflation fears hit the next tipping point and launch the next equity market selloff.

In the meantime, one can scratch their heads: the bank adds that “the bewildering nature of recent price action has become a somewhat familiar feature of markets lately.”

One needs just three charts to understand what is going on on most days: futures are up, as they are this morning…



… even if yields are sharply higher, which they also are as the 10Y rises above 2.93%…

… as long as the dollar is tumbling, and financial conditions are looser.



As Reuters notes, economists were struggling to explain the turnaround except for the argument that historically it’s not unusual for stocks and bond market borrowing costs to rise in tandem with a rapidly expanding economy.

Some just blamed the weather and time of year. They speculated that strong U.S. inflation data on Wednesday that many had predicted could reignite the rout was probably distorted. They also said the looming Chinese New Year may have caused Asian traders to square up.

Meanwhile, bond traders increased their expectations for the number of Federal Reserve interest-rate hikes to four by the end of next year after yesterday’s blistering CPI report. The inflation figures gave rise to debate among investors and traders on the breakdown in correlations to interest rates, as currency investors focused instead on the U.S.’s twin deficits.

“For me it’s a clear indication that inflation is not as big a threat as people made it out to be over the past couple of weeks,” said Lukas Daalder, chief investment officer at Robeco in Rotterdam. “The trend behind the market is still very strongly pointed upwards. 2017 was a very momentum-driven market, and if that’s still the case, which after yesterday it appears to be, then we will probably see new highs before too long.”

Volatility shrank back rapidly too. The VIX index fell all the way back to 18, less than half the 50-point peak touched last week.

* * *

Whatever the reason, the animal spirits were back. However, should the dollar and yields rise at the same time, run.

For now, China is off to enjoy the Lunar New Year and welcome the Year of the Dog, and there’s another celebration in EM FX as the ZAR continues to revel in the resignation of Zuma.

The Stoxx Europe 600 Index took its cue from a rally in the truncated Asian session, to advance for a second day – ignoring the growing, $22 billion Bridgewater short of European stocks – as traders assessed earnings from heavyweights including Nestle and Airbus while eyeing rising bond yields that may be approaching a critical level for the direction of equity markets.

As a result, the Stoxx 600 climbed 0.4%, heading for a weekly gain of ~2%. Airbus advanced 8.9% in the best performance among single stocks on the gauge after the planemaker struck an optimistic tone in its outlook for 2018, promising earnings growth of 20%. Nestle dropped 2.6% after it posted the weakest sales growth in more than 20 years. Elsewhere, South African exposed Old Mutual (+3.8%) and Anglo American (+3.0%) lead the FTSE 100 as South Africa now eyes life-after Zuma with Ramaphosa now appointed as Preisdent. Miners occupy a bulk of the other outperformers in the UK amid movements in the commodity complex with Antofagasta (+2.9%) also lifted after winning approval for a USD 1.1bln revamp of its Los Pelambres copper mine.

In Asia, Australia’s ASX 200 (+1.2%) was positive with its biggest movers dictated by earnings releases and as commodity names were underpinned by strength in the complex. Elsewhere, Nikkei 225 (+1.5%) advanced and managed to ignore the latest plunge in the USDJPY, which took out downside stops after Finance Minister Taro Aso said the currency’s strength isn’t abrupt enough to require intervention– as well as a slump in machine orders, while Hang Seng (+1.6%) closed the session as the outperformer in a holiday-shortened session, before it joined mainland China for Lunar New Year celebrations.

In FX, it was all about the ongoing dollar weakness, which persisted pushing the Bloomberg Dollar Index down a fifth day. The dollar tumbled though across the board, including to a 15-month low against the yen of 106.18 yen as worries about the U.S. government’s finances seemed to set again after a White House-led spending splurge and recent corporate tax cuts. That also marked a drop of 3.8 percent from its early February peak near 110.50 yen, while the euro and pound both climbed back above the $1.25 and $1.40 thresholds.

“The story I hear most frequently from people is it’s the re-emergence of the twin deficits,” said RBC Capital Markets head of currency strategy Adam Cole, in London, of the dollar’s persistent weakness. “There seem to be concerns on the U.S. fiscal position and what that implies for the current account.”

The EUR/USD climbed a fifth day, approaching Jan. 25 high of 1.2537, which was the highest since Dec. 2014, while GBP/USD sustains advance over 1.40 on reports of the EU’s softening Brexit stance, set for fourth daily rise. As noted above, the USD/JPY slipped; the yen earlier touched its strongest level since Nov. 2016 versus the dollar on comments from the finance minister dismissing the need for intervention. The South African rand was the biggest gainer versus the dollar among its major peers on news of Jacob Zuma’s resignation; the rand appreciated to its strongest level since Feb. 2015.

Looking at the ongoing Brexit drama, UK PM May is reportedly facing a crisis related to the Brexit border deal, after Northern Ireland power sharing discussions were said to have collapsed. Separately the Telegraph reported that the EU will demand the right to raid financial services firms in Britain after Brexit and hand its regulators sweeping new powers, as Brussels moves to shackle the City of London with red tape after the UK leaves the bloc. Finally, in some good news, the BBC reported that EU diplomats have removed a so-called “punishment clause” from a draft text of the arrangement for the Brexit transition period, the BBC understands. However, it was later reported that the EU denied this was the case…

In the commodities complex, WTI and Brent crude futures trade in close proximity to recent highs seen in the wake of yesterday’ssmaller than expected build in the DoEs and comments from Saudi with prices also supported by the broad softness in the USD. Inmetals, gold prices have also benefitted from the softer USD, although gains are likely capped by the broad-based risk sentiment inthe market. Elsewhere, copper prices have hit their highest level in 10 days amid this morning’s risk environment, while priceaction was relatively limited during Asia-Pac trade given the closure of the Shanghai Futures Exchange for the Lunar New Year holiday.

Market Snapshot

S&P 500 futures up 0.8% to 2,718.50
STOXX Europe 600 up 0.8% to 377.54
MSCI Asia Pacific up 1.4% to 176.14
MSCI Asia Pacific ex Japan up 1.3% to 578.63
Nikkei up 1.5% to 21,464.98
Topix up 1% to 1,719.27
Hang Seng Index up 2% to 31,115.43
Shanghai Composite up 0.5% to 3,199.16
Sensex up 0.4% to 34,273.84
Australia S&P/ASX 200 up 1.2% to 5,908.99
Kospi up 1.1% to 2,421.83
German 10Y yield rose 2.4 bps to 0.781%
Euro up 0.3% to $1.2492
Italian 10Y yield fell 2.0 bps to 1.795%
Spanish 10Y yield rose 0.6 bps to 1.52%
Brent futures up 0.2% to $64.49/bbl
Gold spot up 0.3% to $1,354.33
U.S. Dollar Index down 0.4% to 88.76

Top Overnight News from Bloomberg

Cyril Ramaphosa faces a tough road ahead as South Africa’s new president after Jacob Zuma’s resignation late Wednesday ended nine years of his scandal-marred administration. Ramaphosa remains acting president until his expected election in parliament later Thursday
U.S. tax authorities have requested documents from lenders and investors in real estate projects managed by Jared Kushner’s family, according to a person familiar with the matter.
Japanese Finance Minister Aso said the yen’s recent move isn’t abrupt enough to warrant intervention causing the yen to climb
A report from Politico that the European Union is looking to ease Brexit transition conditions, helped support the pound
Merkel vows to ensure Germany maintains balanced budget
Japan’s Aso says yen strength isn’t abrupt enough now to intervene
Kuroda says BOJ will continue to take best policy for price target
Australia Jan jobs 16.0k vs 15.0k est; unempl. rate 5.5% vs 5.5% est
Singapore Jan exports -0.3% vs 4.2% est; y/y 13.0% vs 8.9% est

Asian stocks traded higher as the region received a tailwind from US where all major indices finished with firm gains and the DJIA posted its best 4-day performance in almost a decade. ASX 200 (+1.2%) was positive with its biggest movers dictated by earnings releases and as commodity names were underpinned by strength in the complex. Elsewhere, Nikkei 225 (+1.5%) advanced and managed to overlook a firmer JPY and slump in machine orders, while Hang Seng (+1.6%) closed the session as the outperformer in a holiday-shortened session, before it joined its mainland counterparts for Lunar New Year celebrations. Finally, 10yr JGBs were relatively flat with early mild pressure seen amid the uptick in riskier assets, although this was later counterbalanced amid the BoJ’s presence in the market for 1yr-10yr JGBs totalling over JPY 1tln.

Top Asian News

Philippine Central Bank Cuts Reserve Ratio by 1 Point to 19%
Abe Said to Be Likely to Nominate BOJ Governor on Friday
IDG-Backed China Online Credit-Checking Firm Is Said to Plan IPO
Cathay Pacific Supplier Topcast Aviation Is Said to Pursue Sale

European bourses trade higher across the board (Eurostoxx 50 +0.6%) in a continuation of the sentiment seen yesterday on Wall Street and overnight in Asia-Pac trade. On a sector basis, consumer staples underperform following lacklustre earnings from Swiss-titan Nestle (-2.2%), with the index heavyweight subsequently leading the SMI to lag its peers in the region. Elsewhere, South African exposed Old Mutual (+3.8%) and Anglo American (+3.0%) lead the FTSE 100 as South Africa now eyes life-after Zuma with Ramaphosa now appointed as Preisdent. Miners occupy a bulk of the other outperformers in the UK amid movements in the commodity complex with Antofagasta (+2.9%) also lifted after winning approval for a USD 1.1bln revamp of its Los Pelambres copper mine. Elsewhere, Standard Life (-4.9%) sits at the bottom of the FSTE 100 after Scottish Widows and Lloyds sent notices to co. to terminate investment management relations. Finally, earnings dominate the state of play in the CAC with Airbus (+9.3%), Schneider Electric (+3.6%) and CapGemini (+2.5%) all lifted by encouraging earnings.

Top European news

Dalio Causes Stir With $18 Billion Surge in European Short Bets
Austrian Bitcoin Scam May Affect Over 10,000 Users, Presse Says
In the Age of Brexit, Events Manager RELX Opts for London Base

In FX, Japan’s Finance Minister Aso has given the green light for Jpy bulls to charge on, and 106.00 vs the Usd is now within striking distance given little in the way of technical support until 105.85 vs the latest 106.20 low. Moreover, all other G10 rivals are eyeing recent peaks vs the Greenback with Cable just eclipsing the 1.4067 level posted after the BoE’s hawkish policy guidance shift on February 8th, while Eur/Usd almost challenged Fib resistance at 1.2518 ahead of the 1.2537 year to date high before slipping back below 1.2500. Usd/Chf is toppy around the bottom of a 0.9300-0.9230 range, while Nzd/Usd has rebounded above the 0.7400 handle and Aud/Usd is over 0.7950 despite mixed jobs data overnight and ahead of RBA Governor Lowe orates later today. Usd/Cad relatively steady albeit sharply down from Wednesday’s post-US CPI data spike highs and sub-1.2500 amidst ongoing NAFTA uncertainty and awaiting a speech from BoC Deputy Governor Schembri. All this leaves the Dollar Index below 89.00 again and vulnerable against a deeper set-back towards 2018 lows under 88.50, especially as the Usd continues to suffer broader losses with the likes of Usd/Zar sliding towards 11.6400 in wake of the resignation of Zuma as SA President with immediate effect.

In the commodities complex, WTI and Brent crude futures trade in close proximity to recent highs seen in the wake of yesterday’s smaller than expected build in the DoEs and comments from Saudi with prices also supported by the broad softness in the USD. In metals, gold prices have also benefitted from the softer USD, although gains are likely capped by the broad-based risk sentiment in the market. Elsewhere, copper prices have hit their highest level in 10 days amid this morning’s risk environment, while price action was relatively limited during Asia-Pac trade given the closure of the Shanghai Futures Exchange for the Lunar New Year holiday.

Looking at the day ahead, the January PPI and IP, February empire manufacturing, February Philly Fed PMI, February NAHB housing market index and the latest weekly initial jobless claims readings are all due in the US. In Europe Q4 employment data in France and the December trade balance for the Euro area are due. The ECB’s Mersch and Praet are also slated to speak at an event in Paris.

US Event Calendar

8:30am: Empire Manufacturing, est. 18, prior 17.7
8:30am: Initial Jobless Claims, est. 228,000, prior 221,000; Continuing Claims, est. 1.93m, prior 1.92m
8:30am: PPI Final Demand MoM, est. 0.4%, prior -0.1%; Ex Food and Energy MoM, est. 0.2%, prior -0.1%
8:30am: PPI Final Demand YoY, est. 2.4%, prior 2.6%; Ex Food and Energy YoY, est. 2.0%, prior 2.3%
8:30am: Philadelphia Fed Business Outlook, est. 21.6, prior 22.2
9:15am: Industrial Production MoM, est. 0.2%, prior 0.9%; Manufacturing (SIC) Production, est. 0.25%, prior 0.1%
10am: NAHB Housing Market Index, est. 72, prior 72
4pm: Total Net TIC Flows, prior $33.8b; Net Long-term TIC Flows, prior $57.5b

DB’s Jim Reid concludes the overnight wrap

Happy Boxing Valentine’s Day. My wife went to bed at 7pm last night with the twins to desperately try to catch up on sleep while I watched a rampant Liverpool win 5-0 away from home in Europe on the telly, with Bloomberg TV on my iPad alongside me to catch up with the post CPI rally. A question for long time married readers though is when does romance come back into a marriage after having children?

Anyway yesterday was one of those days where having the most important data release ahead of time probably wouldn’t have helped you much. In fact it may have helped you lose money in risk. The well above expectations number for CPI was negative for bonds – as you would have expected – but equities rallied hard (S&P 500 +1.34%) after a large sell off in the minutes following the release (S&P futures slumped c.-1.8%). The price action yesterday perhaps tells us that the normalisation from last week’s vol shock is more powerful for markets for now than the data. However if this inflation trend holds (as has been and still is our expectation) we’re in for some real fun and games in markets in 2018 once the dust settles.

To be fair, weaker US retail sales (more details later) may have confused the story somewhat but it was all about inflation. For core, once we added in the extra decimal places the number came in at +0.349% putting clear air over the consensus estimate for just +0.2% and nearly rounding up to 0.4% MoM. In fact that was the largest monthly climb since March 2005 and kept the YoY steady at +1.8% (+1.7% expected). The three-month annualized rate also jumped to the highest since 2011 (+2.9%) and the six-month annualized rate also hit the highest since 2008 (+2.6%). The underlying components appeared to also affirm that inflation was relatively broad-based while there was a similar beat at the headline level (+0.5% mom vs. +0.3% expected).

Treasury yields marched higher with 10 year yields +7.3bp higher on the day to 2.903%, but c9bp up from just before the release. 2 and 30yr yields were up 6.1 and 5.1bps on the day. A reminder that yesterday we published a note (link) showing asset prices in the first and second half of the 1960s using our economists’ framework that there are big similarities between the inflection point on inflation in the 1960s and the current day.

In terms of US equities, sectors such as Banks (+2.55%), tech (+1.95%) and energy (+1.40%) led the rally. The VIX also swung c7pts intraday to close 5.7pts lower at 19.26. As we said earlier perhaps this current vol normalisation trend held sway yesterday but if inflation continues like this it feels impossible for us to imagine vol settling back down around 10 for a persistent period. We are likely to have some big trading days this year.

This morning in Asia, markets are extending on the positive US lead. The Nikkei (+1.21%) and Hang Seng (+1.97%) are up as we type, while the Chinese markets are now closed until the 21st for the lunar New Year holidays. After the bell in the US, Cisco’s share price jumped c7% after guiding to higher than expected sales for the current quarter and plans to boost its share buybacks by $25bn. Elsewhere, the YEN rose for the fourth straight day (+0.4%), partly helped by Japan’s Finance minister Aso prior comments where he noted “the current situation doesn’t warrant special intervention. The Yen isn’t rising or falling abruptly”.

Now recapping other markets performance from yesterday. European bourses initially traded lower post the US CPI print, but recovered throughout the day to be up c1%, partly aided by sound corporate results and supportive GDP prints. The Stoxx 600 (+1.07%), DAX (+1.17%) and FTSE (+0.64%) were all up and only the energy sector was in the red within the Stoxx. The VSTOXX fell 20% to 20.71. Over in government bonds, 10y Bunds and Gilts yields rose 0.7bp and 2.1bp respectively, while peripherals partly recovered from the prior day losses with yields down 1-6bp. Turning to currencies, the US dollar index weakened for the third consecutive day (-0.65%), while both the Euro and Sterling gained c0.8%. Elsewhere, the South African Rand was up 2.1% following President Zuma’s resignation. In commodities, WTI oil rebounded 2.38% to $60.60/bbl, in part as the latest EIA report showed US crude stockpiles rose less than expected last week. Precious metals gained c1.6% (Gold +1.59%; Silver +1.67%) and other LME base metals increased as the USD continues to fall (Copper +2.50%; Zinc +2.80%; Aluminium +1.80%).

Away from the markets, President Trump said he supports a 25c per gallon increase in federal gasoline and diesel taxes to help pay for upgrading roads, bridges and other public works. So perhaps there is more potential to fund his $1.5bln infrastructure plans, although Republican Senator Grassley noted the tax hike was unlikely to come up for a vote in the Senate and that “he’ll never get it by (Senator) McConnell”.

Staying in the US, our economists have been highlighting the upside risks to their growth outlook for some time. Given the recent passage of a bipartisan budget agreement provides for c$300 billion in additional discretionary spending over the next two years, they have now raised their 2018 real GDP growth forecast (Q4/Q4) to 2.9% (+0.3ppt) and the 2019 forecast rises to 2.5% (+0.4ppt). Following on, stronger growth should put further downward pressure on the unemployment rate, which they now expect will trough at 3.2% in 2019, about 1.5ppt below NAIRU. On rates, their views are unchanged and they continue to expect four rate hikes this year and three next year. But recent developments have tilted the balance of risks to the upside.

Now turning to some of the Brexit headlines. Foreign secretary Boris Johnson seemed to support the status quo during the Brexit transition period by noting “things will remain as they are”. However, he does make a case for a clean break with the EU – leaving the single market and customs union and pursuing flexibility for the UK to choose which EU rules it wants to keep post Brexit. Elsewhere, he noted “Theresa” was the right PM for the UK to lead Brexit talks while also indicating “let’s not go there” in terms of a potential second referendum on Brexit. On the other side, the EC’s Juncker’s response was quite colourful, he noted some in British politics “are against the truth, pretending that I’m a stupid, stubborn federalist…that I’m in favour of the EU superstate”, but “I’m strictly against (a superstate)….we aren’t the United States of America, we are the EU…”.

In Germany, Ms Merkel reiterated that the “black zero” fiscal prudence is the trademark of the CDU and “it will remain so in the future”. She noted that “if the SPD occupy the Finance Ministry in the future, our budget lawmakers will have to be even more careful that they don’t pile on new debt”.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the core CPI for January was above market at 0.3% mom (vs. 0.2%) as discussed earlier. Price increases were well spread across the core CPI, but part of the CPI gain was from a 1.7% monthly increase in apparel prices, the biggest increase since 1990. Notably, retail sales missed expectations. In the details, headline retail sales was -0.3% mom (vs. +0.2% expected). Ex auto and gas sales (-0.2% mom vs. +0.3%) and control group sales (0.0% mom vs. +0.4% expected) were also accompanied by downward revisions to December sales. The data certainly suggested a weaker looking consumption profile to the start the year and will likely cause the street to reassess growth forecasts the current quarter. Indeed the Atlanta Fed slashed their Q1 forecast to 3.25% from 4% but be slightly careful as their could have been some post hurricanes payback here. Elsewhere, December business inventories slightly beat at 0.4% mom (vs. 0.3% expected).

The Euro area’s 4Q GDP was in line at 0.6% qoq and 2.7% yoy. Across the countries, Germany’s 4Q GDP was also in line and solid at 0.6% qoq while Italy was slightly lower than expected at 0.3% qoq (vs. 0.4%). Elsewhere, the Euro area’s December IP was above market at 0.4% mom (vs. 0.1%), while Germany’s final reading of the January CPI was unrevised at 1.4% yoy. In Sweden the Riksbank left its policy rate at -0.5% and continued to forecast a gradual tightening from the second half of this year.

Looking at the day ahead, the January PPI and IP, February empire manufacturing, February Philly Fed PMI, February NAHB housing market index and the latest weekly initial jobless claims readings are all due in the US. In Europe Q4 employment data in France and the December trade balance for the Euro area are due. The ECB’s Mersch and Praet are also slated to speak at an event in Paris. Nestle will report earnings.
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Pics Of The Day





























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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Hoping You Have Nice Blue Sky Friday <3



MMgys

Friday Night Kick Off




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Tucson Gem & Mineral Show (Last Week)

Worlds Largest Gem Show! Tucson Gem Show 2018

https://www.youtube.com/watch?v=xKpeJLjLXe4


http://www.tgms.org/calendar/2017/10/17/tucson-gem-mineral-society-present

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A Day In A Chart

Tonight's "A Day In A Chart" is Brought to You by: Roi-Tan Cigars


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and Now our feature Chart Presentation >>>>>>>>



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A "Day In A Chart" With a Cigar

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‘Dead-Cat’ Dies As Stocks’ Six-Day Win-Streak Ends Abruptly

Everything was awesome again and then….

Just as The S&P was heading towards its best 7-day win-streak since 2003, a long-weekend of reflection on reality ruined the party – not helped by Wal-Mart’s biggest earnings-driven gap-down in years. (Nasdaq failed to hold green)



Futures show the utter idiocy of yesterday’s trading (the plunge at the cash open – that didn’t happen)…



The Dow fell back below 25k this afternoon, having failed to hold its 61.8% Fib retracement and testing back to the 50% level…



The S&P fell back below its 50DMA…



Small Caps are back in the red (with Trannies) for 2018…



Ugly day for the FANG stocks..



VIX pushed back above 20…



And for those looking to pin the blame on Wal-Mart, note that The Dow really did not react to WMT’s moves (and by the close WMT was just 70 of The Dow’s 300-plus point drop…



Treasury yields were all higher from Friday but the last hour of the day, as stocks were slammed, saw bonds bid and the mid- to long-end rally notably…



The belly outperformed with 2s7s down 3bps…



The Dollar Index surged again, erasing its post CPI losses….It seems the holiday in China is helping…



Dollar Strength did not help commodities which all fell today (WTI is holding in for the week amid “super-cartel” headlines)…



As gold has sunk the last few days, Bitcoin has rallied…



Bitcoin continued its February bounce-back…



With Bitcoin now up almost 100% from its early-Fed lows…



Today was the first aggregate bond + stock return day in 7 days…










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Your Reading..........

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On ~*~Mining & Metals Du Jour~*~

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Night Owls Data


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Feb 26/GOLD UP $2.40 TO $1331.20/SILVER UP 8 CENTS TO $16.60/OPTIONS EXPIRY THIS WEDNESDAY/GOLD EFP ISSUANCE:2651 CONTRACTS/SILVER EFP ISSUANCE: 2651 CONTRACTS/ ANOTHER BIG INCREASE IN GOLD INVENTORY AT THE GLD (1.77 TONNES)..FOR 5 OUT OF THE LAST 6 TRADING DAYS, GOLD INVENTORY HAS ADVANCED AT THE GLD/TRUMP SET TO INITIATE ANOTHER ROUND OF HARSH TARIFFS AIMED AT CHINA AND SOUTH KOREA ON STEEL AND ALUMINIUM/THE MEXICAN PESO PLUNGED TODAY/NEW HOME SALES IN THE USA CRASHED AND YET THE DOW RISES BY ALMOST 400 POINTS/SWAMP STORIES/
February 26, 2018 · by harveyorgan · in Uncat




GOLD: $1331.20 UP $2.40

Silver: $16.60 UP 8 cents

Closing access prices:

Gold $1333.50

silver: $16.65

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1344.69 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1334.65

PREMIUM FIRST FIX: $10.04

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SECOND SHANGHAI GOLD FIX: $1348.69

NY GOLD PRICE AT THE EXACT SAME TIME: $1339.50

discount of Shanghai 2nd fix/NY:$9.14

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LONDON FIRST GOLD FIX: 5:30 am est $1339.65

NY PRICING AT THE EXACT SAME TIME: $1339.30

LONDON SECOND GOLD FIX 10 AM: $1333.50

NY PRICING AT THE EXACT SAME TIME. $1334.00

For comex gold:

FEBRUARY/
NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 825 NOTICE(S) FOR 82500 OZ.

TOTAL NOTICES SO FAR:2625 FOR 262500 OZ (8.1640 TONNES),

For silver:

FEBRUARY
20 NOTICE(S) FILED TODAY FOR
100,000 OZ/

Total number of notices filed so far this month: 407 for 2,035,000 oz

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Bitcoin: BID $9,701/OFFER $9,771: DOWN $231(morning)
Bitcoin: BID/ $10,358/offer $10,428: UP $421 (CLOSING/5 PM)


end
We are now entering options expiry week for the big gold and silver contracts for the LBMA/OTC contracts. Comex options expired on Friday.

Let us have a look at the data for today\

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In silver, the total open interest FELL BY A CONSIDERABLE SIZED 1992 contracts from 198,429 FALLING TO 196,437 WITH FRIDAY’S 10 CENT LOSS IN SILVER PRICING. WE HAD CONSIDERABLE COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1770 EFP’S FOR MARCH AND AND 139 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1909 CONTRACTS. WITH THE TRANSFER OF 1909 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 1909 CONTRACTS TRANSLATES INTO 9.54 MILLION OZ DESPITE WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

45,132 CONTRACTS (FOR 18 TRADING DAYS TOTAL 45,132 CONTRACTS OR 225.660 MILLION OZ: AVERAGE PER DAY: 2507 CONTRACTS OR 12.537 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 225.660 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 32.22% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 474.19 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A CONSIDERABLE SIZED LOSS IN OI SILVER COMEX DESPITE THE 10 CENT LOSS IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1909 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1909 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE LOST 83 OI CONTRACTS i.e. 1909 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 1992 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 10 CENTS AND A CLOSING PRICE OF $16.52 WITH RESPECT TO FRIDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.985 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 20 NOTICE(S) FOR 100,000 OZ OF SILVER

In gold, the open interest ROSE BY 2189 CONTRACTS RISING TO 526,638 DESPITE THE FALL IN PRICE OF GOLD WITH RESPECT TO FRIDAY’S TRADING ($1.15). HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR MONDAY AND IT TOTALED AN SMALL SIZED 2651 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 2401 CONTRACTS AND JUNE SAW THE ISSUANCE OF 250 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 526,638. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GAIN OF 4840 CONTRACTS: 2189 OI CONTRACTS INCREASED AT THE COMEX AND A SMALL SIZED 2651 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(4840 oi gain in CONTRACTS EQUATES TO 15.05TONNES)

YESTERDAY, WE HAD 2746 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 187,370 CONTRACTS OR 18,737,000 OZ OR 582.79 TONNES (18 TRADING DAYS AND THUS AVERAGING: 10,409EFP CONTRACTS PER TRADING DAY OR 1,040,900 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 18 TRADING DAYS: IN TONNES: 582.79 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 582.79/2200 x 100% TONNES = 26.49% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1216.18 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

Result: A GOOD SIZED INCREASE IN OI AT THE COMEX DESPITE THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($1.15). HOWEVER, WE HAD ANOTHER TINY SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2651 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 2651 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 4840 contracts ON THE TWO EXCHANGES:

2651 CONTRACTS MOVE TO LONDON AND 2189 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 15.05 TONNES).

we had: 825 notice(s) filed upon for 82,500 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $2.40 : A BIG CHANGE IN GOLD INVENTORY AT THE GLD/ANOTHER DEPOSIT OF 1.77 TONNES OF GOLD INTO THE GLD

Inventory rests tonight: 831.03 tonnes.

SLV/

WITH SILVER DOWN 10 CENTs TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV

/INVENTORY RESTS AT 316.590 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 1992 contracts from 198,429 DOWN TO 196,437 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE FALL IN PRICE OF SILVER (10 CENT WITH RESPECT TO FRIDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 1770 PRIVATE EFP’S FOR MARCH AND 139 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 1518 CONTRACTS TO THE 1909 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A TINY LOSS OF 83 OPEN INTEREST CONTRACTS . WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN FEBRUARY (SEE BELOW). THE NET LOSS TODAY IN OZ ON THE TWO EXCHANGES: 0.415 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE FALL OF 10 CENTS IN PRICE (WITH RESPECT TO FRIDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 1909 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 SUNDAY night/MONDAY morning: Shanghai closed UP 40.55 POINTS OR 1.23% /Hang Sang CLOSED UP 231.43 POINTS OR 0.74% / The Nikkei closed UP 260.0 POINTS OR 1.19%/Australia’s all ordinaires CLOSED UP 0.67%/Chinese yuan (ONSHORE) closed UP at 6.3090/Oil UP to 63.51 dollars per barrel for WTI and 67.06 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED UP AT 6.3090 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3076 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR AND ALL OTHER CURRENCIES. CHINA IS HAPPY TODAY (STRONGER CURRENCY/STRONGER MARKETS)




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea

Trump initiates further sanctions against North Korea targeting 28 ships and 27 companies that still deal with this rogue nation. If this fails, then Trump warns of a devastating phase 2:



(courtesy zero hedge)
b) REPORT ON JAPAN
3 c CHINA

Trump is asking for the harshest import tariffs yet on global steel and in particular, Chinese steel at 24% and an additional 10% on aluminum. Trump will soon be isolated.



( zerohedge)
4. EUROPEAN AFFAIRS

i)Riots break about ahead of next week’s Italian election as demonstrators protest the rise in the Northern League (far right) party under Salvini. It seems that all parties are doing everything to keep the 5 star movement from taking office.

The natural coalition will be with the Far right Northern League and 5 star. If they can clear a majority than Brussels will be in deep trouble

here is your preliminary handicapping for next week’s election



( zero hedge)

ii)Corbyn’s Brexit speech warning May to obtain an agreement with the EU with a significant political gamble. One professor claims that it would leave the UK as a colony of the EU. He is right
(courtesy zerohedge)
iii)The Eu is now proposing to tax hike tech firms and it will be based on revenue as opposed to where they are headquartered. Almost of these are USA based. It will be almost impossible for these guys to evade this new kind of tax
( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Iran/USA

Iran is again threatening..this time if western banks do not start doing business in Iran, they will abandon their nuclear deal

( zerohedge)

ii)Israel/ (Jerusalem)/USA
The USA is planning to officially move its embassy to Jerusalem on Israel’s Independence Day

( MiddleEastEye.com)
6 .GLOBAL ISSUES
Mexico;
the Mexican Peso is pounded after a poor retail sales report
( zerohedge)
7. OIL ISSUES

We have outlined to you the huge conflicts arising from the big discovery of oil by Israel but which borders Cyprus, and Lebanon.

GEFIRA provides a great commentary on the fact that war looms because of the huge discovery of natural gas.

( GEFIRA)
8. EMERGING MARKET

South Africa

First was announcements that the government was going to confiscate farm lands belonging to white farmers. This weekend, a second announcement that South Africa will cut off all diplomatic ties with Israel

I think we were better off with Zuma





( MiddleEastMonitor.com)
9. PHYSICAL MARKETS

i)Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at: https://kinesis.money/#/

(Andrew Maguire)

ii)China is letting the yuan crush the dollar in an attempt to appease Trump so they would not be labelled a currency manipulator

( CNBC.GATA)

iii)It looks like Harvard grad, Liu He, a trained economist and a trusted confidant of Xi, which emerge as front runner for the next governor of the Central Bank of China

( Reuters/GATA)

iv)The Treasury Secretary of the USA Mnuchin urges markets not to worry about the effects of tax cuts and the rising debt. You should be worried..

( Bloomberg/Mohsin)

v)Regulators are looking into volatility funds and why many lost billions when one imploded

( Bloomberg/GATA)

vi)With low interest rates, some Fed officials are worried that they do not have the tools to fight the next recession

(Spicer/Saphir/Reuters/GATA)




10. USA stories which will influence the price of gold/silver

i)As Yellowstone is experiencing Quake Swarms, the San Francisco Bay area has been rattled by as many as 32 quakes in the past 24 hours

( zerohedge)

ii)January new home sales crash due to the higher interest rate

( zerohedge)

iii)The Dallas Fed Manufacturing Index (soft data) bucked the trend and soared to 13 yr highs due to the rise in oil production and price
(courtesy zerohedge)
iv)

It sure looks like this is what is going on: the Fed is pumping stocks to keep public pensions solvent

( Dave Kranzler IRD)
v)SWAMP STORIES



a)The Democrats finally release their version of the facts behind the Nunes memo. It basically is garbage..it does not outline why “this politically driven document fails to answer serious concerns raised by the Majority’s memorandum about the use of partisan opposition research from one candidate, loaded with uncorroborated allegations, as a basis to ask a court to approve surveillance of a former associate of another candidate, at the height of a presidential campaign.”

and..” the FISA judge was never informed that Hillary Clinton and the DNC funded the dossier that was a basis for the Department of Justice’s FISA application. In addition, the Minority’s memo fails to even address the fact that the Deputy FBI Director told the Committee that had it not been for the dossier: no surveillance order would have been sought. As the President has long stated, neither he nor his campaign ever colluded with a foreign power during the 2016 election: and nothing in today’s memo counters that fact.” Sarah Sanders.

(courtesy zerohedge)
Let us head over to the comex:

The total gold comex open interest ROSE BY 2189 CONTRACTS UP to an OI level 526,638 DESPITE THE FALL IN THE PRICE OF GOLD ($1.15 LOSS/ FRIDAY’S TRADING). WE HAD ZERO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED A RATHER SMALL COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 2401 EFP’S ISSUED FOR APRIL AND 250 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 2651 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 4840 OI CONTRACTS IN THAT 2,651 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 2189 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 2189 contracts OR 218,900 OZ OR 6.808 TONNES.

Result: A GOOD SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE SMALL LOSS IN FRIDAY’S GOLD TRADING ($1.15.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 4840 OI CONTRACTS..

We have now entered the active contract month of FEBRUARY where we LOST 111 contracts DOWN to 973 contracts. We had 16 notices filed upon yesterday, so we LOST 95 contracts or an additional 9500 oz will NOT stand in this active contract month of February AND NO DOUBT THAT THEY TRANSFERRED AS FORWARDS OVER TO LONDON.

March saw a LOSS of 79 contracts DOWN to 1258. April saw a LOSS of 986 contracts DOWN to 352,607. MARCH BECOMES THE FRONT MONTH FOR GOLD

We had 825 notice(s) filed upon today for 82,500 oz

THERE DOES NOT SEEM TO BE ANY GOLD AT THE COMEX TO BE SERVED UPON.


PRELIMINARY COMEX VOLUME FOR TODAY: 249,839 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 178,237 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI FELL BY AN UNEXPECTED 1992 CONTRACTS FROM 198,429 DOWN TO 196,437 WITH FRIDAY’S 10 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD ANOTHER STRONG SIZED 1770 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 139 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1909. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD CONSIDERABLE LONG COMEX SILVER LIQUIDATION WITH A SMALL SIZED LOSS IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE LOST 83 SILVER OPEN INTEREST CONTRACTS:

1992 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 1909 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES: 83 CONTRACTS

We are now in the poor non active delivery month of FEBRUARY and here the front month LOST 1 contract FALLING TO 20 contracts. We had 1 notice filed upon yesterday so we GAINED 0 contracts or NIL ADDITIONAL oz will stand for delivery at the comex

The March contract lost 11,175 contracts DOWN to 33,811

April LOST 1 contract DOWN to 341 .

FIRST DAY NOTICE IS ON WEDNESDAY, FEB 28.2018

.

We had 20 notice(s) filed for 5000 OZ for the FEBRUARY 2018 contract for silver
INITIAL standings for FEBRUARY

Feb 26/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
100.06 oz
DELAWARE
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today
825 notice(s)
82500 OZ
No of oz to be served (notices)
148 contracts
(14,800 oz)
Total monthly oz gold served (contracts) so far this month
2625 notices
262,500 oz
8.164 tonnes
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: nil oz
we had 1 withdrawal out of the customer account:
Out of Delaware: 100.06 oz
total withdrawal: 100.06 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustments
total registered or dealer gold: 466,694.488 oz or 14.516 tonnes
total registered and eligible (customer) gold; 9,132,954.478 oz 284.07 tones

For FEBRUARY:
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 825 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 820 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 FEBRUARY. contract month, we take the total number of notices filed so far for the month (2625) x 100 oz or 262,500 oz, to which we add the difference between the open interest for the front month of FEB. (973 contracts) minus the number of notices served upon today (825 x 100 oz per contract) equals 277,300 oz, the number of ounces standing in this active month of FEBRUARY

Thus the INITIAL standings for gold for the FEBRUARY contract month:

No of notices served (2625 x 100 oz or ounces + {(973)OI for the front month minus the number of notices served upon today (825 x 100 oz )which equals 286,800 oz standing in this active delivery month of February (8.625 tonnes). THERE IS 14.516 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 95 CONTRACTS OR AN ADDITIONAL 9500 OZ WILL NOT STAND IN THIS ACTIVE DELIVERY MONTH OF FEBRUARY AND THEY MORPHED INTO LONDON BASED FORWARDS. THERE DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AVAILABLE FOR OUR LONGS AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
FEBRUARY FINAL standings
feb 26 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
606,736.780 oz
Delaware
Scotia
Deposits to the Dealer Inventory
420,015.74
oz
brinks
Deposits to the Customer Inventory
851,167.920 oz
CNT
HSBC
No of oz served today (contracts)
20
CONTRACT(S
(100,000 OZ)
No of oz to be served (notices)
0 contracts
(NIL oz)
Total monthly oz silver served (contracts) 407 contracts

(2,035,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 1 inventory movement at the dealer side of things



we had 1 inventory deposits into the dealer account

i) Into Brinks: 420,015.740 oz

total inventory deposits into dealer: 420,015.740 oz



we had two deposits into the customer account





i) into CNT: 600,225.690 oz

ii) into HSBC: 250,942.230 oz



*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 136 million oz of total silver inventory or 55% of all official comex silver.

JPMORGAN TOOK A BREAK TODAY IN NOT ADDING ANYTHING APPRECIABLE TO ITS OFFICIAL INVENTORY COUNT.

we had 2 withdrawals from the customer account;

iii) Out of Delaware:: 5893.600 oz

ii) Out of Scotia:: 250,942.230oz

total withdrawals; 851,167.920 oz

we had 2 adjustments

i) Out of Scotia: 1,000,790.720 oz was adjusted out of the customer account and this landed into the dealer account of Scotia



ii) out of Delaware: 100,485.540 oz

total dealer silver: 47.858 million

total dealer + customer silver: 247.044 million oz

The total number of notices filed today for the FEBRUARY. contract month is represented by 20 contract(s) FOR 100,000 oz. To calculate the number of silver ounces that will stand for delivery in FEBRUARY., we take the total number of notices filed for the month so far at 407 x 5,000 oz = 2,035,000 oz to which we add the difference between the open interest for the front month of FEB. (20) and the number of notices served upon today (20 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the FEB contract month: 407(notices served so far)x 5000 oz + OI for front month of FEBRUARY(20) -number of notices served upon today (20)x 5000 oz equals 2,035,000 oz of silver standing for the FEBRUARY contract month.

WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 123,404 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 88,180 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 88,180 CONTRACTS EQUATES TO 440 MILLION OZ OR 62.89% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

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Digital Gold Provide the Benefits Of Physical Gold?

26, February

– Will digital gold provide the benefits of physical gold?
– Digital gold and crypto gold products claim to combine efficiencies of blockchain with value of gold
– They are yet to provide the same benefits or safety as owning physical gold
– National mints jumping in on the ‘sexy blockchain’ act
– BOE declares bitcoin ‘not a currency;’ Royal Mint launches blockchain gold product
– Digital gold, blockchain gold and crypto gold is frequently not fully backed, unallocated, pooled and unsecured gold holdings

Editor: Mark O’Byrne



At the beginning of last week Bank of England Governor Mark Carney claimed bitcoin was not a currency on the grounds that it is neither a medium of exchange or a store of value.

Scoffs aside about what this means for the British Pound, there are many out there who are trying to satisfy Mark Carney’s definition of a currency by backing digital tokens with gold.

The Royal Mint is one of them. They announced a new digital gold investment service entitled RMG back in December 2016. Interesting that a sister organisation to the Bank of England is looking at jumping into the crypto currency market by combining the blockchain with gold.

There are plenty of others doing the same thing. It is unsurprising given the recent volatility and negative press around the cryptocurrency market that there are many out there seeing opportunity in the interesting nexus that is blockchain and gold.

Is there value to be found in ‘digital’ money?



Is it possible to find ‘value’ in something which is as digital as fiat itself? For now, the jury is very much divided but there are some in the market who believe they can add value to cryptocurrency by backing it with gold (in some shape or form).

Many in the mainstream believe that this is bitcoin coming full-circle. Since its inception it has frequently been referred to as ‘digital gold’. Now, the backing of crypto currencies, or in fact just digital tokens, with gold has made the term come into its own.

Digital gold has, in fact, been around for many years. It is product offered by multiple online gold trading platforms. This involves buying ‘gold’ which is frequently pooled and the buyers locked into a closed-loop system with a single counter party. The owner does not own an actual physical gold coin or bar or coins or bars which are segregated and allocated in their name. They are captive to that particular platform with potentially poor liquidity, captive, monopoly pricing and counterparty risk exposure.

In the last few weeks there have been a plethora of announcements from both new and well-established organisations that have announced new digital gold products, either with a cryptocurrency, blockchain or just digital token angle. There is a serious danger that new investors believe they are getting decent exposure to this booming cryptocurrency market but with the security of the gold market to support them.

In truth, most of these new gold offerings are likely no better (and arguably worse) than the digital gold products that preceded them. As MoneyWeek’s Ben Judge concluded, last week, ‘my view is that so far, if you want exposure to gold, it’s better to stick with the real deal.’

Something not quite gold-standard about it all

The majority of those in the crypto space know there is something to be said for gold, hence the introduction of so many ‘gold-backed’ digital currencies. Many purport to have an advantage over more traditional means of gold ownership as there are low to zero transaction and storage fees.

This is fishy. Why store something for free and why buy something that is unallocated. We recently wrote about unallocated gold. We mentioned that whilst new gold investors might think that owning gold without having to pay storage fees seems highly attractive, it also comes with risks and, arguably hidden costs.

Unallocated gold is free to store because the bank or institution that you have chosen to buy it through, is using it for it’s own purposes. It is likely rehypotehated and loaned out. You the “investor” or “owner” is actually an unsecured creditor of multiple bank custodians.

Whilst the likes of the Royal Mint’s token is allocated, it is offering free storage. As we explained last year, this is a bit too picture perfect:

We’re all familiar with the expression ‘if it sounds too good to be true then that’s because it usually is’. The Royal Mint is owned by HM Treasury, it pays an annual dividend their way every year. It goes without saying that the United Kingdom is pretty broke at the moment and with the fallout of Brexit still playing out, against a backdrop of geopolitical uncertainty who knows how much worse it will become.

And when it does, how is the government planning on paying to keep the country going? Who knows, but it’s all happening at the same time that the government is trying to encourage you to hold gold in their vaults.

Ben Judge goes onto express our matching concerns about any national mint’s involvement in digital gold:

For many goldbugs, the Mint’s involvement might be a concern, given its ties to the government – governments have confiscated gold before (though not in the UK) and could well do so again. The Mint acknowledges this on its website, asking: “What protection against government confiscation does RMG offer?”, although it ducks the issue, as, of course, there is no protection.

Of course, this isn’t just an issue with offerings from the likes of the Royal Mint, the Canadian Mint or the Perth Mint’s soon-to-launch digital offering. It’s a common problem with many digital gold platforms, especially those purporting to be using blockchain technology.

MoneyWeek questions digital gold value



In a quick summary of the latest digital gold offerings Ben Judge addresses three of them and raises some serious concerns:

AurumCoin, for example, is creating a token that “will always be worth one gramme of pure gold”. Yet each coin is backed by just 0.75 grammes – AurumCoin claims that if each were backed by a full gramme, it would be “forced to charge a fee beyond the value of the currency”, which “defeats the idea”. The team behind it is a cagey outfit, saying that “we are obligated to operate legally and therefore we cannot reveal ourselves at this point”.

Digix, meanwhile, claims to be “fully allocated bullion”. Its DGX token represents “one gramme of 99.99% LBMA standard gold secured in Safe House vaults” in Singapore. The source of the bullion is Singaporean pawn shops. Digix will charge a transaction fee of 0.13% and a custody fee equivalent to 0.6% a year. To recast gold into 100g bars will cost 1DGX (one gramme of gold). It is slated for release at the end of the first quarter of 2018.

A third option is GoldMint, which operates “gold-backed” crypto assets, which “are 100% backed by physical gold or exchange-traded funds”. GoldMint’s physical reserves consist of gold from pawn shops around the world.

Many digital and crypto platforms claim to make the gold ownership process simple. What is simple about backing a currency with pawned gold? How many counterparties and owners are involved there? And why would you pay for one gramme when you only get 75% of it?

The jury might still be out on cryptocurrencies generally. For now, it makes sense to have a similar skepticism regarding the many new gold crytos.

Cybersecurity risk

No matter what you hear nothing is unhackable. Anything that has a presence online or is connected to a network is open to malicious cyber behaviour. All company’s, including digital gold providers, websites, servers and other technologies are vulnerable.

There is a great myth about cryptocurrencies that they are more secure than other offerings. In many ways they are but, conversely, there are many ways that they aren’t.

Internet shutdowns and cybersecurity attacks compromise our democratic freedoms. Malicious online activity is now about more than getting ahold of your credit card details or just showing off. It is about demonstrating power from one sovereign state to another.

As we recently explained in the light of the internet shutdown news, digital assets in general and digital gold is too reliant on online access to be able to offer you the security gold should offer:

When our democratic freedoms are threatened it means our financial ones are also at risk. Many savers and investors consider these threats and choose to diversify their portfolios. They spread the risk and hedge their bets against such events.

This is a sensible first step, however it can be rendered pointless if your management of your assets is reliant on internet access. Gold has been bought by millions all over the world because of its role in protecting investors during times of war, financial hardship and economic disasters. It is only recently that the idea of cyber warfare and the misuse of this power by governments has become a point of consideration.

Gold is as relevant here as it always has been. But it is specifically allocated, segregated physical gold which must be considered.

Owning gold coins and bars either in one’s possession or in allocated and segregated storage will protect people and will be accessible and liquid should an internet shutdown be triggered in your country tomorrow.



In a quick summary of the latest digital gold offerings Ben Judge addresses three of them and raises some serious concerns:

AurumCoin, for example, is creating a token that “will always be worth one gramme of pure gold”. Yet each coin is backed by just 0.75 grammes – AurumCoin claims that if each were backed by a full gramme, it would be “forced to charge a fee beyond the value of the currency”, which “defeats the idea”. The team behind it is a cagey outfit, saying that “we are obligated to operate legally and therefore we cannot reveal ourselves at this point”.

Digix, meanwhile, claims to be “fully allocated bullion”. Its DGX token represents “one gramme of 99.99% LBMA standard gold secured in Safe House vaults” in Singapore. The source of the bullion is Singaporean pawn shops. Digix will charge a transaction fee of 0.13% and a custody fee equivalent to 0.6% a year. To recast gold into 100g bars will cost 1DGX (one gramme of gold). It is slated for release at the end of the first quarter of 2018.

A third option is GoldMint, which operates “gold-backed” crypto assets, which “are 100% backed by physical gold or exchange-traded funds”. GoldMint’s physical reserves consist of gold from pawn shops around the world.

Many digital and crypto platforms claim to make the gold ownership process simple. What is simple about backing a currency with pawned gold? How many counterparties and owners are involved there? And why would you pay for one gramme when you only get 75% of it?

The jury might still be out on cryptocurrencies generally. For now, it makes sense to have a similar skepticism regarding the many new gold crytos.

Cybersecurity risk

No matter what you hear nothing is unhackable. Anything that has a presence online or is connected to a network is open to malicious cyber behaviour. All company’s, including digital gold providers, websites, servers and other technologies are vulnerable.

There is a great myth about cryptocurrencies that they are more secure than other offerings. In many ways they are but, conversely, there are many ways that they aren’t.

Internet shutdowns and cybersecurity attacks compromise our democratic freedoms. Malicious online activity is now about more than getting ahold of your credit card details or just showing off. It is about demonstrating power from one sovereign state to another.

As we recently explained in the light of the internet shutdown news, digital assets in general and digital gold is too reliant on online access to be able to offer you the security gold should offer:

When our democratic freedoms are threatened it means our financial ones are also at risk. Many savers and investors consider these threats and choose to diversify their portfolios. They spread the risk and hedge their bets against such events.

This is a sensible first step, however it can be rendered pointless if your management of your assets is reliant on internet access. Gold has been bought by millions all over the world because of its role in protecting investors during times of war, financial hardship and economic disasters. It is only recently that the idea of cyber warfare and the misuse of this power by governments has become a point of consideration.

Gold is as relevant here as it always has been. But it is specifically allocated, segregated physical gold which must be considered.

Owning gold coins and bars either in one’s possession or in allocated and segregated storage will protect people and will be accessible and liquid should an internet shutdown be triggered in your country tomorrow.



Will digital gold serve you as well the real thing?

It was with some interest that we witnessed a flight to physical gold as digital gold bitcoin and its contemporaries fell from their meteoric 2017 rises at the start of 2018.

They have begun to climb once again this week but it has made many aware that gains in these currencies must be secured by something with real value. Many investors agree that the massive price appreciations in cryptocurrencies are unsustainable and they must secure gains. They do this by investing in gold and silver, as we saw with many new clients towards the end of last year and last month.

Those we have spoken to and have assisted are selling a very overvalued asset and putting it into a still undervalued asset. Gold prices remain quite depressed, especially from where they were compared to six or seven years ago, and sentiment is still quite poor.

If you want to benefit from owning gold then own gold. Don’t faff around with something that is purportedly on a blockchain or backed by a pawn shop, a bank or (worse) a central bank.

Ultimately it comes down to investing in and legally owning actual gold coins and bars. Bullion that will serve your wealth in the same way it has served millions of people in years gone by – as an asset that is a form of financial insurance, that cannot be devalued by central banks and will not be confiscated whether through bail-ins or more forceful means.

If using gold, blockchain and bitcoin together means that investors’ portfolios can meet the above criteria then we are on the dawn of something very exciting, but we don’t believe that we are quite there yet. We are in an arguably dangerous period in the adoption bell-curve where learning and education are giving way to misinformation and misunderstanding.



Related reading

Digital Gold On The Blockchain – For Now Caveat Emptor

Internet Shutdowns Show Risk of Digital Gold Platforms

‘Digital Gold’ Bitcoin Flight To Safe Haven Physical Gold

News and Commentary

Gold recoups half of last week’s loss as dollar softens (MarketWatch.com)

Equity Rally Builds From Sydney to Hong Kong (Bloomberg.comr)

Australia’s Top Gold Miner Boosts Bets on Ecuador’s Riches (Bloomberg.com)

Markets fret over Federal Reserve’s approach under new chair Powell (Reuters.com)

Treasury secretary urges markets to shrug off worries over tax cuts, debt (Bloomberg.com)




Source: CNBC

Three Charts That Show Gold Is Going To $1,400 (CNBC.com)

ECB accuses Trump of ‘currency war’ as surging euro exposes Europe’s fragility (Telegraph.co.uk)

Lessons From the Oracle: Warren Buffett’s Shareholder Letter, Annotated (Bloomberg.com)

With rates extremely low, Fed officials fret over next recession (Reuters.com)

Here’s what rising U.S. interest rates mean for the global economy (StansBerryChurcHouse.com)

Exchange For Physical (EFP) Remain Very High – 6,600 Ton Per 30 Day Month (HarveyOrganBlog.com)

Silver; Mother of All Bullish “Cup & Handle” Patterns? (ZeroHedge.com)

Gold Prices (LBMA AM)

26 Feb: USD 1,339.05, GBP 953.00 & EUR 1,085.30 per ounce
23 Feb: USD 1,328.90, GBP 951.09 & EUR 1,079.20 per ounce
22 Feb: USD 1,323.50, GBP 952.66 & EUR 1,076.40 per ounce
21 Feb: USD 1,328.60, GBP 952.87 & EUR 1,078.16 per ounce
20 Feb: USD 1,337.40, GBP 955.97 & EUR 1,083.83 per ounce
19 Feb: USD 1,347.40, GBP 961.10 & EUR 1,085.47 per ounce
16 Feb: USD 1,358.60, GBP 964.61 & EUR 1,086.47 per ounce

Silver Prices (LBMA)

26 Feb: USD 16.67, GBP 11.88 & EUR 13.52 per ounce
23 Feb: USD 16.61, GBP 11.88 & EUR 13.50 per ounce
22 Feb: USD 16.47, GBP 11.86 & EUR 13.40 per ounce
21 Feb: USD 16.44, GBP 11.80 & EUR 13.35 per ounce
20 Feb: USD 16.57, GBP 11.85 & EUR 13.42 per ounce
19 Feb: USD 16.72, GBP 11.92 & EUR 13.46 per ounce
16 Feb: USD 16.84, GBP 11.97 & EUR 13.49 per ounce


Recent Market Updates

– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
– US-China Trade War Escalates As Further Measures Are Taken
– Gold Up 3.8% In Week – If Closes Above $1,360/oz Will Be Biggest Weekly Gain In Nearly 2 Years
– Is The Gold Price Heading Higher? IG TV Interview GoldCore
– Global Debt Crisis II Cometh
– Sovereign Wealth Funds Investing In Gold For “Long Term Returns” – PwC
– Bitcoin and Crypto Prices Being Manipulated Like Precious Metals?
– “This Is Where They Completely Lost Their Minds” – Hussman
– Brexit Risks Increase – London Property Market and Pound Vulnerable
– Peak Gold: Global Gold Supply Flat In 2017 As China Output Falls By 9%
– Crypto Currency Backlash Sees Flight From Cryptos and Bitcoin

As GATA outlines below, the regulators are now beginning to probe the VIX (volatility) funds. They will report on either misconduct, manipulation or malfeasance or nothing at all

(courtesy zerohedge)
Misconduct, Manipulation, Or Malfeasance? – US Regulators Begin Probe Of VIX Funds

Ten days after the reality of “rampant manipulation” in VIX was exposed yet again, perhaps because this time the market went down, US regulators are reportedly escalating their investigations into whether any wrongdoing occurred within VIX ETPs.



Following previous reports that The Financial Industry Regulatory Authority (FINRA) was scrutinizing whether traders placed bets on S&P 500 options in order to influence prices for VIX futures, and a whistleblower’s detailed explanation of how easy it is to spoof VIX’s tail to wag the market’s dog; Bloomberg reports that The Securities and Exchange Commission and the Commodity Futures Trading Commission have been conducting a broad review of trading since Feb. 5, when volatility spiked and investors lost billions of dollars, several people familiar with the matter said.

As a reminder, according to his letter, the whistleblower blames this VIX manipulation as the driver of last week’s volatility complex collapse:

“We contend that the liquidation of the VIX ETPs last week was not due solely to flaws in the design of these products, but instead was driven largely by a rampant manipulation of the VIX index,”

And, Bloomberg notes that after the losses, SEC officials reached out to Credit Suisse, a person with direct knowledge of the conversations said. Neither Credit Suisse nor ProShares have been accused of any wrongdoing. The regulators’ examinations are at an early stage and won’t necessarily lead to sanctions or new rules.

As another reminder, in May of last year we academic confirmation of the rigged nature the US equity market’s volatility complex, when a scientific study found “systemic VIX auction settlement manipulation.”

Two University of Texas at Austin finance professors found “large transient deviations in VIX prices” around the morning auction, “consistent with market manipulation.”



Griffin and Shams calculate that “the size of VIX futures with open interest at settlement is on average 5.7 times the size SPX options traded at settlement, and it is 7.3 times for VIX options that are in-the-money at settlement.”

* * *

Bloomberg concludes that there is no indication thus far that specific companies, including Credit Suisse, are being probed, and an SEC spokesman declined to comment, while CFTC officials didn’t respond to requests for comment; but with losses now piling up, allegations of market manipulation are getting more attention and government watchdogs face questions about why small-time investors were permitted to buy such products in the first place.

While we certainly won’t be holding out breath for any regulatory crackdown on these products (as they are the mothers’ milk of the stock market), it is at least a positive that there is finally some scrutiny on the volatility complex (that may, just may, prompt some retail investors to be at least a little less willing to pile all their investments into the short-vol trade once again).
END

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at: https://kinesis.money/#/

(Andrew Maguire)


Andrew Maguire
2:57 PM (1 hour ago)
to me

Harvey

Here It is my friend! https://kinesis.money/#/ Please let everyone know.

Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy

end
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With rates low, Fed officials fret over next recession

Submitted by cpowell on Sat, 2018-02-24 22:26. Section: Daily Dispatches

By Jonathan Spicer and Ann Saphir
Reuters
Saturday, February 24, 2018

Federal Reserve policymakers are fretting that they could face the next U.S. recession with an arsenal of policies little different from that used in the last downturn but robbed of much of their punch because interest rates are still low.

In the midst of an unprecedented leadership transition, Fed officials are publicly debating how to prepare for the next downturn. Should they scrap their approach to inflation targeting? How big of a balance sheet should they retain? How much further can they raise interest rates and still keep the economy on a growth path?

All this comes against a backdrop of an unexpectedly large boost from tax cuts and government spending that will drive up deficits, leaving less room for a fiscal rescue in the next recession.

“The thing that keeps me up at night is that when that next recession happens, and hopefully not for a long time, I don’t think we have as strong a toolkit as we would like to have to respond to that,” San Francisco Federal Reserve Bank President John Williams said Friday at a Town Hall Los Angeles event. …

… For the remainder of the report:

https://www.reuters.com/article/us-usa-fed/with-rates-low-fed-officials-…
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Your early MONDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED UP 6.3090 /shanghai bourse CLOSED UP 40.55 POINTS OR 1.23% / HANG SANG CLOSED UP 231.43 POINTS OR 0.74%
2. Nikkei closed UP 260.00 POINTS OR 1.19% /USA: YEN FALLS TO 106.79/ STILL DEADLY AS YEN CARRY TRADERS DISINTEGRATE

3. Europe stocks OPENED DEEPLY IN THE GREEN /USA dollar index FALLS TO 89.59/Euro RISES TO 1.2335

3b Japan 10 year bond yield: FALLS TO . +.047/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.79/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 63.51 and Brent: 67.06

3f Gold UP/Yen UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.658%/Italian 10 yr bond yield DOWN to 2.022% /SPAIN 10 YR BOND YIELD DOWN TO 1.562%

3j Greek 10 year bond yield RISES TO : 4.42?????????????????

3k Gold at $1338.10 silver at:16.68 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 17/100 in roubles/dollar) 55.97

3m oil into the 63 dollar handle for WTI and 67 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.79 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9349 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1531 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLING to +0.658%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.8610% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.1490% /BOTH VERY DEADLY

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Global Stocks, S&P Futures Surge As Dollar Resumes Plunge

Any hopes that the dollar may have halted its recent tumble have been, for now, dashed, when the greenback resumed its slide overnight, the DXY falling below 90 again and down for a third day against all G-10 peers ahead of Fed Chair Jerome Powell’s first Congressional testimony in which investors bet the new head of the Federal Reserve will steer a steady course on policy.



Given he’s speaking on behalf of the committee it would be a big surprise to see much deviation from recent Fed commentary, but much will probably be made of how he handles the scrutiny,” said Deutsche Bank’s Jim Reid in preview of Powell’s comments.

“Powell’s testimony on Tuesday could be key in determining whether the recent market reluctance to price Fed much more aggressively despite inflationary impulses is warranted or not,” said Christin Tuxen, chief currency analyst at Danske Bank. “If Powell comes out hawkish, the potential for EUR/USD downside would be non-negligible. Possible downside EUR risks loom this weekend with the general election in Italy and the SPD vote.”

Dollar weakness has pushed the euro higher and the yen strengthens after Governor Kuroda said “prices are gradually rising more and more” even as the BOJ has no plans to overhaul its current form of easing. U.S. 10-yr yields are little changed after falling 5bps Friday, while global stocks have all sprinted out of the gate in what right now is a sea of green…



… and S&P futures are currently at session highs, up 12 points or 0.4%.



With the dollar slumping, and 10Y TSY yields failing to rise above 2.90%, European shares followed their Asian counterparts higher amid some modest concerns what Jay Powell may say tomorrow.

In other macro news, the pound advanced, finding some support after the BOE Deputy Governor Dave Ramsden said in an interview that rates may need to be raised sooner than previously thought due to signs of accelerating pay growth. The euro rose ahead of ECB President Draghi’s statement before European lawmakers. Russia’s ruble appreciated the most in emerging markets after S&P Global Ratings boosted its credit score to investment grade. The yen firmed to a one-week high, gold climbed and European sovereign bonds were mixed. Asia’s emerging-market currencies rose as regional stocks tracked U.S. equities higher and lower Treasury yields supported demand for developing-nation assets. Most sovereign bonds also climbed.

FX recap from BBG:

The Bloomberg Dollar Spot Index falls for a third day as the euro grinds higher from a session low of 1.2280 to touch 1.2355. Treasuries pushed higher in Asian hours as Yen rallied, before sticking in tight range. Yield are lower by 1-1.5bps across the curve, with 7-year sector outperforming as futures lead gains
The cable rose to a 10-day high ahead of a speech by opposition leader Jeremy Corbyn that is expected to see him back a softer Brexit
The yen reversed earlier declines after BOJ Governor Kuroda said Japanese prices are rising; he also reaffirmed his view that the BOJ needs to continue with the current powerful monetary easing program to achieve its 2% inflation target
New Zealand dollar reverses losses after fund-related sales against Aussie have filtered through the market

Looking at global equities, the Europe Stoxx 600 Index jumped to its highest level in more than three weeks, with nearly all major industry groups rallying. The gains this morning have been largely broad-based across all major sectors, while material names outperform with miners tracking the moves higher in commodity prices which have been buoyed by the softer USD. Moves higher in the FTSE 100 have been capped by the GBP strength which had been given a boost by surprisingly hawkish comments from BoE’s Ramsden, while election risks have contained the upside in the FTSE MIB. All of 19 Stoxx 600 sectors rise; financial services sector has the biggest volume at 128% of its 30-day average; 529 Stoxx 600 members gain, 60 decline. Top Stoxx 600 outperformers include: Steinhoff International Holdings +6.5%, Telefonaktiebolaget LM Ericsson +3.8%, Nokia +3.8%, Swedish Orphan Biovitrum +3.5%, Suez +2.4%.

“This week looks set to be a long wait for the Italian election and the German SPD vote on a new Grand Coalition on Sunday,” Societe Generale strategists write in note. “While we expect a hung parliament in Italy and a small majority in favor in Germany, uncertainty remains high.”

Asia was also green across the board, with Australia’s ASX 200 (+0.7%) and the Nikkei 225 (+1.2%) both higher as earnings fuelled the biggest gainers in Australia, while Japanese exporters weathered a firmer JPY and led the region’s advances. Elsewhere, Hang Seng (+0.7%) and Shanghai Comp. (+1.2%) were in the green with Geely Auto the outperformer after reports its parent amassed a near 10% stake in Daimler, although Chinese property names were less fortunate with the Shanghai Comp. Property Index slumping 3% in early trade after the latest House data showed efforts to curb the sector were gaining fruition. Elsewhere, Bank of Japan Governor Haruhiko Kuroda said the central bank has no plan to overhaul its current form of easing, adding that he saw no need to do another comprehensive assessment of the effectiveness of the bank’s policies.

Over in the US, as stocks rebound from their early February correction, the S&P P/E ratio is almost back to where it was when yields took off, which however is clearly not bothering investors for now.

Much of the market’s focus during the coming week will be on monetary policy, with the heads of the European Central Bank and Bank of England set to give speeches. But they are likely to be overshadowed by Fed chair Jerome Powell. U.S. stock markets calmed on Friday after the Fed said it saw steady economic growth continuing and no serious risks on the horizon.



Powell may help set a new direction for investors at a time when some of the biggest names in markets are at odds over the implications of this month’s surge in U.S. bond yields. Morgan Stanley put out a bullish call on Treasuries Monday, countering warnings on the securities from Goldman Sachs Group Inc. and Warren Buffett. Bond traders are still pricing less than the three quarter-point interest-rate hikes that Fed officials have signaled as likely this year.

A quick look at the latest Brexit events, where the UK’s Office for Budget Responsibility is set for an embarrassing U-turn as it prepares to dramatically hike forecasts for UK growth just months after they were suddenly downgraded. Also, media reports suggested that three cabinet ministers warned PM May during private talks on Brexit at her Chequers retreat last week that her government could collapse this year. According to a report in the Sunday Times, senior ministers said there are discussions about whether the prime minister should turn the vote into a confidence issue, threatening a general election if Tory MPs vote with the opposition. Finally, the FT reported that opposition leader Corbyn is set to confirm today that the Labour Party will oppose PM May’s plans to take Britain out of the
customs union with the EU. Also, the EU is said to stand firm over Northern Ireland border and that the Brexit treaty text is to not include crucial compromise language secured by UK PM May.

In central bank speakers, BoE’s Ramsden said there seems to be more impetus on wages and that they will keep a close eye on what happens through the early part of this year to see if that forecast [in a Bank survey] of wage growth picking up to 3% is realised. Ramsden also commented that certainly relative to where he was, he now sees the case for rates rising somewhat sooner rather than somewhat later. (Sunday Times) Note: Ramsden was one of the two dissenters on the MPC when the BoE decided to hike rates in November 2017, citing concerns over wage growth prospects as a reason to refrain from lifting rates.

In commodities, oil prices steadied after hitting their highest level in nearly three weeks, supported by comments from Saudi Oil Minister Khalid Al-Falih who said OPEC and its allies may ease output curbs in 2019 in a way that won’t disturb the market. Bitcoin fluctuated around $9,500.

Investors will watch for new home sales data, while Dean Foods, Fitbit and Tenet are among companies reporting results.

Market Snapshot

S&P 500 futures up 0.3% to 2,757.50
STOXX Europe 600 up 0.5% to 383.02
MXAP up 0.8% to 179.58
MXAPJ up 0.8% to 587.87
Nikkei up 1.2% to 22,153.63
Topix up 0.8% to 1,774.81
Hang Seng Index up 0.7% to 31,498.60
Shanghai Composite up 1.2% to 3,329.57
Sensex up 1% to 34,465.98
Australia S&P/ASX 200 up 0.7% to 6,042.18
Kospi up 0.3% to 2,457.65
German 10Y yield rose 0.2 bps to 0.655%
Euro up 0.4% to $1.2339
Brent Futures down 0.2% to $67.16/bbl
Italian 10Y yield fell 0.8 bps to 1.797%
Spanish 10Y yield fell 3.2 bps to 1.565%
Brent Futures down 0.2% to $67.16/bbl
Gold spot up 0.8% to $1,339.00
U.S. Dollar Index down 0.3% to 89.59

Bulletin Headline Summary from Ransquawk

A positive start to the week for European equities (Eurostoxx 50 +0.5%), which have taken the impetus from Asian
equities overnight.
The DXY is back below 90.000 yet again, and on broad losses for the Greenback vs G10 peers bar the Loonie
(Usd/Cad holding above 1.2600 towards the middle of a 1.2615-60 range)
Looking ahead, highlights include US New Home Sales and a slew of speakers from the ECB, BoE and Fed

Top Overnight News

China’s Communist Party is set to repeal presidential term limits in a move that would allow Xi Jinping to rule beyond 2023, completing the country’s move away from a political system based on collective leadership.
For pound traders seeking some degree of clarity on Brexit negotiations, speeches by Britain’s Prime Minister and the leader of the opposition will prove crucial in the coming week. Theresa May is scheduled to outline her plan on the future relationship in a speech on March 2, after Labour leader Jeremy Corbyn sets out his party’s Brexit position on Monday
Bank of Japan Governor Haruhiko Kuroda reaffirms his view that the BOJ needs to continue with the current powerful monetary easing program to achieve its 2% inflation target.
The White House said “we will see” after North Korean leader Kim Jong Un indicated he may be willing to hold talks, while reaffirming the U.S. insistence on Pyongyang’s “verifiable” denuclearization
Angela Merkel nominated an up-and- coming conservative to a post in Germany’s new cabinet, part of a bid to reassert control of the party by placating critics while maintaining her centrist approach to policy
NEX Group’s recently designed trading platform for China’s foreign exchange market saw 307 institutions conduct deals on Feb. 5 when phase 2 of the platform went live, the firm said in a statement
Bank of England Deputy Governor Dave Ramsden says in an interview with The Sunday Times that interest rates might need to be raised sooner than he previously thought due to signs of accelerating wage growth

Asian stock markets began the week on the front-foot as the region took impetus from last Friday’s late rally on Wall St and with energy names underpinned by recent strength in crude prices. ASX 200 (+0.7%) and Nikkei 225 (+1.2%) were both higher in which earnings fuelled the biggest gainers in Australia, while Japanese exporters weathered a firmer JPY and led the region’s advances. Elsewhere, Hang Seng (+0.7%) and Shanghai Comp. (+1.2%) were in the green with Geely Auto the outperformer after reports its parent amassed a near 10% stake in Daimler, although Chinese property names were less fortunate with the Shanghai Comp. Property Index slumping 3% in early trade after the latest House data showed efforts to curb the sector were gaining fruition. Finally, 10yr JGBs were marginally higher amid mild gains in USTs, while the Japanese yield curve was mixed as longer-dated bonds underperforming after the BoJ kept its operations concentrated in the belly. PBoC injected CNY 100bln via 7-day, CNY 30bln via 28-day and CNY 20bln via 63-day reverse repos. Chinese President Xi Jinping’s policy advisor Liu He is said to emerge as the front runner to head the PBoC when current Governor Zhou retires. China’s Communist Party is said to propose to drop limits on presidential terms which would allow President Xi Jinping to remain as the nation’s president indefinitely. BoJ Governor Kuroda reiterated that the BoJ will continue with powerful monetary easing to achieve the price target. Furthermore, Kuroda also commented that Japan’s economy needs persistent monetary easing and that there is currently no plan for a new comprehensive assessment.

Top Asian News

Kuroda Vows to Keep Stimulus Unchanged, Won’t Reassess Policy
China’s Xi Follows Putin in Laying Ground to Rule for Decades
SoftBank Outlook Cut to Negative at S&P on Fund Investments
Exxon Shuts Papua New Guinea Output to Inspect Quake Damage

A positive start to the week for European equities (Eurostoxx 50 +0.5%), which have taken the impetus from Asian equities overnight. The gains this morning have been largely broad-based across all major sectors, while material names outperform with miners tracking the moves higher in commodity prices which have been buoyed by the softer USD. Moves higher in the FTSE 100 have been capped by the GBP strength which had been given a boost by surprisingly hawkish comments from BoE’s Ramsden, while election risks have contained the upside in the FTSE MIB. In stock specific news, the troubled lender, Profident Financial are trading with losses of over 13% ahead of their earnings tomorrow.

Top European News

Deutsche Bank Presses Ahead With Asset Management Stock Sale
Renzi Cold Shoulder for Five Star Flirting: Italy Campaign Trail
With Daimler Deal, Geely Puts China Flag in German Heartland
PostNL Plunges as Profit Toll of Regulator’s Measures Increases
It’s Dalio Versus Everyone Else as Money Flows to Europe Stocks

In FX, the DXY is back below 90.000 yet again, and on broad losses for the Greenback vs G10 peers bar the Loonie (Usd/Cad holding above 1.2600 towards the middle of a 1.2615-60 range). Some market observers say the renewed bout of weakness reflects a pullback in yields, but that correlation remains tenuous given the fact that the Dollar did not rally in tandem with 10 year cash hitting peaks around 2.95% (circa 10 basis points above current levels) at the heights last week, or at least not to the same degree. Hence, it is concerns about the US fiscal situation and rising deficits that are still weighing on sentiment alongside some political angst as President Trump continues to push protectionist policies. Even month end demand has not given the Usd much of a boost, as yet anyway, with Eur/Usd firmly back above 1.2300 and testing 1.2346 DMA resistance despite bearish cross flow via Eur/Jpy that has tested near term chart support just ahead of 131.00. Cable has breached its 21 DMA and 1.4050 amidst ongoing Brexit uncertainty, and Usd/Jpy has retreated to 106.50 from 107.00+. The Greenback may derive some support from big option expiries, with circa 2 bn in both Cable and Usd/Jpy at 1.4000 and 107.00-05 respectively

In the commodities complex, WTI and Brent crude futures pulled off best levels with WTI running into resistance around USD 64 to move back down to the mid-USD 63s. Over the weekend, Saudi Energy Miniset Al Falih stated that he expects production cuts to ease next year (Current OPEC/ Non-OPEC production cut due to expire at year-end). Elsewhere, Barclays sees a significant risk of a market correction in H2 as a result of builds in inventories. Barclays says 2018 crude forecast of USD 60bbl for Brent and USD 55bbl for WTI is unchanged -Barclays expects backwardation in WTI and Brent Futures curves to subside later this year -Barclays also sees a significant risk of market correction in H2 2018 due to builds in inventories

We start the week with the January Chicago Fed National activity, February Dallas Fed manufacturing index and new home sales data are also due. Onto other events, the ECB’s Draghi will addresses the EU Parliament while the incoming ECB VP Mr De Guindos will also attend his confirmation hearing at the Parliament. Elsewhere, the ECB’s Coeure, BOE’s Cunliffe and the Fed’s Bullard will speak.

US Event Calendar

8:30am: Chicago Fed Nat Activity Index, est. 0.2, prior 0.3
8am: Fed’s Bullard Speaks on U.S. Economy and Monetary Policy
10am: New Home Sales, est. 647,500, prior 625,000
10am: New Home Sales MoM, est. 3.6%, prior -9.3%
10:30am: Dallas Fed Manf. Activity, est. 30, prior 33.4
3:15pm: Fed’s Quarles Gives Assessment of U.S. Economy

Key events on deck this week:

ECB President Mario Draghi speaks in Brussels on Monday.
Bank of Korea has policy decision and briefing on Tuesday.
Powell testifies before a House panel on Tuesday. He’ll discuss the Fed’s Semi-Annual Monetary Policy Report and the state of the economy. Powell returns on March 1 before a Senate committee.
Companies announcing earnings this week include: Vale, BASF, Standard Chartered, Bayer, Lowe’s, Galaxy Entertainment Group, Anheuser-Busch InBev, Peugeot, WPP, and London Stock Exchange Group.
U.K. Prime Minister Theresa May delivers a speech on Britain’s relationship with the European Union after Brexit.
A barrage of data is expected out of Japan including retail sales and industrial production Wednesday, and capital spending Thursday.
In China, the official and Caixin purchasing managers’ indexes on Wednesday and Thursday respectively may show growth momentum slowed slightly in February, though the signal may be clouded by the holidays.

DB’s Jim Reid concludes the overnight wrap

The highlight this week is new Fed Chair Powell’s inaugural testimony before the House Financial Services and Senate Banking Committees on Tuesday and Thursday, respectively. Given he’s speaking on behalf of the committee it would be a big surprise to see much deviation from recent Fed commentary (the recent Fed minutes the best template even if before recent inflation surprises) but much will probably be made of how he handles the scrutiny and grilling.

Staying with the US, Thursday also brings the core PCE deflator which is the Fed’s preferred inflation series and therefore an important release given the current market focus on prices. DB expect a pick-up (+0.3% forecast vs. +0.2% previously; +0.3% expected) with medical and healthcare increases in the recent CPI and PPI reports providing some impetus. Also on inflation, Tuesday sees Germany’s latest numbers with the various European country and composite readings over the following 24 hours. Thursday sees the first of the month with the usual PMIs. The rest of the week’s highlights are printed at the end but remember that next Sunday sees the long awaited Italian election with no one really sure what the outcome will be but not many people being that concerned about a particularly negative scenario. Our economists have suggested that a hung parliament is slightly more likely than a centre-right coalition with the latter potentially more positive in the short-term but with risks to debt levels and the European/Brussels relationships later down the road given the likelihood of it being associated with fiscal easing. The former is likely to lead to a grand coalition (more likely) or fresh elections with both scenarios only likely to play out slowly and could therefore increase uncertainty in the short-term. See DB’s report here for more.

Over the weekend in China, the Party’s Central Committee announced it is seeking to change the Constitution to allow the President and VP to serve more than ten years, potentially enabling President Xi to stay beyond 2023. Ahead of the National People’s Congress meetings from 5th March, our Chinese economists highlight ten issues for investors to watch. These include: amendments of the constitution, economic growth targets, fiscal and monetary policy and property market policy.

Turning to central bankers commentaries. In the UK, the BOE’s Ramsden who was against the November rate hike, now “see(s) the case for rates rising somewhat sooner rather than later”, in part as he is “more confident than (he) was that wages are picking up”. Back on Friday, the Fed’s Williams said that “we should be moving ahead with a rate increase relatively soon, in the near future” and that “it makes sense to think about three or four rate increases in 2018”.

This morning in Asia, markets are trading broadly higher, with the Nikkei (+1.2%), Hang Seng (+0.72%), China’s CSI 300 (+1.25%) and the Kospi (+0.18%) all up as we type. Elsewhere, BOJ’s Kuroda noted the Japanese economy is expanding smoothly and “its’ essential for the BOJ to continue monetary stimulus so as to hit the price target” and there is “no plan for a new comprehensive assessment (of the bank’s monetary policy) at this point”. The YEN is up c0.3% against the USD this morning.

Now recapping market performance from Friday. Core government bonds were firmer with the UST 10y and Bunds both c5.4bp lower while Gilts fell 2.4bp, in part as the Fed’s semi-annual report on monetary policy didn’t seem to add to the relatively hawkish Fed Minutes earlier in the week. The weaker European PMIs last week also put a dampener on the recent rises in yields. Elsewhere US equities rebounded c1.5% (S&P +1.60%, Dow +1.39%; Nasdaq +1.77%) with all sectors within the S&P up and gains led by the utilities, tech and energy stocks. The VIX fell 11.9% to 16.49. In Europe, the Stoxx 600 and DAX edged up c0.2% while the FTSE and Spain’s IBEX fell 0.11% and 0.55% respectively.

Turning to currencies, the US dollar index and Sterling strengthened 0.16% and 0.11% respectively while the Euro fell 0.28%. In commodities, WTI oil was up 1.24% to $63.55/bbl. Elsewhere, precious metals weakened c0.3% (Gold -0.25%; Silver -0.46%) and other base metals were mixed but little changed (Copper -0.41%; Zinc -0.30%; Aluminium +0.39%).

Staying in the US, three unnamed sources noted to Bloomberg that President Trump wants the impose the harshest tariffs on steel and aluminium imports, which could include a global tariff of 24% on steel imports and up to 10% duty on aluminium imports. The process is ongoing and a final decision by President Trump on the recommendations made by the US Commerce Department is due before April.

Before we take a look at this week’s calendar, we wrap up with other data releases from Friday. In Europe, the final reading for Euro area’s January core CPI was unrevised at 1% yoy (headline CPI at 1.3% yoy). In Germany, the final reading of the 4Q GDP was also unrevised at 0.6% qoq and 2.9% yoy. Elsewhere, China reported January new home prices rose in 52 of 70 cities, down from 57 cities in December. According to a Reuters, the average rise across all cities was 0.3% mom and 5% yoy after excluding data on affordable housing (vs. 5.3% yoy previous if including affordable housing).

We start the week with the UK’s January Finance loans for housing. Across the pond, the January Chicago Fed National activity, February Dallas Fed manufacturing index and new home sales data are also due. Onto other events, the ECB’s Draghi will addresses the EU Parliament while the incoming ECB VP Mr De Guindos will also attend his confirmation hearing at the Parliament. Elsewhere, the ECB’s Coeure, BOE’s Cunliffe and the Fed’s Bullard will speak. The UK’s opposition leader Corbyn is expected to set out the Labour Party’s Brexit position today with the party set to announce that they would stay in the Customs Union. This will cause problems for Mrs May who has said the country will leave. Parliament is generally in favour of staying so this raises the possibility of a lost vote somewhere down the line.
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Peso Pounded After Mexican Retail Sales Crash Most In 5 Years

The peso is tumbling back to earth after last week’s excitement following a 2% plunge YoY in Mexican retail sales in December – the biggest drop since 2013.

It is perhaps no coincidence that Mexico’s retail sales peaked in November 2016 – the month President Trump was elected – and have fallen ever since.

This is the 5th straight month of annual declines in Mexico retail sales…



And the reaction was swift in the peso…



Fascinating that both Mexico and Canada are seeing major downturns and disappointments in their macro data in recent weeks, just as NAFTA negotiations reach the vinegar strokes.
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South Africa To Cut All Diplomatic Ties With Israel



Via MiddleEastMonitor.com,

The South African government is intending to cut diplomatic ties with Israel in protest of its treatment of the Palestinian people, the country’s Science and Technology Minister Naledi Pandor announced yesterday.

Pandor informed parliamentarians of the government’s resolution during a ten-hour joint debate on South African President Cyril Ramaphosa’s State of the Nation Address (SONA) that he delivered last week.

“The majority party has agreed, that government must cut diplomatic ties with Israel, given the absence of genuine initiatives by Israel to secure lasting peace and a viable two-state solution that includes full freedom and democracy for the Palestinian people,” she said.

The comments were made in response to opposition leader Kenneth Meshoe, who had argued that it was disappointing that national and provincial authorities in South Africa had refused help from Israeli companies to address the country’s current water crisis.

https://videopress.com/embed/MTe116LK?hd=1&loop=0&autoPlay=0&permalink=0

However, the proposal was applauded by parliamentarians and Pandor, who is expected to be appointed vice president in Ramaphosa’s new Cabinet, was given a standing ovation as she left the podium.

The government’s decision was further confirmed on the South African Parliament’s official Twitter account.

Parliament of RSA

?@ParliamentofRSA

#Pandor: The majority party has resolved that government must cut diplomatic ties with Israel #SONADebate

South Africa has been a staunch ally of the Palestinian struggle and regularly spoken out against the atrocities committed by the Israeli government.

Last month, the South African representative to the UN told the Human Rights Council that Israel is the “only state in the world that can be described as an apartheid state”, just days after the ruling African National Congress (ANC) party called for government ministers to strengthen the country’s visa restrictions with Israel.

Last year, the government also resolved to downgrade the South African Embassy in Israel to a liaison office, and cautioned Tel Aviv for blacklisting supporters of the Boycott, Divestment and Sanctions (BDS) movement, which included prominent figures of the ANC.

The BDS South Africa campaign has witnessed significant support from the nation’s public, with universities and churches backing a cultural and economic boycott of Israel affiliated organisations.


end

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Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for MONDAY: 1:00 PM EST

London: CLOSED UP 45.17 POINTS OR 0.62%
German Dax :CLOSED UP 43/25 POINTS OR 0.35%
Paris Cac CLOSED UP 26.89 POINTS OR 0.51%
Spain IBEX CLOSED UP 80.00 POINTS OR 0.81%

Italian MIB: CLOSED UP 34.06 POINTS OR 0.15%

The Dow closed UP 399.28 POINTS OR 1.58%

NASDAQ WAS UP 84.07 Points OR 1.15% 4.00 PM EST

WTI Oil price; 63.96 1:00 pm;

Brent Oil: 67.61 1:00 EST

USA /RUSSIAN ROUBLE CROSS: 55.82 DOWN 32/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 32 BASIS PTS)

TODAY THE GERMAN YIELD FALLS TO +.652% FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM
Closing Price for Oil, 4:30 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:$64.03

BRENT: $67.56

USA 10 YR BOND YIELD: 2.862% THIS RAPID ASSENT IN YIELD IS VERY DANGEROUS/DERIVATIVES START TO BLOW UP/ dangerous/stays extremely high in yield/

USA 30 YR BOND YIELD: 3.154%/BROKE GUNDLACH’S KEY 3.00% AGAIN WHERE ALL VALUATIONS ON STOCKS BLOW UP/ VERY DEADLY

EURO/USA DOLLAR CROSS: 1.2318 UP.0027 (UP 27 BASIS POINTS)

USA/JAPANESE YEN:106.95 UP 0.117/ YEN UP 6 BASIS POINTS/ very dangerous as yen carry traders are getting killed/yen continues to rise despite the NYSE rising.

USA DOLLAR INDEX: 89.81 DOWN 7 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.3967 : UP 0.0008 (FROM FRIDAY NIGHT UP 8 POINTS)

Canadian dollar: 1.2677 DOWN 48 BASIS pts

German 10 yr bond yield at 5 pm: +0.652%


VOLATILITY INDEX: 15.80 CLOSED DOWN 0.69

END

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“At any given moment there is an orthodoxy, a body of ideas of which it is assumed that all right-thinking people will accept without question. It is not exactly forbidden to say this, that or the other, but it is “not done” to say it… Anyone who challenges the prevailing orthodoxy finds himself silenced with surprising effectiveness. A genuinely unfashionable opinion is almost never given a fair hearing, either in the popular press or in the high-brow periodicals.”

George Orwell

“To write the truth as I see it; to defend the weak against the strong; to fight for justice; and to seek, as best I can to bring healing perspectives to bear on the terrible hates and fears of mankind, in the hope of someday bringing about a world in which men and women will enjoy the differences of the human garden instead of killing each other over them.”

I.F. Stone


"Why is my language not clear to you? Because you are unable to hear what I say. You belong to your father, the devil, and you want to carry out your father’s desires. He was a murderer from the beginning, not holding to the truth, for there is no truth in him. When he lies, he speaks his native language, for he is a liar and the father of lies."

John 8:43-44


I cannot believe some of the things that I am hearing on the mainstream media and reading on the internet these days. Well, shame on me if I am shocked, because I forecast that this was coming. A period of hysteria and a general disregard for reality follow on a long period of lies and corruption, like night follows day.

If the economic hardships had been more rigorous I have little doubt that the killing would have come closer to home by now.

What does shock me I suppose is how blithely seemingly well-educated people of relative privilege, who certainly know better, are willing to embrace the Big Lie, and run with it without a second glance back. Bizarre untruths and gross hyperbole are not just for the fringes anymore.

I was greatly disappointed by the 'debate' between James Risen and Glenn Greenwald, moderated by Jeremy Scahill. I include a video from Jimmy Dore below in which he discusses it, and I have posted the original debate here before.

But this is hardly the worst example, not at all. That was all over the airwaves and in the print media this weekend. The propaganda being spun out with regularity about dire threats and declarations of war make me wonder where this is all going.

Some feel perfectly happy picking and choosing among the lies that suit them, that promote their own biases and purposes. After all, 'everyone is doing it now.'

Try to resist the temptation to join in on this dalliance into this mesmerizing dance of deceit, and the sickness unto death that follows with it.

Stocks were rallying today, so all is good. We may soon recover the levels of our blow off top. It is not surprise since the mania is still alive and well. I considered the plunge we had the other week as likely a 'market break.'

I do think this presages a decline, most likely in the neighborhood of 20%. But timing that sort of thing is extremely difficult. Unless you are a legend of the punditry, remarkable as long as you can keep your own scorecard with other people's money.

Gold and silver were moving up quite nicely on the overnight, and were then pushed back down when the Dollar recovered its declines, finishing weakly higher.

We've been here before. It rarely ends well.
.
Have a pleasant evening.

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Pics Of The Day

MMgys

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All A Nice Day <3

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[JD400]

Serotonin Release Data with Binaural Beats News

Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~



Always a Pleasure To Have You with Us


MMgys

Feel the energy rushing up through your

spine tonight

Our Great GrandFather Shares His Healing with us in Many ways.

Feel Renewed, Loved, Joyful for a mighty force is upon us tonight

Healing Now In Progress for all who is listening and feeling with

us tonight


OK Here We Go >>>>>>>>>>>>>>>>>>

data mid-week packed as usual

it's awesome because were being healed as we read

Were on the Happiness Frequency !

Thanks GrandFather
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Feb 28/DOW DOWN 381 POINTS/NASDAQ DOWN 57 POINTS AND THIS WAS THE WORST FEBRUARY SINCE 2009/GOLD DOWN 70 CENTS AT $1316.70/SILVER DOWN ANOTHER 5 CENTS TO $16.38/JAPAN RECORDS HUGE PLUNGE IN RETAIL SALES AND ALSO A HUGE FALL IN INDUSTRIAL PRODUCTION/CHINA SUFFERS HUGE FALLS IN BOTH OF THEIR PMI/THE USA’S BEA LOWERS ESTIMATES OF Q4 GDP DOWN TO 2.5%/MORE SWAMP STORIES/
February 28, 2018 · by harveyorgan · in Uncat
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all mind,body & soul sensory receptors are now receiving GrandFathers signal each cell is now responding
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GOLD: $1316.70 down $0.70

Silver: $16.38 down 5 cents

Closing access prices:

Gold $1318.30

silver: $16.42

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1342.38 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1334.10

PREMIUM FIRST FIX: $8.28

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SECOND SHANGHAI GOLD FIX: $1337.74

NY GOLD PRICE AT THE EXACT SAME TIME: $1318.70

PREMIUM SECOND FIX /NY:$19.04

SHANGHAI REJECTS NY PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1332.75

NY PRICING AT THE EXACT SAME TIME: $1333.70

LONDON SECOND GOLD FIX 10 AM: $1317.85

NY PRICING AT THE EXACT SAME TIME. $1318.10

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH
3507 NOTICE(S) FILED TODAY FOR
NIL OZ/

Total number of notices filed so far this month: 3507 for 17,535,000 oz

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Bitcoin: BID $10,540/OFFER $10,610: DOWN $3.00(morning)
Bitcoin: BID/ $10,628/offer $10,698: UP $85 (CLOSING/5 PM)


end
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Alpha Waves are neural oscillations being restored, Theta Waves (Cortical theta rhythm and Hippocampal theta rhythm). Beta waves associated with muscle contractions in isotonic movements, Gamma waves can help to release serotonin, endorphin and dopamine, so it works as happiness music for depression treatment. all being restored to us now
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Let us have a look at the data for today\

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 1344 contracts from 191,999 RISING TO 193,343 DESPITE YESTERDAY’S 17 CENT FALL IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 324 EFP’S FOR MARCH AND AND 2325 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2649 CONTRACTS. WITH THE TRANSFER OF 2649 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. THE 2649 CONTRACTS TRANSLATES INTO 13.245 MILLION OZ DESPITE WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

48,989 CONTRACTS (FOR 20 TRADING DAYS TOTAL 48,989 CONTRACTS OR 244.945 MILLION OZ: AVERAGE PER DAY: 2637 CONTRACTS OR 13.185 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 244.945 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 34.98% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 493.475 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD ZERO LOSS IN COMEX OI SILVER COMEX DESPITE THE 17 CENT LOSS IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2649 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2649 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 3993 OI CONTRACTS i.e. 2649 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 1344 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 17 CENTS AND A CLOSING PRICE OF $16.43 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9667 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 3507 NOTICE(S) FOR 17,535 OZ OF SILVER

In gold, the open interest ROSE BY A SMALL 211 CONTRACTS RISING TO 532,860 DESPITE THE CONSIDERABLE FALL IN PRICE OF GOLD WITH RESPECT TO YESTERDAY’S TRADING ($13.80). HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR WEDNESDAY AND IT TOTALED AN HUGE SIZED 13,581 CONTRACTS OF WHICH APRIL SAW THE ISSUANCE OF 13,581 CONTRACTS AND JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 532,649. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GAIN OF 13,792 CONTRACTS: 211 OI CONTRACTS INCREASED AT THE COMEX AND A HUGE SIZED 13,581 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(16,117 oi gain in CONTRACTS EQUATES TO 42.89TONNES)

YESTERDAY, WE HAD 7855 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 208,806 CONTRACTS OR 20,880,600 OZ OR 649.45 TONNES (20 TRADING DAYS AND THUS AVERAGING: 10,440EFP CONTRACTS PER TRADING DAY OR 1,044,000 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 19 TRADING DAYS: IN TONNES: 649.45 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 649.45/2200 x 100% TONNES = 29.52% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1283.01 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX DESPITE THE HUGE FALL IN PRICE IN GOLD TRADING YESTERDAY ($13.80). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 13,581 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 13,581 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 13,792 contracts ON THE TWO EXCHANGES:

13,581 CONTRACTS MOVE TO LONDON AND 211 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 42.89 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $0.70 : NO CHANGES IN GOLD INVENTORY AT THE GLD OF GOLD INTO THE GLD

Inventory rests tonight: 831.03 tonnes.

SLV/

WITH SILVER DOWN 5 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV

/INVENTORY RESTS AT 316.590 MILLION OZ/

end

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all bodily fluids including your blood is now being filtered & cleaned and special healing proteins are being added
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First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 1344 contracts from 191,999 UP TO 193,343 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (17 CENT WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 324 PRIVATE EFP’S FOR MARCH AND 2325 EFP CONTRACTS OR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 1344 CONTRACTS TO THE 2649 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG GAIN OF 3993 OPEN INTEREST CONTRACTS . WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 19.96 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL OF 17 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 2649 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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 WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 32.66 POINTS OR 0.99% /Hang Sang CLOSED DOWN 423.94 POINTS OR 1.36% / The Nikkei closed DOWN 423.94 POINTS OR 1.36%/Australia’s all ordinaires CLOSED DOWN 0.68%/Chinese yuan (ONSHORE) closed DOWN at 6.3225/Oil DOWN to 62.85 dollars per barrel for WTI and 66.45 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED UP AT 6.225 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3248 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH WEAKER AGAINST THE DOLLAR AND ALL OTHER CURRENCIES. CHINA IS NOT HAPPY TODAY (WEAK CURRENCY AND POOR MARKETS)




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
JAPAN AND CHINA

WOW that escalated fast: In Japan, the authorities revealed two devastating economic numbers

Retail sales plunged 1.8% month/month
Industrial production plunged 6.6% month/month

Then China reported a huge drop in their Manufacturing PMI and Service PMI. On top of this was a poor reading on steel production

the world is taking note…



( zerohedge)
3 c CHINA
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/LEBANON/IRAN
According to Lindsey Graham, Israel is planning an invasion of Lebanon to destroy the Iranian sponsored rocket factory in the south of Lebanon.
( zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES

Oil and gasoline continue to fall after another bigger than expected build. They have been rising continuously for the past few weeks.

( zerohedge)
8. EMERGING MARKET

INDIA



The biggest financial fraud in India’s history is creating quite a mess. The fraud now exceeds 2 billion USA dollars and now banks are afraid to loan to one another.



( zero hedge)
9. PHYSICAL MARKETS
Stephen Leeb believes that the new petro yuan futures operation commencing March 26 will usher in a new gold-based monetary system

( Stephen Leeb/Kingworldnews)


10. USA stories which will influence the price of gold/silver
i)Revisions to the Q4 estimate has been lowered to 2.5 from 2.6% according to the BEA. Trump needs 3% or higher.
( zerohedge)
ii)The following is a national manufacturing index: the Chicago National Manufacturing PMI tumbles from 65.7 down to 61.9 and this index has serially disappointed in recent weeks
( Chicago PMI/zerohedge)

ii b)Another economic indicator which is pointing to a huge slow down in the uSA economy: Pending home sales crash the most since 2010( zerohedge)
iii)Soc Gen reports that the Fed has go it all wrong. The growth spurt is “already behind us”
( zerohedge)
iv)Total student debt now exceeds 1.5 trillion USA dollars.

A great commentary on student debt..
(courtesy zerohedge)
v) interview of David Stockman/CNBC
((CNBC/David Stockman)
iv)SWAMP NEWS
a)Judge Curiel who handled the case with Trump and his University funding trial has ruled that the Wall can be built over the objections of the State of California
( Hanisch/Duran.com)

b)Trump blasts his Attorney General Sessions for his “disgraceful” investigation into the FISA abuse. Sessions wants the Inspector General to look into the abuse rather than his own justice lawyers( zero hedge)

c) Sessions responds

(zerohedge)

d)Another big joke: Mueller probing what Trump knew about the hacked DNC emails. Another ‘nothingburger”

(courtesy zerohedge)


Let us head over to the comex:

The total gold comex open interest ROSE BY 211 CONTRACTS UP to an OI level 532,860 DESPITE THE CONSIDERABLE FALL IN THE PRICE OF GOLD ($13.80 LOSS/ YESTERDAY’S TRADING). SURPRISINGLY WE HAD ZERO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED A RATHER SMALL COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 13,581 EFP’S ISSUED FOR APRIL AND 0 EFP’s FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 13,581 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 13,792 OI CONTRACTS IN THAT 13,581 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 211 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 13,792 contracts OR 1,379,200 OZ OR 42.89 TONNES.

Result: A GOOD SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE CONSIDERABLE FALL IN YESTERDAY’S GOLD TRADING ($13.80.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 13,792 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 303 contracts DOWN to 692 contracts. Thus by definition, the initial amount of gold standing for March is 692 contracts x 100 oz per contract = 69,200 oz or 2.1524 tonnes

April saw a GAIN of 1103 contracts UP to 352,628. The really big June contract month saw a gain of 1072 contracts up to 99,105 contracts.

We had 0 notice(s) filed upon today for nil oz

THERE DOES NOT SEEM TO BE ANY GOLD AT THE COMEX TO BE SERVED UPON.


PRELIMINARY COMEX VOLUME FOR TODAY: 246,898 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 359,489 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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electrolyte balance is now being achieved and inflammation throughout your body is being reduced to normal levels.

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 1344 CONTRACTS FROM 191,999 DOWN TO 193,343 DESPITE YESTERDAY’S 17 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD ANOTHER GOOD SIZED 324 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS (WITH 2325 EFP CONTRACTS FOR MAY AND ZERO FOR ALL OTHER MONTHS) TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2649. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION WITH A HUGE SIZED GAIN IN TOTAL SILVER OI. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 3993 SILVER OPEN INTEREST CONTRACTS

1344 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2649 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES: 3993 CONTRACTS

We are now in the active delivery month of MARCH and here the front month LOST 12,735 contracts FALLING TO 4934 contracts. Thus by definition, the number of silver oz standing in this active contract month of March is 4934 contracts x 5,000 per contract = 24,670,000 OZ. THIS IS A VERY STRONG AMOUNT OF SILVER STANDING FOR METAL AT THE COMEX.



April gained 37 contracts up to 424 .

The next big active delivery month for silver will be May and here the OI rose by 13,129 contracts up to 150,405



We had 0 notice(s) filed for NIL OZ for the FEBRUARY 2018 contract for silver
INITIAL standings for MARCH

Feb 28/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
692 contracts
(69,200 oz)
Total monthly oz gold served (contracts) so far this month
692 notices
69200 oz
2.1534
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: nil oz
we had nil withdrawal out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 4 adjustment(s)
i) out of HSBC:
132,734.637 oz was adjusted out of the dealer and this landed into the customer account of HSBC
ii) out of Brinks:
12,043.425 oz leaves the dealer and arrives at the customer account of Brinks
iii) out of Scotia:
33,189.356 oz leaves the dealer and this arrives at Scotia
iv) out of Malco
a strange one!!@:
209.278 oz leaves Malca dealer and strangely 212.278 oz arrives into the customer account
a total of 178,176.696 oz leaves the above dealers and arrives at the customer accounts or 5.54 tonnes
since only 2 tonnes are standing..this is very strange.
total registered or dealer gold: 358,689.776 oz or 10.44 tonnes
total registered and eligible (customer) gold; 9,132,857.478 oz 284.07 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.44 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (0) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (692 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 69200 oz, the number of ounces standing in this nonactive month of MARCH (2.1524 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (0 x 100 oz or ounces + {(692)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 69,200 oz standing in this nonactive delivery month of March . THERE IS 10.441 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.



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Your vision and hearing are now being fine tuned

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IN THE LAST 17 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings
feb 28 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
NIL oz
Deposits to the Dealer Inventory
1.033,983.420
oz
brinks
Deposits to the Customer Inventory
1,804,169.260 oz
HSBC
BRINKS
No of oz served today (contracts)
3507
CONTRACT(S
(17,535,000 OZ)
No of oz to be served (notices)
1427 contracts
(7,135,000 oz)
Total monthly oz silver served (contracts) 3507 contracts

(17,535,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 1 inventory movement at the dealer side of things

we had 1 inventory deposits into the dealer account

i) Into Brinks: 1,033,983.420 oz

total inventory deposits into dealer: 1,033,983.420 oz

we had 2 deposits into the customer account

i) into BRINKS: 5251.160 oz

ii) into HSBC: 1,798,918.100 oz



*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.



total deposits customer account: 1,804,169.260 oz

we had 0 withdrawals from the customer account;



total withdrawals; nil oz

we had 3 adjustments

i) Out of Scotia: 1,003,206.500 oz was adjusted out of the customer account and this landed into the dealer account of Scotia

ii) out of HSBC: 1,671,695.000 oz was adjusted out of the customer is this landed into the dealer account of HSBC

iii) Out of CNT 1,389,124.360 oz



total amount of silver adjusted out of the dealer and landing into customer accounts: 4,064,025.860 oz

total dealer silver: 55.558 million

total dealer + customer silver: 251,320 million oz

the silver comex also seems to be under tremendous stress to bring in silver for some purpose.

The total number of notices filed today for the March. contract month is represented by 3507 contract(s) FOR 17,535,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 3507 x 5,000 oz = 17,535,000 oz to which we add the difference between the open interest for the front month of Mar. (4934) and the number of notices served upon today (3507 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 3507(notices served so far)x 5000 oz + OI for front month of March(4934) -number of notices served upon today (3507)x 5000 oz equals 24,670,000 oz of silver standing for the March contract month.



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ESTIMATED VOLUME FOR TODAY: 60,402 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 131,433 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 131,433 CONTRACTS EQUATES TO 667 MILLION OZ OR 95.28% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.03% (FEB 27/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.43% to NAV (FEB 27/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.03%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.43%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -3.71%: NAV 13.61/TRADING 13.11//DISCOUNT 3.71.

END

And now the Gold inventory at the GLD/

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Feb 28/2018/ Inventory rests tonight at 831.03 tonnes

*IN LAST 331 TRADING DAYS: 110.12 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 261 TRADING DAYS: A NET 47.19 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/



Feb 28/2017: NO CHANGES TO SILVER INVENTORY/
Inventory 316.590 million oz

end

6 Month MM GOFO 1.86/ and libor 6 month duration 2.181

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.92%

libor 2.21 FOR 6 MONTHS/

GOLD LENDING RATE: .290%

12 Month MM GOFO
+ 2.34%

LIBOR FOR 12 MONTH DURATION: 2.480

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = .140

end

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cholesterol levels now properly restored
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News and Commentary

Gold prices flat, Fed’s rate hike outlook weighs (Reuters.com)

Gold, Copper Decline After Powell’s Remarks on Rates Boost Dollar (Bloomberg.com)

Fed’s Powell nods to ‘gradual’ rate increases, close eye on inflation (Reuters.com)

Stocks, Treasuries Slide on Hawkish Powell Remarks (Bloomberg.com)



Source: ZeroHedge

Silver Hits Key Support Amid Hedge Fund Exodus (ZeroHedge.com)

Silver Deeply In Backwardation and On Verge of Breakout – Turk (Gata.org)

China’s Great Leap Backward is bad news for investors (MoneyWeek.com)

Gold and the Global Ticking Debt Bomb (USFunds.com)

$1 Trillion Norwegian Fund’s Brave Bet On London’s Post-Brexit Property (Bloomberg.com)

How Do You Go About Buying Gold? (TheSun.ie)

Gold Prices (LBMA AM)

28 Feb: USD 1,320.30, GBP 951.14 & EUR 1,080.53 per ounce
27 Feb: USD 1,332.75, GBP 954.78 & EUR 1,081.26 per ounce
26 Feb: USD 1,339.05, GBP 953.00 & EUR 1,085.30 per ounce
23 Feb: USD 1,328.90, GBP 951.09 & EUR 1,079.20 per ounce
22 Feb: USD 1,323.50, GBP 952.66 & EUR 1,076.40 per ounce
21 Feb: USD 1,328.60, GBP 952.87 & EUR 1,078.16 per ounce
20 Feb: USD 1,337.40, GBP 955.97 & EUR 1,083.83 per ounce

Silver Prices (LBMA)

28 Feb: USD 16.44, GBP 11.88 & EUR 13.45 per ounce
27 Feb: USD 16.61, GBP 11.91 & EUR 13.48 per ounce
26 Feb: USD 16.67, GBP 11.88 & EUR 13.52 per ounce
23 Feb: USD 16.61, GBP 11.88 & EUR 13.50 per ounce
22 Feb: USD 16.47, GBP 11.86 & EUR 13.40 per ounce
21 Feb: USD 16.44, GBP 11.80 & EUR 13.35 per ounce
20 Feb: USD 16.57, GBP 11.85 & EUR 13.42 per ounce


Recent Market Updates

– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
– US-China Trade War Escalates As Further Measures Are Taken
– Gold Up 3.8% In Week – If Closes Above $1,360/oz Will Be Biggest Weekly Gain In Nearly 2 Years
– Is The Gold Price Heading Higher? IG TV Interview GoldCore
– Global Debt Crisis II Cometh
– Sovereign Wealth Funds Investing In Gold For “Long Term Returns” – PwC
– Bitcoin and Crypto Prices Being Manipulated Like Precious Metals?
– “This Is Where They Completely Lost Their Minds” – Hussman
– Brexit Risks Increase – London Property Market and Pound Vulnerable

end

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your mind, body and soul are now being purified and rejuvenated
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Stephen Leeb believes that the new petro yuan futures operation commencing March 26 will usher in a new gold-based monetary system

(courtesy Stephen Leeb/Kingworldnews)
Stephen Leeb: The gold-based monetary system is on its way

Submitted by cpowell on Wed, 2018-02-28 01:04. Section: Daily Dispatches

8:04p ET Tuesday, February 27, 2018

Dear Friend of GATA and Gold:

Fund manager Stephen Leeb, in commentary posted tonight at King World News, argues that the forthcoming “petro-yuan” will not turn the Chinese currency into the next world reserve currency but rather will hasten a new reserve currency that is a basket of currencies including gold. Leeb’s commentary is headlined “This Gold Takedown is B.S. Because the Gold-Based Monetary System Is on Its Way” and it’s posted at KWN here:

https://kingworldnews.com/this-gold-takedown-is-bs-the-gold-based-moneta…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

end

Lawrie Williams points out that gold is under good demand from eastern nations but supply is starting to fall

(Lawrie Williams/Sharp’s Pixley)
LAWRIE WILLIAMS: Gold demand growing as supply starts to fall

Gold investors should be looking at gold for the long term. Demand growth fundamentals are looking positive to this writer, while there is, in parallel, the prospect of diminishing supply. It is the combination of these factors that makes gold so appealing in the medium and long term. Even in the short term the general consensus among many analysts is that the gold price will likely rise as well – perhaps not by much but many are predicting a $1,400 gold price, or higher, by the year end. The recent price drop is seen as a blip in an overall upwards path for the yellow metal.

The big factor to take into account is the sustained move into the middle class earnings category in the world’s biggest population nations – China and India – both of which currently have around 1.3 billion people. By contrast the USA only has a population of some 320 million and is currently experiencing very slow population growth.

By contrast, China, currently the world’s largest gold consumer, is seeing huge growth in numbers entering the middle class classification. Total population is estimated at over four times that of the USA. Major, and well respected, consultancy McKinsey recently went on record as predicting that by 2022, 76% of China’s urban population will have moved into the middle class bracket. That nation’s urban population numbers around 750 million, so 76% represents around 570 million people in what McKinsey describes as the middle class earnings bracket – more than one and three quarter times the total population of the USA. McKinsey, however, classifies the Chinese middle class as urban households earning between US$9,000 and US$34,000 annually – which may seem low by U.S. standards, but purchasing priorities tend to be hugely different with many Chinese middle class families, even at the lower end of this income bracket, buying small amounts of gold on a regular basis as their prime savings mechanism. The Chinese banks make this an easy process.

In the West gold is mostly seen as a tradable asset and is perhaps more readily sold as and when the price rises. There are some in the West, notably large investors, who may see gold as a safe haven form of wealth protection, but in China that tends to be the norm rather than the exception and gold holdings there tend to be, consequently, in firmer hands than in the West and only released back into the market in cases of dire need. Gold may also be held as jewellery and artefacts which, again in the East, tends to be a realistic option because price mark-ups are very low.

The gold purchase pattern in India, the world’s No. 2 gold consumer, somewhat mirrors that of China, although probably coming from a lower base. But the birth rate is higher and the total population is set to exceed that of China in the next year or so – it may already have – and continue to grow at a significant rate. Gold hoarding is an integral part of the Indian psyche, perhaps more so than anywhere else in the world, so it wouldn’t surprise us to see Indian gold demand move back above that of China in the next few years, despite the government’s attempts to thwart this because gold imports are a substantial component of the country’s current account deficit! This year we have already seen a recovery in Indian gold imports to over 900 tonnes after an exceptional low of just over 580 tonnes in 2016. The 2017 figure is still below those of 2010-2012 and 2015, but is indicative of a possible return to the old higher levels.

As a proxy for gold flows from West to East we only have to look at Swiss gold export figures with around 80% of these gold exports tending to be destined for Asia and the Middle East. The Swiss figures are particularly significant because the Swiss gold refineries provide the key conduit for converting doré (impure) bullion, received from mines around the world, and large gold bars (mostly imported from the UK) into the small bar and wafer sizes in demand in the East. Overall, Swiss refineries currently process a volume equivalent to around two-thirds of global new-mined global gold output annually. These huge gold flow percentages are indicative of the total gold flows leaving depositories in the West for stronger hands in the East. Sooner or later these will generate a shortage in the West which will ultimately positively impact prices beyond the capabilities of the powers-that- be to hold them down.

Asian and Middle Eastern demand alone would seem to be more than sufficient to keep the gold train rolling, but it is all in addition to some still decent gold demand throughout the rest of the world. When the gold price came down from its 2012 peak, supply was boosted by huge liquidations of gold out of the big gold ETFs, but this source of supply has dried up and, if anything, gold is beginning to flow back into the ETFs – perhaps not at a high rate but the overall flow has very definitely seen a reversal to the positivel.

At the same time, the volume of new mined gold supply at around 3,200 metric tons a year, may well be beginning to fall . Peak gold may well be with us. The drop in the gold price following its 2012 peak led to cutbacks in capital projects and gold exploration around the world. While any output decline may be very slow at the moment, with some countries like Russia, Australia and Canada still seeing growing new mined supplies, the overall global trend is definitely downwards. It will take the industry some time – and probably much higher prices – to recover from this downtrend in output, particularly given the long lead times in bringing a new mine into production from scratch.

So, the twin effects of continuing high demand (in the East in particular) driven by the growth in the middle classes in the high population countries like China and India, coupled with a decline in new mined gold production – seen as likely to accelerate – are likely to increasingly put a strain on the supply/demand balance. This may not initially lead to a big price boost for gold, but it should keep prices rising at least gradually over the years ahead. Should the equities markets and bitcoin collapse, as many experts are predicting, then this could drive more investment into perceived safe havens like gold.

Looking at these gold fundamentals, the prospects for gold over the next few years look good – and given gold’s propensity to react positively to disruptive global geopolitical and geo-economic events we could even see much bigger increases than the general picture, as noted above, might suggest.

https://www.sharpspixley.com/articles/lawrie-williams- gold-demand-growing-as-supply-starts-to- fall_277232.html

-END-

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(Andrew Maguire)
Andrew Maguire
2:57 PM (1 hour ago)
to me

Harvey

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Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy

end

Market Snapshot

S&P 500 futures up 0.2% to 2,753.00
STOXX Europe 600 down 0.2% to 381.52
MSCI Asia Pacific down 1% to 177.16
MSCI Asia Pacific ex Japan down 1% to 578.27
Nikkei down 1.4% to 22,068.24
Topix down 1.2% to 1,768.24
Hang Seng Index down 1.4% to 30,844.72
Shanghai Composite down 1% to 3,259.41
Sensex down 0.5% to 34,189.13
Australia S&P/ASX 200 down 0.7% to 6,015.96
Kospi down 1.2% to 2,427.36
German 10Y yield fell 1.2 bps to 0.667%
Euro down 0.1% to $1.2216
Italian 10Y yield fell 1.3 bps to 1.736%
Spanish 10Y yield fell 2.8 bps to 1.537%
Brent Futures up 0.2% to $66.79/bbl
Gold spot up 0.2% to $1,320.50
U.S. Dollar Index up 0.1% to 90.44

Bulletin Headline Summary From RanSquawk

European bourses kicked the session off on the back-foot following similar performance in their Asia-Pac counterparts, post-Powell
The broad Dollar continues to benefit from month end positioning and a more hawkish tone emanating from Fed chair Powell during the live testimony and Q&A session
Looking ahead, highlights include US GDP, Chicago PMI, Pending Home Sales, DoE inventories, EU Brexit Draft Treaty

Top Overnight News from Bloomberg

Jerome Powell opened the door to the Federal Reserve raising U.S. interest rates four times this year as he acknowledged stronger economic growth may prompt policy makers to rethink their plan for three hikes
Jared Kushner can no longer attend some meetings of the National Security Council, see the highly classified President’s Daily Brief or war-related intelligence after losing his top-secret security clearance as part of a broader White House crackdown, according to a person familiar with the matter
Eight Conservative Party lawmakers have backed an amendment calling for the U.K. to keep close ties to the European Union after it leaves, an attempt to reverse Theresa May’s Brexit policy that could threaten her political survival
U.K. consumer and business confidence was muted in February as Brexit obscured prospects for economic growth.
The Bank of Japan cut purchases of bonds maturing in more than 25 years for the second time this year, after yields declined on the back of solid demand before the end of the fiscal year in March
China’s official manufacturing gauge fell the most in five years in February as Spring Festival holiday closures curbed output and export orders declined
China-based Geely Group structured the purchase of its 7.3 billion-euro ($9 billion) stake in Daimler AG through complex derivative transactions that allowed the buyer to build a large equity holding while limiting the risks, people with knowledge of the matter said
China is ‘strongly dissatisfied’ with U.S. duties on aluminum foil and the country will take necessary measures to safeguard its legitimate rights, Wang Hejun, chief of the trade remedy and investigation bureau at Ministry of Commerce, says in a statement on website
China plans to cap the amount that investors can redeem from money- market funds on a single day, according to people familiar with the matter
Governor Haruhiko Kuroda says the Bank of Japan won’t continue its current powerful monetary easing once inflation hits its 2% target in a stable manner, even if the government puts pressure on the central bank to keep interest rates low

Asian equity markets were negative across the board as the impact from Fed Chair Powell’s testimony reverberated in the region and as participants also digested disappointing Chinese PMI data. The inaugural testimony by Fed Chair Powell provided a hawkish view on inflation and was also optimistic on economic growth, which raised the prospects of 4 hikes for this year and subsequently weighed on equity markets across the globe. ASX 200 (-0.7%) and Nikkei 225 (-1.4%) were lower with the worst performers in Australia also dampened by poor earnings results, while Nikkei 225 suffered from a firmer JPY as well as weak Industrial Production and Retail Sales data. Elsewhere, Hang Seng (-1.4%) and Shanghai Comp. (-1.0%) were the early laggards with investor sentiment dragged following a miss on Chinese Official Manufacturing and Non-Manufacturing PMI data in which the former printed its weakest since September 2016, while aluminium names also felt the brunt after the US confirmed tariffs on aluminium foil imports from China. Finally, 10yr JGBs lacked demand despite the broad global risk-averse tone, as Japanese yields tracked the upside in their US counterparts and which also followed a reduction of the BoJ’s Rinban purchases in the super-long end. The PBoC skipped open market operations for a 2nd consecutive day. PBoC set CNY mid-point at 6.3294 (Prev. 6.3146)

Top Asian News

BOJ Cuts Purchases of Super-Long Bonds After Curve Flattens
Chinese H Shares Sink, Wrapping Up World’s Biggest Monthly Drop
Noble Group Perpetual Holders Unite to Oppose Restructuring
Afghan President Offers Taliban Political Recognition, Talks

European bourses kicked the session off on the back-foot following similar performance in their Asia-Pac counterparts, post-Powell. However, losses have been pared throughout the morning (Eurostoxx 50 -0.4%). In terms of sector specific performance, movements have been relatively broad-based with support for IT names following strong earnings from Dialog Semiconductor (+10%) which has sent their shares to the top of the Stoxx 600, energy names also firmer as crude modestly recoups some of its post-API losses. Other notable movers this morning post-earnings include St James Place (+3.9%), Ahold (+2.8%), Travis Perkins (-6.2%), Taylor Wimpey (-2.4%), ITV (-6.2%) and Bayer (-3.4%).

Top European News

Swedish Economic Growth Accelerates Along With Global Revival
German Joblessness Falls as Companies Struggle to Find Workers
Johnson: Irish Border ‘Being Used’ to Keep U.K. in Customs Union
New ITV CEO Disappoints on Ad Revenue Outlook, Lack of Dividend

In FX, the broad Dollar continues to benefit from month end positioning and a more hawkish tone emanating from Fed chair Powell during the live testimony and Q&A session. The index is retesting near term chart resistance in the 90.500-600 area, and could establish a firmer recovery base if it manages to close above. EURUSD may be pivotal on this front as the pair only just held the 1.2200 level having breached 1.2206 support, with stops expected on a clear break below and exposing several tech supports (1.2181/1.2173 Fibs and 55DMA at 1.2176) ahead of the January 18 ytd low at 1.2165. Above forecasts German jobs data has subsequently seen the headline pair move back into the 1.2220 area. The Greenback is also extending gains vs the JPY, but struggling around 107.00 again amidst decent offers above the big figure and option expiries at the strike (today and more running off this week). Cable looks prone to a deeper pull-back from 1.4000 and while under 1.3900 further declines could see techs target double bottom support circa 1.3855 (especially if the EU’s draft Brexit paper is particularly hard-line). AUDUSD is also hovering above key downside levels and a hefty 0.7800 expiry (1.1 bn), including 200 and 100 DMAs from 0.7784-76 and the 2018 low at 0.7758, while NZDUSD is inching closer to 0.7200 after Tuesday’s trade data miss. Usd/Cad is holding just below strong resistance at 1.2796 ahead of Canadian PPI and raw material price data.

In the commodities complex, WTI and Brent crude futures have seen a mild uptick in recent trade following last night’s API-inspired losses. Whereby, prices suffered despite a smaller than expected build to headline crude stockpiles, as it was also accompanied by an unexpected build to gasoline inventories. Traders will also be mindful of yesterday’s source reports stating that OPEC are set to meet with US shale producers next Monday. In metals markets, spot gold is particularly flat today in the wake of yesterday’s Powell-inspired sell-off whilst Chinese steel futures were seen higher overnight with the move to the upside capped by soft demand.

US Event Calendar

7am: MBA Mortgage Applications, prior -6.6%
8:30am: GDP Annualized QoQ, est. 2.5%, prior 2.6%; Personal Consumption, est. 3.6%, prior 3.8%; Core PCE QoQ, est. 1.9%, prior 1.9%
9:45am: Chicago Purchasing Manager, est. 64.1, prior 65.7
10am: Pending Home Sales MoM, est. 0.5%, prior 0.5%; NSA YoY, prior -1.8%

DB’s Jim Reid concludes the overnight wrap

The big story yesterday was yields spiking after the inaugural testimony from new Fed Chair Powell to the House Financial Services Committee. The first impressions of Mr Powell are favourable from us here in the Thematic Research team at DB as he gave our “yields are rising … and why they’ll continue to….” theme week some fresh impetus yesterday as 10 year Treasuries climbed over 7bps from the lows of the day after his Q&A to the House yesterday. Staying with yields the big event today is core PCE in the US which is the Fed’s preferred inflation measure. Before we delve into Mr Powell’s testimony, a reminder of the theme week so far and to highlight today’s piece on what higher yields mean for global equity investors.

So Powell’s testimony at Capitol Hill was fairly hawkish yesterday but it took until the Q&A for the market to decide this. Most were expecting a more ‘steady as she goes’ approach so it took investors a bit by surprise. As soon as the initial headlines from the prepared testimony hit the wires the main takeaway was perhaps Powell’s comments that “some headwinds facing the US economy are now tailwinds” and also that the policy committee “will strike a balance between avoiding an overheated economy and moving inflation to the 2% target on a sustained basis” and that financial conditions “remain accommodative”. There were also the usual mentions of seeing “further gradual rate hikes” and also that the “outlook remains strong”.

For the market however, Treasuries really got moving once the Q&A kicked off. The Fed Chair confirmed that while he wouldn’t prejudge, his personal outlook for the US economy has strengthened since December and that “we’ve seen some data that will, in my case, add some confidence to my view that inflation is moving up to target”. He also noted that “we’ve seen continued strength around the globe, and we’ve seen fiscal policy become more accommodative”. Powell also added that he does not want “regulations to inappropriately slow credit”. Overall there appeared to be no sign of Powell being concerned about the mini selloff in February as impacting the Fed’s outlook for the economy while all the risks appeared to be biased toward upside to growth rather than downside to inflation, as well as the benefits from fiscal policy going forward. Much of the interest now will be on whether or not this translates into a change in the March dot plot.

10y Treasuries quickly spiked through 2.90% as Powell spoke after trading as low as 2.846% after his prepared remarks were released. They topped out at 2.923% and eventually closed at 2.894% (+3.1bp). The move was led by the belly of the curve with 3, 5 and 7y yields 4-5bp higher while 2y and 30y yields ended 3.8bp and 0.6bp higher respectively indicating a notable bear flattener. In Europe, 10y Bunds ended +2.6bps higher having chopped around earlier in the day in response to a slightly softer Germany CPI print (more below). Meanwhile the USD index closed +0.58% and just off the highs while risk assets suffered with the yield move. The S&P 500 ended down -1.27% – with declines accelerating in the evening session – and brought to an end the three-day winning streak, while the Dow ended -1.16%. The early moves lower in risk were also enough to see European markets edge into the red by the close of play (Stoxx 600 -0.18%). The VIX was up for the first time in five days to 18.59 (+17.7%).

The Powell testimony straddled some mixed US data with the hard numbers weak but with confidence data and survey data strong (see below). However the hard data was enough to push the Atlanta Fed GDPnow Q1 tracker down to 2.58% versus 3.20% previously and as high as 5.4% early in the quarter!

This morning in Asia, markets are all lower with the Nikkei (-0.97%), Kospi (-0.95%), Hang Seng (-1.36%) and China’s CSI 300 (-0.48%) all down as we type. Datawise, China’s February manufacturing PMI (50.3 vs. 51.1 expected) and non-manufacturing PMI (54.4 vs. 55.0 expected) were both below market and declined mom, with the former at the lowest since July 2016. Elsewhere,Japan’s January IP (2.7% yoy vs. 5.3% expected) and retail trade (1.6% yoy vs. 2.4% expected) were also lower than expectations. We’re definitely seeing global data dipping from a strong peak in the last week.

Turning to other markets yesterday. The Euro and Sterling fell 0.68% and 0.42% respectively given the USD strength. In commodities, WTI oil fell 1.67% to $62.84/ bbl, in part as the IEA warned about “explosive growth” in US output. Elsewhere, precious metals weakened c1.3% (Gold -1.15%; Silver -1.39%) and other base metals retreated as the USD firmed (Copper -1.16%; Zinc -0.96%; Aluminium +0.04%).

Away from the markets and onto the ECB’s Weidmann where he broadly reiterated his prior comments. On the outlook for rates, he noted the market’s expectation for hikes to begin in mid-2019 was “not completely unrealistic” and that ECB’s current policy guidance of keeping rates unchanged “well past” the end of QE “is a rather vague time dimension” and should be strengthened. On QE, he would have preferred the ECB to have set a “clear end date” when it extended the program back in October.

Turning to the US, the US Treasury Secretary Mnuchin said President Trump “is willing to negotiate” on the Transpacific Partnership, “whether we do multilaterals or going back to TPP…that’s something that’s on the table”. Elsewhere, the US commerce department has proposed duties of 49%-106% on Chinese aluminium foil for selling the product in the US. The issue will go to a vote on 15 March at the US International trade commission.

Turning to some Brexit headlines. On the transition period, the UK had recently suggested “around two years” with suggestions of potentially leaving it open ended. Yesterday, the EU negotiator Barnier was quite firm, noting that the transition period “must be short…must be clearly specified and for the moment this is clearly the line that we’re pursuing – a period ending on Dec 2020”.

Elsewhere, the UK trade secretary Fox noted if the UK stayed in the customs union post Brexit, this would be a “complete sell out” and limit UK’s ability to negotiate other trade deals. Finally, the UK PM May “remains committed to avoid a hard border between Northern Ireland and the rest of the UK” with more details to be provided in her big speech on Friday.

Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the CB consumer confidence index was above market and rose to a 17 year high (130.8 vs. 126.5 expected) while the February Richmond Fed manufacturing index also beat at 28 (vs. 15 expected). However on the downside, the January advanced goods trade deficit was the widest since 2008 at -$74.4bln (vs. -$72.3bln expected) as growth in imports outpaced exports. Elsewhere, wholesale inventories grew 0.7% mom (vs. 0.4% expected) while both core durable goods orders (-0.3% mom vs. 0.4% expected) and core capital goods orders (-0.2% mom vs. 0.5% expected) were below market but still up 6.9% yoy and 6.3% yoy respectively. Finally, the December FHFA house price index (0.3% mom vs. 0.4% expected) and the S&P corelogic house price index (6.3% yoy vs. 6.35% expected) were both slightly below expectations.

Germany’s February CPI was 0.1ppt lower than expectations, at 0.5% mom and 1.2% yoy respectively, with the annual rate at a 16 month low. Spanish inflation beat expectations though (1.2% yoy vs. 0.9% expected). The Euro area’s January money supply was in line at 4.6% yoy and the final reading on February consumer confidence was unrevised at 0.1. Elsewhere, the February confidence indicators across Europe were slightly ahead of market, with the Euro area’s economic confidence at 114.1 (vs. 114 expected), Italy’s manufacturing confidence at 110.6 (vs. 109.2 expected) and consumer confidence at 115.6 (vs. 115 expected).

Conversely, France’s consumer confidence was below market at 100 (vs. 103). Looking at the day ahead, Germany’s March GfK consumer confidence index is due in early morning. Then the flash February CPI readings for the Euro area, France and Italy will be out. Elsewhere, France’s January PPI and 4Q GDP along with Germany’s February unemployment rate are also due. In the US, the February Chicago PMI, second reading on the 4Q GDP and Core PCE as well the January pending home sales data will be due. Onto other events, the EU negotiator Barnier will brief permanent EU representatives on Brexit and the withdrawal text is also expected to be published.
3. ASIAN AFFAIRS

i)Late WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 32.66 POINTS OR 0.99% /Hang Sang CLOSED DOWN 423.94 POINTS OR 1.36% / The Nikkei closed DOWN 423.94 POINTS OR 1.36%/Australia’s all ordinaires CLOSED DOWN 0.68%/Chinese yuan (ONSHORE) closed DOWN at 6.3225/Oil DOWN to 62.85 dollars per barrel for WTI and 66.45 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED UP AT 6.225 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3248 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH WEAKER AGAINST THE DOLLAR AND ALL OTHER CURRENCIES. CHINA IS NOT HAPPY TODAY (WEAK CURRENCY AND POOR MARKETS)
3 a NORTH KOREA/USA

/NORTH KOREA
end

3 b JAPAN AFFAIRS

WOW that escalated fast: In Japan, the authorities revealed two devastating economic numbers

Retail sales plunged 1.8% month/month
Industrial production plunged 6.6% month/month

Then China reported a huge drop in their Manufacturing PMI and Service PMI. On top of this was a poor reading on steel production

the world is taking note…

end

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all your minds healing mechanisms are now being activated
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Total Student Debt In America Now Exceeds The Cost Of Iraq War

We’ve all seen the headlines: the cost of university education in the United States has become completely debilitating. And student debt keeps rising to record high levels.

It’s almost commonplace now for a 22-year old to graduate from university with $50,000+ in student debt.

According to data from the Federal Reserve, the total amount of student debt in the United States is now $1.5 trillion.



As SovereignMan.com’s Simon Black notes, that’s more than the estimated $1.3 trillion in direct costs that the government spent fighting the War in Iraq.

What’s probably even more bizarre is that the US government actually owns about 70% of those student loans– a total of $1.06 trillion.

I discovered this over the weekend when I was reviewing the federal government’s recently published financial statements for fiscal year 2017.

Student loans actually constitute the #1 asset of the US federal government, comprising about 30% of its balance sheet.

In other words, young people of America owe more money to the federal government than the value of every tank, every bullet, every aircraft carrier, every acre of land in the national parks.

That’s a pretty sad statement to make.

And remember that student debt in America is a very special kind of debt: it chases you around forever.

Thanks to a piece of legislation signed into law by Bill Clinton in 1998, student debt is almost impossible to ‘discharge’.

So unlike just about every other type of debt like a home mortgage or medical debt, student debt is extremely difficult to wipe away through bankruptcy procedures.

It’s more a form of indentured servitude than it is debt. There’s no escape.

To me, this really calls into question the long-term value of a university education.

Now, there’s a lot of data on this topic, and it’s all over the board.

A 2016 study in the United Kingdom by the Institute of Fiscal Studies, for example, showed that median salaries for graduates at several dozen universities were lower than non-university graduates.

On the other hand, researchers from the Federal Reserve Bank of New York have argued that university graduates will earn, on average, $1 million more over their lifetimes than people who do not graduate from university.

This is what they call the ‘wage premium’ of a university degree.

But even their own data shows that this wage premium is falling.

Another study from the UK’s Warwick University in 2012 calculated that a university graduate’s wage premium had fallen 22% in a decade.

Factoring in the steep cost (and stress) of student loans, university is not an obvious choice anymore.

More importantly, student debt can really limit a young person’s options.

When you’re staring down the barrel of $50,000 owed to the federal government, you don’t have the luxury to take a year off, travel the world, and learn a foreign language.

Or to NOT take a job and start a business.

Or to take a lower paying job where you’ll learn more.

You’re relegated to the first available option that pays down the most debt.

And that certainly has a long-term impact.



And as Mauldin Economics’ Patrick Watson notes, this might be okay if the debt enhanced the student’s financial security, but for millions of Americans, that’s not what has happened.

Borrowers don’t achieve the desired results but remain stuck with the debt anyway.
An Explosion of Delinquent Student Loans

While delinquency rates for other forms of debt fell after the recession, student loans didn’t. As of year-end 2017, about 11% of nearly $1.4 trillion in student debt was at least 90 days delinquent.

It’s actually worse than that.

Roughly half of student debt is held by borrowers who aren’t required to make payments yet. That’s because they are still in school, unemployed, or otherwise excused. Much of that debt would likely be delinquent too.

Also important: The delinquent loans tend to be small (less than $10,000) and held by borrowers who never earned degrees.

These borrowers probably thought they were doing the right thing. They wanted decent jobs and saw that having a college degree was necessary to get one.

So why is college the key to gainful employment? It hasn’t always been so.

It’s because employers require a degree as a job qualification… and that’s partly the fault of IQ tests.

As SovereignMan’s Simon Back concludes, it’s not to say that a university education is a waste of time and money (though an electrical engineering degree is probably a better investment than majoring in ‘18th century lesbian studies’).

The point is that going to university and racking up $50,000 in debt solely for the sake of obtaining a piece of paper is bad idea.

Any investment– especially the one you make in yourself and your education– requires careful thought and planning, you can learn more at www.sovereignacademy.org.

So how did we get here?Patrick Watson explains it all began with so-called ‘unreasonable tests’…

In 1971, the US Supreme Court decided a case called Griggs vs. Duke Power Co. The subject was employment requirements.

Duke’s practice – and many other companies at the time – was to give job applicants an IQ test. Supposedly, this let them hire qualified people, but some companies also used tests to discriminate by race. The 1964 Civil Rights Act banned pre-employment tests that were not “a reasonable measure of job performance.”

The court ruled that Duke’s tests were too broad and not directly related to the jobs performed, which made them illegal.

That left a problem, though. How were employers supposed to evaluate job applicants without illegally discriminating?
Soft Skills

Employers really want to know two different things about prospective workers:

First, can this person perform the specific tasks that go with this job? That means operating a machine correctly, carrying boxes of a certain size and weight, writing computer code, etc. You might call these the “hard skills.”

Second, there are soft skills. Is this person willing to stick with unpleasant assignments to the end? Will he show up on time? Can she work with others?

Those soft skills are harder to judge but critically important. They’re also what the Supreme Court made hard to test.

College sort of requires those same soft skills. A degree may not give you much useful knowledge, but it shows you have some basic intelligence and literacy. It also shows you will jump through hoops if your organization tells you to. Employers value those qualities.

The Griggs case said nothing about educational requirements. Employers remained free to require high school diplomas or college degrees… and the ruling gave them a big incentive to.

College degrees are convenient, legal substitutes for the kind of testing employers haven’t been able to use since the 1970s. So apart from whatever you learn in college, merely having the credential became necessary to career success.

As a result, everyone in the equation made certain choices.

Employers: demand a college degree even for jobs that don’t require college-level skills.

Workers: get a college degree even if you must take on debt.

Colleges: Raise prices since so many students are begging for degrees.

This made college more expensive, forcing students to borrow more and more money.

Politicians jumped in to promote and guarantee those loans. And here we are.
College Monopoly

In the Griggs case, the US Supreme Court effectively granted colleges a monopoly. They can discriminate based on a long series of tests that lead to a degree. Employers can’t.

Like most monopolies, this one is inefficient. It creates unpayable debt that burdens students. Some of it eventually falls on taxpayers. Not ideal.

Methods exist to evaluate prospective workers without requiring college degrees, and without racial or other illegal discrimination. But there’s no incentive to try them when you can just screen out the non-college graduates and accomplish the same thing.

Resolving this impasse would help our debt problem and probably our employment problem as well. But the losers would be colleges and educational lenders, so don’t expect them to cooperate, unless someone forces them to.

* * *

We live in an era of rapid change… and only those who see and understand the shifting market, economic, and political trends can make wise investment decisions. Macroeconomic forecaster Patrick Watson spots the trends and spells what they mean every week in the free e-letter, Connecting the Dots. Subscribe now for his seasoned insight into the surprising forces driving global markets.

END
The following is a must view video of CNBC interviewing David Stockman where he discusses the 3 skunks:
the big one is of course the 1.2 trillion dollars of new bonds which must be issued for a upcoming yearly deficit plus the 600 billion of bonds rolling off the fed’s balance sheet.
(courtesy CNBC.David Stockman)

Stockman on Jerome Powell Dismissing Recession Concerns: ‘He’s Missing Three Giant Skunks’ – CNBC (02/28/2018)

Posted on February 28, 2018 by wsw staff |

David Stockman appeared on CNBC and warned it’s viewers not to believe everything Jerome Powell says about the economy, but few will listen to his warning.

Video Link

http://www.wallstreetwindow.com/2018/02/stockman- jerome-powell-dismissing-recession-concerns-hes-missing- three-giant-skunks-cnbc-02-28-2018
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God Bless the Child

The Fed is hiking rates into one of the slowest growing economies in U.S. history. Previous such events didn't work out well. Whatever economic growth US has had recently has been driven by increased debt & dissaving. If interest rates are raised brakes automatically applied.

Dr. Harald Malmgrem


There is no doubt that the projections of the future growth of GDP are estimates based on the estimates of estimates, and that the results may vary greatly from expected outcomes. Especially if your paycheck depends on a range of outcomes acceptable to your superiors.

They seem to have already lined up a set of potential scapegoats, who despise us for our freedom and seek to undermine us, the paragons of virtue, in all of our efforts. For how else could we have not succeeded?

Once again stocks were lower and the Dollar was stronger, because the accepted orthodoxy of popular media and Federal Reserve economics is that interest rates are going to k33p going higher, to the tune of four such hikes this year (at least).

The Trump tax cuts and infrastructure spending programs are going to stimulate a recovered economy, bringing the risks of wage inflation to bear. Never mind asset inflation because that is a good thing to the stock owning and value-reaving elites.

To the victors go the spoils. Winning....

But real wage income increases are a threat to the economic order that was established back in the 1980's, that order being: them that's got shall have, them that's not shall lose....

I'll stick with my own theory that the Fed just wants to get as far away from the ZIRP as is possible, before the latest asset bubble and phony recovery collapses around their ears. But seriously, only time will tell.

But the tax cuts are not really going to the people who are going to be growing aggregate demand organically, but for the most part and despite corporate propaganda to the contrary, that money is going to the same old cats who have been getting the most for as far back as most can remember.

And as for the stimulus of infrastructure, that one does not even quality for the derogatory term 'paper tiger.' It is a $200 billion Trojan horse of privatization and neo-liberalism come home to roost, at long last.

Today was the six months anniversary of the passing of the queen from this world into the next. Ex umbris et imaginibus in vitam.

March is the month where silver is favored on the Comex, and we saw a mighty surge in the exchanging of paper claims for March 1 delivery in silver, as noted in the Comex clearing report below.

Gold is dullsville in March, at least on the Comex if not in Asia, so we may not see it continuing to hold the price lead, and silver may take up the slack.

A bigger change is coming, that may creep up on those who hold most of the public speaking platforms these days.

And what rough beast, it's hour come round at last,
Slouches towards Bethlehem to be born?

W. B. Yeats, The Second Coming, 1919

Have a pleasant evening.


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and Thank You All for Being With Us Tonight


Wishing You All A Nice Day <3

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[JD400]

Pale Shade Of Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us


MMgys

OK Lets Go >>>>>>>>>>>>>>>>>>

Onwards to the data

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March 5/GOLD FALLS $4.10 TO $1319.00/SILVER FALLS 11 CENTS TO $16.39/IT ITALY, THE 5 STAR PARTY GAINS MOST VOTES AT 32%: TOGETHER WITH NORTHERN LEAGUE THEY HAVE EXACTLY 50% BUT LOOKS LIKE A HUNG PARLIAMENT/PAUL RYAN ASKS TRUMP TO END THE TARIFF WARS BUT IS SHOT DOWN BY TRUMP/VERY LITTLE PROGRESS WITH CANADA AND MEXICO ON NAFTA/SWAMP STORIES/
March 5, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1319.00 DOWN $4.10

Silver: $16.39 DOWN 11 CENTS

Closing access prices:

Gold $1320.10

silver: $16.43

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1333.90 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1325.55

PREMIUM FIRST FIX: $8.35

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SECOND SHANGHAI GOLD FIX: $1332.39

NY GOLD PRICE AT THE EXACT SAME TIME: $1325.50

PREMIUM SECOND FIX /NY:$6.87

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1326.30

NY PRICING AT THE EXACT SAME TIME: $1325.80

LONDON SECOND GOLD FIX 10 AM: $1320.40

NY PRICING AT THE EXACT SAME TIME. $1320.60

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH
143 NOTICE(S) FILED TODAY FOR
715,000 OZ/

Total number of notices filed so far this month: 4205 for 21,025,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $11,514/OFFER $11,584: UP $486(morning)
Bitcoin: BID/ $11,535/offer $11,602: UP $507 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest FELL BY A CONSIDERABLE SIZED 1,702 contracts from 192,332 FALLING TO 190,630 DESPITE FRIDAY’S STRONG 23 CENT RISE IN SILVER PRICING. WE HAD SOME COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 0 EFP’S FOR MARCH, 1316 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1316 CONTRACTS. WITH THE TRANSFER OF 1316 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1316 CONTRACTS TRANSLATES INTO 6.580 MILLION OZ DESPITE WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

5686 CONTRACTS (FOR 3 TRADING DAYS TOTAL 5686 CONTRACTS OR 28.430 MILLION OZ: AVERAGE PER DAY: 1895 CONTRACTS OR 6.476 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 28.43 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.06% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 521.905 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD SOME LOSS IN COMEX OI SILVER COMEX DESPITE THE 23 CENT GAIN IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1316 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1316 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE LOST 356 OI CONTRACTS i.e. 1316 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 1702 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 23 CENTS AND A CLOSING PRICE OF $16.50 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.953 BILLION TO BE EXACT or 136% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 143 NOTICE(S) FOR 715,000 OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 4448 CONTRACTS FALLING TO 505451 . DESPITE THE HUGE RISE IN PRICE ON FRIDAY ($18.70) HOWEVER FOR MONDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN FAIR SIZED 5140 CONTRACTS OF WHICH MARCH SAW THE ISSUANCE OF 55 CONTRACTS, APRIL SAW THE ISSUANCE OF 5085 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 505,451. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GAIN OF 692 CONTRACTS: 4448 OI CONTRACTS DECREASED AT THE COMEX AND A FAIR SIZED 5140 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(692 oi gain in CONTRACTS EQUATES TO 2.15TONNES)

FRIDAY, WE HAD 20,030 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 35,073 CONTRACTS OR 3,507,300 OZ OR 109.09 TONNES (3 TRADING DAYS AND THUS AVERAGING: 11,691EFP CONTRACTS PER TRADING DAY OR 1,169,100 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 3 TRADING DAYS IN TONNES: 109.09 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 109.09/2200 x 100% TONNES = 4.26% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1361.29 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A STRONG SIZED DECREASE IN OI AT THE COMEX DESPITE THE CONSIDERABLE RISE IN PRICE IN GOLD TRADING YESTERDAY ($18.70). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5140 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 5140 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 692 contracts ON THE TWO EXCHANGES:

5140 CONTRACTS MOVE TO LONDON AND 4448 C ONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 2.15 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $4.10 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.98 tonnes.

SLV/

WITH SILVER DOWN 11 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 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 1702 contracts from 192,332 DOWN TO 190,630 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE RISE IN PRICE OF SILVER (23 CENTS WITH RESPECT TO FRIDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 1316 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 1702 CONTRACTS TO THE 1316 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL LOSS OF 356 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET LOSS TODAY IN OZ ON THE TWO EXCHANGES: 1.780 MILLION OZ!!!

RESULT: A CONSIDERABLE DECREASE IN SILVER OI AT THE COMEX DESPITE THE RISE OF 23 CENTS IN PRICE (WITH RESPECT TO FRIDAY’S TRADING ). BUT WE ALSO HAD ANOTHER FAIR 1316 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)MONDAY MORNING/LATE SUNDAY NIGHT: Shanghai closed DOWN 2.39 POINTS OR 0.07% /Hang Sang CLOSED DOWN 697.06 POINTS OR2.28% / The Nikkei closed DOWN 139.55 POINTS OR 0.53%/Australia’s all ordinaires CLOSED DOWN 0.53%/Chinese yuan (ONSHORE) closed UP at 6.3400/Oil UP to 61.35 dollars per barrel for WTI and 64.44 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED DOWN AT 6.3400 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3395 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS NOT HAPPY TODAY (STRONGER CURRENCY BUT TERRIBLE CHINESE MARKETS/ )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA

China confirms 2018 slowdown

( zerohedge)
4. EUROPEAN AFFAIRS

i)The real reason for the closing of the Latvian bank and it is not the dubious money laundering charge. The reason is that after the collapse of Cyprus in 2010, Russian oligarchs needed another country to park its European/USA funds and in 2014 they found one in new EU member Latvia. The USA’s simple motive was to hurt Russia where it hurts the most ..in the pocketbook

( William Enghahl/Neo.org)

ii)Last night/Italy

The Euro slides as the anti-establishment vote surges

( zerohedge)

iii)And the results so far: strong anti-establishment performance/hung parliament is the probable result.

( zerohedge)
iv)Confusion over the fact of Renzi’s resignation. The Centre -right party with a poor showing is in shambles.
(courtesy zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
After losing its court battle with the Ukraine’s Naftogas, Russia’s Gazprom decided it was best to still not deal with them. So they returned their prepaid deposit and now the Ukraine is freezing.

( zerohedge)
6 .GLOBAL ISSUES
i)In this excellent commentary, a global trade war (and it sure looks like we hare heading towards on) would lead to a huge 40% market crash

( zerohedge)


ii)Canadian dollar weakens terribly as Trump responds that tariffs will not come off until a new and “fair NAFTA agreement is signed. It looks like NAFTA is dead in the water.

(courtesy zerohedge)

iii)As promised to you: NAFTA is dead in the water. The loonie tumbles again late this afternoon when USA trade representative Lighthizer stated that discussions fell short of expectations and that time is running out.

( zerohedge)
7. OIL ISSUES

An extremely important commentary from zero hedge on oil. They believe in 5 years, the uSA will surpass Russia as the world’;s largest oil producer at 12 million barrels per day. Also demand is expected to grow from around 86 million barrels per day up to 100 million barrels per day. The uSA must build pipeline capacity or there will be extreme shortages.

(courtesy zerohedge)
8. EMERGING MARKET

India

Quite a scam: the crooks used gold and diamonds to bribe a banker in this 2 billion dollar fraud at PNB. All of the crooks escaped India and are probably in Hong kong

( zerohedge)
9. PHYSICAL MARKETS

i)A very important video for you to see. Alasdair Macleod explains the significance of the March 26 oil futures contract which will inevitably be settled in gold. He explains that the uSA was not happy with this and was probably the reason that Trump initiated tariffs on aluminum and steel.

a must view

( Alasdair Macleod)

ii)An acknowledgement of central bank manipulation in the gold market but I agree with C Powell that it is not for desperate dollar liquidity but to store value to currencies

( C Powell/GATA)
10. USA stories which will influence the price of gold/silver

A. Economic data:
ISM services slip but PMI rises a bit. However the report also shows soaring costinflaiton
( zerohedge)
B. Other USA stories
i)this is going to cost considerable money: a strong Nor’Easter pummels the east coast.
( zerohedge)

ii)The real story on the Fed unwind. Wolf Richter has it right: the Fed is unwinding QE perfectly to their plan( Wolf Richter/Wolfstreet)
iii)Another must read…David Stockman talks about the Trump trade wars which will certainly accentuate the problems with the huge 1.8 trillion of bonds that must be issued by the Fed. Finally, the buying of one’s stock is not going to help as the economy falters badly
( David Stockman)
iv)The USA will now experience a two fold problem. The first is the huge 1.20 trillion dollar deficit coupled with the 600 billion of bonds that will be rolled off the Fed’s balance sheet. This $1.8 trillion bond issuance may clear but certainly not without the rise in the 10 yr bond yield into the 4 to 5% area. That will break valuations and cause severe hardship to its economy.

Now the second problem is the trade war initiated by Trump in order to save its economy. He now plans a retaliatory tax…i.e. whatever tax Europe applies, so will the USA. The EU adds considerably more taxes on products than the USA(it is more protectionist that the uSA) so a tax by Trump will certainly hurt products coming into the USA and that will hurt stock markets from around the world. It will also be hugely inflationary in the USA and again that will cause costs to rise and break valuations causing severe hardship to its economy.
( zerohedge)
v)Jim Rickards outlines the 3 stages of economic warfare:
1. a currency war
2 a trade war
3. a shooting war
he describes in detail the past and how that led to war and today is no different
( Jim Rickards/Daily Reckoning)

vi)Paul Ryan and for that matter, many Republicans are asking Trump to kill the proposed tariffs on steel and aluminum/ If not they may respond in kind. Interestingly enough the stock market did not go down as scheduled with the tariffs( zerohedge)

vi b)Ryan is rejected by Trump. The markets believe Trump is bluffing. Trump may be at war with his own party.

( zerohedge)
vii)Another indicator that things are not doing well in the uSA: car sales by all companies. Light trucks are doing ok but not cars. You can imagine the pain of European car manufacturers if Trump adds a huge tax equal to what EU applies in Europe as Europe is far more protectionist than the USA.
( jeffrey Snyder/Alhambra Investment Partners)

viii)Trump offers no tariff exemptions with regard to tariffs that he will implement. Due to the tariffs on aluminum and steel and both products are exported from Canada, you can assume that NAFTA is officially dead..

( zerohedge)

ix) Republican Senator Cochran to resign next month due to health reasons

( zerohedge)

x)I doubt this will happen but we had better report on it: the USA is said to consider a new military action against Syria as there are claims that Assad used chemical weapons

( zerohedge)

C)SWAMP STORIES

a)Eric Holder believes that Mueller will hit Trump with obstruction charges. I do not think so…it is his constitutional authority to fire Comey and his actions were not criminal in any way

( zero hedge)

b)Trump on the war path this morning as he slams the Obama administration for trying to discredit the Trump candidacy and then his presidency
(courtesy zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY 4448 CONTRACTS DOWN to an OI level 505,451 DESPITE THE CONSIDERABLE RISE IN THE PRICE OF GOLD ($18.70 GAIN/ FRIDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 5085 EFP’S ISSUED FOR APRIL , 55 EFP’s FOR MARCH AND 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 5140 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 692 OI CONTRACTS IN THAT 5040 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 1,702 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 692 contracts OR 69200 OZ OR 2.15 TONNES.

Result: A CONSIDERABLE SIZED DECREASE IN COMEX OPEN INTEREST DESPITE THE STRONG RISE IN FRIDAY’S GOLD TRADING ($18.70.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 692 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we GAINED 27 contracts UP to 672 contracts. We had 0 notices served upon yesterday, so in essence we GAINED BACK 27 contacts or an additional 2700 oz will not stand for delivery at the comex

April saw a LOSS of 7405 contracts DOWN to 314,822. May saw another gain of 74 contracts to stand at 104. The really big June contract month saw a gain of 2176 contracts up to 108,342 contracts.

We had 0 notice(s) filed upon today for nil oz

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 220,550 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 281,421 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI FELL BY A CONSIDERABLE 1702 CONTRACTS FROM 192,332 DOWN TO 190,630 DESPITE FRIDAY’S 23 CENT RISE IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 1316 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1316. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD NO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A GOOD SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A FAIR AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE LOST 356 SILVER OPEN INTEREST CONTRACTS

1702 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 1316 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:356 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month LOST 216 contracts FALLING TO 1041 contracts. We had 204 contracts filed upon yesterday, so we LOST 16 contracts or an additional 80,000 will NOT stand in this active delivery month of March.

April GAINED 4 contracts RISING AT 418 .

The next big active delivery month for silver will be May and here the OI lost by 1747 contracts down to 147,117

We had 143 notice(s) filed for 715,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 5/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
672 contracts
(67200 oz)
Total monthly oz gold served (contracts) so far this month
0 notices
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
i) Into Brinks: NIL oz
total inventory deposit into the dealer accounts: NIL oz
we had nil withdrawal out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,133,645.713 oz 284.156 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (0) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (672 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 67,200 oz, the number of ounces standing in this nonactive month of MARCH (2.0902 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (0 x 100 oz or ounces + {(672)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 67,200 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 17 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 5 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
14,913.410 oz
DELAWARE
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
NIL oz
No of oz served today (contracts)
143
CONTRACT(S
(715,000 OZ)
No of oz to be served (notices)
898 contracts
(4490,000 oz)
Total monthly oz silver served (contracts) 4205 contracts

(21,025,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 0 deposits into the customer account

ii) JPMorgan: zero

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.

total deposits customer account: NIL oz

JPMorgan did not add any silver into its warehouses (official) today.

we had 3 withdrawals from the customer account;

i) Out of Delaware: 25,300.750 oz

ii) Out of CNT: 599,138.810 oz

iii) Out of Brinks: 199,270.757 oz

total withdrawals; 823,719.300 oz

we had 1 adjustments

i) out of CNT: 603,196.330 oz was adjusted out of the customer is this landed into the dealer account of CNT

total dealer silver: 57,444 million

total dealer + customer silver: 251.779 million oz

The total number of notices filed today for the March. contract month is represented by 143 contract(s) FOR 715,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 4205 x 5,000 oz = 21,025,000 oz to which we add the difference between the open interest for the front month of Mar. (1257) and the number of notices served upon today (143 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 4205(notices served so far)x 5000 oz + OI for front month of March(1257) -number of notices served upon today (143)x 5000 oz equals 25,515,000 oz of silver standing for the March contract month.

We LOST an additional 16 contracts or 80,000 additional silver oz will NOT stand for delivery at the comex.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 54.428 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 79,045 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 79,045 CONTRACTS EQUATES TO 395 MILLION OZ OR 56.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -1.66% (MARCH 5/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.38% to NAV (March 5/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.66%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.38%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.95%: NAV 13.63/TRADING 13.23//DISCOUNT 2.95.

END

And now the Gold inventory at the GLD/

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 5/2018/ Inventory rests tonight at 833.98 tonnes

*IN LAST 335 TRADING DAYS: 107,16 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 265 TRADING DAYS: A NET 50.14 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

MARCH 5/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 318.069 million oz

end

6 Month MM GOFO 1.94/ and libor 6 month duration 2.03

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.94%

libor 2.23 FOR 6 MONTHS/

GOLD LENDING RATE: .29%

XXXXXXXX

12 Month MM GOFO
+ 2.36%

LIBOR FOR 12 MONTH DURATION: 2.50

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.140

end
Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

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Silver Looking Better Than Gold?

Mike Mish Shedlock
1 day
-edited

Based on Commitment of Traders (COT) data, John Rubino at Dollar Collapse prefers silver over gold.

The gold COT chart (GC) shows large speculators are net long 178,718 contracts, while the commercial traders are short 199,796. Short specs are long 20,808 contracts, making up the difference.

Data is is reported on Friday for the prior Tuesday.
Advertisement

Large speculators are typically hedge funds, and small speculators are individual traders or tiny funds trading a small number of contracts. The commercials are the producers of gold plus the market makers who take the other side of trades.

Silver COT Chart



The silver COT chart (SI) shows large speculators are net short 1,508 contracts, while the commercial traders are net short 14,463. Short specs are long 15,971 contracts, making up the difference.

On that basis, John Rubino says Silver Looks Way Better Than Gold Right Now.

Normally the action in the gold and silver futures markets tends to be pretty similar, since the same general forces affect both precious metals. When inflation or some other source of anxiety is ascendant, both metals rise, and vice versa.

But lately – perhaps in a sign of how confused the world is becoming – gold and silver traders have diverged. Taking gold first, the speculators – who tend to be wrong at major inflection points – remain extremely bullish. Commercial traders, meanwhile – who tend to be right when speculators are wrong – are extremely bearish, with short positions more than double their longs. Historically that’s been a setup for a big drop in gold’s price.

But now check out silver. Where gold futures speculators’ long positions are three times their short bets, silver speculators are actually more short than long. In other words, the people who are usually wrong are bearish. The commercials, meanwhile, are almost in balance, which is usually bullish for silver’s subsequent action.

What does this mean? One possible explanation is that silver has gotten too cheap relative to gold and needs to be revalued. That could happen in several ways, with both metals rising but silver rising more, or both falling but silver falling less. Or with gold dropping while silver rises, as improbable as that seems.

As the chart below illustrates, gold has recently been rising relative to silver (or silver has been falling relative to gold) with the gold/silver ratio now close to 80, meaning that it takes 80 ounces of silver to buy one ounce of gold. It’s been there two other times in the past decade and both times gold subsequently rose while silver rose a lot more.






Based on this (admittedly short) bit of recent history, an interesting trade might be to short gold and go long silver on the assumption that silver bullion will outperform gold bullion going forward. Or just stack more silver than usual for a while.

Silver Looking Better?

Fundamentally, I prefer gold. Silver is predominantly an industrial metal, while gold is predominantly money.

Silver is consumed, but nearly every ounce of gold ever mined is still around somewhere.

Note Rubino's interesting comment regarding the gold/silver ratio: "It’s been near 80 two other times in the past decade, and both times gold subsequently rose while silver rose a lot more."

Here is practical advice, assuming you like his analysis: "Just stack more silver than usual for a while."

Will it play out again that way? I don't know. Everyone is guessing about everything.

Word About COTs
Advertisement

One frequently hears things like "the commercials increased their shorts".

That's false. Commercials take the other side of the trade. Commercials, except for the producers who sell what they produce, are hedged, while the speculators aren't.

The market makers, counting hedges, are actually net neutral.

The second thing one hears is that the large short positions are proof of manipulation. Since the commercials are hedged, such allegations are ridiculous.

There is collusion and fixing, as has been admitted, but size alone has nothing to do with it.

If the commercials were not hedged, they would have blown up long ago.

Breaking News

Rubino's Breaking News Page is worth a daily visit.

He posts links to articles from numerous sources including Doug Casey, Chris Martenson, Davis Stockman, Wolf Street and me.

Rubino provides a nice daily recap of the best of the best. To subscribe to his articles, you can join his email group.

Mike "Mish" Shedlock

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News and Commentary

Stocks Mixed Amid Trade Fears; Italian Bonds Drop: Markets Wrap (Bloomberg)

Gold prices gain as dollar weakens amid trade war fears (Reuters)

Gold snaps multiday skid on trade-war fears, but logs weekly loss (Marketwatch)

Texas endowment “in no rush to sell” $1 billion gold position – New CEO says (Gata)

Ex–FDIC chief Sheila Bair says bitcoin’s like dollars — neither has intrinsic value (Marketwatch)



Source: Bloomberg

U.S. dollar outlook darkens as trade war looms (Reuters)

New analysis sees return of trillion-dollar budget deficits (CNBC)

Dumping U.S. debt may become a weapon in global trade war (Reuters)

Why South Africa Is Ripping Up Its Mining Rules Again (Bloomberg)

’Flation Is Gone. Inflation Is Back (Moneyweek)

Gold Prices (LBMA AM)

05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce
28 Feb: USD 1,320.30, GBP 951.14 & EUR 1,080.53 per ounce
27 Feb: USD 1,332.75, GBP 954.78 & EUR 1,081.26 per ounce
26 Feb: USD 1,339.05, GBP 953.00 & EUR 1,085.30 per ounce

Silver Prices (LBMA)

05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce
28 Feb: USD 16.44, GBP 11.88 & EUR 13.45 per ounce
27 Feb: USD 16.61, GBP 11.91 & EUR 13.48 per ounce
26 Feb: USD 16.67, GBP 11.88 & EUR 13.52 per ounce


Recent Market Updates

– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
– US-China Trade War Escalates As Further Measures Are Taken



Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at: https://kinesis.money/#/

(Andrew Maguire)
Andrew Maguire
2:57 PM (1 hour ago)
to me

Harvey

Here It is my friend! https://kinesis.money/#/ Please let everyone know.

Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy

end.

A very important video for you to see. Alasdair Macleod explains the significance of the March 26 oil futures contract which will inevitably be settled in gold. He explains that the uSA was not happy with this and was probably the reason that Trump initiated tariffs on aluminum and steel.

a must view

(Alasdair Macleod)
Alasdair Macleod: The yuan oil futures contract’s implications for gold

Submitted by cpowell on Sat, 2018-03-03 15:43. Section: Daily Dispatches

10:43a ET Saturday, March 3, 2018

Dear Friend of GATA and Gold:

In a three-minute video posted at YouTube yesterday, GoldMoney research director Alasdair Macleod explains the connection between gold and the oil futures contract priced in yuan that China will begin offering on March 26. The contract, Macleod explains, is part of the general movement away from the U.S. dollar by China, Russia, and other Asian countries. The video is headlined “Oil-Yuan Futures to Start Later in the Month — Implications For Gold” and can be seen here:

https://www.youtube.com/watch?v=UYHb76Oo1RE&t=14s

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

end

An acknowledgement of central bank manipulation in the gold market but I agree with C Powell that it is not for desperate dollar liquidity but to store value to currencies

(courtesy C Powell/GATA)
A new theory about ‘gold pukes’: Banks desperate for dollar liquidity

Submitted by cpowell on Mon, 2018-03-05 03:22. Section: Daily Dispatches

10:30p ET Sunday, March 4, 2018

Dear Friend of GATA and Gold:

Zero Hedge tonight calls attention to an interview done with Jeffrey Snider, chief investment strategist and head of global research at Alhambra Investment Partners in Palmetto Bay, Florida, by hedge fund manager Erik Townsend at his MacroVoices internet site. Snider acknowledges that central banks are active in the gold market through leases and swaps but argues that their primary objective is not to suppress the gold price in defense of government currencies but to provide emergency liquidity and collateral to investment and commercial banks at times of market stress.

“Gold pukes,” Snider says, are desperate grabs for dollar liquidity by the private-sector banks selling collateral that happens to be handy.

Of course Snider’s theory does not match the accounts provided by central bank records themselves, which emphasize currency defense as the objective of intervention in the gold market. Nor does Snider’s theory explain the suddenness of the “gold pukes,” since no one who was more interested in getting a decent price for gold than in driving gold’s price down would sell so much in a few minutes. He would spread his sales out over at least a full day.

Even so, Snider faults the surreptitiousness of central bank activity in the gold market and the dishonesty of central bank balance sheets in regard to gold. That’s more than readers will ever get from the Financial Times and Wall Street Journal.

A transcript of Townsend’s interview with Snider is posted at MacroVoices here:

https://www.macrovoices.com/macro-voices-research/podcast-transcripts/16…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

Bulletin headline summary from RanSquawk

Italian election results pointed to a hung parliament with anti-establishment 5-Star Movement as the largest single party
White House officials stated that President Trump plans to apply steel and aluminium tariffs globally and will not exempt allies such as Canada and Europe
Looking ahead, highlights include US services PMI, ISM non-mfg PMI, Fed’s Quarles and Evans

Market Snapshot

S&P 500 futures down 0.2% to 2,685.25
STOXX Europe 600 up 0.2% to 367.92
German 10Y yield fell 2.6 bps to 0.625%
MSCI Asia Pacific down 1% to 172.68
MSCI Asia Pacific ex Japan down 1.2% to 564.41
Nikkei down 0.7% to 21,042.09
Topix down 0.8% to 1,694.79
Hang Seng Index down 2.3% to 29,886.39
Shanghai Composite up 0.07% to 3,256.93
Sensex down 0.9% to 33,754.18
Australia S&P/ASX 200 down 0.6% to 5,895.03
Kospi down 1.1% to 2,375.06
Euro up 0.02% to $1.2319
Italian 10Y yield rose 2.3 bps to 1.702%
Spanish 10Y yield fell 3.2 bps to 1.518%
Brent futures up 0.5% to $64.71/bbl
U.S. Dollar Index little changed at 89.96

Top Overnight News from BBG

Projections based on ballot-counting on Monday morning, following Italy’s vote on Sunday, suggested the two forces with the most gains, the euroskeptic Five Star Movement and the anti- migrant League, could reach a majority in at least one of the houses of the Rome-based parliament should they join forces
China stepped up its push to curb financial risk, cutting its budget deficit target for the first time since 2012, to 2.6 percent of GDP from 3 percent, and setting a growth goal of around 6.5 percent that omitted last year’s aim for a faster pace if possible
Chinese lawmakers will vote to appoint a new PBOC governor on March 19, according to a National People’s Congress agenda; while current bank regulatory chief Guo Shuqing and Hubei provincial party chief Jiang Chaoliang have both been tipped for the post, President Xi Jinping’s top economic policy adviser and Politburo member Liu He has recently been named by analysts in connection with the top monetary policy job and a vice premier position
Trump administration shows scant sign of watering down its plan to impose stiff tariffs on steel and aluminum imports with carve-outs for specific countries, despite opposition from U.S. allies and Republican lawmakers.
Tariffs would have “devastating effects on Europe, but also on the U.S. and the rest of the world,” EU Trade Commissioner Cecilia Malmstrom says to Swedish broadcaster SVT
German Chancellor Angela Merkel says her government must begin its work “quickly” after Social Democrat vote to join coalition, citing global trade and competitiveness with China as urgent issues

Asian equity markets began a risk-packed week with a downbeat tone as region digested Italian elections, China economic announcements and continued trade war concerns. This ongoing political uncertainty and rise of the Euro sceptics dampened the risk tone with ASX 200 (-0.6%) and Nikkei 225 (-0.7%) negative throughout the session, while Japanese steel names and automakers remained pressured on lingering tariff/trade war concerns. Elsewhere, Hang Seng (-2.3%) underperformed and Shanghai Comp. (+0.1%) bucked the trend as participants contemplated over China’s economic work report in which the official GDP growth target was maintained at 6.5% as widely expected, before disappointing Chinese Caixin Services and Composite PMI data. Finally, 10yr JGBs were higher and reclaimed the 151.00 level, amid a rebound in Tnotes and a flight-to-quality due to the subdued risk tone. Chinese Premier Li delivered the Economic Work Report at the NPC in which he announced that China maintained GDP growth target at about 6.5% this year but dropped reference to ‘higher if possible’. Premier Li further stated that China will keep prudent monetary policy neutral and maintain proactive fiscal policy, while China will also take further measures to lower tax burden for companies.

Top Asian News

China Turns Fiscal Screws While Targeting GDP Growth Around 6.5%
China’s Top Tech Firms Heed the Call to Bring Listings Home
Go-Jek Explores First IPO of a Billion-Dollar Indonesian Startup
HSBC Is Said to Poach Morgan Stanley’s Top Indonesia Dealmaker

Amidst the prospects of ongoing global ‘trade wars’ and the political uncertainty stemming from the Italian elections, European equities saw a pessimistic open following a similar tone in the Asia-Pac session. As of now, major bourses have pared back earlier losses (Eurostoxx 50 +0.3%) with the exception of FTSE MIB (-1.2%) as a clear underperformer. Financials lag with banks amongst the worst performers on the FTSE MIB with BPER Banca (-7.3%), Banco BPM (-6.2%), Ubi Banca (-4.6%) seen at the foot of the index dragged down by the Italian elections. The Berlusconi-controlled Mediaset (-5.4%) are also lower following projections showing the centre-right coalition fronted by the former PM falling short of an absolute majority. Following US President Trump’s latest threat to hike tariffs in EU auto imports, German auto names are underperforming with DAX 30 heavyweights BMW (-1.1%) and Daimler (-0.4%) seen lower.

Top European News

BMW May Have Most to Lose in Autos Trade War, Evercore Says
U.K. Services Prop Up Economy on Better-Than-Forecast Growth
Euro-Area Economy Looked a Little Less Buoyant in February
May Secures Temporary Cease-Fire in U.K. Tory-Brexit Infighting
Amid China M&A Drive, EU Rushes for Investment-Screening Deal

In FX, the DXY has given up 90.000 status after last week’s roller-coaster ride when the index almost recovered to 91.000 before recoiling on US President Trump’s plans to slap import tariffs on steel and aluminium that sparked another wave of global trade war and protectionism jitters. However, a recovery in the EUR has moved EUR/USD back above 1.2300 and moved the DXY back into negative territory for the session. Meanwhile, Eur/Jpy initially breached strong technical support at 129.50 before reclaiming 130.00 amid the recent EUR strength. Elsewhere, the Nzd, Aud and Cad are G10 underperformers after Chinese PMI misses and a general risk-off tone on the Trump proposals and pledges of retaliation, with the Kiwi extending gains above 0.7200 vs the Greenback, Aud/Usd trading around 0.7750 and Usd/Cad just off fresh 2018 highs but back below 1.2900 and just shy of key resistance in the 1.2915-25 area. The Jpy and Chf are both benefiting from their safe-haven appeal, with the former around 105.50 vs the Usd (strong barriers still reported at 105.00) and the latter within a 0.9750-85 range vs its US counterpart. Cable at session highs above 1.3800 and Eur/Gbp still above 0.8900 between 0.8905-50 with Sterling continuing to be hampered by Brexit uncertainty amidst more reports about the EU’s hard-line stance on transition terms and conditions.

In commodities, WTI and Brent crude futures traded higher despite the firmer USD as Libyan supply disruptions provide some reprieve after Libya’s Sharara oil field (largest in the nation) has halted pumping crude amid domestic protests. However, it was then later reported that production has resumed at the oil field. In terms of other energy newsflow, the IEA have upgraded their US oil output growth estimates by over 2mln bpd through 2023. Focus ahead will be on any comments from the meeting between OPEC and US shale producers as both sides look to address the ongoing global oil glut. In metals markets, gold prices remain modestly supported by the general risk tone with gains capped by the firmer USD. Elsewhere, Chinese steel futures were seen lower for a second consecutive session as demand in the region remains soft and despite China announcing that they will reduce around 30mln tonnes of steel capacity this year. Focus going forward will be on how Trump views/responds to threats made by the EU and Canada over counter-measures to last week’s tariff announcements.

Politics should dominate the start to the week for markets. In China the National People’s Congress is due to begin in Beijing, with Premier Li due to present a draft of his work plan for 2018 (continues to March 20th). Away from politics, the main data releases on Monday will be the final February services and composite PMIs around the globe, along with Euro area retail sales for January, the Sentix investor confidence reading for March and the February ISM non-manufacturing in the US. Elsewhere BOJ Deputy Governor nominee’s confirmation hearing will begin, while the Fed’s Quarles is also due to speak. It’s worth also highlighting that EU Council President Donald Tusk may circulate draft negotiating guidelines about the future relationship between the EU and UK on Monday.

US Event Calendar

9:45am: Markit US Services PMI, est. 55.9, prior 55.9; Composite PMI, prior 55.9
10am: ISM Non-Manf. Composite, est. 59, prior 59.9
1:15pm: Fed’s Quarles Speaks on Foreign Bank Regulation

DB’s Jim Reid concludes the overnight wrap

What’s the toughest business out there? After this weekend it’s definitely “snowbiz”. After a deluge of snow late Friday afternoon we made a big family snowman. By Saturday night after an incredibly quick melt it was as good as gone. I now know how mayflies feel.

Through history snowmen have lived as precarious as an existence as Italian Governments and as we bring news of yesterday’s election it’s worth remembering that they have seen around 90 governments since the start of the twentieth century. Counting is still underway, but initial results suggest there is no clear majority with a hung parliament very likely, while the Five Star Movement will likely be the most popular single party with c32% share of
the votes (up 6ppt vs. 2013 elections), as per RaiNews24, and better than final opinions polls suggested. RaiNews24 further notes that the Berlusconi led center-right coalition could achieve 35.5% of votes but still short of the 40% needed to avoid a hung parliament. However the League (c.16%) look set to beat Forza Italia (c.14%) which makes the centre-right look more anti immigration and euro sceptic. The center-left group led by Renzi could achieve c.23% of the votes. If the projections are true, it could lead to months of uncertainty until a coalition government could be formed. DB’s Mark Wall noted that an important lesson from the various political events over the last couple of years in the euro area is that unless there is a clear threat to euro area membership, there is little lasting impact on market sentiment. Further, it appeared all Euro sceptic parties had softened their stance on euro exit before the election. As long as the market remains convinced of this, he believes calmness should prevail. However for us there’s no doubting that populist parties have done better than expected and Italy is going to struggle to get a reforming agenda after these results.

In contrast, in Germany the political stalemate has ended after the SPD voted in favour (66% to 34%) of forming a new coalition government with Ms Merkel’s bloc, paving the way for her to be re-inaugurated as Chancellor by mid-March. Mark believes the appearance of a post-Schaeuble pro-European policy stance by Germany is a buffer against the potential risks from Italy. This morning, the Euro initially strengthened on Germany’s developments but pared back gains to be marginally lower following news from Italy.

In Asia, markets are broadly lower with the Nikkei (-0.71%), Kospi (-0.92%), Hang Seng (-1.26%) and China’s CSI 300 (-0.15%) all down as we type, while the UST 10y yield is down c2.5bp. Datawise, China’s February Caixin composite PMI (53.3 vs. 53.7 previous) and Japan’s Nikkei composite PMI (52.2 vs. 52.8 previous) were both softer than the prior month’s reading. Elsewhere, China has set an economic growth target of “around 6.5%” for 2018 but did not include the comment of “higher if possible in practice” as it did in 2017. Notably, the c6.5% target is in line with DB’s expectations.

Looking forward it’s a big week ahead macro wise with the back end where most of the action will come. On Friday, 5 weeks on from the average hourly earnings shock that caused the vol quake, we’ll see the latest US payroll report with all focus on this month’s wages number. The consensus is for another strong +0.3% mom number in February however base effects mean that the YoY rate would hold at +2.8% (in line with DB) if that is the case.

Before that we have the ECB meeting on Thursday and the BoJ on Friday. No change in policy is expected at either. For the ECB though, our economists expect the ECB to redefine the QE reaction function, reducing the likelihood that the ECB responds to economic and financial shocks with QE. The current forward guidance links the potential for an extension or expansion of QE to shocks to the economy and/or financial conditions. Our team expect the ECB to say that it will respond to shocks with the monetary policy stance more generally rather than QE specifically. By redefining the reaction function, this will set the ground for a June announcement that net asset purchases will end in December. The BoJ meeting should be a less exciting affair with the status quo maintained. Perhaps of most interest will be whether or not policy board member Goushi Kataoka officially puts forward his proposal for another easing. After we went to print on Friday Mr Kuroda caused a little bit of a stir though by suggesting that “Of course we will be considering and debating an exit [around fiscal year 2019].” This ends in March 2020 and is someway off but it’s a further sign that the bias for global QE continues to be for it to be wound down (for now).

Also this week China’s NPC starts today and continues through to March 20th with headlines already coming out as we discussed above. Our economists have also published a preview of the event which you can find here. For the rest of the week ahead see the day by day guide at the end. Watch out today for the final February services and composite PMIs released around the globe. The slowing Euro PMI manufacturing numbers of late have been a big market driver recently Of more unpredictable timing will be the next round in the latest trade rhetorics around the world after Thursday’s steel/aluminium tariffs announcement from the US President. Friday initially saw a big risk off/flight to quality when Mr Trump tweeted that “trade wars are good, and easy to win,”. EC President Juncker said Europe was prepared to respond forcefully to the developments by targeting imports of Harley-Davidson, Levi Strauss, and bourbon whiskey from the US.

Mr Trump didn’t let this topic stay quiet and tweeted on Saturday that “If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S.”

As the war of words was escalating, the European session was very weak on Friday before a US rally restored some stability into the market. The Stoxx 600 (-2.09%) and DAX (-2.27%) both fell the most since early February, while the FTSE was the relative outperformer (-1.47%). In the US, the S&P initially traded 1.1% down but closed 0.51% higher, in part as tech stocks rallied and investors seemed to have toned down the potential for a large scale trade war. Elsewhere, the Nadaq was up 1.08% while the Dow and the VIX (19.59) was down 0.29% and 12.8% respectively.

Over in government bonds, UST 10y yields initially traded 1.6bp lower but weakened throughout the day to close 5.6bp higher to 2.865%, effectively reversing Thursday’s gains. Some suggests the weakness was amplified due to rate-lock selling ahead of this week’s large IG credit issuances but the swings said much about confusion as to whether protectionism is likely to cause riskoff (lower yields) or higher global prices (higher yields). Elsewhere, core European 10y bond yields were little changed and rose c1bp (Bunds and Gilts +0.7bp; OAT +1.1bp).

Away from the markets and back onto President Trump’s tariff proposals. DB’s Brett Ryan believes the tariffs would have a negligible impact on the US trade deficit as imports of steel and aluminum account for 2% of all goods imports. On inflation, he believes the impact should be limited as cost increases are unlikely to be fully passed on to end customers. Overall, he believes it is the second order impacts of retaliatory measures undertaken by trading partners that could come with more substantial costs for the US and its trading partners further down the line. Our Chinese economists suggests the actual impact of the trade measures on China will also be relatively small – China exports only small shares of US steel (2%) and aluminum imports (11%). Further, with a senior advisor to President Xi (Liu He) visiting the US this week, they believe this indicates China is wanting to negotiate rather than retaliate (Link). Notably, this is consistent with comments by China’s Vice Foreign Minister Zhang over the weekend where he noted “China does not want to fight a trade war with the US, but we absolutely will not sit by and watch as China’s interest are damaged”.

Over in the UK, on Friday the UK PM May reiterated that the UK intends to leave the Single market and Customs unions as well as impose an end to freedom of movement. However, DB’s Oliver Harvey believes there were shifts in tone, particularly to the importance of trade and services. Overall, he believes the EU will welcome the level of detail in her speech, but he is sceptical whether it can form the basis of negotiations on a future trade deal. Much will depend on the response of the EU leadership in the coming days. Refer to his note for more details.

Finally on credit, Michal in my team has just published the monthly “IG Strategy: Issuance and Fund Flows” which provides commentary and data charts on the IG corporate bond market size, issuance and fund flows. This comprehensive report covers EUR, GBP and USD markets, including both DM and EM. It also puts both issuance and fund flows in the IG space into a broader global context. You can download the full report here.

We wrap up with other data releases from Friday. In the US, the final reading for the February Uni. of Michigan’s consumer sentiment was revised up by 0.2pts to 99.7. In the details, both 1 and 5 year-ahead inflation expectations were unrevised at 2.7% and 2.5% respectively. Back in Europe, the Euro area’s January PPI was in line at 0.4% mom, but prior revisions means the annual rate was softer than expectations at 1.5% yoy (vs. 1.6%). The final reading for Italy’s 4Q GDP was unrevised at 0.3% qoq and 1.6% yoy. Elsewhere, Germany’s January retail sales was below market at -0.7% mom and 2.3% yoy (vs. 3% expected), although the prior annual reading was revised up by 1.7ppt.

Politics should dominate the start to the week for markets. In China the National People’s Congress is due to begin in Beijing, with Premier Li due to present a draft of his work plan for 2018 (continues to March 20th). Away from politics, the main data releases on Monday will be the final February services and composite PMIs around the globe, along with Euro area retail sales for January, the Sentix investor confidence reading for March and the February ISM non-manufacturing in the US. Elsewhere BOJ Deputy Governor nominee’s confirmation hearing will begin, while the Fed’s Quarles is also due to speak. It’s worth also highlighting that EU Council President Donald Tusk may circulate draft negotiating guidelines about the future relationship between the EU and UK on Monday.

end

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Pics of the Day













































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Room At the Top of the World

Stocks were lagging overnight, and opened weakly and pretty much floundered for the morning.

For whatever reason stocks rallied sharply around 2:30 PM EST for about 45 minutes, selling off that pump into the close, still finishing higher.

This is not constructive trading action, contrary to what the spokesmodels were saying on bubble vision.

Gold and silver were stronger overnight, but started given up ground on the London afternoon trade into the New York session.

The volumes and trading action were 'technical' in nature, meaning that they were largely just trading gimmicks, the usual push and pull of the algos as they attempt to skin the buy side and assorted tourists.

The crookedness of the US financial system these days is truly impressive, but nothing new. We are at a cyclical high of hubris. The same thing can be said of the traditional two party political system.

There will be a Non-Farm Payrolls Report on Friday.

Have a pleasant evening.







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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Wonderful Day <3

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[JD400]

Midnight City Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us


MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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First Some Mining Headlines

Report: Integra Resources – “There’s gold in them thar hills”? You bet.

3/6/18 “No rest for the wicked”.

Just a few months after successfully selling Integra Gold (ICG.V) to Eldorado Gold EGO, ELD.TO) right before the latter’s share price crashed, the ex-Integra Gold management team got together again to start Integra Resources ITR.V, also known as ‘Integra 2.0’.

Once you have been successful in proving up an exploration theory and capitalize on that by monetizing a company, you have to act fast as Big Money has a short-term memory and would quickly forget your achievements. The Integra team found a shell, acquired a project from Kinross Gold KGC , K.TO) and quickly raised C$27M to fill up the treasury. And there you go. Less than four months after selling Integra Gold, Integra Resources was up and running with a multi-million ounce gold project and currently still has approximately C$13M in cash in the bank.

And whereas Integra Gold started with just a few hundred thousand ounces of gold, the maiden resource estimates of the DeLamar and Florida Mountain projects already pushed the total resource in Idaho to 3.5 million gold-equivalent ounces. With more to come.

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Lithium Chile raises C$4M, expands Helados and plans to spin out its copper-gold assets
3 March, 2018

Lithium Chile LITH.V is now in the final stages of raising C$4M in a private placement priced at C$1 per unit which each unit consisting of one share and half a share purchase warrant. Each full warrant authorizes the warrant owner to acquire an additional share of Lithium Chile

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GoldQuest continues to add value in the Dominican Republic
2 March, 2018

Earlier this quarter, GoldQuest Mining GQC.TO released the assay results of seven holes drilled on its Tireo concessions in the Dominican Republic. It had previously made an interesting discovery on this license which was named Cachimbo and still appears to be open in all directions.

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Parex Resources increases 3P Reserves by 70 million barrels
28 February, 2018

Parex Resources PXT.TO, the Colombia-focused oil explorer and producer, has now released its updated oil reserve estimates. With a 2P replacement ratio of 488% (which means the company has added 5 times more oil to its reserves than it has produced) and a total 2P reserve basis of 162 million

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Report: Riverside Resources Site Visit
27 February, 2018 Reports,, Riverside Resources

View site visit photo gallery ? In February, we flew to Mexico to kick the proverbial tires of Riverside Resources RRI.V, a prospect generator with a very specific focus on Mexican projects. Although Riverside owns 9 projects, we were only able to visit two of them during our stay in Mexico’s

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March 6/GOLD RISES BY $15.60 TO $1334.60/SILVER RISES 38 CENTS TO $16.77 ON TARIFF CONCERNS/BITCOIN DROPS 700 DOLLARS/NORTH KOREA WILLING TO DENUCLEARIZE AND WILL HOLD TALKS WITH SOUTH KOREA AND THE USA/TOM LUONGO ON WHAT HAPPENS NEXT IN ITALY/EUROPE SET TO RETALIATE AGAINST USA TARIFFS/MORE SWAMP STORIES/
March 6, 2018 · by harveyorgan · in Uncat




GOLD: $1334.60 UP $15.60

Silver: $16.77 UP 38 CENTS

Closing access prices:

Gold $1334.70

silver: $16.77

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1331.23 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1322.20

PREMIUM FIRST FIX: $9.03

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SECOND SHANGHAI GOLD FIX: $1332.15

NY GOLD PRICE AT THE EXACT SAME TIME: $1321.15

PREMIUM SECOND FIX /NY:$11.00

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1324.95

NY PRICING AT THE EXACT SAME TIME: $1325.00

LONDON SECOND GOLD FIX 10 AM: $1331.40

NY PRICING AT THE EXACT SAME TIME. $1333.10???

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH
17 NOTICE(S) FILED TODAY FOR
85,000 OZ/

Total number of notices filed so far this month: 4222 for 21,110,000 oz

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Bitcoin: BID $10,856/OFFER $10,926: DOWN $539(morning)
Bitcoin: BID/ $10,693/offer $10,763: DOWN $700 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2859 contracts from 190,630 RISING TO 193,489 DESPITE YESTERDAY’S CONSIDERABLE 11 CENT FALL IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 0 EFP’S FOR MARCH, 2621 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2621 CONTRACTS. WITH THE TRANSFER OF 2621 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2621 CONTRACTS TRANSLATES INTO 13.105 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

8507 CONTRACTS (FOR 4 TRADING DAYS TOTAL 8507 CONTRACTS OR 42.53 MILLION OZ: AVERAGE PER DAY: 2126 CONTRACTS OR 10.633 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 41.535 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.85% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 535.01 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD ZERO LOSS IN COMEX OI SILVER COMEX DESPITE THE 11 CENT FALL IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2621 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2621 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 5480 OI CONTRACTS i.e. 2621 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2859 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 17 CENTS AND A CLOSING PRICE OF $16.39 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.968 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 17 NOTICE(S) FOR 85,000 OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 5849 CONTRACTS FALLING TO 499,602 . WITH THE FAIR DROP IN PRICE YESTERDAY ($4.10) HOWEVER FOR TUESDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN FAIR SIZED 4962 CONTRACTS OF WHICH MARCH SAW THE ISSUANCE OF 0 CONTRACTS, APRIL SAW THE ISSUANCE OF 4962 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 499,602. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A SMALL LOSS OF 887 CONTRACTS: 5849 OI CONTRACTS DECREASED AT THE COMEX AND A FAIR SIZED 4962 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(887 oi LOSS in CONTRACTS EQUATES TO 2.75TONNES)

YESTERDAY, WE HAD 5,140 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 40,035 CONTRACTS OR 4,003,500 OZ OR 124.52 TONNES (4 TRADING DAYS AND THUS AVERAGING: 10,008EFP CONTRACTS PER TRADING DAY OR 1,000,800 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 4 TRADING DAYS IN TONNES: 124.52 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 124.52/2200 x 100% TONNES = 4.26% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1376.72 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A STRONG SIZED DECREASE IN OI AT THE COMEX WITH THE CONSIDERABLE FALL IN PRICE IN GOLD TRADING YESTERDAY ($4.10). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4962 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4962 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 887 contracts ON THE TWO EXCHANGES:

4962 CONTRACTS MOVE TO LONDON AND 5849 C ONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 2.75 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $15.60 : NO CHANGES IN GOLD INVENTORY AT THE GLD /??

Inventory rests tonight: 833.98 tonnes.

SLV/

WITH SILVER UP 38 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 2859 contracts from 190,630 UP TO 193,489 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (11 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 2621 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 2859 CONTRACTS TO THE 2621 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 5480 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 27.40 MILLION OZ!!!

RESULT: A CONSIDERABLE INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL OF 11 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD SIZED 2627 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)TUESDAY MORNING/LATE MONDAY NIGHT: Shanghai closed UP 32.71 POINTS OR 1.00% /Hang Sang CLOSED UP 624.34 POINTS OR 2.09% / The Nikkei closed UP 375.67 POINTS OR 1.79%/Australia’s all ordinaires CLOSED UP 1.09%/Chinese yuan (ONSHORE) closed UP at 6.3310/Oil UP to 63.18 dollars per barrel for WTI and 65.98 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED UP AT 6.3310 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3260 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS VERY HAPPY TODAY (STRONGER CURRENCY AND GOOD CHINESE MARKETS/ )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea

This is the big story of the day: Kim Jung Un is ready to denuclearize and will be holding talks with the South. They wish that their regime safety to be guaranteed.

( zerohedge)
b) REPORT ON JAPAN

THIS IS GOING TO BE A HUMDINGER OF A CLASS ACTION SUIT: kOBE STEEL NOW ADMITS TO FABRICATING DATA ON THEIR STEEL PRODUCTS FOR OVER 5 DECADES:

(COURTESY REUTERS)
3 c CHINA

The following is a very important read: what happens if Trump does not back down on the tariffs? Even Trump admits that the goal of tariffs is aimed directly at China. Trump has stated that he wants to “fine” China for stealing intellectual property. The number bandied about: $1 trillion and that will no doubt fry all global markets.

( zerohedge)
4. EUROPEAN AFFAIRS

i)Europe is set to retaliate against Trump’s tariffs with a huge 25% tariff of their own in mainly Republican controlled states.

( zerohedge)

ii)Our resident expert on Italian affairs is Tom Luongo. He comments on the election where he believes that the Norther league will join the 5 Star to form a government. The Northern League has tremendous strength in the North of the country, while 5 star is strong in the south. If you look at the map below you will see unemployment is highest in the south. The euro is killing Italy as it is too high for this sovereign nation but is OK for Germany. Germany has no desire nor can they bail out Italy from its huge debts.

a must read…

( Tom Luongo)

iii)With the whole world watching whether Trump will carry out his pledge for tariffs on steel and aluminum, Europe renewed its tariffs for another 5 years but at higher rates, going as high as 72%

( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Another Russian spy convicted of helping the west, was poisoned and is now in critical condition

( zerohedge)
ii)England responds to the poisoning:
( zerohedge)
6 .GLOBAL ISSUES
Canada

We have been documenting this to you for several years now: Canada’s huge household debt to GDP. Canada has been doing OK until Trudeau arrived and he seems to want to stop the number one initiate to bail out our country: the oil pipelines. This is our Achilles heal. Canada needs to move its vast oil through pipelines and Trudeau now wishes to stop these projects for environmental reasons.

Houston..we have a problem!

( zerohedge)
7. OIL ISSUES

i)For the past two years, I have been highlighting to you the importance of Israel’s discovery of the huge Leviathan field off of its coast. The Israelis initially informed Cyprus that the gas/oil was heading into its territorial waters. Turkey does not recognize Cyprus and wants to claim the discovery for itself. On top of this we have Lebanon voiced their anger that some of the blocks which should be under Israeli territorial rights is theirs.

this is also a very important read..

( Paraskova/OilPrice.com)

ii)Oil down but gasoline higher. Crude sees a good buildup but gasoline experiences a drawdown

( zerohedge)
8. EMERGING MARKET

South Africa

South Africa has signed into law allowing the confiscation of White farms into Black hands for no compensation. The problem is the huge debt at the banks. Can this lead to a banking crisis?

( Simon Black./SovereignMan.com)
9. PHYSICAL MARKETS

i)Gold trading today:

(zerohedge)

i b) Crypto trading:

No reason given for the big drop of over $1000 for Bitcoin except for a major seller

( zerohedge)

ii)A study finds an increase in taxi trips between the NY FED and banks around FOMC meetings which suggests that information at the Fed level must be shared with the banks

( Derby/ Wall Street Journal/GATA)

iii)A very important read…Hong Kong is stretched to the limit as the Hong Kong dollar/USA dollar peg comes under fire. The Hong Kong banking system is 8.3 x its GDP and that is akin to Ireland and Iceland before both blew up.

Property values are sky high and somehow the authorities must let the air out of tires.

( Chris Powell/Ambrose Evans Pritchard/UKTelegraph)

iv)The total libor exposure is larger than anybody thought at 200 trillion dollars.

( Reuters/GATA/Brettell)
10. USA stories which will influence the price of gold/silver

i)Early morning trading

(zerohedge)

ib)Mid afternoon
another joke: supposedly Trump is open to tariff changes
(courtesy zerohedge)

ic)That did not last long: Trump is adamant that they are going to do the tariffs( zerohedge)

ii)More indication of USA troubles as their factory orders tumbled in January.
( zerohedge)

iii)Further evidence that the USA is slowing down: realtors are rattled as Manhattan apartment sales have plummeted to a 6 year low( zerohedge)

iv)This would be deadly to the NY stock market: Gary Cohn may resign if steel and aluminum tariffs remain

( zerohedge)

v)Another Nor’Easter is on its away. NY and Mass. are bracing for another monster winter storm

( zerohedge)

vi)Your next crisis is approaching fast: The Wall Street Journal has uncovered the source of the next consumer debt crisis; a fast rising delinquency in credit card debt. And this is happening to middle income earners as well as lower income consumers

( zerohedge)

vii)SWAMP NEWS

a)Seems Trump’s lawyer Michael Cohen has a little problem on his hands re the 130,000 dollars he gave to a former adult film actress. It seems that Robert Mueller is also interested in what happened.

( zerohedge)

b)Kelly has no what what Kushner and Ivanka Trump do all day

( zerohedge)

c)A very sad tale: Nunberg was probably drunk when he gave these interviews. Now the media is stating that Nunberg kind of agrees that Trump may have colluded with the Russians on the election.

( zero hedge)
d)Another tweet storm by Trump on DACA, where the Democrats did nothing for 8 years, North Korea, Oscar night and fake news

( zerohedge)

e)what a joke:Mueller hits Conway with Hatch Act violations and recommends appropriate discipline of which nothing will be done by Trump

( zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY 5849 CONTRACTS DOWN to an OI level 499,602 DESPITE THE CONSIDERABLE FALL IN THE PRICE OF GOLD ($4.10 LOSS/ YESTERDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 4962 EFP’S ISSUED FOR APRIL , 0 EFP’s FOR MARCH , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 4962 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE LOST TODAY: 887 OI CONTRACTS IN THAT 4962 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 5849 COMEX CONTRACTS.

NET LOSS ON THE TWO EXCHANGES: 887 contracts OR 88700 OZ OR 2.75 TONNES.

Result: A CONSIDERABLE SIZED DECREASE IN COMEX OPEN INTEREST WITH THE FALL IN YESTERDAY’S GOLD TRADING ($4.10.) TOTAL OPEN INTEREST LOSS ON THE TWO EXCHANGES: 887 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 56 contracts DOWN to 616 contracts. We had 0 notices served upon yesterday, so in essence we LOST 56 contacts or an additional 5600 oz will not stand for delivery at the comex AND THESE BOYS MORPHED INTO LONDON BASED FORWARDS.

April saw a LOSS of 5530 contracts DOWN to 309,292. May saw another gain of 60 contracts to stand at 164. The really big June contract month saw a LOSS of 537 contracts DOWN to 107,805 contracts.

We had 0 notice(s) filed upon today for nil oz

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 275,211 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 243,053 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 2859 CONTRACTS FROM 190,630 UP TO 193,489 DESPITE FRIDAY’S 11 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 2621 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2612. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD NO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 5480 SILVER OPEN INTEREST CONTRACTS

2859 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2621 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:5480 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month LOST 87 contracts FALLING TO 954 contracts. We had 143 contracts filed upon yesterday, so we GAINED 56 contracts or an additional 280,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN GREAT NEED OF PHYSICAL SILVER)

April lost 8 contracts FALLING TO 410 .

The next big active delivery month for silver will be May and here the OI GAINED 1176 contracts UP to 148,293

We had 17 notice(s) filed for 85,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 6/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
45,442.059 oz
Brinks
Manfra
Scotia
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
616 contracts
(61600 oz)
Total monthly oz gold served (contracts) so far this month
0 notices
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
i) Into Brinks: NIL oz
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 3 withdrawals out of the customer account:
i) Out of Brinks: 12,043.425 oz
ii) Out of Manfra: 209.778 oz
iii) Out of Scotia: 33,189.356 oz
total withdrawal: 45,442.059 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,088,203.654 oz 282.68 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (0) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (616 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 61600 oz, the number of ounces standing in this nonactive month of MARCH (1.9160 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (0 x 100 oz or ounces + {(616)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 61600 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 6 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
72,766.600 oz
CNT
Scotia
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
8973.527 oz
Delaware
No of oz served today (contracts)
17
CONTRACT(S
(85,000 OZ)
No of oz to be served (notices)
937 contracts
(4,685,000 oz)
Total monthly oz silver served (contracts) 4222 contracts

(21,110,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 1 deposits into the customer account

i) Into Delaware: 8973.527 oz

ii) JPMorgan: zero

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.

total deposits customer account: 8973.527 oz

JPMorgan did not add any silver into its warehouses (official) today.

we had 2 withdrawals from the customer account;

ii) Out of CNT: 2024.560 oz

iii) Out of Scotia: 70,742.600 oz

total withdrawals; 72,766.700 oz

we had 1 adjustments

i) out of Scotia: 10,461.400 oz was adjusted out of the customer is this landed into the dealer account of Scotia

total dealer silver: 57,454 million

total dealer + customer silver: 251.715 million oz

The total number of notices filed today for the March. contract month is represented by 17 contract(s) FOR 85,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 4222 x 5,000 oz = 21,110,000 oz to which we add the difference between the open interest for the front month of Mar. (954) and the number of notices served upon today (17 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 4222(notices served so far)x 5000 oz + OI for front month of March(954) -number of notices served upon today (17)x 5000 oz equals 25,795,000 oz of silver standing for the March contract month.

We GAINED an additional 56 contracts or 280,000 additional silver oz will stand for delivery at the comex as somebody ws in urgent need of physical silver.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 105,640 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 59,837 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 59,837 CONTRACTS EQUATES TO 299 MILLION OZ OR 42,7% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -1.85% (MARCH 6/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.54% to NAV (March 6/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.85%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.54%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -3.12%: NAV 13.82/TRADING 13.38//DISCOUNT 3.12.

END

And now the Gold inventory at the GLD/

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 6/2018/ Inventory rests tonight at 833.98 tonnes

*IN LAST 336 TRADING DAYS: 107,16 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 266 TRADING DAYS: A NET 50.14 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

MARCH 5/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 318.069 million oz

end

6 Month MM GOFO 1.94/ and libor 6 month duration 2.03

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.94%

libor 2.23 FOR 6 MONTHS/

GOLD LENDING RATE: .29%

XXXXXXXX

12 Month MM GOFO
+ 2.36%

LIBOR FOR 12 MONTH DURATION: 2.50

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.140

end

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RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane

6, March

– RaboDirect Ireland to close online savings accounts in Irish market on May 16
– RaboDirect holds over €3 billion in deposits from its 90,000 Irish customers
– Irish savers now exposed to still indebted Irish banks and bail-ins
– Marian Finucane heard recently that buying gold is for “ordinary people” and not just for “rich and posh people”
– By owning gold “if banks go belly up again you would be covered” – Finucane
– Bonkers.ie David Kerr mentions “one of note” GoldCore and GoldSaver
– Depositors with deposits over the government guarantee in the covered institutions are vulnerable and Marian says “after that goodnight, good luck and goodbye”



RaboDirect, the online savings bank, is set to close the deposit accounts of all 90,000 customers by May 16. Rabodirect’s 90,000 depositors have more than €3 billion on deposit with the bank.

Rabobank is an A+ (S&P) rated Dutch bank and thus Rabodirect had the highest credit rating of any bank in the Irish savings market and thus was the safest savings option in recent years.

The online bank established itself in Ireland in 2005 and grew its deposit base rapidly, especially during the Irish financial crash which saw Irish banks nearly go bankrupt and having to be bailed out by the Irish government.

RaboDirect has begun to inform all customers of the ‘actions they need to take’ and what they need to do before 16 May. Rabodirect said it wants to make the process as straightforward as possible for customers to close their accounts and transfer their savings securely to other financial institutions.

One of the actions RaboDirect clients should consider it to allocate some of their cash to physical gold.

The RaboDirect exit is very disappointing as it was the safest bank in Ireland and many of our clients had an online savings account with the bank. Other savings options in Ireland are much riskier. Some wags on Linkedin suggested that it might be time for the “bank of under the mattress.”

More prudent is to diversify your savings and reduce exposure to Ireland Banking Inc. and Ireland Inc. An allocation to gold (not paper gold but physical gold in ultra secure vaults in safer jurisdictions in the world) remains prudent as gold is a proven safe haven asset, a hedging instrument and delivers strong returns having outperformed blue chip stock market indices and safe haven bonds in the last 10, 20 and 40 years.

Marian Finucane understands the value of gold and had an interesting chat with Bonkers.ie Founder David Kerr on RTE Radio 1 on Saturday morning.

Marian raised the topic of buying gold and how buying gold is associated with very “rich and posh people”, but she was listening to someone being interviewed the other day who is not a hugely “rich and posh” person and that they said that “ordinary people” might buy gold.

Bonkers.ie founder David Kerr mentions that there are online platforms where you can buy gold and that there is “one of note called GoldCore where you can have a gold account which you can put money into and they can buy fractions of bullion on your behalf and they will store it for you or if you want to they can send you individual gold coins or gold bars.”

Marian then asks the million dollar or in this case the hundred thousand euro question; whether gold would protect savers if banks got into difficulty again?:

“So if the banks went belly up again … you would be covered?”

David answered yes “you would have a commodity and you would have a thing – even though it is quite volatile.”

David pointed out how depositors have the deposit protection scheme which covers individuals in covered banks and not all savings institutions in Ireland. The government “guarantee” is currently up to just €100,000 per person per institution. However, that could change and be reduced overnight as we discussed in our recent podcast.

He also pointed out that deposits over the government guarantee are vulnerable. To which Marian concluded with a pointed question “after that goodnight, good luck and goodbye…?”

David responded saying “kind of yes.” Marian then pointed out that this is “obviously not with people’s pensions one hopes … mind you they dipped into that as well and they changed the rules there.”

Marian’s interview about Savings Accounts and gold can be listened to here (segment on gold from 9th minute)

News and Commentary

Gold slips but trade war fears, Italy vote provide support (Reuters.com)

U.S. Libor exposures larger than thought at $200 trillion (Reuters.com)

Warnings of financial blow-up in Hong Kong (SMH.com.au)

Thousands More Stores Are Now On The 2018 Retail Apocalypse Death List (ZeroHedge.com)

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About

March 6/GOLD RISES BY $15.60 TO $1334.60/SILVER RISES 38 CENTS TO $16.77 ON TARIFF CONCERNS/BITCOIN DROPS 700 DOLLARS/NORTH KOREA WILLING TO DENUCLEARIZE AND WILL HOLD TALKS WITH SOUTH KOREA AND THE USA/TOM LUONGO ON WHAT HAPPENS NEXT IN ITALY/EUROPE SET TO RETALIATE AGAINST USA TARIFFS/MORE SWAMP STORIES/
March 6, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1334.60 UP $15.60

Silver: $16.77 UP 38 CENTS

Closing access prices:

Gold $1334.70

silver: $16.77

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1331.23 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1322.20

PREMIUM FIRST FIX: $9.03

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SECOND SHANGHAI GOLD FIX: $1332.15

NY GOLD PRICE AT THE EXACT SAME TIME: $1321.15

PREMIUM SECOND FIX /NY:$11.00

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1324.95

NY PRICING AT THE EXACT SAME TIME: $1325.00

LONDON SECOND GOLD FIX 10 AM: $1331.40

NY PRICING AT THE EXACT SAME TIME. $1333.10???

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH
17 NOTICE(S) FILED TODAY FOR
85,000 OZ/

Total number of notices filed so far this month: 4222 for 21,110,000 oz

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Bitcoin: BID $10,856/OFFER $10,926: DOWN $539(morning)
Bitcoin: BID/ $10,693/offer $10,763: DOWN $700 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2859 contracts from 190,630 RISING TO 193,489 DESPITE YESTERDAY’S CONSIDERABLE 11 CENT FALL IN SILVER PRICING. WE HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 0 EFP’S FOR MARCH, 2621 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2621 CONTRACTS. WITH THE TRANSFER OF 2621 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2621 CONTRACTS TRANSLATES INTO 13.105 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

8507 CONTRACTS (FOR 4 TRADING DAYS TOTAL 8507 CONTRACTS OR 42.53 MILLION OZ: AVERAGE PER DAY: 2126 CONTRACTS OR 10.633 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 41.535 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.85% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 535.01 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD ZERO LOSS IN COMEX OI SILVER COMEX DESPITE THE 11 CENT FALL IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2621 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2621 EFP’S FOR MONTHS MARCH AND MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 5480 OI CONTRACTS i.e. 2621 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2859 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 17 CENTS AND A CLOSING PRICE OF $16.39 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.968 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 17 NOTICE(S) FOR 85,000 OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 5849 CONTRACTS FALLING TO 499,602 . WITH THE FAIR DROP IN PRICE YESTERDAY ($4.10) HOWEVER FOR TUESDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN FAIR SIZED 4962 CONTRACTS OF WHICH MARCH SAW THE ISSUANCE OF 0 CONTRACTS, APRIL SAW THE ISSUANCE OF 4962 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 499,602. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A SMALL LOSS OF 887 CONTRACTS: 5849 OI CONTRACTS DECREASED AT THE COMEX AND A FAIR SIZED 4962 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(887 oi LOSS in CONTRACTS EQUATES TO 2.75TONNES)

YESTERDAY, WE HAD 5,140 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 40,035 CONTRACTS OR 4,003,500 OZ OR 124.52 TONNES (4 TRADING DAYS AND THUS AVERAGING: 10,008EFP CONTRACTS PER TRADING DAY OR 1,000,800 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 4 TRADING DAYS IN TONNES: 124.52 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 124.52/2200 x 100% TONNES = 4.26% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1376.72 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A STRONG SIZED DECREASE IN OI AT THE COMEX WITH THE CONSIDERABLE FALL IN PRICE IN GOLD TRADING YESTERDAY ($4.10). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4962 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4962 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 887 contracts ON THE TWO EXCHANGES:

4962 CONTRACTS MOVE TO LONDON AND 5849 C ONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 2.75 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $15.60 : NO CHANGES IN GOLD INVENTORY AT THE GLD /??

Inventory rests tonight: 833.98 tonnes.

SLV/

WITH SILVER UP 38 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 2859 contracts from 190,630 UP TO 193,489 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (11 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 2621 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 2859 CONTRACTS TO THE 2621 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 5480 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 27.40 MILLION OZ!!!

RESULT: A CONSIDERABLE INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL OF 11 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD SIZED 2627 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)TUESDAY MORNING/LATE MONDAY NIGHT: Shanghai closed UP 32.71 POINTS OR 1.00% /Hang Sang CLOSED UP 624.34 POINTS OR 2.09% / The Nikkei closed UP 375.67 POINTS OR 1.79%/Australia’s all ordinaires CLOSED UP 1.09%/Chinese yuan (ONSHORE) closed UP at 6.3310/Oil UP to 63.18 dollars per barrel for WTI and 65.98 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN . ONSHORE YUAN CLOSED UP AT 6.3310 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3260 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS VERY HAPPY TODAY (STRONGER CURRENCY AND GOOD CHINESE MARKETS/ )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea

This is the big story of the day: Kim Jung Un is ready to denuclearize and will be holding talks with the South. They wish that their regime safety to be guaranteed.

( zerohedge)
b) REPORT ON JAPAN

THIS IS GOING TO BE A HUMDINGER OF A CLASS ACTION SUIT: kOBE STEEL NOW ADMITS TO FABRICATING DATA ON THEIR STEEL PRODUCTS FOR OVER 5 DECADES:

(COURTESY REUTERS)
3 c CHINA

The following is a very important read: what happens if Trump does not back down on the tariffs? Even Trump admits that the goal of tariffs is aimed directly at China. Trump has stated that he wants to “fine” China for stealing intellectual property. The number bandied about: $1 trillion and that will no doubt fry all global markets.

( zerohedge)
4. EUROPEAN AFFAIRS

i)Europe is set to retaliate against Trump’s tariffs with a huge 25% tariff of their own in mainly Republican controlled states.

( zerohedge)

ii)Our resident expert on Italian affairs is Tom Luongo. He comments on the election where he believes that the Norther league will join the 5 Star to form a government. The Northern League has tremendous strength in the North of the country, while 5 star is strong in the south. If you look at the map below you will see unemployment is highest in the south. The euro is killing Italy as it is too high for this sovereign nation but is OK for Germany. Germany has no desire nor can they bail out Italy from its huge debts.

a must read…

( Tom Luongo)

iii)With the whole world watching whether Trump will carry out his pledge for tariffs on steel and aluminum, Europe renewed its tariffs for another 5 years but at higher rates, going as high as 72%

( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Another Russian spy convicted of helping the west, was poisoned and is now in critical condition

( zerohedge)
ii)England responds to the poisoning:
( zerohedge)
6 .GLOBAL ISSUES
Canada

We have been documenting this to you for several years now: Canada’s huge household debt to GDP. Canada has been doing OK until Trudeau arrived and he seems to want to stop the number one initiate to bail out our country: the oil pipelines. This is our Achilles heal. Canada needs to move its vast oil through pipelines and Trudeau now wishes to stop these projects for environmental reasons.

Houston..we have a problem!

( zerohedge)
7. OIL ISSUES

i)For the past two years, I have been highlighting to you the importance of Israel’s discovery of the huge Leviathan field off of its coast. The Israelis initially informed Cyprus that the gas/oil was heading into its territorial waters. Turkey does not recognize Cyprus and wants to claim the discovery for itself. On top of this we have Lebanon voiced their anger that some of the blocks which should be under Israeli territorial rights is theirs.

this is also a very important read..

( Paraskova/OilPrice.com)

ii)Oil down but gasoline higher. Crude sees a good buildup but gasoline experiences a drawdown

( zerohedge)
8. EMERGING MARKET

South Africa

South Africa has signed into law allowing the confiscation of White farms into Black hands for no compensation. The problem is the huge debt at the banks. Can this lead to a banking crisis?

( Simon Black./SovereignMan.com)
9. PHYSICAL MARKETS

i)Gold trading today:

(zerohedge)

i b) Crypto trading:

No reason given for the big drop of over $1000 for Bitcoin except for a major seller

( zerohedge)

ii)A study finds an increase in taxi trips between the NY FED and banks around FOMC meetings which suggests that information at the Fed level must be shared with the banks

( Derby/ Wall Street Journal/GATA)

iii)A very important read…Hong Kong is stretched to the limit as the Hong Kong dollar/USA dollar peg comes under fire. The Hong Kong banking system is 8.3 x its GDP and that is akin to Ireland and Iceland before both blew up.

Property values are sky high and somehow the authorities must let the air out of tires.

( Chris Powell/Ambrose Evans Pritchard/UKTelegraph)

iv)The total libor exposure is larger than anybody thought at 200 trillion dollars.

( Reuters/GATA/Brettell)
10. USA stories which will influence the price of gold/silver

i)Early morning trading

(zerohedge)

ib)Mid afternoon
another joke: supposedly Trump is open to tariff changes
(courtesy zerohedge)

ic)That did not last long: Trump is adamant that they are going to do the tariffs( zerohedge)

ii)More indication of USA troubles as their factory orders tumbled in January.
( zerohedge)

iii)Further evidence that the USA is slowing down: realtors are rattled as Manhattan apartment sales have plummeted to a 6 year low( zerohedge)

iv)This would be deadly to the NY stock market: Gary Cohn may resign if steel and aluminum tariffs remain

( zerohedge)

v)Another Nor’Easter is on its away. NY and Mass. are bracing for another monster winter storm

( zerohedge)

vi)Your next crisis is approaching fast: The Wall Street Journal has uncovered the source of the next consumer debt crisis; a fast rising delinquency in credit card debt. And this is happening to middle income earners as well as lower income consumers

( zerohedge)

vii)SWAMP NEWS

a)Seems Trump’s lawyer Michael Cohen has a little problem on his hands re the 130,000 dollars he gave to a former adult film actress. It seems that Robert Mueller is also interested in what happened.

( zerohedge)

b)Kelly has no what what Kushner and Ivanka Trump do all day

( zerohedge)

c)A very sad tale: Nunberg was probably drunk when he gave these interviews. Now the media is stating that Nunberg kind of agrees that Trump may have colluded with the Russians on the election.

( zero hedge)
d)Another tweet storm by Trump on DACA, where the Democrats did nothing for 8 years, North Korea, Oscar night and fake news

( zerohedge)

e)what a joke:Mueller hits Conway with Hatch Act violations and recommends appropriate discipline of which nothing will be done by Trump

( zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY 5849 CONTRACTS DOWN to an OI level 499,602 DESPITE THE CONSIDERABLE FALL IN THE PRICE OF GOLD ($4.10 LOSS/ YESTERDAY’S TRADING). WE HAD CONSIDERABLE COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 4962 EFP’S ISSUED FOR APRIL , 0 EFP’s FOR MARCH , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 4962 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE LOST TODAY: 887 OI CONTRACTS IN THAT 4962 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 5849 COMEX CONTRACTS.

NET LOSS ON THE TWO EXCHANGES: 887 contracts OR 88700 OZ OR 2.75 TONNES.

Result: A CONSIDERABLE SIZED DECREASE IN COMEX OPEN INTEREST WITH THE FALL IN YESTERDAY’S GOLD TRADING ($4.10.) TOTAL OPEN INTEREST LOSS ON THE TWO EXCHANGES: 887 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 56 contracts DOWN to 616 contracts. We had 0 notices served upon yesterday, so in essence we LOST 56 contacts or an additional 5600 oz will not stand for delivery at the comex AND THESE BOYS MORPHED INTO LONDON BASED FORWARDS.

April saw a LOSS of 5530 contracts DOWN to 309,292. May saw another gain of 60 contracts to stand at 164. The really big June contract month saw a LOSS of 537 contracts DOWN to 107,805 contracts.

We had 0 notice(s) filed upon today for nil oz

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 275,211 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 243,053 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 2859 CONTRACTS FROM 190,630 UP TO 193,489 DESPITE FRIDAY’S 11 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 2621 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2612. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD NO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 5480 SILVER OPEN INTEREST CONTRACTS

2859 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2621 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:5480 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month LOST 87 contracts FALLING TO 954 contracts. We had 143 contracts filed upon yesterday, so we GAINED 56 contracts or an additional 280,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN GREAT NEED OF PHYSICAL SILVER)

April lost 8 contracts FALLING TO 410 .

The next big active delivery month for silver will be May and here the OI GAINED 1176 contracts UP to 148,293

We had 17 notice(s) filed for 85,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 6/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
45,442.059 oz
Brinks
Manfra
Scotia
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
616 contracts
(61600 oz)
Total monthly oz gold served (contracts) so far this month
0 notices
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
i) Into Brinks: NIL oz
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 3 withdrawals out of the customer account:
i) Out of Brinks: 12,043.425 oz
ii) Out of Manfra: 209.778 oz
iii) Out of Scotia: 33,189.356 oz
total withdrawal: 45,442.059 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,088,203.654 oz 282.68 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (0) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (616 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 61600 oz, the number of ounces standing in this nonactive month of MARCH (1.9160 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (0 x 100 oz or ounces + {(616)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 61600 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

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IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 6 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
72,766.600 oz
CNT
Scotia
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
8973.527 oz
Delaware
No of oz served today (contracts)
17
CONTRACT(S
(85,000 OZ)
No of oz to be served (notices)
937 contracts
(4,685,000 oz)
Total monthly oz silver served (contracts) 4222 contracts

(21,110,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 1 deposits into the customer account

i) Into Delaware: 8973.527 oz

ii) JPMorgan: zero

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.

total deposits customer account: 8973.527 oz

JPMorgan did not add any silver into its warehouses (official) today.

we had 2 withdrawals from the customer account;

ii) Out of CNT: 2024.560 oz

iii) Out of Scotia: 70,742.600 oz

total withdrawals; 72,766.700 oz

we had 1 adjustments

i) out of Scotia: 10,461.400 oz was adjusted out of the customer is this landed into the dealer account of Scotia

total dealer silver: 57,454 million

total dealer + customer silver: 251.715 million oz

The total number of notices filed today for the March. contract month is represented by 17 contract(s) FOR 85,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 4222 x 5,000 oz = 21,110,000 oz to which we add the difference between the open interest for the front month of Mar. (954) and the number of notices served upon today (17 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 4222(notices served so far)x 5000 oz + OI for front month of March(954) -number of notices served upon today (17)x 5000 oz equals 25,795,000 oz of silver standing for the March contract month.

We GAINED an additional 56 contracts or 280,000 additional silver oz will stand for delivery at the comex as somebody ws in urgent need of physical silver.

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ESTIMATED VOLUME FOR TODAY: 105,640 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 59,837 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 59,837 CONTRACTS EQUATES TO 299 MILLION OZ OR 42,7% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -1.85% (MARCH 6/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.54% to NAV (March 6/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.85%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.54%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -3.12%: NAV 13.82/TRADING 13.38//DISCOUNT 3.12.

END

And now the Gold inventory at the GLD/

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

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MARCH 6/2018/ Inventory rests tonight at 833.98 tonnes

*IN LAST 336 TRADING DAYS: 107,16 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 266 TRADING DAYS: A NET 50.14 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

MARCH 5/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 318.069 million oz

end

6 Month MM GOFO 1.94/ and libor 6 month duration 2.03

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.94%

libor 2.23 FOR 6 MONTHS/

GOLD LENDING RATE: .29%

XXXXXXXX

12 Month MM GOFO
+ 2.36%

LIBOR FOR 12 MONTH DURATION: 2.50

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.140

end
Major gold/silver trading /commentaries for TUESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane

6, March

– RaboDirect Ireland to close online savings accounts in Irish market on May 16
– RaboDirect holds over €3 billion in deposits from its 90,000 Irish customers
– Irish savers now exposed to still indebted Irish banks and bail-ins
– Marian Finucane heard recently that buying gold is for “ordinary people” and not just for “rich and posh people”
– By owning gold “if banks go belly up again you would be covered” – Finucane
– Bonkers.ie David Kerr mentions “one of note” GoldCore and GoldSaver
– Depositors with deposits over the government guarantee in the covered institutions are vulnerable and Marian says “after that goodnight, good luck and goodbye”

RaboDirect, the online savings bank, is set to close the deposit accounts of all 90,000 customers by May 16. Rabodirect’s 90,000 depositors have more than €3 billion on deposit with the bank.

Rabobank is an A+ (S&P) rated Dutch bank and thus Rabodirect had the highest credit rating of any bank in the Irish savings market and thus was the safest savings option in recent years.

The online bank established itself in Ireland in 2005 and grew its deposit base rapidly, especially during the Irish financial crash which saw Irish banks nearly go bankrupt and having to be bailed out by the Irish government.

RaboDirect has begun to inform all customers of the ‘actions they need to take’ and what they need to do before 16 May. Rabodirect said it wants to make the process as straightforward as possible for customers to close their accounts and transfer their savings securely to other financial institutions.

One of the actions RaboDirect clients should consider it to allocate some of their cash to physical gold.

The RaboDirect exit is very disappointing as it was the safest bank in Ireland and many of our clients had an online savings account with the bank. Other savings options in Ireland are much riskier. Some wags on Linkedin suggested that it might be time for the “bank of under the mattress.”

More prudent is to diversify your savings and reduce exposure to Ireland Banking Inc. and Ireland Inc. An allocation to gold (not paper gold but physical gold in ultra secure vaults in safer jurisdictions in the world) remains prudent as gold is a proven safe haven asset, a hedging instrument and delivers strong returns having outperformed blue chip stock market indices and safe haven bonds in the last 10, 20 and 40 years.

Marian Finucane understands the value of gold and had an interesting chat with Bonkers.ie Founder David Kerr on RTE Radio 1 on Saturday morning.

Marian raised the topic of buying gold and how buying gold is associated with very “rich and posh people”, but she was listening to someone being interviewed the other day who is not a hugely “rich and posh” person and that they said that “ordinary people” might buy gold.

Bonkers.ie founder David Kerr mentions that there are online platforms where you can buy gold and that there is “one of note called GoldCore where you can have a gold account which you can put money into and they can buy fractions of bullion on your behalf and they will store it for you or if you want to they can send you individual gold coins or gold bars.”

Marian then asks the million dollar or in this case the hundred thousand euro question; whether gold would protect savers if banks got into difficulty again?:

“So if the banks went belly up again … you would be covered?”

David answered yes “you would have a commodity and you would have a thing – even though it is quite volatile.”

David pointed out how depositors have the deposit protection scheme which covers individuals in covered banks and not all savings institutions in Ireland. The government “guarantee” is currently up to just €100,000 per person per institution. However, that could change and be reduced overnight as we discussed in our recent podcast.

He also pointed out that deposits over the government guarantee are vulnerable. To which Marian concluded with a pointed question “after that goodnight, good luck and goodbye…?”

David responded saying “kind of yes.” Marian then pointed out that this is “obviously not with people’s pensions one hopes … mind you they dipped into that as well and they changed the rules there.”

Marian’s interview about Savings Accounts and gold can be listened to here (segment on gold from 9th minute)

News and Commentary

Gold slips but trade war fears, Italy vote provide support (Reuters.com)

U.S. Libor exposures larger than thought at $200 trillion (Reuters.com)

Warnings of financial blow-up in Hong Kong (SMH.com.au)

Thousands More Stores Are Now On The 2018 Retail Apocalypse Death List (ZeroHedge.com)

Silver’s poised to outpace gold this year (MarketWatch.com)

Alchemist Issue #88 (LMBA.org.uk)

An Anarchist Explains How Hackers Could Cause Global Chaos (ZeroHedge.com)

It’s Not A “Conspiracy Theory”: Here’s How Central Banks Actively Suppress The Price Of Gold (GATA.org)

Inflation and Honest Data (MauldinEconomics.com)

Gold Prices (LBMA AM)

06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce
28 Feb: USD 1,320.30, GBP 951.14 & EUR 1,080.53 per ounce
27 Feb: USD 1,332.75, GBP 954.78 & EUR 1,081.26 per ounce
26 Feb: USD 1,339.05, GBP 953.00 & EUR 1,085.30 per ounce

Silver Prices (LBMA)

06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce
28 Feb: USD 16.44, GBP 11.88 & EUR 13.45 per ounce
27 Feb: USD 16.61, GBP 11.91 & EUR 13.48 per ounce
26 Feb: USD 16.67, GBP 11.88 & EUR 13.52 per ounce

Recent Market Updates

– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
– US-China Trade War Escalates As Further Measures Are Taken
– Gold Up 3.8% In Week – If Closes Above $1,360/oz Will Be Biggest Weekly Gain In Nearly 2 Years

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courtesy Bill Holter


MOPE; The Government Will Never Let It Happen …

by Bill Holter | Mar 6, 2018

How often have you heard the phrase “the government will never let it happen”? It almost doesn’t matter what the topic is you are talking about, nothing “bad” can ever really happen …or so it is thought. The reason of course is because we are so many years into “MOPE” (management of perspective economics). No matter what has happened in the past, the media, Wall Street, and the government have constantly spun the narrative to lead the “perspective”. MOPE has been with us for such a long time, it is not surprising the public is conditioned into believing nothing bad will EVER happen.

We could go through the exercise of “how” and even “why” MOPE came about but that might end up being a novel. Rather, I believe there is a core how and why. Put simply, MOPE became a necessity to protect the ability for the U.S. to borrow …AND to issue the dollar as the world’s reserve currency. This topic by the way is a chicken or the egg question but really no longer matters as we are in the very late innings of the credit game.

You see, the U.S. has run a budget deficit every year since 1960 which means they had to borrow funds to keep the doors open and the machine running. Foreigners provided for many years to cover the shortfall and also willingly (for the most part) accepted and used dollars for trade. Rather than live within means, the U.S. fell into the trap of borrowing more to pay back past debt with more new debt and not allow living standards to “clear”. Mother nature saw this and began to drain the Treasury of gold in the late 1960’s which led to the U.S. defaulting on Aug.15, 1971 …which kicked off the need for MOPE.

Fast forward to present, “credit” has been used all these years to fund MOPE …which created the need for even more credit, dollars issued and thus the further need to manage perspectives. The treasury market, and the ability to issue dollars as payment for trade deficits are THE core reasons for all the lies and subterfuge these many years. Without the ability to borrow new funds, or the ability to create dollars that are accepted for the import of real goods, the U.S. would be completely cooked. The result would have been and will be …much higher interest rates and far lower exchange rate (purchasing) powers. In other words, we over lived our means for many years. Adjusting to a real and sustainable standard of living will be seen as complete collapse even though it will only be levels that were natural in the first place.

The above leads us to what has happened over the last few years and where the U.S. is now. The world embarked on “QE” some nine years ago. The rest of the world went along with it so it was considered an “experiment”. It was not an experiment, plain and simple it was monetization. In a real and sustainable financial market, the real economy generates earnings and cash flow sufficient for investment. This is no longer the case. The real economy has been usurped by the needs of the financial economy via central bank monetization. Bluntly, because the financial markets have become more important than the real economy, all stops have been pulled and no limits exist on supporting banking, credit and the ability to extend the Ponzi scheme.

Over the last few years, serious inroads have been made into the use and acceptance of dollars for trade. We have chronicled it along the way for you and it looks like the big one will be later this month when China begins to trade yuan for oil on the 26th. China also peaked in their holdings (maybe not coincidentally) of U.S. Treasuries over four years ago. They now hold 10% fewer U.S. Treasuries than they did at the end of 2013.

The question needs to be asked, who will buy U.S. Treasuries at the very moment U.S. borrowing needs look to be exploding? The answer of course is no one. The only entity who will purchase U.S. Treasuries in size will be the Federal Reserve. They will be forced to purchase much of the new issuance. They will also be forced to purchase what is sold into the markets by foreigners and foreign central banks.

There is of course a problem, a HUGE problem. The Fed has already announced and begun “QT” (quantitative tightening), the reverse of QE. How is it possible for the Fed to actually sell treasuries into the market that already has too much supply? In my eyes they have a choice but not really. They can continue to lower their balance sheet and allow Treasury auctions to fail with not enough bidders …along with outright sales from foreigners. This will result in interest rates clearing at God knows what level, maybe 7% or higher? …Which will destroy the last of our real economy and topple the grotesque financial leverage. Or, they will hyper monetize and reverse again to outright QE?

The bottom line is this, they MUST monetize or interest rates will begin to clear. This option will usher in the end of the dollar because dollar holders will not want to be the ones holding the bag. The Fed cannot support the dollar with the issuance of new dollars as that creates more supply. Because the Fed holds almost no foreign currency and probably even less gold, they own nothing they can sell to purchase dollars with. I have said for many years, the dollar is the ultimate Achilles Heel because the Fed could not support both financial markets and the dollar at the same time. For a while, and with the use of “MOPE” they have done this but issuing new dollars to buy dollars is a formula with only one, Weimar like ending!

To finish, we are witnessing the end of an empire and they all rhyme in fiscal and monetary bankruptcy. History will show “the government will never let it happen” to be back assward because the government will be to blame for the ending and everything leading up to it. The ending is not in any doubt whatsoever due to mathematics, only the timing can be altered. Anyone asking the question “why didn’t anyone see this coming” paid no attention to history at all. If monetizing one’s debt was the road to financial and economic nirvana, there would be no recessions, no wars, no poverty, nothing even concerning. Outright monetization has been tried thousand’s of times in the past, never worked and always ended in disaster. Just because the rest of the world went along with it for a short while this time does not mean it will end any differently. In fact, because it has been the reserve currency being monetized means the disaster will be that much worse and far reaching.

Correcting something I wrote above, this is actually an “experiment” …one that failed thousands of times before and has always, with the same definitive ending. MOPE is easy because man never wants to hear the truth if it hurts!

Standing watch,
Bill Holter
Holter-Sinclair collaboration
comments welcome [e-mail]


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News and Commentary

Gold slips but trade war fears, Italy vote provide support (Reuters.com)

U.S. Libor exposures larger than thought at $200 trillion (Reuters.com)

Warnings of financial blow-up in Hong Kong (SMH.com.au)

Thousands More Stores Are Now On The 2018 Retail Apocalypse Death List (ZeroHedge.com)

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Pics of the Day





























































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Stocks turned in the typical ranging day, finishing up a little to the positive side. The action was not constructive.

The notion of a trade war has them spooked, and they are fluctuating with every nuance to the tariff issue coming out of Washington DC. Caution is advised.

Leo Gerard, the United Steelworkers President, had an interview with the spokesmodels of financial tv this afternoon. They were rolling out the meme that the US is not competitive in world steel because of the inferior condition of our steel mills.

And he just hammered them into the ground with facts versus memes, both on the competitive condition of US steel production and the dumping of steel by some of the Asian producers. And it was satisfying to see that sort of argument shut down.

The corporate Democrats are acting badly as usual, almost like it is their job to blow elections and alienate their progressive base for the sake of corporate money. Well, they may pick up some seats, only because the GOP is even more tone deaf to the broader public.

Gold and silver had a nice rally off a weaker dollar. I don't think it was a flight to safety since silver actually outpaced gold. But both metals were just winding up for a rally after the short term trading action pushed them lower.

Non-Farm Payrolls report on Friday.

The various states among the northeastern US governments are declaring states of emergency for a nor'easter heading this way tonight. the winds will not be as bad as the last storm, but this one is bringing a foot of heavy wet snow. I hear the stores were the usual nuthouses today with the pre-storm bread and milk crowd.

Let's see if the storm affects the trading in NYC tomorrow. I doubt it unless there are major power outages across the area. I have my own generator at the ready. lol.

Have a pleasant evening.



End

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Tonights featured mining news at top of page courtesy Caesars Report Thank You https://www.caesarsreport.com/
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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Great Day <3

MMgys

Please Drive Carefully

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[JD400]

Silent Lucidity Data

Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us


MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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First Some Mining Headlines

Fraud Awareness Month begins amid criticism of lax enforcement against serial scammers

by Greg Klein | March 7, 2018

Education more than deterrence seems to be the focus of Canadian securities commissions as Fraud Awareness Month begins. Two series of articles by Postmedia and the Globe and Mail reveal numerous examples of con artists evading administrative penalties and criminal charges, leaving victims powerless to recover losses.
Fraud Awareness Month begins amid criticism of lax enforcement against serial scammers

The British Columbia Securities Commission kicked off the annual awareness campaign by releasing results of a survey. The people most susceptible to investment scams, the poll found, are millennials. Over 500 respondents were tested on their reaction to a fictional investment offer that guaranteed no-risk returns of 14% to 25%.

“Although the claim contains several investment fraud warning signs, 26% of respondents said the offer was ‘worth looking into,’” the BCSC reported. “More troubling, 20% of the respondents who would look into the offer said they were interested because they need the money, indicating even greater vulnerability.”

Adults aged 18 to 34 showed the greatest naiveté, with 47% of women and 35% of men that age expressing interest. Just 13% of people 55 years and over gave similar answers, a decline from 26% in a similar study in 2012.

“Investors should always be skeptical of anyone offering a risk-free investment with an unusually high return, because there’s no such thing,” warned BCSC director of communications and education Pamela McDonald. “We encourage investors to look carefully at every investment they make, but also to listen to your gut. If something doesn’t make sense, or doesn’t feel right, we encourage you to contact the BCSC.”

The admonition follows criticism of weak enforcement by the BCSC and its counterparts. In December the Globe and Mail reported its analysis of 30 years of regulatory records, finding one in nine people pronounced guilty of securities fraud go on to re-offend, some even defying multiple lifetime trading bans through aliases and “jurisdiction-hopping.” Ill-gotten gains can far exceed penalties, which at any rate often remain unenforced.

In November a Postmedia series by Gordon Hoekstra reported numerous cases of uncollected BCSC fines and payback orders on scammers who in some cases continue to hold significant assets. Others transfer assets with relative ease.

Between the fiscal years ending in 2008 and 2017, Hoekstra stated, the BCSC collected less than 2% of $510 million in fines and payback orders. The Ontario Securities Commission did somewhat better, collecting 18% over the last decade.

In a December response to the Globe and Mail, the Canadian Securities Administrators stated that securities commissions are limited to pursuing administrative cases, with police responsible for criminal matters. But last month Hoekstra reported examples of Vancouver police and RCMP refusing to investigate fraud allegations. Vancouver cops say they typically refer cases of investment fraud to the BCSC. The RCMP declined to investigate another example on the grounds that it was a BCSC matter.

In another February story, Hoekstra revealed the BCSC “quietly” stayed more than $35 million of penalties regarding nine cases following a B.C. Court of Appeal decision on a pump-and-dump case.

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Why Investors Go to Copper as an Inflation Hedge

http://www.visualcapitalist.com/investors-turn-copper-inflation-hedge/

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B.C. explorers boost spending for first time since 2012

by Greg Klein | March 5, 2018

Despite a bad year for wildfires, it’s British Columbia’s first mineral exploration spending increase in four years and a substantial increase at that. The sector spent over $41 million more in 2017 than the previous year, a 20% jump to total $246 million province-wide. Most of the activity took place in two regions, with the northwestern Golden Triangle accounting for more than $11 million of the $41-million increase, showing a regional total of $82 million. In the southern Interior’s Cariboo, exploration increased by $19 million, 70% more than in 2016.
B.C. explorers boost spending for first time since 2012

The data comes from the second annual British Columbia mineral and coal exploration survey released at PDAC on March 5 by EY, B.C.’s Ministry of Energy, Mines and Petroleum Resources, and the Association for Mineral Exploration. Twenty prospectors and 175 companies contributed responses.

“Although still considerably down from the peak years of 2011-12, there is cause for optimism that the upward trend will continue given the outlook for continued price stability, an overall strengthening of global market sentiment towards exploration, improvements in the capital markets for financing mineral and coal exploration, and a more favourable future market outlook,” the report stated.

The 2017 bleak spot was the province’s northeast, where exploration plunged 75% to $2.4 million last year, mostly due to diminished demand for Peace district coal.

Diamond drilling in B.C. more than doubled from 300,000 metres in 2016 to over 600,000 metres last year, accounting for 37% of total exploration spending.

Although the report cautions that it’s too early for a conclusion, the results seem to indicate the province has set a “reset” button on the mining cycle, as projects advance through the early stages. Grassroots work accounted for 41% of activity in 2016 but only 23% in 2017. Instead, last year saw an increase to 60% of exploration at the early and advanced levels, described by the report as the two stages following grassroots and preceding stages four and five: mine evaluation and mine lease.

The quest for gold accounted for 87%, or $37 million, of the province’s $41-million increase. Silver exploration spending more than doubled to $9.8 million, while zinc saw a nearly 50% leap to $8.2 million.

“It’s reassuring to see exploration spending returning to B.C., particularly as resource depletion returns to the list of industry risks,” commented AME director of corporate affairs Jonathan Buchanan. “We’re also encouraged to hear survey respondents remain committed to working with First Nations when sourcing new resource deposits to ensure benefits extend to the local or surrounding communities.”

Noting that the province’s mining revenues are “expected to approach $9 billion annually,” Gordon Clarke of the B.C. Mineral Development Office added, “It’s important to identify new development opportunities and encourage the continued development of a robust exploration industry.”

Among other encouraging signs for the sector, a November PricewaterhouseCoopers report pronounced an increase in market caps, financings, M&A and IPOs for TSXV-listed mining/exploration companies.

Download the British Columbia mineral and coal exploration survey 2017.

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The Mineral Exploration Roadmap

http://www.visualcapitalist.com/mineral-exploration-roadmap/

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92 Resources finds high-quality silica potential in B.C. frac sand property, plans drilling for Quebec lithium

by Greg Klein | March 5, 2018

With initial sampling results now in, an eastern British Columbia project shows greater potential to serve growing demand from both solar panel manufacturing and oil and gas exploration. During summer field work at its Golden project, 92 Resources TSXV:NTY collected 60 samples from the property’s Mount Wilson formation. Fifty samples surpassed 98% SiO2 and 22 exceeded 99%, peaking at 99.89%.
92 Resources finds high-quality silica potential in B.C. frac sand property, plans drilling for Quebec lithium

Still to come are frac sand results.

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MARCH 7/ANOTHER RAID BY OUR BANKER FRIENDS ON GOLD/SILVER: GOLD DOWN $8.00 TO $1326.60 WHILE SILVER IS DOWN 27 CENTS TO $16.77/HUGE EFP ISSUANCE FOR BOTH GOLD AND SILVER: GOLD EFP ISSUANCE: 14232/SILVER EFP ISSUANCE: 4470,/GARY COHN RESIGNS TENDING THE NEW YORK MARKETS SOUTHBOUND/TRUMP SET TO INITIATE STEEL AND ALUMINUM TARIFFS STARTING TOMORROW/HUGE TRADE DEFICIT OF ALMOST 56 BILLION DOLLARS LAST MONTH DESPITE THE LOWER DOLLAR: THIS WILL CAUSE A FURTHER REDUCTION IN FIRST QUARTER GDP/MORE SWAMP STORIES/
March 7, 2018 · by harveyorgan · in Uncat




GOLD: $1326.60 DOWN $8.00

Silver: $16.50 DOWN 27 CENTS

Closing access prices:

Gold $1325.40

silver: $16.50

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1341.05 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1335.00

PREMIUM FIRST FIX: $6.05

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SECOND SHANGHAI GOLD FIX: $1340.26

NY GOLD PRICE AT THE EXACT SAME TIME: $1333.75

PREMIUM SECOND FIX /NY:$6.51

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1332.50

NY PRICING AT THE EXACT SAME TIME: $1333.10

LONDON SECOND GOLD FIX 10 AM: $1329.40

NY PRICING AT THE EXACT SAME TIME. $1330.44???

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH
302 NOTICE(S) FILED TODAY FOR
1510,000 OZ/

Total number of notices filed so far this month: 4524 for 22,620,000 oz

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Bitcoin: BID $10,557/OFFER $10,627: DOWN $129(morning)
Bitcoin: BID/ $9907/offer $9978: DOWN $777 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 3100 contracts from 193,489 RISING TO 196,590 WITH YESTERDAY’S HUGE 38 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 4470 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 4470 CONTRACTS. WITH THE TRANSFER OF 4470 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 4440 CONTRACTS TRANSLATES INTO 22.35 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

12,977 CONTRACTS (FOR 5 TRADING DAYS TOTAL 12,977 CONTRACTS OR 64.89 MILLION OZ: AVERAGE PER DAY: 2595 CONTRACTS OR 12.977 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 64.89 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.27% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 557.36 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD ZERO LOSS IN COMEX OI SILVER COMEX WITH THE 18 CENT GAIN IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 4470 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 4470 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 7570 OI CONTRACTS i.e. 4470 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 3100 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 38 CENTS AND A CLOSING PRICE OF $16.77 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.968 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 17 NOTICE(S) FOR 85,000 OZ OF SILVER

In gold, the open interest ROSE BY A STRONG 8,498 CONTRACTS RISING TO 508,100 . WITH THE CONSIDERABLE RISE IN PRICE YESTERDAY ($15.60) HOWEVER FOR TUESDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN HUGE SIZED 14,232 CONTRACTS THE ISSUANCE OF, APRIL SAW THE ISSUANCE OF 14,232 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 508,100. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUGE GAIN CONTRACTS: 8498 OI CONTRACTS INCREASED AT THE COMEX AND A HUGE SIZED 14232 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(22,730 oi GAIN in CONTRACTS EQUATES TO 37.85 TONNES)

YESTERDAY, WE HAD 4962 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 54,267 CONTRACTS OR 5,426,700 OZ OR 168.79 TONNES (5 TRADING DAYS AND THUS AVERAGING: 10,855 EFP CONTRACTS PER TRADING DAY OR 1,085,500 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 5 TRADING DAYS IN TONNES: 168.79 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 168.79/2550 x 100% TONNES = 6.59% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1420.99 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX WITH THE CONSIDERABLE RISE IN PRICE IN GOLD TRADING YESTERDAY ($15.60). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 14,232 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 14232 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 22,730 contracts ON THE TWO EXCHANGES:

14232 CONTRACTS MOVE TO LONDON AND 8,498 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 37.85 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $8.00 : A SLIGHT CHANGES IN GOLD INVENTORY AT THE GLD /A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES.

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER DOWN 27 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY 3100 contracts from 193,489 UP TO 196,590 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE CONSIDERABLE PRISE IN PRICE OF SILVER (38 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 4470 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 3100 CONTRACTS TO THE 4470 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 7570 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 37.85 MILLION OZ!!!

RESULT: A CONSIDERABLE INCREASE IN SILVER OI AT THE COMEX WITH THE STRONG RISE OF 38 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD SIZED 4470 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/LATE TUESDAY NIGHT: Shanghai closed DOWN 17.97 POINTS OR 0.55% /Hang Sang CLOSED DOWN 313.81 POINTS OR 1.03% / The Nikkei closed DOWN 165.04 POINTS OR 0.77%/Australia’s all ordinaires CLOSED DOWN 0.93%/Chinese yuan (ONSHORE) closed UP at 6.3196/Oil DOWN to 62.18 dollars per barrel for WTI and 65.22 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED UP AT 6.3196 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3175 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (STRONGER CURRENCY BUT LOUSY CHINESE MARKETS AND GLOBAL MARKETS/ )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA
4. EUROPEAN AFFAIRS

ItalySnyder writes that Italy is doomed due to the advance in the euroskeptic parties.

( Jeffrey Snyder/Alhambra Investment Partners)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
As expected the Bank of Canada holds rates bit warns that trade concerns with the USA are growing;

( zerohedge)
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)The following is an extremely important paper by Stewart Dougherty and the subject is very dear to my heart…the fact that the USA does not have beneficial official gold and thus the reasons for the constant raids

it is long but well worth it…

( Stewart Dougherty)

ii)Real Vision’s Grant William confirms market rigging by governments:

( Grant Williams/GATA)

iii)

Gold expert Labourne states that the use og gold derivatives by the BIS declines by 55 tonnes and that helped gold rebound.

( Labourne/GATA)
10. USA stories which will influence the price of gold/silver

i)Gary Cohn resigns!!
Possible replacements: Larry Kudlow (heaven help us), Jason Miller or David Urban
Markets should undergo huge turmoil
( zerohedge)
ii)the trade war with China begins and it is nuclear: the uSA is considering broad curbs on Chinese imports as well as stop their investments in the uSA. The Americans have stated that China will pay for stealing USA intellectual property.
let the games begin…
( zerohedge)

iii)Early trading: why the Cohn resignation is far worse than markets think!!
a must read…

( Mark Cudmore)

iv)Wall Street reacts to the departure of Cohen:

( zerohedge)

v)It begins; Trump to sign the import tariffs tomorrow. We will see any country exclusions, if any, tomorrow

(courtesy zero hedge)

vi)Atlanta Fed President Bostic warns that trade wars may delay the implementation of rate hikes

(courtesy zerohedge)

vii)Morning data/trade data
The USA trade deficit climbs to 55.6 billion dollars in the month of January with the core trade deficit (ex Petroleum) at an all time time. The trade deficit with China was 35.5 billion dollars, the trade deficit with Mexico: 5.6 billion dollars and Canada at only a deficit of 1.5 billion dollars. This will no doubt fuel Trump in full tariff mode against China.

( zerohedge)

viii)The following is the key data point that the Fed is looking for: wage growth and it is at its lowest level in 9 years:

( zerohedge)
ix)This may have a chance if Rand Paul gets a few democrats in the Senate to vote for it

(courtesy Jay Syrmopolous/TruthinMedia.com)

x)Navarro not on the list to replace Cohn: probable choice Larry Kudlow, a doorknob, but an anti tariff person. Should be interesting

( zerohedge)

xi)Finally we see USA credit card usage slow down a bit: an increase of only $ 0.700 billion. The drop in January of credit card debt (probably to pay for December purchases) is probably another signal of problems in the economy that which we are witnessing.

( zerohedge)
xi) SWAMPVILLE

a)Peter Strzok ignored evidence of the Clinton hack and changed the wording of that a foreign hack actors from “reasonably likely” to “probable” so they could say that Clinton’s misuse of her server as extremely careless but not grossly negligent.

( zerohedge)

b)Have fun with this: Our porn star sues Trump who forgot to sign his non disclosure

( zerohedge)

c)The USA now sues sanctuary California:

( zerohedge)
d)What a sad tale: now Sam Nunberg is seeking treatment for substance and alcohol abuse after a drunken media trainwreck

( zerohedge)
Let us head over to the comex:

The total gold comex open interest ROSE BY 8,498 CONTRACTS UP to an OI level 508,100 WITH THE CONSIDERABLE RISE IN THE PRICE OF GOLD ($15.60 GAIN/ YESTERDAY’S TRADING). WE HAD ZERO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 14,232 EFP’S ISSUED FOR APRIL , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 14232 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 22,730 OI CONTRACTS IN THAT 14232 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 8,498 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 22,730 contracts OR 2,273,000 OZ OR 71.40 TONNES.

Result: A HUGE SIZED INCREASE IN COMEX OPEN INTEREST WITH THE RISE IN YESTERDAY’S GOLD TRADING ($15.60.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 22,730 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 8 contracts DOWN to 608 contracts. We had 0 notices served upon yesterday, so in essence we LOST 8 contacts or an additional 800 oz will not stand for delivery at the comex AND THESE BOYS MORPHED INTO LONDON BASED FORWARDS.

April saw a GAIN of 2275 contracts UP to 312,047. May saw another gain of 90 contracts to stand at 254. The really big June contract month saw a GAIN of 40087 contracts UP to 111,813 contracts.

We had 0 notice(s) filed upon today for nil oz

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: N/A contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: N/A CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI ROSE BY A CONSIDERABLE 3100 CONTRACTS FROM 190,630 UP TO 196,590 DESPITE YESTERDAY’S 38 CENT FALL IN TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 4470 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 4470. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD NO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 7570 SILVER OPEN INTEREST CONTRACTS

3100 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 4470 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:7570 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month GAINED 3 contracts RISING TO 957 contracts. We had 17 contracts filed upon yesterday, so we GAINED 20 contracts or an additional 100,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN GREAT NEED OF PHYSICAL SILVER)

April GAINED 30 contracts RISING TO 440 .

The next big active delivery month for silver will be May and here the OI GAINED 89 contracts UP to 148,382

We had 302 notice(s) filed for 1,520,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 7/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
160,871.779 oz
DELAWARE
Scotia
I-D
MALCA
HSBC
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz 178,176.636 OZ

JPM
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
608 contracts
(60800 oz)
Total monthly oz gold served (contracts) so far this month
0 notices
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 4 withdrawals out of the customer account:
i) Out of DELAWARE: 14,698.479 oz
ii) Out of I-D: 5,304.750 oz
iii) Out of Scotia: 8,037.500 oz
iv) out of HSBC: 132,734.637 oz
v) out of Malca: 96.453 oz
total withdrawal: 160,871.779 oz
we had 1 customer deposit
i) Into JPMorgan: 178,176.636 oz
total customer deposits: 176,176.636 oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,105,5089.406 oz 283.21 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (0) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (608 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 60800 oz, the number of ounces standing in this nonactive month of MARCH (1.8912 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (0 x 100 oz or ounces + {(608)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 60800 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 71 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 7 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
2.005.100 oz
Delaware
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
10,786.724 oz
Delaware
CNT
No of oz served today (contracts)
302
CONTRACT(S
(1,520,000 OZ)
No of oz to be served (notices)
655 contracts
(3,275,000 oz)
Total monthly oz silver served (contracts) 4524 contracts

(22,620,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 2 deposits into the customer account

i) Into Delaware: 7856.724 oz

ii) Into CNT: 2940.190 oz

ii) JPMorgan: zero

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.

total deposits customer account: 8973.527 oz

JPMorgan did not add any silver into its warehouses (official) today.

total deposits today: 10,796.224 oz

we had 1 withdrawals from the customer account;

i) Out of Delaware 2005.100 oz

total withdrawals; 2005.100 oz

we had 1 adjustments

i) out of CNT: 1,137,558.990 oz was adjusted out of the customer is this landed into the dealer account of CNT

total dealer silver: 58.592 million

total dealer + customer silver: 251.724 million oz

The total number of notices filed today for the March. contract month is represented by 302 contract(s) FOR 1,510,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 4524 x 5,000 oz = 22,620,000 oz to which we add the difference between the open interest for the front month of Mar. (957) and the number of notices served upon today (302 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 4524(notices served so far)x 5000 oz + OI for front month of March(957) -number of notices served upon today (302)x 5000 oz equals 25,895,000 oz of silver standing for the March contract month.

We GAINED an additional 20 contracts or 100,000 additional silver oz will stand for delivery at the comex as somebody ws in urgent need of physical silver.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: N/A CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: N/A CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF N/A CONTRACTS EQUATES TO N/A MILLION OZ OR N/A% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -1.76% (MARCH 7/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.50% to NAV (March 7/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.76%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.50%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2/91%: NAV 13.68/TRADING 13.28//DISCOUNT 2/91.

END

And now the Gold inventory at the GLD/

MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

FEB 7/AN UNBELIEVABLE 12.08 TONNES WAS REMOVED BY THE CROOKED BANKERS AND THIS GOLD WAS USED IN THE ASSAULT THESE PAST FEW DAYS/INVENTORY RESTS AT 829.27 TONNES

Feb 6/AGAIN VERY STRANGE: WITH TODAY’S TURMOIL, THE CROOKS DID NOT ADD ANY GOLD INVENTORY INTO THE GLD/INVENTORY REMAINS AT 841.35 TONNES

Feb 5 Strange,with all of today’s turmoil, the crooks at the GLD decided to add zero ounces into GLD inventory/inventory rests at 841.35 tonnes

Feb 2/no change in gold inventory at the GLD/Inventory rests at 841.35 tonnes

Feb 1/with gold up by $8.00/the crooks decided not to add any new physical gold metal into the GLD./inventory rests at 841.35 tonnes

Jan 31/with gold up $3.15 today, GLD shed another 5.32 tonnes of gold from its inventory/inventory rests at 841.35 tonnes

jan 30/with gold down by $4.85/GLD shed another 1.47 tonnes of gold from its inventory/inventory rests at 846.67 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 7/2018/ Inventory rests tonight at 833.73 tonnes

*IN LAST 337 TRADING DAYS: 107,41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 267 TRADING DAYS: A NET 48.89 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

FEB 7/no change in silver inventory at the SLV/Inventory rests at 314.045 million oz/

Feb 6/WITH ALL OF TODAY’S TURMOIL/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 5/ we had HUGE change in silver inventory at the SLV/ A DEPOSIT OF 1.131 MILLION OZ INTO THE SLV/Inventory rests at 314.045 million oz/

Feb 2/we lost 982,000 oz from the SLV inventory /inventory rests at 312.914 million oz/

Feb 1/no change in silver inventory at the SLV/Inventory rests at 313.896 million oz/

Jan 31/ no change in inventory at the slv in total contrast to gold/inventory rests at 313.896 million oz/

Jan 30/no change in inventory/SLV inventory rests at 313.896 million oz/

MARCH 7/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 318.069 million oz

end

6 Month MM GOFO 2.00/ and libor 6 month duration 2.24

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.00%

libor 2.24 FOR 6 MONTHS/

GOLD LENDING RATE: .24%

XXXXXXXX

12 Month MM GOFO
+ 2.40%

LIBOR FOR 12 MONTH DURATION: 2.51

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.10

GOLD LENDING RATES FALLING TO APPROACH ZERO AS PHYSICAL GOLD IS SCARCE/GOFO RATES RISING

end
Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Gold Does Not Fear Interest Rate Hikes

7, March

Gold Does Not Fear Interest Rate Hikes

– Gold no longer fears or pays attention to Fed announcements regarding interest rates
– Renewed interest in gold due to inflation fears and concern Fed won’t do enough to control it
– Higher interest rates on horizon will make debt levels unsustainable
– New Fed Chair warns “the US is not on a sustainable fiscal path” and could lead to an “unsustainable” debt load
– Higher interest rates are good for gold as seen in the 1970s and 2000s
– Gold markets aware that central banks are running out of financial weapons to deal with crises



News and Commentary

Gold gains as trade war fears weigh on dollar, equities (Reuters.com)

Asian markets dragged down after Gary Cohn’s resignation (MarketWatch.com)

Asian gold-backed ETFs grow by nearly 10 pct in February -WGC (Reuters.com)

Gold climbs to a more than two-week high as dollar slumps (MarketWatch.com)

Gold rallies 1.4 pct as potential North Korea talks hurt dollar (Reuters.com)



old Prices (LBMA AM)

07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce
28 Feb: USD 1,320.30, GBP 951.14 & EUR 1,080.53 per ounce
27 Feb: USD 1,332.75, GBP 954.78 & EUR 1,081.26 per ounce

Silver Prices (LBMA)

07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce
28 Feb: USD 16.44, GBP 11.88 & EUR 13.45 per ounce
27 Feb: USD 16.61, GBP 11.91 & EUR 13.48 per ounce


Recent Market Updates

– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
– US-China Trade War Escalates As Further Measures Are Taken
– Gold Up 3.8% In Week – If Closes Above $1,360/oz Will Be Biggest Weekly Gain In Nearly 2 Years

end

Real Vision’s Grant William confirms market rigging by governments:

(courtesy Grant Williams/GATA)
Real Vision’s gold documentary confirms market rigging by governments

Submitted by cpowell on Tue, 2018-03-06 14:36. Section: Daily Dispatches

9:40a Tuesday, March 6, 2018

Dear Friend of GATA and Gold:

Grant Williams of Real Vision has posted in the clear at You Tube a trailer for his new two-part documentary on gold, the second part examining gold market manipulation.

The trailer, quoting Ned Naylor-Leyland of Old Mutual Investors, fund manager and author James Rickards, and Ross Norman of London bullion dealer Sharps Pixley, maintains that to defend their own currencies governments always have had a powerful interest in controlling the gold price, long have intervened against it, and most likely are continuing to do so.

.Indeed, an expert unidentified in the trailer notes that the modern gold derivatives system was created precisely to divert demand away from real metal and thus help keep the price down.

The trailer is a little less than five minutes long and can be viewed here:

https://www.youtube.com/watch?v=gjw1lduO6xw

Meanwhile over at Kitco News correspondent Daniela Cambone, covering the annual conference in Toronto of the Prospectors and Developers Association of Canada, interviews gold and silver mining executives and analysts who marvel at what they consider the underpricing of the monetary metals and their miners.

See:

http://www.kitco.com/news/video/show/PDAC-2018/1880/2018-03-05/Gold-Is-C…

And:

http://www.kitco.com/news/video/show/PDAC-2018/1881/2018-03-05/Gold-Equi…

And:

http://www.kitco.com/news/video/show/PDAC-2018/1879/2018-03-05/The-Best-…

But gold price suppression by governments and central banks cannot be discussed at PDAC, and Kitco is always too polite to ask mining company executives about it. While such discussion might help expose and agitate against market rigging and thus benefit mining company shareholders, it also might complicate PDAC’s main business, stock touting.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

end

Gold expert Labourne states that the use og gold derivatives by the BIS declines by 55 tonnes and that helped gold rebound.

(courtesy Labourne/GATA)
Robert Lambourne: Use of gold derivatives by BIS declines by 55 tonnes in February

Submitted by cpowell on Tue, 2018-03-06 21:57. Section: Documentation

By Robert Lambourne
Tuesday, March 6, 2018

The Bank for International Settlements reduced its use of gold swaps and other gold-related derivatives during February, according to the bank’s statement of account for the month:

https://www.bis.org/banking/balsheet/statofacc280218.pdf

This decrease follows a large increase in the bank’s gold swaps in January.

In recent months the BIS has been actively trading gold derivatives and the amounts disclosed each month have been variable.

The information provided in the BIS monthly statement of account is not sufficient to calculate a precise amount of gold-related derivatives, including swaps, but it appears that the bank’s total exposure as of February 28, 2018, was 525 tonnes of gold.

This compares to estimates of 580 tonnes, 450 tonnes, 600 tonnes, and 570 tonnes, respectively, at the January, December, November, and October month-ends and an audited swaps figure of 438 tonnes as of March 31, 2017.

The BIS is an association of central banks and provides little information about what it is doing in the gold market and for whom. This lack of transparency fuels suspicion that the bank’s activity is related to official efforts to suppress the gold price.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

end


The Death Of Buy-And-Hold: We're All Traders Now

Wed, 03/07/2018 - 16:47


Authored by Charles Hugh Smith via OfTwoMinds blog,

The percentage of household assets invested in stocks fell from almost 40% in 1969 to a mere 13% in 1982, after thirteen years of grinding losses.

The conventional wisdom of financial advisors--to save money and invest it in stocks and bonds "for the long haul"--a "buy and hold" strategy that has functioned as the default setting of financial planning for the past 60 years--may well be disastrously wrong for the next decade.

This "buy and hold" strategy is based on a very large and unspoken assumption: that every asset bubble that pops will be replaced by an even bigger (and therefore more profitable) bubble if we just wait a few years.

The last time this conventional wisdom came into serious question was in the stagflationary 1970s, when stocks and bonds, when adjusted for inflation, lost over 40% of their value. The decade was punctuated by numerous rallies, but each one petered out.

The only way to profit in this sort of market is to trade, i.e. buy the lows and sells the highs. Buy and hold is a disastrously wrongheaded strategy when the underpinnings of the status quo are eroding.

The 36-year bull market in bonds is drawing to a close, as yields are rising even if official inflation is moribund. Buying and holding bonds will guarantee steadily increasing losses as existing bonds lose value as rates rise.

Stocks have risen solely on the back of central bank stimulus, which is now being reduced/ended. In my view, the political blowback of soaring income inequality due to central banks rewarding capital at the expense of labor will place limits on future central bank largesse.


These long-term reversals of trend make everyone a trader, whether they like it or not: buying and holding might work for real-world assets if inflation really gathers steam, but if markets gyrate in the winds of uncertainty, every asset might rise and fall or simply stagnate.

Being a trader simply means selling an asset when it has topped out relative to other asset classes, and shifting the proceeds into assets that have been crushed and are beginning an up-cycle. It sounds so absurdly simple: buy low, sell high. But it's not that easy to accomplish in the real world.

It takes discipline to buy when others are selling (the low point of any asset cycle) and to sell when when everyone else is confident (and greedy for even more gains).

As a general rule, letting others take the risks required to skim the last 10% of gains is a prudent strategy: take profits when they arise, and don't assume uptrends of the sort we've enjoyed for the past 9 years will last.

As a trader as well as an investor, I've learned the hard way that the barriers to successful trading are largely psychological/emotional: we are all too easily swayed by the emotions of greed, fear and group-think.

Buying and holding is a relatively painless strategy in a rising tide that raises all boats. But when markets gyrate up and down, only those able and willing to trade--to take a modest profit and then buy another asset and then sell that when profits arise--will actually prosper in terms of increasing the purchasing power of their holdings.

The final and perhaps most difficult piece of trading is to gain the ability to recognize a decision to buy an asset isn't working as planned, and to sell the asset for a loss. Nothing is more difficult for humans than admitting to ourselves that we were wrong and a decision isn't playing out as planned.

Taking a loss is remarkably difficult as well. Modern psychology informs us that the sting of losses is far more potent than the euphoria of reaping gains, and mastery of trading requires the trader to "make all things equal," to use the Taoist phrase: losses and gains are treated equally.

Like the football quarterback, we can't dwell on the interception we just threw; we must clear our minds for the next successful throw/completion.

This discipline takes much practice, and most participants in the markets are ill-prepared to acquire the necessary discipline.

Here's another metaphor: sailing in calm seas and light, steady breezes makes sailing seem easy to the beginner. But when the seas roughen and the wind gusts unpredictably, it doesn't seem so easy any more.

Everyone who buys or owns any asset from now on --currency, cash, real estate, cryptocurrency tokens, stocks, bonds, options, farmland, copper futures, oil wells, everything--is a trader. Those who don't understand this may suffer potentially catastrophic losses.

From now on, everything is a trade that might have to be sold to avoid losses.

"Buy and hold" is based on the belief that each popped bubble will be replaced by an even bigger bubble. As I've discussed before, there are solid reasons to suspect that there won't be a fourth bubble after this one finally pops: three bubbles and you're out.

https://www.zerohedge.com/news/2018-03-07/death-buy-and-hold-were-all-traders-now

end


Gold - The Next Big Surprise

Wed, 03/07/2018 - 18:15


Authored by Kevin Muir via The Macro Tourist blog,

It’s been a while since I have written about precious metals. To some extent, this has been on purpose. I am a long-term fan of our little yellow friend, but there are definitely periods when I am more bullish than others.



Over the past half year, my enthusiasm for precious metals has been tempered by one important chart…



During this period, the yield on the US 5-year TIPS (Treasury Inflation Protected Security) has been steadily rising. It’s not a perfect comparison, but you can think about this as the risk free real yield - the yield you will earn after inflation.

Many market pundits mistakenly believe inflation is the most important determinant of gold’s price level. That’s simply not the case. Although the great bull market of the late 1970’s was accompanied by high inflation, the 2005-2011 rise was in the midst of tame inflation, with CPI even ticking below zero for a period.



No, inflation is just one part of the puzzle for gold. The other important piece is the nominal interest rate. In the 1970’s, inflation was running at 10% or even higher. But for a while, interest rates were lower than the inflation rate. The real yield was therefore negative. In this environment, gold provided an attractive alternative to holding cash and other fixed income instruments that were suffering from financial repression. After all, gold is also a currency, with no yield. Yet the real benefit is that it is no one’s liability. With positive real yields it is difficult to justify owning gold, but push those yields into negative territory, and suddenly gold becomes more appealing.

And that’s exactly what happened in the 2000s. Inflation was low, but interest rates were even lower, creating one of the greatest precious metals bull markets of all time.
Recent Fed policy

But lately, with the Federal Reserve attempting to normalize monetary policy with higher short-term rates, I have been hesitant to be gung-ho bullish on gold.

Now I realize gold is more than simply the inverse of the US 5-year TIPS yield, but over the past decade, it has explained a fair bit of the moves in gold.



Yet to some extent, my theory has completed broken down over the past six months. Gold has actually performed much better than would be expected given the big run up in US 5-year TIPS yields (lower on the chart).



The precious metal bull in me attributes this outperformance to gold’s inherent attractiveness in this messed-up-world where Central Bankers expand their balance sheets by printing billions of dollars, monetizing it against a myriad of different assets. But the truth of the matter is that it most likely explained by the recent US dollar weakness. After all, gold is priced in US dollars, and if the greenback declines, then we should expect gold to behave reciprocally.



Bringing it all together

The way I see it, one of two things will happen in the coming months. If the economy continues to gain steam, as per yesterday’s post (That’s not a bond bear market), the Fed will lag in raising rates. This will cause real yields to decline as inflation picks up. This will be good for gold, resembling the 1970s period where Fed Chairmen Arthur Burns and Bill Miller neglected to raise the Fed Funds rate as quickly as inflation.

But there is another possibility. What if all the economic bulls are wrong? What if China slows down (This cycle - It’s China)? What if all the economic optimism surrounding Trump’s tax cuts are all priced in? What if the next surprise is the economy slowing down, not the other way round?



In that case, the Fed will pause and the massive short position at the front end of the curve will be seriously offside. Short rates will plummet. Gold will rally harder than Heather Locklear parties on a Saturday night.

The only scenario that really hurts gold is a strengthening economy that has the Fed continuing to try to get ahead of the curve. I don’t know about you, but I am a seller of both of those possibilities.

Trump’s trade policies

I remember seeing a Kyle Bass interview a few months back where Kyle joked that he didn’t think Trump understood the extent to which could dictate trade tariffs. He ominously warned that nobody better tell him. Well, I think Trump figured it out.

Trump’s foray into protectionism is inflationary. Full stop. Forget about whether it is wrong or right. Remember, an investor’s job is not to determine what should be done, but instead, to adapt to what has been done.

And if you think that the Federal Reserve will offset this price shock with higher rates, then you probably hate gold anyway.

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Pics Of The Day
































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The Sky Is Crying

Stock futures were getting pounded overnight in the aftermath of Gary Cohn's resignation over trade tariffs.

They managed a jagged 'rally' from the overnight lows through most of the day, managing to finish a little green or nearly unchanged.

What a marvel.

Gold and silver were weaker off of a slightly stronger dollar. I suspect they were also just being pushed around on light volumes.

There will be a Non-Farm Payrolls report on Friday. This week's ADP jobs data was stronger than expected, giving the impression that the NFP report will also be good.

We are getting quite a bit of snow from this winter storm. . It is rather heavy because of the temperature, and working hard towards an objective of a foot or more.

It is bending all the smaller trees over, and straining the larger branches. I made sure the generator was ready in case we lose power.

Most everything around here is closed. It is rather difficult to get around now, and we are safely hunkered down, eating home made soup and drinking cider.

Dolly is snuggled under her blanket with my son, and is scowling at any suggestion that she go outside.

Counting blessings and tender mercies.

Have a pleasant evening.


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[JD400]

Almost Summer Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us


MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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MARCH 8/GOLD DOWN $5.45/SILVER DOWN 1 CENT/BIG NEWS OF THE DAY WAS THE TRIAL BALLOON SENT BY THE ECB WHERE THEY WILL TAPER THEIR QE PURCHASES FROM OCT THROUGH DECEMBER AND THEN STOP/TRUMP ANNOUNCES “NEGOTIABLE” TARIFFS AND EXEMPTS CANADA AND MEXICO WHILE NAFTA TALKS CONTINUE/NORTHERN LEAGUE JOINS BERLUSCONI’S CENTRE RIGHT PARTY AND THIS MAY LEAD TO A GOVERNMENT THAT IS TOTALLY EUROSKEPTIC/SWAMP STORIES/
March 8, 2018 · by harveyorgan · in Uncat

WORK IN PROGRESS!!


GOLD: $1321.15 DOWN $5.45

Silver: $16.49 DOWN 1 CENT

Closing access prices:

Gold $1322.00

silver: $16.49

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1335.83 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1327.45

PREMIUM FIRST FIX: $8.38

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SECOND SHANGHAI GOLD FIX: $1340.26

NY GOLD PRICE AT THE EXACT SAME TIME: $1333.75

PREMIUM SECOND FIX /NY:$6.51

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1332.50

NY PRICING AT THE EXACT SAME TIME: $1333.10

LONDON SECOND GOLD FIX 10 AM: $1321.00

NY PRICING AT THE EXACT SAME TIME. $1321.00

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 4 NOTICE(S) FOR 400 OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH
30 NOTICE(S) FILED TODAY FOR
150,000 OZ/

Total number of notices filed so far this month: 4554 for 22,770,000 oz

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Bitcoin: BID $9561/OFFER $9,661: DOWN $129(morning)
Bitcoin: BID/ $9332/offer $9408: DOWN $538 (CLOSING/5 PM)


end

Related reading

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London Property Crash Looms As Prices Drop To 2 1/2 Year Low

News and Commentary

Gold settles lower, extends loss after Fed Beige Book (MarketWatch.com)

Gold slips after hitting 1-week high on trade war fears (Reuters.com)

U.S. job market remains tight, inflation seen as moderate: Fed (Reuters.com)

U.S. Stocks End Mixed as Trade War Concerns Ease (Bloomberg.com)

Companies in U.S. Add More Jobs Than Expected, ADP Data Show (Bloomberg.com)

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SOURCE: Sharelynx

World’s Oldest Central Bank Has Hit a Dangerous Inflation Wall (Bloomberg.com)

Silver Institute: U.S. investment in silver expected to return in 2018 (CoinWorld.com)

It’s time to buy silver (and sell gold) (MoneyWeek.com)

Trump tariffs risk more than just a new trade war (Reuters.com)

Trade options for UK financial services after Brexit (Reuters.com)

Gold Prices (LBMA AM)

08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce

Silver Prices (LBMA)

08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce


Recent Market Updates

– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?
– Bank Bail-In Risk In European Countries Seen In 5 Key Charts
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Stocks Spike, Loonie Leaps As Trump Starts “Negotiable” Trade War

“Indefinite exemptions” – sounds a lot like…

“you get an exemption, you get an exemption, everyone gets an exemption”

Markets were spooked early on by chatter than Peter Navarro was hoping to get Cohn’s job, but that all reversed when headlines proclaimed indefinite exemptions for Canada and Mexico from Trump’s tariffs…



FANG stocks fell for the first time 5 days.

The S&P stalled at its 50DMA today…



VIX dropped to a 16 handle (because why wouldn’t you sell vol as Trump starts an incredibly uncertain trade war)…



Treasury yields were lower on the day though they rose after tariff exemption headlines hit…



FX markets were the most volatile today with the Loonie and the Peso surging after headlines proclaimed indefinite exemptions



The Dollar Index ramped back into a congested resistance area and rolled over



Cryptos had another bad day…



With Bitcoin battered back below $10k…



Nasdaq and Bitcoin have decoupled once again…



Copper and Crude crumbled as the dollar jumped with PMs modestly lower also…



NOTE the plunge in WTI each of the last 3 days has started at the same time of day.

Finally, as a reminder, the economic data is not as rosy as you’re being told (but of course tomorrow’s payrolls print is all that really matters)…



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Ted Butler: JPMorgan's motive for controlling the silver price
Submitted by cpowell on Fri, 2018-03-09 01:14. Section: Daily Dispatches

8:25p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

Silver market analyst and manipulation exposer Ted Butler today addresses the possibility that the U.S. government is the real party in interest in JPMorganChase's seeming dominance of the silver market.

Butler writes that he still believes that JPM is rigging the silver market for its own benefit, acquiring a huge position in real metal in anticipation of much higher prices. He writes:

"It is unrealistic, in my opinion, to believe that the U.S. government would single out silver as the one commodity it should be stockpiling without any apparent reason or evidence it was doing so. That's the problem with conspiracy theories -- once you go down that path, it never ends and you have to suspend rational thinking to explain everything.

"As I said, I understand the need to rationalize the rotten price behavior of silver over the past seven years. Further, I have gone on record stating that the U.S. government did make a secret agreement with JPM on the occasion of its takeover of Bear Stearns, but if the U.S. government has been calling the shots in silver over the past seven years, then I'll go out and buy a hat and eat it."


And yet Butler himself has acknowledged that, as the U.S. government formally removed silver from U.S. coinage in 1965, President Lyndon B. Johnson warned potential investors in the monetary metal that the U.S. government would dishoard silver from its strategic stockpile as necessary to control the metal's price:

http://www.gata.org/node/11601

Johnson said the objective of such dishoarding would be to keep U.S. silver coinage in circulation and thus prevent it from being hoarded or melted and sold as bullion. That is, the objective of this dishoarding was to prevent devaluation of non-silver coinage and currency.

Maintaining the value of its currency always has been and always will remain a powerful interest of any government.

But there are other possible explanations for U.S. government intervention in the silver market -- like acquisition of metal for other countries, like China, that hold huge amounts of U.S. government debt instruments and, as the price of continuing to hold those debt instruments, might demand a hedge against their devaluation.

In any case, whenever a market is plainly manipulated and the regulatory agencies show no interest, the most plausible explanation is that, while it may be operating through intermediaries, the actual manipulator is the U.S. government, since, under the Gold Reserve Act of 1934, as amended in the 1970s, the U.S. government is fully authorized to rig surreptitiously any market in the world:

https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...

Such an explanation becomes still more plausible with the determined refusal of mainstream financial news organizations to question governments and central banks critically about their market interventions.

Butler's analysis is headlined "JPMorgan's Motivation" and it's posted at GoldSeek's companion site, SilverSeek, here --

http://silverseek.com/commentary/jpmorgan%E2%80%99s-motivation-17141

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Hugo Salinas Price: Without trade deficits, U.S. dollar can't be world reserve currency
Submitted by cpowell on Thu, 2018-03-08 18:04. Section: Daily Dispatches

1:04p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

Hugo Salinas Price, president of the Mexican Civic Association for Silver, remarking on President Trump's tariffs and potential trade war to eliminate the trade deficits of the United States, notes today that no country can issue the world reserve currency without running trade deficits to spread its currency throughout the world.

Salinas Price writes: "So the exorbitant privilege of the United States, the production of the world's fundamental currency -- which allows it to purchase anything in any amount, in any place, at any price -- produces automatically the fundamental need of foreign countries to undersell U.S. producers."

If the dollar is no longer to be the world reserve currency, Salinas Price concludes, the only replacement will be gold.

His analysis is headlined "Bad Karma Brings Bad Consequences for Those Who Practice It" and it's posted at the silver association's internet site here:

http://plata.com.mx/enUS/More/346?idioma=2

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Ronan Manly: LBMA stalls daily gold and silver price auction fix reports
Submitted by cpowell on Thu, 2018-03-08 17:00. Section: Daily Dispatches

12:02p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

The London Bullion Market Association, gold researcher Ronan Manly discloses today, has stopped providing timely reports of the daily gold and silver auction price fixes and has against postponed its plans to publish trade data about the monetary metals.

Manly writes: "It must be obvious to everyone that the LBMA and its bullion bank members do not want the transparency that gold and silver trade reporting would provide. Otherwise they would not have spent four years on a project that any individual investment bank could start and complete within less than three months."

Manly's report is headlined "LBMA Alchemy and the London Gold and Silver Markets: 2 Steps Back" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/lbma-alchemy-london-gold-m...

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Wyoming legislature passes bill to end taxation of gold and silver
Submitted by cpowell on Thu, 2018-03-08 02:21. Section: Daily Dispatches

By J.P. Cortez
Sound Money Defense League
via EIN Presswire, Washington, D.C.
Wednesday, March 7, 2018

https://www.einnews.com/pr_news/435728627/wyoming-legislature-passes-bil...

CHEYENNE, Wyoming -- Following a 44-14 vote in the Wyoming House last week, the Wyoming State Senate today overwhelmingly approved a bill that helps restore constitutional, sound money in Wyoming.

Wyoming senators voted 25-5 to pass the Wyoming Legal Tender Act (House Bill 103), sending the measure introduced by Rep. Roy Edwards, R-Gillette, to Gov. Matt Mead’s desk. Sound money activists are already contacting Governor Mead urging that he sign the bill.

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Reuters exclusive: Five banks open up trillion-dollar gold club
Submitted by cpowell on Thu, 2018-03-08 01:42. Section: Daily Dispatches

By Peter Hobson
Reuters
Wednesday, March 7, 2018

LONDON -- The five banks that settle every transaction in London's $6.8 trillion (4.9 trillion pounds) a year gold market are changing the rules of their clearing house to make it easier for newcomers to join.

The reform is part of a broad overhaul of institutions that underpin the world's largest bullion trading centre to make them more transparent after accusations of price manipulation by banks and traders and pressure from regulators.

As that pressure increased, the number of banks clearing gold transactions through a company they own called the London Precious Metals Clearing Limited (LPMCL) has dwindled from seven to five. They are HSBC, JPMorgan, Scotiabank, UBS, and ICBC Standard.

Several banks have attempted to join the group in recent years. ICBC Standard joined in 2016 after months of wrangling over conditions and an application from at least one other, Goldman Sachs, was declined, sources in LPMCL member banks said. ...

... For the remainder of the report:

https://uk.reuters.com/article/uk-gold-clearing-lpmcl-exclusive/exclusiv...

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Craig Hemke at Sprott Money: The Comex silver CoT
Submitted by cpowell on Thu, 2018-03-08 01:24. Section: Daily Dispatches

8:25p ET Wednesday, March 7, 2018

Dear Friend of GATA and Gold:

Writing for Sprott Money, the TF Metals Report's Craig Hemke notes that the category of futures traders categorized as large speculators is now short on balance in silver and that such circumstances previously have preceded sharp rallies in the monetary metal. Hemke's analysis is headlined "The Comex Silver CoT" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-comex-silver-cot.html

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Pics of the day








































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Thank You Harvey Honored To Post Your Work Man !
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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[JD400]

Midnight Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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MARCH 9/GOLD REBOUNDS, UP $2.25 TO $1323.40/SILVER UP 21 CENTS TO $16.60/VERY STRONG JOBS REPORT AND IT SEEMS BROAD BASED/CONSUMER PRICES SPIKING IN CHINA/CHINA CONSIDERING INCREASING TARIFFS TO COUNTER THE TRUMP TARIFFS/MORE SWAMP STORIES/
March 9, 2018 · by harveyorgan · in Uncat




GOLD: $1323.40 UP $2.25

Silver: $16.60 UP 21 CENTS

Closing access prices:

Gold $1323.75

silver: $16.61

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1326.55 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1318.45

PREMIUM FIRST FIX: $8.10

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SECOND SHANGHAI GOLD FIX: $1329.10

NY GOLD PRICE AT THE EXACT SAME TIME: $1318.85

PREMIUM SECOND FIX /NY:$10.25

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1319.35

NY PRICING AT THE EXACT SAME TIME: $1319.50

LONDON SECOND GOLD FIX 10 AM: $1320.60

NY PRICING AT THE EXACT SAME TIME. $1320.85

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH
173 NOTICE(S) FILED TODAY FOR
865,000 OZ/

Total number of notices filed so far this month: 4727 for 23,635,000 oz

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Bitcoin: BID $8907/OFFER $8,977: DOWN $348(morning)
Bitcoin: BID/ $8947/offer $9017: DOWN $308 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A FAIR SIZED 796 contracts from 195,724 RISING TO 196,520 DESPITE YESTERDAY’S TINY 1 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 2693 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2693 CONTRACTS. WITH THE TRANSFER OF 2693 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2693 CONTRACTS TRANSLATES INTO 13.43 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

18,356 CONTRACTS (FOR 7 TRADING DAYS TOTAL 18,356 CONTRACTS OR 91.780 MILLION OZ: AVERAGE PER DAY: 2622 CONTRACTS OR 13.111 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 91.780 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 13.11% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 584.255 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A SMALL SIZED GAIN IN COMEX OI SILVER COMEX OF 796 DESPITE THE TINY 1 CENT FALL IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 2693 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2693 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 3489 OI CONTRACTS i.e. 2693 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 796 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 1 CENT AND A CLOSING PRICE OF $16.49 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.982 BILLION TO BE EXACT or 140% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 173 NOTICE(S) FOR 865,000 OZ OF SILVER

*** note in gold. last last night, the CME released EFP’s for yesterday and today and I reversed them ie. the EFP for today is 7473 and yesterday 7106. I will not change and it will not make a difference when the two are added.

In gold, the open interest FELL BY A STRONG 10,663 CONTRACTS DOWN TO 497,387 WITH THE CONSIDERABLE FALL IN PRICE YESTERDAY ($5.45) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED 7106 CONTRACTS THE ISSUANCE OF, APRIL SAW THE ISSUANCE OF 7106 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 497,387. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUGE LOSS OI CONTRACTS: 10,663 OI CONTRACTS DECREASED AT THE COMEX AND A GOOD SIZED 7106 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI LOSS: 3557 CONTRACTS OR 355,700 OZ =11.06 TONNES

YESTERDAY, WE HAD 7473 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 68,796 CONTRACTS OR 6,879,600 OZ OR 213.96 TONNES (7 TRADING DAYS AND THUS AVERAGING: 9828 EFP CONTRACTS PER TRADING DAY OR 982,800 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 5 TRADING DAYS IN TONNES: 213.96 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 213.96/2550 x 100% TONNES = 8.39% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1464.33 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A HUGE SIZED DECREASE IN OI AT THE COMEX WITH THE CONSIDERABLE FALL IN PRICE IN GOLD TRADING YESTERDAY ($5.45). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7106 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 7106 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 3557 contracts ON THE TWO EXCHANGES:

7106 CONTRACTS MOVE TO LONDON AND 10,663 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 11.063 TONNES).

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $2.25 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER UP 21 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

Related reading

Pension Crisis And Deficit of £2.6 Billion At Carillion To Impact UK Pensions

UK Pensions Risk – Time to Rebalance and Allocate to Cash and Gold

UK Pensions and Debt Time Bomb: £1 Trillion Crisis Looms

News and Commentary

Stocks in Japan, South Korea surge on news of Trump-Kim meeting (MarketWatch.com)

Stocks Rise in Asia on Trump-Kim Summit; Yen Drops (Bloomberg.com)

Gold dips as dollar firms amid hopes for easing U.S.-N.Korea tensions (Reuters.com)

Stocks, Bonds Rise as Trump Signs Off on Tariffs (Bloomberg.com)

U.S. Household Debt Rose Last Quarter at Fastest Rate Since 2007 (Bloomberg.com)



Image source: Bloomberg

Hugo Salinas Price: Without trade deficits, U.S. dollar can’t be world reserve currency (Plata.com.mx)

Reuters exclusive: Five banks open up trillion-dollar gold club (Reuters.com)

Trump’s Historic Bet on Kim Summit Shatters Decades of Orthodoxy (Bloomberg.com)

ECB Assumes Final QE Push Totaling 30 Billion Euros (Bloomberg.com)

Hungarian National Bank Decides to Bring Gold Reserves Back Home (HungaryToday.hu)

Gold Prices (LBMA AM)

09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce

Silver Prices (LBMA)

09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce


Recent Market Updates

– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?

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Tepco now admits that its ICE WALL is failing. Radiation is leaking through the water

(courtesy zerohedge)

TEPCO Admits Fukushima-Radiation-Blocking “Ice Wall” Is Failing

It has been nearly two-and-a-half years since TEPCO decided to give its “Game of Thrones”-inspired frozen water wall a second chance, despite initially experiencing difficulty getting the temperature low enough to freeze the ground water. At the time, we questioned their sanity, but pointed out that “wasting” tens of billions of yen on the project would, at the very least, help out the region’s badly damaged GDP…

…But today, with two years before the Tokyo Games, the Japanese utility company admitted to Reuters that the costly “ice wall” (more like an ice floor, it’s essentially a ground barrier consisting of frozen soil) is failing to stop groundwater from seeping into the ruined nuclear reactors at the ruined Fukushima Dai-ichi nuclear plant.



The wall’s failure, among other factors, is preventing the company from removing all of the radioactive melted fuel at the site, where one of the world’s worst-ever nuclear disasters unfolded seven years ago when a tsunami struck the area.

When the “ice wall” was announced in 2013, TEPCO assured skeptics that it would effectively limit the flow of groundwater into the plant’s basement, where the water becomes contaminated with radioactive debris.

But since the wall became fully operational in August 2017, an average of 141 metric tonnes of groundwater has seeped into the reactor and turbines each day – worse than the 132 metric tonnes a daythat seeped into the ruined plant during the nine months before the wall’s completion.

That’s far from the “nearly nothing” that TEPCO executives promised.

The unplanned groundwater seepage has delayed TEPCO’s clean-up at the site, the company said, and may undermine the entire decommissioning process for the plant, which the utility is tasked with cleaning up before the 2020 Olympics, though in reality, the process will likely take decades.



Some of the 160,000 residents that were forced to flee after the disaster when the government declared an “exclusion zone” around the site are beginning to return to their former homes as the government has cut off their public assistance.

What people are finding is a ghost town overrun by radioactive boars.

As we pointed out, TEPCO’s options are apparently at an impasse: The company has lost several “swimming robots” inside the destroyed reactors. The robots were sent in to search for the melted nuclear core.

As Reuters explains, TEPCO sunk 34.5 billion yen ($324 million) in public funds into the project, which involved deploying 1,500 tubes filled with brine to a depth of 30 meters (100 feet) in a 1.5-kilometre (1-mile) perimeter around the plant’s four reactors. The plant then cools the brine to minus 30 degrees Celsius (minus 22 Fahrenheit). The goal is to freeze the soil into a solid mass.

What’s worse, the continuing seepage has created more toxic water that Tepco must pump out and store in cumbersome containers. The company says it will run out of space for the water by early 2021.

One nuclear regulator who spoke with Reuters said he believed the wall had been oversold..

“I believe the ice wall was ‘oversold’ in that it would solve all the release and storage concerns,” said Dale Klein, the former chairman of the U.S. Nuclear Regulatory Commission and the head of an external committee advising Tepco on safety issues.

“The hydrology of the Fukushima site is very complicated and thus the exact water flow is hard to predict,” he said, “especially during heavy rains.”

Depending on the level of rain, the amount of water flowing into the ruined plant can fluctuate between 83 tons during a dry month to 866 during a typhoon.

A government panel blasted the ice wall on Wednesday, saying it was only partially effective. What’s worse, the ice wall was supposed to be a crucial element of Japan’s plan to show that it has the cleanup effort under control.

The failure is bad news for area fishermen, because the government’s only other viable solution appears to be emptying tritium-laced water into the Pacific Ocean – which has angered locals, and probably should anger the international community as well.

END



Missing $21 Trillion Used to Manipulate Markets?

| Rob Kirby
March 9, 2018 5 1083

Rob Kirby tells Silver Doctors the Exchange Stabilization Fund is most likely using the $21 trillion to manipulate the markets…

Rob Kirby of Kirby Analytics interviewed by Silver Doctors

Kirby reminds us $21 trillion is missing form the United States Department of Defense and Department of Housing and Urban Development.

He believes the ESF is most likely using the money to manipulate the capital markets. He explains in detail how the ESF manipulates the markets to keep the U.S. dollar afloat.

How long can this ESF manipulation go on for? America is being called out as we speak, and countries around the globe are banishing the U.S. dollar from their international trade.

https://www.silverdoctors.com/headlines/world-news/missing-21-trillion-used-to-manipulate-markets-rob-kirby/

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Gold & Silver Come Under Pressure But Don’t Crack After Super-Duper Jobs Report
March 9, 2018 14 1035

Gold & silver come under pressure but have found support. Here’s the details…

Today is one of those days where you’re going to get moves in the market.

Today the government (BLS) released the February Non-farm Payrolls Report. Of the two favorite times to smash gold & silver, the BLS Jobs Report day is one of them (with the FOMC meetings being the other favorite time to smash the metals).

So what happened in February with respect to the jobs outlook?

First of all, the “consensus” was for 205,000 jobs to have been created in February and for unemployment to have reached 4.0%

According to the government 313,00 jobs were created! Amazing! Everything is awesome!

This is going to leave the Fed with no excuse to not hike in another two weeks.

https://www.silverdoctors.com/gold/gold-news/gold-silver-come-under-selling-pressure-but-find-support-after-super-duper-jobs-report/

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313k Jobs Added? Nice Try But It’s Fake News


-- Published: Friday, 9 March 2018 | Print | 2 Comments

By Dave Kranzler

The census bureau does the data-gathering and the Bureau of Labor Statistics feeds the questionable data sample through its statistical sausage grinder and spits out some type of grotesque scatological substance. You know an economic report is pure absurdity when the report exceeds Wall Street’s rose-colored estimate by 53%. That has to be, by far, an all-time record-high “beat.”

If you sift through some of the foul-smelling data, it turns out 365k of the alleged jobs were part-time, which means the labor market lost 52k full-time jobs. But alas, I loathe paying any credence to complete fiction by dissecting the “let’s pretend” report.

http://news.goldseek.com/GoldSeek/1520628405.php

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Ted Butler: JPMorgan's motive for controlling the silver price
Submitted by cpowell on Fri, 2018-03-09 01:14. Section: Daily Dispatches

8:25p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

Silver market analyst and manipulation exposer Ted Butler today addresses the possibility that the U.S. government is the real party in interest in JPMorganChase's seeming dominance of the silver market.

Butler writes that he still believes that JPM is rigging the silver market for its own benefit, acquiring a huge position in real metal in anticipation of much higher prices. He writes:

"It is unrealistic, in my opinion, to believe that the U.S. government would single out silver as the one commodity it should be stockpiling without any apparent reason or evidence it was doing so. That's the problem with conspiracy theories -- once you go down that path, it never ends and you have to suspend rational thinking to explain everything.

"As I said, I understand the need to rationalize the rotten price behavior of silver over the past seven years. Further, I have gone on record stating that the U.S. government did make a secret agreement with JPM on the occasion of its takeover of Bear Stearns, but if the U.S. government has been calling the shots in silver over the past seven years, then I'll go out and buy a hat and eat it."

And yet Butler himself has acknowledged that, as the U.S. government formally removed silver from U.S. coinage in 1965, President Lyndon B. Johnson warned potential investors in the monetary metal that the U.S. government would dishoard silver from its strategic stockpile as necessary to control the metal's price:

http://www.gata.org/node/11601

Johnson said the objective of such dishoarding would be to keep U.S. silver coinage in circulation and thus prevent it from being hoarded or melted and sold as bullion. That is, the objective of this dishoarding was to prevent devaluation of non-silver coinage and currency.

Maintaining the value of its currency always has been and always will remain a powerful interest of any government.

But there are other possible explanations for U.S. government intervention in the silver market -- like acquisition of metal for other countries, like China, that hold huge amounts of U.S. government debt instruments and, as the price of continuing to hold those debt instruments, might demand a hedge against their devaluation.

In any case, whenever a market is plainly manipulated and the regulatory agencies show no interest, the most plausible explanation is that, while it may be operating through intermediaries, the actual manipulator is the U.S. government, since, under the Gold Reserve Act of 1934, as amended in the 1970s, the U.S. government is fully authorized to rig surreptitiously any market in the world:

https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...

Such an explanation becomes still more plausible with the determined refusal of mainstream financial news organizations to question governments and central banks critically about their market interventions.

Butler's analysis is headlined "JPMorgan's Motivation" and it's posted at GoldSeek's companion site, SilverSeek, here --

http://silverseek.com/commentary/jpmorgan%E2%80%99s-motivation-17141

-- and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-jpmorgan-s-motivation.as...

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Hugo Salinas Price: Without trade deficits, U.S. dollar can't be world reserve currency
Submitted by cpowell on Thu, 2018-03-08 18:04. Section: Daily Dispatches

1:04p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

Hugo Salinas Price, president of the Mexican Civic Association for Silver, remarking on President Trump's tariffs and potential trade war to eliminate the trade deficits of the United States, notes today that no country can issue the world reserve currency without running trade deficits to spread its currency throughout the world.

Salinas Price writes: "So the exorbitant privilege of the United States, the production of the world's fundamental currency -- which allows it to purchase anything in any amount, in any place, at any price -- produces automatically the fundamental need of foreign countries to undersell U.S. producers."

If the dollar is no longer to be the world reserve currency, Salinas Price concludes, the only replacement will be gold.

His analysis is headlined "Bad Karma Brings Bad Consequences for Those Who Practice It" and it's posted at the silver association's internet site here:

http://plata.com.mx/enUS/More/346?idioma=2

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Ronan Manly: LBMA stalls daily gold and silver price auction fix reports
Submitted by cpowell on Thu, 2018-03-08 17:00. Section: Daily Dispatches

12:02p ET Thursday, March 8, 2018

Dear Friend of GATA and Gold:

The London Bullion Market Association, gold researcher Ronan Manly discloses today, has stopped providing timely reports of the daily gold and silver auction price fixes and has against postponed its plans to publish trade data about the monetary metals.

Manly writes: "It must be obvious to everyone that the LBMA and its bullion bank members do not want the transparency that gold and silver trade reporting would provide. Otherwise they would not have spent four years on a project that any individual investment bank could start and complete within less than three months."

Manly's report is headlined "LBMA Alchemy and the London Gold and Silver Markets: 2 Steps Back" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/lbma-alchemy-london-gold-m...

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Pics Of The Day












































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Resistless, With a Thundering Tide

"For fools rush in where angels fear to tread.
Distrustful sense with modest caution speaks;
It still looks home, and short excursions makes;
But rattling nonsense in full volleys breaks;
And never shocked, and never turned aside,
Bursts out, resistless, with a thundering tide."

Alexander Pope, An Essay on Criticism


Stocks took off after the Non-Farm Payrolls report came in much higher than expected.

Wages came in rather weakly.

Even gold and silver managed to rally on the back of a slightly weaker dollar.

So what was this, risk on or risk off?

Or perhaps it was just irrational exuberance, dying to break free of this dull and dreary world.

We will be getting quite a bit of economic data next week, including some key inflation measures.

I will see you all next week.

And until then, don't forget to love.

Have a pleasant weekend.

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Safe and Happy Weekend <3



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[JD400]

Second Hand Data & News Again


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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MARCH 12/GOLD REBOUNDS AGAIN AND DOWN ONLY $3.00 TO $1320.40/IN ACCESS MARKET IT CLOSES ABOVE $1323.00/SILVER IS DOWN ONLY 8 CENTS TO $16.32/ IN ACCESS MARKET SILVER ABOVE $16.55/ ABE GOVERNMENT IN JAPAN MAY BE IN TROUBLE AS THE “KINDERGARTEN” SCANDAL RESURFACES/THERESA MAY FINDS RUSSIA RESPONSIBLE FOR THE POISONING OF 21 PEOPLE , INCLUDING THE TWO PRINCIPAL VICTIMS/IN THE USA, A HUGE FEB DEFICIT OF 215 BILLION DOLLARS DUE TO LACK OF RECEIPTS AND HIGHER OUTLAYS INCLUDING INTEREST ON THE BURGEONING DEBT/MORE SWAMP STORIES/
March 12, 2018 · by harveyorgan · in Uncat




GOLD: $1320.40 DOWN $3.00

Silver: $16.52 DOWN 8 CENTS

Closing access prices:

Gold $1323.20

silver: $16.53

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1329.15 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1322.90

PREMIUM FIRST FIX: $6.20

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SECOND SHANGHAI GOLD FIX: $1331.10

NY GOLD PRICE AT THE EXACT SAME TIME: $1322.40

PREMIUM SECOND FIX /NY:$8.70

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1317.23

NY PRICING AT THE EXACT SAME TIME: $1320.50 ??

LONDON SECOND GOLD FIX 10 AM: $1319.15

NY PRICING AT THE EXACT SAME TIME. $1317.60???

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH
101 NOTICE(S) FILED TODAY FOR
505,000 OZ/

Total number of notices filed so far this month: 4828 for 24,140,000 oz

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Bitcoin: BID $9772/OFFER $9,842: UP $826(morning)

Bitcoin: BID/ $8795/offer $8867: DOWN $149 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A TINY SIZED 436 contracts from 196,520 RISING TO 196,956 DESPITE FRIDAY’S STRONG 21 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 1107 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1107 CONTRACTS. WITH THE TRANSFER OF 1107 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1107 CONTRACTS TRANSLATES INTO 5.535 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

19,463 CONTRACTS (FOR 8 TRADING DAYS TOTAL 19,463 CONTRACTS OR 97.315 MILLION OZ: AVERAGE PER DAY: 2432 CONTRACTS OR 12.160 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 97.315 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 13.90% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 589.79 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A SMALL SIZED GAIN IN COMEX OI SILVER COMEX OF 436 DESPITE THE STRONG 21 CENT RISE IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1107 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1107 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 1543 OI CONTRACTS i.e. 1107 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 436 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 21 CENTS AND A CLOSING PRICE OF $16.70 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.984 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 101 NOTICE(S) FOR 505,000 OZ OF SILVER



In gold, the open interest FELL BY A FAIR SIZED 1618 CONTRACTS DOWN TO 495,769 DESPITE THE STRONG REBOUND IN PRICE ON FRIDAY YESTERDAY ( GAIN OF$2.25) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED 6847 CONTRACTS THE ISSUANCE OF, APRIL SAW THE ISSUANCE OF 6847 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 497,187. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD OI GAIN IN CONTRACTS: 1618 OI CONTRACTS DECREASED AT THE COMEX AND A GOOD SIZED 6847 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 5229 CONTRACTS OR 522,900 OZ =16.26 TONNES

FRIDAY, WE HAD 7106 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 75,643 CONTRACTS OR 7,564,300 OZ OR 235.28 TONNES (8 TRADING DAYS AND THUS AVERAGING: 9455 EFP CONTRACTS PER TRADING DAY OR 945,500 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 8 TRADING DAYS IN TONNES: 235.28 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 235.28/2550 x 100% TONNES = 9.21% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1485,62 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A FAIR SIZED DECREASE IN OI AT THE COMEX WITH THE STRONG REBOUND IN PRICE IN GOLD TRADING FRIDAY ($2.25 ULTIMATE GAIN). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6847 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 6847 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 5229 contracts ON THE TWO EXCHANGES:

6874 CONTRACTS MOVE TO LONDON AND 1618 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 16.26 TONNES).

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $3.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER DOWN 8 CENTS TODAY:

A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 O

/INVENTORY RESTS AT 319.012 MILLION OZ/

end

Hugo Salinas Price: Without trade deficits, U.S. dollar can’t be world reserve currency (Plata.com.mx)

Reuters exclusive: Five banks open up trillion-dollar gold club (Reuters.com)

Trump’s Historic Bet on Kim Summit Shatters Decades of Orthodoxy (Bloomberg.com)

ECB Assumes Final QE Push Totaling 30 Billion Euros (Bloomberg.com)

Hungarian National Bank Decides to Bring Gold Reserves Back Home (HungaryToday.hu)

Gold Prices (LBMA AM)

09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce
02 Mar: USD 1,316.75, GBP 955.70 & EUR 1,071.04 per ounce
01 Mar: USD 1,311.25, GBP 953.80 & EUR 1,075.75 per ounce

Silver Prices (LBMA)

09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce
02 Mar: USD 16.45, GBP 11.92 & EUR 13.36 per ounce
01 Mar: USD 16.32, GBP 11.87 & EUR 13.39 per ounce


Recent Market Updates

– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
– Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
– Bitcoin or British Pound ‘Pretty Much Failed’ As Currency?

Alabama becomes the 37th state to exempt sales tax on gold and silver bullion as well as coins

(courtesy GATA>Numismatic News.Iola Wisconsin)


Alabama exempts gold and silver bullion and coins from sales tax

Submitted by cpowell on Sat, 2018-03-10 15:15. Section: Daily Dispatches

ICTA Wins Another One for Coin Buyers

By Dave Harper
Numismatic News, Iola, Wisconsin
Thursday, March 8, 2018

The Industry Council for Tangible Assets has notched another sales tax win.

Congratulations.

Alabama becomes the 37th state to exempt sales of gold, silver, platinum, and palladium bullion and money, ICTA’s David Crenshaw reports.

Numismatic commerce can blossom thanks to Gov. Kay Ivey. She signed into law Senate Bill 156 on March 6 to create a sales and use tax exemption on U.S. coins and currency and precious metals bullion sales.

Of course she isn’t the only one who deserves the high praise of collectors.

“The bill’s author, Sen. Tim Melson, along with its House sponsor, Rep. Ron Johnson, championed the bill through the legislature,” said Phil Darby (J&P Coins and Currency in Helena).

“Alabama coin businesses and collectors owe them a debt of gratitude,” Darby said. …

… For the remainder of the report:

http://www.numismaticnews.net/buzz/icta-wins-another-one-coin-buyers

END

Ralph Benko explains beautifully by the USA had continual trade deficits in order to maintain its status as the world’s reserve currency. The USA exported paper dollars which cost them a few pennies and got real goods for that paper money but this occurred with a curse..the USA manufacturers were decimated. Now Trump is attempting to stop this..



a good read//



(Ralph Benko/GATA)


Ralph Benko: Trade deficits are the price of issuing the world reserve currency

Submitted by cpowell on Mon, 2018-03-12 00:30. Section: Daily Dispatches

8:30p ET Sunday, March 11, 2018

Dear Friend of GATA and Gold:

Financial writer and gold standard advocate Ralph Benko this week joined those explaining that huge trade deficits are inevitable for any country that enjoys the “exorbitant privilege” of issuing the world reserve currency.

Benko writes:

“World War II — in which my heroic father Max Benko fought along with millions of others — left America relatively unscathed. After V-Day our allies and our vanquished enemies’ economies lay in shambles. We could (and did) give ourselves a treat while extending an invisible helping hand — one much greater than the Marshall Plan — to war-torn Europe and Japan.

“How? After World War II, the world, led by America, entered into an arrangement called Bretton Woods. This made the U.S. dollar the world’s ‘reserve currency.’

“In practice, Bretton Woods meant that Americans could consume more than we produce — an exorbitant privilege — by exporting dollars rather than goods. How, exactly, did that work? ….

“As American economist Barry Eichengreen summarized: ‘It costs only a few cents for the Bureau of Engraving and Printing to produce a hundred-dollar bill, but other countries had to pony up $100 of actual goods in order to obtain one.’

“That privilege, which made great sense during the period immediately after World War II, became a curse.

“How did our ‘exorbitant privilege’ transform into a curse? By inequitably prejudicing our manufacturers.

“The key element — the reserve currency status of the dollar — of the Bretton Woods ‘Calvinball’ monetary treaty remains in place. Time to end that … as Donald Trump seems to almost preternaturally intuit.”

Benko’s commentary is headlined “Exit Gary Cohn. Enter Lewis Lehrman, Steve Forbes, or Larry Kudlow?” and it’s posted at Forbes here:

https://www.forbes.com/sites/ralphbenko/2018/03/09/exit-gary-cohn-enter-…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
[e-mail]

end


The OPEC Deal Could Fall Apart In June

Authored by Irina Slav via OilPrice.com,

OPEC’s oil production cut agreement could start falling apart soon, as Saudi Arabia and Iran once again face off. This time, however, the spat is over determining what the best price level is for the commodity. That’s what Iran’s Oil Minister Bijan Zanganeh told the Wall Street Journal in an interview.



The split, apparently, stems from Saudi Arabia’s insistence that crude oil should be kept closer to US$70 a barrel – a level Brent touched briefly early this year – and Iran’s equal insistence that US$60 is a better place for oil to trade at.

This disagreement could see the cartel start unwinding the cuts as early as June, when it will meet with its partners to discuss progress and next steps. Zanganeh’s explanation of the Iranian stance is anything but a surprise: “If the price jumps [to] around $70 … it will motivate more production in shale oil in the United States,” he told the WSJ.

Zanganeh is not wrong, but the problem is that U.S. drillers have demonstrated that they could pump more at US$60 a barrel, too, so bringing prices closer to that level is not a guaranteed way to stymie U.S. oil production growth.

Production has been growing steadily, last week hitting 10.3
million bpd.



The oil production in the United States is not the only problem. The bigger problem is soaring U.S. exports that are eating away the market share of OPEC members. This could be the last drop to swing OPEC in Iran’s favor.

Bloomberg quoted an ING analyst yesterday as saying that crude could fall below US$60 a barrel because of rising U.S. exports to Asia, a key market for every producer. The OPEC deal is under threat, ING commodities strategist said, because U.S. crude supplies are displacing OPEC’s. “The longer the deal goes on, it’s going to start falling apart. They continue to give market share away to the U.S.”

end

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Chinese Space Station May Crash Into Michigan In Three Weeks

Mon, 03/12/2018 - 19:05


An out-of-control Chinese space station full of "highly toxic" chemicals may crash into lower Michigan, reports Aerospace.org, which has predicted an April 3 reentry with a margin of error of one week before and after. While the list of possible targets include locations in Northern China, South America, Southern Africa, Northern Spain and the United States. Lower Michigan in particular is among the regions with the highest probability of a direct hit.



The 8.5-ton Tiangong-1 had previously been expected to come crashing down to Earth sometime in March, while the European Space Agency's Space Debris Office in Darmstadt, Germany, thinks the window for reentry is between March 24 and April 19. That said, most of it will burn up upon re-entry, leaving between 10 and 40 percent of the satellite expected to survive as debris.



"There is a chance that a small amount of Tiangong-1 debris may survive reentry and impact the ground," Aerospace reports. "Should this happen, any surviving debris would fall within a region that is a few hundred kilometers in size and centered along a point on the Earth that the station passes over."

In January, Harvard astrophysicist Jonathan McDowell said that it's impossible to predict where the station will hit. “You really can’t steer these things," McDowell said, adding "Even a couple of days before it reenters we probably won’t know better than six or seven hours, plus or minus, when it’s going to come down.

McDowell said Tiangong-1’s descent had been speeding up in recent months and it was now falling by about 6km a week, compared with 1.5km in October. It was difficult to predict when the module might land because its speed was affected by the constantly changing “weather” in space, he said.

“It is only in the final week or so that we are going to be able to start speaking about it with more confidence,” he said.

“I would guess that a few pieces will survive re-entry. But we will only know where they are going to land after the fact.” -The Guardian

According to a FAQ on the Tiangong-1, the actual impact of the space station might not even be the most dangerous aspect of the reentry. Potentially hazardous materials including hydrazine, a highly toxic chemical used in rocket fuel, might survive re-entry. If humans or animals come into contact with large quantities of the substance, it can cause serious liver, kidney and central nervous system damage.

As we previously reported, the Tiangong-1 was the first space station built and launched by China - equipped with two sleep stations and a habitable volume of 15 cubic meters (529 sq ft.).





Weighing in at 18,750 lbs, the two-module spacecraft - which means "Heavenly Palace," lost contact with China's space agency on March 21, 2016 after the completion of its extended mission, which included a six year service life that saw two manned missions to perform experiments for the larger multiple-module Tiangong station.





The first mission - Shenzhou 9, was a 13-day sojourn launched June 15, 2012 with three astronauts - including China's first female astronaut, Liu Yang. The mission completed two dockings - one computer controlled, and one crew-guided.

China's second mission, the Shenzhou 10, launched June 11, 2013 with three astronauts as well.



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Tonights featured news reads on MiningWatch Canada


News Release
Guatemalan Constitutional Court Keeps Tahoe Resources Operations Suspended, Orders Presentation of Further Documentation

09.03.2018
News Release
Citizens, Quebec Municipality Denounce $96 Million Suite by Canada Carbon

05.03.2018
MiningWatch in the News
Canada mining murder in Mexico

05.03.2018
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Pebble Mine Investment Risk Warning: New Report Examines Hunter Dickinson Track Record

28.02.2018
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What do the mining watchdogs see?

27.02.2018
News Release
Asbestos Is The Biggest Killer Of Quebec Workers: Urgent Appeal to Political Leaders To Take Action

20.02.2018
Friends of MiningWatch
Eabametoong First Nation Forced to Head to Court to Protect Homelands from Mining in Ontario

07.02.2018
News Release
Mexican Delegation Questions Role of Canadian Embassy in Complaint to Integrity Commissioner

06.02.2018
News Release
Campaign Financing and the Ontario Mining Industry’s Political Influence

02.02.2018
News Release
BC's Recent Crown Decision: How Can the Worst Mining Waste Disaster in Canadian History Not Have Legal Consequences?

01.02.2018
News Release
Mining Giant Rio Tinto’s Tax Haven Scheme Costs Canada and Mongolia Nearly $700 Million in Lost Tax Revenue

31.01.2018
Friends of MiningWatch
Golden promises and unpaid bills: The case of Oyu Tolgoi and profitable tax avoidance by Rio Tinto in Mongolia

31.01.2018
MiningWatch in the News
The Canadian company behind this Mongolian mine has avoided half a billion dollars in taxes, report alleges

31.01.2018
MiningWatch in the News
A small town in Quebec could power the next wave of electric cars

30.01.2018
News Release
Environmental Experts Lay Out Expectations for Federal Environmental Assessment Bill

25.01.2018
News Release
Arcelor Mittal's Mont Wright Expansion Project: Five Recommendations from Quebec Meilleure Mine

24.01.2018
News Release
Long-Fought-For Ombudsperson Announced to Investigate International Complaints against Canadian Mining Companies

17.01.2018
News Release
At Last, Communities Affected by Canadian Corporations Overseas Will Be Heard: Government Creates Human Rights Watchdog

17.01.2018
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What Green Economy? New OECD Report Finds Canada Worst of G7 on Recycling, Minerals Efficiency

19.12.2017
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B.C. Rejects Ajax Mine – Groups Urge Governments to Learn Lessons and Change Laws

Read them all here https://miningwatch.ca/

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SRSrocco On The Staggering Amount Of Gold Exported From The U.S. Since The Turn Of The Century

March 12, 2018 2 358

“When the U.S. Dollar finally loses its world reserve status, Americans are going to wish that they held onto their gold instead of sending it overseas…”

https://www.silverdoctors.com/gold/gold-news/on-the-staggering-amount-of-gold-exported-from-the-u-s-since-the-turn-of-the-century/

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The ‘Dumb Money’ Is Helping The ‘Smart Money’ Exit The Stock Market Before It Crashes

March 12, 2018 1 230

After a euphoric rally in a market preparing to crash, all the Joe Sixpacks, mom, pop and family dogs opened trading accounts. Here’s how it ends…

https://www.silverdoctors.com/headlines/world-news/dumb-money-is-helping-the-smart-money-exit-the-stock-market/

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Top Ten Videos — March 9

March 9, 2018 21 Comments

Two bonus videos this time. Chris Martenson on how the system “nearly fell apart last Month.” David Stockman on Deep State propaganda. Jordan Roy-Byrne on gold’s big upcoming move. Rick Rule’s “one piece of advice for investors.” Emigrate While You Still […]

https://dollarcollapse.com/

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Pics of the Day





















































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The Primacy of Conscience

"All my life I have been fighting against the spirit of narrowness and violence, arrogance, intolerance in its absolute, merciless consistency. I have also worked to overcome this spirit with its evil consequences, such as nationalism in excess, racial persecution, and materialism. In regards to this, the National Socialists are correct in killing me.

I have striven to make its consequences milder for its victims and to prepare the way for a change. In that, my conscience drove me – and in the end, that is a man's duty."

Helmuth James Graf von Moltke, Executed in Plötzensee Prison on 23 January 1945


"Silence in the face of evil is itself evil: God will not hold us guiltless. Not to speak is to speak. Not to act is to act."

Dietrich Bonhoeffer, Executed in Flossenbürg Camp on 9 April 1945


As journalist activist Carl von Ossietzky put it, 'we cannot hope to affect the conscience of the world when our own conscience is asleep.'

Heroic virtue shines across the vast seas of history like beacons to those in the troubled waters of general deception.

Stocks were led by a narrow group of big cap tech related stocks, with the NDX 100 driving all the gains.

Tomorrow we will have the CPI data, which *could* move the market. Some of the yield related futures are pricing in a four rate hike year. A strong CPI number may encourage that.

Gold and silver showed some mild strength, not as a flight to safety, but mostly off a slightly weaker dollar.

When traded as currencies, the precious metals are decoupled from their fundamental supply and demand dynamics as commodities.

Next week will be Jay Powell's first FOMC meeting. The Fed is widely expected to decide on a 25 bp rate hike.

This Friday is a stock option expiration. We may see some shenanigans on the precious metals related stocks.

The CBOE put-call ratio is back to the pre-meltdown levels.

Corruption and deception remain the coin of the realm in the halls of power in New York and Washington.

Have a pleasant evening.




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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Very Nice Day <3

MMgys

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[JD400]

Running On Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

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March 13/TRUMP FIRES TILLERSON AS SEC. OF STATE AND REPLACES HIM WITH POMPEO/GOLD RISES ON THAT NEWS: GOLD UP $6.25 ON THE DAY TO $1326.75/SILVER RISES 10 CENTS TO $16.62/UK THREATENS RUSSIAN OVER THE POISONING SCANDAL/ RUSSIA RESPONDS/RUSSIA THREATENS USA OVER SYRIA/HUNGARY ASKS LONDON TO REPATRIATE ITS 3 TONNES OF GOLD BACK TO BUDAPEST/SWAMP STORIES/
March 13, 2018 · by harveyorgan · in Uncat


GOLD: $1326.75 UP $6.25

Silver: $16.62 UP 10 CENTS

Closing access prices:

Gold $1326.50

silver: $16.61

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1330.53 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1323.35

PREMIUM FIRST FIX: $7.18

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SECOND SHANGHAI GOLD FIX: $1328.77

NY GOLD PRICE AT THE EXACT SAME TIME: $1320.50

PREMIUM SECOND FIX /NY:$8.27

SHANGHAI REJECTS NY PRICING OF GOLD.

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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!

LONDON FIRST GOLD FIX: 5:30 am est $1318.70

NY PRICING AT THE EXACT SAME TIME: $1317.75 ??

LONDON SECOND GOLD FIX 10 AM: $1322.75

NY PRICING AT THE EXACT SAME TIME. $1326.80???

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH
6 NOTICE(S) FILED TODAY FOR
30,000 OZ/

Total number of notices filed so far this month: 4834 for 24,170,000 oz

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Bitcoin: BID $8934/OFFER $9,003: DOWN $155(morning)
Bitcoin: BID/ $9023/offer $9093: DOWN $65 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2228 contracts from 196,956 RISING TO 199,184 DESPITE YESTERDAY’S SMALL 8 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 598 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 598 CONTRACTS. WITH THE TRANSFER OF 598 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 598 CONTRACTS TRANSLATES INTO 2.990 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

20,061 CONTRACTS (FOR 9 TRADING DAYS TOTAL 20,061 CONTRACTS OR 100.305 MILLION OZ: AVERAGE PER DAY: 2229 CONTRACTS OR 11.145 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 100.305 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.28% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 592.78 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED GAIN IN COMEX OI SILVER COMEX OF 2228 DESPITE THE SMALL 8 CENT FALL IN SILVER PRICE. WE ALSO HAD A SMALL SIZED EFP ISSUANCE OF 598 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 598 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 2826 OI CONTRACTS i.e. 598 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2228 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.62 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.998 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 6 NOTICE(S) FOR 30,000 OZ OF SILVER

In gold, the open interest ROSE BY A HUGE SIZED 10,222 CONTRACTS UP TO 505,991 DESPITE THE FALL IN PRICE YESTERDAY ( LOSS OF$3.00) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED 4161 CONTRACTS : APRIL SAW THE ISSUANCE OF 4161 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 505,991. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD OI GAIN IN CONTRACTS: 10,222 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 4161 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 14,383 CONTRACTS OR 1,438,300 OZ =44.73 TONNES

YESTERDAY, WE HAD 6847 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 79,804 CONTRACTS OR 7,980,400 OZ OR 248.22 TONNES (9 TRADING DAYS AND THUS AVERAGING: 8867 EFP CONTRACTS PER TRADING DAY OR 886,700 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 9 TRADING DAYS IN TONNES: 248.22 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 248.22/2550 x 100% TONNES = 9.73% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1498.56 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A HUGE SIZED INCREASE IN OI AT THE COMEX DESPITE THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($3.00 LOSS). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4161 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4161 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 14,383 contracts ON THE TWO EXCHANGES:

4161 CONTRACTS MOVE TO LONDON AND 10,222 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 44.73 TONNES).

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $6.25 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER UP 10 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 319.012 MILLION OZ/

end

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Recommended Reading

Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%

Buy Gold, ‘Get Out Of The Stock Market’ Warns Druckenmiller

Invest In Gold Now As Stock Market To Crash – Faber

News and Commentary

Gold slips as dollar holds steady (Reuters.com)

Stocks in Asia Rally After U.S. Jobs; Yen Advances (Bloomberg.com)

S.Africa gold miners’ silicosis lawsuit settlement expected within 6 weeks (Reuters.com)

Worry about rising inflation? Sure, but there’s no reason to be scared (MarketWatch.com)

Gundlach Says Volatility ‘Genie’ May Not Be Back in Its Bottle (Bloomberg.com)



Source: Zerohedge

In Debt and in Demand: Europe’s Most-Leveraged Stocks Surge (Bloomberg.com)

Another Very Interesting COT Report (GoldSeek.com)

ICTA wins another one for coin buyers (NumismaticNews.net)

The Amazing Amount of Gold The U.S. Exported Since 2000 (GoldSeek.com)

$21 Trillion And Rising: How Central Banks Are LBOing The World In One Stunning Chart (ZeroHedge.com)

Gold Prices (LBMA AM)

12 Mar: USD 1,317.25, GBP 950.66 & EUR 1,069.87 per ounce
09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce
06 Mar: USD 1,324.95, GBP 957.01 & EUR 1,074.00 per ounce
05 Mar: USD 1,326.30, GBP 958.78 & EUR 1,075.63 per ounce

Silver Prices (LBMA)

12 Mar: USD 16.46, GBP 11.88 & EUR 13.39 per ounce
09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce
06 Mar: USD 16.62, GBP 11.96 & EUR 13.41 per ounce
05 Mar: USD 16.51, GBP 11.95 & EUR 13.42 per ounce


Recent Market Updates

– Gold Protects As Cashless Society Threatens Vulnerable
– Women’s Pension Crisis Highlights Dangers To Savers
– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)
– Gold Corridor From Dubai to China Sought By China
– Digital Gold Provide the Benefits Of Physical Gold?
– Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning

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Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at: https://kinesis.money/#/

(Andrew Maguire)
Andrew Maguire
2:57 PM (1 hour ago)
to me

Harvey

Here It is my friend! https://kinesis.money/#/ Please let everyone know.

Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy

end.

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Congressman criticized the USA mint for inaction on the counterfeiting of gold/silver coins.

The mint states that it is not significant enough to warrant action

(courtesy GATA./Ein Presswire.com)
Congressman criticizes U.S. Mint for inaction on counterfeit precious metal coins

Submitted by cpowell on Mon, 2018-03-12 23:02. Section: Daily Dispatches

From EIN Presswire.com
via WVUE-TV8, New Orleans
Monday, March 12, 2018

WASHINGTON — U.S. Rep. Alex Mooney, R-West Virginia, criticized the United States Mint for its “disappointing and concerning” lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.

In a letter dated March 6, Rep. Mooney took the U.S. Mint to task on its perfunctory one-page response to a prior letter that he and Rep. Frank Lucas sent last October asking for information as to whether and to what extent the U.S. Mint has taken steps to protect the integrity of America’s minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.

“The U.S. Mint’s response dated November 17, 2017, seemed to suggest a belief that the problem was not significant,” Mooney wrote in his March 6 letter.

“However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint.” …

… For the remainder of the report:

http://www.fox8live.com/story/37704978/congressman-criticizes-us-mint-fo…

end
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Bulletin Headline Summary from RanSquawk

European bourses marginally in the green with newsflow relatively quiet.
JPY weakens across the board, USD/JPY back above 107.00
Looking ahead, highlights include US CPI, UK Spring Statement and a speech from BoC Governor Poloz

Market Snapshot

S&P 500 futures up 0.2% to 2,795
STOXX Europe 600 up 0.07% to 379.48
MXAP up 0.2% to 178.92
MXAPJ up 0.2% to 590.82
Nikkei up 0.7% to 21,968.10
Topix up 0.6% to 1,751.03
Hang Seng Index up 0.02% to 31,601.45
Shanghai Composite down 0.5% to 3,310.24
Sensex down 0.3% to 33,808.49
Australia S&P/ASX 200 down 0.4% to 5,974.71
Kospi up 0.4% to 2,494.49
German 10Y yield unchanged at 0.632%
Euro down 0.04% to $1.2329
Brent Futures down 0.3% to $64.78/bbl
Italian 10Y yield fell 0.7 bps to 1.746%
Spanish 10Y yield fell 1.5 bps to 1.39%
Brent futures up 0.2% to $61.1/bbl
Gold spot down 0.4% to $1,317.70
U.S. Dollar Index up 0.2% to 90.07

Top Overnight News

The EU could get an exemption from U.S. steel and aluminum tariffs if the union was to be considered a reliable partner in fighting over capacities, among other criteria, Politico reports, citing three unidentified people
Italy’s League senior lawmaker Giancarlo Giorgetti tells state television network RAI that the chance that the nation will have to hold a second elction this year is “more than 50%”
Japanese Finance Minister Taro Aso says it seems the documents were changed to fit the parliamentary testimony of a MOF official. On being asked why we won’t resign he replied that he feels it’s his responsibility to find out what happened and prevent a repeat incident
CNBC personality Larry Kudlow has emerged as President Donald Trump’s favorite to replace Gary Cohn, the outgoing director of the White House National Economic Council, two people familiar with the matter said
Treasury’s $28 billion three-year note sale, which was $4 billion larger than two months ago, offered the highest yield for that maturity at auction since 2007, while the strength of demand as measured by the bid-to-cover ratio dipped to the lowest since November. Purchasers of the $21 billion in 10-year debt demanded a rate unseen since 2014, and the appetite for that auction was around the average for the past two years
With his swift rejection of Broadcom Ltd.’s hostile takeover ofQualcomm Inc., Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security
China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43 trillion banking and insurance industries. The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged in the biggest industry overhaul since 2003
Trade wars are bad but President Donald Trump’s steel and aluminum tariffs won’t have much direct impact on the U.S. economy unless the situation escalates, according to a new survey conducted by Bloomberg News. Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in U.S. economic growth
Prime Minister Theresa May publicly accused Russia of a chemical weapon attack on British soil and warned of retaliatory measures that will further strain relations between the West and the Kremlin

Asia stocks were mixed following a similar varied lead from Wall St where S&P 500 and DJIA finished negative as Trump tariff overhang weighed heavily on industrials, while the Nasdaq outperformed amid tech resilience to post a 7th consecutive gain and fresh record high. Furthermore, trade across the Asia-Pac region was quiet in which stocks lacked any significant drivers for price action. As such, ASX 200 (-0.4%) was subdued as mining and commodity-related stocks dragged on Australia, while the largest weighted financials sector was also lower as the royal commission began hearings on mortgage fraud. Nikkei 225 (+0.7%) spent most the session in negative territory, but later coat-tailed on a rebound in USD/JPY. Elsewhere, Hang Seng (-0.1%) and Shanghai Comp. (-0.2%) were choppy with trade indecisive after the PBoC kept its liquidity efforts tepid. Sector-wise, the Hang Seng Telecom Index underperformed following some downward broker moves, while banking names benefitted from proposals to consolidate regulatory agencies and after ‘Big 4’ AgBank reported preliminary earnings as well as a private placement to raise as much as USD 15.8bln. Finally, 10yr JGBs lack demand and retreated below the 151.00 level amid a late recovery in Japanese stocks and following mixed 5yr auction results which attracted reduced interest than prior. PBoC injected CNY 30bln via 7-day reverse repos and CNY 30bln via 28-day reverse repos.

Top Asian News

China’s Central Bank Gains More Power in Xi’s Regulatory Shuffle
$103 Billion Quant Firm Piles Into China as Foreigners Welcomed
Billionaire Agarwal’s Vedanta Jumps After Record Dividend Payout
Qatar Stocks Surge Amid Steps to Raise Foreign Ownership Limit

European equity open followed the mixed sentiment seen in Asia as investors focus on the pending US inflation data. Sectors are mixed with energy among the outperformers as oil prices recover from yesterday’s losses, despite the rise in US crude output whilst sector heavyweight Total (+1.4%) at the top of the CAC 40 following an upgrade at Barclays. Likewise, BP (+0.9%) and Royal Dutch Shell (+0.6%) are moving in sympathy. Telecom sector is underperforming after France’s Iliad (-5.7%) slumped after the company FY 2017 results miss forecast, whilst Mediaset (-3.1%) is at the foot of the FTSE MIB following a downgrade at JP Morgan. Elsewhere, German utilities company E.ON (+5.7%) is again performing strong amid reports of the company expecting as many as 5000 job cuts and EUR 600mln to EUR 800mln of synergies as part of its asset swaps with RWE (+1.3%).

Top European News

Steinhoff Seeks About $322 Million From KAP Share Placement
Greencore Will Miss Profit Expectations as U.S. Woes Grow
Paschi Names Rovellini CFO After Mele Unexpectedly Resigns
French Connection Says No Formal Offer After Approach Last Year
German Utility Deal Turns Coal Veteran Into Green Giant; EON to Cut 5,000 Jobs in Deal to Overhaul German Utilities

In FX, the DXY is still straddling 90.000, with the Usd largely rangebound vs G10 majors aside from the Jpy and Nzd that have broken out of Monday’s narrow bands in opposite directions. Usd/Jpy saw importer demand in the low 106.20 area and then short covering from leveraged accounts on the way up towards offers at 106.90 before eclipsing yesterday’s peak and retesting highs just over 107.00 seen after Friday’s NFP release. Follow through buying pushed the pair up to and just over nearest resistance around 107.20. Conversely, the Kiwi is looking to consolidate and build on gains above 0.7300 with the aid of some upbeat minor NZ data overnight (land prices), and ahead of tonight’s top tier Q4 GDP and current account updates. Aud/Usd continues to encounter resistance/offers in advance of 0.7900, and will look for further direction from RBA Assistant Governor Kent later. Eur/Usd remains in a tight band above 1.2300, and with a key Fib still limiting dips below the handle (1.2266), while the 30 DMA (1.2350) provides a near term cap. Cable is sticking close to the 1.3900 handle awaiting the UK Budget and any further Brexit news after some positive reports about transition implementation on Monday, while Usd/Cad is slightly firmer above 1.2850 after comments from Canada’s PM claiming that exemptions of US import tariffs are not contingent on NAFTA negotiations. Note, BoC Governor Poloz is due to speak this afternoon, and staying with Central Banks the January BoJ minutes will be released shortly before midnight.

In commodities, oil prices are taking a breather, with WTI and Brent trading with marginal gains, the latter back above USD 65/bbl from the sell-off seen yesterday fuelled by a Genscape build in stockpiles and the relentless rise in US Crude output reported by EIA. US April shale output is expected to hit record highs at 6.95mln bpd. In the metals complex, Iron ore continued the longest stretch of losses since 2016 whereas gold prices are creeping lower awaiting the US CPI data to gauge the outlook for inflation.

US Event Calendar

6am: NFIB Small Business Optimism, est. 107.1, prior 106.9
8:30am: US CPI MoM, est. 0.2%, prior 0.5%; Ex Food and Energy MoM, est. 0.2%, prior 0.3%
8:30am: US CPI YoY, est. 2.2%, prior 2.1%; Ex Food and Energy YoY, est. 1.8%, prior 1.8%
8:30am: Real Avg Weekly Earnings YoY, prior 0.44%; YoY, prior 0.8%



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Venezuela urged to save itself by becoming a U.S. colony


Submitted by cpowell on Tue, 2018-03-13 22:28. Section: Daily Dispatches

Why not switch its currency to gold? Venezuela has plenty of it in the ground.

* * *

One Idea to Stop Venezuela's Downward Spiral: Switch to the U.S. Dollar

By Patrick Gillespie
CNN, Atlanta
Tuesday, March 13, 2018

Venezuela's currency, the bolivar, lost nearly all its value last year as the country spiraled into an economic crisis. One solution gaining popularity: Get rid of the bolivar and replace it with the U.S. dollar.

The idea is called dollarization. Ecuador, El Salvador, and some small island nations have done it. Now it could be coming to Venezuela, widely considered the world's worst economy not mired in an armed conflict.

Venezuela has a presidential election this spring, and Henri Falcon is seen as the top opposition candidate to the incumbent, Nicolas Maduro. Francisco Rodriguez, a former Wall Street economist who advises Falcon, says he would shift the nation to the dollar to cure its biggest problem, soaring inflation. ...

... For the remainder of the report:

http://money.cnn.com/2018/03/13/news/economy/us-dollar-venezuela/index.h...
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Monetary Metals' Weiner refuses to see anything wrong in the gold market

Submitted by cpowell on Tue, 2018-03-13 15:38. Section: Daily Dispatches

11:45a ET Tuesday, March 13, 2018

Dear Friend of GATA and Gold:

These days there aren't many denials of gold market manipulation by governments and central banks.

As the documentation has piled up, most of the former deniers have fallen silent or struck the pose of 321Gold's Bob Moriarty, who these days writes that all markets are manipulated and everyone should just get over it, as if the identity of the manipulators, their capacity for manipulation, and the degree of their manipulation are of no practical or moral concern.

Have central bankers been undertaking all these activities thoughtlessly, in their sleep, so that Weiner can assert (along with Franco-Nevada's Pierre Lassonde) that central bankers never think about gold?

Weiner is in the gold arbitrage business and complaints of manipulation of the gold market by governments and central banks may be bad for that business, just as such complaints may be bad for the gold mining business. For such complaints caution gold investors about what they are up against. But such complaints may be bad for business only because the manipulation itself is worse for business.

Better to expose, challenge, and try to defeat the manipulation, creating good conditions for the gold business and restoring free and transparent markets everywhere, than to pretend that nothing is wrong.

GATA
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Congressman criticizes U.S. Mint for inaction on counterfeit precious metal coins

Submitted by cpowell on Mon, 2018-03-12 23:02. Section: Daily Dispatches

From EIN Presswire.com
via WVUE-TV8, New Orleans
Monday, March 12, 2018

WASHINGTON -- U.S. Rep. Alex Mooney, R-West Virginia, criticized the United States Mint for its "disappointing and concerning" lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.

In a letter dated March 6, Rep. Mooney took the U.S. Mint to task on its perfunctory one-page response to a prior letter that he and Rep. Frank Lucas sent last October asking for information as to whether and to what extent the U.S. Mint has taken steps to protect the integrity of America's minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.

"The U.S. Mint's response dated November 17, 2017, seemed to suggest a belief that the problem was not significant," Mooney wrote in his March 6 letter.

"However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint." ...

... For the remainder of the report:

http://www.fox8live.com/story/37704978/congressman-criticizes-us-mint-fo...

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INSIDER ALERT: What’s Going On With 90% Constitutional (Junk) Silver Is Mind-Blowing

The refiner/wholesaler is now melting down 90% silver coinage because the silver is worth more as melt than it is as silver coins sold in the open market!

https://www.silverdoctors.com/silver/silver-news/insider-alert-whats-going-on-with-90-constitutional-junk-silver-is-mind-blowing/

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Pics Of The Day






















































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Jumping the Shark

"Businesses invest to meet anticipated or actual demand. Not because they have more money. Why is there little demand, not business investment, is the real question. Demand is weak because there is little increase in disposable income for all but the wealthy and high end professionals

Isn't it rather premature to render such evaluation at this point? Maybe. Spokesmen for corporate America confirming to White House thus far primary use of corp tax cuts will be buybacks and dividends. White House did not expect that outcome, should have asked SEC to have fresh look at SEC reg 10b-18 to curb execs use of buybacks at time of tax cuts...

Ultimately the key question ahead for Fed & other Central Banks is how to manage deleverage of economies and financial markets w/o a market crash from such a high level of debt--or at least moderate a downslide."

Dr. Harald Malmgren, twitter 3/13/18


The big news was when President Trump fired his Secretary of State Rex Tillerson.



Trump and Tillerson disagreed on a number of points, particularly the current accord with Iran, and the general approach of using diplomacy and partnering with allies, rather than beating the war drums and trying to go it alone. I think there are points to make for and against both approaches.

The manner in which Tillerson was fired by a public tweet while he was out of country was about as low class a form of management that you might see. He did not even get a personal phone call until around noon.

This management style is unworthy of anyone occupying such an important position.

I could not see anyone with real world accomplishments and self-respect wanting to sign on for this Cabinet, unless it is for some specific purpose or ambition. You know, like Gary Cohn sticking around only long enough to help pass huge tax breaks for his cronies.

And speaking of unworthy opportunists, Trump's choice of Larry Kudlow as his Chief Economic Advisor is mind-boggling. Kudlow is not an economist, being primarily a spokesmodel for Wall Street and a media personality.

The markets took all this disarray in the most powerful government in the world a bit hard. And so stocks gave up any pretensions of a higher leg up today, and dropped with some conviction and volume for a change.

The Dollar also dipped, giving a little boost to the precious metals.

The CPI number came out mild, and within expectations. I don't think this will have any impact on the FOMC, which wants to raise rates for its own purposes. I think we are on course for three rate hikes unless the wheels fall off the stock market. The FOMC will raise rates 25 bp next week.

There will be a stock option expiration this Friday, so we might expect more gimmicky market moves as the Street continues to suck the life out of the American economy and the mechanisms of capital formation and distribution.

Have a pleasant evening.


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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Good Day <3



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[JD400]

Data Abbey


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

Mid Week Data Pack>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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MARCH 14/GOLD DOWN ONLY $1.55 ON A BANKER FAILED RAID: GOLD FINISHES AT $1325.75/SILVER DOWN 8 CENTS AT $1654/ AT COMEX A MONSTROUS 20,000 INCREASE IN OI COUPLED WITH 6700 EFP’S ISSUED/ IN SILVER OI ADVANCES TO 200,000 AND ANOTHER 1300 EFP’S ISSUED/TRUMP READY TO INITIATE FURTHER TARIFFS ON CHINA/ TRUMP READY TO TANGLE WITH INDIA OVER INDIAN SUBSIDIES AS HE FILES WITH THE WTO/UK AND RUSSIA HAVE A WAR OF WORDS OVER THE SPY POISONING SCANDAL/IN USA RETAIL SALES STAGNATE BUT ALSO PPI INCREASES SETTING UP THE STAGE FOR STAGFLATION/SWAMP STORIES/
March 14, 2018 · by harveyorgan · in Uncat




GOLD: $1325.75 DOWN $1.55

Silver: $16.54 DOWN 8 CENTS

Closing access prices:

Gold $1325.30

silver: $16.55

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1336.22 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1327.95

PREMIUM FIRST FIX: $8.27

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SECOND SHANGHAI GOLD FIX: $1334.58

NY GOLD PRICE AT THE EXACT SAME TIME: $1327.90

PREMIUM SECOND FIX /NY:$8.68

SHANGHAI REJECTS NY PRICING OF GOLD.

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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!

LONDON FIRST GOLD FIX: 5:30 am est $1324.95

NY PRICING AT THE EXACT SAME TIME: $1325.40

LONDON SECOND GOLD FIX 10 AM: $1323.75

NY PRICING AT THE EXACT SAME TIME. $1323.80

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:4 FOR 400 OZ

For silver:

MARCH
6 NOTICE(S) FILED TODAY FOR
30,000 OZ/

Total number of notices filed so far this month: 4834 for 24,170,000 oz

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Bitcoin: BID $8647/OFFER $8,717: DOWN $459(morning)
Bitcoin: BID/ $8250/offer $8320: DOWN $853 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A SMALL SIZED 910 contracts from 199,184 RISING TO 200,094 WITH YESTERDAY’S 10 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 1323 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 1323 CONTRACTS. WITH THE TRANSFER OF 1323 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1323 CONTRACTS TRANSLATES INTO 6.615 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

22,384 CONTRACTS (FOR 10 TRADING DAYS TOTAL 22,384 CONTRACTS OR 122.92 MILLION OZ: AVERAGE PER DAY: 2238 CONTRACTS OR 11.190 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 122.92 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.56% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 599.395 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A SMALL SIZED GAIN IN COMEX OI SILVER COMEX OF 910 WITH THE 10 CENT RISE IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1323 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1323 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 2233 OI CONTRACTS i.e. 1323 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 910 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 10 CENTS AND A CLOSING PRICE OF $16.72 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.001 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 248 NOTICE(S) FOR 1,240,000 OZ OF SILVER

In gold, the open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP TO 528,118 DESPITE THE FAIR SIZED RISE IN PRICE YESTERDAY ( GAIN OF ONLY $6.25) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN STRONG SIZED 6784 CONTRACTS : APRIL SAW THE ISSUANCE OF 6784 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 528,118. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUMONGOUS OI GAIN IN CONTRACTS: 20,771 OI CONTRACTS INCREASED AT THE COMEX AND A STRONG SIZED 6784 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 27555 CONTRACTS OR 2,755,000 OZ =85.69 TONNES

YESTERDAY, WE HAD 4161 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 86,588 CONTRACTS OR 8,658,800 OZ OR 269.32 TONNES (10 TRADING DAYS AND THUS AVERAGING: 8659 EFP CONTRACTS PER TRADING DAY OR 865,900 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 10 TRADING DAYS IN TONNES: 269.32 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 269.32/2550 x 100% TONNES = 10.56% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1519.66 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: AN ATMOSPHERIC SIZED INCREASE IN OI AT THE COMEX DESPITE THE SMALL RISE IN PRICE IN GOLD TRADING YESTERDAY ($6.25 GAIN). HOWEVER, WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6784 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 6784 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 27,555 contracts ON THE TWO EXCHANGES:

6784 CONTRACTS MOVE TO LONDON AND 20,771 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 85.69 TONNES).

we had: 2 notice(s) filed upon for 200 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $1.55 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.73 tonnes.

SLV/

WITH SILVER DOWN 8 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 319.012 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A FAIR 910 contracts from 199,184 UP TO 200,094 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE RISE IN PRICE OF SILVER (10 CENT GAIN WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 1323 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 910 CONTRACTS TO THE 1328 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 2233 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 11.16 MILLION OZ!!!

RESULT: A FAIR SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE RISE IN SILVER PRICING YESTERDAY (10 CENTS GAIN IN PRICE) . BUT WE ALSO HAD ANOTHER GOOD SIZED 1323 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 18.86 POINTS OR 0.57% /Hang Sang CLOSED DOWN 166/44 POINTS OR 0.53% / The Nikkei closed DOWN 190.81 POINTS OR 0.87%/Australia’s all ordinaires CLOSED DOWN 0.57%/Chinese yuan (ONSHORE) closed UP at 6.3146/Oil UP to 61.09 dollars per barrel for WTI and 65.08 for Brent. Stocks in Europe OPENED GREEN EXCEPT LONDON . ONSHORE YUAN CLOSED UP AT 6.3268 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3054 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (STRONGER CURRENCY BUT WEEK CHINESE MARKETS/AND TRUMP TARIFFS INITIATED/ )


3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA

i)China overproduces on steel which saved this country from further economic problems but still is facing a credit impulse collapse: as retail sales plunge

( zerohedge)
ii)We will in short order come to the main event in the tariff war but this time it will be focused on only China. Zero hedge discusses what section 301 is all about and how the war will commence
( zerohedge)
4. EUROPEAN AFFAIRS

SLOVAKIA

Murder and protests are rocking this small European nation of Slovakia. The government under Robert Fico is corrupt and he is now fighting for his political future

( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i) Russia: UK
Britain reacts angrily to the poisoning scandal as it expels Russian diplomats from London. Theresa May and trump are calling for harsh sanctions against Russia including the freezing of Russian assets as well as not participating in the soccer World Cup
( zerohedge)

ii) The town of Salisbury is in total lockdown as the army investigates the Russian spy poisoning. The situation is escalating(courtesy zerohedge)

iii)The Russian response: this action is unacceptable. So far only words from Russia

(courtesy zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES

i)We have been highlighting to you the attributes of Pompeo as the new Sec. of State. He is a hawk against Iran and it is very likely the USA will walk away from the Iran deal which will place further sanctions on Iran. This should cut off around 600,000 barrels of oil per day from the market

( Nick Cunningham : Oil Price.com)

ii)Oil is down by gasoline is up as crude builds but gasoline has a huge draw. Crude again is at record production

(courtesy zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)In order to save itself they are advocating Venezuela to adopt the USA dollar

( Gillespie/CNN/GATA)

ii)Bitcoin sinks as google moves to ban all crypto advertising in June

( zerohedge)
10. USA stories which will influence the price of gold/silver

i)Instead of a gain of .3% the all important retail sales dropped for the 2nd straight month at .1% month/month.

This is a hard data report and certainly signals some problems in the economy

( zerohedge)

ii)This is not what the USA needs: the smell of stagflation. After reporting stagnant retail sales, the core PPI registered its biggest gain since 2014 coming in at .4% month/month instead of an expected print of .2%. This means input costs are on the rise which will hurt margins

( zerohedge)

iii)Business inventories jump in January (probably in anticipation of higher sales which did not happen) coupled with a sales drop, the highest in 18 months.

seems all of the hard data reports which January was not good for the USA

(courtesy zerohedge)

iv)New Jersey is second only to Illinois with the worst ratings of any state. Now the Governor of New Jersey is set to raise taxes on just about everything as they near financial disaster

( zerohedge)

v)A good commentary by Krieger on what Pompeo stands for.

( Mike Krieger/Liberty Blitzkrieg blog)

vi)That did not take long: The Atlanta Fed slashes its forecast for Q1 to below 2.0% at 1.9%,…so much for Trump`s 3.0% growth
(courtesy zerohedge)

vii) SWAMPVILLE

a)We are now witnessing Democrats being furious over Hillary Clinton`s latest comments on how she lost the elction

( zerohedge)

b)New York Times is reporting that Andrew Mccabe is to be fired days before his official retirement

( zerohedge)

c)Vanity Fair reports that Trump is planning to fire Attorney General Jeff Sessions and replacing him with EPA cabinet minister Pruitt, as well as removing McMaster as National Security Advisor. If this happens expect the market to tumble another 1000 points

(courtesy zerohedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY AN ATMOSPHERIC SIZED 20,771 CONTRACTS UP to an OI level 528,118 DESPITE THE FAIRLY SMALL RISE IN THE PRICE OF GOLD ($6.25 GAIN/ YESTERDAY’S TRADING). WE HAD NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 6784 EFP’S ISSUED FOR APRIL , 0 FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 6784 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 27,555 OI CONTRACTS IN THAT 6784 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 20,771 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 27,555 contracts OR 2,755,500 OZ OR 85.69 TONNES.

Result: AN ATMOSPHERIC SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE SMALL RISE IN PRICE YESTERDAY (ENDING UP WITH A GAIN OF $6.25.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 27,555 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 6 contracts LOWERING TO 537 contracts. We had 0 notices served upon yesterday, so in essence we LOST 6 contacts or an additional 600 oz will NOT stand for delivery at the comex AND THESE GUYS MORPHED INTO LONDON BASED FORWARDS.

April saw a GAIN of 1323 contracts UP to 252,852. May saw A GAIN of 74 contracts to stand at 432. The really big June contract month saw a GAIN of 15,958 contracts UP to 175,282 contracts.

We had 2 notice(s) filed upon today for 200 oz
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 282,592 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 380,470 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A FAIR SIZED 910 CONTRACTS FROM 199,184 UP TO 200,094 WITH OUR 10 CENT GAIN IN YESTERDAY’S TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 1323 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 1323. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 2233 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 910 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 1323 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:2233 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month GAINED 3 contracts RISING TO 402 contracts. We had 6 contracts filed upon yesterday, so we GAINED 9 contract or an additional 45,000 will stand in this active delivery month of March.(AS SOMEBODY IS IN URGENT NEED OF CONSIDERABLE PHYSICAL SILVER)

April LOST 10 contracts FALLING TO 433 .

The next big active delivery month for silver will be May and here the OI LOST 221 contracts DOWN to 143,589

We had 248 notice(s) filed for 1,240,000,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 14/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
2 notice(s)
200 OZ
No of oz to be served (notices)
535 contracts
(53500 oz)
Total monthly oz gold served (contracts) so far this month
6 notices
600 oz
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,124,611.485 oz 283.813 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the MARCH. contract month, we take the total number of notices filed so far for the month (6) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (537 contracts) minus the number of notices served upon today (2 x 100 oz per contract) equals 54100 oz, the number of ounces standing in this nonactive month of MARCH (1.6821 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (6 x 100 oz or ounces + {(537)OI for the front month minus the number of notices served upon today (2 x 100 oz )which equals 54100 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 70 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 14 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
34,678.01 oz
Malca
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
444,877.400 oz
Scotia
No of oz served today (contracts)
248
CONTRACT(S
(1,240,000 OZ)
No of oz to be served (notices)
154 contracts
(770,000 oz)
Total monthly oz silver served (contracts) 5082 contracts

(25,410,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total inventory deposits/withdrawals/ into dealer: nil oz

we had 1 deposits into the customer account

i) Scotia: 444,877.400 oz

ii) Into JPMorgan: zero

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 135 million oz of total silver inventory or 54% of all official comex silver.

JPMorgan did not add any silver into its warehouses (official) today.

total deposits today: 444,877.400 oz

we had 1 withdrawals from the customer account;

i) Out of Malca 34,678.01 oz

total withdrawals; 34,678.01 oz

we had 1 adjustments

i) out of JPMorgan; 20,195.460 oz was removed from the customer account

total dealer silver: 59.419 million

total dealer + customer silver: 253.703 million oz

The total number of notices filed today for the March. contract month is represented by 248 contract(s) FOR 1,240,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 5082 x 5,000 oz = 25,410,000 oz to which we add the difference between the open interest for the front month of Mar. (402) and the number of notices served upon today (248 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 5082(notices served so far)x 5000 oz + OI for front month of March(402) -number of notices served upon today (248)x 5000 oz equals 26,180,000 oz of silver standing for the March contract month.

We GAINED an additional 9 contracts or 45,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.

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ESTIMATED VOLUME FOR TODAY: 62,963 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 74,979 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 72,979 CONTRACTS EQUATES TO 364 MILLION OZ OR 52.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -2.32% (MARCH 14/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.53% to NAV (March 14/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.32%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.653%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.78%: NAV 13.69/TRADING 13.30//DISCOUNT 2.78.

END

And now the Gold inventory at the GLD/

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

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MARCH 14/2018/ Inventory rests tonight at 833.73 tonnes

*IN LAST 342 TRADING DAYS: 107,41 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 272 TRADING DAYS: A NET 48.89 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

MARCH 14/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 319.012 million oz

end

6 Month MM GOFO 1.97/ and libor 6 month duration 2.30

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.97%

libor 2.30 FOR 6 MONTHS/

GOLD LENDING RATE: .33%

XXXXXXXX

12 Month MM GOFO
+ 2.39%

LIBOR FOR 12 MONTH DURATION: 2.58

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.19

GOLD LENDING RATES FALLING TO APPROACH ZERO AS PHYSICAL GOLD IS SCARCE/GOFO RATES RISING

end
Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony

13, March

Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony

– Hungarian National Bank (MNB) to repatriate 100,000 ounces gold from Bank of England
– Follows trend of Netherlands, Germany, Austria and Belgium each looking to bring gold back to home soil
– Hungary one of the smallest gold owners amongst central banks, with just 5 tonnes
– Central bank gold purchases continue to be major drivers of gold market
– Russian central bank gold reserves now exceed those of China
– Decisions to repatriate and increase gold reserves come as rifts between East and West widen



A country’s sovereignty is becoming the driving force of so many changes in the geopolitical sphere, today. Whether it is Brexit, surprise electoral victories in central Europe or a change in trade deals, sovereignty is at the forefront of so many of these decisions.

One of the first indicators that there was a change in the water when it comes to globalisation and international cooperation was through central bank gold buying and repatriation.

For some time now many central banks have been working on building up their gold reserves and ensuring they are stored on soil it believes to be safe and trustworthy.

The most recent central bank to make this change is that of Hungary. Last week it was announced that it intends to bring 100,000 ounces of its very limited 5 tonnes gold reserves, back home from the Bank of England.

This is not an unusual move. In recent years we have seen the likes of Germany, Venezuela and the Netherlands each repatriate their gold from various locations. The pace does appear to have been picking up since the late Hugo Chavez decided to bring home 180 tonnes of gold in 2011.

Furthermore, huge central banks namely Russia and China have been adding to their gold hoards, one more publicly than the other. Both have also been encouraging the use of gold as a means of payment in international trade as a means of avoiding US dollar hegemony.

The decision to place more focus on gold reserves is a statement by central banks and their governments to reduce the counterparty risk on their reserve assets. When holding another country’s currency you are vulnerable, the same applies to when a third-party holds your gold at a time when their own assets are perhaps more exposed than you’re comfortable with.

Russia, China and Turkey leading the gold rush

Hungary’s decision on gold repatriation was not something that made the mainstream news. After all, 100,000 ounces is very little when you consider than Russia increased its physical gold exposure by 20 tons in January 2018 alone.

Hungary decision is, however, a major comment on the current mindset of countries that feel they need to start working to protect their finances and borders. Hungary’s political changes are widely known and have been criticised extensively by both the EU and wider Western world.

The decision to bring gold home is a statement that says Prime Minister Viktor Orban would rather have the country’s assets close to home rather than in the hands-off a country that perhaps does not have his own best interests at heart.

This is a common theme, not just reflected in gold repatriation decisions but also in gold purchases.

Russia, China and Turkey have each materially increased their gold reserves in recent years. Since March 2015 Russia has bought gold every single month. January’s purchase took their reserves above those of China, a level which had previously been monitored as an example of the East’s great interest in moving away from US dollar dominance.

China has been famously coy about its gold reserves. apart from the period from July 2015 to October 2016, China only reported its gold reserve increases at various multi-year intervals. Most recently it has been reporting zero additions to the IMF.



Russia’s reasons for buying so much gold is akin to those of China, Turkey and smaller countries such as Kazakhstan. Gold gives each of these countries independence from the US dollar amid financial sanctions, trade wars and ongoing posturing by the West.


The West is also full of gold bugs



Whilst many in the West are dismissive about gold, the behaviour of central banks suggests quite a different mindset. The top four holders of gold are all from the West. Germany, the second largest has been making big strides of late to show their interest and faith in gold.

Not only did they make the decision to repatriate a late proportion of their gold back to home soil but they also recognised that transparency when it came to the country’s gold reserves was paramount.

‘…another milestone and a global first, an additional fourth step towards increasing transparency was taken with the publication of a list of all German gold bars, totalling around 270,000 in number. The Bundesbank has now published this roughly 2,400-page list three times since October 2015, even though it involved a series of significant challenges. There is no ‘blueprint’ for inventory lists of gold holdings and, in 2015, virtually no central bank in the world had ever released such a list.’
Act like a central bank

Gold cannot be devalued as the euro, dollar, sterling and all fiat currencies currently are. It cannot be confiscated as can deposits through bank bail-ins and it is extremely difficult to confiscate gold coins and bars if owned in allocated and segregated storage in safe vaults in the safest jurisdictions in the world.

Gold is a borderless money that acts as the ultimate reserve and safe haven in a diversified portfolio. This is something central banks are strongly aware of. The difference between the East and West banks is that the East is making big strides to bring gold to the forefront of their international affairs.

By adding gold to their reserves they are gaining equal footing with Western banks who have so far tried to dominate under a US-centric financial system.

Much of the above may sound as though it does not apply to the everyday saver and investor, but that couldn’t be further from the truth. The decision to move assets into physical gold is a decision to take control of your portfolio and to reduce the counterparty risk to which it is exposed. This is no different whether you are a bank with billions or a person with a few thousand.

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Recommended reading

Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’

Turkey, Gold and the End of US Dollar Hegemony

News and Commentary

Gold prices edge higher as dollar sags (Reuters.com)

Asian Stocks Mixed Ahead of U.S. Data; Yen Higher (Bloomberg.com)

U.S. February budget report shows first sign of wider deficits to come (MarketWatch.com)

Stocks Retreat Before Price Data; Dollar Drops (Bloomberg.com)

Here’s the ideal amount of gold to keep in your investment portfolio (MarketWatch.com)



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Bitcoin Sinks As Google Moves To Ban All Crypto, ICO Ads In June

Mimicking its biggest rival for ad dollars – Facebook – Google will ban online advertisements promoting cryptocurrencies and initial coin offerings, and “other speculative financial instruments” starting in June.

Some aggressive businesses found a loophole: purposely misspelling words like “bitcoin” in their ads. A Google spokeswoman said the company’s policies will try to anticipate workarounds like this.

The reaction was immediate across the crypto space but for now is somewhat subdued…



Alphabet’s Google said the new policy will become effective in June across ads bought on its search and display-advertising network, as well as its YouTube unit.

But, as The Wall Street Journal reports, the policy also will restrict ads for nontraditional methods of wagering on the future movements of stock prices and foreign-exchange, such as binary options and financial spread-betting, Google said.

Google said last year it removed more than 130 million ads that were used by hackers to mine for cryptocurrency. That is a very small percentage of the ads run on Google’s ad network.

The company’s director of sustainable ads, Scott Spencer, declined to comment on how much potential ad revenue the company would be turning away by enacting the new policy, saying the decision was made to prevent consumer harm.

One wonders when the crackdown will start on inverse VIX ETFs, or just S&P ETFs, or brokerages? Aren’t they all capable of doing consumers “harm”?

As a reminder, here is Facebook’s justification:

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.

This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.

We also understand that we may not catch every ad that should be removed under this new policy, and encourage our community to report content that violates our Advertising Policies. People can report any ad on Facebook by clicking on the upper right-hand corner of the ad.

This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.

Which roughly translated is “because we know what’s best for you!”
END

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Wyoming ends all taxation of gold and silver coins and bullion


Submitted by cpowell on Wed, 2018-03-14 21:33. Section: Daily Dispatches

From the Sound Money Defense League, Eagle, Idaho
Wednesday, March 14, 2018

CHEYENNE, Wyoming -- Sound-money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.

Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.

Introduced by state Rep. Roy Edwards, R-Gillette, HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week following Senate approval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today without his signature.

The most immediate impact of the new law, which formally takes effect on July 1, is to eliminate all Wyoming sales taxes when purchasing gold or silver. ...

... For the remainder of the announcement:

https://www.soundmoneydefense.org/news/2018/03/14/wyoming-ends-all-taxat...

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Monetary Metals' Weiner responds but answers nothing


Submitted by cpowell on Wed, 2018-03-14 16:53. Section: Daily Dispatches

Mr. Weiner, please allow us to introduce you -- for the umpteenth time -- to Alan Greenspan and Henry Kissinger.

* * *

1p ET Wednesday, March 14, 2018

Dear Friend of GATA and Gold:

Keith Weiner of Monetary Metals, whose recent commentary, "Super-Duper-Irrational Exuberance" was disputed by your secretary/treasurer yesterday --

http://www.gata.org/node/18102

-- today responds to the criticism but answers nothing about it.

In his "Open Letter to GATA," posted at GoldSeek here --

http://news.goldseek.com/GoldSeek/1521038153.php

-- Weiner continues to ignore all the documentation GATA has collected over nearly 20 years to show that central banks intervene surreptitiously in the gold market to control the price of the monetary metal as part of a scheme to control the currency and interest-rate markets generally. As he has failed before, he fails to address even one piece of the extensive documentation detailed yesterday.

Instead Weiner blithely asserts, without any authority: "The central banks are in the gold market to make money -- which all agree means dollars. They seek to earn fees on what would otherwise be an asset with a negative yield."

Even former Fed Chairman Alan Greenspan is on the record in congressional testimony from 1998 contradicting Weiner's fantasy:

https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

Greenspan testified: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise."

With his testimony Greenspan was urging Congress not to try regulating financial derivatives, and among his arguments was that there was no need for Congress to worry about a corner in the gold market for central banks already controlled the price through gold leasing.

Weiner's assertion that central banks are in the gold market to make money through leasing is ridiculous on its face anyway, for central banks make money all by themselves. They are the manufacturers of money, empowered to create infinite amounts, and in the last decade they have done so with a vengeance. By comparison to the money they have created effortlessly, any money they have made through gold leasing wouldn't amount to the pocket change that has fallen behind their couch cushions.

As your secretary/treasurer noted yesterday, the desire and plan to control the gold price to protect the U.S. dollar's status as the world reserve currency was laid out in splendid detail in the minutes of a meeting in April 1974 in the office of U.S. Secretary of State Henry Kissinger. The secretary was told by his deputy, Thomas O. Enders, that control of the gold price was crucial to U.S. government policy because it conveys control of all world currency values and even control of the world financial system:

http://www.gata.org/node/13310

Weiner is welcome to his mathematical formulas for making money with gold, which he describes today in tediously distracting detail. His calculated distraction from the issue GATA long has been pressing is not welcome. It is dishonest.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

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Gold Cup At Cheltenham – Gold Is For Winners, Not For the Gamblers

14, March

– Gold Cup at Cheltenham – ‘The Olympics’ of the European horse racing calendar

– Gold Cup trophy contains 10 troy ounces of gold – worth £9,000

– £620 million bets on horses, 230,000 pints of Guinness will be drunk, 9.2 tonnes of potato eaten

– Since the 5th century BC, gold has been the ultimate prize to award champions and gold has been constantly and universally awarded as top prize

– Gold, like the summit of human achievement, is very rare and hence precious

– Gold is a great prize and a good bet but works best as store of value and better to take a ‘punt’ on gold than gamble on the horses

https://news.goldcore.com/us/gold-blog/gold-cup-cheltenham-gold-winners-not-gamblers/


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Pics Of The Day









































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What Can I Do?

"Which of these three was a neighbor to him? Go and do likewise."
"Jesus gave us a new norm of greatness. If you want to be important—wonderful. If you want to be recognized—wonderful. If you want to be great—wonderful.



But recognize that he who is greatest among you shall be your servant. That is a new definition of greatness... Everybody can be great, Because everybody can serve. You only need a heart full of grace, and a soul generated by love. And you can be that servant."

Martin Luther King


"Non serviam. (I will not serve)."

Lucifer


Stocks were wobbly most of the day. An effort to take the big cap tech stocks fizzled, with the Dow and the SP 500 lagging most of the day.

Gold and silver were listless. The Dollar finished unchanged.

As a reminder there will be a stock option expiration on Friday.

We will see Jay Powell's first FOMC meeting as the Chairman next week. A 25 bp rate hike is widely expected.

Have a pleasant evening.




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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Beautiful Day <3



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[JD400]

Saturday Data Breeze

Good Afternoon Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

Saturday Matinee Edition>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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MARCH 16/ A TYPICAL FRIDAY GOLD/SILVER RAID BY OUR BANKERS: GOLD DOWN $5.65 TO $1312.35 AND SILVER DOWN ANOTHER 15 CENTS TO $16.28/ SILVER RECORDS A HUGE INCREASE IN COMEX OPEN INTEREST TO READ OVER 208,500 CONTRACTS/ GOLD ALSO RESPONDS TO A HIGHER OI OF 542000 CONTRACTS GAINING OVER 4000 CONTRACTS DESPITE A LOWER PRICE YESTERDAY/ HUGE EFP ISSUANCE FOR BOTH GOLD AND SILVER TODAY/GOOD SWAMP STORIES FOR YOU TODAY/
March 16, 2018 · by harveyorgan · in Uncat




GOLD: $1312.35 DOWN $5.65

Silver: $16.28 DOWN 15 CENTS

Closing access prices:

Gold $1314.00

silver: $16.33

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1324.46 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1316.00

PREMIUM FIRST FIX: $8.46

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SECOND SHANGHAI GOLD FIX: $1326.93

NY GOLD PRICE AT THE EXACT SAME TIME: $1318.10

PREMIUM SECOND FIX /NY:$8.83

SHANGHAI REJECTS NY PRICING OF GOLD.

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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!

LONDON FIRST GOLD FIX: 5:30 am est $1320.05

NY PRICING AT THE EXACT SAME TIME: $1319.95

LONDON SECOND GOLD FIX 10 AM: $1310.10

NY PRICING AT THE EXACT SAME TIME. $1313.15 ????

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR:17 FOR 1300 OZ

For silver:

MARCH
48 NOTICE(S) FILED TODAY FOR
240,000 OZ/

Total number of notices filed so far this month: 5131 for 25,655,000 oz

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Bitcoin: BID $8226/OFFER $8,296: UP $9(morning)
Bitcoin: BID/ $8509/offer $8579: UP $291 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A HUMONGOUS SIZED 5343 contracts from 203,158 RISING TO 208,501 DESPITE YESTERDAY’S 11 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 2266 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 2266 CONTRACTS. WITH THE TRANSFER OF 2266 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2266 CONTRACTS TRANSLATES INTO 11.330 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

25,449 CONTRACTS (FOR 12 TRADING DAYS TOTAL 25,449 CONTRACTS OR 127.245 MILLION OZ: AVERAGE PER DAY: 2120 CONTRACTS OR 10.603 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 127.245 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 18.14% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 614.69 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A HUMONGOUS SIZED GAIN IN COMEX OI SILVER COMEX OF 5343 DESPITE THE 11 CENT FALL IN SILVER PRICE. WE ALSO HAD A HUGE SIZED EFP ISSUANCE OF 2266 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 2266 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 7609 OI CONTRACTS i.e. 2266 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 5343 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 11 CENTS AND A CLOSING PRICE OF $16.53 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.043 BILLION TO BE EXACT or 149% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 48 NOTICE(S) FOR 240,000 OZ OF SILVER

In gold, the open interest ROSE BY AN STRONG SIZED 4879 CONTRACTS UP TO 542,647 DESPITE THE GOOD SIZED FALL IN PRICE YESTERDAY ( LOSS OF $7.85) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN HUMONGOUS SIZED 15,685 CONTRACTS : APRIL SAW THE ISSUANCE OF 14,237 CONTRACTS, JUNE SAW TWO ISSUANCES OF 52 CONTRACTS AND 1400 AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 542,647. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUMONGOUS OI GAIN IN CONTRACTS: 4879 OI CONTRACTS INCREASED AT THE COMEX AND A HUMONGOUS SIZED 15,689 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 20,568 CONTRACTS OR 2,056,800 OZ =63.98 TONNES

YESTERDAY, WE HAD 4699 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 106,976 CONTRACTS OR 10,697,600 OZ OR 332.72 TONNES (12 TRADING DAYS AND THUS AVERAGING: 8914 EFP CONTRACTS PER TRADING DAY OR 891,400 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 10 TRADING DAYS IN TONNES: 332.72 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 332.72/2550 x 100% TONNES = 13.04% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1583.10 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: AN STRONG SIZED INCREASE IN OI AT THE COMEX DESPITE THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($7.85 LOSS). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 15,689 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 15,689 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 20,568 contracts ON THE TWO EXCHANGES:

15,689 CONTRACTS MOVE TO LONDON AND 5343 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 63.98 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN ANOTHER $5.65 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD / A DEPOSIT OF 4.42 TONNES OF GOLD

Inventory rests tonight: 838.15 tonnes.

SLV/

WITH SILVER DOWN 15 CENTS TODAY:

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 319.012 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A STRONG 5343 contracts from 203,593 UP TO 208,501 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (11 CENT FALL WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 2266 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 5343 CONTRACTS TO THE 2266 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 7609 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 38.045 MILLION OZ!!!

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL IN SILVER PRICING YESTERDAY (11 CENTS FALL IN PRICE) . BUT WE ALSO HAD ANOTHER FAIR SIZED 2266 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 21.23 POINTS OR 0.65% /Hang Sang CLOSED DOWN 39.13 POINTS OR 0.12% / The Nikkei closed DOWN 127.44 POINTS OR 0.58%/Australia’s all ordinaires CLOSED UP 0.65%/Chinese yuan (ONSHORE) closed DOWN at 6.3259/Oil UP to 61.43 dollars per barrel for WTI and 65.15 for Brent. Stocks in Europe OPENED GREEN . ONSHORE YUAN CLOSED DOWN AT 6.3259 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3259 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (WEAKER CURRENCY & MARKETS/AND TRUMP TARIFFS INITIATED/ )




3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN

THE SCANDAL AND COVERUP OF THE KINDERGARTEN LAND CAPER WIDENS IN JAPAN AND MAY IMPLICATE ABE

( zerohedge)
3 c CHINA



China gets tough: they send a message to the corporate sector with a huge 900 million market manipulation fine



(courtesy zerohedge)
4. EUROPEAN AFFAIRS

i)Please pay attention to Tom Luongo. I certainly had my doubts on the Russian spy poisoning. Now Tom Luongo gives his thoughts to this false flag event and why the west is entertaining this: to stop Russian from having any business in the west.



( Tom Luongo)
ii)Germany
Merkel’s new interior minister, Seehofer, states that Islam does not belong in Germany as they will now set new hardline immigration policies. That will go against the mantra of the entire EU body:
( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Now the west is blaming Russia for continued attacks on USA power grid which started in 2016

( zerohedge)
ii)Russia/UK/USA
The rhetoric between Russia and Great Britain is getting pretty awful as Russia is set to expel UK diplomats in a tit or tat operation. Also Russia is to expand it’s USA blacklist…the crisis deepens
(courtesy zerohedge
iii)More troubles for Russian banks as the Central Bank of Russia is already mulling providing an additional 1 trillion rouble bailout for two banks: Otkritie Bank and B and N Bank.Oddly enough, the predecessor name to Otkritie Bank was called: Shchit-bank. They probably changed the name of the bank after Canada released the televison series Schitt’s Creek starring Eugene Levy.

6 .GLOBAL ISSUES


7. OIL ISSUES

Suddenly crude spikes above 62 dollars for no apparent reason

( zerohedge)
8. EMERGING MARKET

SOUTH AFRICA

Generally they do not go after the head of a government. However today Zuma has been hit with huge corruption charges



( zerohedge)
9. PHYSICAL MARKETS

i)Mike Kosares talks about gold’s relationship to interest rates



( Mike Kosares/GATA)

ii)The City of Plattsburgh New York is the first city to ban bitcoin mining for 18 minutes as I guess energy costs are humongous and are weighing on the city

( zerohedge)
10. USA stories which will influence the price of gold/silver

i)USA economic data for today:

Housing starts and permits plunge in February. Also rental units crashed.

and this is a good time to raise rates 4 or 5 x???

( zerohedge)

ii)Moody’s warn of a deluge of retail bankruptcies are coming…the Amazon effect. Bricks and mortar operations are faltering badly.

(courtesy zerohedge)

iii)Hard data USA Industrial production growth surges 1.1% month/month in February surprising everyone

The report was a 4 standard deviation surge@!!

( zerohedge)

iv)Soft data, U. of Michigan sentiment, provides another dubious report. One of the highlights: the poorest Americans are overjoyed!!
( zerohedge)

v)The flattening yield curve is signalling trouble ahead..( John Rubino)

vi)Now the Dept of Justice is now investigating possible abuses in Well Fargo in their Wealth Management unit

(courtesy zerohedge)

vii)SWAMP STORIES



a) which story is correct? Bloomberg states that Trump has not decided on McMaster’s removal but the Washington post states that Trump has decided to fire McMaster.

the media is just unbelievable!!

( zerohedge)



b) Kelly is in as Trump and Kelly reach a true

(zerohedge)





c) Stormy Daniels now states that she has been physically threatened

( zerohedge)



d)Now we know why the FISC (FISA COURT) judge Contreas recused himself from the Flynn case on Dec 7.2017. The reason: he is a personal friend of Peter Strzok and there are emails between Page and Strzok as to how they could use the judge to destroy Flynn and other Republicans.

quite a story..

( zerohedge)



e)An ex FBI assistant director says that the upcoming Inspector General report will be as doozy

( zerohedge)
Let us head over to the comex:

The total gold comex open interest ROSE BY AN STRONG SIZED 4879 CONTRACTS UP to an OI level 542,647 DESPITE THE FALL IN THE PRICE OF GOLD ($7.85 LOSS/ YESTERDAY’S TRADING). WE, OBVIOUSLY HAD NO COMEX GOLD LIQUIDATION. HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN FAIR SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 14,237 EFP’S ISSUED FOR APRIL , AND TWO LOTS FOR JUNE: 52 FOR 1400 AND ZERO FOR ALL OTHER MONTHS: TOTAL 15,689 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 20,568 OI CONTRACTS IN THAT 15,689 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 4879 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 20,689 contracts OR 2,068,900 OZ OR 63.98 TONNES.

Result: AN STRONG SIZED INCREASE IN COMEX OPEN INTEREST DESPITE THE FALL IN PRICE YESTERDAY (ENDING UP WITH A LOSS OF $7.85.) TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 20,568 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 7 contracts LOWERING TO 528 contracts. We had 7 notices served upon yesterday, so in essence we GAINED 0 contacts or ZERO additional oz will stand for delivery at the comex

April saw a LOSS of 86 contracts DOWN to 255,216. May saw A GAIN of 30 contracts to stand at 502. The really big June contract month saw a GAIN of 4152 contracts UP to 186,811 contracts.

We had 0 notice(s) filed upon today for NIL oz
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY:288,030 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 379,390 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A STRONG SIZED 5343 CONTRACTS FROM 203,158 UP TO 208,501 DESPITE OUR 11 CENT LOSS IN YESTERDAY’S TRADING). HOWEVER,WE WERE ALSO INFORMED THAT WE HAD 2266 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 2266. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION BUT WE ALSO HAD A HUGE SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS NON ACTIVE JANUARY AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 7609 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 5343 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2266 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES: 7609 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month GAINED 9 contracts RISING TO 166 contracts. We had 1 contract filed upon yesterday, so we GAINED 10 contracts or an additional 50,000 OZ will stand in this active delivery month of March.(AS SOMEBODY IS IN URGENT NEED OF CONSIDERABLE PHYSICAL SILVER)

April GAINED 1 contracts RISING TO 421 .

The next big active delivery month for silver will be May and here the OI GAINED 3181 contracts UP to 148,408

We had 48 notice(s) filed for 240,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 16/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
0 notice(s)
NIL OZ
No of oz to be served (notices)
528 contracts
(52800 oz)
Total monthly oz gold served (contracts) so far this month
13 notices
1300 oz
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 0 withdrawals out of the customer account:
total withdrawal: nil oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,075,254.780 oz 282.27 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 2 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 MARCH. contract month, we take the total number of notices filed so far for the month (13) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (528 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 54100 oz, the number of ounces standing in this nonactive month of MARCH (1.6821 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (13 x 100 oz or ounces + {(528)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 54100 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.

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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 16 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
30,017.860 oz
CNT
Deposits to the Dealer Inventory
421,328.240
oz
Brinks
Deposits to the Customer Inventory
600,958.860 oz
CNT
No of oz served today (contracts)
48
CONTRACT(S
(240,000 OZ)
No of oz to be served (notices)
118 contracts
(590,000 oz)
Total monthly oz silver served (contracts) 5131 contracts

(25,655,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 1 inventory movement at the dealer side of things



i) Into dealer Brinks: 421,328.240 oz



total dealer deposits: 421,328.240 oz



we had 1 deposits into the customer account

i) CNT: 600,958.860 oz

ii) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 137 million oz of total silver inventory or 53.6% of all official comex silver.

JPMorgan deposited zero into its warehouses (official) today.

total deposits today: 600,958.860 oz

we had 1 withdrawals from the customer account;

i) Out of CNT: 39,017,860

total withdrawals; 30,017.860 oz

we had 1 adjustments

out of CNT: 4989.000 oz was adjusted out of the dealer account and into the customer account of CNT

total dealer silver: 59.419 million

total dealer + customer silver: 256.917 million oz

The total number of notices filed today for the March. contract month is represented by 48 contract(s) FOR 240,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 5131 x 5,000 oz = 25,655,000 oz to which we add the difference between the open interest for the front month of Mar. (166) and the number of notices served upon today (48 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 5131(notices served so far)x 5000 oz + OI for front month of March(166) -number of notices served upon today (48)x 5000 oz equals 26,245,000 oz of silver standing for the March contract month.

We GAINED an additional 10 contracts or 50,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 63.812 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 74,280 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 74,280 CONTRACTS EQUATES TO 374 MILLION OZ OR 53.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.61% (MARCH 16/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.63% to NAV (March 16/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.61%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.63%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.96%: NAV 13.59/TRADING 13.20//DISCOUNT 2.96.

END

And now the Gold inventory at the GLD/

MARCH 16/WITH GOLD DOWN $5.65/OUR CROOKS DEPOSITED ANOTHER 4.42 TONNES INTO GLD INVENTORY/INVENTORY RESTS AT 838.15 TONNES

FOR THE WEEK: GOLD LOST $11.80, BUT GOLD INVENTORY ADVANCED:4.42 TONNES

MARCH 15/WITH GOLD DOWN $7.85, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

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MARCH 16/2018/ Inventory rests tonight at 838.15 tonnes

*IN LAST 343 TRADING DAYS: 102.99 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 273 TRADING DAYS: A NET 53.31 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

MARCH 16/WITH SILVER DOWN 15 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ.



FOR THE WEEK; SILVER IS DOWN 42 CENTS YET ADDS 943,000 OZ OF SILVER INTO THE SLV/

MARCH 15/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

MARCH 16/2018: NO CHANGES TO SILVER INVENTORY/
Inventory 319.012 million oz

end

6 Month MM GOFO 2.00/ and libor 6 month duration 2.34

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.00%

libor 2.34 FOR 6 MONTHS/

GOLD LENDING RATE: .34%

XXXXXXXX

12 Month MM GOFO
+ 2.40%

LIBOR FOR 12 MONTH DURATION: 2.60

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.20



end



And now for the COT report which gives position levels of our major players at the COMEX. However due to the huge amount of EFP contracts issued, this report has no value whatsoever.



But for completeness sake, I am providing it for you:



First gold COT
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
234,431 66,483 82,713 161,604 350,414 478,748 499,610
Change from Prior Reporting Period
-11,156 4,719 19,902 8,183 -7,910 16,929 16,711
Traders
178 74 88 49 57 262 192

Small Speculators
Long Short Open Interest
48,014 27,152 526,762
1,733 1,951 18,662
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, March 13, 2018


Our large speculators

those large speculators that have been long in gold pitched (transferred through EFP) a net 11,156 contracts.

those large speculators that have been short in gold added a net 4719 contracts to their short side
Our commercials

those commercials that have been long in gold added a large 8183 contracts to their long side

those commercials that have been short in gold covered (transferred through EFP) 7910 contracts from their short side
Our small speculators

those small speculators that have been long in gold added a net 1733 contracts to their long side

those small speculators that have been short in gold added another 1951 contracts to their short side.



Conclusions: fraud



and now our silver COT


Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
66,707 63,760 28,475 75,362 94,635
-1,979 1,260 4,692 602 -1,935
Traders
102 54 46 39 35
Small Speculators Open Interest Total
Long Short 200,094 Long Short
29,550 13,224 170,544 186,870
189 -513 3,504 3,315 4,017
non reportable positions Positions as of: 159 121
Tuesday, March 13, 2018 © SilverSeek.c


Our large speculators

those large specs that have been long in silver pitched (transferred) 1979 contracts from their long side.

those large specs that have been short in silver added a net 1260 contracts to their short side

Our commercials

those commercials that have been long in silver added another 602 contracts to their long side.

those commercials that have been short in silver covered (transferred) 1935 contracts from their short side


Our small speculators

those small specs that have been long in silver added 189 contracts to their long side

those small specs that have been short in silver covered (transferred) a net 513 contracts from their short side.

conclusions: same as gold.
Major gold/silver trading /commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Buy Silver And Sell Gold Now

16, March

– Buy silver and sell gold now – Frisby
– Gold should cost 15 times as much as silver
– Silver might have disappointed in short term – But it’s time to buy


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News and Commentary

Gold at 2-week low as dollar weighs, investors eye political tensions (MarketWatch.com)

PRECIOUS-Gold steady as political concerns offset rate hike fears (Reuters.com)

Venezuela gold reserve value falls 14 pct in 2017 (Reuters.com)

Stocks Drift, Dollar Drops Amid Political Turmoil: Markets Wrap (Bloomberg.com)

Bitcoin’s ‘Death Cross’ Looms as Strategist Eyes $2,800 Level (Bloomberg.com)



The Many Uses of Gold (GoldSeek.com)

$500 million in gold bullion rains down on Siberia after aircraft cargo bungle (News.com.au)

Tons of gold fall from sky in Russian cargo plane blunder (VIDEO, PHOTOS) (RT.com)

Gold’s relationship to interest rates isn’t so simple – Kosares (Gata.org)

Forget Brexit – here’s the real reason the UK housing market is fragile (MoneyWeek.com)

Gold Prices (LBMA AM)

15 Mar: USD 1,323.35, GBP 949.24 & EUR 1,070.72 per ounce
14 Mar: USD 1,324.95, GBP 949.59 & EUR 1,071.35 per ounce
13 Mar: USD 1,318.70, GBP 948.94 & EUR 1,069.60 per ounce
12 Mar: USD 1,317.25, GBP 950.66 & EUR 1,069.87 per ounce
09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce

Silver Prices (LBMA)

15 Mar: USD 16.52, GBP 11.86 & EUR 13.37 per ounce
14 Mar: USD 16.61, GBP 11.88 & EUR 13.42 per ounce
13 Mar: USD 16.51, GBP 11.88 & EUR 13.38 per ounce
12 Mar: USD 16.46, GBP 11.88 & EUR 13.39 per ounce
09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce


Recent Market Updates

– Gold Cup At Cheltenham – Gold Is For Winners, Not For the Gamblers
– Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
– Stock Market Selloff Showed Gold Can Reduce Portfolio Risk
– Gold Protects As Cashless Society Threatens Vulnerable
– Women’s Pension Crisis Highlights Dangers To Savers
– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
– Gold Does Not Fear Interest Rate Hikes
– RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane
– Silver bullion will likely outperform gold bullion going forward
– Gold $10,000? Goldnomics Podcast Quotations and Transcript
– Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom
– Four Key Themes To Drive Gold Prices In 2018 – World Gold Council
– Is The Gold Price Going To $10,000? (Goldnomics Podcast 3)

Mike Kosares talks about gold’s relationship to interest rates



(courtesy Mike Kosares/GATA)
Mike Kosares: Gold’s relationship to interest rates isn’t so simple

Submitted by cpowell on Thu, 2018-03-15 15:35. Section: Daily Dispatches

10:35a CT Thursday, March 15, 2018

Dear Friend of GATA and Gold:

Gold’s relationship to interest rates, USAGold’s Mike Kosares writes today, is a little more complicated than what is described by some pundits and the mainstream financial news media. Gold’s relationship, Kosares writes, is closer to real interest rates — the differential between rates and inflation — and to the commodity complex generally. Kosares’ analysis is headlined “Keep Your Eyes on the Prize” and it’s posted at USAGold here:

http://www.usagold.com/cpmforum/2018/03/15/keepyoureyeontheprize-2/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

The City of Plattsburgh New York is the first city to ban bitcoin mining for 18 minutes as I guess energy costs are humongous and are weighing on the city

(courtesy zerohedge)


“We’ve Been Hearing A Lot Of Complaints” – City Passes First US Bitcoin Mining Ban



In sleepy upstate New York, one small post-industrial city has adopted what’s widely believed to be the first bitcoin mining ban in the US. On Thursday evening, the city council in Plattsburgh New York voted unanimously to impose an 18-month moratorium on bitcoin mining, per Motherboard.

As we pointed out earlier this month, two large-scale bitcoin mining operations in the town had become a tremendous drain on the local utilities. This is a problem because,according to the Municipal Electric Utility Association, since the 1950s, the city is allotted a certain amount of inexpensive hydropower generated on the St. Lawrence River. Bitcoin miners are often drawn to areas with inexpensive hydro-power, like the Columbia River basin in the Pacific Northwest.

Mining is the extremely energy-intensive computational process that secures the Bitcoin blockchain and rewards miners with bitcoins, and increasingly, environmentalists are worried that the tremendous amount of energy required to power the bitcoin network could adversely impact the environment. Already, the bitcoin network uses more energy on a daily basis than many countries, including the Republic of Ireland…



The Bitcoin moratorium was proposed by Plattsburgh’s Mayor Colin Read earlier this month after local residents began reporting wildly inflated electricity bills. But unfortunately for residents, the moratorium affects only new commercial Bitcoin operations and will not affect companies that are already mining in the city.

“I’ve been hearing a lot of complaints that electric bills have gone up by $100 or $200,” Read said. “You can understand why people are upset.”

Thanks to a hydroelectric dam on the St. Lawrence River, Plattsburgh has some of the cheapest energy in the US – its mayor claims it’s among the cheapest electricity in the world.



To wit, residents pay only 4.5 cents per kilowatt-hour (the US average is a little over 10 cents). Industrial enterprises, including Bitcoin mines, pay even less, often just 2 cents per kilowatt-hour.

But there’s a catch: The problem is that Plattsburgh only has an allotment of 104 megawatt-hours of electricity per month. The biggest Bitcoin mining operation in Plattsburgh, operated by a Puerto Rican company called Coinmint, uses roughly 10% of the city’s total power budget.

The heavy power use forced city employees to purchase electricity on the open market in January at far higher prices. Those prices could be as high as 37 cents per kwh. That cost was distributed among city residents, with some paying between $100 and $200 more for their electricity that month. While this does occasionally happen during the frigid winter months, this year’s winter has been relatively mild.

“We could use 100 megawatts in two months’ time if we opened up the floodgates,”Read told Motherboard. “And then there would be no cheap power left for our residents. Some of the proposals we’ve been seeing, they want to take 20 or 30 megawatt bites of power, and we don’t have that.”

In the next 18 months, city officials promised to work with locals and newcomer miners to develop a solution. Read suggested a number of possible solutions, such as making miners pay for any overages, or increasing the rate for miners.

According to one miner, either of these arrangements would be welcomed by the mining community, which includes a few locals.

“It would never cost the Plattsburgh citizens any more money to let more miners come in here because the miners are willing to pay for those overages when it’s super cold,” Tom Pillsworth, a Plattsburgh local and partner at the second largest Bitcoin mine in the city, told Motherboard. “The miners are more than willing to pay.”

Now that China’s crackdown on miners has created an exodus to other parts of the world, clashes between locals and miners in areas where hydro-electricity makes power cheap are bound to become even more common. Case in point: Miners in one Washington State town near the Columbia River are waging a kind of guerilla war against locals over their power usage.

But perhaps the Plattsburgh solution will become a template to help the two sides equitably distributed electricity resources before miners are banned from the US, too.

* * *

The State of New York is already fighting back. Case in point: the New York Public Service Commission on Thursday took action to stop miners from taking advantage of the cheap hydroelectric power found in several places upstate, according to Bloomberg.

“If we hadn’t acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills,” Commission Chair John Rhodes said in a statement.

The agency is made up of 36 municipal power authorities in the state. In some cases, the miners, which require huge amounts of electricity for data processing, accounted for a third of a municipal utility’s demand, the commission said.

end

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Bitcoin Chops Near $10,000 After Falling From New All-Time High At $19,659.50 Dec. 17, 2017 To Under $6,000 Feb. 6, 2018

Consumer Sentiment in U.S. Jumps to 14-Year High After Tax
cuts
Job openings hit record high at start of 2018
U.S. industrial output rises on gains in manufacturing, mining
U.S. Housing Starts Cooled in February After Robust January
Home-builder confidence drops for third month in a row, NAHB says
U.S. import prices rise more than expected in February
Phill, Empire manufacturing gauges stay solid in March
Jobless Claims in U.S. Decline for Third Time in Four Weeks

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Day In A Chart


Dow Dumps Into Red For March As Yield Curve Crashes To 11-Year Lows

Stocks went into reverse this week…



Chinese stocks were also broadly lower on the week…



Most of European majors were higher on the week, except UK’s FTSE…



Nasdaq underperformed notably on the day…Futures show the overnight dip when McMaster headlines hit…



NOTE – look at the idiotic panic bid, then puke into the close!!)



The Dow is back in the red for March…



The Dow managed to scramble back above its 50% retracement level today, but the jaws of the trendlines are closing in one way or the other…



Bank Stocks were all down on the week (led by a 3% drop in Citi) but of most note is the roundtrip from Friday’s payrolls spike…



VIX ended the week higher (but drifted lower the last couple of days into OPEX)…

Investors sold the short-end of the Treasury curve this week (2y Yield up 3bps) but the rest of the curve was bid (with some selling on Friday after IP beat)…



Breakevens fell notably on the week also…



While the yield curve steepened a little today, on the week it flattened dramatically to a fresh cycle (Oct 2007) low…the 12bps flattening in s2s30s is the 2nds biggest in 4 months…

The Dollar Index managed to scratch out its 4th weekly gain in a row (reversing as China’s new year holiday ended)…



The Russian Ruble fell notably – 2nd biggest weekly drop since July 2017…



The gains in the dollar weighed on gold, silver, and copper but crude snapped higher today (for no good reason), jumping into the green for the week…



Quite a stop-run in the energy complex…



Another ugly week for cryptos, though today saw brief buying-panic…



Finally, we note that Gold remains the only asset-class to have normalized post-Feb-Fiasco…



Pics Of The Day




















































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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us This Afternoon


Wishing Everybody a Safe & Happy Weekend <3


GYSLN

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[JD400]

Data Air



Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Here We Go >>>>>>>>>>>>>>>>>>

Onwards to the data>>>>>>>>>>>>>>>>>>>>>>>>>

Welcome Spring' Feel You In The Air

Nice To See Ya>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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March 19/GOLD REBOUNDS ON EU NEWS OF RAISING RATES AND ENDING QE/GOLD RISES $5.25 TO $1317.90 BUT SILVER IS UP ONLY A NICKEL TO $16.33/EU-BREXIT DEAL ANNOUNCED WHICH CAUSES THE BRITISH POUND TO RISE/MORE LOSSES FOR DEUTSCHE BANK/BOTH RUSSIA AND THE UK REMOVE DIPLOMATS FROM THE POISONING SCANDAL/USA SET TO INTRODUCE A MONSTROUS 1.3 TRILLION DOLLAR SPENDING BILL/MCCABE FIRED WHICH SETS OF A PLETHORA OF SWAMP STORIES FOR YOU TONIGHT/
March 19, 2018 · by harveyorgan · in Uncat

BEST POLITICAL QUOTE OF ANY ERA:



“The Budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest Rome will become bankrupt. People must again learn to work instead of living on public assistance.”



Cicero, 55 B.C.



So, we’ve evidently learned nothing over the past 2,073 years!


GOLD: $1317.90 up $5.25

Silver: $16.33 up 5 CENTS

Closing access prices:

Gold $1316.50

silver: $16.33

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1321.3 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1311.75

PREMIUM FIRST FIX: $9.55

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SECOND SHANGHAI GOLD FIX: $1318.49

NY GOLD PRICE AT THE EXACT SAME TIME: $1308.75

PREMIUM SECOND FIX /NY:$9.74

SHANGHAI REJECTS NY PRICING OF GOLD.

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ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!

LONDON FIRST GOLD FIX: 5:30 am est $1311.70

NY PRICING AT THE EXACT SAME TIME: $1310.70 ???

LONDON SECOND GOLD FIX 10 AM: $1312.40

NY PRICING AT THE EXACT SAME TIME. $1309.95 ???? SIGNALS CROSSED?

For comex gold:

MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT:11 NOTICE(S) FOR 1100 OZ.

TOTAL NOTICES SO FAR:24 FOR 2400 OZ

For silver:

MARCH
28 NOTICE(S) FILED TODAY FOR
140,000 OZ/

Total number of notices filed so far this month: 5159 for 25,795,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: BID $8221/OFFER $8,290: DOWN $288(morning)
Bitcoin: BID/ $8449/offer $8519: DOWN $59 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A STRONG SIZED 1741 contracts from 208,501 RISING TO 210,242 DESPITE FRIDAY’S 15 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 3619 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 3619 CONTRACTS. WITH THE TRANSFER OF 3619 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 3619 CONTRACTS TRANSLATES INTO 18.09 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

29,068 CONTRACTS (FOR 13 TRADING DAYS TOTAL 29,068 CONTRACTS) OR 145.34 MILLION OZ: AVERAGE PER DAY: 2236 CONTRACTS OR 11.180 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 145.34 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 20.76% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 627.164 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD A STRONG SIZED GAIN IN COMEX OI SILVER COMEX OF 1741 DESPITE THE 15 CENT FALL IN SILVER PRICE. WE ALSO HAD A HUGE SIZED EFP ISSUANCE OF 3619 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 3619 EFP’S FOR THE MONTH OF MARCH WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 5360 OI CONTRACTS i.e. 3619 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 1741 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 15 CENTS AND A CLOSING PRICE OF $16.38 WITH RESPECT TO FRIDAY’S TRADING. YET WE STILL HAVE A HUGE AMOUNT OF SILVER STANDING AT THE COMEX THIS MONTH.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.051 BILLION TO BE EXACT or 150% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 28 NOTICE(S) FOR 140,000 OZ OF SILVER

In gold, the open interest FELL BY AN CONSIDERABLE SIZED 8760 CONTRACTS DOWN TO 533,887 WITH THE GOOD SIZED FALL IN PRICE FRIDAY ( LOSS OF $5.65) HOWEVER FOR MONDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN HUGE SIZED 11,571 CONTRACTS : APRIL SAW THE ISSUANCE OF 11,071 CONTRACTS, JUNE SAW THE ISSUANCE OF 500 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 533,887. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD OI GAIN IN CONTRACTS: 8760 OI CONTRACTS DECREASED AT THE COMEX BUT A HUGE SIZED 11,571 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 2811 CONTRACTS OR 401,300 OZ =8.743 TONNES

FRIDAY, WE HAD 15,689 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 118,547 CONTRACTS OR 11,854,700 OZ OR 368.71 TONNES (13 TRADING DAYS AND THUS AVERAGING: 9119 EFP CONTRACTS PER TRADING DAY OR 911,900 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 13 TRADING DAYS IN TONNES: 368.71 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 368.71/2550 x 100% TONNES = 14.45% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1671.38 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX WITH THE FALL IN PRICE IN GOLD TRADING ON FRIDAY ($5.65 LOSS). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,571 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 11,571 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 2811 contracts ON THE TWO EXCHANGES:

11,571 CONTRACTS MOVE TO LONDON AND 8760 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 8.74 TONNES).

we had: 11 notice(s) filed upon for 1100 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $5.25 : ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD / A DEPOSIT OF 2.07 TONNES OF GOLD

Inventory rests tonight: 838.15 tonnes.

SLV/

WITH SILVER UP 5 CENTS TODAY:

A SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 659,000 OZ

/INVENTORY RESTS AT 319.671 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver ROSE BY A STRONG 1741 contracts from 208,501 UP TO 210,242 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE FALL IN PRICE OF SILVER (15 CENTS WITH RESPECT TO FRIDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 3619 EFP CONTRACTS FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD SOME COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 1741 CONTRACTS TO THE 3619 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 5360 OPEN INTEREST CONTRACTS. WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 26.80 MILLION OZ!!!

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE FALL IN SILVER PRICING FRIDAY (15 CENTS FALL IN PRICE) . BUT WE ALSO HAD ANOTHER FAIR SIZED 3619 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY NIGHT: Shanghai closed UP 9.37 POINTS OR 0.29% /Hang Sang CLOSED UP 11.79 POINTS OR 0.04% / The Nikkei closed DOWN 195.61 POINTS OR 0.90%/Australia’s all ordinaires CLOSED UP 0.16%/Chinese yuan (ONSHORE) closed DOWN at 6.3320/Oil UP to 62.07 dollars per barrel for WTI and 65.94 for Brent. Stocks in Europe OPENED RED . ONSHORE YUAN CLOSED DOWN AT 6.3320 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3325 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (WEAKER CURRENCY & MARKETS/AND TRUMP TARIFFS INITIATED/WEAKER GLOBAL MARKETS )
3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)North Korea
b) REPORT ON JAPAN
3 c CHINA

In a surprise move, China announces that Deputy POBC head Y Gang will replace Zhou. He is USA educated but did not hold any positions with Goldman Sachs. He is a free market believer:

( zerohedge)
4. EUROPEAN AFFAIRS

i)Early morning UK time zone:

Cable (Br Pound /USA Dollar) spikes above 1.40 on a Brexit breakthrough. UK must abide by all EU rules for 21 months but they have no say on any EU new rules etc. This is as good as it is going to get for the uK

( zerohedge)

ii)A terrific article penned by Tom Luongo. He describes the huge lies everywhere and what it means to us:
( Tom Luongo)

iii)Gefira presents us with Europe’s perfect storm developing and will come to fruition in 2020

a must read..

( Gefira)
iv)We knew that this was going: The new German Interior Minister has now called for the suspension of Schengen or National Border Controls. Remember that the Euro’s basis for existence is the free movement of labour etc throughout the EU
( zerohedge)

v)the losses endured by our good friends over at Deutsche bank, the world’s largest derivative player and defendant to our class action law suits in both gold and silver, are even bigger than reported 6 weeks ago. Believe it or not, but cost cuts have now been abandoned and bonuses to our crooks are quadrupled.

( Wolf Richter/WolfStreet)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)The Kremlin is furious after Boris Johnson accuses Putin of personally ordering the poisoning of ex Russian citizens on British soil. The death of a second ex Russian agent Glushkov, is now been classified as a murder. An autopsy found a compression around his neck. In English: he was strangled.

( zerohedge)

ii)Russia expels 23 British diplomats in retaliation for Britain removing 23 Russian diplomats.

( zero hedge)

iii)Russia is now claiming that the USA is deploying warships for an imminent attack on Syria as they train militants for a false flag event

( zerohedge)
iv)Russia/USAThis ought to give all Americans confidence in their military: a Russian nuclear sub quietly traveled right up to the Eastern side of the USA coast undetected

( zerohedge)

v)Turkey/Syria

Erdogan declares victory as the Turks wave a Turkish flag over Afrin, in the north part of Syria. There are reports on ethnic cleansing. The Kurds now vowed to set up guerrilla warfare again the Turks

( zerohedge)
vi)the Turkish Army offers a heart felt thanks for the weapons left behind by the YPG in Afrin
( zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES

We knew that this was going to happen; Aramco kills its massive IPO and will offer shares only domestically: why not enough demand and too high a price.

( zerohedge)
8. EMERGING MARKET

VENEZUELA

My goodness is this weird: trump issues an executive order banning any purchase of Venezuela’s cryptocurrency

( zerohedge)
9. PHYSICAL MARKETS

i)Stephen Englander states that the uSA is stealthily lowering its exchange rate (weaker dollar) as it is increasing the amount of short term paper bills. The lowering of the dollar creates an gain for foreigners when they cash in one yr later on those bills. This will surely help gold with the lower dollar.

( Bloomberg/GATA/Englander)

ii)Sprott funds lays out the argument that financial stress is laying the groundwork for gold/silver to rise

( Bloomberg/Sprott)

iii)Iran is still having trouble breaking from the dollar

Motamedi/GATA)

iv)RT publishes a detailed report by Ronan Manly on gold price suppression

(RT/Ronan Manly./GATA)

v)This is interesting: the Pro government Turkish paper, the daily Saba, reprints Manl’ys RT exposure of gold price suppression

(courtesy Daily Saba/RT/Manly/GATA)
10. USA stories which will influence the price of gold/silver

i)The uSA National debt has now surpassed 21 trillion dollars

( zerohedge)

ii)The real truth on the uSA economy:

( David Stockman)

iii)Morning trading..

(zerohedge)

iv)Disagreements galore as the Government is set to unveil a huge omnibus spending bill of 1.2 trillion dollars. It will encompass 1/3 of the yr. Already both Democrats and Republicans are fighting as to what should be included in this bill and there is a 25% of another government shutdown
(courtesy zerohedge)
v) David Stockman on the economy
(David Stockman)

ivi)SWAMP STORIES

a)Jeff Sessions fires McCabe who now loses most of his pension as well as “for life” medical benefits for himself and his family. The deep state has now lost one of its important allies.

( zerohedge)

b)McCabe hands Mueller memos on interactions with Trump//more on the firing of McCabe
( zerohedge)
c)Comey rips into Trump but that is only to promote his new book

( zerohedge)

d)Trump’s lawyer, Cohen states that Stormy Daniels could be liable for 20 million dollars as she has violated the terms of her NDA 20 times. The agreement states that she is liable for one million dollars per violation

( zerohedge)

e)My goodness: the barbs fly after news of the McCabe firing:

( zero hedge)
f)According to Law Professor Turley, McCabe just threw Comey under the bus for perjury as he stated that Comey as director authorized the leaking of Trump and Clinton stuff to the Wall Street Journal. Comey under oath stated that he was never a leaker and never authorized any leaks
( zerohedge)

g)And now Trump provides a tweetstorm on Sunday as he accuses Comey of perjury and slams McCabe for making “fake memos of his meeting with the President. Trump also goes after the Mueller team

( zero hedge)

h)A Congressman offers McCabe a job so he can earn his full pension.

( zerohedge

i)This is quite mundane…the Kushner companies are accused of filing false documents with New York City of which all developers are guilty of:

( zerohedge)

j)Trump emboldened by the McCabe firing and is demanding that the Mueller investigation to end. Trump will be keying off Fox News and if Judge Jeanine Pirro and Sean Hannity turn it up a notch, then there is no telling what Trump will do..

( zerohedge)

k)A must read…ex FBI assistant director states the obvious: there was a high ranking plot top to protect Hillary and bring down Trump and Brennan was the weekly leaker

(courtesy Kallstrom ex FBI director/Fox/zerohedge)
l)Late this morning: it seems that Mueller is pivoting only to “obstruction” to which there is no case as Trump has the authority to fire Comey at any time. Obstruction only occurs if there is a criminal element to it and there is nothing here..
(courtesy zerohedge)

m)DiGenova is to join President Trump’s legal team. He is the husband of Victoria Toensing who is representing Campbell, the whistleblower in the Uranium One scandal. It seems that Trump’s team is having difficulty getting documents on the Uranium One scandal. Now that he is hired, he will just walk over and hand the documents to the President.(courtesy zerohedge)
n)No question about it: this is going to get a lot uglier by the day

( zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY AN CONSIDERABLE SIZED 8760 CONTRACTS DOWN to an OI level 533,887 WITH THE FALL IN THE PRICE OF GOLD ($5.65 LOSS/ FRIDAY’S TRADING). HOWEVER THE CME REPORTS THAT THE BANKERS ISSUED AN HUGE SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD A 11,071 EFP’S ISSUED FOR APRIL , AND 500 CONTRACTS FOR JUNE AND ZERO FOR ALL OTHER MONTHS: TOTAL 11,571 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON FORWARD… THE COMEX IS NOW AN ABSOLUTE FRAUD!!

ON A NET BASIS IN OPEN INTEREST WE GAINED TODAY: 2811 OI CONTRACTS IN THAT 11,571 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 8760 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 2811 contracts OR 281,100 OZ OR 8.74 TONNES.

Result: AN STRONG SIZED DECREASE IN COMEX OPEN INTEREST WITH THE FALL IN PRICE ON FRIDAY (ENDING UP WITH A LOSS OF $5.65.). HOWEVER TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 2811 OI CONTRACTS..

We have now entered the non active contract month of MARCH where we LOST 21 contracts LOWERING TO 507 contracts. We had 0 notices served upon yesterday, so LOST 21 contacts or 2100 additional oz will not stand for delivery at the comex and these guys morphed into London based forwards.

April saw a LOSS of 11,133 contracts DOWN to 244,083. May saw A LOSS of 23 contracts to stand at 479. The really big June contract month saw a GAIN of 1759 contracts UP to 188,570 contracts.

We had 11 notice(s) filed upon today for 1100 oz
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY:285,582 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 322,185 CONTRACTS

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

end

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And now for the wild silver comex results.

Total silver OI ROSE BY A STRONG SIZED 1741 CONTRACTS FROM 208,501 UP TO 210,242 DESPITE OUR 15 CENT LOSS IN FRIDAY’S TRADING). ALSO,WE WERE ALSO INFORMED THAT WE HAD 3619 EMERGENCY EFP’S FOR MARCH ISSUED BY OUR BANKERS AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON: THE TOTAL EFP’S ISSUED: 3619. THE SILVER BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE JUST LIKE WE ARE WITNESSING TODAY. USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH AS WE HAVE JUST SEEN IN GOLD TODAY. THIS PROCESS HAS JUST BEGUN IN EARNEST IN SILVER STARTING IN SEPTEMBER 2017. HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS. NICK LAIRD WAS KIND ENOUGH TO SUPPLY US THE TOTAL FOR 2017 GOLD EFP’S AND IT WAS 6600 TONNES FOR THE ENTIRE YEAR. WE OBVIOUSLY HAD ZERO LONG COMEX SILVER LIQUIDATION AND WE ALSO HAVE A STRONG SIZED GAIN IN TOTAL SILVER OI FROM OUR TWO EXCHANGES. WE ARE ALSO WITNESSING A STRONG AMOUNT OF SILVER OUNCES STANDING FOR COMEX METAL IN THIS ACTIVE OF MARCH AS WELL AS THAT CONTINUAL MIGRATION OF EFPS OVER TO LONDON. ON A PERCENTAGE BASIS THERE ARE MORE EFP’S ISSUED FOR GOLD THAN SILVER. ON A NET BASIS WE GAINED 5360 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1741 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 3619 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES: 5360 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MARCH and here the front month LOST 36 contracts FALLING TO 130 contracts. We had 48 contracts filed on FRIDAY, so we GAINED 12 contracts or an additional 60,000 OZ will stand in this active delivery month of March.(AS SOMEBODY IS IN URGENT NEED OF CONSIDERABLE PHYSICAL SILVER)

April LOST 7 contracts FALLING TO 414 .

The next big active delivery month for silver will be May and here the OI GAINED 1948 contracts UP to 150,536

We had 24 notice(s) filed for 140,000 OZ for the MARCH 2018 contract for silver
INITIAL standings for MARCH/GOLD

MARCH 19/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
11 notice(s)
1100 OZ
No of oz to be served (notices)
496 contracts
(49600 oz)
Total monthly oz gold served (contracts) so far this month
24 notices
2400 oz
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
we had 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 1 withdrawals out of the customer account:
i) out of Scotia: 4822.500 oz
150 kilobars
total withdrawal: 4822.500 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
total registered or dealer gold: 339,378.269 oz or 10.556 tonnes
total registered and eligible (customer) gold; 9,070,432.280 oz 282.12 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 10.556 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES


For MARCH:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 11 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 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 MARCH. contract month, we take the total number of notices filed so far for the month (24) x 100 oz or 0 oz, to which we add the difference between the open interest for the front month of FEB. (507 contracts) minus the number of notices served upon today (11 x 100 oz per contract) equals 52,000 oz, the number of ounces standing in this nonactive month of MARCH (1.6174 tonnes)

Thus the INITIAL standings for gold for the MARCH contract month:

No of notices served (24 x 100 oz or ounces + {(507)OI for the front month minus the number of notices served upon today (11 x 100 oz )which equals 52,000 oz standing in this nonactive delivery month of March . THERE IS 10.556 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 21 CONTRACTS OR AN ADDITIONAL 2100 OZ WILL NOT STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF MARCH.

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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
MARCH INITIAL standings/SILVER
March 19 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
60,151.500 oz
Scotia
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
28
CONTRACT(S
(140,000 OZ)
No of oz to be served (notices)
102 contracts
(510,000 oz)
Total monthly oz silver served (contracts) 5159 contracts

(25,795,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total dealer deposits: nil oz

we had 0 deposits into the customer account

i) nil

ii) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 137 million oz of total silver inventory or 53.6% of all official comex silver.

JPMorgan deposited zero into its warehouses (official) today.

total deposits today: nil oz

we had 1 withdrawals from the customer account;

i) Out of Scotia: 60,151.880 oz

total withdrawals; 60,151.880 oz

we had 2 adjustments

i)out of CNT: 550,930.824 oz was adjusted out of the dealer account and into the customer account of CNT

ii) Out of Scotia: 81,735.700 oz was adjusted out of the dealer account and this landed into the customer account of CNT

total dealer silver: 59.203 million

total dealer + customer silver: 256.857 million oz

The total number of notices filed today for the March. contract month is represented by 28 contract(s) FOR 140,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at 5159 x 5,000 oz = 25,795,000 oz to which we add the difference between the open interest for the front month of Mar. (130) and the number of notices served upon today (28 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the March contract month: 5159(notices served so far)x 5000 oz + OI for front month of March(130) -number of notices served upon today (28)x 5000 oz equals 26,305,000 oz of silver standing for the March contract month.

We GAINED an additional 12 contracts or 60,000 additional silver oz will stand for delivery at the comex as somebody was in urgent need of physical silver.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 64,899 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 78,094 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 78094 CONTRACTS EQUATES TO 390 MILLION OZ OR 55.7% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.46% (MARCH 19/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.58% to NAV (March 19/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.46%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.58%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.55%: NAV 13.57/TRADING 13.23//DISCOUNT 2.55.

END

And now the Gold inventory at the GLD/

March 19/WITH GOLD UP $5.25: ANOTHER HUGE DEPOSIT OF GOLD TO THE TUNE OF 2.07 TONNES/GOLD INVENTORY RESTS TONIGHT AT 840.22 TONNES

MARCH 16/WITH GOLD DOWN $5.65/OUR CROOKS DEPOSITED ANOTHER 4.42 TONNES INTO GLD INVENTORY/INVENTORY RESTS AT 838.15 TONNES

FOR THE WEEK: GOLD LOST $11.80, BUT GOLD INVENTORY ADVANCED:4.42 TONNES

MARCH 15/WITH GOLD DOWN $7.85, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 12/WITH GOLD DOWN $3.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 9/WITH GOLD UP $2.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

March 8/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 7/WITH GOLD DOWN 8.00/A SLIGHT CHANGE IN GOLD INVENTORY AT THE GLD/A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES//INVENTORY RESTS AT 833.73 TONNES

MARCH 6/WITH GOLD UP $15.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 5/WITH GOLD DOWN $4.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

MARCH 2/WITH GOLD UP $18.70/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.98 TONNES

March 1/WITH GOLD DOWN ANOTHER $12.30/A HUGE CHANGE IN GOLD INVENTORY/ A DEPOSIT OF 2.96 TONNES/INVENTORY RESTS AT 833.98 TONNES

FEB 28/WITH GOLD DOWN ANOTHER 70 CENTS/NO CHANGE IN GOLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/.

feb 27/WITH GOLD DOWN $13.80 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 831.03 TONNES

FEB 26/WITH GOLD UP $2.40/WE HAD ANOTHER INVENTORY GAIN/THIS TIME 1.77 TONNE ADDITION TO THE GLD INVENTORY/INVENTORY RESTS AT 831.03 TONNES/WE HAVE HAD 5 INCREASES IN THE PAST 6 TRADING GOLD SESSIONS/

FEB 23/WITH GOLD DOWN $1.15, WE HAD A GOOD INVENTORY GAIN OF 1.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 829.26 TONNES

FEB 22/WITH GOLD UP 90 CENTS AGAIN TODAY, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 827.79 TONNES

FEB 21/ WITH THE 90 CENT GAIN WE HAD ANOTHER DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS TONIGHT AT 827.79 TONNES

Feb 20/WITH GOLD DOWN BY $24.25, THE CROOKS DECIDED THAT THEY HAD BETTER RETURN (DEPOSIT) 3.34 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS TONIGHT AT 824,64 TONNES

Feb 16/WITH GOLD UP BY 25 CENTS, THE CROOKS DECIDED AGAIN TO RAID THE COOKIE JAR BY WITHDRAWING 2.36 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 821.30 TONNES

Feb 15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 823.66 TONNES

Feb 14/AN ADDITIONAL OF 2.95 TONNES OF GOLD INTO GLD WITH THE HUGE GAIN OF 27.40 IN PRICE/INVENTORY RESTS AT 823.66 TONNES

Feb 13/WITH GOLD UP $3.40 WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 820.71 TONNES

Feb 12/STRANGE!!WITH GOLD RISING BY 12.00 DOLLARS, THE CROOKS DECIDED AGAIN TO WITHDRAW 5.6 TONNES OF GOLD FOR EMERGENCY USE ELSEWHERE/INVENTORY RESTS AT 820.71 TONNES

Feb 9/AGAIN WITH HUGE TURMOIL ON THE MARKETS, THE CROOKS WITHDREW 2 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 826.31 TONNES

Feb 8/DESPITE THE GOOD GAIN IN PRICE FOR GOLD TODAY/THE CROOKS REMOVED .96 TONNES FROM THE GLD INVENTORY/INVENTORY RESTS AT 828.31 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MARCH 19/2018/ Inventory rests tonight at 838.15 tonnes

*IN LAST 344 TRADING DAYS: 100.92 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 274 TRADING DAYS: A NET 55.38 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory

March 19/WITH SILVER UP 5 CENTS, THE SLV ADDS A SMALL 659,000 OZ TO ITS INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

MARCH 16/WITH SILVER DOWN 15 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ.

FOR THE WEEK; SILVER IS DOWN 42 CENTS YET ADDS 943,000 OZ OF SILVER INTO THE SLV/

MARCH 15/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 12/WITH SILVER DOWN 8 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 943,000 OZ/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 9/WITH SILVER UP 21 CENTS, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 8/WITH SILVER DOWN 1 CENT TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 7/WITH SILVER DOWN 27 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 6/WITH SILVER UP 38 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

March 5/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 2/WITH SILVER UP 23 CENTS: A HUGE 1.479 MILLION OZ WAS ADDED TO SILVER’S INVENTORY/INVENTORY RESTS AT 318.069 MILLION OZ/

March 1/WITH SILVER DOWN 11 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ./

FEB 28/WITH SILVER DOWN 5 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

feb 27/WITH SILVER DOWN 17 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 316.590 MILLION OZ

FEB 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.590 MILLION OZ/

FEB 23/WITH SILVER DOWN 10 CENTS TODAY, WE HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

fEB 22.2018/WITH SILVER DOWN 1 CENT TODAY, WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 315.271 MILLION OZ/

FEB 21/WITH SILVER UP 15 CENTS TODAY, WE HAD A GOOD SIZED INVENTORY ADDITION OF 1.226 MILLION OZ/INVENTORY RESTS AT 315.271 MILLION OZ/

Feb 20/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 16/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 15/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 14./NO CHANGE IN SILVER INVENTORY DESPITE THE HUGE RISE IN PRICE/INVENTORY RESTS AT 314.045 MILLION OZ

Feb 13./NO CHANGE IN SILVER INVENTORY TODAY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 12/AGAIN, WITH TODAY’S HUGE RISE IN SILVER PRICE, IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 9/AGAIN WITH TURMOIL ON THE MARKETS, STRANGELY IN TOTAL CONTRAST TO GOLD: NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.045 MILLION OZ/

Feb 8/DESPITE THE TURMOIL TODAY AND A PRICE RISE: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.045 MILLION OZ/

MARCH 19/2018: A SMALL CHANGES TO SILVER INVENTORY/ A DEPOSIT OF 659,000 OZ
Inventory 319.671 million oz

end

6 Month MM GOFO 1.99/ and libor 6 month duration 2.36

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.99%

libor 2.36 FOR 6 MONTHS/

GOLD LENDING RATE: .37%

XXXXXXXX

12 Month MM GOFO
+ 2.39%

LIBOR FOR 12 MONTH DURATION: 2.61

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.22

end

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Crock Of Gold Hidden In Ireland? Happy Saint Patrick’s Day
16, March

Crock Of Gold In Ireland? Happy Saint Patrick’s Day

Wishing you health, wealth and good luck this Saint Patrick’s Day!

https://news.goldcore.com/ie/gold-blog/crock-gold-ireland/

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News and Commentary

Gold at 2-week low as dollar weighs, investors eye political tensions (MarketWatch.com)

PRECIOUS-Gold steady as political concerns offset rate hike fears (Reuters.com)

Venezuela gold reserve value falls 14 pct in 2017 (Reuters.com)

Stocks Drift, Dollar Drops Amid Political Turmoil: Markets Wrap (Bloomberg.com)

Bitcoin’s ‘Death Cross’ Looms as Strategist Eyes $2,800 Level (Bloomberg.com)

The Many Uses of Gold (GoldSeek.com)

$500 million in gold bullion rains down on Siberia after aircraft cargo bungle (News.com.au)

Tons of gold fall from sky in Russian cargo plane blunder (VIDEO, PHOTOS) (RT.com)

Gold’s relationship to interest rates isn’t so simple – Kosares (Gata.org)

Forget Brexit – here’s the real reason the UK housing market is fragile (MoneyWeek.com)

Gold Prices (LBMA AM)

15 Mar: USD 1,323.35, GBP 949.24 & EUR 1,070.72 per ounce
14 Mar: USD 1,324.95, GBP 949.59 & EUR 1,071.35 per ounce
13 Mar: USD 1,318.70, GBP 948.94 & EUR 1,069.60 per ounce
12 Mar: USD 1,317.25, GBP 950.66 & EUR 1,069.87 per ounce
09 Mar: USD 1,319.35, GBP 955.21 & EUR 1,072.50 per ounce
08 Mar: USD 1,325.40, GBP 955.08 & EUR 1,070.39 per ounce
07 Mar: USD 1,332.50, GBP 960.07 & EUR 1,071.86 per ounce

Silver Prices (LBMA)

15 Mar: USD 16.52, GBP 11.86 & EUR 13.37 per ounce
14 Mar: USD 16.61, GBP 11.88 & EUR 13.42 per ounce
13 Mar: USD 16.51, GBP 11.88 & EUR 13.38 per ounce
12 Mar: USD 16.46, GBP 11.88 & EUR 13.39 per ounce
09 Mar: USD 16.49, GBP 11.92 & EUR 13.40 per ounce
08 Mar: USD 16.48, GBP 11.89 & EUR 13.31 per ounce
07 Mar: USD 16.65, GBP 12.01 & EUR 13.42 per ounce

end

Sprott funds lays out the argument that financial stress is laying the groundwork for gold/silver to rise

(courtesy Bloomberg/Sprott)
This $8.8 billion fund sees financial stress spurring a gold rally

Submitted by cpowell on Sat, 2018-03-17 03:56. Section: Daily Dispatches

By Luzi-Ann Javier
Bloomberg News
Saturday, March 16, 2018

Rising U.S. interest rates, usually bad news for gold, are instead feeding signs of financial stress among debt-laden consumers and helping drive demand for the metal as a haven.

That’s the argument of Sprott Inc., a precious-metals-focused fund manager that oversees $8.8 billion in assets. The following four charts lay out the case for why gold could be poised to rise even as the Federal Reserve tightens monetary policy. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-03-16/this-8-8-billion-fund…

end

Iran is still having trouble breaking from the dollar

Motamedi/GATA)
Iran’s break with the dollar is easier said than done

Submitted by cpowell on Sat, 2018-03-17 05:36. Section: Daily Dispatches

By Maziar Motamedi
Al-Monitor, Washington, D.C.
Friday, March 16, 2018

A little over two weeks ago Iran eliminated another function of the U.S. dollar in its internal workings in a move positioned amid yearslong plans to reduce dependency on the greenback. The consequences will be manifold and interconnected, but there are discrepancies in views concerning what will happen as a result among experts and officials.

On Feb. 28, the Ministry of Industry, Mines, and Trade announced by way of a directive that all traders are henceforth barred from registering their import orders in US dollars. The abrupt directive that is effective immediately was put into motion per a government request conveyed through a letter penned by Central Bank of Iran head Valiollah Seif.

In the missive, Seif argued that since Iran’s banking system has no access to dollar transactions because of decades-long sanctions, using the currency in imports translates into having to employ a network of foreign exchange bureaus instead of banks while also going against the country’s policy of “completely removing the dollar” from its international business dealings. The latter is indeed a policy that Iran is pursuing on several fronts.

For instance, Tehran is actively seeking bilateral or multilateral currency swap deals with its chief trade partners and has already one in place with Turkey. Further, it previously announced a plan to halt the use of U.S. dollars as the currency of choice in financial and foreign exchange reports from the beginning of the current Iranian year (ending March 20). But that plan ended up being postponed because a sudden break with the greenback was not deemed feasible as oil revenues are priced in US dollars, though it remains on the CBI’s agenda.

Going back to the latest manifestation of the Hassan Rouhani administration’s policy of doing away with the greenback, shortly after the announcement of the ban on imports in dollars, Mehdi Kasraei-Pour, the central bank’s deputy for foreign exchange policies and regulations, asserted that it will have “no impact” on the country’s imports. “Importers must only ask their foreign counterparts to offer their pro-forma invoices in other currencies and use alternative currencies such as the euro for their purchases,” he said.

Mojtaba Khosrotaj, head of the Trade Promotion Organization, also said the directive “shouldn’t create any serious problems” considering the type of imported goods and Iran’s trade partners.

But much of the private sector — whose players bear the brunt of the measure — holds a different opinion. …

… For the remainder of the report:

https://www.al-monitor.com/pulse/originals/2018/03/iran-import-orders-us…

* * *

end

US Bank’s derivatives are larger since the rescue of Bear Stearns. As I have stated to you many times the balloon of derivatives grows larger by the day and never contracts.

(London’s Financial Times/McLannahan/GATA)
U.S. bank derivatives books larger since rescue of Bear Stearns

Submitted by cpowell on Sun, 2018-03-18 02:23. Section: Daily Dispatches

By Ben McLannahan
Financial Times
Saturday, March 16, 2018

At the end of January 2008, in what would turn out to be its final annual report, Bear Stearns went into some detail about its big book of derivatives. The book had a notional value of $13.4 trillion at the end of November, Bear said, up more than 50 percent from a year earlier. A two-notch downgrade in the firm’s credit ratings, it added, would require it to come up with an extra $353m in collateral.

This huge cluster of financial instruments — swaps, futures, forwards, and options — may not have been the main cause of Bear’s collapse, about six weeks later. The firm was stuffed with mortgage assets at a time when the housing market was sinking, and had a tiny sliver of equity to absorb losses. But the dense web of interlocking claims in the derivatives book certainly did not help, as hedge funds and other counterparties scrambled to get their money out.

Shares in Wall Street’s fifth biggest investment bank went from $62 on Monday March 10 to $30 on Friday March 14, when Moody’s — yes — announced a two-notch downgrade. Bear was sold to JPMorgan Chase for $2 a share on the Sunday, a price that was subsequently revised to $10.

“It was the definition of a run on the bank,” says Steve Abrahams, a former senior managing director now running Milepost Capital Management.

Derivatives have never really gone away in the ensuing decade. The total value of the books at five of the biggest U.S. banks has dropped about one-quarter since tougher capital rules kicked in, from 2013. Even so, there were $157 trillion of derivatives out there at the end of last year, according to data prepared for the Financial Times by Aite Group, a Boston-based research firm. That’s about 12 percent more than the amount these banks had, entering the crisis.

At Citigroup, the derivatives book of $44 trillion is about 50 percent bigger than it was back then. That should make people uncomfortable, says Javier Paz, senior analyst at Aite. Citi “seems to have forgotten the time when they were a buck a share,” he says, alluding to the trough in March 2009.

The banks say these huge numbers — $157 trillion is more than twice global GDP — do not tell the whole story. And they are right: headline figures say nothing about the counterparties, the collateral, the offsetting positions, or whether the trades are centrally cleared. …

Still, these huge books are worrying. At a futures-industry conference in Boca Raton this week, Tom Russo argued that contracts like these just cannot be relied upon. Mr. Russo should know: as chief legal officer of Lehman Brothers for 15 years, right up until the last rites in September 2008, he found that a lot of counterparties simply refused to pay when it came to the crunch. …

Even in non-crisis situations, derivatives contracts have proven unenforceable. In the UK in the early 1990s a court ruling voided all interest-rate swap agreements between banks and local governments. Lawmakers in Milan reached a similar verdict five years ago.

So if a bank’s counterparty balks, claiming it was duped, or an entire class of contracts is declared illegal, is an auditor really going to say these things are worth 100 cents on the dollar?

“When you owe a little bit of money, you call your banker to pay it,” says Mr. Russo. “When you owe a lot of money, you call your lawyer to get out of it.”

… For the remainder of the report:

https://www.ft.com/content/201bce0c-289b-11e8-b27e-cc62a39d57a

END

RT publishes a detailed report by Ronan Manly on gold price suppression

(RT/Ronan Manly./GATA)
RT publishes detailed report by Ronan Manly on gold price suppression

Submitted by cpowell on Sun, 2018-03-18 11:59. Section: Daily Dispatches

6:55p ICT Sunday, March 18, 2018

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly, whose work is regularly posted at Bullion Star and publicized by GATA, has provided to Russia Today a detailed report on the history and mechanisms of gold price suppression by major governments and central banks.

While its details will not be new to those who follow GATA, Manly’s report may be most significant for establishng again that the government of Russia, which owns RT, knows all about the gold price suppression scheme and has known at least since the deputy chairman of the Bank of Russia, Oleg Mozhaiskov, addressed the London Bullion Market Association about GATA’s work during a speech in Moscow in 2004:

http://www.gata.org/node/11723

Presumably if Russia knows all about gold price suppression and is acting on it by remaining a steady buyer of the monetary metal, nations friendly to Russia also know and may be acting on it, and denials of gold price suppression by Western sources are utter disinformation.

Manly’s report is headlined “Central Banks Manipulating and Suppressing Gold Prices — Industry Expert to RT” and it’s posted at Russia Today here:

https://www.rt.com/business/421618-central-banks-manipulating-suppressin…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

This is interesting: the Pro government Turkish paper, the daily Saba, reprints Manl’ys RT exposure of gold price suppression

(courtesy Daily Saba/RT/Manly/GATA)
Pro-govt. Turkish paper reprints Manly’s RT exposure of gold price suppression

Submitted by cpowell on Mon, 2018-03-19 02:39. Section: Daily Dispatches

9:43a ICT Monday, March 19, 2018

Dear Friend of GATA and Gold:

Gold researcher Ronan Manly’s detailed report for Russia Today on the history and mechanisms of gold price suppression by central banks, called to your attention by GATA a few hours ago —

http://gata.org/node/18112

— has been quickly reprinted by the Daily Sabah, a major newspaper in Istanbul, Turkey, that is published in English, German, Arabic, and Russian:

https://www.dailysabah.com/finance/2018/03/18/central-banks-have-long-hi…

While it’s good that word of the gold price suppression scheme is getting around the world, it’s even better here because the Daily Sabah is closely aligned with the Turkish government:

https://en.wikipedia.org/wiki/Daily_Sabah

So presumably the Turkish government not only knows all about the gold price suppression scheme but also approves of its exposure.

Of course being members of the Bank for International Settlements, the coordinator of the gold price suppression scheme, most governments and central banks also know about it and cooperate with it to some extent. Indeed, six years ago the U.S. economists and fund managers Paul Brodsky and Lee Quaintance argued in a thoughtful study that central banking’s bigger scheme with gold is to redistribute it among central banks to allow them to hedge their foreign exchange exposure in U.S. dollars against the dollar’s inevitable devaluation and then to push the gold price way up to reliquefy themselves:

http://www.gata.org/node/11373

As the scheme is surreptitious and involves rigging markets, it means cheating nearly everyone around the world now and right through to its conclusion, which is why it is a cosmic wrong. But as Manly’s history of the scheme suggests, proving its existence has become like proving a truism. Central banks and governments don’t deny the scheme; they just refuse to discuss it and answer questions about it.

The only deniers left seem to be certain people in the monetary metals industry itself for whom exposure of the scheme might be bad for their business. The deniers are extras playing members of the crowd in a re-enactment of the Hans Christian Andersen fable “The Emperor’s New Clothes.” As they are assisting the bad guys, it’s GATA’s job to expose them too.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END
What are all those monetary metals derivatives held by a few big U.S. banks?

Submitted by cpowell on Sun, 2018-03-18 15:55. Section: Documentation

11:03p ICT Sunday, March 11, 2018

Dear Friend of GATA and Gold:

GATA’s and gold’s old friend Larry Parks, executive director of the Foundation for the Advancement of Monetary Education (FAME, http://fame.org), calls attention tonight to the third-quarter 2017 report of the U.S. Comptroller of the Currency, which shows that just several government-insured U.S. banks hold $45 billion in derivative positions related to monetary metals.

The chart disclosing these positions, appearing on Page 32 of the OCC report, is reproduced at GATA’s internet site here:

http://gata.org/files/PreciousMetalsDerivativesAtFDIC-InsuredBanks.jpg

The full OCC report is posted at GATA’s internet site here —

http://gata.org/files/OCC-Q3-2017-ReportOnBankTrading&Derivatives.pdf

— and at the OCC’s internet site here:

https://www.occ.gov/topics/capital-markets/financial-markets/derivatives…

Parks asks: Are these derivatives a “pass-through” on behalf of bank customers or are they held by the banks on their own behalf?

Of course the probability is that these positions are actually the positions of the U.S. government and other governments using the banks as intermediary cover lest more explicit public records of gold and silver market intervention be created.

After all, filings with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission already have documented that governments and central banks are receiving discounts from CME Group, operator of the major futures exchanges in the United States, for surreptitiously trading all financial and commodity futures contracts offered by CME Group exchanges:

http://www.gata.org/node/14385

http://www.gata.org/node/14411

In January GATA published CME Group’s discount schedule for such trading by governments and central banks:

http://www.gata.org/node/17976

How likely is it that a few U.S. banks would be so involved with the monetary metals derivatives without the approval or instructions of the U.S. government?

After all, in April 2012 Blythe Masters, chief of the commodity division of one of the banks cited in the OCC derivatives report, JPMorganChase, told CNBC that the bank maintained only client positions in the monetary metals, not positions of its own:

https://www.youtube.com/watch?v=gc9Me4qFZYo

https://www.benzinga.com/media/cnbc/12/04/2478161/jp-morgan-commodities-…

https://www.ft.com/content/efc5618a-7e66-11e1-b20a-00144feab49a

http://www.zerohedge.com/news/blythe-masters-blogosphere-silver-manipula…

Of course as far as we can tell nobody from the mainstream financial news media has ever asked Masters or JPM whether those clients include governments or central banks, as CME Group has admitted in its SEC and CFTC filings that it does a lot of secret business with them.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

* * *

END
_____________________________________________________________________________________
Your early MONDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST


i) Chinese yuan vs USA dollar/CLOSED DOWN 6.3320 /shanghai bourse CLOSED UP 9.37 POINTS OR 0.29% / HANG SANG CLOSED DOWN 11.79 POINTS OR 0.04%
2. Nikkei closed DOWN 195.61 POINTS OR 0.90% /USA: YEN RISES TO 106.13/

3. Europe stocks OPENED IN THE RED /USA dollar index FALL TO 89.96/Euro RISES TO 1.2359

3b Japan 10 year bond yield: RISES TO . +.043/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.94/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 62.07 and Brent: 65.95

3f Gold DOWN/Yen DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.578%/Italian 10 yr bond yield UP to 1.982% /SPAIN 10 YR BOND YIELD DOWN TO 1.359%

3j Greek 10 year bond yield FALLS TO : 4.206?????????????????

3k Gold at $1310.80 silver at:16.27 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 34/100 in roubles/dollar) 57.85

3m oil into the 62 dollar handle for WTI and 65 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.13 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9532 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1708 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.578%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.862% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.097% /

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)

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SPRING Breaking Upon Us Now

MMgys

Happy Spring' From All Of Us on the M+M

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Closing Price for Oil, 4:30 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:$62.13

BRENT: $66.08

USA 10 YR BOND YIELD: 2.8537% THIS RAPID ASSENT IN YIELD IS VERY DANGEROUS/DERIVATIVES START TO BLOW UP/

USA 30 YR BOND YIELD: 3.0900%/

EURO/USA DOLLAR CROSS: 1.2339 UP .0053 (UP 53 BASIS POINTS)

USA/JAPANESE YEN:106.12 UP 0.152/ YEN DOWN 15 BASIS POINTS/ very dangerous as yen carry traders are getting killed/yen continues to rise despite the NYSE rising. however gold is now breaking away from yen influence.

USA DOLLAR INDEX: 89.89 DOWN 34 cent(s)/dangerous as the lower the dollar the higher the inflation.

The British pound at 5 pm: Great Britain Pound/USA: 1.4029: up 0.0100 (FROM LAST NIGHT up 100 POINTS)

Canadian dollar: 1.3064 UP 21 BASIS pts

German 10 yr bond yield at 5 pm: +0.568%


VOLATILITY INDEX: 19.43 CLOSED UP 3.63

LIBOR 3 MONTH DURATION: 2.20% ..DANGEROUS LIBOR RISING EVERY DAY

END

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The Week Is Finally Here: Gold & Silver Ready To Crash The Fed’s Party

March 19, 2018 27 6099

SD Outlook: The week we’ve been waiting for has arrived. It’s been a painful ten weeks, but now, it’s showtime. Here’s why…

Let’s start with the main event: The supposed rate hike and Powell’s first presser love-fest.

Do I think the Fed will hike?

Yes I do.

If they are going to keep the illusion that they are shrinking their balance sheet, and by “hiking” 25 basis points, with the float of the overnight funds rate, we’d still be looking at somewhere around a 1.62% effective rate. Hardly any rate at all and still below inflation, thus real rates are negative.

The question is whether the Fed is playing ball on Team Trump?

When the market was coming down in February, I asked if the market was taken down to send a message to President Trump, render Trump ineffective, or curb the masses’ enthusiasm towards him. We will get further clues as we move forward because the one thing that could help in President Trump’s trade wars would be the illusion of a super-strong U.S. economy. So we’ll see.

But this week, it’s all eyes on the Fed.

Monday and Tuesday start the week slow on events:

Bostic may stick his foot in the mouth today, and while Bostic is considered small potatoes in the world of Mr. Potato Feds, Bostic is still a voting member this year. so we’ll see if he can talk the markets, which we commonly call “jawboning”.

On Tuesday the FOMC meeting begins, but those are “closed door” meetings where they’re probably just eating pizza and watching Wolf of Wall Street or Trading Places or something like that.

On Wednesday at 2:00 p.m. EST, that’s when the fun begins:

You see, the Fed has the free will to do whatever they want to interest rates at any time. They don’t have to wait until the conclusion of a meeting to hike, hold or cut, and actually, the best would be to make their move at the beginning of the meeting on Tuesday so they would have a couple days of market action to see and talk about what the immediate effect was, but I digress. They know the effect because they help create it, and for now, they are in control.

But for now, these markets are so massaged, caressed and manipulated that anything other than sticking to the tight script could cause the system to go haywire.

So all eyes are on the Fed on Wednesday at 2:00 p.m. EST.

As a side note, there are also several market moving data releases on Thursday and Friday. It’s very well possible there are two or more versions of that data set up, and depending on what happens to the markets on Wednesday afternoon, if the “desired” effect was not achieved, as in, if the Fed makes a “policy error”, then we could see those data releases with data that brings the narrative back in line.

Do I think the Fed has that much control?

Working with the Plunge Protection Team and together with Stevie’s ESF, yes I do.

The wildcard in all of this is Powell’s speech. That could move markets in addition to the hike. This is the first press conference with Powell at the helm, so it will be a fun one to watch. Grab some popcorn for that one.

With the main event on Wednesday, what can we look for in the markets before and after?

I’m looking for continued pressure on gold & silver. There is the chance the metals rally in anticipation of the move, but we must go with the working assumption that the markets will be prepped in advance for Powell.

Remember, if they smash too hard, especially in silver, there could be a large spec short squeeze which could cause the prep work to backfire.

https://www.silverdoctors.com/gold/gold-news/the-week-is-finally-here-gold-silver-ready-to-crash-the-feds-party/

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Pics Of The Day
























































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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
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Thank You Zero Hedge https://www.zerohedge.com/
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Thank You from MMgys The Love Network <3
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Visit our Friends at GOLDBUGS INDEX https://investorshub.advfn.com/GOLDBUGS-Gold-Spot-(FOREX-XAUUSDO)-COM-GC-Z15-3386/
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and Thank You All for Being With Us Tonight


Wishing You All a Very Nice Spring Day <3

MMgys

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[JD400]

A Retrospective and Signature In Charts of the Crash of 1987

"Life is a school of probabilities."

Walter Bagehot


And, now and again, gravity.

After a long ramp higher, marked by a narrowing rally driven by the concept of portfolio insurance and program trading, the market began to correct lower in the latter part of the year.

The first chart shows the hallmarks of what I had identified as a 'crash scenario' some years ago.

It begins with a long inflation of the financial asset to some high mispricing of risk, in a rally that I call The Ramp. The Ramp tends to be an unusually regular progression higher, as the financial asset rises steadily and without the usual corrections along the way that one might expect. This is a facet of its artificiality and non-market driven genesis.

Over time the asset price rises to a new high that seems almost remarkable looking back over its long progression to new highs that seem divorced from any real fundamentals. There will always be apologists who will try to justify the price through some means, some of which are often a bit tortured in their reasoning and historical soundness.

A correction ensues that may be unusually volatile given recent history, but does not acquire the other characteristics of a panic.

This first correction is often driven by things that may seem not all that significant, which I call a trigger event.

The first correction is most often led by selling in some of those narrow components that took the asset prices higher in the first place. It exhausts itself fairly quickly, and traders and investors are rather quick to come back into the market to buy the dip. This behaviour can be almost reflexive and unthinking, because buying the dip has always paid off with gains as the asset price quickly recovered.

And in a non-event driven top, the asset prices do indeed recover quickly, based on the buying of the dip, to a level equal to or less than the prior top. A very narrow segment of the market may even set new highs. These are those components that are the heart of the new era thinking, or mispricing.

As prices hit this second high, the enthusiasm of the narrowing market trade, often driven by automatic buying based on momentum indicators and algorithms, fades.

The usual progression higher is now clearly broken, and asset prices correct again, often to an equal or greater drop to a second low, breaking the longer term trendline. The confidence of the dip buying automatic buying becomes a bit shaken.

It should be said that support of the asset bubble, which can come from those who wish to 'save' this unsustainable asset mispricing, may be required to shoulder the burden of the market rally almost on its own. But this time it does not invoke the support of broader market purchasing. Buyer have now left the market, and the market supporters and algorithms are left largely standing against the new market trend alone.

This results in the rally that failed. This is the final push higher, which upon its turning lower causes many market participants to being capital protective selling, that causes almost all assets involved to be sold in the hopes of avoiding more losses. And a panic ensues.

The crash of 1987 was particularly sharp, and its recovery into the end of the year was remarkably good, recovering much of the losses. This was an engineered recovery by the Fed under Alan Greenspan, who had the latitude to re-inflate the bubble.

It is interesting to see what 'worked' in this particular crash of 1987. And what declined along with most of the financial assets.

I have included a number of charts that show this below.

I have also added at the very end several charts that show the pattern which we have seen in this long post-election rally to date. The rally has been led, once again, by a narrowing group of big cap tech stocks and certain financial asset companies.

Only one of the assets shown in the charts below stood up in the panic selling in the Crash of 1987. Can you spot which one that was?

The reasons for this bubble are several, but primarily through the increase in liquidity that was almost exclusive funneled to those who were involved with the financial asset markets. This has been abetted by fiscal government policy that is supportive of a continuing narrow wealth bubble, by crippling or removing regulatory safeguards and favoring asset price manipulators through rules and rulings.

It should be noted that the core of the insiders are generally not only out of the market rally, but have placed many bets against it, to profit to the downside, when it fails. No where in recent memory was this more pronounced than in the collapse of the housing bubble economy in 2008, and the many financial instruments that were just flat out vehicles for a control fraud.

That there were so few consequences for this illicit activity has left us with a moral hazard that makes another crisis almost inevitable. It is not that those who are in positions of power and influence do not know this; it is that compared to its value to them personally, they just do not care, and can easily hide behind a lack of accountability and false complexity. Who could have seen it coming?

We will know more about our current situation of the next week or so. It is too early yet to identify it, except to say that the situation appears fragile. So far I would think of this as a market break rather than a crash unfolding.

I suspect that the support activity will center on the buying of the SP 500 futures. This has been the 'go to' remedy for organizational stock market support in the US for some time. But that will only be successful if the tech stocks can join in the rally, and the market support be handed off to a broader set of participants.

A key feature of the stock market today besides all the automatic momentum trading is the huge stock buyback activity by some of the market behemoths, who have been allowed to grow far beyond the constraints against antitrust and monopolist considerations. While this has provided fabulous riches for some, it has concentrated risk in a manner that few really comprehend completely.

A market break is a loss of confidence in this momentum based buying that is able to recover, often through the actions of professional market participants and institutions. It is a symptom, and a portent of greater things to come, if reforms are not taken to stabilize the asset prices and re-establish a firmer connection between risks and returns.

I created most of these charts when I began studying asset mispricing in the prelude to the tech stock bubble and crash, at the end of the 1990's.

Depending on where this goes I may also post a similar retrospective on the more profound crash of 1929 which unfolded and recovered over a much longer time periods. Each asset bubble and collapse has its own characteristics and peculiarities, even though they may share the same signature and many essential aspects.

Also as food for thought, there is a similar but opposite pattern with asset prices that break out higher after a long period of official and semi-official suppression. One generally looks to see this in certain key commodities and currencies that have been long 'managed' for any number of reasons. That pattern breaks out with a ferocity that is similar to but in the opposite direction of a meltdown. Indeed, it can be thought of as a meltup with a large store of potential energy behind it.

No one can forecast a singular event like a market crash with any certainty. Some make a cottage industry of it, but don't count their misses, which are plentiful. They manufacture forecasts to sell them, and the more attention getting the forecast, for good or ill, then the more that they can sell.

Can you tell me what Trump, the Fed, the Chinese, Mother Nature, etc will do next week? No, then how can anyone say what the market may do likely in some response to these sorts of exogenous variables.

But we can assess the mispricing of risks, and look for more fragile times when the required force of any necessary trigger become so slight that the probability of a mishap becomes unusually high. And what I am saying it that we are now there, and unless we do something to change our current trajectory in policy and regulation, that a major market crash can become ever more likely..













Where we are now.







jessescrossroadscafe.blogspot.com/

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MMgys

Good Morning

[JD400]

What's Going On Data


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Lets See Whats Going On >>>>>>>>>>>>>>>>>>

Onwards to the Data News Pics & Fun Fun Fun>>>>>>>>



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Gold $1352.90 +$7.20

Silver $16.69 +$0.16

XAU 82.50 +1.22%

HUI 178.97 +1.19%

GDM 626.21 +1.46%

JSE Gold 1129.86 -1.40

USD 89.05 -0.40

Euro 124.54 +0.98

Yen 95.00 -0.70

Oil $65.55 -$0.33

10-Year 2.846% +0.034

T-Bond 144.5625 -0.15625

Dow 24202.60 +2.84%

Nasdaq 7220.54 +3.26%

S&P 2658.55 +2.72%




The Metals:



Gold climbed $10.10 to $1355.80 in late morning New York trade before it edged back lower into the close, but it still ended with a gain of 0.54%. Silver rose to as high as $16.785 and ended with a gain of 0.97%.



Euro gold fell to about €1087, platinum gained $8 to $950, and copper fell a couple of cents to about $2.98.



Gold and silver equities gained over 1% in the first hour of trade and remained near that level for the rest of the day.



The Economy:



Fed's Dudley Says Bank Executives Should Share the Cost of Fines Bloomberg

NY Fed's Dudley says regulators should increase focus on bank executives Reuters

Robert Shiller: An economic crisis looms amid the chaos brought by Trump MarketWatch

‘America First’ is a bad deal for everyone MarketWatch



Tomorrow brings S&P Corelogic Case-Shiller HPI and Consumer Confidence.



The Markets:



Oil edged lower on profit taking from last week’s gains.



The U.S. dollar index dropped as the euro rose on talk of the ECB raising interest rates as early as the start of next year.



Treasuries traded mostly lower as the Dow, Nasdaq, and S&P gained roughly 3% on easing trade tensions.



Among the big names making news in the market today were GE, Uber, Remington, Facebook, Toys ‘R’ Us’, and Microsoft.



GATA Posts:





China's attempts to supplant dollar face historic difficulties

West Virginia congressman introduces gold standard legislation ...

Ed Steer: A stunning silver CoT report, one for the ages

China signals it could ease Treasury purchases to counter Trump

Crypto has just found a friendly island in the sun



The Statistics:

As of close of business: 3/23/2018

Gold Warehouse Stocks:


9,060,591.220


-

Silver Warehouse Stocks:


258,923,030.073


-80,009.23




New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) AND Mexico Stock Exchange (BMV)


SPDR® Gold Shares


850.543


27,345,794


US$36,972m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)


Gold Bullion Securities


138.13


4,441,056


US$6,021m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam


ETFS Physical Gold


152.66


4,908,200


US$6,652m

Australian Stock Exchange (ASX)


Gold Bullion Securities


11.16


358,789


US$486m

Note: No change in Total Tonnes from yesterday’s data.



COMEX Gold Trust (IAU) Total Tonnes in Trust: 270.34: No change from yesterday’s data.



Silver Trust (SLV) Total Tonnes in Trust: 9,893.08: -49.82 change from yesterday’s data.



The Miners:



Kinross Gold’s (KGC) regulatory investigation and New Gold’s (NGD) board changes were among the big stories in the gold and silver mining industry making headlines today.



WINNERS

1. Harmony


HMY +7.30% $2.50

2. Sibanye


SBGL +5.88% $4.14

3. Silvercorp


SVM +4.06% $2.82



LOSERS

1. Pretivm


PVG -5.26% $6.67

2. Americas Silver


USAS -3.84% $3.51

3. Alamos Gold


AGI -3.15% $5.23

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

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MARCH 26/D-DAY PETRO YUAN FORMAT BEGAN LAST NIGHT AND IT WAS A CORKER: A KISS OF DEATH TO THE USA DOLLAR//LIBOR RISES AGAIN FOR 34 TH CONSECUTIVE DAY/LIBOR-OIS BLOWS OUT AGAIN TO 58.75 POINTS SIGNIFYING BANK REFUSAL TO LOAN TO ONE ANOTHER AND A SHORTAGE OF DOLLARS IN EUROPE/GOLD UP $4.60 TO $1354.60/SILVER UP 11 CENTS TO $16.68

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Bitcoin: BID $8110/OFFER $8,180: DOWN $495(morning)
Bitcoin: BID/ $7883/offer $7953: DOWN $716 (CLOSING/5 PM)

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Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY:492,692 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 595,273 contracts

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

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Related reading

London Property Sees Brave Bet By Norway As Foxtons Profits Plunge

Brexit Risks Increase – London Property Market and Pound Vulnerable

London Property Market Tumbles As Glut of Luxury Apartments Grows To 3,000

London Property Crash Looms As Prices Drop To 2 1/2 Year Low

News and Commentary

Gold hits 5-week high on global trade war fears (Reuters.com)

U.S., China said to be talking behind the scene to avoid trade war (MarketWatch.com)

Asian markets continue to pull back amid trade-war fears (MarketWatch.com)

Death knell tolls for the euro as more European nations repatriate gold – expert to RT (RT.com)

Here’s why the Dow tumbled on the threat of a trade war (MarketWatch.com)
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Source: MarketWatch

A Stunning Silver COT Report: One For the Ages (GoldSeek.com)

Central Bank Money Rules the World (DailyReckoning.com)

The 2017 Stock-Market Rally Minted 700,000 New American Millionaires (ZeroHedge.com)

Silver Speculators Have Never Been This Short (DollarCollapse.com)

The performance of gold before and after Fed rate hikes, in one table (BusinessInsider.com)

Gold Prices (LBMA AM)

26 Mar: USD 1,348.40, GBP 949.27 & EUR 1,086.95 per ounce
23 Mar: USD 1,342.35, GBP 952.80 & EUR 1,088.65 per ounce
22 Mar: USD 1,328.85, GBP 939.36 & EUR 1,078.10 per ounce
21 Mar: USD 1,316.35, GBP 935.53 & EUR 1,071.64 per ounce
20 Mar: USD 1,312.75, GBP 935.60 & EUR 1,066.22 per ounce
19 Mar: USD 1,311.70, GBP 934.59 & EUR 1,066.41 per ounce
16 Mar: USD 1,320.05, GBP 945.42 & EUR 1,071.09 per ounce

Silver Prices (LBMA)

26 Mar: USD 16.61, GBP 11.67 & EUR 13.39 per ounce
23 Mar: USD 16.53, GBP 11.70 & EUR 13.39 per ounce
22 Mar: USD 16.52, GBP 11.64 & EUR 13.41 per ounce
21 Mar: USD 16.25, GBP 11.56 & EUR 13.23 per ounce
20 Mar: USD 16.25, GBP 11.60 & EUR 13.22 per ounce
19 Mar: USD 16.29, GBP 11.59 & EUR 13.24 per ounce
16 Mar: USD 16.48, GBP 11.79 & EUR 13.36 per ounce


Recent Market Updates

– Global Trade War Fears See Precious Metals Gain And Stocks Fall
– Gold +1.8%, Silver +2.5% As Fed Increases Rates And Trade War Looms
– Credit Concerns In U.S. Growing As LIBOR OIS Surges to 2009 High
– Four Charts: Debt, Defaults and Bankruptcies To See Higher Gold
– Crock Of Gold Hidden In Ireland? Happy Saint Patrick’s Day
– Buy Silver And Sell Gold Now
– Stephen Hawking – Doomsday Prophet’s Top Five Predictions
– Gold Cup At Cheltenham – Gold Is For Winners, Not For the Gamblers
– Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony
– Stock Market Selloff Showed Gold Can Reduce Portfolio Risk
– Gold Protects As Cashless Society Threatens Vulnerable
– Women’s Pension Crisis Highlights Dangers To Savers
– London Property Sees Brave Bet By Norway As Foxtons Profits Plunge
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Bulletin Headline Summary from RanSquawk

European bourses shrug off trade concerns with China looking to step up efforts in trade negotiations with the US
A softer USD has seen EUR/USD and GBP/USD reclaim 1.2400 and 1.4200 to the upside respectively
Looking ahead, highlights include ECB’s Weidmann, Fed’s Dudley and Mester

Market Snapshot

S&P 500 futures up 1.35% to 2,632.50
MSCI Asia Pac up 0.4% to 172.60
MSCI Asia Pac ex Japan up 0.5% to 567.49
Nikkei up 0.7% to 20,766.10
Topix up 0.4% to 1,671.32
Hang Seng Index up 0.8% to 30,548.77
Shanghai Composite down 0.6% to 3,133.72
Sensex up 1% to 32,924.47
Australia S&P/ASX 200 down 0.5% to 5,790.47
Kospi up 0.8% to 2,437.08
STOXX Europe 600 up 0.4% to 367.17
German 10Y yield rose 0.9 bps to 0.536%
Euro up 0.3% to $1.2388
Italian 10Y yield fell 0.9 bps to 1.622%
Spanish 10Y yield fell 1.0 bps to 1.259%
Brent Futures down 0.2% to $70.30/bbl
Gold spot little changed at $1,347.94
U.S. Dollar Index down 0.2% to 89.28

Top Overnight News

China and the U.S. are said to quietly have started negotiating to improve U.S. access to Chinese markets, the WSJ reported, with talks being led by Chinese President Xi Jinping’s top economic aide, Liu He, U.S. Treasury Secretary Steven Mnuchin, and U.S. trade representative Robert Lighthizer
Mnuchin says he is ‘hopeful’ that a truce can be reached with China on trade; WSJ reports that China and U.S. quietly started negotiating to improve U.S. access to Chinese markets, according to sources
China is conducting research on second and third lists of U.S. imports subject to the tariffs, China Daily reports; likely to cover airplanes, computer chips and tourism industry
SF Fed’s Williams is the leading candidate to become next president of the Federal Reserve Bank of New York, WSJ reports, citing sources
Italy’s Northern League leader Salvini says that he’s ready to start govt. talks with everyone including Five Star
Trump is preparing to expel dozens of Russian diplomats from the U.S. in response to the nerve-agent poisoning of a former Russian spy in the U.K; likely to be announced today according to people familiar
Guo Shuqing, a high-profile banking regulator and ally of Jinping in cleaning up the financial system, is said to have been appointed as Communist Party secretary of the People’s Bank of China
China launched its first ever crude-futures contract as the world’s biggest oil buyer seeks to wield greater power over pricing and challenge benchmarks in the U.S. and Europe
New Zealand’s central bank agreed to target maximum employment alongside price stability in anticipation of a dual mandate being enshrined in law later this year
League leader Matteo Salvini said he would start talks with Luigi Di Maio of the anti-establishment Five Star Movement and other party leaders on forming Italy’s next government, with pension reform, tax cuts and curbs on immigration as his priorities
U.S. President Donald Trump is poised to take his most aggressive actions yet against Russia on Monday, when he’s likely to announce the expulsion of dozens of diplomats in response to the nerve-gas attack on a former Russian spy living in the U.K.

Asian stocks began the week mostly negative as trade concerns remained at the forefront of market focus and following last week’s losses on Wall St where stocks posted their worst weekly performance in over 2 years and the DJIA slipped into correction territory. ASX 200 (-0.5%) was negative with the index led lower by its largest-weighted financials sector after the harsher losses seen in its US counterparts, while Nikkei 225 (+0.6%) fell to a near 6-month low, before staging a late rally back into positive territory. Elsewhere, Shanghai Comp. (-0.6%) was weighed by trade tensions and rising Chinese money market rates (HKD 12-month HIBOR at 9-year high), while KOSPI (+0.8%) bucked the trend after news that US and South Korea agreed in principal to a revised FTA and with South Korea to be exempted from US tariffs. Finally, 10yr JGBs were subdued as prices failed to benefit from a risk-averse tone with demand dampened amid a lack of Rinban announcement by the BoJ, while a tier-1 US firm was said to be
cautious on 2yr JGBs amid expectations for an increase in auction supply.

Top Asian News

The Builder of One of the World’s Largest Airports Revives IPO
TPG Said to Near Deal for $1.2 Billion Indian Hospital Chain
In Xi’s China Even the Central Bank Has a Party Boss at the Helm
Thailand’s Red Bull Rival Slumps From Top to Bottom of World

European equities are higher across the board (Eurostoxx +0.3%) with the exception of the FTSE MIB (-0.3%), shrugging off the negative sentiment on Wall Street and Asia dictated by looming trade disputes between China and the US. Sectors are making broad gains, healthcare is outperforming after a positive drug update from Roche (+1.6%) and energy is underpinned despite slightly softer oil prices. In terms of individual movers, Fresnillo (+5.5%) is the outperformer in the FTSE100 after an upgrade from Goldman Sachs whereas Smurfit Kappa (-4.3%) is the laggard following its refusal of the takeover offer from International Paper.

Top European News

Catalan Separatists Face Reality Check After Puigdemont Detained
Givaudan Taps Organic Food Trend With $1.6 Billion Naturex Deal
Murray & Roberts Jumps by Record on Unsolicited Takeover Bid

In FX, Nzd/Usd nudging back up towards the 0.7300 level on a surprise NZ trade surplus and broader uptick in risk sentiment overnight as global trade war fears wane somewhat, with market contacts also reporting some decent buy orders in Nzd/Jpy as Usd/Jpy bounces off new recent lows not far off 104.50 to just over 105.00. Note, however, the headline pair has been capped amidst hefty option expiry interest at the big figure today and on Tuesday (around 2.5 bn in total). Aud/Usd is back above 0.7700 and approaching 0.7750 despite a couple of short trades of the week via crosses (vs Jpy and Cad), while Cable has breached the 1.4200 level on a mixture of hawkish BoE impulses and Brexit transition deal optimism. On that note, contacts also note some stopsales in Eur/Gbp from circa 0.8730 to 0.8723, which is the low of the range up to 0.8743. Nevertheless, Eur/Usd remains firm and has popped above 1.2400 on extended gains from trend-line support (1.2349) and its 30 DMA (1.2337). Usd/Cad looking at bids near and under 1.2850 amidst a broadly soft Greenback as the DXY remains sub-89.500 and trade/protectionism concerns continue to weigh.

In commodities, oil futures are modestly lower, albeit remaining in close proximity to recent highs, as price action is centred around China with WTI crude futures failing to hold above USD 66/bbl with demand sapped as the debut of CNY-denominated oil futures contracts stole the limelight and rose 6% in early trade. In the metals bloc, gold is range-bound at around 5-week highs as a subdued greenback and risk-averse tone kept the safe-haven afloat, while copper weakened alongside losses in Chinese metals prices in which Shanghai Rebar dropped to its lowest since July.

US Event Calendar

8:30am: Chicago Fed Nat Activity Index, est. 0.2, prior 0.1
10:30am: Dallas Fed Manf. Activity, est. 33.5, prior 37.2
12:30pm: Fed’s Dudley Speaks on the Future of Financial Regulation
4:30pm: Fed’s Mester Speaks on Monetary Policy
7:10pm: Fed’s Quarles to Speak in Atlanta



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China's oil futures launch may threaten dollar's primacy, UBS analyst says

Submitted by cpowell on Tue, 2018-03-27 01:20. Section: Daily Dispatches

By Kate Duguid
Reuters
Monday, March 26, 2018

NEW YORK -- China's launch of its crude futures exchange today will improve the clout of the yuan in financial markets and could threaten the international primacy of the dollar, argues a new report by Hayden Briscoe, APAC head of fixed income at UBS Asset Management.

"This is the single biggest change in capital markets, maybe of all time," Briscoe said in a follow-up telephone interview.

The launch of the oil futures denominated in China's renminbi currency, also known as the yuan, is China's first commodity derivative open to foreign investors. This marked the culmination of a decade-long push by the Shanghai Futures Exchange to give the world's largest energy consumer more power in pricing crude sold to Asia.

Already today Unipec, the trading arm of Asia's largest refiner Sinopec, has inked a deal with a Western oil major to buy Middle East crude priced against the newly-launched Shanghai crude futures contract.

This helps cement the exchange's viability and challenges the petro-dollar system, in which oil deals are executed in dollars. This would decrease demand for the greenback and boost U.S. inflation. ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-oil-futures-dollar/china-oil-fu...

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China's attempts to supplant dollar face historic difficulties


Submitted by cpowell on Mon, 2018-03-26 15:09. Section: Daily Dispatches

By Mike Bird
The Wall Street Journal
Monday, March 26, 2018

https://www.wsj.com/articles/chinas-attempts-to-supplant-dollar-face-his...

The world's first yuan-denominated oil contracts launched today, as part of China's drive to turn its currency into a global force in markets.

The history of international currency markets suggests that may be a difficult task, though not impossible if Beijing eases the capital controls that make it hard for foreigners to buy up domestic assets, economists say.

Those capital controls and investors' concerns over the opaqueness of Chinese government and central bank policy mean that the yuan remains a minnow in international finance, despite China being the world's largest exporter.

The dollar and euro are global currencies because central banks hold them in their reserves and they are used to buy services and goods both in and outside their home markets.

In launching new yuan-denominated crude-oil futures, Beijing hopes to create an oil benchmark to rival those in New York and London and challenge the dollar's role as the dominant commodity-pricing currency by making it possible for crude exporters to sell oil in another currency.

Professor Barry Eichengreen of the University of California, Berkeley, who writes about the history of currencies in the international financial system, believes the dollar's grip on oil pricing isn't guaranteed.

"As financial markets continue to develop -- as there are liquid markets in more currencies, and currency trading becomes cheaper—- traditional arguments for why one currency should monopolize this function become even weaker," Mr. Eichengreen said.

Still, "I don't think the renminbi will displace the dollar from the global oil market any time soon. Lack of liquidity and accessibility continue to limit its usage," he added.

China's currency has some way to go. The yuan's share of global foreign exchange reserves is just 1.1 percent of the global total, behind currencies like the Australian and Canadian dollars. The U.S. dollar's share is 63.5 percent.

The yuan makes up only 1.1 percent share of international payments, placing it behind seven others, according to payments firm SWIFT. That share has dipped in recent years, from as high as 2.8 percent in August 2015. Currently almost all oil and most commodities are bought and sold in dollars.

However, even in modern history, it hasn't always been this way. Economists point to the demise of the British pound's dominance in world trade as showing that the tide can turn quickly against one currency in favor of another, especially during a crisis.

The London Metal Exchange benchmark copper contract was denominated in sterling until 1993. Even today cocoa trading is priced in sterling.

Though crude has a longer history of being denominated in dollars, due to the U.S.'s status as a major producer, as late as the 1970s oil-producing countries received around a fifth of their royalty payments in sterling, according to economic historian Professor Catherine Schenk.

Before the outbreak of the World War I, dollar-denominated international trade credit was almost nonexistent and British banks dominated the sector. By the mid-1920s the dollar and sterling-denominated trade credit occupied similar market shares.

The economic impact of the First and World War II left London's influence in international finance and trade dramatically weakened, leaving the dollar firmly in the driving seat by the second half of the 20th century.

Sheer economic heft isn't enough to guarantee a currency international primacy. The U.S. economy supplanted the U.K.'s as the world's largest in the 1870s, around half a century before the dollar began to replace sterling as the world's dominant currency.

That is a lesson to China, as its economy catches up with the U.S. and by some measures has already taken over.

One factor currently limiting the adoption of the yuan as a global currency is Beijing's capital controls, which place limits on investment in China. Beijing keeps a tight grip of money coming in and out of the country to maintain control of the country's economy and prevent sudden outflows of capital.

Currently, selling a yuan-denominated future means investors must either exchange the currency back into dollars -- partly defeating the purpose of the contract -- or find assets denominated in the Chinese currency to invest in.

There is no shortage of Chinese assets. The IHS Markit iBoxx Asia China index, a broad index of Chinese bonds, has more than doubled in size in the last 4 1/2 years, to over $11 trillion.

Some of the government controls have already been loosened. In 201, China launched a "bond-connect program" to allow global investors with trading accounts in Hong Kong to access China's interbank bond market.

Just because more foreigners can now buy Chinese bonds, it doesn't mean they will. Some investors say Beijing will have to open up its economy more for that to happen.

"Firstly, China will have to remove, or substantially reduce, capital controls for [renminbi] priced oil trading to take off," said Hayden Briscoe, head of fixed income Asia Pacific at UBS Asset Management.

Mr. Briscoe added that the inclusion of Chinese bonds in major indexes would boost outside investment in the country's debt, given investors and passive funds track such benchmarks.

"When that happens, we're expecting a major reallocation of capital into China's onshore bond markets," Mr. Briscoe said.

Bloomberg LP said Friday it would add Chinese bonds to its Bloomberg Barclays Global Aggregate Index in 2019.

However, the country's controls on capital flows aren't the only concerns. The Chinese government's propensity to intervene in domestic commodity markets and the lack of transparency about the country's monetary policy are also unlikely to find favor among investors.

* * *

Join GATA here: Mining Investment Asia
Tuesday-Wednesday, March 27-28, 2018
Marina Bay Sands, Singapore
https://www.mininginvestmentasia.com/

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West Virginia congressman introduces gold standard legislation ...

Submitted by cpowell on Mon, 2018-03-26 01:08. Section: Daily Dispatches

... and The Wall Street Journal actually lets him publicize it.

* * *

Steel and Aluminum? Let's Talk About Gold

How Fiat Money Hurts My West Virginia Constituents

By U.S. Rep. Alex X. Mooney
The Wall Street Journal
Sunday, March 25, 2018

https://www.wsj.com/articles/steel-and-aluminum-lets-talk-about-gold-152...

I believe in free trade, but I still understand why President Trump is imposing tariffs on steel, aluminum and a range of Chinese products. America's industrial workers have suffered for a long time, and Mr. Trump is fighting to create middle-class jobs.

Achieving that will take more than righting the last administration's wrongs on taxes and regulation, a task already well under way. Blue-collar prosperity was eroded along with American manufacturing. From 2000-10, U.S. manufacturing employment shrank by a third after holding steady for 30 years.


President Trump has rightly blamed bad trade deals, particularly those with Mexico and China, for contributing to this meltdown. But the Federal Reserve deserves a share of the blame, too, since its inflationary policies priced out U.S. manufacturers from global trade. Since 2000, their prices have risen nearly 50%, compared with about 25% for German competitors -- mirroring the domestic inflation rates in each country. As a result, manufacturers fled the U.S., much the way American families have fled high-tax states.

The solution is to take control of the money supply away from the Fed and give it back to the American people—in other words, to return to the gold standard. Gold gets a bad rap in some history books because of its misuse during the 20th century. This ignores its peacetime record of high growth and nil inflation between 1834 and 1913.

Clouding the historical picture are two fake gold standards. The Depression-era gold standard was constructed to make prices fall toward the levels that prevailed before World War I, with the disastrous result of deflation. Then, under the Bretton Woods version after World War II, only foreign central banks could convert dollars into gold. This deformity caused inflation, which skyrocketed after the Fed gained total control of the money supply in the early 1970s.

Since then the U.S. has seesawed between too much and too little money in the economy. The Fed has the impossible task of guessing the market's demand in real time. Its performance worsened in the 2000s because the Fed began to grade itself by how its money creation boosted the financial markets. Today many people are so disillusioned with the dollar's prospects that they have embraced cryptocurrencies like bitcoin.

My constituents in West Virginia get little of the upside from the Fed's money creation and most of the downside. They don't benefit from speculative investment returns, but they do lose their jobs and homes when the local plant decides to close because it's too expensive to compete from the U.S.

The current Federal Reserve system benefits elites. The gold standard is equitable and puts “we the people” in control of the money supply. That's why it was part of America's founding and has been a key to the country's long economic success.

On Thursday I introduced a bill that would return the dollar to the gold standard—the first such attempt since Jack Kemp's Gold Standard Act of 1984. Under this legislation the Fed would still exist, but it would administer the money supply rather than dictate it. Instead the market would be in charge, the supply and demand for money would match up, and prices would be shaped by economics rather than the instincts of bureaucrats.

Like President Trump, I believe that success is again possible for Americans who go to work every day and build things. Mr. Trump's vision of how the American economy could and should work resonated with voters in 2016. Returning to the gold standard is a way for the president to deliver on his promise of American working-class prosperity.

-----

Mr. Mooney, a Republican, represents West Virginia's Second Congressional District.

GATA
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Bubbles Rebounding

“When everyone thinks central bankers, money managers, corporate managers, politicians or any other group are the smartest guys in the room, you are in a bubble.”

Doug Kass, Ten Laws of Stock Market Bubbles


"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."

Bernard Baruch


Stocks just ripped back higher today, led by the SP 500 futures overnight.

During the day market, the gains were led by, wait for it— tech and financial stocks. Mission accomplished.

Old bubbles never die. They are just repeatedly resurrected by the banking system and the Fed.

Gold and silver put in a nice performance for a Comex Options expiration. Let's see if they can build on this, despite any 'gut checks' that new holders of futures contracts might receive post-expiration.

This is Holy Week for Christians. The US markets will be closed on Friday.

Have a pleasant evening.








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Gold $1325.90 +$0.20 -1.47%

Silver $16.34 +$0.05 -1.15%

XAU 81.12 +1.85% -0.47%

HUI 175.41 +1.52% -0.82%

GDM 612.39 +1.10% -0.74%

JSE Gold 1127.39 -3.86 -0.34%

USD 90.06 -0.07 +0.68%

Euro 123.04 -0.02 -0.42%

Yen 94.05 +0.49 -1.72%

Oil $64.94 +$0.56 -1.43%

10-Year 2.742% -0.031 -2.49%

Bond 146.40625 +0.53125 +0.97%

Dow 24103.11 +1.07% +2.42%

Nasdaq 7063.44 +1.64%+1.01%

S&P 2460.87 +1.38% -4.92%

The Metals:



Gold fell $4.50 to $1321.20 in late morning New York trade, but it then rallied back higher into the close and ended with a gain of 0.015%. Silver dropped down to $16.222 in early New York trade, but it then rallied to as high as $16.363 in afternoon trade and ended with a gain of 0.31%.



Euro gold remained at about €1078, platinum lost $5.50 to $927.50, and copper climbed 3 cents to about $3.03.



Gold and silver equities climbed steadily higher throughout the day and ended with gains of nearly 2%.



The Economy:



Chicago PMI Slows to 57.4 in March Investing

Consumer Sentiment in U.S. Surges to Highest Level Since 2004 Bloomberg

U.S. consumer spending up slightly; jobless claims at 45-year low Reuters



The Markets:



Oil gained almost 1% on the outlook for OPEC to extend output curbs beyond this year.



The U.S. dollar index traded mostly lower and treasuries rose ahead of the 3-day weekend.



The Dow, Nasdaq, and S&P gained roughly 1.5% on easing concerns about increased regulation for tech companies.



Among the big names making news in the market Friday were Constellation Brands, Amazon, Barclays, Facebook, and Intel.



GATA Posts:





Sean Rushton: Monetary reform would rebalance trade

Barrick Gold founder and philanthropist Peter Munk dies at 90



The Statistics:

Activity from: 3/28/2018

Gold Warehouse Stocks:


9,060,591.220


-

Silver Warehouse Stocks:


260,510,104.171


+474,900.568



Global Gold ETF Holdings

[WGC Sponsored ETF’s]






Product name


Total Tonnes


Total Ounces


Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) AND Mexico Stock Exchange (BMV)


SPDR® Gold Shares


846.119


27,203,556


US$36,002m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)


Gold Bullion Securities


138.13


4,441,056


US$5,871m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam


ETFS Physical Gold 152.66 4,908,200


US$6,488m

Australian Stock Exchange (ASX)


Gold Bullion Securities 11.16 358,789


US$475m

Note: No change in Total Tonnes from yesterday’s data.



COMEX Gold Trust (IAU) Total Tonnes in Trust: 271.38: +1.04 change from yesterday’s data.



Silver Trust (SLV) Total Tonnes in Trust: 9,893.08: No change from yesterday’s data.



The Miners:



Goldcorp’s GG deposit of gold onto Tradewind's blockchain, Randgold’s GOLD mining code proposal and dividend, Alamos Gold’s AGI dividend, Gold Field’s GFI JV with Asanko Gold, and First Majestic’s AG updated Mineral Reserve and Resource estimates were among the big stories in the gold and silver mining industry making headlines today. (Last Thursday)



WINNERS

1. Avino


ASM +6.54% $1.385

2. Nevsun


NSU +5.31% $2.38

3. Freeport


FCX +4.90% $17.57



LOSERS

1. Alio Gold


ALO -1.52% $1.95

2. Sibanye


SBGL -1.24% $3.99

3. Gold Fields


GFI -0.99% $4.02

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

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Day In A Chart


Gold Gains In Q1 As Stocks, Bonds, Cryptos, Dollar Tumble Amid Trade Tantrums, Techlash

Well that was an hour, day, week, month, quarter…

Despite recent weakness, gold wins Q1…



In equity land, The MSCI All-World Index of global stocks snapped a seven-quarter winning streak – its longest such stretch of gains since 1997 – while global bonds are set for their first decline in currency neutral terms since 2016.



This is the first quarterly drop for the S&P since Q3 2015 (China devaluation, flash crash) and this is the first back-to-back monthly losses for S&P since Oct 2016, and the biggest 2-month drop since Sept 2015.



The S&P broke its 9-quarter winning streak (biggest 2-month drop since Q1 2016), Dow also broke its 9-wtr win streak, with the biggest 2-month drop since Q3 2015 but Nasdaq managed to close green for a 7-quarter winning streak (but March was the worst month since Q1 2016).



Small Caps scrambled back into the green briefly for the quarter today (that would be the 9th quarterly gain in a row) – BUT THEN FAILED!

Despite the total bloodbath in FANG-style stocks in the last few weeks (down 8.2% in March, the biggest drop since Jan 2016), NYSE FANG+ managed to gain 8% in Q1 – its 7th quarterly advance in a row.



Financials had an ugly Q1 in Europe (2nd quarterly drop in a row, March worst month since Brexit in June 2016) and US (first quarterly drop since Q1 2016 and March was the worst month for US financials since Jan 2016)



BTFD disappeared in Q1 as the SMART money is fleeing the market…



VIX had its biggest quarterly spike since September 2011 (and is up two quarters in a row for the first time since 2015). While February was the biggest monthly spike since Aug 2015, March also rose (up 5 of the last six months) – interesting that VIX started to snap on a monthly basis when The Fed started normalizing its balance sheet…



On a normalized basis, the S&P ‘VIX’ rose the most in Q1 (even as Nasdaq ‘VIX’ spiked most this week)…



European HY credit spreads widened for the second quarter in a row (Q1 was worst since Q3 2015) andEuropean IG credit spreads exploded wider for the first time since Q3 2015 with March the biggest IG spread spike since the crisis). HY spreads were stable in the US but IG crashed wider in Feb and March (March worst month for US IG since Jan 2016)



And perhaps most ominously, LIBOR-OIS spreads exploded for the second straight quarter, by the most since Q3 2011 (to its widest since Q1 2009).



The broad US bond market’s total return fell in Q1 – the first drop since Q4 2016 – but March was the best month for bonds since August 2017… but all yields were higher across the term structure in Q1…



March saw the biggest yield curve flattening since September 2011 (the 7th flatter month in the last 8) and closed flatter for the 15th quarter of the last 17… 2s30s plunge to a 60 handle today!! – the lowest since Oct 2007



After winning in every quarter last year, Risk Parity funds tumbled in Q1 and while March was unchanged, February was the worst month for RP funds since Nov 2016…



The Dollar Index fell for the 5th straight quarter (the longest streak since March 2008) to its weakest level since Dec 2014. The Loonie was the worst performing major against the dollar and JPY the best performer



This was the worst quarter for cryptocurrencies ever with Bitcoin down almost 50% and breaking below its 200DMA…



Crude surged almost 10% on the quarter – the 3rd quarter of gains in a row (and WTI is up for the 6th month of the last 7) and gold gained over 2% but, despite the dollar weakness, silver and copper ended Q1 notably lower..



Having got the month and quarter out of the way, this week was total chaos – a combination of horrific headlines, weak liquidity, and concentrated positions into quarter-end spark massive realized vol in many asset classes, but nowhere more than in stocks, tech stocks…



A crazy day…



Futures show the real chaos since Jay Powell hiked rates… (NOTE – did traders already forget what happened on Tuesday’s panic-bid meltup?)



And investors have AMZN to thank for today’s mega-ramp…



AMZN was desperately trying to get back to its 100DMA…



FANG Stocks closed lower on the week even with today’s meltup…



Tesla was the worst-performing stock on the Nasdaq but many of the so-called FANGMAN stocks were ugly…TSLA, AMZN, NFLX, TSLA, and NVDA ended the week red (noted FB – upper orange – tumbled into the close on some new headlines)



Bank stocks bounced today but faded into the close…



The Dow bounced back above its Fib 38.2% retrace line today…



The S&P 500 held above its 200DMA once again but ios making lower highs…



Seriously though, if today’s spike in stocks wasn’t OPEX/Window-Dressing then we don’t know what is…



Treasury yields tumbled on the day with only the 2Y yield higher on the week…



The yield curve plunged on the week… with 2s30s hitting a 69 handle for the first time since Oct 2007



The Dollar Index was up on the week (lower today)…



Copper surged in the last 36 hours to end the week green but PMs and crude are lower…



Cryptos Carnaged this week… again…



We conclude with Mark Cudmore’s comments from before the open today:

The S&P 500 has yet to really break down — the longer it holds above the 200-day moving average, the bigger the crash will likely be when it happens.

WTI has again failed to hold above $65, forming a very ominous double top that must make the near- record net longs for WTI nervous. With U.S. output surging, and sliding commodities signaling a slowdown in demand for raw materials, the stars are aligning for a big, disinflationary step down by crude.

Treasury 10-year yields have had to be dragged down kicking-and-screamingbecause the Fed is sticking to its dots, but the latest capitulation of the term premium forewarns of a larger collapse in rates.

When they do, that will cast doubt on the Fed’s guidance and spread a fresh wave of disruption across assets that will start out in bonds, currently less volatile than FX and stocks relative to historical norms

So, rest up and enjoy those chocolates.

Bonus Chart: The Analogs remain…



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End of the First Quarter

"Greater love hath no one than this: to lay down their life for their friends. You are my friends if you do what I command...

And this is my commandment— love one another."

John 15:13,17


Stocks managed to end the first quarter in very quiet trading with an afternoon rally. Oh, well done.

Gold, silver, and the US Dollar were largely unchanged.

Bloomberg says that the Treasury Yield curve is the flattest it has been since 2007. You don't see that every day. lol.

Federal Regulators decided not to challenge a lower court ruling that exempts Collateralized Loan Obligations (CLO) from the 'skin in the game' rule of Dodd-Frank.

Like a dog returns to its vomit, here we go again.

Speaking of which, there will be a Non-Farm Payrolls Report for March next Friday.

Need little - Want less - Love more.

Happy Easter.

Have a pleasant weekend.


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Thank You Harvey Honored To Post Your Work Man !
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~Welcome To :

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Gold $1346.00 +$1.60

Silver $16.67 +$0.03

XAU 83.98 -0.12%

HUI 182.48 -0.52%

GDM 637.55 -0.20%

JSE Gold 1097.04 -17.23

USD 89.46 -0.30

Euro 123.78 +0.38

Yen 93.29 +0.19

Oil $66.22 -$1.17

10-Year 2.832% +0.010

T-Bond 145.53125 +0.125

Dow 24573.04 +0.87%

Nasdaq 7156.28 +0.70%

S&P 2677.84 +0.81%

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The Metals:



Gold chopped between $1348.60 and $1341.20 in Asia before it climbed up to $1350.50 in midmorning New York trade and then drifted back lower into the close, but it still ended with a gain of 0.12%. Silver edged down to $16.55 before it rose to as high as $16.77 and then also fell back off, but it still ended with gain of 0.18%.



Euro gold fell to about €1088, platinum lost $1 to $926, and copper climbed 3 cents to about $3.09.



Gold and silver equities waffled near unchanged for much of the morning before they fell to see about 1% losses by midafternoon and then bounced back higher intro the close, but they still ended with modest losses on the day.



The Economy:



U.S. Business Inventories Rise In Line With Estimates In February Nasdaq

U.S. Homebuilder Sentiment Declined in April for a Fourth Month Bloomberg

US retail sales beat expectation, but Empire State survey showed outlook waned sharply Action Forex



Tomorrow brings Housing Starts and Industrial Production.



The Markets:



Oil fell almost 2% and the U.S. dollar index dropped with treasuries as the Dow, Nasdaq, and S&P gained almost 1% on easing concerns about tensions in the Middle East.



Among the big names making news in the market today were Allegiant, Bristol-Myers, Bank of America, and Netflix.



GATA Posts:

IMF loans should be paid in gold, not dollars, Turkey's president says


Submitted by cpowell on Mon, 2018-04-16 21:00. Section: Daily Dispatches

From Ahval News, Gibraltar
Monday, April 16, 2018

Turkish President Recep Tayyip Erdogan today suggested that International Monetary Fund loans should be paid in gold instead of dollars.

"These debts should be in gold, because at this point the karat of gold is unlike anything else. The world is continually putting us under currency pressure with the dollar," the Turkish president was quoted as saying by business news site patronlardunyasi in a speech in Istanbul. "We need to save states and nations from this currency pressure."

The president said Turkey had attracted $180 billion of international investment between 2006 and 2017. ...

... For the remainder of the report:

https://ahvalnews.com/imf-turkey/imf-loans-should-be-paid-gold-not-dolla...

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Prosecution unfair to bullion bank trader, federal judge says

Submitted by cpowell on Mon, 2018-04-16 20:31. Section: Daily Dispatches

4:32p ET Monday, April 16, 2018

Dear Friend of GATA and Gold:

The first of the bullion bank traders being brought to trial on charges of manipulating the U.S. gold and futures markets, Andy Flotron, has been treated unfairly by the prosecution, a federal judge has ruled.

That's the latest report from Australian financial writer Allan Flynn, proprietor of the "Comex, We Have a Problem" blog. Flynn's report is headlined "Man Bites Dog at Flotron's Trial" and it's posted here:

http://comexwehaveaproblem.blogspot.com.au/2018/04/man-bites-dog-at-flot...

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Ronan Manly: Spoofing futures and banging fixes -- same banks and trading desks


Submitted by cpowell on Mon, 2018-04-16 20:09. Section: Daily Dispatches

4:10p ET Monday, April 16, 2018

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly, examining the U.S. government prosecution of three bullion banks charged with manipulating and "spoofing" the monetary metals futures markets in the United States, notes today that the banks and traders cited were also simultaneously operating in the daily gold and silver price fixings in London. The U.S. futures markets and the London fixings influence each other's prices, Manly writes, and market regulators would have to be pretty obtuse not to follow the U.S. evidence to London in search of market manipulation there.

Manly's analysis is headlined "Spoofing Futures and Banging Fixes: Same Banks, Same Trading Desks" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/spoofing-futures-banging-f...

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Jay Taylor: How much longer can the American empire run on fake money?


Submitted by cpowell on Mon, 2018-04-16 10:42. Section: Daily Dispatches

6:44a ET Monday, April 16, 2018

Dear Friend of GATA and Gold:

Financial letter writer Jay Taylor's new commentary, "How Much Longer Can the American Empire Run on Fake Money?," cites GATA's work and adds:

"The one currency that would put all nations on an even playing field would be gold. A gold standard would mean the United States would have to earn its way to wealth rather than print money to pay for endless wars, death, and destruction.

"Nixon took us off the international gold standard in 1971 for that very reason, which enabled banks and financial institutions to get rich by impoverishing Americans with debt and job losses funded by bankers who have access to printing-press money. It also made it possible for America to fund endless wars with debt.

"But to keep the dollar viable, its leading competitor had to be held at bay. Hence smackdowns like the one this past Wednesday."

Taylor's commentary has been posted in the clear at Zero Hedge here:

https://www.zerohedge.com/news/2018-04-15/how-much-longer-can-american-e...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

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The Miners:



McEwen’s MUX Q1 2018 production results, AngloGold’s AU CEO,

Silvercorp’s SVM spillage incident, and Fortuna’s FSM first

quarter 2018 production results were among the big stories in the

gold and silver mining industry making headlines today.



WINNERS

1. Gold Standard


GSV +3.61% $1.72


2. Taseko


TGB +3.36% $1.23


3. Nevsun


NSU +1.90% $2.68




LOSERS

1. Sibanye


SBGL -4.08% $3.53


2. Harmony


HMY -3.83% $2.01


3. Pretium


PVG -2.93% $6.96


Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

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datadatadatadatadatadatadatadatadatadatadatadatadatadata
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April COALITION OF FORCES STRIKE CHEMICAL OPERATIONS INSIDE SYRIA/MINOR RESPONSES FROM BOTH CHINA AND RUSSIA/GOLD UP $2.80 TO $1347.90/SILVER UP 7 CENTS TO $16.68/US HAS DECIDED NOT TO WITHDRAW ITS TROOPS FROM SYRIA/USA HOLDING A MASSIVE DRILL OF 4,000 TROOPS JUST OUTSIDE SYRIA IN AQABA/MORE SWAMP STORIES.
April 16, 2018 · by harveyorgan · in Uncategorized · Leave a comment




GOLD: $1347.90 UP $ 2.80 (COMEX TO COMEX CLOSINGS)

Silver: $16.68 UP 7 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1346.00

silver: $16.68

For comex gold:

APRIL/
NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:3 NOTICE(S) FOR 300 OZ.

TOTAL NOTICES SO FAR 663 FOR 66300 OZ (2.062 tonnes)

THE COMEX IS OUT OF GOLD

For silver:

APRIL
120 NOTICE(S) FILED TODAY FOR
600,000 OZ/

Total number of notices filed so far this month: 264 for 1,320,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX



Bitcoin: BID $8026/OFFER $8129: up $180(morning)

Bitcoin: BID/ $7937/offer 8037: up $88 (CLOSING/5 PM)


end

Let us have a look at the data for today

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In silver, the total OPEN INTEREST SURPRISINGLY FELL AGAIN BY A CONSIDERABLE 2350 CONTRACTS FROM 220,167 FALLING TO 217,817 DESPITE FRIDAY’S 17 CENT RISE IN SILVER PRICING. . WE AGAIN HAD CONSIDERABLE COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD A SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 693 EFP’S FOR MAY AND 75 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE OF 768 CONTRACTS. WITH THE TRANSFER OF 768 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 768 EFP CONTRACTS TRANSLATES INTO 3.84 MILLION OZ ACCOMPANYING THE RISE IN SILVER PRICE AT THE COMEX AND THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR APRIL COMEX DELIVERY.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

32,982 CONTRACTS (FOR 11 TRADING DAYS TOTAL 32,982 CONTRACTS) OR 164.910 MILLION OZ: AVERAGE PER DAY: 2,998 CONTRACTS OR 14.991 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 164.910 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 23.55% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 883.395 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR FEB 2018: 244.95 MILLION OZ

ACCUMULATION FOR MARCH 2018: 236.67 MILLION OZ

RESULT: WE HAD A CONSIDERABLE SIZED LOSS IN COMEX OI SILVER COMEX OF 2350 DESPITE THE 17 CENT GAIN IN SILVER PRICE. WE MUST HAVE HAD SOME SHORTCOVERING BY THE BANKERS AS NOT ALL OF THE LOST COMEX OPEN INTEREST LANDED IN LONDON AS FORWARDS. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 768 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 693 EFP’S FOR THE MONTH OF MAY AND 75 EFP CONTRACTS FOR JULY, WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE LOST 1582 OI CONTRACTS ON THE TWO EXCHANGES: i.e. 768 open interest contracts headed for London (EFP’s) TOGETHER WITH AN DECREASE OF 2350 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 17 CENTS AND A CLOSING PRICE OF $16.67 WITH RESPECT TO FRIDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS NON ACTIVE APRIL DELIVERY MONTH.

In ounces AT THE COMEX, the OI is still represented by WELL OVER 1 BILLION oz i.e. 1.089 BILLION TO BE EXACT or 156% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 120 NOTICE(S) FOR 600,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51 ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION

AND YET WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest FELL BY AN HUGE SIZED 7,572 CONTRACTS DOWN TO 506,429 DESPITE THE GOOD SIZED GAIN IN PRICE/FRIDAY’S TRADING ( RISE OF $6.15). WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 10,403 CONTRACTS : JUNE SAW THE ISSUANCE OF 10,403 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 506,429. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED OI GAIN IN CONTRACTS ON THE TWO EXCHANGES 7572 OI CONTRACTS DECREASED AT THE COMEX AND AN STRONG SIZED 10,403 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 2831 CONTRACTS OR 283100 OZ =8.805 TONNES.

FRIDAY, WE HAD 16,673 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 121,191 CONTRACTS OR 12,119,100 OZ OR 376.95 TONNES (11 TRADING DAYS AND THUS AVERAGING: 11,017 EFP CONTRACTS PER TRADING DAY OR 1,107,000 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 112 TRADING DAYS IN TONNES: 376.95 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 376.95/2550 x 100% TONNES = 14.78% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 2,421.42 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018: 649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018: 741.89 TONNES

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

Result: A HUGE SIZED DECREASE IN OI AT THE COMEX OF 7,572 DESPITE THE RISE IN PRICE // GOLD TRADING YESTERDAY ($6.15 GAIN). HOWEVER, WE HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,403 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 10,403 EFP CONTRACTS ISSUED, WE HAD A GOOD SIZED NET GAIN OF 2831 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

10,403 CONTRACTS MOVE TO LONDON AND 7,572 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 8.805 TONNES).

we had: 3 notice(s) filed upon for 300 oz of gold at the comex.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $2.80 : WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 865.89 tonnes.

SLV/

WITH SILVER UP 7 CENTS TODAY: NO CHANGES/

/INVENTORY RESTS AT 320.196 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE 2350 CONTRACTS from 220,167 DOWN TO 217,817 (AND AWAY FROM THE NEW COMEX RECORD SET YESTERDAY/APRIL 9/2017). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 ALMOST ONE YEAR AGO. THE PRICE OF SILVER ON THAT DAY: $17.89.

THE RATHER LARGE COMEX LOSS OF 2350 CONTRACTS, OCCURRED DESPITE THE CONSIDERABLE RISE IN PRICE OF SILVER (17 CENTS//). THE COMEX OPEN INTEREST HAS FALLEN FOR 5 CONSECUTIVE DAYS. HOWEVER OUR BANKERS ALSO USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 693 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 75 EFP’S FOR JULY AND ALL OTHER MONTHS. TOTAL EFP ISSUANCE: 768 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 2350 CONTRACTS TO THE 3768 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL NET LOSS 1582 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 7.910 MILLION OZ!!! AND THIS OCCURRED WITH A RISE IN PRICE OF 17 CENTS???

RESULT: A LARGE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE RISE IN SILVER PRICING / FRIDAY (17 CENTS/) . BUT WE ALSO HAD ANOTHER SMALL SIZED 768 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 21.06 POINTS OR 0.66% /Hang Sang CLOSED DOWN 22.90 POINTS OR 0.07% / The Nikkei closed UP 118.46 POINTS OR 0.55%/Australia’s all ordinaires CLOSED UP .22% /Chinese yuan (ONSHORE) closed UP at 6.2805/Oil UP to 66.85 dollars per barrel for WTI and 71.70 for Brent. Stocks in Europe OPENED IN THE GREEN . ONSHORE YUAN CLOSED UP AT 6.2805 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.2760 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/
SOUTH KOREA/NORTH KOREA



i)North Korea/South Korea
b) REPORT ON JAPAN
3 c CHINA

i)No question about it: China is on the side of Russia in this conflict:

( zerohedge)
ii)China/Russia/USA
What on earth is Trump smoking: accusing Russia and China of currency devaluation when both of the currencies has been on a rise especially the Chinese yuan. The only reason that the Russian rouble is weaker is due to sanctions and the war rattling between the USA and Russia due to what is going on in Syria
( zerohedge)
iii)China is not going to like this: The White House has just banned all USA firms from selling parts to China’s Telecom Giant ZTE
( zerohedge)
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Saturday night/Israel/Syria

Israel launches an attack against a military base in Syria/Saturday night following the USA, Br. and French attack Friday night

( zerohedge)

ii)Sunday
USA/RussiaUSA is not withdrawing their troops from Syria until their goals are accomplished…whatever that is. However, to create more ire from the Russians more sanctions are coming on Monday

( zerohedge)
iii)Russia/USA

That did not take long: Trump hits Russia with new sanctions over the Syrian gas attack. More oligarchs are named and this time there are penalties if aid is given by any company or anyone assisting the Nord Stream 2 project. This is getting out of hand:

( zerohedge)

iii b)then Trump for whatever reason halts the plan for more Russian sanctions

( zerohedge)

iv)This is getting scarier by the minute: USA is now launching a huge 4,000 USA troop military drill on the edge of Syria, at the town of Aqaba. Within a tiny distance of Aqaba lies the Israel port of Eilat

( zerohedge)
v)MONDAY/RUSSIA AND USA
Putin warns the west of a global “chaos” if they hit Syria again
( zerohedge)
vi)Russia reveals who staged the Syrian gas attack and provides pictures of the staging. USA hilariously claims that Moscow may have tampered with the site

( zerohedge)
6 .GLOBAL ISSUES
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS

i)As we have pointed out to you, the new tax reform law passed by the USA has caused a huge dollar repatriation but that repatriation has caused a massive shortage of dollars in Europe and Asia. We are now witnessing the collapse of the Iranian rial due to that shortage.

(courtesy Radio Farda/GATA)

ii)A good commentary from Jay Taylor: how much longer can the USA hegemony run on fake currency?

( Jay Taylor/GATA)
10. USA stories which will influence the price of gold/silver

i)USA Morning Data

A surprise rebound in retail sales in March with Autos the big winner

( zerohedge)

b)We are continuing to see disappointing soft data reports. Today it was the NY manufacturing Empire report and it fell notably below expectations

(courtesy zerohedge)

ii a)USA Morning trading:

Bonds are just not buying this obvious manipulation

( zerohedge)

iii)Friday night/Trump claims a perfectly executed strike on chemical facilities inside Syria

( zerohedge)

iv)China not to enthralled with the USA airstrikes into Syria, Friday night. Both Germany and Italy refuse to participate

( zerohedge)

v)Syria claims that it’s Russian made defense system intercepted 71 out of the 103 cruise missiles launched. The uSA states that all 103 hit their target.

( zerohedge)

vi)OPCW investigators arrive in Damascus right after the attack and they are stating that it looks like the “White Helmets” or western sympathizers who staged the gas attack

( zerohedge)

vii)David Stockman/part ii and part ii/ on how the Deep State is closing in on the Donald ”

(Part ii/part iii)

viii)An excellent paper by Tom Luongo as he tries to explain to us how the Deep State is controlling Trump and only for the good sense of Mattis, have we avoided war

( Tom Luongo)

ix)SWAMP STORIES

a)Comey just threw Obama and Lynch under the bus with the Clinton email investigation in that in his words: complicated matters

(courtesy zerohedge)

b)Lawyer Michael Cohen refuses to disclose the identity of his “third client” as this soap opera continues

( zerohedge)
Let us head over to the comex:

The total gold comex open interest FELL BY AN LARGE SIZED 7572 CONTRACTS DOWN to an OI level 506,429 DESPITE THE RISE IN THE PRICE OF GOLD ($6.45 GAIN/ FRIDAY’S TRADING). FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE. THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. WE HAD 10,403 FOR JUNE, 0 CONTRACTS ISSUED FOR MAY AND ZERO FOR ALL OTHER MONTHS: TOTAL 10,403 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2831 OI CONTRACTS IN THAT 10,403 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 7572 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 2831 contracts OR 283,100 OZ OR 8.805 TONNES.

Result: AN LARGE SIZED DECREASE IN COMEX OPEN INTEREST DESPITE THE RISE IN PRICE FRIDAY (ENDING UP WITH A GAIN OF $6.15)THE TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 2831 OI CONTRACTS..

We have now entered the active contract month of APRIL where we LOST 35 contracts LOWERING TO 1304 contracts. We had 0 notices served yesterday, so we lost 35 contracts or an additional 3500 oz will not stand for delivery in this active delivery month of April and these lost contracts JOIN THEIR BROTHERS AS THEY MORPH INTO EXCHANGE FOR PHYSICAL CONTRACTS (EFP’S) ONCE THEY HAVE BEEN NEGOTIATED, WRITTEN UP AND SEALED. (i.e. London based forwards)

May saw A LOSS of 71 contracts to stand at 1224. The really big June contract month saw a LOSS of 8215 contracts DOWN to 379,704 contracts. The next big delivery month after June is August and here the OI FELL BY 851 contracts DOWN to 48,747.

We had 3 notice(s) filed upon today for 300 oz at the comex

THERE IS NO QUESTION THAT THE COMEX DOES NOT HAVE ANY GOLD TO SATISFY UPON OUR LONGS.
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY:250,404 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 281,381 contracts

comex gold volumes are RISING AGAIN

Here is a summary of the latest gold trading volumes at the Comex per year

certainly the introduction of EFP’s has certainly had an effect:

Meanwhile, gold-trading volumes on the COMEX have never been higher:

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And now for the wild silver comex results.

Total silver OI FELL AGAIN BY 2350 CONTRACTS FROM 220,167 DOWN TO 217,817 (AND AWAY FROM THE NEW RECORD OI FOR SILVER SET APRIL 9.2018) DESPITE THE 17 CENT RISE IN SILVER PRICING. HOWEVER, WE ALSO WERE ALSO INFORMED THAT WE HAD A SMALL 693 EMERGENCY EFP’S FOR MAY ISSUED BY OUR BANKERS: 75 EFP CONTRACTS ISSUED FOR JULY AND ZERO FOR ALL OTHER MONTHS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. THE TOTAL EFP’S ISSUED: 768. WE SURPRISINGLY AND SHOCKINGLY AGAIN HAD CONTINUAL LONG COMEX SILVER LIQUIDATION. ON A NET BASIS WE LOST 1582 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 2350 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 768 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET LOSS ON THE TWO EXCHANGES:1582 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the non active delivery month of April and here the front month LOST 0 contracts STAYING AT 216 contracts. We had 0 notices filed upon so in essence we GAINED 0 contracts or NO additional ounces of silver will stand for delivery in this non active delivery month of April. However I made an error and we gained 600,000 oz on Thursday.

The next big active delivery month for silver will be May and here the OI LOST 3993 contracts DOWN to 104,727. June saw a GAIN of 26 contracts to stand at 99. The next big delivery month for silver is July and here the OI ROSE by 1566 contracts UP to 75,798.

We had 120 notice(s) filed for 600,000 OZ for the APRIL 2018 contract for silver
INITIAL standings for APRIL/GOLD

APRIL 16/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
7233.75 oz
Scotia
225 kilobars
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
3 notice(s)
n300 OZ
No of oz to be served (notices)
1304 contracts
(130,400 oz)
Total monthly oz gold served (contracts) so far this month
663 notices
66,300 OZ
2.062 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
from the last week of March til today, we have had only 3 small entries for gold and they were all of the “kilobars” variety
From my vantage point, the comex is void of gold. This rarely happens in a delivery month as gold is called upon to deliver.
***
we had 1 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 1 withdrawals out of the customer account:
i) Out of Scotia: 7233.75 oz (225 kilobars)
total withdrawal: 7233.75 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)

For APRIL:
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 3 contract(s) of which 2 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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To calculate the INITIAL total number of gold ounces standing for the APRIL. contract month, we take the total number of notices filed so far for the month (663) x 100 oz or 66300 oz, to which we add the difference between the open interest for the front month of APRIL. (1304 contracts) minus the number of notices served upon today (3 x 100 oz per contract) equals 196,700 oz, the number of ounces standing in this active month of APRIL (6.118 tonnes)

Thus the INITIAL standings for gold for the APRIL contract month:

No of notices served (660 x 100 oz or ounces + {(1304)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 196,700 oz standing in this active delivery month of APRIL . THERE IS 12.003 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE LOST 35 COMEX OI CONTRACTS OR 3500 OZ OF GOLD WILL NOT STAND BUT THESE GUYS MORPHED INTO LONDON BASED FORWARDS.
total registered or dealer gold: 385,923.014 oz or 12.003 tonnes
total registered and eligible (customer) gold; 9,051,749.97 oz 281.547 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 12.003 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES. THERE IS HARDLY ANY GOLD AT THE COMEX TO SERVE UPON LONGS AND THUS THE REASON FOR THE EFP TRANSFER OVER TO LONDON.

IN THE LAST 18 MONTHS 72 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE APRIL DELIVERY MONTH
APRIL INITIAL standings/SILVER
APRIL 16/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
nil
oz
Deposits to the Dealer Inventory
602,312.800
oz
Brinks
Deposits to the Customer Inventory
2353.300 oz
brinks
Delaware
No of oz served today (contracts)
120
CONTRACT(S
600,000 OZ)
No of oz to be served (notices)
96 contracts
(480,000 oz)
Total monthly oz silver served (contracts) 264 contracts

(1,320,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

total dealer deposits: nil oz

we had 2 deposits into the customer account

i) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 140 million oz of total silver inventory or 53.4% of all official comex silver. (140 million/263 million)

JPMorgan did not deposit into its warehouses (official) today.

ii) Brinks: 1000,000

iii) Into Brinks: 1953.300 oz

total deposits today: 2953,300 oz

we had 0 withdrawals from the customer account;

total withdrawals; nil oz

we had 0 adjustment

total dealer silver: 60.055 million

total dealer + customer silver: 263.796 million oz

The total number of notices filed today for the APRIL. contract month is represented by 120 contract(s) FOR 600,000 oz. To calculate the number of silver ounces that will stand for delivery in APRIL., we take the total number of notices filed for the month so far at 264 x 5,000 oz = 1,320,000 oz to which we add the difference between the open interest for the front month of April. (216) and the number of notices served upon today (120 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the APRIL contract month: 264(notices served so far)x 5000 oz + OI for front month of April(216) -number of notices served upon today (120)x 5000 oz equals 1,800,000 oz of silver standing for the April contract month

WE LOST 0 SILVER CONTRACT OR 0 ADDITIONAL OUNCES WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF APRIL

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ESTIMATED VOLUME FOR TODAY: 85,768 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 74,914 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 74,914 CONTRACTS EQUATES TO 374 MILLION OZ OR 53.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -2.37% (APRIL 16/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.58% to NAV (APRIL 16/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.37%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.58%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -2.42%: NAV 13.86/TRADING 13.53//DISCOUNT 2.42.

END

And now the Gold inventory at the GLD/

April 16/WITH GOLD UP$2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 13/WITH GOLD UP $6.15, A HUGE DEPOSIT OF 5.90 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 865.89 TONNES

April 12/WITH GOLD DOWN $17.40/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

April 11/WITH GOLD UP $13.85/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859,99 TONNES

APRIL 10/WITH GOLD UP $5.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 9/WITH GOLD UP$4.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 6/WITH GOLD UP $7.50 ,A HUGE CHANGE IN INVENTORY AT THE GLD/ A DEPOSIT OF 5.90 TONNES/INVENTORY RESTS AT 859.99 TONNES

APRIL 5/WITH GOLD DOWN $8.20 WE HAD TWO ENTRIES: 1) TINY WITHDRAWAL OF .28 TONNES TO PAY FOR FEES AND 2) A DEPOSIT OF 2.06 TONNES//INVENTORY RESTS AT 854.09 TONNES

April 4/WITH GOLD UP $2.90 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 3./WITH GOLD DOWN $9.30 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 2/WITH GOLD UP $19.50, WE HAD A BIG CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 6.19 TONNES/INVENTORY RESTS AT 852.31 TONNES

MARCH 29/WITH GOLD DOWN $3.20 AND OPTIONS EXPIRY FINISHED, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS A 846.12 TONNES

March 28/WITH GOLD DOWN $16.70, ANOTHER RAID ORCHESTRATED, AGAIN NO SURPRISES AS WE WITNESS ANOTHER 1.18 TONNES OF GOLD REMOVED/INVENTORY RESTS AT 846.12 TONNES

MARCH 27/WITH GOLD DOWN $11.70 AND A RAID INITIATED, IT WAS NO SURPRISE TO SEE THAT A MASSIVE WITHDRAWAL OF 3.24 TONNES WAS USED IN THE ABOVE RAID/INVENTORY RESTS AT 847.30 TONNES

MARCH 26./WITH GOLD UP $4.60/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 23/WITH GOLD UP $23.30/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

MARCH 22.WITH GOLD UP $5.90, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES/

MARCH 21/WITH GOLD UP $9.65 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.54 TONNES

March 20/WITH GOLD DOWN $5.75, A SURPRISING HUMONGOUS DEPOSIT OF 10.32 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 850.64 TONNES/

SO FAR, FOR THE MONTH OF MARCH, THE GLD HAS ADDED 19.61 TONNES WITH A NET LOSS OF $17.45

March 19/WITH GOLD UP $5.25: ANOTHER HUGE DEPOSIT OF GOLD TO THE TUNE OF 2.07 TONNES/GOLD INVENTORY RESTS TONIGHT AT 840.22 TONNES

MARCH 16/WITH GOLD DOWN $5.65/OUR CROOKS DEPOSITED ANOTHER 4.42 TONNES INTO GLD INVENTORY/INVENTORY RESTS AT 838.15 TONNES

FOR THE WEEK: GOLD LOST $11.80, BUT GOLD INVENTORY ADVANCED:4.42 TONNES

MARCH 15/WITH GOLD DOWN $7.85, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 14/WITH GOLD DOWN $1.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

MARCH 13/WITH GOLD UP $6.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 833.73 TONNES

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APRIL 16/2018/ Inventory rests tonight at 865.89 tonnes

*IN LAST 362 TRADING DAYS: 75.15 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 312 TRADING DAYS: A NET 81.15 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

April 16/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 13/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ.

April 12/WITH SILVER DOWN 27 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 11/2018/WITH SILVER UP 16 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 10/WITH GOLD UP 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 9/WITH SILVER UP 12 CENTS/WE HAD NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 6/WITH SILVER UP 4 CENTS, WE HAD A HUGE DEPOSIT OF 1.319 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 5/WITH SILVER UP 6 CENTS/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 318.877 MILLION OZ/

April 4/WITH SILVER DOWN 11 CENTS/A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHRAWAL OF 135,000 OZ AND THIS IS PROBABLY TO PAY FOR FEES/INVENTORY RESTS AT 318.877 MILLION OZ/

APRIL 3./WITH SILVER DOWN 16 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

APRIL 2/WITH SILVER UP 34 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 29/WITH SILVER UP 6 CENTS, THE CROOKS DECIDED THAT THEY HAD BETTER ADD SOME 943,000 PAPER OZ TO THEIR INVENTORY/INVENTORY RESTS AT 319.012 MILLION OZ

March 28/WITH SILVER DOWN 27 CENTS/AGAIN NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ

MARCH 27/WITH SILVER DOWN 14 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

WITH SILVER UP 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 23/WITH SILVER UP 19 CENTS, A HAD A BIG WITHDRAWAL OF 1.602 MILLION OZ.INVENTORY RESTS AT 318.069 MILLION OZ/

MARCH 22/WITH SILVER DOWN ONE CENT, NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 21/WITH SILVER UP 21 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 20/WITH SILVER DOWN 13 CENTS/NO CHANGE IN SLV INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

March 19/WITH SILVER UP 5 CENTS, THE SLV ADDS A SMALL 659,000 OZ TO ITS INVENTORY/INVENTORY RESTS AT 319.671 MILLION OZ/

MARCH 16/WITH SILVER DOWN 15 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ.

FOR THE WEEK; SILVER IS DOWN 42 CENTS YET ADDS 943,000 OZ OF SILVER INTO THE SLV/

MARCH 15/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 14/WITH SILVER DOWN 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 13/WITH SILVER UP 10 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

HAD ANOTHER HUGE ADDITION OF 1.315 MILLION OZ/INVENTORY RESTS AT 316.590 MILLION OZ/

APRIL 16/2018: A NO CHANGES IN SILVER INVENTORY:
Inventory 320.196 million oz

end

6 Month MM GOFO 1.99/ and libor 6 month duration 2.49

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 1.99%

libor 2.49 FOR 6 MONTHS/

GOLD LENDING RATE: .50%

XXXXXXXX

12 Month MM GOFO
+ 2.73%

LIBOR FOR 12 MONTH DURATION: 2.46

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.27

end
Major gold/silver trading /commentaries for MONDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Global Debt Bubble Hits New All Time High – One Quadrillion Reasons To Buy Gold

16, April

– Global debt bubble hits new all time high – over $237 trillion
– Global debt increased 10% or $21 tn in 2017 to nearly a quarter quadrillion USD
– Increase in debt equivalent to United States’ ballooning national debt
– Global debt up $50 trillion in decade & over 327% of global GDP
– $750 trillion of bank derivatives means global debt over $1 quadrillion
– Gold will be ‘store of value’ in coming economic contraction
– Global debt is the mother of all bubbles

Source: Bloomberg

Global debt has now reached over 327% of global GDP, $237 trillion. Prior to the financial crisis it was less that $150 trillion. The amount by which it has surged in just one year is the same amount as the ballooning national debt of the United States.

The response of our leaders, central bankers and financial thinkers to this latest data?

It was good news as it showed that thanks to global growth the ratio of debt-to-gross domestic product fell for the fifth consecutive quarter. No irony in the fact that the economic growth is entirely funded by debt itself – adding another shaky layer to the house of cards.

Christine Lagarde said earlier this week:

The bottom line is that high debt burdens have left governments, companies, and households more vulnerable to a sudden tightening of financial conditions. This potential shift could prompt market corrections, debt sustainability concerns, and capital flow reversals in emerging markets.

A sudden tightening of financial conditions is inevitable. The latest FOMC minutes released yesterday showed that members plan to increase interest rates at a faster rate than previously expected. This was inevitable given the loose monetary policy that central banks have been enjoying for the last decade.

As Jim Rickards summarises:

We hear that the U.S. is facing a debt crisis because budget deficits are out of control. We hear that China is facing a debt crisis because of wasted infrastructure investment, bank Ponzi schemes and bad loans to money-losing state-sponsored enterprises.

Next we hear that emerging markets are facing a separate debt crisis because of dollar-denominated debt that cannot be repaid if higher U.S. interest rates lead to a stronger dollar.

In short, the whole world seems to be facing a debt crisis in various forms.

Global debt is primarily made up of three groups: non financial corporates, governments and households. Each as indebted as the next, each as addicted as the next with no detox programme on offer.



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Hey We Got All Night

.............To Set The World Right


MMgys

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Turnaround lifts mood as miners gather

Sources of investment in exploration shift in Alaska, while the state's producing mines boost output on strength of higher prices


For the first time in five long years, the mood at the recently held Alaska Miners Association Convention in Anchorage was buoyant, the result of a slow but steady turnaround on mineral investments in the state.

Additional new corporate interest in the state emerged during the past 30 days, and sources of exploration funds coming to Alaska continue to shift, with estimates for 2017 suggesting that 62 percent of this financing comes from Canadian concerns, 18 percent from U.S.-based concerns and a surprising 20 percent from Australia.

Strong base metal prices are contributing to profitable production from the Red Dog and Greens Creek mines, while stable precious metal prices support strong mining operations at Fort Knox, Pogo, Kensington and Greens Creek. The short and long-term view of most of the industry is a slowly strengthening industry demand for Alaska's raw materials.

One final sure sign of a turnaround: At the recent RBC Annual Senior Gold Conference, major gold producers played down any significant interest in new mergers or acquisitions, making me think they are all looking for just that sort of opportunity!

Western Alaska

CopperBank Resources Corp. announced additional results from a 13 diamond-drill-hole, 3,690-meter, 2017 drill program on its 100-percent- controlled Pyramid copper project near Sand Point.

Significant results include hole 17PY037, which is entirely outside the historical resource envelope and was mineralized from 7.3 meters over its entire length, returning 324.3 meters grading 0.31 percent copper.

In addition, 17PY035 intersected a total of 251 meters grading 0.41 percent copper, including a near-surface intercept of 137 meters of 0.45 percent copper and a second deeper interval of 114 meters of 0.37 percent copper; and hole 17PY036 intersected 179.5 meters of 0.37 percent copper.

The results from 17PY035 and previously reported drill holes confirm a minimum length of 800 meters for the Main Zone.

The company also announced that it has commissioned a remote sensing radar and hyperspectral survey of the project to help map structural and alteration features of the deposit.

Interior Alaska

Kinross Gold Corp. announced third-quarter 2017 results from the Fort Knox mine near Fairbanks.

The mine produced 101,041 ounces of gold at a cost of $641 per oz in the three months that ended Sept. 30, compared with 110,396 oz of gold at a cost of $743/oz in the year-previous period.

Production decreased slightly compared to the same period a year ago, largely due to lower amounts of tonnage placed on the heap leach pad.

Operating costs decreased year over year due to a decrease in operating waste mined and lower contractor costs as the site began to transition to the completing of more maintenance functions in-house.

The mill treated 3,228,000 metric tons of ore grading 0.88 grams-per-metric-ton gold with a mill recovery of 81 percent.

The heap leach saw additions of 6.088 million metric tons of ore, grading 0.26 g/t gold.

Freegold Ventures Ltd. reported results from its 2017 drilling program on the Shorty Creek copper-molybdenum-gold prospect near Livengood.

Significant results from the Hill 1835 prospect include hole SC17-01, which returned 360 meters grading 0.24 percent copper, 0.07 g/t gold and 4.04 grams per metric ton silver, hole SC17-02, which intersected 339 meters grading 0.30 percent copper, 0.05 g/t gold and 5.72 g/t silver, and hole SC17-03, which intersected 105.2 meters grading 0.27 percent copper, 0.05 g/t gold and 6.75 g/t silver.

Nine holes have been drilled within the 700 x 1,000-meter magnetic high at Hill 1835, which remains open both laterally and at depth.

Porphyry-style mineralization is associated with potassic and pervasive sericite alteration, within hornfelsed sedimentary rocks that are cut by porphyritic dykes and sills.

The copper mineralization is primarily chalcopyrite with subordinate Bornite.

Assays are pending on one hole completed in the center of a 2,500 meter by 2,000-meter magnetic anomaly at the Steel Creek prospect, 2,500 meters north of the Hill 1835 area.

Contango ORE Inc. announced that Peak Gold LLC, the company's joint venture with Royal Alaska, a wholly-owned subsidiary of Royal Gold Inc. has funded $28.7 million to date of their optional $30 million capital investment in the joint venture with the phase 3 2017 limited drilling program at its Peak Gold project near Tok.

The phase 3 program, completed in mid-October, consisted of eight holes offsetting the previously announced West Peak Extension area, and while five of these holes intersected gold-bearing intervals, the thickness was not comparable to the phase 2 program hole that originally generated the interest in the zone.

The company also announced that a stream sediment sampling program was completed on its Noah block, west of the main resource area.

The sampling identified three areas with anomalous gold or gold/copper stream sediments where follow-up work is warranted.

Alaska Range

Alaska newcomer Quantum Resources Ltd. reported the acquisition of several prospects in the western Alaska Range.

The company has indicated that it acquired the right to earn into several prospects from AK Minerals Pty Ltd., including the Chip-Loy nickel-copper-cobalt sulfide project and the Estelle gold project.

The Chip-Loy prospect contains disseminated to massive sulfides, mainly pyrrhotite and chalcopyrite, with minor cubanite and sphalerite, and trace galena, bravoite, violarite, tetradymite as well as undetermined cobalt-nickel-iron arsenides.

The prospect lies at the contact of a magnetic high and magnetic low zone adjacent to a southeast-northwest trending fault extending into the Roberts prospect.

At Estelle, a series of gold and copper-gold prospects occur over a 20-mile north-south distance in Jurassic and Cretaceous marine sedimentary rocks that are intruded by the 65-66 Ma granodiorite of Mount Estelle plutonic complex.

Under terms of the deal, Quantum will pay about US$155,000 in cash and can earn a 30 percent initial interest by spending US$300,000 on exploration over the first 12 months from the date of exercise of the option, a further 21 percent interest through spending an additional US$1million on exploration over the first 2 years from the date of exercise of the option, and a further 19 percent interest through spending an additional US$2 million on exploration in years three and four from the date of the exercise of the option.

Quantum can continue to fund the projects through to completion of a bankable feasibility study, at which point if AK Minerals decides not to contribute proportionately, its interest will dilute to a minimum 15 percent and a 2 percent net smelter return production royalty.

Welcome to Alaska Quantum Resources Limited!

Southeast Alaska

Hecla Mining Company announced final production results for the third quarter of 2017 at its Greens Creek mine in Southeast Alaska.

Output totaled 2,344,315 oz of silver and 12,563 oz of gold, compared with 2,445,328 oz of silver and 11,988 oz of gold, in the third quarter of 2016.

The mill operated at an average of 2,391 short tons per day, a life-of-mine record for the operation.

The average grade of ore mined during the quarter was 13.65 ounces per short ton silver, compared with 15.4 oz/t silver in the year-previous period.

Average by-product grades were 0.089 oz/t gold, 2.77 percent lead and 7.47 percent zinc.

During the third quarter, the mine produced 2,344,315 ounces of silver, 12,563 oz gold, 4,851 tons lead and 14,325 tons zinc.

The cash cost per silver ounce dropped to a negative US15 cents, down dramatically from US$4.80 in the third quarter 2016.

Less silver production resulted from lower grades due to mine sequencing.

Lower costs were attributed to higher base metal prices and record mill production rates.

2017 silver production is estimated to total 7.8 million to 8.2 million oz, while gold production is pegged at 51,000-53,000 oz. On the exploration front, drilling in the third quarter targeted the Deep 200 South, East Ore, Gallagher and the Upper Plate zones.

Exploration drilling on the Deep 200 South Zone extended the 200 South Bench mineralization south of current resources.

Drilling on the East Ore, Gallagher and Upper Plate zones upgraded and expanded the known resource.

Previous drilling on the East Ore, Gallagher and Upper Plate zones also delivered strong assay results.

Significant intercepts in the East zone include 75.1 oz/t silver, 0.16 oz/t gold, 5.32 percent zinc and 2.67 percent lead over 9.5 feet in an area without previously identified resources and another exploration drill hole intercepted 11.0 oz/t silver, 0.13 oz/t gold, 12.8 percent zinc and 7.3 percent lead over 7.7 feet within an area of no previously identified mineralization.

Additional exploration is planned for the East zone in 2018.

Significant intervals from the Upper Plate Ore Zone included 75.2 oz/t silver, 0.09 oz/t gold, 6 percent zinc and 3 percent lead over 5.4 feet.

This mineralization is close to underground mine infrastructure and only 300 feet below the mine portal.

Drilling of the Gallagher Zone identified new mineralization between current resources and included 11.6 oz/t silver, 0.09 oz/t gold, 5.2 percent zinc and 2.5 percent lead over 32.3 feet.

Surface drilling was completed on targets in the Gallagher, East Ore and 5250 zones.

Drilling on the Gallagher Zone intersected mineralized sheared veins and breccia intervals of up to 100 feet thick containing higher-grade intervals of 1.5 feet to four feet wide that have up to 15 percent zinc and 4.0 oz/t silver.

This mineralized structure appears to be the same Klaus Shear identified within the mine workings east of the Gallagher fault.

The mineralized Klaus Shear now extends 1,500 feet west of the mine and over 3,000 feet north to south.

Drilling successfully intercepted the main mine horizon of the 5250 Zone over 2,000 feet south of the known resource showing promising alteration at the contact.

Constantine Metal Resources Ltd. reported additional assay results for four drill holes from resource expansion and upgrade drilling at the AG Zone at its Palmer volcanogenic massive sulfide deposit near Haines.

A total of 10,718 meters were drilled as part of the recently completed dual focus resource expansion and regional exploration drill program.

The 2017 program included 10 holes for 3,221 meters at South Wall, 13 holes for 4,993 meters at the AG Zone, three holes for 1,006 meters at the Cap prospect, and six geotechnical holes totaling 1,499 meters.

Drilling at AG Zone has continued to successfully define the zone with step-outs along strike and to depth from the initial discovery holes.

Significant new results include 30.5 meters grading 7.3 percent zinc, 0.2 percent lead, 0.1 percent copper, 6 grams-per-metric-ton silver, 0.1 g/t gold from hole CMR17-92, 7.8 meters grading 6.69 percent zinc, 0.81 percent lead, 0.11 percent copper, 34.6 g/t silver, 0.26 g/t gold from hole CMR17-99, 41.3 meters grading 5.79 percent zinc, 0.15 percent lead, 0.14 percent copper, 9.2 g/t silver, 0.05 g/t gold from hole CMR17-96 and 127.6 meters grading 0.98 percent zinc, 0.32 percent lead, 0.04 percent copper, 184.2 g/t silver, 0.4 g/t gold from hole CMR17-94.

Collectively, the drill-defined strike length is 225 meters, a vertical dip length of 275 meters and all sides are open to expansion.

Mineralization consists of stacked stratabound zones, including a high-grade silver-gold upper zone, and a zinc-rich lower zone.

The additional drilling also has shown that most of the AG Zone occurs on the steep, relatively planar limb, of a large-scale fold structure.

Mineralization is stratigraphically correlative with high-grade surface prospects located hundreds of meters along trend to the northwest (Waterfall and CAP) and southeast (JAG).

https://www.miningnewsnorth.com/story/2017/12/03/opinion-and-guest-columns/turnaround-lifts-mood-as-miners-gather/4544.html

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Thank You Harvey Honored To Post Your Work Man !
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Thank You GATA http://www.gata.org/
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Thank You from MMgys The Love Network <3
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and Thank You All for Being With Us Tonight

MMgys

Wishing You All a Very Nice Day <3

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[JD400]

Morning Blast

MMgys

Good Morning

[JD400]

*Page 5* The Lost Opata Mine–Hidden Silver Cache

MMGYS sound track

The catholic church of Tumacacori Mission, which dates back to the eighteenth century and is situated about 50 miles south of Tuscon, Arizona, used to be operated by Spanish descendants. These natives from Spain who moved into the area and built the church had strong intentions of converting the American Indian natives, also known as Opata and Papogo Indians, to Christianity.


The Mining of the Lost Opata Mine

In the year 1766, a huge discovery of silver was made very close to the church. The Spaniards’ intentions altered a little as now they not only wanted the Indians to convert to Christianity but also wanted them to work the silver in various mines around the area. As compared to the rest of the mines, there was one mine that the Indians were specifically drawn to.

As this mine was extremely productive, the missionaries allowed the Indians to continue mining there. This mine was known as the Opata mine. Towards the back of this mine there was a huge covered space which was used for the storage of all the silver produced.



Sacrificing the Mayo Indian Princess

Little did the Spaniards know, that even after their tremendous efforts of converting the Indians to Christianity, the Opata’s continued to practice their own rituals in the same room that was used for storing the silver. However, it seemed that the Indians were somewhat influenced by the teachings of the missionaries, as when they heard about the wanderings of a Mayo Indian princess alone in the desert, they were sure of her being the next Virgin Mary.

As a result of their strong faith, the Indians abducted the princess and kept her in captivity tied around the huge heap of silver behind the Opata Mine. They insisted her to marry their chief in order to provide him with his savior child. However, to their dismay, the princess refused to do so and preferred dying rather than marrying the chief. Out of anger, it was decided by the Chief and the Indians that they would sacrifice the princess to the gods they believed in.

The princess’ hands were cut and were rubbed with poison. They told her that as soon as the sun rays fell on her poisoned wound, she would die. As soon as the sun rays beamed into the room, the men began to dance and sing around the princess as a part of their ritual. On hearing the loud noise coming from the room, one of the Spanish men came to inspect the place and was disturbed to see the dead princess and the Indians celebrating around her.

Horrified by the acts of the Opata Indians, the Spaniards forced the Indians out and set the entrance to the mine on fire with the dead body of the princess and the silver still inside. The mine was sealed forever.

It is said that one may still find the remains of the princess along with the bulk of silver abandoned at the Lost Opata Mine. The mine is thought to be located somewhere close to the Tumacacori Mission and might now be a part of the Tumacacori National Park.

Jesse Winchester - Mississippi You're On My Mind
https://www.youtube.com/watch?v=VqmqdLo94QM

[JD400]

Started by Mexican gold miners in California Happy_Cinco_de_Mayo

What is Cinco de Mayo?
GYS

OK Moving ON.....................

Linda Ronstadt - El Crucifijo de Piedra - Yo soy El Corrido

GYS

https://www.youtube.com/watch?v=FaRf4DpHxgY
https://www.youtube.com/watch?v=78qrCnaslj8

[JD400]

Pic Of The Day

History Repeating>>>>> Pictures Of The Day<<<<<<

MMGYS

[JD400]

MMgys_Tomb Raiders "Gold Teeth & Old Coin" Auction

Freshly dug grave spoils from Doctor Tomb's bi Weekly Auction.

Most reputable coin shops hold auctions. Look for one near you.

Doctor Tombs is one of the oldest coin shop & auction in the country.

76 years

this auction is Not Online

Sharing my seven coin picks now showing on the auction board.

Ok here we go.......First off we have a

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1990s Silver Eagle

Ultra cameo

Proof 69

Grey sheet Bid Price $50.00

Current Last Bid $35.00

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Bakers Dozen 13

Ancient Roman Coins

In small unopened bag

Great Research Group (Meaning nobody has listed the different emperors per coin)

Opening Bid price $30.00

Current Last Bid none yet

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All eyes on this one.....

Silver Denarius

42 BC. L. Livineus

Very Good VG

Listed price $200.00 VF

Sear#478/2 (cat. number)

Opening bid price $40.00

Current last bid $40

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1879s Morgan Dollar

Gem UNC (uncirculated)

MS64

$60.00 grey sheet

Opening Bid Price $40.00

Current Last Bid $50.00

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251-253 AD. Trebuninus Gallus

Opening Bid Price $15.00

Current Last Bid none yet

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1874 Seated Liberty 50 cent

Opening Bid Price $32.00

Current Last Bid $33.00

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1951 D Washington Quarter

Opening Bid Price $3.00

Current Last Bid $3.50

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Manilla Money Horn

3feetX4" cylinder copper with Bronze handle

( Looks like something you would carry a fire in)Ugly

, Manillas serve as money and decorative objects before they had currency in Africa

Opening Bid on Hold until day of auction

Ref https://en.wikipedia.org/wiki/Manilla_(money)

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One of many catalog search sites

Coin Explorer Search

https://www.ngccoin.com/coin-explorer/

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You Can

Catch "Doctor Tombs Metals & Coin review" segment in the next MMGYS show

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(Segment Debut)

[JD400]

Happy Mothers Day Moms <3

Along my daily walk I've been grabbing desert flowers and bringing them to a special dedicated family tree planted by the river for my Mom this week.

As I walk the route I always find a lemon or two and blessed with lemon aid after the long walk.

But today was different not only a lemon but the most beautiful giant red lily just laying there in the ally. It was made of plastic and silk but looks so real. Obviously somebody pitched it over their wall in hopes someone may want it.

I was elated to find it knowing Mom is just going to love it so much.

I walked faster thinking of all the times I gave her flowers, How I used to dig in the florist garbage when I was a kid finding giant bokays for her and my adult years how I was their for her with flowers at every occasion every year .

Reaching the river I could see the family tree area about a mile away.

Looking way down there I thought I could see a image of a person standing in the path.

Was it her I thought, I'm I seeing a vision.

The vision faded with each gander

Really walking fast now

and with vigor remembering how I used to just blow her away with beautiful flowers. Oh how I cherish the feelings.

She was there today I just knew it. It's her, I was going to see my Mom again.

so I yelled out Hi Mom your going to Love this Lily

I arrived at the tree and said a little prayer and planted the Lily under it.

Not only did I feel my Mom was there but the whole family seemed to show up in spirit.

My message today

Moms Waiting

Happy Mother's Day - A Beautiful Video
https://www.youtube.com/watch?v=pVBdF2QU3Kk

Epic Mothers Day Trailer by Motion Worship
https://www.youtube.com/watch?v=ZDMSEgJWzN0

[JD400]

Pics Of The Day

Prisoner>>>>>>Pics Of The Day<<<<<<<

MMgys

BARBRA STREISAND PRISONER (LOVE THEME FROM 'EYES OF LAURA MARS'
https://www.youtube.com/watch?v=ue17mO_zmIs

[JD400]

Bringing Data & News To Life


Good Morning Ladies and Gentlemen

MMgys

~Welcome To :

~*~Mining & Metals Du Jour~*~ Graveyard Shift~


Always a Pleasure To Have You with Us



MMgys

OK Lets Go >>>>>>>>>>>>>>>>>>

Onwards to the Data News Pics & Fun >>>>>>>>>>>>>>>>>>>>>>>>>



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Ex-UBS Trader Found Not Guilty Of Spoofing Precious Metals Markets

It’s no wonder Andre Flotron has such a big smile on his face…



As we detailed previously, following news coverage of the charging of five precious metals traders and three banks in January, Commodities Futures Trading Commission and Department of Justice documents reveal a global criminal cabal of 16 traders operating in at least four major financial institutions between 2008 and 2015 to defraud COMEX gold and silver futures markets.



Of the many examples published, one reveals a UBS AG precious metals trader known as “The Legend,” spoofed sell orders to push down the price of gold futures on September 6, 2011, the day the gold market attained, and commenced a lengthy retreat, from its historic peak of US $1,923.70.

Flotron, a Swiss citizen, worked at UBS in Stamford and then in Zurich. He was arrested in 2017 while visiting his girlfriend in New Jersey. As Bloomberg notes,prosecutors say Flotron manipulated markets by placing “trick” buy or sell orders, and quickly canceling them to either shift prices up or down.

He was charged with scheming to engage in the practice with a subordinate, whom he trained to “spoof,” and another trader over a period of about five years starting in 2008. Economic turmoil at the time led to historic rallies in the prices of precious metals, especially gold.

Witnesses for the government included the former trainee, Mike Chan, 35, who testified that he learned Flotron’s methods while the two were working at the Swiss bank’s Stamford, Connecticut, office in 2008. Chan said he sat next to Flotron and learned to spoof by watching over his shoulder.

Chan then took those skills and applied them when he was transferred to the bank’s Singapore office, where he engaged in a separate conspiracy with a former trader for Deutsche Bank AG.

So having got that background out of the way, the big news of the day is…

Bloomberg reports that Andre Flotron was found not guilty of scheming to manipulate futures markets through a practice known as spoofing.

Andre Flotron, 54, was cleared of wrongdoing by a federal jury in New Haven, Connecticut, on Wednesday of a single count of conspiracy to engage in commodities fraud.

Bloomberg reports that Flotron’s defense attorney Marc Mukasey said in closing arguments that the government’s case was “prosecution by statistics” through charts and graphs and relied on testimony from two former traders who cooperated in exchange for agreements that they wouldn’t be prosecuted, and couldn’t be trusted.

“You can’t take their word for anything,” Mukasey said, noting that neither cooperator told jurors they explicitly agreed to spoof with Flotron. The practice entailed placing and quickly canceling orders to shift prices up or down.

“They’ve got a motive to tell the story the government wants.”

He could have faced as long as 25 years in prison if convicted, but now he is free to go back to not-spoofing precious metals markets.

“We’re extremely pleased with the jury’s verdict,” Mukasey said.

“Justice has been done.”

Nope – nothing to see here, move along average joes.

end

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The Metals:



Gold gained $4.30 to $1296.80 in Asia before it dropped back to $1286.50 in London and then bounced back higher in New York, but it still ended with a loss of 0.16%. Silver edged up to $16.342 before it fell back to $16.187, but it then climbed to new session highs into the close and ended with a gain of 0.55%.



Euro gold rose to about €1093, platinum lost $12 to $886, and copper climbed a couple of cents to about $3.07.



Gold and silver equities waffled near unchanged and ended mixed.


The Markets:



Oil turned slightly higher after the Energy Information Administration reported that crude inventories fell 1.4 million barrels, gasoline inventories fell 3.8 million barrels, and distillates fell 92,000 barrels.


The U.S. dollar index traded mostly higher as the euro fell following “reports that a likely future Italian government would seek debt forgiveness from European creditors.”


Treasuries traded mixed as the Dow, Nasdaq, and S&P mostly rose on decent economic data and surprisingly positive results from Macy’s.

Among the big names making news in the market today were Netflix, Amazon, and Macy’s.


The Miners:



Randgold’s (GOLD) grant of awards to directors, Yamana Gold’s (AUY) first quarter production, Avino’s (ASM) first quarter results, and MAG Silver’s (MAG) first quarter results were among the big stories in the gold and silver mining industry making headlines today.



WINNERS

1. Gold Resource


GORO +5.98% $5.67

2. Freeport


FCX +4.26% $16.64

3. Taseko


TGB +2.56% $1.20



LOSERS

1. Avino


ASM -4.90% $1.36

2. Harmony


HMY -3.78% $1.78

3. Seabridge


SA -2.80% $10.40

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

GATA Posts:

Who cares about 'peak gold' until there's 'peak paper'?

Submitted by cpowell on Wed, 2018-05-16 23:18. Section: Daily Dispatches

'We're Right at Peak Gold': All Major Deposits Have Been Discovered, Declares Goldcorp Chairman

By Gabriel Friedman
National Post, Toronto
Wednesday, May 16, 2018

Ian Telfer, chairman of Goldcorp Inc., is the latest industry magnate to predict the world has reached "peak gold," saying that from here on out, mine production will continue to decline because all the major deposits have been discovered.

"If I could give one sentence about the gold mining business ... it's that in my life, gold produced from mines has gone up pretty steadily for 40 years," Telfer said. "Well, either this year it starts to go down, or next year it starts to go down, or it's already going down."

"We're right at peak gold here," he added.

Although gold prices sank 2 percent to US$1,289.86 per ounce this week, sliding below the psychologically significant US$1,300 mark for the first time this year, Telfer said that day that he remained bullish and predicted gold prices would surpass US$1,500 or US$1,600 per ounce before the end of the year. ...

... For the remainder of the report:

http://business.financialpost.com/commodities/mining/were-right-at-peak-...
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As currency crisis worsens, Iranians invest in gold


Submitted by cpowell on Wed, 2018-05-16 20:27. Section: Daily Dispatches

Wednesday, May 16, 2018

Iranians are reportedly investing in gold after the Central Bank of Iran last week issued strict limits on the amount of foreign currency travelers can take out of the country amid a deepening currency crisis.

With exchange offices forbidden to sell foreign currency and new rules limiting the amount of foreign currency travelers can take out of the country to 5,000 euros ($5,980) if leaving by air and 2,000 euros ($2,392) if exiting by land or sea, gold has become the new currency of choice for people hoping to move their money out of the country.

Referring to the formation of a "new forex market," the chairman of the Iran Gold & Jewelry Association, Hossain Pendarvand, says gold has replaced the dollar in local markets and that despite protective measures taken by the Central Bank of Iran, money is still finding its way out of the country, but now in the form of gold.

"The gold products market is suffering from a recession, while the market for melted gold is flourishing, indicating that in the absence of the dollar, people have started buying more gold and taking it out of Iran," Pendarvand told state-run Iran Students News Agency on Tuesday. ...

... For the remainder of the report:

https://en.radiofarda.com/a/as-currency-crisis-worsens-iranians-begin-to...
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LBMA suspends Russian precious metals refinery from 'good delivery' lists

Submitted by cpowell on Tue, 2018-05-15 23:44. Section: Daily Dispatches

By Peter Hobson
Reuters
Tuesday, May 15, 2018

LONDON -- The London Bullion Market Association said today it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to "ownership-related issues."

The refinery in Russia is controlled by Moscow-based conglomerate Renova Group, which along with its key shareholder, billionaire Viktor Vekselberg, was sanctioned by the United States on April 6.

The LBMA said in a notice the refinery would be removed from its active good delivery lists from May 14.

The good delivery lists contain refineries whose gold and silver bars meet the required standard for acceptability in the London bullion market, the world's largest.

The London Bullion Market Association did not comment when asked whether the suspension was linked directly to the sanctions. "Due diligence in regard to the credibility of the lists is continuously reviewed on an ongoing basis," LBMA chief executive Ruth Crowell said. ...

... For the remainder of the report:

https://www.reuters.com/article/usa-russia-sanctions-gold/update-1-lbma-...

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Data Pack Data Pack Data Pack Data Pack Data Pack Data Pack

May 16/GOLD RISES $1.05 TO $1292.00/SILVER UP 10 CENTS TO $16.39/ HUGE 1.883 MILLION OZ OF SILVER ADDED INTO THE SLV/DESPITE THE SHELLACKING IN GOLD/SILVER YESTERDAY WE HAD A MONSTROUS 20,000 EFP’S ISSUED IN GOLD AND OVER 4,000 EFP ISSUANCE FOR SILVER ON TOP OF A RISE IN OPEN INTEREST/SILVER NOW HAD 30.5 MILLION OZ STANDING FOR DELIVERY/ITALY’S NEW COALITION GOVERNMENT RELEASE ITS NEW PLATFORM AND IT IS A DILLY!/

May 16, 2018 · by harveyorgan · in Uncat




GOLD: $1292.00 UP $ 1.05 (COMEX TO COMEX CLOSINGS)

Silver: $16.39 UP 10 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1291..00

silver: $16.40

For comex gold:

MAY/
NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT:6 NOTICE(S) FOR 600 OZ.

TOTAL NOTICES SO FAR 630 FOR 63000 OZ (1.9595 tonnes)

For silver:

MAY
95 NOTICE(S) FILED TODAY FOR
475,000 OZ/

Total number of notices filed so far this month: 6039 for 30,195,000 oz

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Bitcoin: BID $8327/OFFER $8427: DOWN $92(morning)
Bitcoin: BID/ $8237/offer $8337: DOWN $182 (CLOSING/5 PM)


end

First Shanghai gold fix comes at 10 pm est

The second Shanghai gold fix: 2:15 pm
First Shanghai gold fix gold: 10 pm est: 1300.30

NY price at the same time: 1293.95

PREMIUM TO NY SPOT: $6.35

ss
Second gold fix early this morning: 1303.20

USA gold at the exact same time: 1294.95

PREMIUM TO NY SPOT: $8.25

AGAIN, SHANGHAI REJECTS NEW YORK PRICING.

WE WILL NOT PROVIDE LONDON FIXES AS THEY ARE NOT ACCURATE AS TO WHAT IS GOING ON AT THE SAME TIME FRAME.

Let us have a look at the data for today

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In silver, the total OPEN INTEREST SURPRISINGLY AND SHOCKINGLY ROSE BY A HUGE 3183 CONTRACTS FROM 195,298 RISING TO 198,065 DESPITE YESTERDAY’S HUGE 33 CENT LOSS IN SILVER PRICING. WE ARE NOW WITNESSING OUR USUAL AND CUSTOMARY COMEX LONG LIQUIDATION AS WE ENTERED INTO THE ACTIVE DELIVERY MONTH OF MAY AS LONGS PACK THEIR BAGS AND MIGRATE OVER TO LONDON. WE WERE NOTIFIED THAT WE HAD A HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 4034 EFP’S FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE OF 4034 CONTRACTS. WITH THE TRANSFER OF 4034 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 4034 EFP CONTRACTS TRANSLATES INTO 20,17 MILLION OZ ACCOMPANYING:

1.THE 33 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR MAY COMEX DELIVERY. (30.460 MILLION OZ)

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL: (FINAL)

24,201 CONTRACTS (FOR 12 TRADING DAYS TOTAL 24,201 CONTRACTS) OR 121.005 MILLION OZ: AVERAGE PER DAY: 2016 CONTRACTS OR 10.083 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 121.005 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.28% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 1,266.33 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR FEB 2018: 244.95 MILLION OZ

ACCUMULATION FOR MARCH 2018: 236.67 MILLION OZ

ACCUMULATION FOR APRIL 2018: 385.75 MILLION OZ

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX OF 3183 DESPITE THE 33 CENT LOSS IN SILVER PRICE. WE HAVE NOW ENTERED THE NEW ACTIVE MONTH OF MAY. THE CME NOTIFIED US THAT IN FACT WE HAD AN GIGANTIC SIZED EFP ISSUANCE OF 4034 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . FROM THE CME DATA: 4034 EFP CONTRACTS FOR JULY, AND ZERO FOR ALL OVER MONTHS FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 4034). TODAY WE GAINED 7217 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: i.e. 4034 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH AN INCREASE OF 3183 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 33 CENTS AND A CLOSING PRICE OF $16.29 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS ACTIVE MAY DELIVERY MONTH. IT SURE LOOKS LIKE A FAILED BANKER SHORT COVERING EXERCISE!!

In ounces AT THE COMEX, the OI is still represented by UNDER 1 BILLION oz i.e. .991 MILLION OZ TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED AT THE COMEX: 95 NOTICE(S) FOR 475,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51 ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH: 27 MILLION OZ , APRIL: 2.485 MILLION OZ AND MAY: 30.460 MILLION OZ )
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ (FINAL)

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest ROSE BY A STRONG 5775 CONTRACTS UP TO 519,958 DESPITE THE LOSS IN THE GOLD PRICE/YESTERDAY’S TRADING (LOSS OF $27.25). WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN ATMOSPHERIC SIZED 20,304 CONTRACTS : JUNE SAW THE ISSUANCE OF 19,954 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS AND AUGUST SAW THE ISSUANCE OF: 350 CONTRACTS WITH ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 519,958. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A HUMONGOUS SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES: 5775 OI CONTRACTS INCREASED AT THE COMEX AND AN ATMOSPHERIC SIZED 20,304 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 26,079 CONTRACTS OR 26,079,000 OZ = 81.11 TONNES. AND ALL OF THIS OCCURRED WITH A LOSS OF $27.25 ???

YESTERDAY, WE HAD 12005 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 113,980 CONTRACTS OR 11,398,000 OZ OR 354.52 TONNES (12 TRADING DAYS AND THUS AVERAGING: 9,498 EFP CONTRACTS PER TRADING DAY OR 949,800 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAYS IN TONNES: 354.52 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 354.52/2550 x 100% TONNES = 13.90% OF GLOBAL ANNUAL PRODUCTION SO FAR IN APRIL ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 3,112.46* TONNES *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018: 649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018: 741.89 TONNES (22 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR APRIL 2018: 713.84 TONNES (21 TRADING DAYS)

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

Result: A HUMONGOUS SIZED INCREASE IN OI AT THE COMEX OF 5775 DESPITE THE $27.25 FALL IN PRICE // GOLD TRADING YESTERDAY ($27.25 LOSS). WE ALSO HAD AN ATMOSPHERIC SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 20,304 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 20,304 EFP CONTRACTS ISSUED, WE HAD A GIGANTIC SIZED NET GAIN OF 26,079 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

20,304 CONTRACTS MOVE TO LONDON AND 5775 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 81.11 TONNES). ..AND BELIEVE IT OR NOT BUT ALL OF THESE OCCURRED AT THE COMEX WITH A LOSS OF $27.25 IN TRADING!!!.

we had: 6 notice(s) filed upon for 600 oz of gold at the comex.

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With respect to our two criminal funds, the GLD and the SLV:

GLD…

WITH GOLD UP $1.05 /NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 856.17 TONNES

Inventory rests tonight: 856.17 tonnes.

SLV/

WITH SILVER UP 10 CENTS A HUGE CHANGES IN THE SILVER INVENTORY AT THE SLV INVENTORY/ A DEPOSIT OF 1.883 MILLION OZ INTO THE SLV

/INVENTORY RESTS AT 321.474 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A STRONG SIZED 3183 CONTRACTS from 194,882 UP TO 198,065 (AND, CLOSER TO THE NEW COMEX RECORD SET /APRIL 9/2017 AT 243,411/SILVER PRICE AT THAT DAY: $16.53). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 OVER ONE YEAR AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. OUR CUSTOMARY MIGRATION OF COMEX LONGS MORPH INTO LONDON FORWARDS CONTINUES AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: , 0 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 4034 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE: 4034 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 3183 CONTRACTS TO THE 4034 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUMONGOUS GAIN OF 7217 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 36.08 MILLION OZ!!! AND THIS OCCURRED WITH THAT HUGE 33 CENT LOSS IN PRICE . THE BANKERS ORCHESTRATED THEIR RAID THROUGHOUT LAST WEEK DESPERATELY TRYING TO PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL. JUDGING BY THE RECORD NUMBER OF EFP ISSUANCE DURING LAST MONTH OF APRIL AT 385.75 MILLION OZ AND THE TOTAL OI GAIN ON THE TWO EXCHANGES, THE CONSTANT RAIDS, LIKE YESTERDAY ARE NOW BEING CALLED UPON BY OUR BANKER FRIENDS IN AN ATTEMPT TO SHAKE AS MANY SILVER LEAVES FROM THE SILVER TREE AS POSSIBLE AND JUDGING BY THE RESULTS TO YESTERDAYS ACTION THEY WERE NOT AT ALL SUCCESSFUL.

RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 33 CENT FALL IN SILVER PRICING YESTERDAY. BUT WE ALSO HAD ANOTHER STRONG SIZED 4034 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed DOWN 22.55 points or 0 .71% /Hang Sang CLOSED DOWN 41.83 points or 0.13% / The Nikkei closed DOWN 100.79 POINTS OR 0.44% /Australia’s all ordinaires CLOSED UP .15% /Chinese yuan (ONSHORE) closed DOWN at 6.3764/Oil DOWN to 71.19 dollars per barrel for WTI and 77.80 for Brent. Stocks in Europe OPENED MIXED/RED. ONSHORE YUAN CLOSED DOWN AT 6.3764 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3657/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/
/NORTH KOREA/SOUTH KOREA



i)North Korea/South Korea/USA

North Korea now threatens to abandon the Trump summit as Kim is furious over the Bolton comments. The question will he do next with his nuclear “mountain” destroyed

( zerohedge)
b) REPORT ON JAPAN
3 c CHINA

i)Good reason to whack gold today: China unleashes an “island encirclement” war drill over Taiwan

( zerohedge)
ii)Looks like the globalists are back in the saddle as Peter Navarro has been removed from Chinese trade talks as he behaved erratically and unprofessional
(courtesy
zerohedge)
4. EUROPEAN AFFAIRS

Italy

i)Quite a platform: cancellation of 250 billion euros of debt, a plan to exit the Euro if the will of the people so desire, stop immigration etc. This is a non starter

( Mish Shedlock/Mishtalk)

ii)As promised, chaos in Italy as the new government to be demands debt writedown a la Greece. Italian bonds skyrocket in yield, (dump in price) amid this political chaos

( zerohedge)

iii This is a surprise: Italian bond futures rise as does the Euro on news of the Italian coalition agreement that was reached Wednesday afternoon

(courtesy zerohedge)

iv)A good one: Is the real target of Iran sanctions Europe:

( Mish Shedlock/Mishtalk)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)IRAQ

A good look at who might lead Iraq and it is the populist Sadr who seems to be in the lead. The USA led coalition is far behind and so is the Iranian faction

( John Rubino/DollarCollapse..com)
ii)IRANIran’s currency, the rial is now past 85,000 per USA dollar as inflation is tearing this country apart. Citizens have spent over $2.5 billion dollars trying to get cash out of the country. Iran officials are trying to arrange curbs against crypto use and other black market operations

( Michael Kern/SafeHaven.com)_

6 .GLOBAL ISSUES
7. OIL ISSUES

Oil and gasoline rise after a larger than expected crude drawdown. We continue with record production out of the USA

( zerohedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)Craig Hemke on yesterday’s raid
(courtesy Craig Hemke/GATA)

ii)As we pointed out to you yesterday, China’s holdings of USA treasuries rises to a 5 month high

(courtesy Bloomberg/GATA)

iii)Vancouver Sun

Ian Telfer of Goldcorp pounds the table that all of the major deposits have been already discovered and thus we have reached peak gold

(courtesy Gabriel Friedman.Vancouver Sun)
10. USA stories which will influence the price of gold/silver
i)EARLY MORNING DATA
a)This is a no brainer: mortgage refinance applications plunge to a 10 yr low due to the Feds raising rates

( zerohedge)

b)The higher interest rates caused housing starts to tumble as well as permits in April

( zerohedge)
c)Utilities and mining production growth has now stabilized at 7 year highs but still we need to see higher growth to equal to rise in the Dow. Auto production is down

(courtesy zerohedge)

ii )This afternoon trading

Russel 2000 surges despite USA data disappointment

(zerohedge)

iii)As always, a great commentary from David Stockman of the USA folly of empire building
(courtesy David Stockman)

iv )Is Jeff Bezos going in for the kill; He is offering steep discounts to Prime Members are rising energy prices are squeezing rivals

(courtesy zerohedge)

v)Judge orders an ex Deutsche bank trader to face libor rigging charges. The key sentence: he tried to get off as his “compelled testimony to UK investigators fatally taints a USA criminal case.

( Bloomberg/Voris)

v)SWAMP STORIES
a)Judge Amy Berman kills Manafort’s motion to dismiss. However we still have to hear from that all important judge Ellis
( zerohedge)
b)Congress is reviewing the 2017 GPS testimony on reports of a spy in the Trump campaign
Important..
( zerohedge)
c)John Brennan was feeding President Obama totally unverified information from the Steel dossier and also he contradicted his 2017 testimony many times
(y zerohedge)
d))Trump repaid Cohen the 130,000 dollars in 2017

( zerohedge)
Let us head over to the comex:

The total gold comex open interest ROSE BY A STRONG SIZED 5,775 CONTRACTS UP to an OI level 519,958 DESPITE THE LOSS IN THE PRICE OF GOLD ($27.25 LOSS/ YESTERDAY’S TRADING). FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE. THE CME REPORTS THAT THE BANKERS ISSUED AN ATMOSPHERIC SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 19,954 CONTRACTS ISSUED: FOR JUNE, 350 CONTRACTS ISSUED, FOR AUGUST 0 CONTRACTS AND ZERO FOR ALL OTHER MONTHS: TOTAL 20,304 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 26,079 OI CONTRACTS IN THAT 20,304 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED 5775 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES: 26,079 contracts OR 2,607,900 OZ OR 81.11 TONNES.

Result: A CONSIDERABLE INCREASE IN COMEX OPEN INTEREST DESPITE THE FALL IN PRICE YESTERDAY (ENDING UP WITH AN LOSS OF $27.25). THE TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 26,079 OI CONTRACTS..

We have now entered the non active contract month of MAY where we GAINED 2 contracts RISING TO 106 contracts. We had 3 notices filed upon yesterday, so we GAINED 5 contracts or an additional 500 oz will stand in this non active delivery month of May SO SOMEBODY WAS IN URGENT NEED OF SOME PHYSICAL GOLD AT THIS SIDE OF THE POND.

The really big June contract month saw a LOSS of 647 contracts DOWN to 246,322 contracts. JULY saw a GAIN of 122 contracts to stand at 253. The next big delivery month after June is August and here the OI ROSE BY 5078 contracts UP to 182,929.

We had 6 notice(s) filed upon today for 600 oz at the comex

THERE IS NO QUESTION THAT THE COMEX DOES NOT HAVE ANY GOLD TO SATISFY UPON OUR LONGS.
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 206,561 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 536,892 contracts

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI ROSE BY A HUGE SIZED 3183 CONTRACTS FROM 194,882 DOWN TO 198,065 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS) DESPITE THE 33 CENT FALL IN SILVER PRICING YESTERDAY. SINCE WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. WE WERE INFORMED THAT WE HAD A GIGANTIC SIZED 4034 EFP CONTRACT ISSUANCE FOR JULY AND ZERO FOR ALL OTHER MONTHS. THESE EFPS WERE ISSUED TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. THE TOTAL EFP’S ISSUED: 4034. ON A NET BASIS WE GAINED 7217 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 3183 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 4034 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES: 7217 CONTRACTS

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the active delivery month of MAY and here the front month ADVANCED BY 32 contracts RISING TO 148 contracts. We had 35 notices filed upon yesterday so we SURPRISINGLY GAINED 67 contracts or 335,000 additional ounces will stand for delivery in this active delivery month of May AS SOMEBODY AGAIN WAS DESPERATE FOR PHYSICAL SILVER ON THIS SIDE OF THE POND..

June saw a GAIN of 11 contracts to stand at 795 The next big delivery month for silver is July and here the OI GAINED 1574 contracts UP to 137,494. The next active delivery month after July for silver is September and here the OI ROSE by 797 contracts UP to 26,100

We had 95 notice(s) filed for 475,000 OZ for the MAY 2018 contract for silver
INITIAL standings for MAY/GOLD

MAY 16/2018.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
5021.758 OZ
Scotia
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz nil OZ
No of oz served (contracts) today
6 notice(s)
600 OZ
No of oz to be served (notices)
100 contracts
(10000 oz)
Total monthly oz gold served (contracts) so far this month
630 notices
63000 OZ
1.9595 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
FINALLY AFTER MANY WEEKS, WE HAVE A PULSE AT THE GOLD COMEX TODAY
we had 0 kilobar transaction/
We had 0 inventory movement at the dealer accounts
total inventory deposit into the dealer accounts: NIL oz
total inventory withdrawals out of dealer accounts; nil oz
we had 1 withdrawals out of the customer account:
i) Out of Brinks: 198.395 oz
total customer withdrawals: 198.395 oz
we had 0 customer deposit
total customer deposits: nil oz
we had 0 adjustment(s)
i

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 6 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 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 MAY. contract month, we take the total number of notices filed so far for the month (630) x 100 oz or 63000 oz, to which we add the difference between the open interest for the front month of MAY. (106 contracts) minus the number of notices served upon today (6 x 100 oz per contract) equals 73,000 oz, the number of ounces standing in this active month of APRIL (2.2706 tonnes)

Thus the INITIAL standings for gold for the MAY contract month:

No of notices served (630 x 100 oz) + {(104)OI for the front month minus the number of notices served upon today (6 x 100 oz )which equals 73,000 oz standing in this active delivery month of MAY . THERE ARE 9.0356 TONNES OF REGISTERED GOLD AVAILABLE FOR DELIVERY SO FAR.

WE GAINED 500 OZ OF GOLD (5 CONTRACTS) STANDING IN THIS NON ACTIVE DELIVERY MONTH OF MAY AS SOMEBODY BADLY NEEDED PHYSICAL GOLD AT THIS SIDE OF THE POND..
total registered or dealer gold: 290,495.119 oz or 9.0356 tonnes
total registered and eligible (customer) gold; 9,044,302.590 oz 281.31 tones
THE COMEX IS AGAIN IN STRESS AS ONLY 9.0356 TONNES OF GOLD ARE LEFT TO SERVICE DELIVERIES. THERE IS HARDLY ANY GOLD AT THE COMEX TO SERVE UPON LONGS AND THUS THE REASON FOR THE EFP TRANSFER OVER TO LONDON.

IN THE LAST 18 MONTHS 73 NET TONNES HAS LEFT THE COMEX.

end
And now for silver
AND NOW THE APRIL DELIVERY MONTH
MAY INITIAL standings/SILVER
MAY 16/ 2018
Silver Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory
995.300 oz
Delaware
Deposits to the Dealer Inventory
nil
oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
95
CONTRACT(S)
(475,000 OZ)
No of oz to be served (notices)
53 contracts
(265,000 oz)
Total monthly oz silver served (contracts) 6039 contracts

(30,195,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

i

total dealer deposits: nil oz

we had 0 deposits into the customer account

i) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 140 million oz of total silver inventory or 53.4% of all official comex silver. (140 million/263 million)

JPMorgan did not deposit into its warehouses (official) today.

ii) Into everybody else: 0

total customer deposits today: 0 oz

we had 1 withdrawals from the customer account;

i) out of Delaware: 995.300 oz

total withdrawals; 995.300 oz

we had 0 adjustments

i

total dealer silver: 69.161 million

total dealer + customer silver: 267.546 million oz

The total number of notices filed today for the MAY. contract month is represented by 95 contract(s) FOR 475,000 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 6039 x 5,000 oz = 30,195,000 oz to which we add the difference between the open interest for the front month of MAY. (148) and the number of notices served upon today (95 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY contract month: 6039(notices served so far)x 5000 oz + OI for front month of MAY(148) -number of notices served upon today (95)x 5000 oz equals 30,460,000 oz of silver standing for the MAY contract month

WE GAINED 67 CONTRACTS OR AN ADDITIONAL 335,000 OZ WILL STAND AT THE COMEX AS SOMEBODY WAS IN URGENT NEED OF PHYSICAL SILVER ON THIS SIDE OF THE POND.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 34,094 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 101,096 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 101,096 CONTRACTS EQUATES TO 505 MILLION OZ OR 72.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -1.72% (MAY16/2018)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -0.65% to NAV (MAY 16/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.72%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.65%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV FALLS TO -2.15%: NAV 13.40/TRADING 13.10//DISCOUNT 2.15.

END

And now the Gold inventory at the GLD/

MAY 16./WITH GOLD UP $1.05: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 856.17 TONNES

MAY 15/WITH GOLD DOWN $27.35, THE CROOKS WITHDREW 10 TONNES OF GOLD FROM THE GLD WHICH WAS USED IN THE RAID TODAY/INVENTORY RESTS AT 856.17 TONNES

MAY 14/ WITH GOLD DOWN $2.35: A HUGE DEPOSIT OF 4.68 TONNES OF GOLD INTO THE GLD and then a withdrawal of 1.48 tonnes /INVENTORY RESTS AT 866.17

A net gain of 3.2 tonnes of gold.

MAY 11/WITH GOLD DOWN $1.75/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 862.96 TONNES/

MAY 10/WITH GOLD UP $9.60/A WITHDRAWAL OF 1.17 TONNES FROM THE GLD/INVENTORY RESTS AT 862.96 TONNES/SUCH CROOKS

MAY 9/WITH GOLD DOWN $0.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 8/WITH GOLD DOWN $0.10/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 7/WITH GOLD DOWN $0.55/ANOTHER WITHDRAWAL OF 1.47 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 4/WITH GOLD UP $2.05/A WITHDRAWAL OF 1.13 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 865.60 TONNES

MAY 3/WITH GOLD UP $7.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 2/WITH GOLD DOWN $1.15/ A HUGE WITHDRAWAL OF 4.43 TONNES FROM THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 1/WITH GOLD DOWN $12.15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

APRIL 30/WITH GOLD DOWN $4.05/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES.

APRIL 27./WITH GOLD UP $5.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES/

APRIL 26/WITH GOLD DOWN $4.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

APRIL 25/AFTER 9 CONSECUTIVE DAYS OF NO MOVEMENT OF GOLD INTO OUT OF THE GLD, WE HAD A HUGE DEPOSIT OF 5.31 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 871.20 TONNES.

APRIL 24./WITH GOLD UP $9.90, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 23.2018/WITH GOLD DOWN $14.00/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES.

APRIL 20/WITH GOLD DOWN $10.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 19/WITH GOLD DOWN $4.25: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 18/WITH GOLD UP $3.65: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 17/WITH GOLD DOWN $1.00 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 16/WITH GOLD UP$2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 13/WITH GOLD UP $6.15, A HUGE DEPOSIT OF 5.90 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 865.89 TONNES

April 12/WITH GOLD DOWN $17.40/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

April 11/WITH GOLD UP $13.85/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859,99 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MAY 16/2018/ Inventory rests tonight at 856.17 tonnes

*IN LAST 383 TRADING DAYS: 84.84 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 333 TRADING DAYS: A NET 71.46 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

MAY 16./WITH SILVER UP 10 CENTS/A HUGE DEPOSIT OF 1.883 MILLION OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 321.474 MILLION OZ

MAY 15/WITH SILVER DOWN 33 CENTS, NO CHANGES AT THE SLV; THE CROOKS COULD NOT BORROW ANY SILVER BECAUSE THERE IS NONE: INVENTORY RESTS AT 319.591 MILLION OZ

MAY 14/WITH SILVER DOWN 10 CENTS/A SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 858,000 FROM THE SLV/INVENTORY RESTS AT 319.591 MILLION OZ/

MAY 11/WITH SILVER DOWN 2 CENTS/THE CROOKS WITHDREW A MONSTROUS 2.824 MILLION OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 320.439 MILLION OZ/

MAY 10/WITH SILVER UP 22 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY 9/WITH SILVER UP 6 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY 8/WITH SILVER DOWN 2 CENTS:NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ.

MAY 7/WITH SILVER FLAT: A BIG CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 942,000 OZ OF SILVER FROM THE SLV INVENTORY/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY4/WITH SILVER UP 5 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 1.224 MILLION OZ/INVENTORY RESTS AT 324.205 MILLION OZ/

MAY 2/WITH SILVER UP 24 CENTS/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 6.082 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 322.981 MILLION OZ/

MAY 1/WITH SILVER DOWN 24 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 30/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 27/WITH SILVER DOWN 5 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 26/WITH SILVER DOWN 2 CENT/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316,899 MILLION OZ/

APRIL 25./WITH SILVER DOWN 18 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 24./WITH SILVER UP 8 CENTS/SOMETHING SPOOKED OUR CROOKS TO ADD SOME PAPER SILVER: A DEPOSIT OF 1.601 MILLION OZ/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 23.2018/WITH SILVER DOWN 50 CENTS, ANOTHER HUGE WITHDRAWAL FROM THE SLV INVENTORY: A WITHDRAWAL OF 1.413 MILLION OZ/INVENTORY RESTS AT 315.298 MILLION OZ.

APRIL 20/WITH SILVER DOWN 11 CENTS: ANOTHER HUGE CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 1.13 MILLION OZ//SLV RESTS TONIGHT AT 316.711 MILLION OZ/

APRIL 19/WITH SILVER UP 3 CENTS TODAY: WE HAD A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.355 MILLION OZ/ MAKES ABSOLUTELY NO SENSE!!/INVENTORY RESTS AT 317.841 MILLION OZ

APRIL 18/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 17/WITH SILVER UP 10 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ

April 16/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 13/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ.

April 12/WITH SILVER DOWN 27 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 11/2018/WITH SILVER UP 16 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

MAY 16/2018:
Inventory 321.474 million oz

end

6 Month MM GOFO 2.06/ and libor 6 month duration 2.49

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.06%

libor 2.49 FOR 6 MONTHS/

GOLD LENDING RATE: .43%

XXXXXXXX

12 Month MM GOFO
+ 2.75%

LIBOR FOR 12 MONTH DURATION: 2.53

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.22

end
Major gold/silver trading /commentaries for WEDNESDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER
Oil Price Is Going To Keep Rising And Inflation Is Coming

16, May

by Dominic Frisby, Money Week

2018 has been a noisy year so far: stocks have been up, then down, then up, but ultimately gone nowhere.

Precious metals are a little lower than where they started. Bonds are quite a bit lower. Crypto currencies are a lot lower.

Oil supply and demand chart (Money Week)

There’s been babble and squawk about all of them.

But one normally clamorous asset has quietly ground upwards.

And that asset is oil.

The stealth bull market in oil continues
Back in early 2016 I called oil my “trade of the lustrum” (a lustrum is a five-year period – it’s an almost criminally underused word). With West Texas Intermediate oil (WTIC) at $33 a barrel, and Brent crude oil at $36, we said “buy, hold and forget”.

The wager has been a good one. With the usual wobbles along the way, oil has steadily ground higher so that now, two years on, WTIC stands at $71 and Brent at $79.

On revisiting the trade along the way, we’ve noted that this is a stealth bull market, and stealth bull markets are the best kind of bull markets, because few people are talking about them.

But this is the bottom line: it’s a bull market. Bull markets are to be involved in, not stared at. You want to have some oil exposure in your portfolio. It’s that simple.

Previous oil bull markets have been accompanied by powerful narratives: the explosion of the Asian middle class – especially in China – means huge demand. A dearth of new discoveries in readily-accessible locations means the end of cheap oil. Oil production has peaked; it declines from here. We are past Peak Oil.

Instead we’ve seen technological advances which have seen the US become the world’s largest oil producer. Production is no longer such an issue, apparently. New battery technologies and electric cars have been the hot topics. And as for the Asian middle classes and their new-found wealth – they appear to have disappeared, for all you read about them.

Of course, the Asian middle classes have not disappeared. They are now richer than they were during the bull market of the 2000s. There are many more of them. And, despite what you may hear about the vehicles of the future, the vehicles of the present run on oil.

Supply may have increased, but so has demand. Demand is growing all the time and it exceeds supply, as this chart from the International Energy Agency (IEA) shows.

There will be wobbles along the way; there always are. Indeed, measures of momentum such as RSI (relative strength index) and MACD (moving average convergence/divergence) both show oil to be overbought and due a pullback.

But this is a trend, my friends, and my trade-of-the-lustrum advice remains in play: buy, hold, forget.

Oil bull markets end with a great deal of noise. This one has not got noisy yet.

I should say it’s all the more impressive in 2018 for the fact that the oil price has quietly carried on rising, even as the US dollar has strengthened.

By the way, the fact that Treasury bond yields have been rising in the US at the same time as oil makes the macro theory that the financial backdrop has changed from one of deflation to one of inflation all the more credible.

More and more, the theme of inflation seems to be making itself present in our lives once again.

Full Money Morning article including the best way to play rising oil prices here

News and Commentary

Gold crawls up on safe-haven support; dollar limits gains (Reuters.com)

Asian Stocks Decline With U.S. Yield Around 3% (Bloomberg.com)

Dow aims for 8-day win streak as trade worries fade (MarketWatch.com)

U.S. Stocks Mixed as Treasuries Slip, Oil Gains: Markets Wrap (Bloomberg.com)

Eisman of ‘The Big Short’ Fame Recommends Shorting Deutsche Bank (Bloomberg.com)



Gold Price Manipulation Best Summary – James Rickards (Gata.org)

Credit-Driven Train Crash (GoldSeek.com)

A Crypto Tycoon, Banking Heir and the Mysterious Fight for Gold (Bloomberg.com)

The property market is about to be swept up in a whirlwind (Telegraph.co.uk)

Keep buying gold as long as it’s above this key level (CNBC.com)

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Gold Prices (LBMA AM)

14 May: USD 1,320.70, GBP 972.30 & EUR 1,101.86 per ounce
11 May: USD 1,324.80, GBP 978.23 & EUR 1,110.45 per ounce
10 May: USD 1,314.80, GBP 969.27 & EUR 1,106.80 per ounce
09 May: USD 1,306.85, GBP 965.11 & EUR 1,102.07 per ounce
08 May: USD 1,310.05, GBP 969.44 & EUR 1,101.88 per ounce
04 May: USD 1,309.35, GBP 965.78 & EUR 1,094.09 per ounce
03 May: USD 1,313.30, GBP 966.19 & EUR 1,094.64 per ounce

Silver Prices (LBMA)

14 May: USD 16.65, GBP 12.25 & EUR 13.89 per ounce
11 May: USD 16.76, GBP 12.35 & EUR 14.04 per ounce
10 May: USD 16.60, GBP 12.24 & EUR 13.97 per ounce
09 May: USD 16.44, GBP 12.12 & EUR 13.84 per ounce
08 May: USD 16.45, GBP 12.17 & EUR 13.85 per ounce
04 May: USD 16.42, GBP 12.10 & EUR 13.72 per ounce
03 May: USD 16.47, GBP 12.12 & EUR 13.74 per ounce


Recent Market Updates

– EU ‘Nightmare Scenario’ As Popular Anti-Euro and Anti-EU Government Takes Power In Italy
– “Oil price highest in 3 years, gold ready to follow”, by Daniel March
– Gold Mining Supply Globally Looks Set To Decline
– Gold Bullion Demand In Iran May Surge On Trump Sanctions
– “Money Is Gold — and Nothing Else”
– U.K. Home Prices Plunge 3.1% In April – Largest Monthly Drop Since Financial Crisis In 2011
– Weekly Gold Update – Gold In Dollars Lower Despite Poor US Jobs and Other Data
– Own Some Gold and Avoid Overvalued Assets
– Gold Demand Falls In Q1 Despite Robust Central Bank and Investment Demand and Surging Demand In Turkey and Iran
– Smart Money Diversifying Into Gold – One Billionaire Invests Half His Net Worth
– “Blood In The Streets” Of U.S. Gold Bullion Market As Sale Of Gold Coins Collapse
– Most Important Chart Of The Century For Investors?
– Gold Mining Shares Are Speculative Making Gold Bullion A Better Investment

goldcore
END

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at: https://kinesis.money/#/

(Andrew Maguire)
Andrew Maguire
2:57 PM (1 hour ago)
to me

Harvey

Here It is my friend! https://kinesis.money/#/ Please let everyone know.

Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.

Warm regards

Andy
END
Craig Hemke on yesterday’s raid
(courtesy Craig Hemke/GATA)
Craig Hemke at Sprott Money: The gold spec washout begins

Submitted by cpowell on Tue, 2018-05-15 18:32. Section: Daily Dispatches

2:34p ET Tuesday, May 15, 2018

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing today for Sprott Money, says today’s dip in the gold price is a “washout” of speculators by the bullion banks, a predictable development in the long cycle of market manipulation.

According to Hemke, it is also a “fakeout,” and he asks gold investors: “Are you prepared?”

Hemke’s analysis is headlined “The Gold Spec Washout Begins” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-gold-spec-washout-begins-craig-hemk…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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‘We’re right at peak gold’: All the major deposits have been discovered, declares Goldcorp chairman

‘Are we not looking for it? Are we bad at finding it? Or have we found it all? My answer is we found it all’

Gabriel FriedmanGabriel Friedman

Published on: May 16, 2018 | Last Updated: May 16, 2018 10:23 AM PDT
Annual gold production from mines has been increasing, albeit incrementally, from 2,744 metric tons in 2010 to 3,298 in 2017. Akos Stiller/Bloomberg

Ian Telfer, chairman of Goldcorp Inc., is the latest industry magnate to predict the world has reached “peak gold,” saying that from here on out, mine production will continue to decline because all the major deposits have been discovered.

“If I could give one sentence about the gold mining business … it’s that in my life, gold produced from mines has gone up pretty steadily for 40 years,” said Telfer. “Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down.”

“We’re right at peak gold here,” he added.

Although gold prices sank two per cent to US$1,289.86 per ounce this week, sliding below the psychologically significant US$1,300 mark for the first time this year, Telfer said that day that he remained “bullish” and predicted gold prices would surpass US$1,500 or US$1,600 per ounce before the end of the year.

Telfer made the comments to the Financial Post while waiting to board a flight from Vancouver to Toronto, where on Thursday he will be inducted into the Canadian Business Hall of Fame. In a wide-ranging interview, he discussed his personal career highlights, market trends and company strategy.

“Are we bad at finding it? Or have we found it all? My answer is we found it all,” says Ian Telfer, chairman of Goldcorp Inc. Peter J. Thompson/National PostIn addition to starting Goldcorp, one of the world’s largest gold mining companies, Telfer has racked up numerous other successes in mining during the past few decades. Many people credit him with inventing the financial structure for streaming — the term for making an upfront payment for long term rights to some or all of the revenues from a specific metal extracted from a mine.

The notion raised by Telfer that the world has hit maximum gold production, or peak gold, is gaining popularity. Last September, the chairman of the World Gold Council, Randall Oliphant, made a similar prediction, echoing what some industry leaders have been saying for years.

According to the WGC, which advocates for the gold industry and compiles research, annual gold production from mines has been increasing, albeit incrementally, from 2,744 metric tons in 2010 to 3,298 in 2017. Last year’s production represented less than a one per cent year over year increase from the 3,274 metric tons produced in 2016.

Goldcorp net earnings slip on lower gold output and higher costs
‘Americas has a ton of potential’: Goldcorp’s Todd White at PDAC

Ryan Hanley, an analyst with Laurentian Bank Securities in Toronto, said that it’s hard to say whether the world has reached “peak gold.”

Low gold prices in recent years have curtailed exploration among junior mining companies and the majors, he said.

“We really haven’t seen that much exploration in the past few years,” Hanley said. “It’s hard to say we’re running out of deposits, but it’s starting to look that way.”

At Goldcorp, production has dropped off since 2015 when it produced 3.4 million ounces of gold. It produced 2.8 million in 2016 and 2.5 million last year. Industry peers Barrick Gold Corp. and Newmont Mining Corp. have also experienced declines from their peak production earlier this century.

“They’re shrinking fast,” Telfer said about Barrick, which has predicted its gold production will decline over time. “We’re sort of going sideways. Newmont’s going sideways.”

Telfer raised several possible reasons for why there are fewer discoveries. “Are we not looking for it? Are we bad at finding it? Or have we found it all? My answer is we found it all. At US$1,300 (per ounce of) gold, we found it all. I don’t think there are any more mines out there, or nothing significant. And the exploration records indicate that.”

According to the WGC, around two-thirds of the estimated 190,000 tonnes of gold that existed in the world at the end of 2017 was mined after 1950.

Telfer said that he’s seen research that shows the average grade of new gold deposits — meaning the amount of gold per volume of earth extracted — is declining.

Goldcorp has taken a leading edge on applying some of the techniques used by the oil and gas industry to find new deposits. For instance, it is using IBM’s Watson, which uses machine learning algorithms to analyse its exploration data.

Canadian miners are like cockroaches, man, you can’t kill us

Ian Telfer

Luis Canepari, vice president of technology at Goldcorp, said a large part of the process is about making its geologists more efficient at analyzing their data and it could be “transformational.”

“There’s a lot of art in finding gold, and it’s a lot of experience,” said Canepari. “More than a science, it’s an art to find the orebody.”

He declined to give the total budget for the IBM Watson program but said it was a small percentage of the total drilling budget, “perhaps up to $10 million, but it’s not $50 million.”

Telfer says while such technology is helpful, overall the advances in exploration have been “extremely incremental.”

Still, he said the pressure to find new ore bodies will ultimately help gold miners, arguing a declining supply would translate into price increases. “I’m very bullish on the price of gold.”

But the gold industry has plenty of reason for optimism, says Telfer. Even if a shrinking rate of major discoveries means the industry itself has to shrink and consolidate, it would not spell anything like death for the industry. If anything, he said the gold mining industry is tenacious.

“Canadian miners are like cockroaches, man, you can’t kill us,” said Telfer. “These little companies, they find a way to borrow, lease their assets, buy back equipment, do this, do that, you just can’t kill them. They’re survivors.”

For many in the industry, who share his view about shrinking deposits, the answer is to look in lesser explored regions of the world, including areas that have deterred miners in the past because they are geographically remote, politically unstable or where the governments want large portions of the revenues from a mine.

Telfer said Goldcorp was founded on the premise of staying in the Americas for two reasons: it is easier to manage operations that are confined to three time zones, and it’s a calculation of political risks.

“So far we haven’t deviated from that,” he said, “There’s still opportunities in those parts of the world, but as the commodity becomes scarcer, those are the kinds of decisions you have to make.”

-END-
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Easing Bond Rout Stabilizes Global Markets, But
Surging Dollar Keeps Traders On Edge

Following yesterday’s rate spike-driven market rout, S&P futures have steadied alongside European stocks as global markets stabilized thanks to an easing in the bond selloff, leading to speculation that the worst may be over.



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Gold Loses $1300 As Cartel FORCES $1.75-Billion In PAPER SELLING Over ONE SINGLE MINUTE
May 15, 2018 173 9654

Using the unimpressive April Retail Sales Report as cover, the cartel has gone on an absolutely viscous pre-market attack. Here’s the details…

The April, 2018 Retail Sales Report hit the tape at 8:30 a.m. EST, and the cartel hit the sell button on gold.

Retail sales were unimpressive, with what we already know: Stagflation.

For example, sales at gasoline stations rose a whopping 11% in April.

Don’t think it’s because people all of the sudden had to try the newest Slushie flavor and load up on sunflower seeds & beef jerky.

That’s not why gasoline station sales are surging.

It’s because of diesel and gas prices.

As I’ve been saying for months now, most recently I wrote a feature on it here – get ready for higher gasoline prices.

Well, we don’t have to get ready for them anymore: They’re here.

But we don’t need some phony government statistics to tell us what we already know.

That said, retail sales grew a dismal .3% for April, 2018:

continues.....https://www.silverdoctors.com/gold/gold-news/gold-loses-1300-as-cartel-dumps-1-75-billion-worth-of-paper-gold-in-one-single-minute/

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Option Expiry On Friday

“Pity the nation that raises not its voice,
except to praise conquerors
and acclaim the bully as hero
and aims to rule the world with force and by torture.

Pity the nation — oh, pity the people who allow their rights to erode
and their freedoms to be washed away..”

Lawrence Ferlinghetti, New Poems, City Lights


"Perfection, of a kind, was what he was after,
And the poetry he invented was easy to understand;
He knew human folly like the back of his hand,
And was greatly interested in armies and fleets;
When he laughed, respectable senators burst with laughter,
And when he cried, the little children died in the streets."

W. H. Auden, Epitaph To a Tyrant


"All changed, changed utterly:
A terrible beauty is born."

W. B. Yeats, Easter, 1916


Are we not exceptional?

Are you not entertained?














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Next Up On The Show

Talking with my friend "Doctor Tomb"

He has over 40 years in the old coin shop business.

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Thank You Harvey Honored To Post Your Work Man !
https://www.silverdoctors.com/tag/harvey-organ/
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Thank You Jesse http://jessescrossroadscafe.blogspot.com/
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Thank You GATA http://www.gata.org/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You Zero Hedge https://www.zerohedge.com/
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Thank You from MMgys The Love Network <3
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Thank You Goldseek http://news.goldseek.com/
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and Thank You All for Being With Us Tonight

MMgys

Wishing You All a Wonderful Day <3

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Dan Fogelberg - The Power of Gold
https://www.youtube.com/watch?v=H69ohsJOliw
Evanescence - Bring Me To Life
https://www.youtube.com/watch?v=i3MKTm-49uI

[JD400]

Dr.Tombs Metals & Old Coin Review



Doctor Thank you for sharing with us on the MMgys love network.

I'm really enjoying your auctions lately, they're great !

I'll be sharing some of your stuff and keeping your name in camouflage Your Dr. Tomb now hahhahhah

So whats up in the world of the metal ?


Oil

Laughing yes, I've seen that


I see oil is around $70 today

Do you know why it's up.

because this administration is selling the oil reserves.

The last administration stock piled the oil reserves for the benefit of the whole country so in case the middle east pulled any shenanigans we would have the reserves.

This administration is selling the reserves for the benefit of a few

Interesting thanks I'll try to link that

Strategic oil reserve would fall by half under budget deal

Bloomberg Published 8:49 am, Friday, February 9, 2018

Crude oil pipelines stand at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas, U.S., on Thursday, June 9, 2016. Congress has mandated that the department sell as much as 18 percent of the Strategic Petroleum Reserve, the world's largest supply of emergency crude oil, from 2018 through 2025 to offset some unrelated government expenses. Photographer: Luke Sharrett/Bloomberg Photo: Luke Sharrett / © 2016 Bloomberg Finance LP

Crude oil pipelines stand at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas, U.S., on Thursday, June 9, 2016. Congress has mandated that the department sell as much ... more

The U.S. is poised to sell half of its emergency oil reserves to help pay its bills, something critics say defies the reason the stockpile was created decades ago as a hedge against supply disruptions......continues...https://www.chron.com/business/energy/article/Strategic-oil-reserve-would-fall-by-half-under-12564630.php
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Well you know I have to ask, Is gold & silver going to go up. What's up with it, Seems a sleep at the wheel to me.

I don't care what the price is

I'm going to buy and sell it no mater what the price is.

Price doesn't phase me a bit.

The only reason we had the bounce back in 2012 was because of everybody running around with their heads cut off yelling gold & silver is going to go up.

We're going to need gold & silver to even buy food they exclaimed.

All internet & media bullshit !!!

So everybody bought and when the price fell they got disinterested.

I see the millennial generation is buying bit coin. That has to be effecting the coin business.

Bitcoin is bullshit too. Ponzi scheme prone and some say a place for the cartel to wash money. All bull shit

Lets say you have bitcoin. Let's get in your car and you take me anywhere to Buy anything right now Let's go

Doctor Tomb Thank you so much for sharing with us tonight.

Looking forward to the next time. Thanks Again Man

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Next up on tonight's show

A Day In A Chart

MMgys

Waylon Jennings - Midnight Rider
https://www.youtube.com/watch?v=eh-pb4FLU7I
(Segment Debut Dr.Tombs Metals & Old Coin review)

[JD400]

Day In A Chart


Tonight's "Day In A Chart" is Brought to You by:

"Jug On"

MMgys

Please Support our Anxiety Relief Sponsors


Thank You


and Now our feature Chart Presentation >>>>>>>>




MMgys

and some "Day In A Chart" days I wear

my suit made of pork chops and swim in the MMgys Shark Tank

Yikes !!!!


En Joy

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Dollar Drops, Yields Pop As Small Caps Squeeze To New Record High



Stocks opened confidently (after for once trading sideways overnight), then slipped into the European close (Italian headlines) before ramping into the last hour when Navarro headlines spooked stocks and bonds...



The post-Navarro weakness in stocks took all but Small Caps back into the red for the week...



Russell 2000 broke to a new record high...



On the back of a major short squeeze once again..



Big Bank stocks were mixed after ramping on the European close (not helped by Italian bank weakness), they slid into the close after Navarro headlines...



Small bank stocks underperformed as Small Caps soared to record highs...



TSLA bonds pushed lower in price once again but the stock managed gains on the back of Soros buying converts in Q1...



Treasury yields traded in a narrow range but the trend was higher...



But 10Y pushed to a new cycle high this afternoon after Navarro headlines...



The long-end of the US Breakevens curve has now inverted...



But all eyes were on Italy where BTP spreads exploded on "Debt Cancellation" talk..



The Dollar ended the day modestly lower, also trading in a very narrow range on the day - and unable to make a higher high...



The Argentine Peso slipped lower again today after yesterday's huge intervention...



Cryptocurrencies were largely flat on the day but Bitcoin Cash slipped lower after its fork...



Commodities all made gains on the day but WTI remain sthe big winner on the week and gold the laggard...



Finally consider that Small Caps are being touted as domestically focused - amid fears of global trade wars etc... - but US domestic economic data is dismal...



zzzzzzzzzzzzzzerozzzzzzzzhedgezzzzzzzzzzzzzzzzerozzzzzzzhedgezzzzz

Your Reading..........

~The Graveyard Shift Mining & Metals Show~

On ~*~Mining & Metals Du Jour~*~

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America - Sister Golden Hair
https://www.youtube.com/watch?v=3oNULFXLuMc

[JD400]

*Page 5*_Cripple Creek Mining District in Colorado

MMgys

The former mining town of Cripple Creek grew out of nowhere when lode gold deposits were found. Named the Independence Lode, it became one of Colorado’s richest gold strikes, and also the last major gold rush to Colorado.

About 100 years ago, prospective miners flocked in the area in search of gold and silver. Gold was first discovered by Bob Womak in 1890. What started as simple placer discoveries soon led to discovery of rich vein deposits. This prompted the gold rush which was later to become a significant part of the history of the state.

By the start of the 20th century, the town of Cripple Creek was fully established with a railroad passing through and about 500 claimed mining operations. The town had also produced more than 22 million ounces of gold by 1910 with no signs of slowing down.

The year of 1900 was particularly productive with production reaching $18 million dollars in gold and silver.

Like any other mining district, Cripple Creek had its fair share of challenges. For starters, gold was contained in gold-telluride minerals, which was very challenging to extract when compared to normal free-milling type ores. Rather than use the classic stamp milling and amalgamation process used in other mining towns, the companies employed chlorination. This was later replaced by cyanide leaching.

The city suffered two disastrous fires in 1896 that burned down almost half of the town. Both occurred within less than a week and though they didn’t particularly affect the mining operations, most of the business section was destroyed. It took a while to rebuild the town to its original state. Some of the buildings built during that time are still standing to date.

Frequent labor strikes that threatened to stall mining activity became common in later years at Cripple Creek. In 1894, miners went on a five month strike after work days were lengthened from 8 hours to 10 hours. Violence erupted between workers and company-paid militia that consisted of the sheriff’s deputies. To restore order, the governor instituted martial law and dispatched the army to Cripple Creek. It was only when the 8-hour work day was reinstated that workers went back to work.

In 1903, there were labor strikes that ended in dispatch of the National Guard to the area. By the end of the strikes, the Western Federation of miners was driven from Colorado mines altogether.

As time passed, gold on the surface mines was exhausted, prompting even deeper exploration to extract ore. The deeper they got, the worse the drainage was, and pumping methods were not efficient enough to keep water out the shafts. Drainage tunnels were dug to reach major mines. Of these, the Carlton Tunnel was the longest and drained from the Vindicator Mine.


Cripple Creek Mining District was particularly famous for large mines and having produced many millionaires. Independence Mine, discovered by Winfield Scott Stratton in 1901, was later sold for $11 million to Venture Corporation England. Portland Mine closely bordered the Independence Mine and provided jobs to 700 miners at one time. Spencer Penrose’s C.O.D Mine also produced enough to finance building the famous Broadmoor Hotel.

Mining in Cripple Creek began to dwindle at the start of World War II when the government banned mining of no-essential metals.

Cripple Creek remained dormant until the 1970’s when Texasgulf and Golden circle formed Cripple Creek and Victor Mining Company. Open Mining permits at the Cresson Mine were later issued in 1994 and from then, production improved. Ownership of the company has changed significantly with present owner being Anglo Gold Ashanti Corporation.



The Band, Up On Cripple Creek
https://www.youtube.com/watch?v=RDnlU6rPfwY

[JD400]

Tomb Raiders "Gold Teeth & Old Coin" Auction

Freshly dug grave spoils from Doctor Tomb's bi Weekly Auction.

Most reputable coin shops hold auctions. Look for one near you.

Doctor Tombs is one of the oldest coin shop & auction in the country.

76 years

this auction is Not Online

Sharing my seven coin picks now showing on the auction board.

Ok here we go.......First off we have a

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1990s Silver Eagle

Ultra cameo

Proof 69

Grey sheet Bid Price $50.00

Current Last Bid $35.00

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Bakers Dozen 13

Ancient Roman Coins

In small unopened bag

Great Research Group (Meaning nobody has listed the different emperors per coin)

Opening Bid price $30.00

Current Last Bid none yet

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All eyes on this one.....

Silver Denarius

42 BC. L. Livineus

Very Good VG

Listed price $200.00 VF

Sear#478/2 (cat. number)

Opening bid price $40.00

Current last bid $40

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1879s Morgan Dollar

Gem UNC (uncirculated)

MS64

$60.00 grey sheet

Opening Bid Price $40.00

Current Last Bid $50.00

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251-253 AD. Trebuninus Gallus

Opening Bid Price $15.00

Current Last Bid none yet

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1874 Seated Liberty 50 cent

Opening Bid Price $32.00

Current Last Bid $33.00

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1951 D Washington Quarter

Opening Bid Price $3.00

Current Last Bid $3.50

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Manilla Money Horn

3feetX4" cylinder copper with Bronze handle

( Looks like something you would carry a fire in)Ugly

, Manillas serve as money and decorative objects before they had currency in Africa

Opening Bid on Hold until day of auction

Ref https://en.wikipedia.org/wiki/Manilla_(money)

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One of many catalog search sites

Coin Explorer Search

https://www.ngccoin.com/coin-explorer/

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You Can

Catch "Doctor Tombs Metals & Coin review" segment in the next MMGYS show

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(Segment Debut)

[JD400]

Pics Of The Day

Picture to Burn>>>>>>Pics Of The Day<<<<<<

MMgys

Well,Hope You Have EnJoyed The Show
























































Thank You for being with us tonight

Taylor Swift - Picture To Burn
https://www.youtube.com/watch?v=yCMqcFAigRg

[JD400]

Pics Of The Day

Kodachrome>>>>>>Pictures Of The Day<<<<<<<<<

MMgys

Weekend kickoff TGIF


































































Simon & Garfunkel - Kodachrome / Mabellene (from The Concert in Central Park)
https://www.youtube.com/watch?v=RGK19Pg6sB0

[JD400]

Pics Of The Day

Freeze Frame>>>>>>Pictures Of The Day<<<<<<

MMgys

J. Geils Band - Freeze Frame
https://www.youtube.com/watch?v=wHo43B6nu60

[JD400]

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The Coasters - Framed
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GYS_Sunday Nights_with Alice Cooper

Hey Metalheads, If you like the Heavy metals you might like this

Alice Cooper - Welcome to My Nightmare (from Alice Cooper: Trashes The World)

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Death Of The Great Housing Recovery: Housing Collapse 2.0 Has Begun
June 3, 2018 2 1791

“all part of the developing Epocalypse in which multiple industries collapse into the final depths of the Great Recession as the fake recovery…”

by David Haggith of The Great Recession Blog

It’s simple math — an equal and opposite reaction. After a long spell of QE took mortgage interest down to the lowest it has ever been, a long spell of QT (quantitative tightening) is going to take it back up again. That’s why I forecasted another housing collapse with confidence last year:

Rising mortgage rates will certainly cause housing sales to fall. Prices will follow for those houses that have to sell because, as mortgage interest rises, people won’t qualify for as large a mortgage as they do now. It’s all part of the developing Epocalypse in which multiple industries collapse into the final depths of the Great Recession as the fake recovery fades out of existence like a mirage.

The big difference between 2010 and now, and between 2008 and now, is that home prices have skyrocketed since then in many markets – by over 50% in some markets…. In other markets, increases have been in the 25% to 40% range. This worked because mortgage rates zigzagged lower over those years, thus keeping mortgage payments on these higher priced homes within reach for enough people. But that ride is ending. (Zero Hedge)



I gave this part of my 2018 economic predictions more time to play out than I did for Carmageddon or the Retail Apocalypse or a 2018 stock market crash because mortgage rates are not as volatile as things like credit-card rates, nor do housing prices quickly reverse. People can hold out for a year or more or choose not to sell at all before they are inclined to drop the price of their most treasured asset.

Nevertheless, mortgage interest is rising at the fastest rate seen in nearly half a century in what has been the most prolonged increase in 46 years. Rates are already at 4.66% on a 30-year mortgage and briefly touched a seven-year high, even though the Fed’s unwind is only at half speed and has only been happening (at an even lower speed) for a little over half a year.

Mortgage rates spiked in a big way today, bringing some lenders to the highest levels in nearly 7 years (you’d need to go back to July 2011 to see worse)…. Today did cover quite a bit more distance than other recent “bad days.” (Zero Hedge)



As interest rises, sales and prices will go into decline; but right now we still have a lot of rebuilding to do from the hurricanes and wildfires; rates are just beginning their rise; and we are entering the peak building and buying season. That means I expect a summer housing boom this year — a last hurrah — as buyers try to pour into the market before rates rise any more … as soon as school is out … and as rebuilding from last year’s hurricanes and fire storms gets under full swing.

That’s in keeping with what I said last year when I had predicted a housing decline for that summer. Housing did start to show notable problems, but the hurricanes and wildfires changed all of that to where I revised my date (prior to any known change in reported housing statistics) to say the housing decline that had begun would be delayed until the fall of 2018 due to the flurry of buying and rebuilding that the storms would necessitate.

I predicted a quick rebound to housing last fall when any of the storm afflicted who could move quickly would suck up available inventory or move to other regions and find new jobs. Then I said there would be a delayed boost for rest who chose, instead, to build new homes or rebuild damaged ones. That boost would be delayed until spring and summer of this year because clean up and planning and, in many cases, infrastructure repairs have to happen before new construction can begin, and we were moving into winter which inhibits construction.

After this coming fall, however, it’s downhill all the way for housing. The only caveat I see for that prediction is the same one that saved housing when it started going down last year: the national weather service says we are on track for another year of major storms (both hurricanes and fire storms all over again … if they know what they are talking about.) If such difficult-to-predict events materialize, they will again force a lot of people to buy new homes or rebuild old ones. That, however, is not a rinse-and-repeat cycle that can restore the economy.

While the housing market would get another temporary boost from the flurry of rebuilding, it is a boost that ultimately makes the economy weaker. The broken-window theory for rebuilding and economy doesn’t work. Things really work like this: If storms hit in the same areas that were hit a year or two before, then already bedraggled people are less resilient toward starting the rebuild all over again. As a result, those areas go into permanent decline because people simply give up and move out.

In other words, the temporary boost that we saw due to storms last year came at a cost to resiliency this year — not just the resiliency of people but the resiliency of banks toward making loans in those regions and of insurance companies to keep insuring in those regions. We’re a very resilient nation, so we can endure a lot of blows; but that doesn’t mean they make us stronger or that we are invincible. Even if storms hit in different areas, resiliency of insurance companies to keep absorbing heavy losses has declined some due to last year and would decline more this year. Insurance rates would have to rise for companies to remain solvent. Obviously, these events also reduce future resiliency by increasing many people’s debt to a level of strain they can barely take.

Storms can create a stimulus boost, but they do not turn around a secular decline. They do not change the fact that rising interest rates overall are inevitably destructive to the housing market.


How is a housing collapse evident this year in spite of storm recovery?

I can still offer support for my claim that housing is in the process of collapsing, even though we are getting a boost from reconstruction and from people quickly absorbing what inventory was available in the aftermath of the storm. The decline can be felt in the softening of statistics that developed earlier this year as the Federal Reserve’s Great Unwind from QE picked up steam.

Look at some of the headlines and stories in housing as the year developed:


Housing collapse facts from January:

New Home Sales Tumble 9.3 Percent Amid Nasty Winter Weather It was the biggest drop since August 2016. November sales were also revised lower — to 689,000 from an originally reported 733,000, but were still the strongest since October 2007. Nevertheless, the drop was steeper than economists had forecast. Weather was blamed. Oddly, the decline was led by a 10 percent drop in the Midwest and a 9.8 percent drop in the South — the very areas where storm stimulus should have been the strongest.

Mortgage Applications, Refinancing Drop as Interest Rates Rise Rising borrowing costs were blamed for the decline in refis (down 2.9%) as well as in mortgage applications for new purchases (down 2.6%). Average interest rates on 30-year mortgages rose to their highest level since March 2017.


Housing collapse from February:

Weekly Mortgage Applications Plunge 6 Percent as Rates Spike Applications for loans to buy a home decreased another 6 percent in just one week. Average interest rates on 30-year mortgages rose to their highest level since January 2014, and the 15-year hit its highest level since April 2011.

Sales of Existing Homes Fall 3.2 Percent, Most in 3½ Years A persistent shortage of houses pushed up prices and kept first-time buyers out of the market. This was the second straight monthly decline and reflected decreases in all four real-estate regions of the country. Economists for reasons unbeknownst to intelligent people had actually expected existing home sales to improve, instead they took their biggest year-on-year drop since August 2014. Again, lack of supply was blamed for the decline. (Has it occurred to any economists that people may not be putting their homes on the market because they know their next mortgage will require significantly higher interest? That would be one more way that rising interest will clobber the housing market. ) Due to lack of supply, housing prices rose even in the face of declining sales.

New Home Sales Drop 7.8 Percent to 5-Month Low in January New home sales also plummeted for a second consecutive month, particularly in the south where weather is less of a factor and where last year’s storms should have boosted sales. This raised “concerns the housing market is losing momentum.” Economists started to catch on: “Given the softening in the housing data over the past few months as well as the recent increase in mortgage rates as well as tax changes that reduce the attractiveness of mortgage financing, we think it is very likely that real residential investment will decline in the first quarter.” Leave it to modern economists to not see a housing collapse coming until it actually hits.

New Home Sales (Predictably) Fall Out Of The Boom, Too “What has happened is little more than the anticipated (for anyone not obviously biased by the boom narrative) drawdown in transactions following the aftermath of the storm aftermath…. Hurricanes Harvey and Irma produced undeniably large disruptions…. Prior to them in August and September, the real estate market was unusually weak. Leading up to August, there was a noticeable deceleration and even contraction.” (Just as predicted here for last year.)


Housing collapse facts from March:

Housing Starts Plunge 7 Percent Construction starts of multi-family housing declined 26% (MonM), while permits for future multi-family home construction decreased 5.7 percent. Permits for single-family homes decreased by 0.6%. A survey showed builders were becoming less upbeat about sales and buyer traffic over the next six months.

Existing Home Sales Jump 3 Percent Despite Leaner Inventory Sales of existing homes, however, rebounded, particularly in the south and west where hurricanes and firestorms did their damage. Sales soared 6.6 percent in the South, where the bulk of sales activity occurred, and vaulted 11.4 percent in the West.

Low Supply of Homes Continue to Hinder Housing Market “So, is the housing market improving, weakening or stagnant. The answer seems to be yes. Purchases of previously owned houses rose in February, but the level remains somewhat disappointing. Over the year, sales were up minimally and were pretty much at the same pace we averaged during 2017. In other words, it is going largely nowhere. The big problem is the low level of homes on the market.”

Wells Just Reported The Worst Mortgage Number Since The Financial Crisis Mortgage lending — the bread and butter of banking — declined again. Wells Fargo, America’s largest mortgage lender, reported its second quarter of serious declines in its mortgage business. Here is a map of their mortgage activity since the last housing collapse:

You can see the post-recession pick-up and then the decline to the present. Of course, with interest rates rising due to Fed tightening, a drop in mortgage applications at the epitome of mortgage bankers was completely predictable. (So, why didn’t everyone predict it?) When prices go up, sales drop — basic economics that most of the world’s economists have lost sight of entirely.

See a pattern here:

Green bars have slowly become non-existent, and red bars now rule.



Housing collapse facts from April:

Mortgage Applications Jump 4.9 Percent Amid Spring Buying Season Refi apps finally rose, too, and the average time (nationwide) it takes a median-priced home to sell dropped to a low of 81 days — a level not seen since just before the last housing collapse.


Housing collapse is imminent, but DO hold your breath

In short, things are building exactly on the revised schedule I laid out for my predictions last summer right after the storms temporarily changed everything. (My predictions, being not based on a crystal ball or divine inspiration, are based on how economic trends are coming together; but I don’t attempt to predict extreme weather. I did, however, predict immediately how the weather — extreme as it was — would impact the economic realities I had been forecasting.)

Housing sales and construction generally picked up this spring, as I expected, and I expect sales and construction to soar this summer because buyers will likely flood the market, knowing that they’ll never see mortgage interest rates this low again … unless there is another housing market collapse and a drop back into the Great Recession. People who don’t read here, however, might not know that another housing collapse is building, so they may likely feel desperate to take their last chance at a respectable mortgage rate and desperate to pile into rising prices just like they were at the turn to the last housing collapse. (Whereas, I am inclined to do the opposite — sell now, and hold for prices to come down and then buy a home mortgage free; but that’s just me.)

Buying a home “has become an exercise in speed and agility,” Zillow Senior Economist Aaron Terrazas writes in the report. “This is shaping up to be another competitive home-shopping season for buyers, who may have to linger on the market until they find the right home but then sprint across the finish line once they do.” (NewsMax)



There are many signs of general decline in the housing market, but a false salvation came in the fall and again in the spring and summer due to rebuilding from hurricanes and firestorms, relocating due to storms, and now a last-minute rush to get in on the sunset of low mortgage rates.

That all will expire this fall when building slows due to weather, and sales of existing homes slow because people don’t tend to move after school starts. The Trump tax reform is also designed to deliver a major blow to the housing industry by reducing write-offs for mortgage interest as well as for state property taxes.

By then, low mortgage interest rates will be disappearing in the rearview mirror, and other economic problems in stocks, retail store closures, and auto sales, along with delinquent auto loans, will have begun to mount some serious pressure on the overall economy, making it harder for many to maintain the loans they already have. Those with adjustable-rate (I call them time-bomb) mortgages will be destroyed because falling house prices mean they will be underwater when forced to sell because they cannot afford their ever-expanding payments. The primary driving force, however, is the Federal Reserve’s Great Unwind.

Then, of course, their is the Canadian boom and bust, and London is languishing. That is to say, the turn has already begun in both of those markets. So, this time is different. It’ll start out globally, rather than just end that way.

Meanwhile, the media is glibly reporting everything the banksters say, which is that banks are in a much more stable position this time. So, let’s analyze that:


Repeating all the foolishness that took place just before the last housing collapse

Here’s another repeat from the Great Recession: When housing needed a boost last time around in an attempt to sustain its ridiculous peak, Fannie Mae and Freddie Mac started dropping downpayment requirements to make for a little more ease of entry. That wasn’t enough, so they and the Federal Reserve also trimmed back income restrictions and softened other loan terms in order to try to avoid a housing collapse.

And here we are again today:

Freddie Mac Launches “3% Down” Mortgage With No Income Restrictions This time there are no geographic restrictions and NO income restrictions.



Can anyone say, “Hallelujah!” Just when you thought they would never roll out those zany loose credit standards that assured that the last housing collapse would also take out the banks, they do an even bigger job of it. That means it is almost certain banks will fail again this time due (again) to sloppy credit standards.

I mean why do you need income in order to service a loan? Right?

Yet, it gets better, these slack terms are aimed at first-time buyers, so that they can find a way to enter this market that they have been priced out of … just like first-timers were last time. Yeah, the loosest terms go specifically to those who have no track record of having ever made payments on a mortgage. But don’t worry, the banks will be safe because the loans are still secured by the value of the home as collateral in a market of rising prices. You do remember that from last time, right? Real estate prices never go down, right?

As an added safety margin, one of the buyers under this new program must participate in a “homeownership education” class! (That’s gotta warm your cockles.) I hope the class includes a course on “Why Income Matters” so that the penniless will be inspired to get a job in order to service their mortgage.

No wonder Fannie Mae reported that consumer confidence in housing has leaped back up to the highest level it has seen since … well … just before the last crash.


We learned nothing … or did we?

(The italicized part is said with a sinister tone.) It’s become a constant refrain on this site: “We learned nothing.” By “we,” I mean the nation as a whole and particularly its banks and its politicians and all of those who report on them in the mainstream media, but certainly not readers who spend time on sites like this that give alternative views that are called “fake news” by the people who create fake news.

Oh, but wait: maybe the banksters did learn something. Quite a lot, in fact. They learned they can make vaults full of money off of dumb-ass loans, and then we’ll bail them all out so they don’t fall on us when those loans collapse. They learned that, during a housing collapse, their banks will rapidly become twice as big as they were when they were merely too big to fail. They learned the megamergers they lust after in their late-night dreams are assured because the Federal Reserve won’t merely allow them to merge; it’ll force them to merge … at fire-sale prices!

The banksters even learned that their bonuses will still be paid (by the government), and their salaries will increase because of their glad-handing ability to obtain government funding — the prerequisite for which is that you crash your bank head-on into an economic collapse that anyone can see coming. They learned they will even be given carte blanche to create practically infinite streams of new money and give it all to themselves alone so they can play in the stock market under the pretense that it will somehow trickle down to the mauling masses

And they learned that no one will ever go to jail, even if they engage in little acts of corruption to take advantage of the overhyped market, such as by rigging interest rates or by convincing their clients to buy the things that they, themselves, are selling as fast as they can. Those, in fact, are the banksters that will be looked up to most for advice by the politicians and the media market gurus on how to save the world. They are the Blankenstein monsters that rule the world.

So, I guess we did learn something after all!

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TRADING IN GRAPH FORM FOR THE DAY

Dovish Draghi Dominates Powell As Dollar Spike
Wreaks Global Havoc

Total chaos in FX, debt, and commodity markets and the S&P 500 ends unchanged?!!



The Dow ended the week red, S&P was manipulated perfectly to unchanged, and Trannies and Nasdaq led the surge…

From The Fed’s rate-hike, Dow and S&P are red…

It’s Quad-Witch so what else did you expect today? Standard 200 point insta-ramp in The Dow (and VIX-crusher algo to an 11 handle!)… all to get the S&P green for the week very briefly (2779) and run some stops…

The big banks ended the week – an FOMC week – red!

Treasury yields were extremely mixed with the short-end higher and long-end well bid…

10Y Yield briefly tagged 3.00% before plunging..

The yield curve collapsed to a new flattest level since Oct 2007…

In FX land, it was chaos:
Dollar Index’s best week since US Election (Nov 2016), highest weekly close since July 2017
EUR lowest weekly close since July 2017
EM FX down 9 of last 11 weeks – lowest weekly close since Nov 2016

EM FX was carnage with Rand, Lira, and Peso getting pounded…

The Argentine Peso was a total disaster…

Despite the SEC-driven bounce, Cryptos had another ugly week – worst since March – with Bitcoin’s lowest weekly close since Oct 2017…

Commodity markets were crazy…

Bloomberg Commodity Index worst week since Feb, lowest close since April
Gold lowest weekly close since Dec 2017
Silver’s worst week since April
Oil’s 4th losing week in a row – lowest weekly close since April
Copper’s worst week since Feb

WTI tumbled back to a $64 handle to close the week and RBOB plunged to 2-month lows…

Gold and Silver were both monkeyhammered on massive volume today…

Gold/Silver soared back to unchanged on the week…
and
The broad commodity complex was crushed this week…

ZH

[JD400]

Quiet night in the graveyard but always a seat on the MMGYS Sunday Night A- train open for you.
MMGYS Sunday Nights with Alice Cooper

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The mighty rise and are fallen, but the word and the spirit endure.



Stocks attempted to rally today, but sold off into the close, finishing a little more than unchanged.

Gold and silver gained back a little bit, and the Dollar was lower.

The slow decline of physical gold registered for immediate delivery continued.

Let's see if the metals can muddle through the Non-Farm Payrolls report next week.

The report might be considered important now that the Atlanta Fed has cut its GDP forecast for 2Q. Although I suspect it would take something quite impressive to hold back the Fed from their rate raising campaign. It has little to do with the real economy, and more to do with their need for maneuvering room to cut rates when their latest financial asset bubble starts to implode.

The US markets will be closed for the 4th of July holiday next week.

There will be a surprisingly busy economic calendar for that holiday shortened week. I have included that calendar below.



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*Page 5* The Copper King’s Precipitous Fall

Augustus Heinze dominated the copper fields of Montana, but his family’s scheming on Wall Street set off the Panic of 1907

GYS Sound tracks

By Gilbert King





Frederick Augustus Heinze was young, brash, charismatic and rich. He’d made millions off the copper mines of Butte, Montana, by the time he was 30, beating back every attempt by competitors to run him out of business. After turning down Standard Oil’s $15 million offer for his copper holdings, Heinze arrived in New York in 1907 with $25 million in cash, determined to join the likes of J. P. Morgan and John D. Rockefeller as a major player in the world of finance. By the end of the year, however, the Copper King would be ruined, and his scheme to corner the stock of the United Copper Co. would lead to one of the worst financial crises in American history—the Panic of 1907.

He was born in Brooklyn, New York, in 1869. His father, Otto Heinze, was a wealthy German immigrant, and young Augustus was educated in Germany before he returned to the United States to study at Columbia University’s School of Mines. An engineer by training, Heinze arrived in Montana after his father died, and with a $50,000 inheritance he developed a smelting process that enabled him to produce copper from very low-grade ore in native rock more than 1,500 feet below ground. He leased mines and worked for other mining companies until he was able, in 1895, to purchase the Rarus Mine in Butte, which proved to be one of Montana’s richest copper properties.



In a rapid ascent, Heinze established the Montana Ore Purchasing Co. and became one of the three “Copper Kings” of Butte, along with Gilded Age icons William Andrews Clark and Marcus Daly. Whip smart and devious, Heinze took advantage of the so-called apex law, a provision that allowed owners of a surface outcrop to mine it wherever it led, even if it went beneath land owned by someone else. He hired dozens of lawyers to tie up his opponents—including William Rockefeller, Standard Oil and Daly’s Anaconda Copper Mining Co.—in court, charging them with conspiracy. “Heinze Wins Again” was the headline in the New York Tribune in May of 1900, and his string of victories against the most powerful companies in America made him feel invincible.

“He has youth and magnetism upon his side,” one Montana mining engineer said at the time, “and is quite the hero of the state today. He has had laws passed that benefit every smelter and independent mine owner.… The more he is threatened, the more he laughs, and the brighter his songs and his raillery, as he entertains at the club the lawyers or the experts upon either side equally well.”

The miners in Montana adored him because he cut their working day from 10 hours to 8, and he navigated the political world with the same ease that he pulled copper from the earth. In 1902, with authorized capital of $80 million, he incorporated the United Copper Co. and continued to chip away at the position of Anaconda’s corporate successor, the Amalgamated Copper Mining Co., atop the copper market. Stock in his company was literally traded outside the New York Stock Exchange in “on the curb” trading that would later become the American Stock Exchange.

Heinze was a hard-drinking ladies man who liked to gamble, and he spent lavishly in Butte’s saloons. He was friendly with legislators and judges. (A “pretty girl” alleged to have connections to the Copper King once offered a judge a bribe of $100,000. Heinze was implicated in the attempt but never charged.) Heinze bought a suite in the Waldorf-Astoria Hotel in New York City and paid for an entourage of friends to travel with him on yearly trips. “Broadway howls when the copper crowd whirl down in their automobiles,” one newspaper reported in 1906. “Everyone in the party enjoys himself carte blanche at Mr. Heinze’s expense on these tours, and the commotion the Western visitors created last May during the annual Heinze tour furnished the newspaper with columns of good stories.”

Yet despite his charm and gentlemanly demeanor, Heinze carried a reputation as a man not to be trifled with. When some thugs from Utah arrived in Butte and tried to assault Heinze and a friend on their way home from a club, the Copper King and his friend fought their attackers off, “pounding their heads in the gutter, and a few minutes later the thugs were handed over to the police,” one miner told the Boston Globe.

“Now, what are you going to do with a man who can’t be hit with a bullet, or clubbed out, or litigated out, or legislated out, has no debts and no speculations to corral, and in absolute fearlessness can return two blows for one in every field, can make millions when copper is up and can still make money when copper is at such a price as will make unprofitable the Anaconda works as at present operated?” the miner wondered at the time. “I believe Heinze is a winner.”

In 1907, Heinze set out for New York, moved United Copper to 42 Broadway in Manhattan, and determined to prove that he could succeed in finance. Though he knew little about banking, he aligned himself with Charles W. Morse, a Wall Street speculator who controlled several large banks and owned a big piece of the Mercantile National Bank. Together, the two men served as directors of more than a dozen banks, trust companies and insurance firms.

Down the hall from Heinze at 42 Broadway, his two brothers, Otto and Arthur, had set up a brokerage firm, hoping they too could make their fortunes on Wall Street. Otto is believed to have come up with the scheme to corner the stock on United Copper by engaging in a short squeeze, where the Heinzes would quickly purchase as much United Copper stock as they could, hoping to drive up prices and leaving short sellers (who had bet the price of United Copper would drop) no one else to sell but to the Heinzes, who could then effectively name their price.



Along with Morse, the Heinzes turned to the Knickerbocker Trust Co. to finance the scheme, but the bank’s president, Charles T. Barney, believed that the short squeeze required a great deal more money, and he declined to provide it. Otto was under the impression that the Heinze family controlled the majority of United Copper’s stock, and that a vast number of the company’s shares were being sold short. He decided to go ahead with the plan anyway. On Monday, October 14, 1907, he bought United Copper shares aggressively, quickly driving the price from $39 per share to $52.

The next day, the New York Tribune ran a story headlined, “United Copper Booming,” citing a “curb market sensation” that would enable Augustus Heinze to win a bet that United Copper would surpass the price of his antagonist Amalgamated Copper.

That morning, Otto issued a call for short sellers to return their “borrowed” United Copper stock, thinking he could dictate the price. But, as Barney had warned, there were more than enough United Copper stockholders to turn to, and the price began to tumble rapidly. By Wednesday, the stock had closed at $10, and the streets outside the New York Stock Exchange were calamitous. “Never has there been such wild scenes on the Curb,” the Wall Street Journal reported, “so say the oldest veterans of the outside market.”

Otto Heinze was ruined. His trading privileges were suspended, and his company was bankrupt. But the collapse of United Copper’s stock was so alarming, people began pulling their money from the banks and trusts that Augustus Heinze was associated with. The panic triggered a run on Knickerbocker Trust, the third-largest trust in New York City, forcing it to suspend operations. Barney turned to his old friend J.P. Morgan for help; after he was declined, he shot himself.

The crisis spread across the city and, soon, the nation. The Dow Jones Industrial Average plunged. The New York Clearing House demanded that Augustus Heinze and Morse resign from all of their banking interests. The Chicago Tribune published a report saying that a “young woman friend of F. Augustus Heinze” from Butte had caused the crash when she began “babbling” to friends about the corner months before, allowing “foes of Heinze” to learn of the scheme. Stock held by one such foe was “poured on the market in such volume,” the Tribune reported, “that the corner was smashed.”

J.P. Morgan did not ignore the crisis that followed. He’d rescued the U.S. Treasury once before, after railroad overbuilding and speculation had led to the Panic of 1893. Morgan quickly called a meeting of leading financiers, who pledged millions of their own funds to save failing banks, and Treasury Secretary George B. Cortelyou pledged an additional $25 million in liquidity. John D. Rockefeller deposited $10 million in one trust company, promising Morgan that he would dig deeper if necessary. For his part, Morgan purchased $30 million in New York City bonds, which prevented the city from going bankrupt. By early November, the markets began to recover.

The Panic of 1907 led to the creation of the Federal Reserve System in 1913, to give the government a mechanism for preventing banking panics. Morse and Augustus Heinze were charged with breaking banking laws in the attempted corner of United Copper stock, but while Morse was convicted, Heinze’s luck in the courts continued: He was eventually exonerated. He married an actress, Bernice Henderson, in 1910, but after the two had a son (Fritz Augustus Heinze, Jr.), they divorced in 1912.

United Copper was placed into receivership and defunct by 1913. Heinze returned to Montana poor, but a hero; his efforts on behalf of workers and independent miners had not been forgotten. He managed to recover some of his wealth with new mining projects in Idaho and Utah, but friends noted that he’d lost much of his spirit. After cirrhosis of the liver caused a stomach hemorrhage, Heinze died in November of 1914 in Saratoga, New York. He was only 44.

Sources

Articles: “Who is Heinze?” Boston Daily Globe, February 4, 1900. ”Siz New Millionaires and How They Got Their Money,” Chicago Daily Tribune, March 24. 1900. “Heinze Wins Again,” The New York Tribune, May 18, 1900. “Frederick Augustus Heinze,” Engineering and Mining Journal, Vol. 98, No. 20, November 14, 1914. “Copper Falls and Smashes Famous Heinze,” Atlanta Constitution, October 18, 1907. “Heinze Has a Hard Pounding,” Boston Globe, October 17, 1907. “Heinze Owed Fall to Babbling Girl,” Chicago Tribune, October 20, 1907. “Morse and Remorse: The Consequences of Pyramidal Banking,” Saturday Evening Post, November 30, 1907. ”Lessons from the Panic of 1907,” Ellis W. Tallman, Jon Moen, Economic Review, Federal Reserve Bank of Atlanta, May, 1990. “F. Augustus Heinze, Mine Owner, Dead,” New York Times, November 5, 1914.

Books: Robert F. Bruner and Sean D. Carr, The Panic of 1907: Lessons Learned from the Market’s Perfect Storm, John Wiley and Sons, 2007. Ron Chernow, The House of Morgan, Atlantic Monthly Press, 1990. Sarah McNelis, Copper King at War: The Biography of F. Augustis Heinze, University of Montana Press, 1968.

https://www.smithsonianmag.com/history/the-copper-kings-precipitous-fall-44306513/

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"Sure hope I have my chair positioned right"

The Metals:



Gold gained $8.60 to $1216.10 by a little after 6AM EST before it chopped back towards unchanged by midafternoon in New York, but it then edged back up into the close and ended with a gain of 0.22%. Silver rose to as high as $15.485 and ended with a gain of 0.39%.



Euro gold fell under €1044, platinum gained $12.50 to $834.50, and copper climbed 2 cents to about $2.74.



Gold and silver equities fell in afternoon trade and ended over 1% lower on the day.



The Economy:



New Trump sanctions on Iran take effect despite pleas from allies Reuters

One reason why wages aren't rising faster: The gutting of middle-manager positions MarketWatch

Job openings inch up in June to third-highest level on record MarketWatch



There are no major economic reports due out tomorrow.



The Markets:



Oil edged higher on continued concerns about Iran.



The U.S. dollar index fell as the pound and euro bounced back on easing Brexit concerns.



Treasuries fell as the Dow, Nasdaq, and S&P rose on economic optimism.



Among the big names making news in the market today were Bitcoin, Twilio, Domino's Pizza, Tesla, Zillow, Mallinckrodt, and Dean Foods.

New Gold’s (NGD) filed technical report, Taseko’s (TGB) second quarter results, Nevsun’s (NSU) filed technical report, Fortuna’s (FSM) construction update, and Hecla’s (HL) continued discoveries were among the big stories in the gold and silver mining industry making headlines today.



WINNERS

1. DRDGOLD


DRD +2.55% $2.41

2. Nevsun


NSU +2.47% $3.74

3. Gold Standard


GSV +1.86% $1.64



LOSERS

1. New Gold


NGD -8.33% $1.21

2. Fortuna


FSM -6.37% $5.00

3. Alio Gold


ALO -5.93% $1.27

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.









and now, take a ride on

The Non- Doldrums Special LOL

MMgys Simo Train #1

Both Videos Work At The Same Time

GYSSound-Start sound Track

GYSSIMO-Start Viewer

Hope your feeling well cork

J;D

[JD400]

Livin The Dream News Train



The Metals:



Gold gained $5.30 to $1215.50 in Asia before it dropped back to $1206.60 in London, but it then bounced back higher in New York trade and ended with a gain of 0.27%. Silver chopped between $15.454 and $15.283 and ended with a gain of 0.39%.



Euro gold climbed back above €1045, platinum lost $5.50 to $829, and copper remained at about $2.74.



Gold and silver equities waffled near unchanged and ended slightly higher.



The Economy:



Home prices rise at the fastest pace in more than four years, defying expectations of a pullback MarketWatch

How India, China and EU weigh in on US' sanctions on Iran Times of India

Fed’s Barkin says interest rates need to rise to ‘normal’ levels MarketWatch



Tomorrow brings Weekly jobless claims, PPI, and Wholesale inventories.



The Markets:



Oil fell over 3% after the Energy Information Administration reported that crude inventories fell just 1.351 million barrels, gasoline inventories rose 2.9 million barrels, and distillates rose 1.2 million barrels.



The U.S. dollar index erased early gains and ended lower while treasuries turned higher on heightened trade war concerns that held the Dow, Nasdaq, and S&P near unchanged.



Among the big names making news in the market today were Tesla, Walmart, CVS, New York Times, Mylan, Glencore, and Novo Nordisk.



The Miners:



Yamana’s (AUY) new President and Chief Executive Officer and Gold Fields’ (GFI) first half earnings per share were among the big stories in the gold and silver mining industry making headlines today.



WINNERS

1. Harmony


HMY +3.09% $1.67

2. Eldorado


EGO +2.91% $1.06

3. B2Gold


BTG +2.49% $2.47



LOSERS

1. Endeavour Silver


EXK -4.37% $2.41

2. Alio Gold


ALO -3.15% $1.23

3. Great Panther


GPL -2.83% $1.03

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

Robert Lambourne: BIS gold market intervention increased by 17% in July
Submitted by cpowell on Wed, 2018-08-08 13:45. Section: Documentation

By Robert Lambourne
Wednesday, August 8, 2018

Use of gold swaps and gold derivatives by the Bank for International Settlements, the gold broker for most central banks, increased by about 17 percent in July, according to the bank's monthly report:

https://www.bis.org/banking/balsheet/statofacc180731.pdf

The bank's June report is here:

https://www.bis.org/banking/balsheet/statofacc180630.pdf

The BIS' July Statement of Account gives summary information on its use of gold swaps and gold-related derivatives in the month. The information is not sufficient to calculate a precise amount of gold-related derivatives, including swaps, but the bank's total estimated exposure as of July 31 was about 485 tonnes of gold versus about 413 tonnes as of June 30.

hat is an increase of about 72 tonnes or 17 percent.

The increase came as there increasingly appeared to be a correlation between the gold price and the valuation of the Chinese yuan, both of which fell substantially during the month.

The BIS refuses to explain what it is doing in the gold market and for whom, engendering suspicion that it is helping one or more of its members to manipulate the currency markets through deception.

To place the bank's use of gold swaps in context, its current exposure of 485 tonnes is higher than the gold reserves of all but 10 countries.

-----

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

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Craig Hemke at Sprott Money: Comex gold and the CoT report
Submitted by cpowell on Wed, 2018-08-08 01:37. Section: Daily Dispatches

9:39p ET Tuesday, August 7, 2018

Dear Friend of GATA and Gold:

Trader positioning in the gold futures market, the TF Metal Report's Craig Hemke writes at Sprott Money today, ordinarily would be signalling a bottom and a rally -- if there was no intervention by the Chinese government to keep gold and commodity prices down to offset the devaluation of the yuan amid the trade war with the United States.

Hemke's analysis is headlined "Comex Gold and the Commitment of Traders Report" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/comex-gold-and-the-commitment-of-trader...

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GYS 2015-2018 Happy Birthday TY

Thank you for 3 Wonderful Years Reporting <3

It's not what we Have

but what we EnJoy

[JD400]

Shanghai Gold Withdrawals Remain Brisk - Silk Road Demand

Shanghai gold withdrawals remain brisk.

On its own, Shanghai is taking a big chunk of total world gold production by itself as shown in the third chart.

Gold continues to move from West to East.

I could not happen to notice this evening when someone mentioned the US' current issues with Russia, Turkey, and China, that all of these countries have been major accumulators of physical gold.

The other big major is India, the government of which has been engaging in all sorts of gimmicks to attempt to dampen the private gold demand driven by the people who use gold jewelry as a means of savings.

Got to serve and protect that petrodollar, right?











https://jessescrossroadscafe.blogspot.com/

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Good Morning

John Denver taking us home this fine Sunday Morn

on the Acoustic Breeze

MMGYS

GYS Sunday Morning Acoustic Breeze


Hope your having a Wonderful Weekend !



J:D

[JD400]

The Metals:



Gold gained $5.60 to $1189.80 in Asia before it drifted back to $1184.80 it late morning New York trade, but it then jumped to a new session high of $1190.90 in afternoon trade and ended with a gain of 0.51%. Silver climbed up to $14.845 before it fell back to $14.645 and then also bounced back higher, but it still ended with a loss of 0.41%.



Euro gold climbed above €1037, platinum gained $2.50 to $790.50, and copper remained at about $2.67.



Gold and silver equities chopped near unchanged and ended with modest gains.



The Economy:



Trump Complains to Donors in the Hamptons About Powell's Rate Hikes Bloomberg

Trump ramps up criticism of Powell's interest-rate policy: reports MarketWatch

When economists become demagogues MarketWatch

Call of the day: A ‘Lehman-like episode’ could usher in ‘epic economic crisis’ MarketWatch

With record in view, aging U.S. bull market may still be frisky Reuters



There are no major economic reports due out tomorrow.



The Markets:



Oil rose almost 1% on continued concerns about Iran.



The U.S. dollar index reversed overnight gains and ended lower on Trump’s comments about fed policy that sent treasuries higher.



The Dow, Nasdaq, and S&P mostly rose on economic optimism.



Among the big names making news in the market today were Nike, Pepsi, Lannett, and Tesla.



The Miners:



WINNERS

1. B2Gold


BTG +8.80% $2.35

2. Gold Standard


GSV +8.45% $1.54

3. Sibanye


SBGL +6.67% $2.24



LOSERS

1. NovaGold


NG -3.45% $3.64

2. Seabridge


SA -2.70% $10.80

3. Coeur


CDE -1.78% $5.52

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

The Music

Mariah Carey And Aretha Franklin Chain Of Fools

GYSSSS

[JD400]

Gold Market Update - COTs, sentiment super bullish as Fed set to reverse course...



Eric Clapton Nobody Knows You

MMGYS

Sunday Morning Acoustic Breeze

Good Afternoon

Gold Market Update - COTs, sentiment super bullish as Fed set to reverse course...

originally published Saturday, August 25, 2018



All Latest Gold Market Update

We are now seeing an overwhelming body of evidence coming together to suggest that gold and silver have hit bottom, and that even if they haven't, the bottom is very close and downside risk is very limited. On a more mundane level, the drop in gold and silver prices the recent past is pushing many mines to the brink of becoming economic at a time of an impending supply crunch, a situation that must soon lead to higher prices. Whilst we were premature in calling a bottom earlier this year, it really does look like the time has come to "back up the truck" for reasons that we will now set out as briefly and succinctly as possible.

Starting with gold's 6-month chart, we see that on Friday it had its biggest up day for about 5-months, with a large white candle and "bullish engulfing pattern" which has made an approximate Double Bottom with the lows of about a week ago, with this occurring at a time when it is deeply oversold, as made clear by the low reading of its MACD indicator and the large gap with its moving averages.




Whilst gold has dropped back further than we would like to see on its 10-year chart, and further than we had earlier expected, it is noteworthy and important that it has not dropped below the support at its 2013 lows, which means that this is a good point for it to turn up.



The chances of gold turning up here are hugely enhanced by its latest COT and sentiment data. Its latest COT chart shows that the Large Specs have now abandoned all long positions and actually started going short for the 1st time in our memory and for the 1st time since gold's big bullmarket started in 2000 - 2001. This is viewed as exceptionally bullish because the Large Specs are overall always wrong.



Moving on, we see that the Gold Optix, or optimism chart, is plumbing abysmally low levels, which is of course another sign that gold is probably at a bottom, because the great mass of investors are always negative and despondent at major market bottoms.




Joining the "gloom and doom" party we have the Gold Risk Levels chart, which is showing a reading of 2, that is close to the lowest it has ever got, which is 1.



Gold stocks took a beating in recent weeks and whilst shorter-term charts have looked really scary, the big picture shown on our 10-year chart for GDX looks nowhere near as disturbing. Although the drop of recent weeks was not of course what bulls wanted to see, it has not quite broken GDX below the important support level shown, and the chances of it reversing to the upside here are vastly improved by the current abyssmal sentiment towards the sector.



In retrospect we should have been able to tell from the Gold Miners Bullish % Index chart some weeks back that there was scope for further losses, but now, after the latest sector drop, it is looking a lot healthier, with the now very low level of bullishness making a rally a lot more likely...



Having figured out from all these charts that gold has probably hit bottom and is about ready to turn up, what might the fundamental reason for this be? Well, of course, the strongest reason would be if the dollar were to stop advancing and reverse to the downside, so how likely is that? - very likely as it happens, for as we had deduced several days back, the Treasury market is getting ready for a surprise big rally which means that rates in the US are set to drop, and falling rates will quickly kick out the props from under the dollar. The notion of a surprise Treasury rally is by no means wishful thinking - it is based on powerful technical evidence that has been building for many weeks - evidence which points to the Fed making a U-turn on rates, which it undoubtedly is coming under heavy pressure from The White House to do.

Let's look at this evidence again now. We start with the 5-year chart for the 1-year Treasury Note yield, which shows that the earlier vigorous advance in rates is now running out of steam, as evidenced by the MACD momentum indicator that has not been confirming recent new highs.



Next we see on the latest COT chart for the 10-year Treasury Note that normally wrong Large Specs have bought the hype and are now running record short positions by a country mile - they look set to get fleeced, and you don't need to be a genius to figure out who will walk off with the pie, as they always do - the Commercials - who have built up record long positions - perhaps they have some important friends at the Fed, as well as in the media.



The latest Hedgers chart also for the 10-year Treasury Note is equally if not more astounding. It shows that Smart Money Commercial Hedgers have built up record net long positions in these Treasuries. What all this means is that a thundering great rally is probably building in Treasuries, that will knock rates back down and rip the rug from under the dollar.



Finally, there is one major inconsistency which we need to address. One of our biggest fears in the recent past and a deterrent to being more aggressively bullish the PM sector has been the lurking risk of a market crash. However, as we had started to figure out last week, a big Treasury rally is a growing probability, and that means a sizeable drop in rates, which will take the wind out of the dollar's sails and fuel a big recovery rally in gold and silver. In addition, a significant drop in rates will greatly lower the risk of a market crash in the foreseeable future. Although the stockmarket could drop for other reasons it is less likely to be so severe that it negatively impacts gold and silver which will be rising due a falling dollar. Instead, we may even see modest new highs in the stockmarket, but more likely is that it runs off sideways or enters a mild downtrend.



The conclusion is that it is time to back up the truck with the PM sector - assuming you still have a truck to back up, that is.

End of update.






https://www.clivemaund.com/gmu.php?art_id=68&date=2018-08-25

[JD400]

*Page 5*_The_ Feather_River_in California is Loaded with Gold!

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~*~Mining & Metals Du Jour~*~Happy 9th Anniversary ~*~

MMGYS

Thank You cork <3

J:D

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The Feather River in California is Loaded with Gold!


The Feather River is one of the richest gold bearing rivers in the Mother Lode region of California. Gold was first discovered on the river in 1949 and this was one of the first gold discoveries in the state following the initial discovery of gold at Sutter’s Mill on the American River.

The Feather River is a major tributary of the great Sacramento River and is made up of four major forks; the North fork, the Middle Fork, the South Fork and the West Branch of the river.

The river in turn is fed by a number of tributaries from the gold rich Sierra Nevada Mountains. Gold has over the years been found throughout the river course and in almost all its tributaries.


Gold Mining History on the Feather River



At the peak of the California’s gold rush thousands of gold miners worked along the river. Numerous gold towns sprung up all along the river in the first few years of the California gold rush to exploit the rich gold deposits found in the shallow river gravels.

Oroville was one of the earliest gold camps to spring up. The city was initially known as the Ophir City before the name was changed to Oroville. Oroville is located in the California’s central valley about 25 miles to the north of Marysville along the Feather River, and the town still remains today.

Gold was discovered at Bidwell’s Bar in 1848 by John Bidwell who was the secretary to John Sutter. Bidwell Bar was one of the richest gold mines on the river and by 1852 the city was home to over 2000 gold miners.

Gold was also found at the cape and Union Cape claims located above Oroville. These were some of the most successful mining operations in the entire state of California. A trench of about 5000 feet long was built to divert the Feather River for the mining at the claims.

Nelson Point is another great historic mining center along the Feather River. The center is located about 25 miles to the north of Downieville on the Middle Fork of the Feather River.

Nelson Point was an important mining camp in the 1850s up to 1900 as it was conveniently located close to a number of rich gold mining sites. Nelson Point was born after the discovery of gold in the Nelson’s Creek in early 1850s.

There were numerous gold mining sites near Nelson point include Sailor Bar, Sunny Bar, Henpeck Flat, Bells Bar, English Bar, Hottentot Bar and Poverty Flat which all contributed to the growth of the center.


Nelson’s Point is no longer in existence as a town, but the area where it sat would still contain gold, and all of the surrounding gulches contain gold as well.

Another place where rich gold deposits were found was at Rich’s Bar along the Feather River. At its peak Rich Bar produced about $9 million worth of gold.

Gold was first discovered on the banks of the Feather River at what came to be known as Rich Bar in the summer of 1850.

By 1853, Rich Bar had grown into a small town of about 1000 people and about $4 million worth of gold had been mined. The mining finally stopped in 1890 but gold prospectors still record gold finds in the now deserted serpentine canyon of Feather river that was once a booming community of Rich Bar miners.

A small distance from the site of Rich Bar was three other small gold mining camps that included the Missouri Bar, Indian Bar and Smith Bar. The total gold value of these camps was about $23 million worth of gold.

There were several other small mining camps along the Feather River. Some of these include the Cariboo, Crescent Mills, Big bar, Quincy, Long bar, Cherokee, and Taylorville among others. Most of these mining centers flourished in the 1850s before miners moved to other new finds in other places.


20th Century Mining on the Feather River


California Feather River Gold

Map showing the gold bearing region of the Feather River in the northern Sierra Nevada.

Today most of the early gold mining hot-spots along the Feather River are still great places to prospect for gold. There is still plenty of gold in the grounds that can be exploited by modern day prospectors.

During the last half of the 20th century, suction dredging has been the primary mining method along the Feather River. This mining technique allowed underwater divers to such gold up from the bottom of the river at locations that were previously impossible to mine. This method caused renewed interest in mining all throughout California, and for many years prospectors recovered exceptional amounts of gold from the bedrock of the Feather River.

Unfortunately, at the time of this writing all suction dredging is banned within the state of California. The ban has had a huge effect on the amount of gold being recovered in the state, limiting the amount of gold that has been found in recent years.

The Feather River is dotted with some of the richest historic gold mines in California, and even after 150 years of mining there is still some exceptional gold out there waiting to be found.


Gold Prospecting Tips for the Feather River



Even though you can’t currently suction dredge in the Feather River, there are still plenty of other ways that you can still prospect for gold.

The best way to move a lot of material is probably to use a highbanker or power sluice. It takes a strong back and a lot of hard work, but you can move quite a bit of material through a power sluice in a day of prospecting.

There are also a lot of guys who are quite successful at finding gold nuggets by using a metal detector. Some of the places along the Feather River are quite trashy, so a metal detector with good discrimination like the Fisher Gold Bug Pro is a really good choice. Search areas that have exposed bedrock cracks. This is where gold nuggets like to hide.

Gold in the Sierra NevadaOf course, you can also try your luck by just using a simple gold pan. Look for exposed bedrock with deep cracks that might trap gold and use some tools to clean them out. Pan the material and you have a good chance of finding some nice color in the bottom of your pan.


Other Areas near the Feather River to Gold Prospect



It is worth emphasizing that the Feather River runs through some of the richest gold country on Earth. Gold is not only found in the Feather River, but countless other creeks and gulches that flow into it. In fact, some of the best places to prospect for gold today are in the smaller creeks that may have been overlooked by others.

You will find evidence of past mining activity all throughout the Feather River drainage. The early miners were primarily interested in placer deposits, but eventually some rich hard rock mines were also developed that extracted the rich gold veins from quartz.

Searching around these old mines can be worthwhile. There is still plenty of gold out there to be found, and there are undiscovered gold deposits that have yet to be unearthed. Just be sure that you have done your research and are not on someone else’s mining claim.

[JD400]

Were in Silver Stackers Paradise

Hi cork, All these guys giving me the fever bad LOL

Talking bout all these low prices

Liken this guys monthly buying spree style

Enchanting

Take care Man

[JD400]

Closing Report Good Evening

Welcome everybody

Hope your having a Good One

J:D

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The Metals:



Gold gained $7.80 to $1206.20 at about 9AM EST before it chopped back lower at times, but it still ended with a gain of 0.43%. Silver rose to as high as $14.335 and ended with a gain of 0.64%.



Euro gold climbed to €1031, platinum gained $10 to $821, and copper remained at about $2.71.



Gold and silver equities rose roughly 2% in the first hour of trade and remained near that level for the rest of the day.



The Economy:



U.S. current-account deficit sinks 17% MarketWatch

‘Voodoo economics’ is about to kill this bull market, warns Nouriel Roubini MarketWatch

U.S. housing starts rise on jump in multi-family construction Reuters



Tomorrow brings Weekly jobless claims, the Philly Fed index, Existing home sales, and Leading economic indicators.



The Markets:



Oil rose almost 2% after the Energy Information Administration reported that crude inventories fell 2.1 million barrels, gasoline inventories fell 1.7 million barrels, and distillates rose 800,000 barrels.



The U.S. dollar index waffled near unchanged and ended slightly lower.



Treasuries fell on the continued outlook for higher interest rates after this morning’s upbeat housing data sent the Dow, Nasdaq, and S&P mostly higher.



Among the big names making news in the market today were Tilray, Hyundai, and Danske Bank.



GATA Posts:





Russian oil firm seeks alternative to dollars, Reuters says

China's premier insists it's not devaluing the yuan

Zimbabwe miner may pay suppliers in gold amid national cash shortage


The Miners:



Upcoming Presentations at the Denver Gold Forum and Endeavour Silver’s EXK drill results were among the big stories in the gold and silver mining industry making headlines today.



WINNERS

1. Sibanye


SBGL +5.79% $2.56

2. Buenaventura


BVN +4.36% $13.16

3. Alamos Fold


AGI +3.82% $4.62



LOSERS

1. Paramount


PZG -1.94% $1.01

2. DRDGOLD


DRD -1.49% $1.99

3. Gold Standard


GSV -1.16% $1.71

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

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The Music:


Passion - God's Great Dance Floor



MMGYS_Day_Of_Atonement_Set_

now playing on our sister board


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Gold Prices Continue to Oscillate in a Tight Trading Range

Gary Wagner Wednesday September 19, 2018 18:32



Gold futures closed higher on the day, with the most active Comex contract (December) currently up $5.40 at $1,208.30. However recent pricing in gold can be best characterized by the tight and narrow trading range, with major support at $1,190 and major resistance at $1,218.

Since the last week of August, gold has effectively been trapped within a $30 trading range. Over the last 17 trading days, gold has closed higher on the day when compared to its opening price on nine occasions and closed lower on the day eight times. Obviously only a minimal price advance or price decline will emerge from this type of oscillating market.



With the FOMC meeting scheduled to begin next week, and the fact that it is highly anticipated that this meeting will result in an interest rate hike, traders and investors are trying to gauge the net effect of higher interest and the 10% tariffs on imported Chinese goods which will begin on September 24.




Regardless of the outcome, next week promises to contain extremely relevant fundamental information that could, in fact, move gold out of the recent narrow and defined range that has defined its pricing.

Currently, the CME’s fed watch tool predicts there is a 94.4% probability that the Federal Reserve will raise interest rates by a quarter percent next week and a 5.6% probability that they will raise rates by a half a percent. In other words, the Fed Watch tool is predicting that there is 100% probability that higher interest rates from the Federal Reserve (fed funds rate) will be implemented next week.

Last week the FedWatch tool was indicating a 99% probability that the Fed will raise interest rates by a quarter percent (25 basis points) at the end of next week’s FOMC meeting.

The real question becomes what the endgame of the Federal Reserve is in regard to where they believe interest rates should be to accomplish their goal of quantitative normalization. To that end, traders and investors will focus intently on comments emerging from next week’s meeting.

For those who would like more information, simply use this link.

Wishing you as always, good trading,
By Gary Wagner

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[JD400]

Closing Report Good evening

Welcome and Wishing everyone a Great Weekend!

J:D

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The Metals:



Gold dropped $3.40 to $1180.90 in Asia, but it then jumped up to as high as $1193.60 by late morning in New York and ended with a gain of 0.62%. Silver surged to as high as $14.714 and ended with a gain of 2.52%.



Euro gold rose above €1026, platinum gained $5 to $814, and copper climbed 3 cents to about $2.80.



Gold and silver equities rose roughly 1% in the first 30 minutes of trade and remained near that level for the rest of the day.



The Economy:



September consumer sentiment tops triple digit mark for only the third time since January 2004 CNBC

U.S. consumer spending rises; monthly inflation slows Reuters

Chicago PMI falls to five-month low in September MarketWatch



The Markets:



Oil gained almost 2% on signs of tighter global supplies.



The U.S. dollar index rose “after the Italian government’s deficit target sparked a selloff in the country’s bonds and weighed on the euro.”



Treasuries edged lower as the Dow, Nasdaq, and S&P waffled near unchanged on mixed economic data.



Among the big names making news in the market Friday were JC Penny, Honda, Blackberry, and Tesla.



GATA Posts:


Ted Butler: What disconnect?

JPMorgan's Marko Kolanovic says dollar hegemony is now at risk

Peter Hambro returns to Russian gold miner Petropavlovsk

Judge sides with CFTC on virtual currency oversight
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Ted Butler: What disconnect?

Submitted by cpowell on Fri, 2018-09-28 16:27. Section: Daily Dispatches

12:26p ET Friday, September 28, 2018

Dear Friend of GATA and Gold:

Silver market analyst and market-rigging critic Ted Butler today writes that all commodity futures markets, not just gold and silver, are setting prices with regard only to speculative short-selling, not to ordinary supply and demand. Butler wonders why the world "can't see what's directly in front of us." Butler's commentary is headlined "What Disconnect?" and it's posted at GoldSeek's companion site, SilverSeek, here:

http://silverseek.com/commentary/what-disconnect-17426

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]
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Judge sides with CFTC on virtual currency oversight

Submitted by cpowell on Thu, 2018-09-27 04:49. Section: Daily Dispatches

By Michelle Price
Reuters
Wednesday, September 26, 2018

WASHINGTON -- A federal judge said on Wednesday that virtual currencies meet the definition of a commodity and fall within the jurisdiction of the U.S. derivatives regulator, allowing the agency to pursue fraud allegations against My Big Coin Pay Inc.

The closely watched decision by a U.S. District Court should allow the Commodity Futures Trading Commission to continue to police virtual currency frauds, regulation of which has fallen among several different agencies. ...

... For the remainder of the report:

https://www.reuters.com/article/us-usa-cftc-bitcoin/u-s-judge-sides-with...
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Thank You GATA http://www.gata.org/
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The Miners:



Randgold’s GOLD comments on Kibaali Goldmines SA and Freeport’s FCX Divestment Agreement were among the big stories in the gold and silver mining industry making headlines Friday.



WINNERS

1. B2Gold


BTG +5.99% $2.30

2. Tahoe Resources


TAHO +3.72% $2.79

3. First Majestic


AG +3.09% $5.68



LOSERS

1. Paramount


PZG -5.36% $1.06

2. Alexco


AXU -2.83% $1.03

3. EMX Royalty


EMX -1.61% $1.22

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
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Thank You Chris Mullen, Gold Seeker Report http://news.goldseek.com/GoldSeeker/1538166295.php
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The Music :



for KING & COUNTRY – Joy.

MMGYS_Feast_Of_Tabernacles_7_Day_Celebration_Set_

see the whole set now playing on our sister board


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28 September 2018

Stocks and Precious Metals Charts - Mean, Nasty, and Entitled - Our Low and Hypocritical Elite

Mammon, God of Markets



"Wherever your treasure is, there the love of your heart will also be. Your eye is like a lamp that provides light for your body. When your eye is healthy, your whole body is filled with light. But when your eye is sickened, your whole body is filled with darkness. And if the light you think you have is actually darkness, how deep that darkness will be.

No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve both God and Mammon."

Matt 6:21-24


"Beware the leaven of the Pharisees, which is a pious, hollow hypocrisy."

Luke 12:1


How lucky to have such important and accomplished luminaries to guide us, as these elite creatures from all the finest institutions.

Today was the end of the third quarter, and the paint was drying on the tape.

I think US equities are approaching another short term blow off top.

And the vulnerability of the markets to a trigger event is likely to be heightened for the next month or so at least, until some of this reckless disregard for risks becomes resolved.

Gold and silver especially had nice rallies today. I was pleased because I took new position in silver yesterday along with some gold. I don't take trading positions in silver all that often, but it seems to have been beaten down substantially enough to demand some attention.

The smackdown in silver and gold yesterday was so obvious and heavy-handed as to remarkable.

I cannot say if they have put in a durable bottom or not. And I am not sure how they might react in the case of a major market dislocation in equities. But the antics of Wall Street are so clumsy and brazen now that only the ruling elite and its regulators could miss it— along with the other courtiers and poobahs in the employ of the moneyed interests.

Next week we will see a Non-Farm Payrolls report for September.

Need little, want less, and love more. For those who abide in love abide in God, and God in them.

Have a pleasant weekend.

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Thank You https://jessescrossroadscafe.blogspot.com/2018/09/stocks-and-precious-metals-charts-mean.html
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[JD400]

Mining Caesar Meets Mining Nightly

No this isn't a Godzilla Movie

It's much worse than that. hahahah

Allow me to kick off the weekend

Wishing you all a warm safe & happy weekend

and Thanks

Shall we

OK Let's go..........

M&MTGYS

Don't forget to Catch the SiMO elevator at the end

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Report: Pacton Gold – Getting busy in the Pilbara region

on 14 November, 2018 in Reports, Blog, Pacton Gold

PAC

Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, Pacton has been able to negotiate the acquisition of several projects, joining Novo in its quest to prove the viability of conglomerate-hosted gold systems.

To be brought fully up to speed, we would recommend you to read our initial report on Pacton Gold, which was published right before the summer. It provides a summary of Pacton’s first few projects and the exploration theory it’s applying.

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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project

on 8 November, 2018 in Reports, Blog, Skyharbour Resources

SYHSkyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the previous years as the Athabasca Basin remains one of the best (and safest) areas to explore for uranium.

As Skyharbour continues to drill at its own high-grade Moore flagship project, its two joint venture partners (Orano and Azincourt Energy (AAZ.V)) will spend their own money on advancing the joint venture properties. We were positively surprised to learn Orano is planning to spend C$2.2M on the Preston Uranium project, as that’s more than we expected.


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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?

on 6 November, 2018 in Reports, Blog, Cypress Development

CYP

The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium mines as those tend to be much more capital intensive than for instance brine operations (it’s more expensive to build and operate a hard rock lithium mine rather than the low-cost evaporation process). Canada Lithium tried it a few years ago, but went bankrupt.

But in between hard rock and brine lithium projects, there is some sort of middle ground. In Nevada, Cypress Development (CYP.V) is aiming to develop a sedimentary-hosted lithium project into a full-fledged lithium mine. It’s some sort of a ‘hybrid’ operation as the nature of the deposit actually combines a (higher grade) hard rock operation with the economic advantages of a lower-cost production method. The Preliminary Economic Assessment on the project indicates the operating cost will be relatively low thanks to having hectorite-free clay as a host rock which makes it less capital intensive than other non-brine lithium projects. That, as well as a substantially higher lithium price compared to the market conditions when Canada Lithium failed, give Cypress Development a good shot at further advancing this project.

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Report: Contact Gold – Aggressively drilling the Carlin Trend in Nevada

on 29 October, 2018 in Reports, Blog, Contact Gold

C

Almost every single time we felt it was time for an update report on the Contact Gold’s (C.V) progress at Pony Creek, the company released more drill results from its ongoing drill program at the Pony Creek project in Nevada. That is a good problem to have, and although more drill results will continue to roll in, this update is long overdue.

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Report: Golden Arrow Resources – A call option on the silver price

on 25 October, 2018 in Reports, Blog, Golden Arrow Resources

GRG

Golden Arrow Resources’ (GRG.V) share price got slammed last week as a sell recommendation from a newsletter sent the shares approximately 30% lower before the share price recovered some of the lost ground. This ruined the company’s plans to raise C$2.625M which was meant to top up the treasury, but the current sub-30 cent share price could be an attractive entry point for silver bulls considering the 25% owned Chinchillas project in Argentina is on the verge of starting to produce silver and lead. Additionally, the other exploration projects (which will be spun off later) could help to unlock the hidden value of Golden Arrow’s project portfolio.

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Evrim Resources signs an exploration alliance agreement with a Yamana Gold subsidiary
16 November, 2018 Blog

Evrim Resources (EVM.V) has announced it has signed a 3-year exploration alliance agreement with Meridian Gold, an unlisted full-owned subsidiary of Yamana Gold (AUY), whereby the latter will grant Evrim access to its database that it has been compiling over the past several decades. According to the announcement, Meridian’s database […]



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Bellary Dome Nuggets Recovered May 2018
Report: Pacton Gold – Getting busy in the Pilbara region
14 November, 2018 Reports, Blog, Pacton Gold

Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, […]


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Transition Metals is selling its Dundonald Nickel project

13 November, 2018 Blog

Transition Metals (XTM.V) has now sold its Dundonald Nickel project (located in Ontario, Canada) to VaniCom, an Australian company. Transition has now received C$150,000 in cash and will also receive C$350,000 worth of stock in VaniCom. On top of that, VaniCom pledged to spend at least C$750,000 on exploration during […]


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Amarc Resources continues to hit thick copper intervals at IKE, but needs a grade boost

12 November, 2018 Blog

Amarc Resources (AHR.V) has received the assay results from an additional five drill holes that were completed on its IKE copper-molybdenum-silver project in British Columbia. Four of the five holes intersected thick copper-bearing structures with for instance 252 meters containing 0.33% CuEq, 300 meters at 0.17% CuEq and 651 meters […]



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Avrupa completes Alvito drilling, plans to drill Alvalade, raises more cash

10 November, 2018 Blog

Avrupa Minerals (AVU.V) has been busy this summer as it completed an 18 hole drill program (for a total of just over 2,400 meters) on its Alvito IOCG project in Portugal. The drill program was funded by ASX-listed OZ Minerals (OZL.AX) which was originally earning a 51% stake in the […]


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K92 Mining produces 9,500 ounces gold and almost 150,000 pounds of copper in Q3

9 November, 2018 Blog

K92 Mining (KNT.V) is still working on the development of its Kainantu mine in Papua New Guinea, and the revenue from selling the gold and copper that’s currently being produced on-site is helping to fund these plans. The company produced 9,549 ounces of gold as well as 146,315 pounds of […]


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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project

8 November, 2018 Reports, Blog, Skyharbour Resources

Skyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the […]



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Sandspring Resources updated its Toroparu gold resource

7 November, 2018 Blog

Sandspring Resources (SSP.V) released an updated resource estimate on its Toroparu gold-silver project in Guyana. The current in-pit resource contains 253 million tonnes in the measured and indicated category with a gold content of 7.35 million ounes, while there is an additional inferred resource containing 129 million tonnes of rock […]



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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?

6 November, 2018 Reports, Blog, Cypress Development

The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium […]


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Group Eleven starts drilling at Stonepark

5 November, 2018 Blog

Group Eleven Resources (ZNG.V) has now initiated a 1,500-2,000 meter drill program on its Stonepark project in Ireland (76.56% owned). The company seems to be keeping the expectations low as this initial drill program has mainly been designed to get a better understanding of the geological structures at Stonepark. All […]


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Southern Silver extends silver-zinc mineralization at North Skarn

3 November, 2018 Blog, Southern Silver Exploration

Southern Silver Exploration (SSV.V) is currently working on its ongoing 12,000 meter drill program, and the assay results from three holes that have just been released (the assay results of a fourth hole are still pending) confirm the mineralization appears to be extending outside of the currently known zones. The […]
Tethyan Resources starts met work at Kizevak
Tethyan Resources starts met work at Kizevak
3 November, 2018 Blog, Tethyan Resources

Tethyan Resources (TETH.V) has sent two samples from its Kizevak project to the Mining and Metallurgy Institute in Bor, Serbia. The samples were collected from the two dominant systems on the Kizevak property: massive sulphide vein breccias and fracture fill mineralization. The samples will be subject to bench-scale flotation tests […]

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Above Reads Link found here

https://www.caesarsreport.com/

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MINING NIGHTLY

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Detour seeks to end proxy fight with Paulson & Co

By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?


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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
DRC lifts export ban on Glencore's copper and cobalt unit

By: Bloomberg Updated 7 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?


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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit

By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?


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Teck to announce Chile project partner in December

By: Mariaan Webb Updated 5 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?


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Iamgold doubles credit facility; Rosebel strike ends

By: Creamer Media Reporter 16th November 2018 Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?


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NWT govt selects proponent to build Tlicho road

By: Creamer Media Reporter Updated 6 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?


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K+S cuts outlook after dry weather weighs on production

By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine

By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?


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Leagold announces 122% increase in Los Filos openpit reserves

Updated 5 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?


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Paramount Gold acquires prospect near Grassy Mountain

By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?


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WDC calls for expanded definition of conflict diamonds

By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?


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Difficulties continue for Afarak in Q3

By: Simone Liedtke Updated 1 hour 2 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?


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Russian Jan-July gold output flat at 157.19 t

By: Reuters Updated 1 hour 13 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?
Gold miner smuggles in workers by night to bypass strikers

By: Bloomberg Updated 1 hour 51 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?


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India state may cancel NMDC's Donimalai mine lease in levy dispute

By: Reuters Updated 2 hours 29 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?


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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining

By: Ajoy K Das Updated 2 hours 31 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?


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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns

By: Terence Creamer Updated 2 hours 47 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?


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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks

By: Ajoy K Das Updated 2 hours 51 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?


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BHP blames driver error, brake problem for runaway train wreck

By: Reuters Updated 3 hours ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?


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Treasury report finds Koko meddled to help Tegeta

By: African News Agency Updated 3 hours ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?


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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Ncondezi $5.1m loan gets extended maturity date to November 2019

By: Marleny Arnoldi Updated 6 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?


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Palladium soars to record on tight supply, bets on China demand

By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?
Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet

By: News24Wire Updated 7 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?


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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy

By: Esmarie Iannucci Updated 7 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?


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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’

By: Esmarie Iannucci Updated 7 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?
New PNG LNG venture one step closer to realisation

By: Esmarie Iannucci Updated 7 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?


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Joint push to develop NT’s onshore and offshore gas resources

By: Esmarie Iannucci 16th November 2018 The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?


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Ribbon gets cut at Ichthys facility

By: Esmarie Iannucci 16th November 2018 The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?


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Pilgangoora officially opens

By: Esmarie Iannucci 16th November 2018 The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?


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Stanmore extends Isaac Plains contract

By: Esmarie Iannucci 16th November 2018 Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?


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MOD completes T3 buy

By: Esmarie Iannucci 16th November 2018 Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?


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Prodigy to raise cash for Tanami exploration

By: Esmarie Iannucci 16th November 2018 ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?


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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’

By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?


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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’


16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
‘100 Global Inspirational Women in Mining’ 2018 edition released

By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?


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Ghana to raise $750m through London IPO of minerals fund

By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?


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Danakali welcomes UN lifting of sanctions against Eritrea

By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?


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Zimbabwe raises gold miners' forex allowances after output halt

By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?


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Difficulties continue for Afarak in Q3

By: Simone Liedtke Updated 5 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?


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Russian Jan-July gold output flat at 157.19 t

By: Reuters Updated 16 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?


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Gold miner smuggles in workers by night to bypass strikers

By: Bloomberg Updated 54 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?


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India state may cancel NMDC's Donimalai mine lease in levy dispute

By: Reuters Updated 1 hour 32 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?



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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining

By: Ajoy K Das Updated 1 hour 34 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?


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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns

By: Terence Creamer Updated 1 hour 50 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?


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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks

By: Ajoy K Das Updated 1 hour 54 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?


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BHP blames driver error, brake problem for runaway train wreck

By: Reuters Updated 2 hours 17 minutes ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?


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Treasury report finds Koko meddled to help Tegeta

By: African News Agency Updated 2 hours 39 minutes ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?


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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Teck to announce Chile project partner in December

By: Mariaan Webb Updated 4 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?


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Leagold announces 122% increase in Los Filos openpit reserves

Updated 4 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?


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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit

By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?


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Ncondezi $5.1m loan gets extended maturity date to November 2019

By: Marleny Arnoldi Updated 5 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?


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NWT govt selects proponent to build Tlicho road

By: Creamer Media Reporter Updated 5 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?


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Palladium soars to record on tight supply, bets on China demand

By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?


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Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet

By: News24Wire Updated 6 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?


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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy

By: Esmarie Iannucci Updated 6 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?


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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’

By: Esmarie Iannucci Updated 6 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?


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New PNG LNG venture one step closer to realisation

By: Esmarie Iannucci Updated 6 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?


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DRC lifts export ban on Glencore's copper and cobalt unit

By: Bloomberg Updated 6 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?


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Iamgold doubles credit facility; Rosebel strike ends

By: Creamer Media Reporter Updated 7 hours ago Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?


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Joint push to develop NT’s onshore and offshore gas resources

By: Esmarie Iannucci Updated 7 hours ago The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?


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Ribbon gets cut at Ichthys facility

By: Esmarie Iannucci Updated 7 hours ago The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?


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Pilgangoora officially opens

By: Esmarie Iannucci Updated 7 hours ago The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?


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Stanmore extends Isaac Plains contract

By: Esmarie Iannucci Updated 7 hours ago Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?


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MOD completes T3 buy

By: Esmarie Iannucci Updated 7 hours ago Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?


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Prodigy to raise cash for Tanami exploration

By: Esmarie Iannucci Updated 7 hours ago ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?



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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’

By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?


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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
Mining Weekly iPhone and Android Apps available for free download

16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
K+S cuts outlook after dry weather weighs on production

By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Detour seeks to end proxy fight with Paulson & Co

By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?


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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
‘100 Global Inspirational Women in Mining’ 2018 edition released

By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?


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Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine

By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?


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Paramount Gold acquires prospect near Grassy Mountain

By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?


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Ghana to raise $750m through London IPO of minerals fund

By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?


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Danakali welcomes UN lifting of sanctions against Eritrea

By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?
Zimbabwe raises gold miners' forex allowances after output halt

By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?


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WDC calls for expanded definition of conflict diamonds

By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?


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www.miningweekly.com/page/americas-home


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Other Reads From the CQ












Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst


Anna Golubova Tuesday November 13, 2018 20:09

Kitco News

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Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst

(Kitco News) - Gold is looking to end a year on a strong note, according to one long-standing gold bull, who sees the recent strength in the U.S. dollar and the U.S. real rates as only temporary.

Investors will be choosing gold again once the divided political environment in the U.S. pushes the greenback down, Metal Bulletin precious metals analyst Boris Mikanikrezai wrote in a Seeking Alpha post on Tuesday.

“The recent appreciation in the dollar and U.S. real rates [will be] transient because the outcome of the U.S. midterm elections on November 6 (i.e., divided Congress) has curbed expectations for further fiscal stimulus and has raised the likelihood of a gridlocked government, which is therefore dollar-negative. This should lead to renewed downward pressure on the dollar and U.S. real rates, prompting speculators/investors to jump back in gold,” Mikanikrezai said.

Gold began to drop last week, falling from the $1,235 an ounce level to around $1,200 in just under one week. Following the plunge, prices have stabilized just above the key support level of $1,200 an ounce, with the December Comex gold futures last trading at $1,202.90, up 0.12% on the day.

One of the reasons behind such a big drop was the market’s interpretation of the Federal Reserve’s statement on Thursday during which the Fed kept interest rates on hold but chose not to mention the recent sell-off in equities, Mikanikrezai pointed out.

“Perhaps investors interpreted the latest monetary policy statement as more hawkish than expected because the Fed did not acknowledge the sell-off in risk assets in October. Against this backdrop, Comex gold spot prices have come under downward pressure as a result of spec/investor selling,” he said.

The analyst expects speculative buyers to resume their net long exposure to Comex gold as the year comes to an end and projects gold ETF inflows to become increasingly positive as 2019 begins.

“Investors [will] realize that the gradual tightening of U.S. financial conditions caused by the Fed tightening cycle will result inevitably in a higher level of volatility in risk assets, prompting them to buy more gold as a hedge,” Mikanikrezai wrote. “Investors may need more haven assets like gold in their portfolios to navigate the more volatile environment.”
By Anna Golubova

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*Page 5*



Mormon Gold – The Lost Rhoades Mine in Utah

Lost Treasures, Recent Posts

Lost Rhoades Mine Utah

As with any lost treasure tale, there are widely varied accounts. One must take into account that it is often the purpose of the writer to stretch the truth in order to excite the reader. There are considerable disagreements about the fate of the Rhoades Mine. We are going to take a look at some of those accounts.

The Rhoades Mine story began when Thomas Rhoades led a group of Mormon Settlers, as he was one of the faithful converts of Mormonism in about 1834. He led the settlers to the northern part of California and settled near Sutter’s Fort along the Consumnes River. Eventually, Rhoades is reported to have began working with John Augustus Sutter who later became his close friend. John Augustus was very famous due to the gold that was discovered at his mill site in California.

Other reports of the Rhoades Mine give an account of it being associated to the time when the Chief of the Ute Indians got baptized and joined the Church led by Brigham Young. The chief by the name of Wakara then offered to show Brigham a piece of land infested with gold in his territory, all he needed to do was to choose a representative who would go to check the land with the chief. And Rhoades was found trustworthy to accompany the chief.



Because of the involvement of the Ute Chief in the Rhoades Mine story, the beliefs surrounding the mine stipulate that it is located in the Uinta Mountains or the Ute Indian Reservation in the vicinity of Ouray. Others even associate the mine to Spanish and Legendary Aztec gold mine lore.

On the other hand, there are reports believed to have been made by someone unknown in May of 1896 in the Salt Lake Tribune, who claimed to have had a personal encounter with Rhoades.

According to the reports given, it is believed that at the time of his coming to Utah, Rhoades brought with him some gold dust worth about $50,000 from California. Then after some years, it is believed that Rhoades discovered some stones in the Uinta Mountains, which had some similarities with those he had seen and extracted gold from in California.



Agriculture Over Gold



Then, upon going back to Salt Lake City where the LDS Church was located he shared the story of his discovery with the Church leader named Brigham Young, who allegedly advised him not to disclose his story of gold discovery in the Uinta Mountain in order to avoid having many people running to the place or even disturb the agricultural interests in which the Mormon Pioneers were involved.

The reports given also revealed that Rhoades never expressed any more interest in the gold he had discovered. He is not recorded of having claimed any findings or mining of gold whatsoever. Therefore, according to the reporter, the Rhoades mine was not regarded as a mine, rather was just a gold panning area which later transformed into a gold mine after some years.

found raw gold


Speculation Continues to Grow



Later in the year 1879, an article on October 11th was published in the newspaper of Salt Lake Herald with the heading “Rich Land of the Utes”. In the article it was revealed that the Rhoades Mine was found in the Uintah reservation. And many stories were told of how Rhoades left his home with a pack animal in spring times and brought with him gold worth thousands of dollars. But the stories surrounding Rhoades’ mining life are believed to have been kept as secret within the family.

On 6th February, 1902, another article was carried in the newspaper for Eastern Utah Advocate which stated that, everything said about Rhoades Mine with regard to gold mining was a myth. Instead, the mine only had copper which was found by cowboys and sheepherders who explored the area.

Other newspapers such as the Wasatch Wave published a story which stated that a particular older settler gave his own account that Rhoades only obtained gold from California in the early days and brought it with him to Utah where he hid it in the hills. And he only visited his secret treasure about once a year to pick the gold from there. As a result, people were made to think the man was mining from the mountains.

Again some years later in the late 1950s, the Rhodes Mine discovery hit the news headlines in Uinta Basin Standard’s newspaper dated 10th July, 1958 where it was stated that Bullock Mining Company had finally found the long lost Rhoades Mine. But it turned out to be fake, as there were no more reports about actual mineral recovery at the alleged site.




The Mystery Continues



Treasure hunters continue to speculate about the existence of the Rhoades Gold Mine. Some theories include speculation of coverups by the LDS Church, Indians, murders and death and just about anything you could imagine.

From a practical standpoint, one should accept the fact that there are indeed lost mines out there. Under many circumstances there are times when most who research the subject believe that a rich mine may have been lost. Is the Rhoades Mine one of these mines?

Before getting too deep in speculation about all the various stories and “tales” of mine, it might be a good idea to consider the general geology of the area and whether a rich gold strike in the area is truly likely. Utah has some gold mines, but it is nowhere near as rich as California. For those who choose to search for this lost mine, I would recommend that you focus your research first on the geology of the area and its potential for gold. Then move on to the more speculative bits of research regarding its location.

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Firefighters call Trump tweet on California wildfires ‘reckless and insulting’

By Cassie Dickman


Updated November 12, 2018 07:46 AM

California firefighters are clapping back at President Donald Trump for comments he made in a tweet Saturday morning threatening to pull federal funding for California wildfire relief as another devastating round of blazes ravage the state.

In his first comments since California’s most recent fires sparked, Trump once again cited what he called “gross mismanagement” of the state’s forests as the reason for “these massive, deadly and costly” fires. The president had previously made similar statements in October about discontinuing federal financial relief to the fire-beleaguered state, according to a report in The Bee.

Read more here: https://www.sacbee.com/news/state/california/fires/article221486490.html#storylink=cpy

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China state banks seen selling dollars in FX market to arrest yuan losses: traders



FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

SHANGHAI (Reuters) - Major state-owned Chinese banks were seen selling dollars at around 6.97 per dollar in the onshore spot foreign exchange market in early trade on Tuesday, three traders said, in an apparent attempt to arrest sharp losses in the local currency.

The onshore spot market CNY=CFXS opened at 6.9681 per dollar, weakening to a low of 6.9703 at one point in early deals.

“Big banks were selling (dollars) to defend the yuan,” said one of the traders.

The move by the state-run banks helped the yuan recover to 6.9550. The onshore spot yuan was trading at 6.9645 as of 0237 GMT.

Traders attributed the sharp morning losses in the yuan to broad strength in the U.S. dollar .DXY, which hit 16-month highs against a basket of six other major currencies. [FRX/]

They also suspect the authorities are keen to prevent the yuan from weakening too sharply before U.S. President Donald Trump and his Chinese counterpart President Xi Jinping’s meeting later this month.

The two countries’ leaders plan to meet on the sidelines of a G20 summit, in Argentina at the end of November for a high-stakes talk.

https://www.reuters.com/article/us-china-yuan/china-state-banks-seen-selling-dollars-in-fx-market-to-arrest-yuan-losses-traders-idUSKCN1NI091

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NEWS &VIEWS
Forecasts, Commentary & Analysis on the Economy and Precious Metals
Celebrating our 45th year in the gold business

November, 2018
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A surprise jump in investor and central bank gold demand
LBMA consensus price prediction for 2019 –– $1532 per troy ounce

At the recent London Bullion Market Association annual conference, the consensus opinion on the gold price for 2019 among 682 industry delegates was $1532 per ounce. The LBMA offers its opinion annually and it usually falls on the conservative side of the ledger. So its consensus opinion of an average price more than 25% higher than the trading range at the time came as a surprise.

“This is the most bullish forecast since 2012,” said Ruth Crowell, chief executive of the organization which includes bullion banks, financial institutions, miners, and refiners. At the time of the meeting, stock markets were gyrating, the latest emerging country crisis was reaching a boil and geopolitically the global financial order was more precarious than it had been in a long time. Gold's safe haven role was back on the financial pages.

A few days later, the World Gold Council issued its quarterly assessment of physical gold market. Demand for gold coins and bullion, the category that tracks private investor interest, was up 28% over the third quarter of 2017. "Stock market volatility and currency weakness," read the report. "also boosted demand in many emerging markets. China – the world’s largest bar and coin market – saw demand rise 25% year-over-year." Central bank demand, another closely watched indicator of global interest in the metal, was up 22% over the previous year. "This," said the Council, "is the highest level of net purchases since 2015, both quarterly and year-to-date, and notable due to a greater number of buyers." In short, the World Gold Council was reporting the strong business flows among the LBMA's professional community that fueled the bullish predictions.

Hungary makes a major gold purchase

One of the more intriguing central bank gold acquisitions reported this past month was that of Hungary. “In one of the most profound developments in the central bank gold market for a long time," writes Bullion Star's Ronan Manly, "the Hungarian National Bank, Hungary’s central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary’s capital.”

The photo (above left) is from the public relations release issued by MNB accompanying announcement of the purchase. Each palette contains one metric tonne of gold and there are 28 of them – an impressively large procurement secured by Hungary’s central bank. Here is how the central bank described the acquisition. Its rationale for the purchase is worth noting in that it is the very same rationale that drives current private investor interest:

“Following the substantial increase in the Bank’s gold reserves in physical form, its repatriation has already taken place. The possession of precious metal within the country is in line with international trends, supports financial stability and strengthens market confidence in Hungary. In keeping with the historical role of gold, gold remains one of the safest instruments in the world, and, even under normal market conditions, provides a stability and confidence-building function.”

Gold coins, hoofs found in 2,000 year old Chinese tomb

“Chinese archaeologists. . . discovered 75 gold coins and hoof-shaped ingots in an aristocrat’s tomb that dates back to the Western Han Dynasty (206 BC – 24 AD), reports China's Xinhuanet. "The gold objects — 25 gold hoofs and 50 very large gold coins — are the largest single batch of gold items ever found in a Han Dynasty tomb. They were unearthed from the tomb of the first ‘Haihunhou’ (Marquis of Haihun) in east China’s Jiangxi Province. The coins weigh about 250 grams each, while the hoofs’ weights vary from 40 to 250 grams, said Yang Jun, who leads the excavation team.”

These gold artifacts were found along with a portrait of Confucius, perhaps the oldest known. Wisdom and gold make easy company. Confucius once said something that has current applicability: “In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.” Or at the very least, well-hedged . . . . . . . .

Has inflation returned to the United States?

We have alluded to the possibility of tariff-driven inflation in the past in this newsletter. Rising import prices – the result of de-globalization, e.g., the U.S.-China trade war – will filter ultimately to consumers. This will not be a monetary inflation but a political inflation and a different animal from anything we have encountered in the recent past. As such, we are entering uncharted territory – one in which politics could outweigh monetary policy in dealing with it.

We got some evidence of inflation's potential return to the United States in the October wholesale inflation report. Prices were up 0.6% from September to October – a 7.2% annualized gain and the biggest gain since 2012. Producer prices, as shown in the chart below, have pushed steadily higher since 2013. Some argued, following the report, that this increase should be dismissed as a one-time event. Ignored in those arguments was another statistic of more than passing interest: The core index, which excludes food and energy, was up 0.5% – or 6% annualized.

“If globalization is rolled back, as now looks likely, inflation will return," says Mark Asquith in a Spectator article. "The 1970s was the last time that Western inflation ran hot. Globalization killed that inflation. To imagine what reversing globalization may look like now, recall what happened in the 40 years since.”

As might be expected, in this whacky, upside-down Alice-in-Wonderland financial environment, the gold price counter-intuitively turned down on the day the government released the report. The market took the report, we were told, as justification for further Fed tightening. More complex arguments about the Fed's policies including the inflationary deployment of excess reserves and the still negative real rate of return (despite the run of rate increases) were pushed aside.

In a financial environment in which good news for gold is interpreted as bad news, and bad news is still bad news – the day-to-day headlines might seem nearly irrelevant in determining the future price direction. Along the way, though, we suspect that the clock will stop running backward – rising inflation will come to actually mean rising inflation, and not something else, and rising inflation will come to mean higher gold prices.


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Who owns the U.S. public debt? And what does it have to do with the price of gold?

Popular belief holds that foreign investors and central banks hold the lion’s share of the nearly $22 trillion federal debt. These charts from the St. Louis Federal Reserve tell the real story. Though it has not always been the case, private domestic investors now hold the largest share of the national debt at $13.1 trillion. Foreign investors are number two at $6.2 trillion. Federal Reserve banks are number three at $2.8 trillion. As you can see, federal debt held by private investors is on an ascending curve while both foreign and Federal Reserve banks’ purchases have leveled off. At present, private investors hold more than half the national debt (59.3%) as shown in the pie chart at below. Foreign investors hold 28.1% of the U.S. federal debt.

Both China and Japan, the two largest foreign holders of U.S. debt, are essentially defending their currencies and attempting to thwart capital flight. How that shakes out in the global foreign exchange markets remains to be seen but their intent seems clear. The financial media sometimes mistakenly promotes the notion that the reductions are related to the trade war but, once again, that simply is not the case. Japan has held their foreign exchange reserves steady since 2012 and China began reducing its reserves in 2014. In short, neither have been buyers of U.S. Treasuries in the aggregate for quite some time.

So what does all of this have to do with the price of gold?

In short, Japan and China, at least for now, are not complicit in driving their currencies lower against the dollar. Any future weakness or strength, it follows, will be market-driven – a posture that undermines the strong-dollar/weak-gold narrative. At some point, the algo-driven speculators might be forced to give up on attacking the yuan and yen. In turn, they might be forced to give up attacking gold; and, in fact, begin covering their short positions on the COMEX. As it is, we have begun to see some unwinding in those positions of late for both gold and silver.

The latest from Michael Ballanger on the record short gold and silver positions on the COMEX

“Once again, and in honour of an ancient financial tradition, gold and silver fulfilled their respective roles as ‘precious’ metals, accordingly defined as ‘objects of great value; not to be wasted or treated carelessly.’ As we head into the final eight weeks of 2018, there are a great many managers of other people’s money who are paying attention—and it couldn't happen at a more opportune time. Tonight’s COT report shows that the Commercials were covering shorts into weakness while the Large Spec algobots continued to pile and add shorts/dump longs also into weakness. As long as the Large Speculators continue to carry such a paltry number of longs (13,194 futures only; 5,976 futures and options), the gold price should continue to trend higher through year-end. It is imperative to remember that major declines in gold have occurred when the aggregate long positions held by Large Speculators exceed 300,000; we are nowhere near that figure today and won’t until $1,400 is tested by year-end." – Michael Ballanger, Mining Junkie

Hedging financial warfare

“In this scenario," writes Daily Reckoning's James Rickards, "an attacker could penetrate the order entry system of a major stock exchange such as the New York Stock Exchange. Once inside the order entry system, the attacker would place large sell orders on highly liquid stocks such as Apple or Facebook. . . .The result could be a market decline of 20% or more in a single day, comparable to the stock market crash of October 1987 or the crash of 1929. You would not have to trade anything or be in the market during the attack; you would be wiped out based on the market decline even if you did nothing.”

This analysis from James Rickards, in our view, is his most important in a long time. Financial warfare – the ability of America’s enemies to penetrate and disrupt markets and infrastructure through malware and other forms of electronic weaponry – is something few investors contemplate. As Rickards points out though, the threat is very real especially under the current tension-filled circumstances. Prudent investors need to take it into account. “The key,” says Rickards, “is to have some portion of your total assets invested in non digital assets that cannot be hacked, wiped out or disrupted in financial warfare. Such assets include gold, silver, land, fine art and private equity that is usually represented by a paper contract and does not rely on electronic exchange trading for liquidity.” This is the financial market equivalent of living off the grid. We strongly recommend reading and contemplating the article at the link above.

Taleb says world more fragile than 2007

“Nassim Nicholas Taleb, scientific advisor at Universa Investments, discusses the factors causing global fragility, hidden liabilities in global markets, and what he sees as safe trades in the current market. He speaks with Bloomberg’s Erik Schatzker on Bloomberg Markets.”

Editor's note: When asked how it all plays out and if there is anything that he sees as safe in a global financial system on the verge of another crisis, Taleb says he owns “some gold, which I am confused about, and land. . .” He does not elaborate on why he is confused about gold. Taleb, as most of you already know, made his mark in the financial world by predicting the 2007-2008 crisis and writing the now famous book, The Black Swan – The Impact of the Highly Improbable.

Asia's wealthy investors prefer physical gold over ETFs

From the International Advisor: “Conservative high net worth gold investors prefer physical bullion over ETFs, says State Street Global Advisors. Private banks in Asia mainly use ETF vehicles when making active bets on gold based on a short-term outlook, Robin Tsui, gold ETF strategist at SSGA, said during an event in Hong Kong. For strategic allocations or longer-term investing, buying physical bullion and storing it in a safe remains the norm.” The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.

Editor's note: The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.

The political versus the real deficit

There are two budget deficits – the political deficit that Washington and Wall Street throw around, and the real deficit that resides in real additions to the national debt. It is the latter, not the former, on which the U.S. government pays interest.“The US government said Monday that its deficit rose by 17 percent in its 2017 fiscal year that ended in September, as Washington spent $779 billion more than it collected in taxes," writes the New York Post's John Crudele. "But let’s look at the real number, which I gave you in a column last week. As I said previously, total US debt rose to $21.456 trillion by the end of the 2018 spending year. It had been $20.244 trillion at around the same time in 2017. That shows an increase in debt of $1.21 trillion.”



Notable Quotable

“Significant increases in inflation will ultimately increase the price of gold. Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection. I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counter-party signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counter-party. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.” – Alan Greenspan, former chairman of the Federal Reserve



“That said, in a crowded trade it only takes a few breaking rank to start a short covering rally … before it picks up a self-fuelling momentum before a rout follows, with gold rising very sharply to the upside. In short, the bears are looking vulnerable.” – Ross Norman, Sharps-Pixley

“Hedging the foreign exchange risk in this half-trillion-dollar per year business has exhausted the balance sheet of the global banking system. That explains a large part of the jump in the US 10-year note yield to 3.2% last Friday from 2.85% in early September. Hedging the foreign exchange risk in these massive flows created a derivatives mountain, and it has started to spew smoke and lava." We would add that foreign exchange hedging is only one area of concern on Derivatives Mountain – albeit a large one." – David Goldman, Asia Times

“I think we’re getting to the point now where the breakout is going to be on the inflation upside. The only question is when.” – Alan Greenspan, February 2018

“But there’s fashion and there’s style; they’re not the same thing. Fashion is temporary and changes. Style is permanent and adapts. Investing in stocks, outside of a clear strategy based on a buy-and-hold approach, is often a fashion. Gold may be traditional now, but it’s never out of style. And it may soon become fashionable again. Indeed, the change, or the shift, has already begun.” – Alessandro Bruno, Lombardi Letter

Editor's note: The allusion to fashion reminds us of the old maxim that an ounce of gold from time immemorial would always buy a quality man’s suit. “The price of a fine suit of men’s clothes,” says the U.S. Geological Survey, “can be used to show anyone who is not familiar with the price history of gold just how very cheap gold is today. With an ounce of gold, a man could buy a fine suit of clothes in the time of Shakespeare, in that of Beethoven and Jefferson, and in the depression of the 1930s.” At present, a quality men’s off-the-rack suit at Brooks Brothers without the shoes and tie ranges in price from $1700 to $2500.

“[Bridgewater Associate's Ray] Dalio doesn’t seem to like very many assets. He does not like equities. He does not like bonds. He does not like the U.S. dollar. He does not like the euro. He suggests putting 5-10% of a portfolio in gold and weighting towards the higher range later in the cycle. He does not know where we are exactly, but we are pretty late in the cycle.” – GuruFocus/Bram de Haas

“Deflation is a threat posed by a critical breakdown of the financial system. Slow growth and recurrent recessions without systemic financial disturbances, even the big recessions of 1975 and 1982, have not posed such a risk. The real danger comes from encouraging or inadvertently tolerating rising inflation and its close cousin of extreme speculation and risk taking, in effect standing by while bubbles and excesses threaten financial markets. Ironically, the ‘easy money,’ striving for a ‘little inflation’ as a means of forestalling deflation, could, in the end, be what brings it about. That is the basic lesson for monetary policy. It demands emphasis on price stability and prudent oversight of the financial system. Both of those requirements inexorably lead to the responsibilities of a central bank.” – Paul Volcker, Keeping At It: The Quest for Sound Money and Good Government (2018)

GOLD PRICE PREDICTIONS

“Recently precious metal prices have weakened again. Prices to set a bottom above previous bottoms and to recover again. We think that the Chinese yuan has bottomed and the US dollar and 10y US Treasury yield have peaked. Speculators seem to have lost faith in the upside potential for gold, silver and platinum… but not us . . .We expect precious metal prices (mainly gold, silver and platinum) to recover in the coming months and to rally in 2019.” – ABN-AMRO/Georgette Boele

“The head of global commodities and derivatives research [Bank of America Merrill Lynch], Francisco Blanch has stated that gold could average $1,350 an ounce of 2019 due to the U.S fiscal balance. . . .Goldman Sachs has also expressed their concern and has recently turned bullish on gold as they have forecasted a price target of $1,325 in 12 months. – The Gold Telegraph/Tom Lewis

“The long-term bond bull market is dying, and a long consolidation for gold is ending. Gold’s mighty bull run is ready to resume… and it is likely to continue for decades.” – Gold Eagle/Stewart Thomson

“This is an incredibly price-bullish setup. Buy Gold.” – MishTalk/Mish Shedlock; commenting on the record short position on gold at the COMEX

“Well as counter-intuitive as it may sound, people have to hate the market that’s about to take off. Because the more non-believers there are today, the more potential buyers there are who can eventually jump back into the market. We need buyers on the sidelines because for a bull market to be sustained for years at a time, you have to have buyers steadily coming back in. That’s exactly what we have in the gold market right now.” – Daily Reckoning/Zach Scheidt

What you need to know before you
launch your gold and silver IRA

"A customer of mine who is 55 years old recently asked if it was not too late for him to get into precious metals. The answer is no—it is not too late to invest in gold and make a profit at any age. Quite the contrary, with the market showing the early signs of a correction, it is, in my humble opinion, a perfect time to invest in precious metals." – Oliver Garret, Forbes

Time to diversify?
How to hedge market uncertainty
in your retirement plan with gold and silver

As the ultimate asset preservation vehicles, gold and silver are also important retirement investments especially in these precarious times. Find safe harbor –– and some retirement peace of mind.


Coins & bullion since 1973

To end right, start right.
Choose the right portfolio mix
with the right firm at the right price.
Choose USAGOLD serving gold and silver investors since 1973

We have helped hundreds of investors include precious metals in their IRA and other retirement plans. We can help you.
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___________________________________________________________________________________________________________

Disclaimer – Opinions expressed on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset-preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes and, as such, USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here. (Please see our Risk Disclosure here.)

Michael J. Kosares is the founder of USAGOLD and the author of The ABCs of Gold Investing - How to Protect and Build Your Wealth With Gold. He is also editor and commentator for USAGOLD's Live Daily Newsletter and editor of the News & Views monthly newsletter.

http://www.usagold.com/publications/NewsViewsNoVbr2018.html

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JP Morgan Chase mpany : Bank of France partners with JPMorgan to boost gold bullion services - sources




11/12/2018 | 11:46am EST

LONDON (Reuters) - The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday.

The French central bank's second deputy governor Sylvie Goulard wrote in the Alchemist, the magazine of the London Bullion Market Association (LBMA), that it had partnered with "a large commercial bank" to offer swaps, leases and gold deposits from Paris.

Sources said the bank was JPMorgan, one of the world's largest bullion trading banks and a member of a group that settles trades in London's $25 billion (19.5 billion pounds) a day gold market.

The Bank of England acts as a gold custodian and service provider for many other central banks and has the advantage of operating within the London market, by far the world's largest commercial bullion trading pool.

Until now central banks holding gold at the Bank of France had to go through London if they wanted to perform market transactions.

JPMorgan said it had "opened an account with Bank of France" and declined to comment further. The Bank of France declined to comment.

One source said the Bank of France was positioning itself to take advantage of uncertainty over Britain's withdrawal from the EU, thinking that some central banks may seek alternatives to London.

"They are convinced that Brexit is going to change things and they want to be there," the source said. "They are pitching to European potential customers."

Such a move would fit into a wider push by Paris to become a European financial markets hub after Brexit. The head of the Bank of France said in May it aimed to be "the markets' central bank in Europe".

The Bank of France began to expand gold services in 2012, Goulard said in the Alchemist article. It is also renovating its vaults to allow operations by heavy forklift trucks, and upgrading the quality of its gold reserves so they can trade on the international market, she said.

(Reporting by Peter Hobson; Additional reporting by Leigh Thomas; Editing by Jan Harvey)

By Peter Hobson
https://www.marketscreener.com/JP-MORGAN-CHASE-COMPANY-37468997/news/JP-Morgan-Chase-mpany-Bank-of-France-partners-with-JPMorgan-to-boost-gold-bullion-services-sourc-27592644/

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General Electric Is Flashing Caution Signs in Credit Markets

By Molly Smith

Updated on November 13, 2018, 9:21 AM MST

CDS jump to more than 200 basis points, bonds trade like junk
Liquidity concerns ‘could be escalating,’ equity analyst says



GE Shares Tumble as CEO's Reassurance Misses the Mark With Investors

In this article
GE
GENERAL ELECTRIC
8.61
USD
+0.62+7.76%
BARC
BARCLAYS PLC
175.46
GBp
+4.72+2.76%
TWTR
TWITTER INC
32.49
USD
+0.48+1.50%
F
FORD MOTOR CO
9.54
USD
+0.05+0.53%
MCO
MOODY'S CORP
148.06
USD
-2.01-1.34%

General Electric Co. may still have a relatively solid investment-grade rating, but investors aren’t taking their chances. They’re snapping up derivatives that protect against losses on the company’s debt.

The annual cost to insure against a default by GE for five years climbed above 200 basis points for the first time in years, credit-default swap prices from CMA show. That’s almost double what it cost just two weeks ago, and it’s the kind of level that hasn’t been seen for the company since the waning days of the global financial crisis.

That’s still well below the peak crisis levels for GE’s finance unit back then (GE Capital CDS surged to more than 1,000 basis points in March 2009). But the pace of the increase has been rapid, particularly when compared with the broader investment-grade market. Yields on some of GE’s bonds have also reached levels that are in line with junk-rated bonds, Bloomberg Barclays index data show.

Chief Executive Officer Larry Culp tried to reassure investors that the company is prioritizing debt reduction in its effort to combat a multiple-front crisis in a televised interview on Monday, when the bond market was closed. GE is facing weak demand for gas turbines, high debt levels and a federal accounting probe. Its shares have fallen more than 25 percent since Culp’s surprise appointment as CEO was announced Oct. 1, extending a sell-off that has wiped out more than $200 billion in market value since the end of 2016.

Representatives for Boston-based GE didn’t immediately provide comment.

‘Escalating’ Concerns

In his first earnings announcement as CEO, Culp said the company was cutting the quarterly dividend to just a penny a share from 12 cents in an effort to conserve cash and strengthen its balance sheet. Still, credit and equity analysts remain cautious. If GE’s credit ratings were further downgraded, the company could face rising borrowing costs and other expenses that would further pressure its liquidity, Gordon Haskett analyst John Inch wrote in a note.

GE may not be alone in facing these risks, some money managers fear. U.S. investment-grade bonds have been one of the worst-performing U.S. asset classes this year, as rising interest rates have lifted companies’ funding costs and sapped investors’ returns. More pain may be coming for investors, and it could be severe, distressed-debt money manager Marc Lasry warned late last month. Scott Minerd, global chief investment officer of Guggenheim Partners, said on Tuesday that more investment-grade credits will suffer.

“The selloff in GE is not an isolated event,” he wrote in a Twitter post. “More investment grade credits to follow. The slide and collapse in investment grade debt has begun.”

There are around $2.5 trillion of bonds rated in the lowest tier of the investment-grade universe, more than triple the level at the end of 2008. Some of those securities, including issues from GE and Ford Motor Co., trade like they are already rated junk.

Read more: A $1 Trillion Powder Keg Threatens the Corporate Bond Market
Yields Climbing

Despite being cut to the lowest investment-grade tier, GE is still three notches above junk, with a Baa1 rating from Moody’s Investors Service, and an equivalent BBB+ from S&P Global Ratings and Fitch Ratings. All carry a stable outlook.

Yields on the company’s $1.95 billion of 3.37 percent bonds due in 2025 have climbed above 5.6 percent. That’s higher than the yield on a Bloomberg Barclays index of debt rated in the highest speculative-grade tier.

Meanwhile, GE’s only actively traded perpetual preferred stock now yields more than 15 percent, higher than some distressed credits. If the company chooses not to call the security in early 2021, it will convert into a floating-rate obligation that GE need never refinance.

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While your down here

M&MTGYS

SiMO Elevator

http://www.miningweekly.com/page/americas-home

https://www.caesarsreport.com/

"To Our Children's, Children's, Children"- Side One- The Moody Blues
https://www.youtube.com/watch?v=Z3iVmOIBtlw

[JD400]

Palladium Prices Hit New Record, Rhodium Pushes To 5-Year High
Neils Christensen


TGYS Sunday Acoustic Breeze

Good Morning To everyone

Hope your having a good one

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Palladium Prices Hit New Record, Rhodium Pushes To 5-Year High
Neils Christensen


Neils Christensen Friday November 16, 2018 14:48



(Kitco News) - Palladium and rhodium continue to be the two shining starts in the precious metals sector, both seeing surging momentum this week due to a growing imbalance in their supply and demand fundamentals.

Palladium is closing out the week at a new record high; December palladium futures last traded at $1157.90 an ounce, up 5.5% from the previous week. Meanwhile, rhodium is currently trading at its highest level since mid-2010, with its cash prices last trading $2,370 an ounce.


Because of tight market conditions, analysts say that both of these metals have room to move higher. Although analysts warn that rhodium prices are extremely volatile as the metal only trades in opaque over-the-counter markets.

Although considered precious metals, both palladium and rhodium have significant industrial uses with most of the demand coming from the auto sector. Both metals are critical components in catalytic converters, which reduce harmful emissions in gasoline engines.

Peter Hug, global trading director for Kitco Metals said that optimism that the U.S. and China could reach a trade deal in the near future is adding to the momentum in an already bullish environment.

“The supply fundamentals continue to favor both metals, especially if Chinese growth begins to pick-up,” he said. “We have been structurally bullish both the palladium and rhodium markets for the past 18 months.”

Ryan McKay, commodity strategist at TD Securities said that they don’t see demand for palladium fading anytime soon as the market also faces growing supply deficits.

Commodity analysts at MKS PAMP said that they also like the fundamental outlook for palladium.

“Palladium is still in deep backwardation as it has been for many months now with physical premiums still very high,” they said in recent report.

Despite the strong optimism in the marketplace, some analysts are warning investors to not get too excited with the latest price action as there are growing concerns surrounding the health of the global economy.

Mckay said that although there is a risk that palladium prices fall in the near-term as sentiment on the global economy sours, he sees any selloff as a short-term move.

“Even if the global economy weakens, the palladium market will remain tight, supporting prices,” he said. “We would need to see a major slowdown in global growth to impact prices.”

Hug also downplayed concerns over the global economy. “There is a danger of slowing global growth in 2019, which may impact car demand and bring the current palladium/rhodium deficits into a more balanced state, but in the short-term pressure remains tilted towards higher prices,” he said.

Hug also warned that both markets are extremely unpredictable.

“Investors should note that both markets are extremely thin and volatile price swings will remain the norm for the foreseeable future,” he said.
By Neils Christensen

For Kitco News

https://www.kitco.com/news/2018-11-16/Palladium-Prices-Hit-New-Record-Rhodium-Pushes-To-5-Year-High.html

Classical Gas Mason Williams 1968
https://www.youtube.com/watch?v=EEzyrpfrPEI

$PALDF

[JD400]

MIDNIGHT MIS-HAPS


MMTGYS

also NOW SHOWING on our sister board ""Chasing The Rainbow""

for all the late night insomniac's out there

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146575707

[JD400]

This Weekend On The MMTGYS Featured Movie

Presenting a Two Part Spectacular Movie Event

tonight at Midnight Part One

****Klondike****

and

Saturday Matinee Part Two

MMTGYS

On Our Sister board Here...
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

see ya there

[JD400]

Mind Blowing Fossils at Tucson's Gem

Thought I would make a fossil post today and show some of these incredible fossils.

Burr cold day, cold front moving through highs only 56 but the suns hot if your in it. 70s on tap next 3 days yea

EnJoy

TGYS

https://www.youtube.com/watch?v=lv3Qbv3cDbA

TGYS

https://www.youtube.com/watch?v=4H5rxCf-Im8

also tonight on MMTGYS featured movie at midnight

Hillsides explode, massive blocks of stone break off of solid rock walls and powerful machines crush large rocks in a matter of seconds.

Rock Mining

see ya there

On our sister board here
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

[JD400]

Closing Out Tucson's Gem Show Last Day

It has been a pleasure to report from the Gem Show once again this year.

Hope you have EnJoyed

I'm also very honored to repost NOW & FOREVER one of IHUBs most beautiful videos ever posted.

Now & Forever

M&MTGYS

Hope Your Having a Nice Weekend !


also

***NOW SHOWING*** on M&MTGYS Saturday Matinee

another Follywood drama feature Movie

BLOOD SAND & Gold

M&MTGYS

See ya There

On Our Sister Board Here
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

Thank You

J:D



GYS Merit Award*Repost * One of the most beautiful posts ever posted on IHUB

[JD400]

Tucson 2019 Gem & Mineral MAIN SHOW!! "Wulfenite Is Loved" 65th Annual Tucson Gem & Mineral Show

Another good vid coming in today from the main show

right along with a chilly cold front 50s Burr

TGYS

https://www.youtube.com/watch?v=kW-up8IEtQM

[JD400]

Exploring The Ghosts Of The Vulture City Mine


We search for the buried spirits of a lawless frontier town

***Tonight On Graveyard Mining & Metals Show***

MMTGYS

Saloon doors creak. Swirling dust devils dance along a lonely street lined with boarded up storefronts. On a forsaken plain below a range of mountains, a dying town provides the romantic backdrop for a lone cowboy riding along the isolated settlement's 1 main street. Tumbleweeds scatter in the wind, and somewhere, off in the distance, a coyote howls.

One of finest true ghost towns in the American West, Vulture city grew up around the mine discovered by Henry Wickenburg. Twelve miles southwest of the city that now bears Wickenburg's name, the Vulture Mine and Vulture city once had a population of almost 5,000 souls. Its history was marked by violence and tragedy. Eighteen of Vulture city's former residents swung to eternity at the end of a hangman's noose dangling from the branches of the ancient ironwood tree that still thrives next to the ruins of Henry Wickenburg's old cabin. More died in robberies or through many other acts of terminal lawlessness. A few of those souls are said to haunt the many buildings of the decaying town.

Tonight at Midnight

On our sister board here...

J:D

Thank You

https://investorshub.advfn.com/The-GraveYard-Shift-30133/

[JD400]

CRAZY MORNING SiMO BLASTS

Play Both Videos At The Same Time

Start sound

Next start Feature

EnJoy

Hey Thanks

"We Were Made For Each Other"

J:D

[JD400]

The Good Die Young

MMGYS

"We've got some difficult days ahead. But it really doesn't matter with me now, because I've been to the mountaintop. And I don't mind. Like anybody, I would like to live a long life — longevity has its place.

But I'm not concerned about that now. I just want to do God's will. And He's allowed me to go up to the mountain. And I've looked over, and I've seen the Promised Land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the promised land.

So I'm happy, tonight. I'm not worried about anything, I'm not fearing any man. Mine eyes have seen the glory of the coming of the Lord."

Martin Luther King, Last speech before he was assassinated, 3 April 1968


"And I know from a good friend who was there when it happened, that at a small dinner with progressive supporters – after these progressive supporters were banging on Obama before the election, 'Why don’t you do the things we thought you stood for?' Obama turned sharply and said, 'Don’t you remember what happened to Martin Luther King Jr.?' That’s a quote, and that’s a very revealing quote."

Ray McGovern, former CIA analyst


The FOMC minutes were fairly benign today, and although not particularly dovish, they had little impact on stocks.

US stock indices were in melt up slowly mode today, but on wispish volume.

A good stiff breeze is going to blow this market over. At least in the short term, and for what will most likely be a decent retracement of this rally off the end of year lows.

But if not, if the wiseguys keep pressing their advantage, then when the trigger event comes we might get a much larger decline, something attention getting like we saw in December, and then some.

Earnings started today with a weak manufacturing showing, but they begin to get more serious with the Banks that report on Friday.

Gold continued inching higher towards resistance, with silver continuing to tag along.

Have a pleasant evening.

https://jessescrossroadscafe.blogspot.com/

[JD400]

"Lets Talk Gold,_Silver_&_More"-Silver Doctors(Live on Air)

(Good Luck "Silver Doctors" with your new live show J:D )

MMGYS

SilverDoctors
Streamed live 8 hours ago
Thank you for tuning into this episode of Silver Doctors (Live On Air). Subscribe and click the notification bell to be informed of the next Silver Doctors video.

We are looking forward to bring you informative interviews, commentary and precious metal deals. Leave a comment and let us know what you think of the new video segment.

https://www.youtube.com/watch?v=Ktt6qb628Bc

[JD400]

A Encouraging COT Report

Good Morning And Welcome To Mining & Metals Graveyard Shift

I know it's been a while

Did you miss me /? LoL

OK Lets'\ Go

MMGYS

Commitment of Traders Report, for positions held at the close of COMEX trading on Tuesday, April 2, showed big improvements in the commercial net short positions in both gold and silver, but not quite as much as Ted was hoping for...particularly in gold.

In silver, the Commercial net short position in silver fell by 12,358 COMEX contracts, or 61.8 million troy ounces.

They arrived at that number by adding 1,657 long contracts -- and they reduced their short position by 10,701 contracts. The sum of those two numbers represents their change for the reporting week.

Under the hood in the Disaggregated COT Report it was all Managed Money traders, plus a bit more. They only reduced their long position by 374 contracts, but they added 13,656 short contracts -- and it's the sum of those two numbers...14,030 contracts...that represents their change for the reporting week. I'm sort of wondering why the only reduced their long position by that amount -- and Ted may have something to say about it in his weekly commentary this afternoon.

The difference between that number -- and the Commercial net short position...14,030 minus 12,358 equals only 1,672 contracts. That difference was made up, as it always is, by the traders in the other two categories...the 'Other Reportables' -- and the 'Nonreportable'/small traders. But both went about it in a very different manners. The former by increasing their net long position by 4,136 contracts -- and the latter by increasing their short position by 2,464 contracts.

Here's the snip from the Disaggregated Report so you can see these changes for yourself.



The Commercial net short position in silver is now down to 34,358 COMEX contracts, or 171.8 million troy ounces, which is still not exactly in bullish territory.

And as Ted mentioned in his Saturday column a week ago, it's his opinion that JPMorgan's short position, which he pegged at around 10,000 contracts in last week's COT Report, has now been reduced to zero.

You can read much more about the current innards of the silver market in the 'Days to Cover' commentary a bit further down.

Here's the 3-year COT chart for silver -- and this week's change should be noted.



If one could see the COT Report as of Friday's close, I suspect that there would be a bit more improvement in the commercial net short position, as 'da boyz' carved out two new intraday lows since the Tuesday afternoon cut-off.


In gold, the commercial net short position fell by a hefty 33,204 contracts, or 3.32 million troy ounces of paper gold. Ted was hoping for 60,000 contracts. But his estimate in gold, like for silver, was thrown off by spread trade liquidation as the April delivery month approached.

They arrived at that number by selling 21,687 long contracts, but they also reduced their short position by a chunky 54,891 contracts -- and it's the difference between those two numbers that represents their change for the reporting week.

Under the hood in the Disaggregated COT Report, it was all Managed Money traders -- and almost to the contract. They reduced their long position by 24,557 contracts, plus they added 8,812 short contracts -- and it's the sum of those two numbers...33,369 contracts...that represents their change for the reporting week.

The difference between that number...33,369 minus 33,204 equals only 165 contracts...but, like in silver, the 'Other Reportables' and the 'Nonreportable'/small traders went about it in wildly different fashions. The former increased their net long position by 7,987 contracts -- and the latter by reducing their net long position by 7,822 contracts. [7,987-7,822=165 contracts]

Here's the snip from the Disaggregated COT Report for gold showing these changes, so you can see them for yourself.



The commercial net short position in gold is now down to 11.82 million troy ounces.
Ted is of the opinion that JPMorgan had no short position in gold going into this reporting week -- and might actually be long gold by a bit in the COMEX futures market now.

Here's the 3-year COT chart for gold, updated with this week's data



As for silver, if we could see a COT Report as of the close of COMEX trading on Friday, there would certainly be a bit more improvement in the commercial net short position in gold.

In the other metals, it wasn't business as usual in palladium this past week, as volume blew out about nine times what it was last week, as the Managed Money traders reduced their net long position by 2,122 contracts -- and it was almost all commercial traders reducing their net short position. Total open interest in palladium dropped down to 23,841 down 3,744 contracts from the previous week. It's a very tiny market. In platinum, the Managed Money traders stood pat during the reporting week. All the trading was in the other two categories. The Managed Money traders are still net long the market by about 10,100 contracts. Total open interest in this precious metal is 68,064 contracts, down 4,009 contracts from last week's report. In copper, the Managed Money traders increased their net long position by 5,105 COMEX contracts -- and are now only net short the COMEX futures market in copper by around 3,500 contracts.


Here's Nick Laird's "Days to Cover" chart updated with yesterday's COT data for positions held at the close of COMEX trading this past Tuesday. It shows the days of world production that it would take to cover the short positions of the Big 4 - and Big '5 through 8' traders in each physically traded commodity on the COMEX.



For the current reporting week, the Big 4 traders are short 110 days of world silver production, which is down 12 days from last week's report - and the '5 through 8' large traders are short an additional 60 days of world silver production, down 1 day from last week's report - for a total of 170 days that the Big 8 are short, which is a bit under 6 months of world silver production, or about 396.8 million troy ounces of paper silver held short by the Big 8. [In the prior week's COT Report, the Big 8 were short 183 days of world silver production.]

In the COT Report above, the Commercial net short position in silver was reported as 171.8 million troy ounces. As mentioned in the previous paragraph, the short position of the Big 8 traders is 396.8 million troy ounces. The short position of the Big 8 traders is larger than the total Commercial net short position by a chunky 396.8 minus 171.8 equals 225.0 million troy ounces.
The reason for the difference in those numbers...as it always is...is that Ted's raptors, the 33-odd small commercial traders other than the Big 8, are net long that amount.

JPMorgan has no short position in the COMEX futures market -- and the Big 4 traders now in that category are short, on average, about...110 divided by 4 equals...27.5 days of world silver production each.

The four traders in the '5 through 8' category are short 60 days of world silver production in total, which is 15 days of world silver production each.

The Big 8 commercial traders are short 39.7 percent of the entire open interest in silver in the COMEX futures market, down significantly from the 44.3 percent they were short in last week's report. And once whatever market-neutral spread trades are subtracted out, that percentage would be very close to the 45 percent mark. In gold, it's now 37.7 percent of the total COMEX open interest that the Big 8 are short, up a tiny amount from the 36.9 percent they were short in last week's report -- and something over 40 percent once the market-neutral spread trades are subtracted out.

In gold, the Big 4 are short 38 days of world gold production, down 7 days from the 45 days they were short in last week's COT Report. The '5 through 8' are short another 20 days of world production, unchanged from what they were short last week...for a total of 58 days of world gold production held short by the Big 8...down 7 days from last week's COT Report. Based on these numbers, the Big 4 in gold hold about 66 percent of the total short position held by the Big 8...down 3 percentage points from last week's COT Report.

The "concentrated short position within a concentrated short position" in silver, platinum and palladium held by the Big 4 commercial traders are about 65, 69 and 79 percent respectively of the short positions held by the Big 8. Silver is down 2 percentage point from a week ago, platinum is unchanged from last week -- and palladium is up 2 percentage points.

[JD400]

The treasure of Kul-Oba

MMGYS

Good Morning



The treasure of Kul-Oba; meaning "hill of ash" in Crimean Tatar, is an ancient archaeological site, a Scythian burial tumulus, located near Kerch in eastern Crimea, on the right side of the M25 road to Feodosiya.

Kul-Oba was the first Scythian royal barrow to be excavated in modern times. Uncovered in 1830, the stone tomb yielded a wealth of precious artifacts which drew considerable public interest to Scythian world. Of particular interest is an intricately granulated earring with two Nike figurines, now in the Hermitage Museum, St. Petersburg.

The tomb was built around 400 to 350 B.C., likely by a team of Greek masons from Panticapaeum. Its plan is almost square, measuring 4.6 by 4.2 meters (15 by 14 ft). The stepped vault stands 5.3 meters (17 ft) high. The timber ceiling seems to have been designed to imitate a Scythian wooden tent; it is decorated by a canopy with gold plaques.

The body of the king lay by the east wall on a sumptuous wooden couch. His social position was highlighted by a diadem encircling his head, surmounted by a pointed felt headgear with gold pendants. His neck was decorated by a large gold disk weighing 461 grams. Each wrist was adorned with one to three bracelets. A separate section of the couch contained other grave goods, including a phial, a whip, a knife, and a quiver -- all inlaid with gold or precious stones.

[JD400]

Ocasio-Cortez confronts CEOs with companies' illegal acts TO THEIR FACES

We're Really Missing You cork !

Here's one you may like.

https://www.youtube.com/watch?v=Z3EOg4y4M6Y

[JD400]

"Lets Talk Gold, Silver & More" - Silver Doctors (Live on Air)

https://www.youtube.com/watch?v=kjOmOrW1f7s

[JD400]

Harvey Organ: JP Morgan Has Been Receiving Gold With Reckless Abandon

with sound track

Just data

April 18, 2019 9 964

Harvey says trading volume is high again due to the raids in both gold and silver. Here’s Harvey with an update…

by Harvey Organ of Harvey Organ Blog

APRIL 17/GOLD DOWN 10 CENTS TO $1274.60//SILVER UP ONE CENT TO $14.99//ANOTHER HUGE QUEUE JUMPING AT THE GOLD COMEX///CHINA PREPARING ANOTHER STIMULUS TO JUMPSTART ITS ECONOMY//USA TRADE DEFICIT SHRINKS//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD: $1274.60 DOWN $0.10 (COMEX TO COMEX CLOSING)

Silver: $14.99 UP 1 CENT (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : $1274.00





silver: $14.99







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING:78/91

GOLDMAN ISSUING: 5

EXCHANGE: COMEX
CONTRACT: APRIL 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,272.600000000 USD
INTENT DATE: 04/16/2019 DELIVERY DATE: 04/18/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
365 C ED&F MAN CAPITA 1
661 C JP MORGAN 78
686 C INTL FCSTONE 1
737 C ADVANTAGE 82 12
773 C G.H. FINANCIALS 2
845 C GOLDMAN SACHS C 5
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 91 91
MONTH TO DATE: 5,455


NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT: 91 NOTICE(S) FOR 9100 OZ (0.283 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 5455 NOTICES FOR 545500 OZ (16.967 TONNES)





SILVER



FOR APRIL

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


0 NOTICE(S) FILED TODAY FOR nil OZ/



total number of notices filed so far this month: 774 for 3,870,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5194 UP $20




Bitcoin: FINAL EVENING TRADE: $5196 UP 22





end

XXXX











Let us have a look at the data for today

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IN SILVER THE COMEX OI AFTER A ONE DAY HIATUS, CONTINUED TO MARCH HIGHER TO THE TUNE OF A STRONG SIZED 1666 CONTRACTS FROM 223,117 UP TO 224,783 DESPITE YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE MUST HAVE HAD CONSIDERABLE NEW SPREADS INITIATED BY OUR SPREADERS (BANKERS).





WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A VERY STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDONTHROUGH THE EFP:

0 EFP’S FOR MARCH, 0 FOR APRIL, 2960 FOR MAY, 0 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 2960 CONTRACTS. WITH THE TRANSFER OF 2960 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2960 EFP CONTRACTS TRANSLATES INTO 14.80 MILLION OZ ACCOMPANYING:

1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

AND NOW 3.870 MILLION OZ STANDING FOR SILVER IN APRIL.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

24,296 CONTRACTS (FOR 13 TRADING DAYS TOTAL 24,296 CONTRACTS) OR 121.48 MILLION OZ: (AVERAGE PER DAY: 1868 CONTRACTS OR 9.344 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAR: 121.48 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 17.34% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 689.65 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ





RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1666 DESPITE THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY… THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2960 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE GAINED A GIGANTIC SIZED: 4,626 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 2960 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 1732 OI COMEX CONTRACTS. AND ALL OF THIS HUMONGOUS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.98 WITH RESPECT TO YESTERDAY’STRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.116 BILLION OZ TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR nil OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ AND NOW APRIL AT 3.870 MILLION OZ/
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLIONOZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A FAIR SIZED 1073 CONTRACTS, TO 440,581 DESPITE THE HUGE DROP IN THE COMEX GOLD PRICE/(A LOSS IN PRICE OF $13.60//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GIGANTIC SIZED 15,164 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 15,164 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 440,581. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,237 CONTRACTS: 1073 OI CONTRACTS INCREASED AT THE COMEX AND 15,154 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 16,237 CONTRACTS OR 1,623,700 OZ OR 50.50 TONNES. YESTERDAY WE HAD A HUGE FALL IN THE PRICE OF GOLD TO THE TUNE OF $13.60.…AND YET WITH THAT, WE STILL HAD A HUMONGOUS GAIN IN TONNAGE OF 50.50 TONNES!!!!!!.??????????????????????????????????????????













ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 87,551 CONTRACTS OR 8,755,100 OR 272.32 TONNES (13 TRADING DAYS AND THUS AVERAGING: 6734 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 13 TRADING DAYS IN TONNES: 272.32 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 272.32/3550 x 100% TONNES = 7.67% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1647.90 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A FAIR SIZED INCREASE IN OI AT THE COMEX OF 1073 DESPITE THE HUGE LOSS IN PRICING ($13.60) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A HUMONGOUS SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 15,164 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 15,164 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC GAIN OF 16,237 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

15,164 CONTRACTS MOVE TO LONDON AND 1073 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 50.50 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A FALL IN PRICE OF $13.60 IN YESTERDAY’S TRADING AT THE COMEX.????







we had: 91 notice(s) filed upon for 9100 oz of gold at the comex.



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With respect to our two criminal funds, the GLD and the SLV:

GLD…



WITH GOLD DOWN $0.10 TODAY

A BIG CHANGE WITH RESPECT TO GOLD INVENTORIES AT THE GLD:

A HUGE WITHDRAWAL OF 1.76 TONNES OF GOLD//THIS GOLD WAS PROBABLY USED YESTERDAY IN THEIR RAID AGAINST GOLD//









INVENTORY RESTS AT 752.27 TONNES



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER UP 1 CENT TODAY:



NO CHANGES IN SILVER INVENTORY AT THE SLV//









/INVENTORY RESTS AT 309.167 MILLION OZ.
Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY 1073 CONTRACTS.TO A LEVEL OF 440,581 DESPITE THE LOSS IN THE PRICE OF GOLD ($13.60) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL.. THE CME REPORTS THAT THE BANKERS ISSUED A VERY HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 15,164 EFP CONTRACTS WERE ISSUED:

FOR APRIL 0 FOR JUNE ’19: 15,165 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 15165 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:16,237 TOTAL CONTRACTS IN THAT 15,164 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 1211 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES ::16,237 contracts OR 1,623,700 OZ OR 50.50 TONNES.



We are now in the active contract month of APRIL and here the open interest stands at 978 contracts, having LOST 560 contracts.

We had 1143 notices filed upon yesterday, so we GAINED ANOTHER WHOPPING 583 contracts or an additional 583,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus. THE GOLD COMEX ,AND FOR THAT MATTER THE GLOBE, IS VOID OF GOLD AS THE CROOKS DESPERATELY SEARCH FOR BADLY NEEDED GOLD. TO PUT OUT FIRES OCCURRING ELSEWHERE!! AGAIN FOR THE 4TH CONSECUTIVE DAY WE HAD A HUGE INCREASE IN THE AMOUNT OF GOLD STANDING AND THE ODDS ARE THAT IT WAS THE BANKERS SEARCHING FOR METAL AS OPPOSED TO A STRONG SPECULATOR GOING AFTER PHYSICAL GOLD…THUS THE TRUE DEFINITION OF QUEUE JUMPING.





The next non active delivery month after APRIL is the NON active delivery month is MAY and here the OI FELL by 70 contracts DOWN to 1682 contracts. The next contract month after May is June and it is an active month. Here the open interest ROSE by 1655 contracts UP to 323,874 contracts.



TODAY’S NOTICES FILED:

WE HAD 91 NOTICES FILED TODAY AT THE COMEX FOR 9100 OZ. (







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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A STRONG SIZED 1666 CONTRACTS FROM 223,117 UP TO 224,783(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S STRONG OI COMEX GAIN OCCURRED DESPITE A 3 CENT LOSS IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL AND THE OPEN INTEREST IN THIS FRONT MONTH RESTS AT 0 CONTRACTS FOR A LOSS OF 0 CONTRACT ON THE DAY.

WE HAD 0 NOTICES SERVED UP YESTERDAY, SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ OF SILVER WILL STAND AT THE COMEX AS INVESTORS REFUSED TO MORPH INTO LONDON BASED FORWARDS AS WELL AS NEGATING A FIAT BONUS. THE COMEX IS RUNNING OUT OF METAL TO FEED THE CROOKS.



AFTER APRIL, WE HAVE THE ACTIVE DELIVERY MONTH OF MAY AND HERE THE OI FELL BY 1979 CONTRACTS DOWN TO 100,492. CONTRACTS.. THE NEXT MONTH OF JUNE GAINED 13 CONTRACTS TO 134. AFTER JUNE, THE VERY BIG DELIVERY MONTH OF JULY HAD A GAIN OF 3346 CONTRACTS UP TO 85,699 CONTRACTS.













ON A NET BASIS WE GAINED A HUMONGOUS SIZED 4,626 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 1666 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 2960 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES: 4626 CONTRACTS…AND ALL OF THIS HUMONGOUS DEMAND OCCURRED WITH A 3 CENT LOSS IN PRICING// YESTERDAY ?????



















TODAY’S NUMBER OF NOTICES FILED:



We, today, had 0 notice(s) filed for nil OZ for the MARCH, 2019 COMEX contract for silver
Trading Volumes on the COMEX TODAY: 308,893 CONTRACTS volume high due to raid.




CONFIRMED COMEX VOL. FOR YESTERDAY: 244,533 contracts














INITIAL standings for APRIL/GOLD

APRIL 17 /2019.

we had no dealer entries:



total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ zero entries today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.









total gold withdrawals; nil oz


we had 0 adjustments…

FOR THE APRIL 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 91 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



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To calculate the INITIAL total number of gold ounces standing for the APRIL /2019. contract month, we take the total number of notices filed so far for the month (5455) x 100 oz , to which we add the difference between the open interest for the front month of APRIL. (798 contract) minus the number of notices served upon today (91 x 100 oz per contract) equals 616,200 OZ OR 19.166 TONNES) the number of ounces standing in this active month of APRIL

Thus the INITIAL standings for gold for the APRIL/2019 contract month:

No of notices served (5455 x 100 oz) + (798)OI for the front month minus the number of notices served upon today (91 x 100 oz )which equals 616200oz standing OR 19.166 TONNES in this active delivery month of APRIL.





WE GAINED TODAY 583 CONTRACTS OR 583,000 ADDITIONAL OZ WILL STAND AT THE COMEX AND THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS.(AS WELL AS NEGATINGING A FIAT BONUS FOR THEIR EFFORTS). THIS IS QUEUE JUMPING AT ITS FINEST!!!! THIS IS THE FOURTH CONSECUTIVE MONSTROUS GAIN AT THE GOLD COMEX AND THIS HAS NEVER EVER HAPPENED AT THE COMEX SINCE IT’S INCEPTION. AS I DESCRIBED TO YOU LAST MONTH THE GOLD COMEX IS IN SERIOUS STRESS ALONG WITH THE SILVER COMEX. YOU CAN ALSO BET THE FARM THAT BASEL III IS PLAYING A BIG PART IN THIS AS THE BANKS SCRAMBLE TO REMOVE PAPER GOLD COLLATERAL ON THEIR BOOKS FOR THE REAL STUFF.





SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 13.689 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 19.166 TONNES OF GOLD STANDING

THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.








total registered or dealer gold: 440,114.329 oz or 13.689 tonnes
total registered and eligible (customer) gold; 7,937404.407 oz 246.88 tonnes



FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018

AT FIRST DAY NOTICE APRIL 1.2018: 19.897 TONNES STOOD FOR DELIVERY

AT CONCLUSION APRIL 30/2018: ONLY 4.6407 TONNES STOOD AS THE REST MIGRATED TO LONDON THROUGH EFP’S. AT THE BEGINNING OF APRIL IT LOOKED LIKE WE WERE GOING TO HAVE A REPEAT OF LAST YEAR WHERE MANY MORPH TO LONDON BECAUSE THERE IS NO METAL AT THE COMEX. WE ARE PROVEN WRONG: WE ARE DOING MUCH BETTER IN 2019 AS WE NOW HAVE TO 19.166 TONNES OF GOLD STANDING.



IN THE LAST 31 MONTHS 108 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER

**



we had 0 inventory movement at the dealer side of things





total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account



i) Into JPMorgan: 557,757.000 oz



*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into everybody else: zero











total customer deposits today: 557,757.000 oz


we had 1 withdrawals out of the customer account:

i) Out of CNT: 535,414.115 oz






total withdrawals: 535,414.115 oz



we had 2 adjustments..

i) Out of CNT: 598,418.500 oz was adjusted out of the customer and this landed into the dealer account of CNT

ii) JPMorgan removes 3051.17 oz as an accounting error



total dealer silver: 90.323 million

total dealer + customer silver: 305.130 million oz



The total number of notices filed today for the APRIL 2019. contract month is represented by 0 contract(s) FOR nil oz

To calculate the number of silver ounces that will stand for delivery in APRIL, we take the total number of notices filed for the month so far at 774 x 5,000 oz = 3,870,000 oz to which we add the difference between the open interest for the front month of APRIL. (0) 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 APRIL/2019 contract month:774(notices served so far)x 5000 oz + OI for front month of APRIL( 0) -number of notices served upon today (0)x 5000 oz equals 3,870,000 oz of silver standing for the APRIL contract month. This is a strong number of oz standing for an off delivery month.

We gained 0 contracts or an 5,000 NIL oz will stand at the comex as these guys refused to morph into London based forwards as well as negating a fiat bonus.







FOR COMPARISON VS LAST YEAR:





ON FIRST DAY NOTICE MARCH 29/2018: WE HAD 1,805,000 OZ STAND FOR DELIVERY FOR THE APRIL 2018 DELIVERY MONTH

AT CONCLUSION OF APRIL 2018: 2,485,000 OZ STOOD FOR DELIVERY AS QUEUE JUMPING WAS ALREADY WELL DEVELOPED IN SILVER. (APRIL IS A NON ACTIVE SILVER DELIVERY MONTH)











xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S SILVER VOLUME: 76,547 CONTRACTS (volumes high because of the raid.









CONFIRMED VOLUME FOR YESTERDAY: 92,292 CONTRACTS…

..volume extremely high due to raid











YESTERDAY’S CONFIRMED VOLUME OF 92,293 CONTRACTS EQUATES to 461 million OZ 65.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx







NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -3.08% (APRIL 17/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.07% to NAV (APRIL 17/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.08%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.84/TRADING 12.33/DISCOUNT 3.99

END

And now the Gold inventory at the GLD/

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10

APRIL 1/WITH GOLD DOWN $3.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 784.26 TONNES

MARCH 29/WITH GOLD UP $2.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES

MARCH 28/WITH GOLD DOWN $20.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES



MARCH 27/SURPRISING! WITH GOLD DOWN AGAIN BY $4.05, THE CROOKS NEEDED TO PUT GOLD BACK INTO THE GLD: THEY ADDED 3.23 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 784.26 TONNES

MARCH 26/WITH GOLD DOWN $7.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 25/WITH GOLD UP $9.85: A STRONG 2.94 TONNES DEPOSIT INTO THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 22/WITH GOLD UP $5.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 21/WITH GOLD UP $7.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

March 20/WITH GOLD DOWN $5.15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 19/WITH GOLD UP $4.60 TODAY: A MASSIVE 8.23 TONNES OF PAPER GOLD ADDED TO THE GLD INVENTORY/INVENTORY RESTS AT 779.27 TONNES AND THEN A WITHDRAWAL OF 1..18 TONNES OF GOLD REMOVED: TOTAL GLD INVENTORY REMAINING: 778.09 TONNES

MARCH 18/WITH GOLD DOWN $0.70: A BIG CHANGE TODAY: A WITHDRAWAL OF 1.32 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 771.04 TONNES

MARCH 15/WITH GOLD UP $7.50 TODAY; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 772.46 TONNES

MARCH 14/WITH GOLD DOWN $13.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 772.46 TONNES

MARCH 13/WITH GOLD UP $11.10 TODAY: A HUGE DEPOSIT AGAIN OF 2.93 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 772.46 TONNES

MARCH 12/WITH GOLD UP $7.00: A HUGE DEPOSIT OF 2.94 TONNES OF GOLD INTO THE GLD INVENTORY/INVENTORY RESTS AT 769.53 TONNES

MARCH 11/WITH GOLD DOWN $8.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 8/WITH GOLD UP $13.40: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 7/WITH GOLD DOWN $1.40 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 6/WITH GOLD UP $3.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 766.59 TONNES

MARCH 5/WITH GOLD DOWN ONLY $1.70: A HUGE WITHDRAWAL OF 5.87 TONNES FROM THE GLD INVENTORY AND THIS GOLD HAS BEEN USED IN THE WHACKING PROCESS YESTERDAY AND TODAY/INVENTORY RESTS AT 766.59 TONNES

MARCH 4/WITH GOLD ANOTHER $12.50 TODAY: A HUGE WITHDRAWAL OF 11.76 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 772.46 TONNES

MAR 1/WITH GOLD DOWN $16.90 TODAY; A HUGE WITHDRAWAL OF 4.11 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 784.22 TONNES





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


APRIL 17/2019/ Inventory rests tonight at 752.27 tonnes

*IN LAST 580 TRADING DAYS: 182.68 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 480 TRADING DAYS: A NET 15.86 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

WE MUST BE GETTING CLOSER TO THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167

APRIL 1/WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 656,000 OZ FROM THE SLV/INVENTORY RESTS AT 309.301 MILLION OZ//

MARCH 29/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 28/WITH SILVER DOWN 31 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 469,000 OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 27/WITH SILVER DOWN 12 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 25/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ////

MARCH 22/WITH SILVER DOWN 7 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.356 MILLION OZ///INVENTORY RESTS AT 309.488 MILLION OZ///

MARCH 21/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 310.848 MILLION OZ/

March 20/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ//

MARCH 19/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 310.848 MILLION OZ/

MARCH 18/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ///

MARCH 15/WITH SILVER UP 16 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS TODAY AT 310.848 MILLION OZ//

MARCH 14/WITH SILVER DOWN 30 CENTS: A SURPRISING DEPOSIT OF 1.17 MILLION OZ OF SILVER INTO THE SLV//INVENTORY RESTS AT 310.848 MILLION OZ//

MARCH 13/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY AT THE SLV RESTS AT 309.676 MILLION OZ/

MARCH 12/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY/INVENTORY AT THE SLV RESTS AT 309.676 MILLION OZ////

MARCH 11/WITH SILVER DOWN 7 CENTS: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 516,000 OZ/INVENTORY RESTS AT 309.676 MILLION OZ///

MARCH 8/WITH SILVER UP 34 CENTS: STRANGE!! TWO TRANSACTIONS!! IN THE MORNING A WITHDRAWAL OF 703,000 OZ FROM THE SLV/INVENTORY RESTS AT 307,800 OZ/ IN THE AFTERNOON: A DEPOSIT OF 1.56 MILLION OZ/INVENTORY FINALLY RESTS AT 309.160 MILLION OZ//

MARCH 7/WITH SILVER DOWN 4 CENTS: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ//

MARCH 6/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ

MARCH 5/WITH SILVER UP ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 308.503 MILLION OZ///

MARCH 4/WITH SILVER DOWN 14 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 871,000 OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 308.503 MILLION OZ/

MARCH 1/ WITH SILVER DOWN 38 CENTS/NO CHANGE IN SILVER INVENTORY





APRIL 17/2019:


Inventory 309.167 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.10/ and libor 6 month duration 2.63

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .53





XXXXXXXX

12 Month MM GOFO
+ 2.47%

LIBOR FOR 12 MONTH DURATION: 2.76

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.31

end

https://www.silverdoctors.com/gold/gold-news/harvey-organ-jp-morgan-has-been-receiving-gold-with-reckless-abandon/

[JD400]

Dancing Towards The Abyss

MMGYS

Poverty wants— but greed wants everything, and more. They can never have enough, because their acquisition is driven by an overpowering lust for more, and not by need.

This is why our financial and political system can never be effectively self-regulated or even reformed from within.

The gold price manipulation down for this stock market option expiration (think miners' options, etc.) seems to be about over.

Citi coughed up another large tranche of gold contracts on the cheap to the unknown large customer dealing through JPM.

Technically gold is short term oversold. And it went up today, in the face of a much stronger Dollar.

There will be Comex option expirations for gold and silver April contracts on the 25th.

Stocks managed to hold on for yet another up day.

We are building a blow off top. There is not much doubt in my mind.

Don't get in front of this, however, since as long as the Fed keeps providing hot money the wiseguys will keep dancing.

The text of the Mueller Report was released today to much flapping of gums and gnashing of keys.

Are we not exceptional? Are you not entertained?

Have a blessed holiday.



























Thank You Jesse Happy Easter and too all


https://jessescrossroadscafe.blogspot.com/

Sound track courtesy: me

[JD400]

OH Lord have mercy on us

[JD400]

Catedral de Sal de Zipaquirá Colombia 2016

MMGYS

Hope your having a good holiday weekend

Come on up for the Rising

MMGYS

The song was written late in The Rising's development, and was meant as a bookend to the album's "Into the Fire".[3][4] Springsteen could not let go of one of the central images of that day, those who were "ascending into ... what?"[3] Thus, the song tells the story of a New York City Fire Department firefighter, climbing one of the World Trade Center towers after the hijacked planes had hit them during the September 11 attacks.[5] The lyric depicts the surreal, desperate environment in which he finds himself:

Can't see nothin' in front of me,
Can't see nothin' coming up behind ...
I make my way through this darkness,
I can't feel nothing but this chain that binds me.
Lost track of how far I've gone
How far I've gone, how high I've climbed ...
On my back's a 60-pound stone
On my shoulder a half mile of line

The choruses are more upbeat, featuring a more pronounced drum part and "Li, li, li" vocal parts that suggest Hallelujahs,[5] but as the song progresses the verses trace the ever more dire situation. Images of fire engines and the Cross of Saint Florian are introduced, and then, in the cemetery-like "garden of a thousand sighs" from Shakespeare's Twelfth Night,[5] a series of final visions: his wife, his children, and all human experience:

Sky of blackness and sorrow (dream of life)
Sky of love, sky of tears (dream of life)
Sky of glory and sadness (dream of life)
Sky of mercy, sky of fear (dream of life)
Sky of memory and shadow (dream of life)

The song's religious imagery also includes references to Mary Magdalene meeting the risen Christ on Easter morning ("I see Mary in the garden"), and the Blood of Christ, although Springsteen has stated that the Mary in the song could also be the hero's wife or lover.[4] Writer Jeffrey Symynkywicz evaluates the song as "an Easterlike anthem arising out of the darkness and despair of September 11, a national Good Friday experience if ever there was one."[5]

J:D

[JD400]

Tuesday’s Paper Gold Raid And Fake Journalism

MMGYS

soundtrack Courtesy: goforthebet


-- Published: Tuesday, 23 April 2019

By: Dave Kranzler

“Central banks stand ready to lease gold in increasing quantities should the price rise.” – Alan Greenspan, July 1998 testimony to Congress

At 8:39 a.m. EST 523,200 ozs of paper gold were unloaded onto the Comex in the space of less one minute:



Anyone who’s traded big positions on a trading desk knows that the best way to unload a position that is larger than the immediate liquidity of the market in which the security trades (yes, Comex contracts are “securities,” not actual physical gold) is to feed it out over time.

In that chart above, why wouldn’t the seller try to sell its position in a way that would enable it to get a price for the entire position that was in the vicinity of the market price at the time the sell-order was executed? After all, the market has clearly rebounded to the price level at the time massive sell-order bombed the trading systems, suggesting that the seller could have achieved much larger sell proceeds with a little bit of patience in its selling

This is all rhetorical, of course, because the all-too familiar “fishing line” 1-minute chart is the blatant footprint of market manipulation. Of course, Kitco’s “reporter” on the scene chose to attribute the sudden price plunge to a market “hamstrung by not much risk aversion in the world marketplace” Kitco.com.

It’s hard to believe an educated person wrote that commentary (“Gold Prices Sink To 4-Month Low On Scant Risk Aversion” by Jim Wycoff). Honestly, that headline makes me chuckle. Well then, Jim, the Dow is now up 153 points as I write this 5 hours later, which by your logic would imply there’s even less risk aversion than the “scant” risk aversion at 8:39 a.m. How come, Jim, the price of gold rebounded to the level where it was trading when fear of “scant” risk aversion triggered someone to unload 16 tons of paper gold in less than 60 seconds if indeed fear of scant risk aversion was the catalyst for sell order?

http://investmentresearchdynamics.com

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

A Special Message at Easter from the Precious Metals Sector...

By: Clive Maund

-- Published: Monday, 22 April 2019 | Print | 1 Comment

Silver has been a dull market for the past couple of months, yet as we will see the pattern that has evolved in recent weeks is anything but bearish. On the 1-year chart we can really see what is going on. Back last December silver broke out of a fine Double Bottom formation and ran up quickly but the advance turned out to be modest and by late February it had fizzled out and it started reacting back again and last Monday made a new low. However, the rate of decline has been decelerating steadily and it is now apparent that a bullish Falling Wedge is completing, with the strong convergence of its boundaries making it all the more bullish. It is also viewed as no coincidence that the decline appears to have run its course with the Wedge closing up right at important support at the upper boundary of the Double Bottom base pattern.

continues here......

http://news.goldseek.com/CliveMaund/1555953132.php


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

yes it will.................

yes...that change coming...Oh yes it will

[JD400]

Slow Freight Gold Is Flowing West to East


Good Evening

MMGYS

London Gold Market Imports and Exports - Currency Wars

Gold is flowing from West to East.

Net central bank purchases of gold in 4Q 2018 were the highest on record.

C'est les guerres des monnaies.

So few notice, and even fewer understand.

Money is power, so do not expect this transition to go smoothly. Or quietly. Or honestly.
















Stocks and Precious Metals Charts - Markets Are Holding Their Breadth - Comex Precious Metals Option Expiration

"Financialization is profit margin growth without labor productivity growth. That sounds like a small thing, but I tell you it is everything.

Financialization is squeezing more earnings from a dollar of sales without squeezing at all, but through tax arbitrage or balance-sheet arbitrage.

Financialization is the zero-sum-game aspect of capitalism, where profit-margin growth is both pulled forward from future real growth and pulled away from current economic risk-taking.

Financialization is the smiley-face perversion of Adam Smith’s invisible hand and Joseph Schumpeter’s creative destruction.

Financialization is a global phenomenon. In China, it’s transmitted through the real-estate market. In the U.S., it’s transmitted through the stock market."




"God whispers to us in our pleasures, speaks in our consciences, but shouts in our pains. It is his megaphone to rouse a deaf world.”

C. S. Lewis


Stocks are hanging on, waiting for more behemoths to report earnings, preferably of the fabulous kind.

Gold and silver continued to mark time today in honor of the Comex precious metals options expiration.

Karma is in the distance, but heading our way.

Who could have seen it coming?

At ramming speed?

Have a pleasant evening.





















Thank You Jesse Good Stuff as Usual
https://jessescrossroadscafe.blogspot.com/

sound track Courtesy: MMGYS
https://www.youtube.com/watch?v=Mfl5AVTrMfE

Have a Good Evening

Thank You

J:D

[JD400]

IPOs Rising - Non-Farm Payrolls Report and FOMC Next Week

Welcome Weekend !

MMGYS

Weekend Kickoff


"The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. Perhaps this is inherent. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them."

John Kenneth Galbraith, The Great Crash of 1929


"Surprising real GDP growth rate of 3.18% is a contrived illusion. - BEA used a unique inflation deflator of 0.64%! More commonly used deflator BLS CPI-U inflation rate 2.27%. If BLS deflator used, GDP growth rate 1.56% (Half BEA #). Setting aside trade and inventory build (goods produced but not bought), BEA says growth rate of real final sales of domestic products was 2.53%, but if BLS CPI-U deflator used real final sales was 1.0%. "Goldilocks" moment was achieved through growing inventories, increased governmental outlays, crashing import values and materially understated inflation.”

Harald Malmgren


Just draining the swamp...

GDP for 1Q 2019 came in quite a bit higher than expected, which caused an immediate reaction in the markets.

And then people had a chance to look behind the headlines, at the drop in consumer spending, the build up in inventories, and the rather lowballed PCE deflator, and they changed their minds.

Gold and silver managed to push higher past some recently stubborn overhead resistance, thanks in part to the weaker Dollar.

And let us not overlook the fact that the important option expiration on the Comex is now past. Not enough analysts are aware of market events such as this.

Stocks managed to push higher, with the SP 500 futures tagging back up to the old high from last year.

There are some important (big, lucrative) IPOs coming to market, and even a direct sale by Slack, sans banker underwriters and road shows.

Since these are hard to price unicorn and gig stocks, the markets will be applying plenty of grease to the skids, along with the lipstick on the pigs, in order to get these valuable items suitably placed with the buy side and institutions.

Next week there will be the Non-Farm Payrolls Report for April.

And the FOMC will grace us with yet another of their rate decisions. Nothing will be done. And if they are wise, they will announce this wearing sackcloth, and covered in ashes, in contrition for willfully igniting yet another financial asset bubble.

Happy Easter to my many Orthodox Christian friends.

Need little, want less, and love more. For those who abide in love abide in God, and God in them.

Have a pleasant weekend.





















Thank You Jesse Always Good Man !
https://jessescrossroadscafe.blogspot.com/

Soundtracks courtesy:MMGYS
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

MMGYS

https://www.youtube.com/watch?v=_3lGa6nsdlQ
https://www.youtube.com/watch?v=uS90B4sZf7U

[JD400]

Mark Twain's Golden Summer Breeze



Good Morning Good Evening

Letting It Roll tonight with a cool Mark Twain read in a 4 plex posts of Mergers,Trumps Coal & ending with a Game Of Thrones read

So Let's get it on.....

Oh and Welcome to (the corks) ~*~Mining & Metals Du Jour~*~ Graveyard Shift~*~

Hi I'm J:D your host tonight and hope your having a fine evening.

EnJoy tonight's show

Thank You

MMGYS

Mark Twain Spent Time as a Miner in the Old West


Mark Twain Gold Miner

Sometimes in life, it is important to learn and accept early enough that not everything can be done by everyone. One man who learned this quickly was Mark Twain, the famous author – and much less famous – gold miner!

Mark Twain was one of the thousands of men who converged on California and Nevada during the height of the gold rush to make their fortunes. He may not have found much gold, but his accounts of those times are quite amusing. He is probably the most famous man to take an active part in the Gold Rush.

Of course, keep in mind that Mark Twain was not yet a known author. Just a man looking to make his way in the world.


Mark Twain Heads to the Goldfields

His journey into prospecting began when he was in his 20s and had lost his job as a riverboat captain. The civil war at that time brought an end to the river trade that was conducted along the Mississippi River.

By the year 1861, Mark’s older brother by the name of Orion got an appointment from the President Abe Lincoln as secretary to the governor of Nevada, a new territory by then. And bearing in mind he had no job, Mark decided to accompany his brother as his assistant.

After some time, Mark could not continue to work with his brother, as he needed money to manage is own affairs. He tried to do some local odd jobs, but to no avail.

Then one day Mark read a newspaper that carried a mind blowing headline about how prospectors were discovering fortunes every day in all the parts of Nevada. This news caught his attention and immediately interests to go into prospecting arose within him.


A Fortune to be Made?



Despite not having sufficient knowledge about prospecting, Mark and his colleagues teamed up with an old sourdough prospector who was a veteran in prospecting activities. And at that time Humboldt County was on top of the game in prospecting. It had the Sheba Mine which was making millions of dollars from silver, as more discoveries continued to be made on what seemed like a daily basis!

So, Mark and his team journeyed across the 40 miles of desert by wagons to find the famous fortune in the middle of the Humboldt range.



Their journey took them two weeks to reach their destination. Then upon arrival, Mark left his colleagues and started to look around, while he pretended to have gone out only for a smoke. But after a little walk as he paid attention to every stone he came across, the young man saw a sparkle in a minor drainage ravine that caught his attention. He went closer and picked up the flake which he carefully examined.

In no time, he realized it appeared like gold. He checked the ravine again and spotted some more flakes with a golden appearance. Later, he went back to his colleagues and told them about his discovery, though with some hesitation.

To his surprise, the old timer prospector he was with showed little excitement in his finds, because according to him that was just Mica, which was not even worth 10 cents an acre.

Not everything that glitters is gold!

After some time, Mark and his team made a few discoveries of mineralized quartz veins. They did the drilling and digging of short shafts, and adits for prospecting, but they could not find the much needed fortune. It was at this point that Mark learned that mining was not an easy job, perhaps it was not his way to prosperity. So, Mark and his colleagues drew a conclusion that their chances of finding wealth in the area were minimal. Hence, he went back to Carson City area.


Amusing Quotes from Mark Twain’s Mining Adventures



While his mining endeavors may have been short-lived, he probably showed an insight into what the true experience was for 99% of the miners that traveled to the goldfields of the West. While some men certainly made their fortunes, most struggled to make wages and abandoned their efforts in short order.

“A mine is a hole in the ground with a liar standing next to it.”

This is of course Twain’s most famous quote on his experience of the gold rush. It is attributed to the fact that such shady tactics were (and still are) used in the mining business. Much of the mining activity back then had more to do with convincing investors that a mine was rich, rather than actually mining it. Shysters spent more effort getting rich by duping investors than they did from mineral extraction.

The same thing still happens today. People would be well-advised to pay attention to Mark Twain’s wisdom here and apply it today!




Mining is Never Easy Money



However, he never gave up on the riches of Nevada, and so he decided to invest his money and some of his sister’s in the mining sector. At that time Aurora in the mining District of Esmeralda was doing great. And when Mark went to check on some of his investments in the area, he was not doing so well, which led to his bank roll running out.

Unfortunately, he was back to the hard life of looking for money to buy his next meal. And out of desperation, he got a job that was paying $10 per week at a local quartz mill. But he discovered the crushing, washing and smelting of the silver mill was even worse, and could not stand it for a week. So, he approached the foreman’s office and proposed to have his pay increased to $400,000 per week. Not surprising, he was fired in a heartbeat.

Gold Prospecting


His Efforts to Make Mining Work



After some time, he found another experienced prospector by the name of Calvin Higbie, and made a partnership. The two got some claims, and later discovered some rich ore. One would thing that his luck had finally changed, but through a series of unfortunate events Twain and his mining partner lost rights to their claim. A large company staked over the ground and they lost out on a good strike.

Despite his best efforts, it seems that the universe had other plans for him.


A New Door Opens



The editor of the Territorial Enterprise Newspaper in Virginia City noticed his good writing skills in the periodic letters he sent, and was offered a job paying $25 per week which he accepted though it was not easy to forget about his mining claims. But he had no choice than to go for it.

This was the start, and as well all know today, Mark Twain became on of America’s most famous authors.

Mark Twain did not make it as a miner, despite a number of opportunities that came his way. But hey, when something is not meant to be part of your destiny perhaps it cannot be forced.


Show Simo casted on-Captains Quarters CQs

[JD400]

Mergers & Acquisitions Mining News



MMGYS

Stop & Think it over before we break each other heart





TNR Gold Reports on Mariana Lithium Royalty Holding
April 18, 2019
Newmont Mining and Goldcorp Create World’s Leading Gold Company
April 12, 2019
Newmont Goldcorp Combination Receives Approval Under Investment Canada Act
April 12, 2019
Sun Metals Completes Acquisition of Lorraine Copper Corp.
April 11, 2019
Newmont Mining Shareholders Vote Overwhelmingly to Create World’s Leading Gold Company
April 10, 2019
Lorraine Copper Receives Final Court Approval of Arrangement
April 08, 2019
Goldcorp Obtains Final Order for Plan of Arrangement
April 05, 2019
Barrick Gold Information Circular Highlights Post-Merger Progress
April 04, 2019
Newmont Mining Welcomes Goldcorp Shareholder Vote as a Key Step Toward Completing Combination
April 04, 2019
Goldcorp Announces Shareholder Approval for Combination with Newmont Mining
April 03, 2019
Americas Silver Announces Creation of a Precious Metal Growth Company
April 02, 2019
Americas Silver and Pershing Gold Announce Completion of CFIUS Review and Expected Closing of Transaction
April 01, 2019
M2 Cobalt ("M2") and Jervois Mining ("Jervois") to Create Global Industry Leader as Jervois Announces Additional Combination with eCobalt
April 01, 2019
Ashanti Gold and Desert Gold Announce Definitive Combination Agreement
April 01, 2019
Jervois Mining and eCobalt To Combine
March 29, 2019
Goldcorp and Newmont Announce Successful Early Tender Period for Exchange Offers and Consent Solicitations
March 28, 2019
Newmont Mining Corporation Announces Successful Early Tender Period for Exchange Offers and Consent Solicitations
March 28, 2019
Ascot Resources Completes Acquisition of IDM Mining Creating a Leading Gold Development and Exploration Company in British Columbia
March 27, 2019
Newmont Welcomes Glass Lewis Recommendation that Newmont and Goldcorp Shareholders Vote “FOR” Proposed Combination
March 26, 2019
Newmont Mining Announces Executive Leadership Team for Combination with Goldcorp
March 25, 2019
Core Gold Announces Closing of US$3 Million Private Placement and Reiterates Compelling Rationale for Merger With Titan
March 25, 2019
Newmont Mining Announces Conditional Special Dividend
March 25, 2019
ISS Recommends Goldcorp Shareholders Vote in Favor of Proposed Plan of Arrangement with Newmont
March 21, 2019
Paulson & Co. Opposes Terms of Newmont's Proposed Acquisition of Goldcorp
March 20, 2019
IDM Mining Announces Securityholder Approval of Plan of Arrangement with Ascot Resources
March 18, 2019
Camrova Resources Inc. Provides Updates on Proposed Chilean Acquisition and its Ownership Participation in Minera y Metalurgia Boleo
March 15, 2019
Newmont Mining Corporation Commences Exchange Offers and Consent Solicitations
March 15, 2019
LSC Lithium Corporation Announces Closing of Arrangement and the Completion of its Acquisition by Pluspetrol Resources Corporation B.V.
March 11, 2019
Titan Minerals and Core Gold Amend Arrangement Agreement and Announce US$3,000,000 Non-Brokered Private Placement of Core Shares at a Premium
March 11, 2019
Ashanti Gold and Desert Gold Announce Binding Letter of Intent for the Acquisition of Ashanti Gold by Desert Gold
March 11, 2019
ISS and Glass Lewis Recommend IDM Mining Securityholders Vote for the Arrangement with Ascot Resources
March 11, 2019
Newmont Mining Announces Special Shareholder Meeting and Files Definitive Proxy on Combination with Goldcorp
March 08, 2019
Cornerstone Capital Resources: Board Rejects Hostile Bid Proposal by SolGold
March 07, 2019
Goldcorp Announces Mailing of Management Information Circular in Connection with Special Meeting to Consider Acquisition by Newmont
March 05, 2019
Great Panther Mining Completes Acquisition of Beadell
March 04, 2019
Barrick Gold Statement from Mark Bristow
March 04, 2019
Newmont Mining: Board Unanimously Determines that Barrick’s Unsolicited, Negative Premium Proposal Is Not in Newmont Shareholders’ Best Interests
February 26, 2019
Newmont Mining and Goldcorp Receive Merger Approval from the Government of Korea
February 26, 2019
IDM Mining Mails and Files Special Meeting Materials in Connection with the Proposed Plan of Arrangement with Ascot Resources
February 25, 2019
Barrick Gold Proposes Merger With Newmont Mining as an Unprecedented Value Creation Opportunity for Shareholders
February 24, 2019
Newmont Mining Receives Shareholder Proposals from Barrick Gold Subsidiary
February 24, 2019
Titan Minerals and Core Gold to Combine, creating an Emerging Ecuador and Peru Focused Gold Explorer, Developer and Producer
February 22, 2019
Newmont Mining and Goldcorp Obtain Interim Order for Plan of Arrangement
February 22, 2019
Barrick Gold Comments on Media Speculation Regarding Opportunity to Merge with Newmont Mining
February 22, 2019
Pan American Silver Completes Acquisition of Tahoe Resources
February 19, 2019
Final Court Approval Received for Acquisition of Beadell by Great Panther Silver
February 18, 2019
Newmont Mining Announces Canadian Competition Bureau Clearance for Combination with Goldcorp
February 15, 2019
Mexican Federal Economic Competition Commission Approves Pan American Silver's Plan of Arrangement with Tahoe Resources
February 15, 2019
Taseko Mines Completes Acquisition of Yellowhead Mining
February 12, 2019
Beadell Shareholders Approve Acquisition by Great Panther Silver
February 11, 2019
SEMAFO and Savary Gold Announce Non-Binding Letter of Intent for Acquisition of Savary by SEMAFO
February 11, 2019
Great Panther Silver Shareholders Approve Acquisition of Beadell Resources and Name Change
February 08, 2019
Cornerstone Responds to Second SolGold Announcement
February 08, 2019
SolGold PLC Announces Response to Cornerstone
February 08, 2019
Golden Queen Mining Enters Into Share Purchase Agreement
February 05, 2019
Golden Queen Mining Executes a Letter of Intent
February 04, 2019
Sun Metals and Lorraine Copper enter into arrangement agreement
January 31, 2019
Cornerstone Responds to SolGold Announcement
January 31, 2019
SolGold PLC Announces Intention to Make Offer to Acquire Cornerstone
January 30, 2019
Glass Lewis Recommends Shareholders Vote in Favour of Great Panther Silver's Acquisition of Beadell Resources
March 11, 2019
ISS and Glass Lewis Recommend IDM Mining Securityholders Vote for the Arrangement with Ascot Resources
March 11, 2019
Newmont Mining Announces Special Shareholder Meeting and Files Definitive Proxy on Combination with Goldcorp
March 08, 2019
Cornerstone Capital Resources: Board Rejects Hostile Bid Proposal by SolGold
March 07, 2019
Goldcorp Announces Mailing of Management Information Circular in Connection with Special Meeting to Consider Acquisition by Newmont
March 05, 2019
Great Panther Mining Completes Acquisition of Beadell
March 04, 2019
Barrick Gold Statement from Mark Bristow
March 04, 2019
Newmont Mining: Board Unanimously Determines that Barrick’s Unsolicited, Negative Premium Proposal Is Not in Newmont Shareholders’ Best Interests
February 26, 2019
Newmont Mining and Goldcorp Receive Merger Approval from the Government of Korea
February 26, 2019
IDM Mining Mails and Files Special Meeting Materials in Connection with the Proposed Plan of Arrangement with Ascot Resources
February 25, 2019
Barrick Gold Proposes Merger With Newmont Mining as an Unprecedented Value Creation Opportunity for Shareholders
February 24, 2019
Newmont Mining Receives Shareholder Proposals from Barrick Gold Subsidiary
February 24, 2019
Titan Minerals and Core Gold to Combine, creating an Emerging Ecuador and Peru Focused Gold Explorer, Developer and Producer
February 22, 2019
Newmont Mining and Goldcorp Obtain Interim Order for Plan of Arrangement
February 22, 2019
Barrick Gold Comments on Media Speculation Regarding Opportunity to Merge with Newmont Mining
February 22, 2019
Pan American Silver Completes Acquisition of Tahoe \

https://www.juniorminingnetwork.com/mining-topics/topic/mergers-acquisitions.html

[JD400]

Trump drive to boost fossil fuels hits a wall in federal courts

MMGYS

Trump drive to boost fossil fuels hits a wall in federal courts

Bloomberg News | about 12 hours ago |


From easing regulations on coal mining to opening more federal land to oil drillers, President Donald Trump has kept a laser focus on bolstering the U.S. fossil fuel industry to achieve what he calls “energy dominance.”

Time and time again, federal judges have gotten in the way.

The latest setback came April 19, when a judge ruled Trump’s Interior Department illegally lifted an Obama-era moratorium blocking the sale of coal on federal land. And last week, people familiar with the administration’s plans said it had abandoned until after the 2020 elections its two-year campaign to expand oil drilling to new U.S. waters, following a March 29 ruling against a presidential edict to resume selling drilling rights in the Arctic.
"The setbacks in fulfilling campaign pledges could deny Trump bragging rights as he mounts his re-election bid"

Those decisions came on top of judges rebuking the administration’s attempts to permit pipelines and delay a raft of Obama policies, including limits on methane leaks from oil wells, requirements for risk-management plans at chemical facilities and efficiency standards for household appliances.

The setbacks in fulfilling campaign pledges could deny Trump bragging rights as he mounts his re-election bid.

“This is a remarkably shoddy track record that the Trump administration is developing,” said Robert Glicksman, an environmental law professor at George Washington University. At least anecdotally, Glicksman said, he hasn’t “seen anything of this magnitude before.”

Some of the rulings could be reversed on appeal. And even in cases where courts faulted Trump agencies for unlawfully delaying rules, the actions may have served their intended purpose: suspending federal regulations until the administration could begin formally rewriting them. “Even these attempted rollbacks that are eventually slowed down have had the effect of delaying essential protections,” said Jill Tauber, vice president for climate and energy at Earthjustice.

Nevertheless, the legal defeats are complicating the administration’s campaign to unravel federal regulations the president blames for throttling U.S. energy production and the country’s economic potential. In some cases, the losses are forcing agencies to make multiple attempts to unwind environmental mandates, siphoning time away from other priorities and jeopardizing the administration’s ability to finalize regulatory reforms sought by industry.

The Interior Department abandoned efforts to expand drilling to new U.S. waters until at least after next year’s elections, following an Alaska-based federal district judge’s ruling against the president’s bid to resume selling offshore oil leases in the Arctic.

And on March 29, a California-based district judge blocked the Trump administration’s attempted reversal of an Obama plan forcing mining companies to pay more for coal extracted from federal lands. The ruling reinstated a requirement that royalty payments be pegged to the value of arm’s length transactions with independent parties, instead of sales to affiliates at potentially rock-bottom prices.

The decision is a telling indication of rulings to come, as the first one targeting a final environmental repeal by the Trump administration, said Jayni Foley Hein, natural resources director at New York University’s Institute for Policy Integrity.

“It’s emblematic of the challenges this administration has faced in trying to carry out the energy dominance agenda,” Hein said. “When you are weakening or rolling back environmental standards, you’re going to be challenged in the court, and there are certain substantive and procedural hurdles you have to overcome in order to carry that out.”

Some environmental activists say the rulings are already restraining the administration’s deregulatory campaign.

“If Trump is thrown out of office in 2020, then these cases will have made a big difference,” said Pat Gallagher, director of the Sierra Club’s Environmental Law Program. “They will have slowed down or stopped the energy dominance agenda and the climate denial agenda.”

Trump supporters shrug off the legal defeats. Myron Ebell, who helped guide the presidential transition and directs an energy center at the conservative Competitive Enterprise Institute, says he is “disappointed but not really discouraged.”

“The real danger of any administration is when inertia sets in, and I don’t think inertia has set in with this administration yet,” Ebell said. “The big thing is to make sure they keep up their momentum despite the setbacks — that they don’t just start sitting on their hands.”
Shifting landscape

The legal landscape may be shifting in Trump’s favor as he appoints more federal appellate judges that have taken skeptical views of government regulation and agency power. The Supreme Court appears likely to overturn a precedent that judges generally should defer to federal agencies’ interpretations of their own regulations.

“It’s too early to tell the impact of those decisions on the agenda, in part because they are decisions that have been made on the district court level, and we will have to see what takes place in any appeals of those,” said Michael Schon, deputy chief counsel with the U.S. Chamber Litigation Center.

Trump and his executive agencies have wide latitude to rewrite and rescind rules, but they generally must follow a process outlined under the 1946 Administrative Procedure Act, by formally proposing changes, taking public comment on the plans and incorporating that feedback into final regulations. Policy pivots can’t be “arbitrary and capricious,” and the Supreme Court has said agencies must provide a “reasoned explanation” to justify changes.

Courts have repeatedly rapped Trump agencies for falling short of those procedural requirements. But the latest defeats are more squarely focused on the substance of administration actions — not just procedural mistakes made while pursuing them, Glicksman said.
"“The Obama administration was very careful about providing very complete and convincing documentation to support its actions, and it’s just not going to be easy for the Trump administration to say that record does not withstand scrutiny""

“It seems to me that the courts are taking issue as strongly at this stage as they have in the earlier stage,” he said.

Trump’s agencies are also up against “an enormous record demonstrating the value of the environmental and health protections that they are trying to undo,” said Aaron Colangelo, co-director of the Natural Resources Defense Council’s litigation program.

“They can’t rewrite decades of research on the environmental harms or the public health benefits” at issue, he said. “They can’t just wave away the science.”

Former President Barack Obama encountered legal blows too. The centerpiece of his climate change policy — the EPA “Clean Power Plan” rule aimed at slashing carbon dioxide emissions from generating electricity — was stayed by the Supreme Court in 2016.

But the Obama administration also reinforced its environmental policies with detailed justifications and scientific data, establishing a formidable record designed to be hard for successors to tear down.

“The Obama administration was very careful about providing very complete and convincing documentation to support its actions, and it’s just not going to be easy for the Trump administration to say that record does not withstand scrutiny,” Glicksman said. If an agency’s “prior determination is based on facts that have not changed, you have to explain why the initial facts are wrong or why they’re no longer relevant, and that’s going to be a hard road to hoe for a lot of these policies.’’

http://www.mining.com/web/trump-drive-boost-fossil-fuels-hits-wall-federal-courts/

[JD400]

Waiting for the Night King-Art Imitates a Twitter_Feed

MMGYS

The markets seemed to be holding their breath today, waiting for something to happen.

The FOMC meeting announcement on Wednesday seems to be overshadowing the large amounts of economic data, and company earnings announcements.

Non-Farm Payrolls on Friday.

The following is dark and full of spoilers.

As all its loyal fans know, this is the last season of Game of Thrones. And it is even more poignant because it seems increasingly doubtful that George R. R. Martin will ever finish the books and provide the kind of well thought out plotlines for which he is known.

Last night was the dramatic confrontation with the Night King at the Battle of Winterfell. The first thing the survivors should do is hold an inquiry. Who designed their defensive and offensive tactics, the Democratic National Committee?

It was a nice touch that they built a very strong defensive trench, that was at the back of their troops deployed on the fields in front, creating a lovely bottleneck for their own people when their inevitable retreat was called.

Almost as clever as having your Dothraki cavalry charge far out ahead into a spear wielding horde in the dark to be slaughtered. But then again, packing all the women and children in a closely confined crypt full of dead people, who would almost certainly be called to life by the Night King, was also a stroke of genius.

When the trench was finally lighted, the difficulty of which was laughable, the crafty zombies thwarted it by what— just stopping and looking at it. I'll bet the defenders were sad that they placed the fireball throwing trebuchets out front where they would be almost immediately overrun. But at long last someone decided to man the walls. tra la.

And as suspected, a deus ex machina event in the final minutes snatched victory from defeat. It was hard to tell if they copied this from Blade Trinity or Resident Evil. The 'battle' was right out of World War Z.

There were some very well filmed moments, and lots of 'cool scenes' and poignant actions. Unfortunately they were stitched together almost after the fact. It was like art imitates a twitter feed.

And is this surprising? Our own political discourse has devolved into a series of zingers and gotcha moments, of spectacles and theater, loosely stitched together with a mockery of priority, planning, and policy.

But no matter, let's get on with it. Next up to bat is Cersei and King's Landing. I hope the final two episodes can do a little better in resolving some open questions, and the many, many fan theories. It is hard to accept that this was the great confrontation that we have been waiting literally years to see.

April is toddling on, with its odd mix of very cold nights and raw days, mixed in with weather that seems more fitting for early Summer, all interspersed with rainy cold fronts.

I have been trying out some new techniques around the yard, including using Quoddy blend 'lobster compost' from Coast of Maine.

A local higher end supermarket chain had a load of it on sale at a great price, and I bought it for all the shrub planting and tending work. It was the same price as common garden soil. I don't know if the lobster shells will make any serious difference, but the composition and suitability of the stuff was very nice indeed.

The lawn has responded very well to the overseeding and general maintenance, and I am pleased that I used starter fertilizer rather than a high nitrogen stuff that provokes top growth and maximizes your need to mow, and little else.

Growing things around here is difficult, because we are located in what used to be mountains, but have been ground down over the millenia into foothills and escarpments with a nice rock and clay mixture of problematic soil with a natural acidity.

The moss problem seems to be getting back under control. Its funny how when you stop paying attention to things for seven or eight years how easily they can go all to hell. Kind of reminds one of the lack of integrity in the financial markets.

Have a pleasant evening.



















Thank You Jesse Superb Man !
https://jessescrossroadscafe.blogspot.com/

soundtrack courtesy: MMGYS
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

George R.R. Martin's A Song of Ice and Fire
https://www.youtube.com/watch?v=CdWa2A4TVeY


Good Night !

[JD400]

Gata Daily Dispatchs

Good Morning Good Evening

Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~

Coming out tonight remembering when Bruce came to Phoenix

He barley made it out alive

On the show tonight Fed Tinkering, Employment Truths, Palladium Swings Low and Data by Harvey Organ with the deepest Mandelbrot Dive in history guaranteed to flashback your wildest hippie days .

Hello everybody I'm J:D your host tonight

Hope your having a wonderful evening EnJoy the show

OK......Lets Go !!!!!

Thank you

MMGYS

Submitted by cpowell on Tue, 2019-04-30 02:24. Section: Daily Dispatches

Fed Is Looking at a New Program that Could Be Another Version of 'Quantitative Easing'

By Jeff Cox
CNBC, New York
Monday, April 29, 2019

Federal Reserve officials are considering a new program that would allow banks to exchange Treasurys for reserves, a move aimed at ensuring liquidity during difficult times that also would help the central bank decrease the size of its nearly $4 trillion balance sheet.

The so-called standing repo facility is in its early discussion phases. Respected St. Louis Fed economists David Andolfatto and Jane Ihrig have authored two papers on the plan, which they say would ease the regulatory burden for banks that feel pressured into holding ultra-safe assets.

In some quarters the idea is viewed as a natural extension of current Fed policy. Others, though, think it in essence could be a repackaged form of quantitative easing and thus yet another iteration of the Fed's decade-long tinkering in financial markets. ...

... For the remainder of the report:

https://www.cnbc.com/2019/04/29/fed-looking-at-a-program-that-could-be-v...

Other GATA Dispatches

Daily Dispatches

Fed considers another mechanism for 'tinkering' with markets
Submitted by cpowell on Tue, 2019-04-30 02:24. Section: Daily Dispatches

Fed Is Looking at a New Program that Could Be Another Version of 'Quantitative Easing'

By Jeff Cox
CNBC, New York
Monday, April 29, 2019
» read more
Hugo Salinas Price: Decline in world's monetary reserves signals end to dollar as reserve currency
Submitted by cpowell on Mon, 2019-04-29 23:14. Section: Daily Dispatches

7:14p ET Monday, April 20, 2019

Dear Friend of GATA and Gold:

The decline of the monetary reserves of central banks since August 2004 suggests a consensus that the U.S. dollar's role as the world reserve currency is coming to an end because the United States now consistently produces far less than it consumes from the rest of the world.
» read more
Chilton's death attributed to complications of pancreatic cancer
Submitted by cpowell on Mon, 2019-04-29 21:39. Section: Daily Dispatches

Bart Chilton, Former CFTC Commissioner and High-Frequency Trading Critic, Is Dead at 58

By Yen Nee Lee
CNBC, New York
Monday, April 29, 2019

https://www.cnbc.com/2019/04/29/bart-chilton-former-cftc-commissioner-di...

Bart Chilton, a former commissioner of the U.S. Commodity Futures Trading Commission and advocate for cryptocurrency regulation, has died.
» read more
Chilton's support for 'little guy,' opposition to silver manipulation, noted by FT
Submitted by cpowell on Mon, 2019-04-29 17:53. Section: Daily Dispatches

Bart Chilton, former CFTC commissioner, 1960-2019

Flamboyant, folksy image signaled his identification with the 'little man'

By Philip Stafford
Financial Times, London
Monday, April 29, 2019

Bart Chilton, one of the most distinctive and controversial figures in financial-market regulation, has died at the age of 58.
» read more
USA Watchdog's interview with GATA secretary reposted at Zero Hedge
Submitted by cpowell on Mon, 2019-04-29 02:08. Section: Daily Dispatches

10:07p ET Sunday, April 28, 2019

Dear Friend of GATA and Gold:

GATA continues to be shut out by mainstream financial news organizations but we caught a big break today, as the leading alternative internet news and commentary site, Zero Hedge, posted your secretary/treasurer's recent 29-minute interview with USA Watchdog's Greg Hunter:
» read more
Ronan Manly: The vast gold hoard held by Germany's population
Submitted by cpowell on Mon, 2019-04-29 01:59. Section: Daily Dispatches

By Ronan Manly
BullionStar.com, Singapore
Sunday, April 28, 2019

While the Chinese and Indian populations are well known for their insatiable appetite for importing, buying, and hoarding physical gold, there is one market in the West that does likewise but flies under the radar slightly, garnering less attention than China and India.

That gold market is Germany.
» read more
No one in authority helped the monetary metals cause as much as Bart Chilton did
Submitted by cpowell on Mon, 2019-04-29 01:35. Section: Daily Dispatches

9:36p ET Sunday, April 28, 2019

Dear Friend of GATA and Gold:

While the former member of the U.S. Commodity Futures Trading Commission, Bart Chilton, disappointed some monetary metals investors, he was a hero to GATA for several reasons.
» read more
Former CFTC Commissioner Bart Chilton, lately TV news show host, dies at 58 after 'sudden illness'
Submitted by cpowell on Sun, 2019-04-28 04:10. Section: Daily Dispatches

Chilton arranged for GATA to testify at the U.S. Commodity Futures Trading Commission's hearing on the monetary metals markets in 2010 and wanted the commission to investigate manipulation of those markets.

* * *

'Boom Bust' Host, Former CFTC Commissioner Bart Chilton, dies at Age 58

From Russia Today, Moscow
Saturday, April 27, 2019
» read more
Could gold's day of deliverance be at hand?
Submitted by cpowell on Sun, 2019-04-28 03:37. Section: Daily Dispatches

Get back to work. If it comes, you'll notice.

* * *

11:48p ET Saturday, April 27, 2019

Dear Friend of GATA and Gold:

Does this weekend's assertion on King World News by London metals trader Andrew Maguire that a central bank intends to acquire whatever gold remains at the New York Commodities Exchange --

gata.org/node/19027

gata.org/node/19029
» read more
Maguire explains how Comex is designed for metals market rigging, expects silver to pop back up soon
Submitted by cpowell on Sat, 2019-04-27 15:48. Section: Daily Dispatches

11:45a ET Saturday, April 27, 2019

Dear Friend of GATA and Gold:

» read more

http://www.gata.org/taxonomy/term/2


Show Simo Casted on Captains Quarters

[JD400]

Palladium sees wildest price swings since 2015 as investors exit

MMGYS

Palladium sees wildest price swings since 2015 as investors exit

30th April 2019

By: Bloomberg


NEW YORK – Palladium futures tumbled, spurring the wildest price swings since late 2015 as investors turned sour on the precious metal.

The commodity used mostly in auto catalysts has been a profitable trade as supply shortages boosted prices of near-term contracts. That gave investors the incentive to sell futures closer to delivery and buy those that are further along the curve as producers struggle to meet demand from carmakers. That incentive has narrowed this year as supply concerns ease.

Palladium futures for delivery in June settled in New York on Monday at a premium of more than $3 to the September futures. The spread between the two contracts has shrank from more than $20 in February. The cost to borrow the metal has also tumbled this year.

“People who have done very well long material and lending it have seen margins compress,” Tai Wong, the head of base and precious metals derivatives trading at BMO Capital Markets in New York, said in an email. “The drastic supply shortage seen early in the year has eased significantly.”

The decline in the lease rate for palladium means there’s less incentive for industrial consumers to buy the metal outright, said Michael Sheehan, a senior portfolio manager at Orion Commodities Fund.

https://www.miningweekly.com/article/palladium-sees-wildest-price-wwings-since-2015-as-investors-exit-2019-04-30

[JD400]

Worse Than Any Time During Last Recession: Nearly 102 Million Americans Don’t Have A Job

MMGYS

Worse Than Any Time During Last Recession: Nearly 102 Million Americans Don’t Have A Job


April 29, 2019 18 1018

The U.S. economy is rapidly slowing down again, and most Americans are completely and totally unprepared for what is ahead. Michael Snyder explains…

by Michael Snyder of The Economic Collapse Blog

Wouldn’t it be horrible if the number of Americans without a job was higher today than it was during the Great Recession of 2008 and 2009? Well, that is actually true. As you will see below, nearly 102 million Americans do not have a job right now, and at no point during the last recession did that number ever surpass the 100 million mark. Of course the U.S. population has grown a bit over the last decade, but as you will see below, the percentage of the population that is engaged in the labor force is only slightly above the depressingly low levels from the last recession. Sadly, the truth is that the rosy employment statistics that you are getting from the mainstream media are manufactured using smoke and mirrors, and by the time you are done reading this article you will understand what is really going on.

Before we dig into the long-term trends, let’s talk about what we just learned.

According to CNBC, initial claims for unemployment benefits just rose by the most that we have seen in 19 months…

Initial claims for state unemployment benefits jumped 37,000 to a seasonally adjusted 230,000 for the week ended April 20, the Labor Department said on Thursday. The increase was the largest since early September 2017.

And considering all of the other troubling economic signs that we have been witnessing lately, this makes perfect sense.

In addition, we need to remember that over the last decade lawmakers across the country have made it more difficult to apply for unemployment benefits and have reduced the amount of time that unemployed workers can receive them. In reality, the unemployment situation in this nation is far worse than the mainstream media is telling us.

When a working age American does not have a job, the federal number crunchers put them into one of two different categories. Either they are categorized as “unemployed” or they are categorized as “not in the labor force”.

But you have to add both of those categories together to get the total number of Americans that are not working.

Over the last decade, the number of Americans that are in the “unemployed” category has been steadily going down, but the number of Americans “not in the labor force” has been rapidly going up.

In both cases we are talking about Americans that do not have a job. It is just a matter of how the federal government chooses to categorize those individuals.

At this moment, we are told that only 6.2 million Americans are officially “unemployed”, and that sounds really, really good.

But that is only half the story.

What the mainstream media rarely mentions is the fact that the number of Americans categorized as “not in the labor force” has absolutely exploded since the last recession. Right now, that number is sitting at 95.577 million.

When you add 6.2 million “officially unemployed” Americans to 95.577 million Americans that are categorized as “not in the labor force”, you get a grand total of almost 102 million Americans that do not have a job right now.

If that sounds terrible to you, that is because it is terrible.

Yes, the U.S. population has been growing over the last decade, and that is part of the reason why the number of Americans “not in the labor force” has been growing.

But overall, the truth is that the level of unemployment in this country is not that much different than it was during the last recession.

John Williams of shadowstats.com tracks what the real employment figure would be if honest numbers were being used, and according to him the real rate of unemployment in the United States at the moment is 21.2 percent.

That is down from where it was a few years ago, but not by that much.

Another “honest” indicator that I like to look at is the civilian labor force participation rate.

In essence, it tells us what percentage of the working age population is actually engaged in the labor force.

Just before the last recession, the civilian labor force participation rate was sitting at about 66 percent, and that was pretty good.

But then the recession hit, and the civilian labor force participation rate fell below 63 percent, and it stayed between 62 percent and 63 percent for an extended period of time.

So where are we today?

At this moment, we are sitting at just 63.0 percent.

Does that look like a recovery to you?

Of course not.

If you would like to claim that we have had a very marginal “employment recovery” since the last recession, that is a legitimate argument to make. But anything beyond that is simply not being honest.

And now the U.S. economy is rapidly slowing down again, and most Americans are completely and totally unprepared for what is ahead.

The good news is that employment levels have been fairly stable in recent years, but the bad news is that unemployment claims are starting to shoot up again.

A number of the experts that I am hearing from expect job losses to escalate in the months ahead. Many of those that are currently living on the edge financially suddenly won’t be able to pay their mortgages or their bills.

Just like the last recession, we could potentially see millions of middle class Americans quickly lose everything once economic conditions start getting really bad.

The economy is not going to get any better than it is right now. As you look forward to the second half of 2019, I would make plans for rough sailing ahead.

https://www.silverdoctors.com/headlines/world-news/worse-than-any-time-during-last-recession-nearly-102-million-americans-dont-have-a-job/

[JD400]

Deepest Data Dive Ever


Catch the deepest mandelbrot world record dive at the end of this post

MMGYS

APRIL 30//GOLD UP $4.30 TO $1284.00//SILVER UP 5 CENTS TO $14.97//CHINA’S PMI FALTERS BADLY//LOOKS LIKE A COUP IS UNDERWAY IN VENEZUELA//MORE SWAMP STORIES FOR YOU TONIGHT//
April 30, 2019 · by harveyorgan · in Uncategorized



GOLD: $1284.00 UP $4.30 (COMEX TO COMEX CLOSING)

Silver: $14.97 UP 5 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : $1283.60





silver: $14.96





JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 29/50

DLV615-T CME CLEARING
BUSINESS DATE: 04/29/2019 DAILY DELIVERY NOTICES RUN DATE: 04/29/2019
PRODUCT GROUP: METALS RUN TIME: 20:22:06
EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,278.600000000 USD
INTENT DATE: 04/29/2019 DELIVERY DATE: 05/01/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 48
661 C JP MORGAN 29
690 C ABN AMRO 8
737 C ADVANTAGE 3
800 C MAREX SPEC 10
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 50 50
MONTH TO DATE: 50




NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 50 NOTICE(S) FOR 5,000 OZ (0.1556 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 60 NOTICES FOR 5000 OZ (.1556 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


859 NOTICE(S) FILED TODAY FOR 4,295,000 OZ/



total number of notices filed so far this month: 859 for 4,295,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5260 UP $25




Bitcoin: FINAL EVENING TRADE: $5294 UP 56





end



XXXX











Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A LARGE SIZED 3816 CONTRACTS FROM 201,099 DOWN TO 197,286 WITH YESTERDAY’S 13 CENT RISE IN SILVER PRICING AT THE COMEX. , WE DID HAVE CONSIDERABLE LIQUIDATION OF SPREADERS WITH TODAY’S READING AND IT HAD A CONSIDERABLE EFFECT ON PRICE. TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A VERY WEAK SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 174 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 174 CONTRACTS. WITH THE TRANSFER OF 174 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 174 EFP CONTRACTS TRANSLATES INTO 0.87 MILLION OZ ACCOMPANYING:

1.THE 13 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 16.810 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

36,573 CONTRACTS (FOR 21 TRADING DAYS TOTAL 36,573 CONTRACTS) OR 182.87 MILLION OZ: (AVERAGE PER DAY: 1741 CONTRACTS OR 8.707 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAR: 182.87 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 26.12% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 755.56 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3816 WITH THE 13 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 174 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE LOST A CONSIDERABLE SIZED: 3642 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 174 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 3816 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 13 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.92 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.986 BILLION OZ TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 859 NOTICE(S) FOR 4,295,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 16,810,000 OZ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST FELL BY A FAIR SIZED 1962 CONTRACTS, TO 427,589 WITH THE FALL IN THE COMEX GOLD PRICE/(A DROP IN PRICE OF $7.00//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 8232 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 8232 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 427,589. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6270 CONTRACTS: 1962 OI CONTRACTS DECREASED AT THE COMEX AND 8232 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 6270 CONTRACTS OR 627,000 OZ OR 19.50 TONNES. YESTERDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF $7.00.…AND WITH THAT RISE, WE HAD A STRONG GAIN IN TONNAGE OF 19.50 TONNES!!!!!!.??????????????????????????????????????????


ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 146,637 CONTRACTS OR 14,443,700 OR 456.10 TONNES (21 TRADING DAYS AND THUS AVERAGING: 6982 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 21 TRADING DAYS IN TONNES: 456.10 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 456.10/3550 x 100% TONNES =12.84% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1828,82 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A FAIR SIZED DECREASE IN OI AT THE COMEX OF 1962 WITH THE FALL IN PRICING ($7.00) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8232 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 8232 EFP CONTRACTS ISSUED, WE HAD A STRONG GAIN OF 6270 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

8232 CONTRACTS MOVE TO LONDON AND 1962 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 19,50 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A FALL IN PRICE OF $7.00 IN YESTERDAY’S TRADING AT THE COMEX.







we had: 50 notice(s) filed upon for 5,000 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $4.30 TODAY



NO CHANGE IN GOLD INVENTORY AT THE GLD





INVENTORY RESTS AT 746.69 TONNES





TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER UP 5 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//



/INVENTORY RESTS AT 311.979 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 3816 CONTRACTS from 201,099 DOWNTO 197,286 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..TODAY,IT LOOKS LIKE OUR SPREADERS SAW CONSIDERABLE ACTION WITH RESPECT TO THEIR USUAL AND CUSTOMARY LIQUIDATION, WITH CONSIDERABLE EFFECT ON THE PRICE OF SILVER





HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER AN ACTIVE DELIVERY MONTH. THUS SILVER HAS THE ACTIVE MONTH OF MAY COMING UP AND THUS SPREADERS DO THE FOLLOWING:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF APRIL BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”



EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 174 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 174 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 3816 CONTRACTS TO THE 174 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG LOSS OF 3642 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 12.87MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 16.810 MILLION OZ FOR MAY





RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 13 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A SMALL SIZED 174 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED DOWN 15.84 POINTS OR 0.52% //Hang Sang CLOSED DOWN 193.10 POINTS OR 0.65% /The Nikkei closed/ DOWN 48.85 POINTS OR .22% Australia’s all ordinaires CLOSED DOWN .48%

/Chinese yuan (ONSHORE) closed DOWN at 6.7391 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 64.03 dollars per barrel for WTI and 72.83 for Brent. Stocks in Europe OPENED MIXED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7391 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7393/ TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED






3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/

Stocks dip after China’s all important mfg PMI falters

( zerohedge)
ii)CHINA/USA
A warning shot: The USA warns China on its use of Maritime fishing boats acting as Militia.
( zerohedge)

iii)Vodafone finds hidden backdoors in Huawei network equipment and that will anger China to no end. What will Europe do?

(courtesy zerohedge)



iv)China/Canada

Relations between China and Canada are now at an all time low as a second Canadian is sentenced to death on drug trafficking

( zerohedge)
4/EUROPEAN AFFAIRS

i)EU/




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)TURKEY


6. GLOBAL ISSUES

A very important commentary from Jeffrey Snider who looks at the global scene. He states that to him we are entering a huge global slowdown and he references this as Euro dollar no 4 crisis. All previous crises stem from a lack of dollars held outside the USA

( Jeffrey Snider Alhambra)












7. OIL ISSUES




8 EMERGING MARKET ISSUES



VENEZUELA

Looks like a coup is under way in Venezuela.

(courtesy zerohedge)




9. PHYSICAL MARKETS

i)London’s Financial times talks about the life of Bart Chilton and how he stood for the little guy

( London’s Financial Times)

ii)Chilton’s death is attributed to complications of pancreatic cancer

(CNBC/GATA
iii)Countries around the world are trying to repatriate their gold back home
(courtesy Fidler Gold Telegraph)


10. USA stories which will influence the price of gold/silver)





MARKET TRADING//early this morning/TRADING





ii)Market data

i)Chicago manufacturing and services PMI crashes

( zerohedge)
ii)Consumer confidence spikes higher as labour sentiment is now close to record highs
(courtesy zerohedge)





ii)USA ECONOMIC/GENERAL STORIES

Mish Shedlock provides a great commentary on the plight of Wisconsin dairy farmers who are going bankrupt in record numbers and they all blame the tariffs

( Mish Shedlock/Mishtalk)
ii)A good look at what is going on with respect to mansion prices in New York: answer plummeting due to the restriction in deductibility of taxes
( zerohedge)

iii) TRUMP becoming more vocal as he demands the Fed slash rates by 1% as the FOMC meets
( zerohedge)

SWAMP STORIES

i)Rosenstein submits his resignation letter to Barr

( zerohedge)
ii)Trump now sues Deutsche bank as he tries to stop the bank from handing records over to Maxine Waters and Adam Schiff
(courtesy zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1962 CONTRACTS.TO A LEVEL OF 427,589 WITH THE LOSS IN THE PRICE OF GOLD ($7.00) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 8232 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 8232 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 8232 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 6270 TOTAL CONTRACTS IN THAT 8232 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A fair SIZED 1962 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 6270 contracts OR 627,000 OZ OR 19,50 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 224 contracts, having LOST 347 contracts. Thus by definition the initial amount of gold standing for May is as follows:

224 contracts x 100 oz per contract = 22400 oz or .6967 tonnes of gold.

The next contract month after May is June and here the open interest fell by 3388 contracts down to 297,338. After June the next active month is August and here the OI rose by 1065 contracts up to 60,885 contracts.







TODAY’S NOTICES FILED:

WE HAD 50 NOTICES FILED TODAY AT THE COMEX FOR 5000 OZ. (0.1556 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 3816 CONTRACTS FROM 201,099 DOWN TO 197,286(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE OI COMEX LOSS OCCURRED WITH A 13 CENT FALL IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 3362 NOTICES STAND FOR DELIVERY AND BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH IS AS FOLLOWS;

3362 NOTICE X 5,000 OZ PER CONTRACT = 16.810 MILL;LION OZ.



THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH GAINED 153 CONTRACTS UP TO 688. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH ADDED 6312 CONTRACTS UP TO 148,673 CONTRACTS.

STRANGELY FOR THE FIRST TIME WE HAVE WITNESSED A HUGE DISPARITY FROM THE PRELIMINARY MAY SILVER OPEN INTEREST AND THUS WHAT ORIGINALLY STOOD FOR SILVER AND THE FINAL OI NUMBER

(4200 VS 3362 CONTRACTS). i GUESS THEY COULD NOT FIND PHYSICAL SILVER AND THESE BOYS OPTED FOR EFP’S WE SHOULD SEE INCREASING LEVELS IN THE NEXT DAY OR SO.













TODAY’S NUMBER OF NOTICES FILED:



We, today, had 859 notice(s) filed for 4,295,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 234,508 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 218,228 contracts


















INITIAL standings for MAY/GOLD

APRIL 30 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil
oz
Deposits to the Dealer Inventory in oz nil

oz
















Deposits to the Customer Inventory, in oz







nil oz


























































































No of oz served (contracts) today
60 notice(s)
5000 OZ
(0.1556TONNES)
No of oz to be served (notices)
164 contracts
(16400 oz)
0.510 TONNES
Total monthly oz gold served (contracts) so far this month
50 notices
5000 OZ
.1556 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.



Gold withdrawals;

i) zero withdrawals.

total gold withdrawals; nil




we had 0 adjustments…

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 50 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 29 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (50) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (224 contract) minus the number of notices served upon today (50 x 100 oz per contract) equals 22,400 OZ OR 0.6967 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (50 x 100 oz) + (224)OI for the front month minus the number of notices served upon today (50 x 100 oz )which equals 22,400 ozstanding OR 0.6967 TONNES in this NON active delivery month of MAY.











SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 8.856TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.6967 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.










total registered or dealer gold: 284,725.713 oz or 8.856 tonnes
total registered and eligible (customer) gold; 7,782,015.791 oz 242.05 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 113 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
APRIL 29 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
629,510.74 oz
cnt
Brinks
CNT














Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
299,521.630 oz
HSBC
No of oz served today (contracts)
859
CONTRACT(S)
(4,295,000 OZ)
No of oz to be served (notices)
2503 contracts
12,515,000 oz)
Total monthly oz silver served (contracts) 859 contracts

4,295,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into HSBC:: 299,521.63 oz



















total customer deposits today: 299,521.630 oz


we had 2 withdrawals out of the customer account:



i) Out of CNT: 29,235.764 oz

ii) Out of Brinks: 600,274.950 oz


total withdrawals: 629,510.714. oz



we had 1 adjustment



i) Out of CNT

496,193.120 oz was adjusted out of the customer account and this landed into the dealer account of CNT..



total dealer silver: 92.014 million

total dealer + customer silver: 306.750 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 859 contract(s) FOR 4,295,000 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 859 x 5,000 oz = 4,295,000 oz to which we add the difference between the open interest for the front month of MAY. (3362) and the number of notices served upon today (859 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 859(notices served so far)x 5000 oz + OI for front month of MAY( 3362) -number of notices served upon today (859)x 5000 oz equals 16,810,000 oz of silver standing for the MAY contract month.







FOR COMPARISON VS LAST YEAR:









ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 62,837 CONTRACTS (













CONFIRMED VOLUME FOR YESTERDAY: 85,877 CONTRACTS..( we had good liquidation of our spreaders//)

..







YESTERDAY’S CONFIRMED VOLUME OF 85877 CONTRACTS EQUATES to 429 million OZ 61.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx







NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -3.98% (APRIL 29/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.85% to NAV (APRIL 29/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -3.98%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.87TRADING 12.27/DISCOUNT 4.64

END

And now the Gold inventory at the GLD/

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10

APRIL 1/WITH GOLD DOWN $3.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 784.26 TONNES

MARCH 29/WITH GOLD UP $2.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES

MARCH 28/WITH GOLD DOWN $20.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES



MARCH 27/SURPRISING! WITH GOLD DOWN AGAIN BY $4.05, THE CROOKS NEEDED TO PUT GOLD BACK INTO THE GLD: THEY ADDED 3.23 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 784.26 TONNES

MARCH 26/WITH GOLD DOWN $7.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 25/WITH GOLD UP $9.85: A STRONG 2.94 TONNES DEPOSIT INTO THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 22/WITH GOLD UP $5.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 21/WITH GOLD UP $7.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

March 20/WITH GOLD DOWN $5.15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


APRIL 30/2019/ Inventory rests tonight at 746.69 tonnes

*IN LAST 589 TRADING DAYS: 18.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 489 TRADING DAYS: A NET 21.44 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

WE MUST BE GETTING CLOSER TO THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167

APRIL 1/WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 656,000 OZ FROM THE SLV/INVENTORY RESTS AT 309.301 MILLION OZ//

MARCH 29/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 28/WITH SILVER DOWN 31 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 469,000 OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 27/WITH SILVER DOWN 12 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 25/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ////

MARCH 22/WITH SILVER DOWN 7 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.356 MILLION OZ///INVENTORY RESTS AT 309.488 MILLION OZ///

MARCH 21/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 310.848 MILLION OZ/

March 20/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ//



APRIL 30/2019:


Inventory 311.979 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.16/ and libor 6 month duration 2.61

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .45/





XXXXXXXX

12 Month MM GOFO
+ 2.48%

LIBOR FOR 12 MONTH DURATION: 2.71

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.23

end



PHYSICAL GOLD/SILVER STORIES


end

Thank You Harvey Always Good !

More Harvey here....https://harveyorganblog.com/2019/04/30/april-30-gold-up-4-30-to-1284-00-silver-up-5-cents-to-14-97-chinas-pmi-falters-badly-looks-like-a-coup-is-underway-in-venezuela-more-swamp-stories-for-you-tonight/

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Now for the Dive


Deepest Mandelbrot Set Zoom Animation ever - a New Record! 10^275 (2.1E275 or 2^915)

MMGYS

Program note: The Brown Acid Is Bad !

Soundtracks courtesy: MMGYS
https://investorshub.advfn.com/The-GraveYard-Shift-30133/

Good Night !



Thank You

[JD400]

FOMC Statement: No Change to Policy

Good Morning Good Evening

Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~


On the show tonight FOMC Statement Information,Powell Slashes Golds Hopes,Platinum Could Be Setting Up for a Big Move and the Best Tribute to Bart Chilton I've seen yet.


Howdy everybody I'm J:D your host tonight

Hope your having a Fine evening EnJoy the show

OK......Lets Get it on !!!!!

Thank you

MMGYS

FOMC Statement: No Change to Policy



by Calculated Risk on 5/01/2019 02:02:00 PM

FOMC Statement:

Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Growth of household spending and business fixed investment slowed in the first quarter. On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.


Read more at https://www.calculatedriskblog.com/2019/05/fomc-statement-no-change-to-policy.html#LiJlTSFwQERwi75K.99

[JD400]

Platinum Could Be Setting Up for a Big_Move

and current news

MMGYS

Platinum & Palladium Prices Pounded Wednesday On Bearish Chart Signals

New York (May 1) Platinum and palladium futures markets are sharply down and hit four-week lows in late-morning trading Wednesday. Both markets have seen dramatic downdrafts in their prices recently. Just this week the palladium market has lost over $125.00 an ounce as of this writing. Last Friday June palladium hit a four-week high of $1,457.00 and today prices hit a low of $1,325.00.

Meantime, the July platinum futures market hit a high of $920.00 in early April and today dropped to a low of $874.00.

There have been no significant fundamental developments reported recently to explain the sell-offs in the platinum group metals (PGMs). Some pressure could be tied to price downtrends presently in place in gold and silver markets amid a lack of safe-haven demand and rallying world stock markets.

More likely, though, is technical selling that developed after both PGMs saw the bulls run out of gas in April as prices started to work sideways on the charts after for-the-move highs were set. When the bears sensed that near-term market tops were in place in both metals, they embarked on a campaign of short-selling in the futures markets that continues today.

July platinum was last down $15.20 at $877.00, while June palladium futures are down $55.70 an ounce at $1,328.00.

KitocNews

and now tonight's featured read


Platinum Could Be Setting Up for a Big Move

Posted on April 30, 2019 by Cory Mitchell, CMT

Platinum has been one of the most hated metals over the last several years. The metal has been in near constant decline since 2011 when it peaked near 1900. This was down from the 2008 peak just above 2300. As of April 30, 2019, it’s trading around 890.

The following chart shows the performance of platinum futures (PL) relative to gold futures over the long-term. It’s not pretty. Platinum fell way harder in 2008 and never recovered as much as gold. Gold has held well above its 2016 lows, while platinum made a new low in 2018.



If platinum goes up, the rest of the metals likely will too…although they don’t always move in unison, when we look back even further in history. So trading gold is also an option, but this article isn’t about gold.

There are a few reasons why I like Platinum here:

This is one of the biggest declines in history coming off the 2011 high. It’s not the biggest, but it is up there.
The price has been moving up recently, and recently broke above a significant bottoming pattern.
The price undercut the 2016 low before making the move higher. This helps confirm that a bottom is in. It doesn’t negate the possibility of a new low, but it makes it far less likely.
Both and long-term and short-term setups are aligning for a potentially big move.

For platinum, it gets potentially quite bullish if the price can break above the consolidation high near 920. My target over the next year is 1390 to 1470. If the breakout occurs, a stop loss can be placed below the consolidation, or below the other recent lows that occurred prior (near 810 or 780).



A platinum ETF, like the Standard ETF Platinum Trust (PPLT) ETF is another alternative for getting involved.

Trade levels are marked based on buying near the bottom of the consolidation on the re-test of old resistance. Some may recognize this strategy as the Goodbye Kiss from the Forex Strategies Guide. The other entry option, as discussed above, is to wait for the price to break higher out of the current consolidation. This will increase the entry price slightly but will provide a bit more confirmation that another rise is underway.



Long entry between $84 and $83, or alternatively when the price breaks above the consolidation. Stop loss is near $76.50, just below a prior swing low. The trade likely doesn’t need this much room if the price breaks above the consolidation. If a consolidation breakout occurs to the upside, the stop loss could be moved up to $78.80 or just below the consolidation low. Since this is a longer-term trade for me, I will give it some room and keep my stop loss below $80 until it makes a significant up (if it does). Target is between $135 and $140.

Reward to risk on the trade is approximately 8.45 to 1, although this will vary based on the exact entry, stop loss level, and profit target.

Disclosure: Currently long PPLT and a platinum stock. This should not be viewed as investment advice or a trade recommendation. It is a trade I have taken based on current conditions, but I may adjust that view based on new information at any time. I have no plans on adjusting my positions in the next week unless the stop loss is reached.

By Cory Mitchell, CMT

Very nice Cory Thanks
https://vantagepointtrading.com/platinum-could-be-setting-up-for-a-big-move/

[JD400]

Powell’s Presser Slashes Gold Prices, Fed Dismisses Low Inflation As Transitory

MMGYS

(Kitco News) - Gold prices dropped to daily lows in the middle of the Federal Reserve Chair Jerome Powell’s press conference following the central bank’s decision to leave its monetary policy unchanged.

During the press conference, Powell had an air of optimism when speaking about the U.S. economy, stating that low inflation is only temporary and economic growth is supported by job creation, consumer spending, and business investment.

June Comex gold futures tumbled to $1,277.30 an ounce, down 0.65% on the day, after rising to daily highs of nearly $1,289.

“The yellow metal is feeling pressure as Federal Reserve Chairman Jerome Powell is holding his post-FOMC press conference and is sounding positive on the U.S. economic outlook,” said Kitco’s senior technical analyst Jim Wyckoff. “On the inflation outlook, Powell somewhat alleviated trader concerns regarding low inflation.”

The Fed announced on Wednesday that it is keeping interest rates unchanged within a range between 2.25% and 2.50%. At the same time, the central bank adjusted one of the tools that keeps the Fed funds rate within its target range — the “interest on excess reserves” (IOER) — to 2.35% from 2.4%.

Powell explained away the move as a “small technical adjustment” that does not signify any change in the central bank’s policy stance.

Powell also stated that “solid underlying fundamentals” are supporting U.S. economy, including job growth, rising wages, strong consumer sentiment, and business investment. “Incoming data has been broadly in line with expectations,” he said. “Inflation has been weaker than anticipated.”

Powell also pointed out that “core inflation unexpectedly fell.” He later clarified that the Fed suspects that “transitory factors are at play,” with the central bank projecting for inflation to return to 2% over time.

When asked to identify some of the transitory factors keeping inflation down, Powell pointed to portfolio management services, apparel prices, and airfares while stating that “there is a reason to think that these would turn around.”

The only scenario where the Fed would be concerned with inflation is when it remains below the Bank’s target range for a long time, Powell admitted.

However, not all market participants and economists are convinced that low inflation is something temporary.

“The latest [inflation] decline appears to be more broad-based … In particular, services inflation is now being depressed by the slowdown in unit labor cost growth. If we’re right and the weakness in core inflation continues, Fed officials will eventually be forced to admit it is more ‘persistent’ and to loosen policy accordingly,” said Capital Economics chief U.S. economist Paul Ashworth.

The Fed chair also highlighted that data out of China and Europe have been better and short-term Brexit risks have somewhat dissipated for the time being.

“The committee is comfortable with current policy stance. Don’t see a strong case for a rate move either way,” he said.

Powell also described the financial state of the economy as resilient. “While there is some concern around non-financial corporate debt, overall financial vulnerabilities are moderate and financial system is resilient. Households are in good shape,” Powell stated.

Overall, Powell said that he sees the U.S. “on a good path for this year.”
By Anna Golubova

For Kitco News
https://www.kitco.com/news/2019-05-01/Powell-s-Presser-Slashes-Gold-Prices-Fed-Dismisses-Low-Inflation-As-Transitory.html

[JD400]

In Memory of Bart Chilton

by Chris Marcus | May 1, 2019

In Memory of Bart Chilton

Written by Chris Marcus of Arcadia Economics

Like many others in the precious metals community, I was deeply saddened upon hearing the news of Bart Chilton’s passing this weekend.

Bart will forever be known (especially by those in the silver community) as one of the former commissioners of the CFTC. And in particular, the one CFTC commissioner who often spoke out about how he did feel there was illegal trading activity going on in the silver market.

His tenure with the CFTC coincided with several of the investigations into the silver market manipulation. And in addition to acknowledging that he felt the market was being manipulated, he was also the only commissioner who took the time to respond to the many market participants who wrote in expressing their concern.

Of which I was one, as I actually contacted the CFTC commissioners back in 2011 with my own concerns about what I’d been seeing. And indeed Bart was the only one to respond.

He referenced some of the interviews he had done where he acknowledged that he thought there was illegal trading going on, and that he was doing everything he could. Yet also mentioned that it took three out of the five commissioner votes to pass any action. With my own personal interpretation being that he was saying as politically eloquently as possible what he really believed, while also explaining the challenging dynamics of the situation.

Especially as the years have gone by, my appreciation and respect for what he wrote to me, as well as countless others, has continued to grow.

Because while I know there are some who have been critical of Bart, and feel that he should have done more, I always appreciated the position he was in, and found him to be someone of honor and integrity who was doing what it was possible for him to do.

This impression of Bart was only furthered when I contacted him several months ago about doing an interview for a book I’ve been compiling about the silver market. Where I’ve been interviewing the top silver experts in the world, to try and put into perspective the stunningly fascinating story that has been going on beneath the surface of the silver market.

In my experience on Wall Street, as well as in the time since, I’ve found it interesting how I can’t remember a single person in mainstream finance who I’ve ever heard even talk about gold or silver. And I wanted to bring all of these expert perspectives together into one single book. So that for anyone who really wanted to understand what’s going on in the silver market before it’s too late to act, that the information would be laid out as clearly as possible for all who are interested.

So when I thought about contacting Bart, I thought it would be incredible to get his perspective. Although was not sure if he would be willing to talk about this topic. Or even more importantly, if he would be able to open and up and share what he really felt.

Although to the contrary, not only was Bart incredibly encouraging and receptive to the idea, but in addition to happily offering to do the interview, he shared a lot of stunning information that I don’t believe has previously been made public.

MMGYS

Some of the particularly relevant comments that Bart mentioned include:

“Well, there’s some stuff that’s out there in the public that I’m not sure everybody put together. Most people did. And I would never for example, and I won’t now, say that there was a bank and name it that held close to 40% of the silver market at one point.

But the news reports…I mean…people surmise it’s JP Morgan Chase. And the news reports and the public record showed that when Bear Stearns collapsed, that their silver positions got transferred over to J.P. Morgan. And we, the CFTC, had to approve those positions because the Bear Stearns positions, when they came over, combined with J.P’s positions were so large that they violated the position limits one trader could hold. So the CFTC had to approve that J.P. could take on the Bear silver positions.

So if people want to do the math, they can can do the math on who had the largest silver (position).

But there was an exception that we made, and that’s in the public record…that we made that allowance for a certain time…and that allowance was for them to be able to get out of those positions….and after this time was coming to an end, the runway which we had given for them to get out of the positions in excess of position limits, they were nowhere close to getting out of them.

Matter of fact, at one point they bought even more. Which was in direct conflict of what we had in mind.

So they were granted a little bit more time, a couple of months as I recall, and they did ultimately get down to the position (limit). But it was at that time that they were so large, that I made the comment about how large a particular bank was in the market.

Which sort of shocked people. And it shocked me, quite frankly, that it was so large.”

“The bottom line is we found a lot of things that indicated things were not okay.”

Perhaps what I found most interesting was how Bart mentioned that he felt the CFTC had a solid case. Yet was told otherwise. Which led to the definition of manipulation being changed.

To which Bart expressed that had the new standard been in place during the time of the original investigation, that the case would have resulted in a conviction.

“I can tell you that things were suspect, and the investigation that we did uncovered a lot of evidence that would lead to a manipulation case, or an attempted manipulation case.

But the standard of evidence…was a very high bar. And while we did have direct evidence, voicemail evidence, text evidence, trading evidence, and at some point we had price movement evidence. But we never had all of the things that you needed together in one place that were enough for us to go after…there were just holes….and it was frustrating.

At one point we even thought we had enough to go forward with the case and we asked for some forensic economist outside of the CFTC to examine it. And they came back and they said, “no, we don’t think so”.

By the way, I’ve never talked about this. That was after about four years. And I said, “whoa, whoa, wait a minute”. We thought we had enough evidence, and we hire somebody outside and they say, we don’t have enough evidence. Let’s go to somebody else.

So people don’t know this part. But I essentially extended the investigation yet another year because I didn’t believe it. And so we went to yet another forensic economist and had them look at it and they came back with the (same) opinion as the first folks. That we just didn’t have the traders, and we didn’t have the market participants dead to rights. But we had lots of stuff. And we had real stuff that would have played really well in court.

Not just numbers, but the rhetoric, the banter between traders that we had. And I’m not saying there was lots of it, but there was enough of it that it was damning.

But the damning part had to be backed up by other requirements of evidence under the law. And we didn’t get all of that.

It troubled me so much by the way, that I did seek a change in the law. And we ultimately got it. And there’s a newer lower standard for manipulation that’s been in place since that time…(it was not retroactive)…which was similar to the SEC’s standard for manipulation.”

“Would the same evidence back then result in a charge and a potential conviction (under the new rules) on manipulation?

I think so.”

“The stuff we had was pretty damning. But just not enough (at that time).”

In the interview I also asked Bart about my own interpretation of how the mechanics of the manipulation are operated. Which is primarily that when the price of silver is slightly above “the handle” (the round number), such as when silver is trading $15.05 (with $15 being the handle), that selling pressure is applied, stops are triggered, and the high frequency algorithms kick in as well. So in essence, the price gets nudged a bit, which then triggers the avalanche.

With the same traders who were the initial sellers continuously showing up on the Commitment of Traders report as the buyers at the lower price (as silver manipulation expert Ted Butler has detailed quite extensively in the past few years).

To which Bart responded, “it’s a good portrayal…but it’s actually…it’s a very good portrayal”.

I actually spoke with Ted the Friday before Bart’s passing and we talked about Bart, and what his motivation might have been to share what he did. Ted asked if I thought Bart felt like he had something to “get off his chest”. Although that wasn’t really how I would describe what I perceived from Bart.

But rather that he felt proud of what he had done, and felt it was important that this information be out in the public. Which he expressed to me both before, during, and after our interview.

Again, when I heard the news of his passing I was both stunned and deeply saddened. As I still am.

Although at the same time, deeply grateful that I did have this chance to speak with Bart. As in addition to deeply admiring and respecting how he stood up for what he felt was right, in a situation where I imagine that was not always easy, safe, or convenient to do, in the brief time I got to know him, he just seemed like an incredibly kind, genuine, and honorable man.

I send my condolences and warm thoughts to Bart’s family and friends, as I can only imagine how much he will be missed by those that had the chance to know him well. And as someone who personally walked away from Wall Street to speak out about the same issues that Bart bravely warned about, I will forever remember him as exemplifying the true definition of a patriot, and a role model worth aspiring to.

God Bless you Bart. You will be missed.

Sincerely,

Chris Marcus

https://www.milesfranklin.com/in-memory-of-bart-chilton/

[JD400]

DATA RUSH

Good Morning Good Evening

Kicking off* the weekend with a very special MMGYS merit award evening.

*Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~


Were Packed with Lots Of Good Stuff on the show tonight with Great Data by Harvey Organ,Should You Invest In Silver,GATA Daily Dispatches,The Latest In Gold & Silver and Another Great Tribute To Bart Chilton


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope your having a wonderful evening and start to your weekend EnJoy the show

OK......Lets Go !!!!!

Thank you

MMGYS****

courtesy: $UPERMAN


MAY 2//GOLD DOWN$12.30 TO $1270.80//SILVER DOWN 13 CENTS TO $14.61//REGISTERED COMEX GOLD DECLINES TO ONLY 6 TONNES//MORE QUEUE JUMPING AT BOTH THE GOLD AND SILVER COMEX//CNN TAKES A BEATING AS VIEWERSHIP DECLINES BADLY LAST MONTH//TARIFFS ARE CRUSHING FARMERS//IT LOOKS LIKE NO DEAL WITH CHINA//HUGE SWAMP STORIES FOR YOU TONIGHT///
May 2, 2019 · by harveyorgan · in Uncategorized ·




GOLD: $1270.80 DOWN $12.30 (COMEX TO COMEX CLOSING)

Silver: $14.61 DOWN 13 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : $1271.50





silver: $14.64





JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 16/30

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,281.400000000 USD
INTENT DATE: 05/01/2019 DELIVERY DATE: 05/03/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 16
690 C ABN AMRO 5 2
737 C ADVANTAGE 17 8
800 C MAREX SPEC 8 4
____________________________________________________________________________________________

TOTAL: 30 30
MONTH TO DATE: 118




NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 30 NOTICE(S) FOR 3000 OZ (0.0933 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 118 NOTICES FOR 11800 OZ (.3670 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


386 NOTICE(S) FILED TODAY FOR 1,930,000 OZ/



total number of notices filed so far this month: 2539 for 12,695,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5444 UP $62




Bitcoin: FINAL EVENING TRADE: $5504 UP 120





end


Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUGE SIZED 4930 CONTRACTS FROM 196.610 UP TO 1201,540 DESPITE YESTERDAY’S 23 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED NOW THAT WE HAVE FINISHED WITH FIRST DAY NOTICE. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 2927 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 2927 CONTRACTS. WITH THE TRANSFER OF 2927 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2927 EFP CONTRACTS TRANSLATES INTO 14.63 MILLION OZ ACCOMPANYING:

1.THE 23 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 16.380 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

5859 CONTRACTS (FOR 2 TRADING DAYS TOTAL 5859 CONTRACTS) OR 29,30 MILLION OZ: (AVERAGE PER DAY: 2929 CONTRACTS OR 14.64 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 14.64 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.09% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 770.19 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.





RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4930 DESPITE THE 23 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2927 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A HUMONGOUS SIZED: 7857 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 2927 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 4997 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 23 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.74 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 386 NOTICE(S) FOR 1,930,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 16,380,000 OZ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A GOOD SIZED 3863 CONTRACTS, TO 433,874 DESPITE THE FALL IN THE COMEX GOLD PRICE/(A DROP IN PRICE OF $1.20//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4084 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 4084 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 433,874. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7950 CONTRACTS: 3863 OI CONTRACTS INCREASED AT THE COMEX AND 4084 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 7950 CONTRACTS OR 795,000 OZ OR 24.72 TONNES. YESTERDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF $1.20….AND WITH THAT RISE, WE HAD A STRONG GAIN IN TONNAGE OF 24.72 TONNES!!!!!!.??????????????????????????????????????????






ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 7157 CONTRACTS OR 715,700 OR 22.26 TONNES (2 TRADING DAYS AND THUS AVERAGING: 3579 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 2 TRADING DAYS IN TONNES: 22.26 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 22.26/3550 x 100% TONNES =0.627% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1851.08 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A CONSIDERABLE SIZED INCREASE IN OI AT THE COMEX OF 53863 DESPITE THE FALL IN PRICING ($1.20) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A CONSIDERABLE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4084 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4084 EFP CONTRACTS ISSUED, WE HAD A STRONG GAIN OF 7950 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

4084 CONTRACTS MOVE TO LONDON AND 3863 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 24.72 TONNES). ..AND THIS STRONG DEMAND OCCURRED WITH A FALL IN PRICE OF $1.20 IN YESTERDAY’S TRADING AT THE COMEX.



we had: 30 notice(s) filed upon for 3000 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD DOWN $12.30 TODAY



NO CHANGE IN GOLD INVENTORY AT THE GLD





INVENTORY RESTS AT 746.69 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER DOWN 23 CENTS TODAY:

MY GOODNESS! THIS IS A HUGE SURPRISE!!

A BIG CHANGE IN SILVER INVENTORY AT THE SLV//

A DEPOSIT OF 2.869 MILLION OZ OF SILVER. IT IS YOUR GUESS IF IT IS PAPER SILVER OR THE REAL STUFF

I WILL PUT MONEY THAT THEY ARE “RETURNING” PAPER SILVER.



/INVENTORY RESTS AT 314.848 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A HUGE SIZED 4930 CONTRACTS from 1,6.610 UPTO 201,540 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION.







HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER AN ACTIVE DELIVERY MONTH. THUS SILVER HAS THE ACTIVE MONTH OF MAY COMING UP AND THUS SPREADERS DO THE FOLLOWING:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF APRIL BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”



EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 2927 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2927 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 4930 CONTRACTS TO THE 2927 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUMONGOUS GAIN OF 7957 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 39.29 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 16.380 MILLION OZ FOR MAY





RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 23 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 2927 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT:

SHANGHAI CLOSED //Hang Sang CLOSED DOWN 48.85 POINTS OR .22% /The Nikkei closed Australia’s all ordinaires CLOSED DOWN 56%

/Chinese yuan (ONSHORE) closed UP at 6.7345 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 63.26 dollars per barrel for WTI and 71.38 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7345 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7379/ TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED








3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China


4/EUROPEAN AFFAIRS

i)The pound first rises and then dumps after the Bank of England signals that one more hike is needed. Then strangely they cut inflation forecasts.

( zerohedge)




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)


6. GLOBAL ISSUES

i)This is a huge Bellwether for the USA economy. Semi conductor chip sales are a good indicator for growth in the USA economy and for that matter, the globe. Today we find that the entire global semiconductor sales have collapsed by a huge 15.5% in the first quarter of 2019:

( zerohedge)




7. OIL ISSUES




8 EMERGING MARKET ISSUES



i)VENEZUELA




9. PHYSICAL MARKETS
i)This is quite an operation and it took a few years of planning. Kinesis is launching the Kinesis mint where you can buy physical gold and silver on the blockchain format(Kinesis/zerohedge)

ii)A very important commentary from Chris Marcus as he recalls Bart Chilton’s last interview

( Chris Marcus/GATA)
10. USA stories which will influence the price of gold/silver)





MARKET TRADING//early this morning/TRADING





ii)Market data

a)This does not look like a strong USA economy and a GDP growth rate of 3.2%: April USA auto sales crash by a huge 6.1%…it’s worst slide in 8 years. The USA economy has turned on a dime

( zerohedge)
b)A good news/bad news scenario today. Q1 productivity surged the most in 9 years but the bad news: on the back of labour.
( zerohedge)
c)After 4 straight months of factory order declines, the market was expecting a big rebound. It got a 1.5% rise instead of 1.9% month/month. We are still near the weakest growth since the Trump election
( zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)CNN rating plummet another 26% and for the first time viewership has dropped below the one million mark at b)767,000. It sure looks like the average person gets it with respect to the deep state activities in the uSA and they do not like it..they are refusing to watch CNN

( zerohedge)
This is bothering Trump to no end: the trade war is crushing farmers as their income collapses the most since 2016
This is why he needs a deal with China in a hurry.
( zerohedge)
c)Is the Fed losing control of the interest rate system? Rabobank’s Marey thinks so
( Rabobank/Marey/zerohedge)
d)Interesting: the Dept of Justice lays out its case for striking down the entire ObamaCare

(courtesy zerohedge)
e)Another indicator that liquidity is crashing: luxury home sales are plummeting as last quarter saw the biggest decline since 2010

(courtesy zerohedge)
f)NASA defrauded by Hydor Extrusion Portland, an aluminium company who provided faulty materials to NASA by providing false reports on their product. NASA lost over 700 milion dollars due to two failed satellite launches. This company is learning from the Chinese and from our fraudulent emission companies (autos)( zerohedge)

SWAMP STORIES

a)Barr refuses to appear before the House panel today because the Democrats want to use lawyers to question him instead of the members themselves. Nadler threatens subpoena

( zerohedge)

b)An absolute joke: as Democrats rage at an empty chair as Barr misses the Mueller hearing

( zerohedge)

c)Nellie Ohr is to face a criminal referral for lying to Congress.

( zerohedge)



d)Seth Lipsky of the New York Post describes Leahy has a piece of garbage. The author describes the Bill Barr testimony yesterday
( Lipsky/New York Post)

e)The Wall Street Journal sets the narrative straight that Barr has done nothing wrong. They expose the democrats hypocrisy with respect to Hillary Clinton and Attorney General Loretta Lynch vs Barr and Trump( Wall Street Journal/zerohedge)

f)My goodness, Hillary Clinton has now “asked” China to steal Trump’s tax returns. Obviously this is in retribution for Trump asking Russia to retrieve Hillary’s long lost emails.

( zerohedge)

g)This is why Biden has little chance in the USA election as the New York Times publishes a scathing attack on their greed with respect to Biden son’s Hunter involvement in the Ukraine…graft at the highest levels.



( zerohedge)



h)Quite a story!! The FBI used a “honeypot” spy (Ms Turk) who accompanied Stefan Halper whose mission was to milk Papadopoulos on “dirt” that he picked up from Downer who received it from the Maltese Professor Mifsud. That is your genesis. The real story begins the 9th of March 2016.
(zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 3863 CONTRACTS.TO A LEVEL OF 433,874 DESPITE THE LOSS IN THE PRICE OF GOLD ($1.20) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A CONSIDERABLE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4084 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 4084 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4084 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 7950 TOTAL CONTRACTS IN THAT 4084 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 4084 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 7950 contracts OR 795,000 OZ OR 24.72 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 153 contracts, having LOST 35 contracts. We had 38 notices served yesterday so we gained 3 contracts or an additional 300 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest fell by 1345 contracts up to 296,003. July received its initial 17 contracts to stand at 17. After July the next active month is August and here the OI rose by 4627 contracts up to 66,729 contracts.







TODAY’S NOTICES FILED:

WE HAD 30 NOTICES FILED TODAY AT THE COMEX FOR 3000 OZ. (0.0933 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A HUGE SIZED 4930 CONTRACTS FROM 196.610 DOWN TO 201,540(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S HUGE OI COMEX GAIN OCCURRED WITH A 23 CENT LOSS IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 1123 OPEN INTEREST STAND SO FAR FOR A LOSS OF 1120 CONTRACTS. WE HAD 859 NOTICES SERVED UPON TODAY SO IN ESSENCE WE GAINED 261 CONTRACTS OR AN ADDITIONAL 1,305,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE.







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH GAINED 202 CONTRACTS UP TO 823. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 54353 CONTRACTS UP TO 153,896 CONTRACTS.



TODAY’S NUMBER OF NOTICES FILED:



We, today, had 386 notice(s) filed for 1,930,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 234,508 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 218,228 contracts



INITIAL standings for MAY/GOLD

MAY 2 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil
oz
Deposits to the Dealer Inventory in oz nil

oz


Deposits to the Customer Inventory, in oz



nil oz



No of oz served (contracts) today
30 notice(s)
3000 OZ
(0.0933TONNES)
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3825 TONNES
Total monthly oz gold served (contracts) so far this month
118 notices
11800 OZ
.3670 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.



Gold withdrawals;

i) zero withdrawals.

total gold withdrawals; nil




we had 2 adjustments… and they are indicative of a delivery
i) Out of Delaware: 10,313.881 oz was adjusted out of the dealer account and this landed into the customer account of Delaware
ii) Out of HSBC: 11,726/248 oz was adjusted out of the dealer account of HSBC and this landed into the customer account of HSBC

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 30 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 16 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (118) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (153 contract) minus the number of notices served upon today (30 x 100 oz per contract) equals 24,100 OZ OR 0.7496 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (118 x 100 oz) + (153)OI for the front month minus the number of notices served upon today (30 x 100 oz )which equals 24,100 oz standing OR 0.7496 TONNES in this NON active delivery month of MAY.

We gained 3 contracts or an additional 300 oz will stand for delivery as they refused to morph into a London based forwards.




SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.579 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.7496 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.



total registered or dealer gold: 211.518/799 oz or 6.579 tonnes
total registered and eligible (customer) gold; 7,782,015.791 oz 242.05 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 113 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 2 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz




Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
600,994.168 oz
CNT
No of oz served today (contracts)
386
CONTRACT(S)
(1,930,000 OZ)
No of oz to be served (notices)
737 contracts
3,685,000 oz)
Total monthly oz silver served (contracts) 2539 contracts

12,695,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into CNT:: 600,994.168 oz




total customer deposits today: 600,994.168 oz


we had 0 withdrawals out of the customer account:






total withdrawals: nil oz



we had 1 adjustment :

out of CNT: 510,584/790 oz was adjusted out of the customer account and this landed into the dealer account of CNT



total dealer silver: 94.767 million

total dealer + customer silver: 307.733 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 386 contract(s) FOR 1,930,000 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 2539x 5,000 oz = 12,695,000 oz to which we add the difference between the open interest for the front month of MAY. (2244) and the number of notices served upon today (386 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 2539(notices served so far)x 5000 oz + OI for front month of MAY( 1123) -number of notices served upon today (386)x 5000 oz equals 16,380,000 oz of silver standing for the MAY contract month.

We GAINED 261 contracts or an additional 1,305,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.


FOR COMPARISON VS LAST YEAR:




ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 72,183 CONTRACTS (








CONFIRMED VOLUME FOR YESTERDAY: 66,587 CONTRACTS..




YESTERDAY’S CONFIRMED VOLUME OF 65,587 CONTRACTS EQUATES to 332 million OZ 47.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







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NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -4.03% (MAY 2/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -2.11% to NAV (MAY 2/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.03%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.69 TRADING 12.12/DISCOUNT 4.47

END

And now the Gold inventory at the GLD/

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10

APRIL 1/WITH GOLD DOWN $3.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 784.26 TONNES

MARCH 29/WITH GOLD UP $2.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES

MARCH 28/WITH GOLD DOWN $20.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 784.26 TONNES



MARCH 27/SURPRISING! WITH GOLD DOWN AGAIN BY $4.05, THE CROOKS NEEDED TO PUT GOLD BACK INTO THE GLD: THEY ADDED 3.23 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 784.26 TONNES

MARCH 26/WITH GOLD DOWN $7.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 25/WITH GOLD UP $9.85: A STRONG 2.94 TONNES DEPOSIT INTO THE GLD/INVENTORY RESTS AT 781.03 TONNES

MARCH 22/WITH GOLD UP $5.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

MARCH 21/WITH GOLD UP $7.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES

March 20/WITH GOLD DOWN $5.15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 778.09 TONNES







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


MAY 2/2019/ Inventory rests tonight at 746.69 tonnes

*IN LAST 591 TRADING DAYS: 18.28 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 491 TRADING DAYS: A NET 21.44 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167

APRIL 1/WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 656,000 OZ FROM THE SLV/INVENTORY RESTS AT 309.301 MILLION OZ//

MARCH 29/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 28/WITH SILVER DOWN 31 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 469,000 OZ INTO THE SLV INVENTORY//INVENTORY RESTS AT 309.957 MILLION OZ/

MARCH 27/WITH SILVER DOWN 12 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ//

MARCH 25/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.488 MILLION OZ////

MARCH 22/WITH SILVER DOWN 7 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.356 MILLION OZ///INVENTORY RESTS AT 309.488 MILLION OZ///

MARCH 21/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 310.848 MILLION OZ/

March 20/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY RESTS AT 310.848 MILLION OZ//



MAY 2/2019:


Inventory 314.848 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.16/ and libor 6 month duration 2.61

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .45/





XXXXXXXX

12 Month MM GOFO
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.71

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.25

end



PHYSICAL GOLD/SILVER STORIES


end


Thank You Harvey Always Good Stuff

Read more Harvey Organ here
https://harveyorganblog.com/2019/05/02/may-2-gold-down12-30-to-1270-80-silver-down-13-cents-to-14-61-registered-comex-gold-declines-to-only-6-tonnes-more-queue-jumping-at-both-the-gold-and-silver-comex-cnn-takes-a-beating-as-viewer/




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[JD400]

Should You Invest in Silver Bullion?


MMGYS*

courtesy:the cork



Should You Invest in Silver Bullion?

Nicole Rashotte - April 17th, 2019
investing in silver bullion

What are the pros and cons of investing in silver bullion? With tensions high worldwide now may be the time for investors to enter the market.

As with anything in the market, investing in silver bullion has both pros and cons, and what’s appealing to one investor may not be a good choice for another.

Silver is having an underwhelming year again, this time alongside gold, and many investors are now wondering whether buying silver bullion is the right choice. The white metal can be volatile, and some have concerns about that as well.

However, precious metals like silver and gold are also seen as a safety net — as safe haven assets they can act as protection for investors in times of uncertainty. With tensions running high around the world, they could be a good choice for those looking to preserve their wealth in these difficult times.


With all of those factors in mind, let’s take a look at the pros and cons of holding physical bullion in the form of silver.
Pros of investing in silver bullion

1. Silver can offer protection — As mentioned, investors often flock to precious metals during times of turmoil. When political and economic uncertainty are rife, legal tender generally takes a backseat to assets like gold and silver. While both gold and silver bullion can be appealing to investors, the white metal tends to get overlooked in favor of individuals investing in gold, even though it plays the same role.

2. It’s tangible money — While cash, stocks, bonds and other financial products are accepted forms of wealth, they are essentially still digital promissory notes. For that reason, they are all vulnerable to depreciation due to actions like printing money. Silver bullion, on the other hand, is a tangible asset that is finite. That means that, although it is vulnerable to market fluctuations like other commodities, physical silver isn’t likely to completely crash because of its inherent and real value.

Chris Duane, an investor and YouTube figure, has said he puts his metal where is mouth is by liquidating his assets and putting the money into silver bullion when prices get low. Duane believes that our money system, and indeed our entire way of life, is built on unsustainable debt. In his opinion, the purpose of investing in silver bullion is to take yourself out of the mathematically inevitable collapse of that system.



3. It’s cheaper than gold — Between gold and silver bullion, the white metal is not only the less expensive of the two bullion products, and therefore more accessible to buy, but it’s also more versatile to spend. That means, if you are wanting to use your silver coins as currency, they’re easier to break than gold because they are lower in value. Just as a $100 bill can be a challenge to break at the shops, divvying up an ounce of gold can be a challenge. As a result, silver bullion is more practical and versatile than physical gold.

4. Silver offers higher returns than gold — Because silver bullion is worth around 1/79th the price of gold bullion, it is affordable and stands to see a much bigger percentage gain when silver prices go up. In fact, in the past, silver has outperformed gold in bull markets, according to GoldSilver. GoldSilver claims that, from 2008 to 2011, silver gained 448 percent, while gold gained just 166 percent in that same time period. It’s possible for an investor to hedge their bets with silver bullion in their portfolio.

5. History is on silver’s side — Silver and gold have been used for currency for hundreds and hundreds of years, and that lineage lends the metal a sense of stability. Many find comfort in knowing that this metal has been recognized for its value throughout a great deal of mankind’s history, and so there’s an expectation that it will endure while fiat currencies may fall to the wayside. When individuals invest in physical silver, whether that be through silver bars, fine silver, coins or other means, there is a reassurance that its value has, and will continue to, persist.

6. Silver offers anonymity — Whether you value your privacy or not, silver has the same benefit as cash in that it gives users a degree of anonymity with regards to spending. Not everyone wants all of their transactions to be a part of the public record, and privacy is a necessary component of democracy, according to Glenn Greenwald’s TED Talk. That is another benefit of the white metal.
silver-industry-report



1. Lack of liquidity —There is a chance that if you hold physical silver, it may not be immediately liquid. In order to make common purchases such as groceries, you are not able to use bars of silver, so you will need to convert that to currency first, and the ability to sell in a hurry can be an issue. In a jam, pawn shops and jewellers are an option, but not necessarily the best-paying one.

2. Danger of theft — Unlike most other investments, such as stocks, holding silver bullion can leave investors vulnerable to theft. Securing your assets from looting may incur other costs, including a safety deposit box in a bank, or a safe box in your home. Additionally, the more physical assets that reside within your home, the more at risk you are for burglary.

3. Weak return on investment — Although silver bullion may be a good safe haven asset, it may not perform as well as other investments — for example, real estate, or even other metals.

Stocks may also be a better option than silver bullion for some investors. As Randy Smallwood, president and CEO of streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM), has said, “streaming companies will always outperform bullion by itself.” He attributes this to organic growth and dividend payouts that bullion doesn’t provide.

With all of these factors in mind, investors may want to reflect on the pros and cons from their own personal lens before deciding whether to build up their stockpile of silver bullion. Timing is also an important factor for those who want to reap the benefits of the white metal.

https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/should-you-invest-in-physical-silver/

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[JD400]

GATA Daily Dispatches


MMGYS*

courtesy:starboy



Former CFTC Commissioner Bart Chilton's obituary confirms cause of death
Submitted by cpowell on Thu, 2019-05-02 14:45. Section: Daily Dispatches

10:42a ET Thursday, May 2, 2019

Dear Friend of GATA and Gold:

The obituary provided by the family of former U.S. Commodity Futures Trading Commission member Bart Chilton was posted today by the Arlington, Virginia, funeral home in charge of funeral arrangements, and it confirms that he died from "complications from pancreatic and related cancers."

The obituary also notes Chilton's efforts as a commissioner to combat manipulation of the silver market.

A memorial service will be held at 10 a.m. Monday, May 20, at Historic Christ Church, 118 N. Washington St., Alexandria, Virginia.

Murphy Funeral Home, 4510 Wilson Boulevard, Arlington, Virginia, is in charge of arrangements.

Chilton's obituary can be found here:

https://www.dignitymemorial.com/obituaries/arlington-va/bartholomew-chil...

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Former CFTC Commissioner Bart Chilton's obituary confirms cause of death
Submitted by cpowell on Thu, 2019-05-02 14:45. Section: Daily Dispatches

10:42a ET Thursday, May 2, 2019

Dear Friend of GATA and Gold:

The obituary provided by the family of former U.S. Commodity Futures Trading Commission member Bart Chilton was posted today by the Arlington, Virginia, funeral home in charge of funeral arrangements, and it confirms that he died from "complications from pancreatic and related cancers."



» read more
Former CFTC Commissioner Bart Chilton's last interview recalled
Submitted by cpowell on Wed, 2019-05-01 23:43. Section: Daily Dispatches

7:40p ET Wednesday, May 1, 2019

Dear Friend of GATA and Gold:
» read more


Kinesis Launches the Kinesis Mint, physical gold and silver on the blockchain
Submitted by cpowell on Wed, 2019-05-01 16:56. Section: Daily Dispatches

Company Announcement
via PR Newswire, Chicago
Wednesday, May 1, 2019
» read more


Societe Generale resigns as London gold and silver market maker
Submitted by cpowell on Wed, 2019-05-01 02:57. Section: Daily Dispatches

By Peter Hobson
Reuters
Tuesday, April 30, 2019

LONDON -- The London Bullion Market Association said Societe Generale had resigned as a market maker for gold and silver, as France's third-largest bank pushes ahead with a downsizing of its commodities business.
» read more



Hemke ready for gold rally as Reik sees central bank support
Submitted by cpowell on Wed, 2019-05-01 02:48. Section: Daily Dispatches

10:47p ET Tuesday, April 30, 2019

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing at Sprott Money, explains why he thinks the latest "washing and rinsing" of monetary metals speculators by the bullion banks is through and a rally in the metals is imminent:

https://www.sprottmoney.com/Blog/ahead-of-the-fed-craig-hemke-30-042019....
» read more


Fed considers another mechanism for 'tinkering' with markets
Submitted by cpowell on Tue, 2019-04-30 02:24. Section: Daily Dispatches

Fed Is Looking at a New Program that Could Be Another Version of 'Quantitative Easing'

By Jeff Cox
CNBC, New York
Monday, April 29, 2019
» read more


Hugo Salinas Price: Decline in world's monetary reserves signals end to dollar as reserve currency
Submitted by cpowell on Mon, 2019-04-29 23:14. Section: Daily Dispatches

7:14p ET Monday, April 20, 2019

Dear Friend of GATA and Gold:

The decline of the monetary reserves of central banks since August 2004 suggests a consensus that the U.S. dollar's role as the world reserve currency is coming to an end because the United States now consistently produces far less than it consumes from the rest of the world.
» read more
Chilton's death attributed to complications of pancreatic cancer
Submitted by cpowell on Mon, 2019-04-29 21:39. Section: Daily Dispatches

Bart Chilton, Former CFTC Commissioner and High-Frequency Trading Critic, Is Dead at 58

By Yen Nee Lee
CNBC, New York
Monday, April 29, 2019

https://www.cnbc.com/2019/04/29/bart-chilton-former-cftc-commissioner-di...

Bart Chilton, a former commissioner of the U.S. Commodity Futures Trading Commission and advocate for cryptocurrency regulation, has died.
» read more
Chilton's support for 'little guy,' opposition to silver manipulation, noted by FT
Submitted by cpowell on Mon, 2019-04-29 17:53. Section: Daily Dispatches

Bart Chilton, former CFTC commissioner, 1960-2019

Flamboyant, folksy image signaled his identification with the 'little man'

By Philip Stafford
Financial Times, London
Monday, April 29, 2019

Bart Chilton, one of the most distinctive and controversial figures in financial-market regulation, has died at the age of 58.
» read more
USA Watchdog's interview with GATA secretary reposted at Zero Hedge
Submitted by cpowell on Mon, 2019-04-29 02:08. Section: Daily Dispatches

10:07p ET Sunday, April 28, 2019

Dear Friend of GATA and Gold:

GATA continues to be shut out by mainstream financial news organizations but we caught a big break today, as the leading alternative internet news and commentary site, Zero Hedge, posted your secretary/treasurer's recent 29-minute interview with USA Watchdog's Greg Hunter:
» read more

www.gata.org/taxonomy/term/2


*Merit Award Outstanding Bumper Song Country Gold

[JD400]

Gold Down But_Bulls_Eyeing_“Sell In May and Go Away"

MMGYS*

courtesy JohnCM

Gold Down, But Bulls Eyeing “Sell In May and Go Away" For Equities
Jim Wyckoff

Jim Wyckoff Thursday May 02, 2019 12:23

Kitco News


(Kitco News) - Gold prices are down in midday U.S. trading Thursday, but up from their daily lows that saw June gold hit a 4.5-month low. Gold bulls are searching for positives, and one could be the old stock market trading adage, “sell in May and go away.” U.S. stock indexes have sold off the first two days in May. That old saying suggests selling stocks in May and not coming back to the buy side until late summer. Such a scenario would be a bullish element for the competing class of safe-haven metals. June gold futures were last down $10.20 an ounce at $1,273.90. July Comex silver was last down $0.009 at $14.72 an ounce.

Traders and investors are still digesting Wednesday afternoon’s Federal Open Market Committee (FOMC) statement and press conference from Fed Chairman Jerome Powell. Gold prices sold off in the aftermath of the news. While the Fed made no changes in U.S. monetary policy, the statement and Powell’s comments did move markets. The FOMC statement said some members were worried that inflation is too low, which the marketplace initially read as dovish on monetary policy. However, at Powell’s press conference, when asked about worrisome low inflation, he said elements causing present lower inflation are “transitory.” While there is no clear consensus at all on the timing or direction of the next Fed interest rate move, it seems most of the marketplace deemed the Fed meeting a bit hawkish on U.S. monetary policy and now feels there is less of a chance the Fed will cut U.S. interest rates anytime soon. That’s because Powell not only said very low inflation was transitory, he was also very upbeat on assessing the U.S. economy’s prospects.

The key “outside markets” today worked in favor of the metals market bears. The U.S. dollar index is slightly higher, while Nymex crude oil prices are sharply lower, hit a four-week low and trading around $61.00 a barrel.

Focus will quickly turn to Friday morning’s April U.S. employment report from the Labor Department. That report is expected to show a non-farm payrolls rise of 190,000. However, Wednesday’s very strong ADP jobs gain (up 275,000 versus expectations of up 177,000) has many thinking Friday’s more important Labor Department jobs number will be higher.



Technically, June gold futures prices closed near mid-range today. The bears have the overall near-term technical advantage and have gained momentum late this week. A nine-week-old downtrend line is in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today’s $1,279.40 and then at last week’s high of $1,290.90. First support is seen at today’s low of $1,267.30 and then at $1,260.00. Wyckoff's Market Rating: 3.5


July silver futures prices closed near mid-range and hit another five-month low today. The silver bears have the firm overall near-term technical advantage. A nine-week-old downtrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.25 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $14.175. First resistance is seen at $14.775 and then at $15.00. Next support is seen at today’s low of $14.57 and then at $14.50. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 195 points at 278.20 cents today. Prices closed nearer the session low and hit another 2.5-month low today. The copper bulls have faded and lost their overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of 291.35 cents. The next downside price objective for the bears is closing prices below solid technical support at 270.00 cents. First resistance is seen at today’s high of 280.65 cents and then at 284.65 cents. First support is seen at today’s low of 277.15 cents and then at 275.00 cents. Wyckoff's Market Rating: 5.0.
By Jim Wyckoff

For Kitco News

https://www.kitco.com/news/2019-05-02/Gold-Down-But-Bulls-Eyeing-Sell-In-May-and-Go-Away-For-Equities.html

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[JD400]

Gold & Silver_Brutally_Beaten_To Within One Inch Of Their_Lives


MMGYS*

courtesy: J:D
You guys & gals are so amazing Thank You for taking the time and making Mining & Metals Du Jour such a cool place.

Hope your EnJoying the show I'm trying to pack everything in before leaving for the weekend.

Wishing you all a wonderful weekend Thanks again



Gold & Silver Brutally Beaten To Within One Inch Of Their Lives


From Today’s COMEX Open And On

May 2, 2019 46 2273

Here we sit, in May of 2019, with gold at $1270 and silver at $14.60. Time to shift the truck into reverse and back her up?

Volume is heavy.

And it’s not about a spike in the dollar either:

If anything, the dollar has been constant over the last couple of days.

The apologists and manipulation deniers will be quick to point out something like the jobless claims report that was released at 8:30 a.m. EST, but that stat was “unch” from last week:

So what causes such intense “selling” pressure?

It’s called “blowing the stops”.

You see, when a person buys some gold, they say, “Sweet, I’m gonna buy a contract of gold at $1285, and since I’m just gambling in a totally corrupt and rigged casino, I’m going to put a ‘stop loss’ at $1270”.

What that means is, if gold drops in price to $1270, the stop loss automatically triggers a sell order to sell the contract.

In other words, using “stops” is a way to limit losses.

So what do stop losses have to do with price suppression?

The cartel will dump a bunch of paper gold onto the “market”, intending to dump just enough to trigger the automatic “sell” orders.

The cartel knows exactly and very well just where those most important of stops are in relation to price.

If they see a large position that they know will sell at a certain price, they dump enough contracts to trigger that stop loss, and the automatic selling of that position works to lower price even more, triggering even more stop losses because of the ones that just got triggered to sell.

That was probably a convoluted explanation, so let me explain it this way: If you dump enough paper gold to trigger the automatic sell orders, that selling can and does become a downward spiral as the selling triggers even more automatic selling at it “blows through the stops”.

Can they just run the price as low as they want?

No.

You see, just like people use stops to limit losses, there are also automatic “buy” orders that trigger at certain spot prices.

For example, say I know that silver is dirt cheap, which it is.

I put in a “buy” order that’s “good till cancelled”, meaning I don’t have to do anything, only if silver drops to the price I’ve targeted, the program automatically buys silver.

So say I have big money, and I have a buy order at the spot price of $14.50.

If price is smashed too low, that big buy order could kick in and essentially slow or even stop the selling pressure, depending on how big the buy order is and how many buy orders there are.

Additionally, if price is smashed too low, actual buyers of real, physical gold & silver will load up on real, physical gold & silver, so in addition to the paper fraud that takes place 24/7, there is the real risk of running into physical supply issues because of real buying that is stepping up to the plate.

Therefore, the downside is limited and so is the selling.

I have been looking for an explosive move this week.

There are still two trading days left, so we’ll see.

The opening bell does not ring until 9:30 am.

My downside targets are $1250 & $14.50.

We are very close to a bottom right now.

We could even be seeing the bottom.

That is, for this latest smash cycle.

And if it is the bottom, well then.

That means the price is right.

And the upside potential?

Way more potential.

Than downside.

With physical.

So cash-up.

Be ready.

Nimble.

Quick.

Yes.

Stack accordingly…

– Half Dollar

https://www.silverdoctors.com/gold/gold-news/gold-silver-brutally-beaten-to-within-one-inch-of-their-lives-from-todays-comex-open-and-on/

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A Voice From the Grave?

MMGYS**

courtesy:goforthebet

A Voice From the Grave?


Theodore Butler

| May 2, 2019 - 10:49am


The news that Bart Chilton, the former commissioner of the CFTC, suddenly passed away was truly sad but also shocking, so much so that some were given to fabricating conspiracy-type explanations. Chilton certainly had a larger than life persona and many came to appreciate his colorful pronouncements, enthusiasm and willingness to respond to just about everyone who contacted him – qualities quite rare in a regulator. I learned this first-hand very early on when I started communicating with Chilton shortly after he became commissioner in 2007, as I recounted not even a month ago in reaction to his last known interview, with Chris Marcus from Arcadia Economics –

silverseek.com/commentary/confirmation-outrage-and-disgust-17622

I stated in the first sentence of that article that Chilton’s interview nearly knocked me off my feet, but I didn’t fully explain why that was so, which I’d like to rectify today. Yes, I found the interview shocking because Chilton seemed to confirm much of what I had contended for more than a decade, but it was much more than that. I was confounded because I couldn’t quite fathom what prompted Chilton to “spill the beans” about the inner workings at the agency regarding JPMorgan’s manipulation of silver after so many years. After all, there was never any acknowledgement from the “inside” that the Commission was quite close to cracking down on JPMorgan – Chilton’s clear admission of this in his interview was the first ever. And perhaps the last.

With the revelation that Chilton was dying from pancreatic cancer, I was confounded no more - Bart Chilton was setting the record straight before his passing – perhaps the most noble act of a life that was more than notable. It is regretful that it would take such unfortunate circumstances – the immediacy of pending death – for the revelation to be made. While the burden on Chilton has been lifted, what does this say about all the other past and current officials at the agency and elsewhere who have chosen to remain silent about a matter of vital public interest?

The hundreds of meetings that Chilton had concerning JPMorgan’s excessive and manipulative short positions starting in 2008 featured other participants, not just Chilton. Most of these other participants have been quick to publicly lament his untimely passing, but still appear bound by some type of strict inner code not to admit to what Chilton admitted – the revelation that JPMorgan had been manipulating the price of silver (and gold) since it took over Bear Stearns in 2008. I thought all these officials took an oath of office to abide by the constitution and the rule of law – not to continue to conceal that JPMorgan was breaking the law in full view.

Bart Chilton set the record straight and for that he is to be commended and remembered. But what about those who have remained silent or worse, continue to deny that JPMorgan is at the heart of an ongoing manipulation? The most serious market crime of all is price manipulation and the fact that the CFTC refuses to deal with the silver manipulation openly and honestly is absolutely shameful.

Another matter that has continued to puzzle me is that lack of any public reaction or admission by JPMorgan that it has been openly accused of manipulating the silver and gold markets. I think I understand JPM not challenging my allegations over the past decade that it is manipulating these markets because it seeks to avoid a potential quagmire – although the thought of a major financial institution turning its back on open allegations of criminal activity without reaction is unprecedented.

But I’ve also been puzzled how JPMorgan could possibly avoid public acknowledgement that it is the subject of criminal investigation by the Justice Department as a result of the DOJ’s announcement on Nov 6 which unsealed a guilty plea by one of the bank’s former traders and an ongoing investigation into precious metals manipulation. It is, after all, a legal requirement that public companies disclosed material information – which being involved in a criminal investigation by the US Department of Justice would qualify. However, that particular puzzle has been solved with the following statement in the JPMorgan 10-K and annual reports.

Here’s the statement from JPMorgan’s recently released 10-K report, page 280 –

“Precious Metals Investigations and Litigation

Various authorities, including the Department of Justice’s Criminal Division, are conducting investigations relating to trading practices in the precious metals markets and related conduct. The Firm is responding to and cooperating with these investigations. Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain current and former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. The Firm is also a defendant in a consolidated action filed in the United States District Court for the Southern District of New York alleging monopolization of silver futures in violation of the Sherman Act.”


Of course, it remains to be seen if the Justice Department will confine its investigation to the narrow issue of spoofing or will it open its eyes to the much more serious and pernicious overall manipulation by JPMorgan over the past eleven years; in which JPMorgan never once suffered a loss in trading COMEX silver and gold futures, only profits, and by which the crooked bank amassed 850 million physical silver oz and 20 million oz of gold on the down low.

It has now been exactly one year since I formally and privately complained to the Justice Department about JPMorgan’s manipulation of the silver market and the CFTC’s malfeasance in dealing with it. Initially, I did think that there might be a connection between my complaint and the DOJ’s announcement of the guilty plea and ongoing investigation six months later on Nov 6, but feel less so today. I hope I’m wrong and the Justice Department has a good sense of what’s really going on with JPMorgan in silver and gold, but I’d be lying if I told you my confidence was still high in that regard.

Primarily, my confidence in the DOJ doing the right thing has sagged because the manipulation is continuing while the investigation is supposedly in force. In other words, the serial killer (JPM) is still littering the countryside with bodies, while the Justice Department appears to be contemplating its belly button. I’m not aware of any legitimate law enforcement process that allows for new crimes of the very same type to be committed continuously in the course of an investigation. I just hope the DOJ handles allegations of terrorism with more care than it appears to handle allegations of serious market crimes. As I said, I hope I’m wrong.

Ted Butler

May 2, 2019

www.butlerresearch.com

http://silverseek.com/commentary/voice-grave-17645


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Take a ride on the new midnight data SiMO flyer at the bottom of this post

Good Morning Good Evening

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Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~


We have lots of good stuff on the train tonight Great Data & News by Harvey Organ, a new segment by InvestorHub Videowire, JP Morgan Sentence Delayed Again,Gary Chrisenson It’s Time for an International Gold Reset


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May 6, 2019 · by harveyorgan · in Uncategorized ·


I was out all day today and away from my computer



the comex data is complete including data from GLD and SLV



the morning data is accurate



the afternoon and closing Dow nasdaq data is from Friday



i will resume my normal routine tomorrow



AND SORRY FOR MY REPORT BEING INCOMPLETE..













GOLD: $1282.50 UP $2.35 (COMEX TO COMEX CLOSING)

Silver: $14.92 DOWN 3 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :







silver:







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 9/13

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,279.200000000 USD
INTENT DATE: 05/03/2019 DELIVERY DATE: 05/07/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 9
737 C ADVANTAGE 5 4
905 C ADM 8
____________________________________________________________________________________________

TOTAL: 13 13
MONTH TO DATE: 158






NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 13 NOTICE(S) FOR 1300 OZ (0.0404 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 158 NOTICES FOR 15800 OZ (.4914 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


76 NOTICE(S) FILED TODAY FOR 380,000 OZ/



total number of notices filed so far this month: 2977 for 14,885,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5680 DOWN 95.00




Bitcoin: FINAL EVENING TRADE: $5756 DOWN 13





end



XXXX











Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 2193 CONTRACTS FROM 202,655 DOWN TO 200,109 DESPITE FRIDAY’S STRONG 34 CENT RISE IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 698 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 698 CONTRACTS. WITH THE TRANSFER OF 698 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 698 EFP CONTRACTS TRANSLATES INTO 3.49 MILLION OZ ACCOMPANYING:

1.THE 34 CENT RISE IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 17.860 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

7522 CONTRACTS (FOR 4 TRADING DAYS TOTAL 7522 CONTRACTS) OR 37.61 MILLION OZ: (AVERAGE PER DAY: 1880 CONTRACTS OR 9.4 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 37.61 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.37% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 779.46 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.





RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2193 DESPITE THE STRONG 34 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 698 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE LOST A CONSIDERABLE SIZED: 1495 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 698 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 698 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 34 CENT RISE IN PRICE OF SILVER AND A CLOSING PRICE OF $14.95 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 76 NOTICE(S) FOR 380,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 17,750,000 OZ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST FELL BY A CONSIDERABLE SIZED 2775 CONTRACTS, TO 440,217 DESPITE THE STRONG RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $9.35//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 9114 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 9114 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 440,217. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6339 CONTRACTS: 2775 OI CONTRACTS DECREASED AT THE COMEX AND 9114 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 6339 CONTRACTS OR 633,900 OZ OR 19,716 TONNES. FRIDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF $9.35….AND WITH THAT RISE, WE HAD A STRONG GAIN IN TONNAGE OF 25.82 TONNES!!!!!!.??????????????????????????????????????????

AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.



HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”











ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 27,375 CONTRACTS OR 2,727,500OR 85.15 TONNES (4 TRADING DAYS AND THUS AVERAGING: 6843 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAYS IN TONNES: 85.15 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 85.15/3550 x 100% TONNES =2.39% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1900.72 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 2775 DESPITE THE RISE IN PRICING ($9.35) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9114 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 9114 EFP CONTRACTS ISSUED, WE HAD AN GOOD GAIN OF 6339 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

9114 CONTRACTS MOVE TO LONDON AND 2775 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 19.716 TONNES). ..AND THIS GOOD DEMAND OCCURRED WITH A RISE IN PRICE OF $9.35 IN YESTERDAY’S TRADING AT THE COMEX. HOWEVER A PERCENTAGE OF OI WAS DUE TO THE COMMENCEMENT OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 76 notice(s) filed upon for 7600 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $2.35 TODAY

STRANGE!!



ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD

A HUGE WITHDRAWAL OF 5.88 TONNES





INVENTORY RESTS AT 739.64 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER DOWN 3 CENTS TODAY:

A BIG CHANGE IN SILVER INVENTORY AT THE SLV/

A DEPOSIT OF 891,000















/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A CONSIDERABLE SIZED 2193 CONTRACTS from 200,655 UP DOWN TO 200,109 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 698 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 698 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 2193 CONTRACTS TO THE 698 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A CONSIDERABLE LOSS OF 1495 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 4.7545 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 17.750 MILLION OZ FOR MAY





RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 34 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A STRONG SIZED 698 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT:

SHANGHAI CLOSED DOWN 171.88 POINTS OR 5.58% //Hang Sang CLOSED DOWN 871.73 POINTS OR 2.90% /The Nikkei closed //Australia’s all ordinaires CLOSED DOWN .89%

/Chinese yuan (ONSHORE) closed DOWN at 6.7651 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 63.26 dollars per barrel for WTI and 71.38 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7651 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7813 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%










3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/USA




4/EUROPEAN AFFAIRS

i)GERMANY




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS


6. GLOBAL ISSUES




7. OIL ISSUES




8 EMERGING MARKET ISSUES








9. PHYSICAL MARKETS






10. USA stories which will influence the price of gold/silver)





MARKET TRADING//







ii)Market data



ii)USA ECONOMIC/GENERAL STORIES

SWAMP STORIES
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A CONSIDERABLE SIZED 2775 CONTRACTS.TO A LEVEL OF 440,217 DESPITE THE GAIN IN THE PRICE OF GOLD ($9.35) IN FRIDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 9114 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 9114 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 9114 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 6339 TOTAL CONTRACTS IN THAT 9114 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 2775 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 6339 contracts OR 633900 OZ OR 19.716 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 136 contracts, having LOST 17 contracts. We had 27 notices served yesterday so we gained 10 contracts or an additional 1000 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest FELL by 5687 contracts up to 291,355. July LOST 1 contract to stand at 51. After July the next active month is August and here the OI rose by 2351 contracts up to 77,625 contracts.







TODAY’S NOTICES FILED:

WE HAD 13 NOTICES FILED TODAY AT THE COMEX FOR 1300 OZ. (0.0404 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 2193 CONTRACTS FROM 202,302 DOWN TO 200,109(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S CONSIDERABLE OI COMEX LOSS OCCURRED DESPITE A STRONG 34 CENT GAIN IN PRICING.//FRIDAY.???





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 671 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 340CONTRACTS. WE HAD 362 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 22 CONTRACTS OR AN ADDITIONAL 110,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 170 CONTRACTS DOWN TO 714. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 2129 CONTRACTS DOWN TO 152,559 CONTRACTS.









TODAY’S NUMBER OF NOTICES FILED:



We, today, had 76 notice(s) filed for 380,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 254,651 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 293,964 contracts



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.



Gold withdrawals;

i) We had one withdrawal:

Out of HSBC: 11,726.248 oz



.

total gold withdrawals; 11,726.248 oz




i) we had 0 adjustments today

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 13 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 and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (158) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (136 contract) minus the number of notices served upon today (13 x 100 oz per contract) equals 28,100 OZ OR 0.8740 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (158 x 100 oz) + (136)OI for the front month minus the number of notices served upon today (13 x 100 oz )which equals 28,100 oz standing OR 0.8740 TONNES in this NON active delivery month of MAY.

We gained 10 contracts or an additional 1000 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.











SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.8740 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.










total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,770.289.523 oz 241.68 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 113 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 6 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
21,934.000 oz
Delaware














Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
537,619.785oz
int. delaware
No of oz served today (contracts)
76
CONTRACT(S)
(380,000 OZ)
No of oz to be served (notices)
595 contracts
2,975,000 oz)
Total monthly oz silver served (contracts) 2977 contracts

14,885,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into Int. Delaware: 21,934.020 oz



















total customer deposits today: 557,619.785 oz


we had 1 withdrawals out of the customer account:



i) Out of Delaware: 21,934.020 oz






total withdrawals: 21,934.020 oz



we had 1 adjustment :

out of CNT: 5238.800 oz was adjusted out of the customer account and this landed into the dealer account of CNT





total dealer silver: 95.182 million

total dealer + customer silver: 308.244 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 76 contract(s) FOR 380,000 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 2977 x 5,000 oz = 14,885,000 oz to which we add the difference between the open interest for the front month of MAY. (671) and the number of notices served upon today (76 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 2977(notices served so far)x 5000 oz + OI for front month of MAY( 671) -number of notices served upon today (37)x 5000 oz equals 17,860,000 oz of silver standing for the MAY contract month.

We GAINED 22 contracts or an additional 110,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.







FOR COMPARISON VS LAST YEAR:









ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 66,559 CONTRACTS













CONFIRMED VOLUME FOR YESTERDAY: 89,841 CONTRACTS..



..







YESTERDAY’S CONFIRMED VOLUME OF 89,841 CONTRACTS EQUATES to 449 million OZ 64.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx







NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -4.54% (MAY 6/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.52% to NAV (MAY 6/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.54%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.84 TRADING 12.26/DISCOUNT 4.49

END

And now the Gold inventory at the GLD/

MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


MAY 6/2019/ Inventory rests tonight at 739.64 tonnes

*IN LAST 591 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 491 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582

MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167







MAY 6/2019:


Inventory 316.582 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.11/ and libor 6 month duration 2.64

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .53/





XXXXXXXX

12 Month MM GOFO
+ 2.46%

LIBOR FOR 12 MONTH DURATION: 2.74

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.28

end



PHYSICAL GOLD/SILVER STORIES


end
i) GOLDCORE BLOG/Mark O’Byrne
Gold To Gain as Gl



end
GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Silver is backward by a huge 7 cents and that should propel a strong rally in silver.

(courtesy Andrew Maguire/Kingworldnews)



end
GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Silver is backward by a huge 7 cents and that should propel a strong rally in silver.

(courtesy Andrew Maguire/Kingworldnews)
Silver backwardation signals rally, Maguire tells KWN
Submitted by cpowell on Fri, 2019-05-03 20:46. Section: Daily Dispatches

4:46p ET Friday, May 3, 2019

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, interviewed today by King World News, says the cash price for silver is so far above the recent futures contract price — deep backwardation — that a rally is imminent.

“This is the time to join the commercials and ride the next silver and gold wave higher,” Maguire says. “But if you do it, do it by taking physical delivery. That way you will not only be fighting back but will also be exacerbating already tight physical gold and silver markets.”

Maguire’s comments are posted at KWN here:

https://kingworldnews.com/andrew-maguire-bullion-banks-are-about-to-torc…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

India’s central bank denies moving any gold to London or the uSAin 2014

(courtesy Times of India/Mumbai)
India’s central bank denies moving gold abroad in 2014 or since
Submitted by cpowell on Sat, 2019-05-04 13:43. Section: Daily Dispatches

No Gold Shifted Outside India in 2014 or After, RBI Says

From the Press Trust of India
via The Times of India, Mumbai
Friday, May 3, 2019

https://economictimes.indiatimes.com/news/economy/finance/no-gold-shifte…

The Reserve Bank of India said Friday no gold was shifted outside the country in 2014 or thereafter. The statement comes against the backdrop of reports in certain sections of the print and social media regarding the central bank shifting abroad a part of its gold holding in 2014.

It is a normal practice for central banks world over to keep their gold reserves overseas with central banks of other countries like Bank of England for safe custody, according to the statement.

…

It is further stated that no gold was shifted by the RBI from India to other countries in 2014 or thereafter. Thus the media reports cited above are factually incorrect,” the statement said.

The Congress Party had tweeted a report regarding shifting of 200 tonne of the RBI’s gold to Switzerland in 2014.

“Did the Modi govt secretly transport 200 tonnes of RBI’s gold to Switzerland in 2014?,” the party had tweeted while tagging the report.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

end

Strange! the sentencing of former JPMorgan trader Edmonds has been delayed again for 6 months until December

The Feds continue with their criminal investigation of the manipulation of the metals while at the same time the crooks continue to manipulate

(courtesy Gile/CNBC/GATA)
Sentencing of former JPM metals trader delayed again
Submitted by cpowell on Sat, 2019-05-04 15:38. Section: Daily Dispatches

Sentencing of former JP Morgan Chase Precious Metals Trader Delayed as Federal Probe Continues

By Dawn Giel
CNBC, New York
Thursday, May 2, 2019

The criminal sentencing of former J.P. Morgan Chase precious metals trader John Edmonds has been postponed six more months, to December, as federal investigators continue to probe possible manipulation of metals markets.

Edmonds, 37, pleaded guilty in October in Connecticut federal court to working with other “unnamed co-conspirators” to manipulate the prices of gold, silver, platinum, and palladium futures contracts between 2009 and 2015 while employed at J.P. Morgan.

…

The New York City man admitted learning illegal trading tactics from senior traders — and to using those tactics with the knowledge and consent of supervisors.

His sentencing has been postponed twice, suggesting he is continuing to cooperate with prosecutors in their investigation. No one else has been charged. …

… For the remainder of the report:

https://www.cnbc.com/2019/05/02/sentencing-of-ex-jp-morgan-chase-metals-…
iii) Other Physical stories

-END-

Gold trading/



end
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)
US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.
Dawn GielReporter
end
A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)
Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201
Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-


Your early MONDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7651/

//OFFSHORE YUAN: 6.7813 /shanghai bourse CLOSED DOWN 171.88 POINTS OR 5.58%

HANG SANG CLOSED DOWN 871.73 POINTS OR 2.90%



2. Nikkei closed









3. Europe stocks OPENED RED EXCEPT LONDON



USA dollar index RISES TO 97.56/Euro FALLS TO 1.10.42

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.52/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED



3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 61.36 and Brent: 70.30

3f Gold UP/JAPANESE Yen UP CHINESE YUAN: ON -SHORE DOWN/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +01%/Italian 10 yr bond yield UP to 2.60% /SPAIN 10 YR BOND YIELD DOWN TO 0.98%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.59: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.34

3k Gold at $1281.50 silver at: 14.88 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 1/100 in roubles/dollar) 65.38

3m oil into the 61 dollar handle for WTI and 70 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.82 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 1.0184 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1340 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to +0.01%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.48% early this morning. Thirty year rate at 2.89%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6. TURKISH LIRA: UP TO 6.0141.. VERY DEADLY
“This Was Totally Out Of The Blue”: Global Stocks Crash As Trade Talks Collapse

The S&P closed on Friday at a new all time high, with hardly a concern in the world and nothing but blue skies ahead… and then just two tweets from Donald Trump shortly after noon on Sunday afternoon shattered the market’s idyllic picture, when the US president admitted that trade talks with China are not only not going “optimistically”, but have effectively collapsed and tariffs on Chinese imports would be hiked.

The result, discussed overnight, was a “sea of red” as risk assets and currencies across the globe collapsed, offset by a flight into safe assets including Treasuries and the US dollar. The MSCI world index fell half a percent.

Friday






… while futures on the S&P 500 index sank as much as 2.2 percent, tumbling back below 2,900 and approaching the 2,890 level where dealer gamma turns negative, and any continued selloff will only lead to further selling.



European stocks tumbled to a one-month low, suffering their biggest drop of the year…



… as German bond yields slipped back into negative territory. Germany’s DAX was down 1.8% while the Stoxx 600 tumbled 2% to its lowest level since early April. Moves were slightly exaggerated, with Japanese markets still on holidays while London markets shut for a local holiday. Losses in equities translated into gains for bonds with benchmark government bond yields in Germany retreating to a shade below zero and not far from a 2-1/2-year low of minus 0.09 percent hit in late March.

Even as Beijing tried to salvage some clam, when China’s foreign ministry said on Monday a delegation was still preparing to go to United States for trade talks, but was unable to confirm when amid signs that a delay is now being considered, the benchmark index in Shanghai crashed 5.6%, with the Shanghai Composite suffering its worst day since February 2016 and sliding back under 3,000 even after Chinese state-backed funds were said to have been active in an effort to limit the sell-off.




John Williams Warns: “Recession Already In Place, Watch Out!”



Via Greg Hunter’s USAWatchdog.com,

You might be wondering why the Trump Administration is calling for rate cuts and money printing with all the good news about the economy.

Economist John Williams of ShadowStats.com knows why and contends,



“We have a recession in place. It’s just a matter of playing out in some of these other funny numbers. The reality is on the downside, where you have mixed pressures right now. People who are really concerned about the economy right now, and that includes President Trump looking at re-election, he’s been arguing that the Fed should lower rates, and I am with him. The Fed created this circumstance. They are pushing for the economy on the upside because they want to continue to keep raising rates. Banks make more money with higher rates, and they are still trying to liquidate the problems they created when they bailed out the banking system back in 2008.”

Williams strips out all the financial gimmicks in his work that make things look better than they really are to give a true picture of the real financial health. Take for example the recent reportedly good news of the trade deficit narrowing. Williams says,

“What we saw was the very unusual narrowing of the deficit . . . that’s generally good news . . . but if you look at why the trade deficit was narrowing, it wasn’t that we were having new surging exports . . . instead, we were having collapsing domestic consumption. People weren’t buying things. People were not buying goods. So, the imports were falling off, and that narrowed the deficit. That is not a healthy sign. The last time you saw something like that was the beginning of the Great Recession (2008–2009). . . . We still haven’t recovered from the Great Recession.”

If rate cuts don’t happen soon, is the economy going to tank? Williams says,

“The economy is tanking, and I’ll contend it already has, although we have not seen it in the GDP reporting. . . . The ultimate thing here is you have a collapse in the dollar. I am talking about a hyperinflationary collapse. Your purchasing power becomes worthless. What you have in gold or canned goods or real estate, that will be your assets – hard assets.”

In closing, Williams says, “The underlying weakness is with the consumer…”

“Until the consumer gets turned around, you are not going to get a fundamental change in the economy. The economy is going to get weaker. The Fed is going to recognize that, and they probably already do recognize that. . . . They don’t want to lower rates, but I think they are going to have to. I would look for easing by September and maybe quantitative easing (money printing) as the economy continues to deteriorate as it seems to be doing. I know the numbers are not there yet in the headlines, but watch out.”

Join Greg Hunter as he goes One-on-One with economist John Williams, founder of ShadowStats.com.


Thank You Harvey Always The Best Man !
https://harveyorganblog.com/2019/05/06/may-6/


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[JD400]

Sentencing Delayed (Again) For JP Morgan Trader Who Pleaded Guilty To Manipulating Gold & Silver

MMGYS

Sentencing Delayed (Again) For JP Morgan Trader Who Pleaded Guilty To Manipulating Gold & Silver


May 3, 2019 13 1322

The guilty plea came over six months ago, and now sentencing has been delayed, again, for SIX MORE MONTHS! Here’s more…

CNBC is reporting that sentencing has been delayed once again for John Edmonds (bold added for emphasis):

John Edmonds pleaded guilty in October to working with other “unnamed co-conspirators” to manipulate the prices of gold, silver, platinum and palladium futures contracts between 2009 and 2015 while employed at J.P. Morgan.

His sentencing has been postponed twice, suggesting he is continuing to cooperate with prosecutors in their investigation. No one else has been charged.

Federal investigators continue to probe possible manipulation of metals markets.

The criminal sentencing of former J.P. Morgan Chase precious metals trader John Edmonds has been postponed six more months, to December, as federal investigators continue to probe possible manipulation of metals markets.

Um, MSM propagandists, we know you can never, ever will say anything good about gold, and when forced to write about gold, there must always be negativity written within it, but in hopes that people will eventually “get it”, about that “possible manipulation”, well, this (from the United States Treasury Department):

The ESF [Exchange Stabilization Fund]…may deal in gold, foreign exchange, and other instruments of credit and securities.

It is more than just possible, for it is a matter of (Unconstitutional) standard practice which takes place in all markets, all of the time, and especially the gold & silver markets.

Finally, from the same CNBC article:

J.P. Morgan for the first time in February mentioned the legal actions in a financial disclosure, saying “various authorities, including the Department of Justice’s Criminal Division, are conducting investigations relating to trading practices in the precious metals markets and related conduct. The Firm is responding to and cooperating with these investigations.

Sure they are…

https://www.silverdoctors.com/gold/gold-news/sentencing-delayed-again-for-jp-morgan-trader-who-pleaded-guilty-to-manipulating-gold-silver/

[JD400]

InvestorsHub VideoWire

New segment

watch for these mining videos on the show periodically


CEO Christopher Anderson - Ximen Mining Corp

MMGYS

Segment debut

https://www.youtube.com/watch?v=bp9JE8067Ic

[JD400]

It’s Time for an International Gold Reset

MMGYS

It’s Time for an International Gold Reset




by Gary Christianson | May 6, 2019

Miles Franklin sponsored this article by Gary Christenson. The opinions are his.

Every 30 – 40 years the world goes crazy, takes a deep dive into a shallow pond, dances with the devil, and resets gold internationally.

In 1913:

A corrupt congress created the Federal Reserve and reset gold’s status. Paper currency units (bad money) eventually drove gold (good money) out of the financial system. Add WWI, the IRS, and League of Nations.

In 1944 – 1949:

The Bretton Woods Agreement (1944) established the dollar as the reserve currency, backed by gold. WWII ended and the nuclear age began. The sun set on the British empire.

In 1980 – 85:

“Stagflation” ended, the gold bubble burst, and the debt-fueled bull market in stocks and bonds began. Gold prices reset lower after their bubble peak.

In 2019 – 2025 (speculation):

Gold reset higher (perhaps $10,000 – $20,000) in a multi-year rally because of diminished confidence in “over-printed” paper currencies, corrupt central banks and insolvent governments.

GOLD – RESET OUT OF THE FINANCIAL SYSTEM:

In 1913: Gold was real money in the United States. Double eagles ($20.00), Eagles ($10.00), and Half-Eagles ($5.00) circulated. Congress and the bankers created The Federal Reserve to boost banker profits. Gold lost status in the financial reset.

In 1933: Gold prices reset, and gold ownership became illegal for US citizens. President Roosevelt issued Executive Order 6102 and forbid US citizens from owning gold, with minor exceptions. Americans received paper certificates for their gold coins. Gold was valued at $20.67 per ounce. Soon thereafter President Roosevelt devalued the dollar, and the gold price rose to $35.00 per ounce.

In 1971: The United States faced a tidal wave of dollars returning from the rest of the world (excessive spending) that the Bretton Woods treaty obligated the U.S. exchange for gold. Official US gold reserves had declined from over 20,000 tons to about 8,000 tons. President Nixon reset gold again and refused to honor the Bretton Woods Agreement. The dollar sank in value. He blamed speculators, instead of government deficit spending and Federal Reserve policies, and assured everyone it was a “temporary” reset. Massive consumer price inflation, devalued dollars, and uncontrolled debt increases resulted from the reset.

In 2013: Chairman Bernanke testified before congress and claimed gold “is an unusual asset,” and “No one really understands gold prices.” The Fed faithful and CNBC believed him. The dollar devaluation continued with QE, ZIRP and other fiat currency creations.

2019 – 2025: (Speculation!) Following a devastating hyperinflation and deflation caused by global central bankers “printing” insane quantities of currencies, the global economic system crashed, confidence in fiat currencies vanished, and central bankers were forced to listen to the cries of the people, “Fix our money!” After many failures they did the “right thing” and backed some currencies with gold. Gold had mostly disappeared from western vaults and by 2025 was held by Russia and Asian nations, large corporations, global banks, and wealthy individuals. Gold backed one or more currencies , and gold certificates were used for global trade.

From Jim Sinclair:

“QE to Infinity, followed by Gold balancing the balance sheets of the sovereign balance sheet disasters. Just as there is no tool other than QE to feign financial solvency, there is no tool to balance the balance sheet of the offending entities other than Gold. It is just that simple.”

COMMENTS:

Gold has been money and a store of value for over 3,000 years. That status SHOULD return after the current “paper” era collapses.

History shows that unbacked paper money always fails because of excessive printing by central bankers and politicians. Our financial system is proceeding toward another currency collapse.

Global debt exceeds $250 Trillion and is climbing. Governments must borrow more currency into existence to pay maturing loans, which increases total debt. This “Ponzi Scheme” will fail someday, perhaps soon.

Much accumulated gold has been leased or sold from central bank and government vaults in the US, the UK, and Europe. It moved to Asia, private vaults, and Too-Big-To-Fail banks. Paper currencies will be stripped of remaining value, gold prices will reset much higher, and the wealth transfer to Asia and the global elite will continue.

As I write this, gold is priced at about $1,280 per ounce and the scenario for the year 2025 is speculative and uncertain. But we know gold is leaving the western world and moving to Asia where Asians appreciate it. Global debt is huge and impossible to repay without hyper-inflation. Ponzi schemes fail. Gold prices will reset higher as central bankers devalue all fiat currencies.

Harry Dent, Wall Street cheerleaders and others assure us that our debt-based currency units Ponzi Scheme will not drive gold prices to new highs. It is also possible that friendly aliens will land a flying saucer in the White House rose garden, Elvis will return for a TV special, and the Easter Bunny…

Suggested Reading:

Hugo Salinas Price: US Govt. Thought It Could Keep World from Investing in Gold

Dalio: Central Banking is on its Way Out; MMT Will Replace It

Egon von Greyerz: Gold Maginot Line Will Soon Break

Paper dies, gold thrives.

Miles Franklin will recycle debt-based currency units into real money—gold and silver.

Gary Christenson

The Deviant Investor

https://www.milesfranklin.com/its-time-for-an-international-gold-reset/

[JD400]

Data Rider

MMGYS

Just Data Tonight EnJoy







May 7, 2019 · by harveyorgan · in Uncategorized ·















GOLD: $1284.30 UP $1.80 (COMEX TO COMEX CLOSING)

Silver: $14.89 DOWN 3 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1284.60







silver: $14.91







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 4/6

DLV615-T CME CLEARING
BUSINESS DATE: 05/06/2019 DAILY DELIVERY NOTICES RUN DATE: 05/06/2019
PRODUCT GROUP: METALS RUN TIME: 20:15:52
EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,281.700000000 USD
INTENT DATE: 05/06/2019 DELIVERY DATE: 05/08/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 4
737 C ADVANTAGE 4 2
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 6 6
MONTH TO DATE: 164






NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 6 NOTICE(S) FOR 600 OZ (0.0186 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 164 NOTICES FOR 16400 OZ (.5101 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


150 NOTICE(S) FILED TODAY FOR 750,000 OZ/



total number of notices filed so far this month: 3127 for 15,635,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5941 UP 195.00




Bitcoin: FINAL EVENING TRADE: $6007 UP 170





end



XXXX











Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A TINY SIZED 63 CONTRACTS FROM 200,109 UP TO 200,172 DESPITE YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 751 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 751 CONTRACTS. WITH THE TRANSFER OF 751 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 751 EFP CONTRACTS TRANSLATES INTO 3.49 MILLION OZ ACCOMPANYING:

1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 17.990 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

8273 CONTRACTS (FOR 5 TRADING DAYS TOTAL 8273 CONTRACTS) OR 41.37 MILLION OZ: (AVERAGE PER DAY: 1654 CONTRACTS OR 8.27 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 41.37 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 8.27% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 782.23 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.





RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 63 DESPITE THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 751 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A FAIR SIZED: 814 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 751 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 139 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.92 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 150 NOTICE(S) FOR 750,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 17,990,000 OZ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A CONSIDERABLE SIZED 2271 CONTRACTS, TO 442,488 WITH THE RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $2.35//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2775 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 2775 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 442,488. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5046 CONTRACTS: 2271 OI CONTRACTS INCREASED AT THE COMEX AND 2775 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 5046 CONTRACTS OR 504,600 OZ OR 15.69TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF $2.35….AND WITH THAT RISE, WE HAD A GOOD GAIN IN TONNAGE OF 15.69 TONNES!!!!!!.??????????????????????????????????????????

AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.



HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”











ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 30,150 CONTRACTS OR 3,015,000 OR 93.45 TONNES (5 TRADING DAYS AND THUS AVERAGING: 6030 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAYS IN TONNES: 93.45 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 93.45/3550 x 100% TONNES =2.63% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1909.35 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A CONSIDERABLE SIZED INCREASE IN OI AT THE COMEX OF 2271 WITH THE RISE IN PRICING ($2.35) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 2775 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 2775 EFP CONTRACTS ISSUED, WE HAD AN GOOD GAIN OF 7330 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

2775 CONTRACTS MOVE TO LONDON AND 2771 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 15.69 TONNES). ..AND THIS GOOD DEMAND OCCURRED WITH A RISE IN PRICE OF $2.35 IN YESTERDAY’S TRADING AT THE COMEX. HOWEVER A STRONG PERCENTAGE OF OI WAS DUE TO THE COMMENCEMENT OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 6 notice(s) filed upon for 600 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $1.80 TODAY



NO CHANGE IN GOLD INVENTORY AT THE GLD//







INVENTORY RESTS AT 739.64 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER DOWN 3 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//















/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A TINY SIZED 63 CONTRACTS from 200,109 UP TO 200,172 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 751 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 751 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 63 CONTRACTS TO THE 751 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL GAIN OF 814 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 4.070 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 17.990 MILLION OZ FOR MAY





RESULT: A TINY SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 751 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED UP 19.93 POINTS OR 0.69% //Hang Sang CLOSED UP 153.20 POINTS OR 0.52% /The Nikkei closed DOWN 335.61 POINTS OR 1.51%//Australia’s all ordinaires CLOSED UP .21%

/Chinese yuan (ONSHORE) closed DOWN at 6.7671 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 61.65 dollars per barrel for WTI and 70.41 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7671 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7829 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%










3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/USA

Bannon states the 6 factors to illustrate why the USA is in an economic war with China and it is futile to compromise

( Steve Bannon)
ii)Not good: Beijing puts his army on ‘heightened alert” over uSA warships in the South China sea. Tensions are rising!!
( zerohedge)

iii)Markets continue on a downward spiral even after Liu confirms his Washington visit on Thursday…Beijing is quite prepared for the talks to breakdown again.( zerohedge)
4/EUROPEAN AFFAIRS

i)GERMANY/USA

Pompeo snubs Merkel with a last minute cancellation. Pompeo is adamant that Europe ceases to purchase oil from Iran

( zerohedge)

ii)Germany/Deutsche bank

Chris Whalen is one smart cookie. In his latest commentary he discusses Deutsche bank’s problems and how its crisis can and will become our crisis. He outlines the Bank’s huge derivative exposure

(Chris Whalen/American Conservative Blog)




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Israel/Gaza
ii)Russia/Syria
Final showdown is on the horizon as the Russians are ramping up airstrikes in Idlib province.
(zerohedge)
iii)IRAN/USA
Expect Iran to go on the warpath as the EU is basically non capable of facing USA sanctions
(courtesy zerohedge)
6. GLOBAL ISSUES

One of my favourite Bellwether indicators: The Baltic Dry Index which is simply a measure of cost to move dry goods by ship. It just broke a 1000 down to 985. We are close to the worst levels last seen in 2008 at around 700.



( Scrap Register)


7. OIL ISSUES




8 EMERGING MARKET ISSUES








9. PHYSICAL MARKETS

i)Gold investors puzzled? I think you must be brain dead not to realize that gold/silver are manipulated.

(courtesy Kitco/GATA)



ii)Ronan Manly touches on the churning of membership from London’s gold banking cartel from which Soc Generale was the last one to leave

( Ronan Manly)




10. USA stories which will influence the price of gold/silver)





MARKET TRADING//

a)Market trading: last night

Markets replunge after Lighthizer confirms the tariffs hikes will take place after China reneges on its promises

( zerohedge)
b)This morning
This morning: Dow dumps 300 points as the opening bounces dies. Treasury yields also tumble.
(zerohedge)



ii)Market data



ii)USA ECONOMIC/GENERAL STORIES

the Bond King Gundlach is just spoken and he warns that the bear market is just getting started and he believes that there is a better than 50% chance that the trade talks collapse

(courtesy zerohedge)

SWAMP STORIES

a)Ex CIA chief explains that the FBI did indeed conduct espionage on the Trump campaign

( zerohedge)

b)Strange: Arizona democrats after claiming that there is no border no beg Trump for help with a flood of migrants
go figure…

( zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A CONSIDERABLE SIZED 2271 CONTRACTS.TO A LEVEL OF 442,488 WITH THE GAIN IN THE PRICE OF GOLD ($2.35) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2775 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 2775 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2775 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 5046 TOTAL CONTRACTS IN THAT 2775 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 2271 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 5046 contracts OR 504,600 OZ OR 15.69 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 127 contracts, having LOST 7 contracts. We had 13 notices served yesterday so we gained 6 contracts or an additional 600 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest FELL by 2422 contracts DOWN to 288,933. July GAINED 2 contracts to stand at 53. After July the next active month is August and here the OI rose by 4531 contracts up to 82,156 contracts.







TODAY’S NOTICES FILED:

WE HAD 6 NOTICES FILED TODAY AT THE COMEX FOR 600 OZ. (0.0186 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A TINY SIZED 63 CONTRACTS FROM 200,209 UP TO 200,172(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX GAIN OCCURRED DESPITE A 3 CENT GAIN IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 621 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 50 CONTRACTS. WE HAD 76 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 26 CONTRACTS OR AN ADDITIONAL 130,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 12 CONTRACTS DOWN TO 702. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 17 CONTRACTS DOWN TO 152,542 CONTRACTS.









TODAY’S NUMBER OF NOTICES FILED:



We, today, had 150 notice(s) filed for 750,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 255,546 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 258,702 contracts



INITIAL standings for MAY/GOLD

MAY 7 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
10,313.881
oz
Delaware
Deposits to the Dealer Inventory in oz nil

No of oz served (contracts) today
6 notice(s)
600 OZ
(0.0186TONNES)
No of oz to be served (notices)
121 contracts
(12100 oz)
0.3763 TONNES
Total monthly oz gold served (contracts) so far this month
164 notices
16400 OZ
.5101 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.



Gold withdrawals;

i) We had one withdrawal:

Out of Delaware: 10,313.881 oz



.

total gold withdrawals; 10,313.881 oz




i) we had 0 adjustments today

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 6 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (164) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (127 contract) minus the number of notices served upon today (6 x 100 oz per contract) equals 28,500 OZ OR 0.8864 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (164 x 100 oz) + (127)OI for the front month minus the number of notices served upon today (16 x 100 oz )which equals 28,500 oz standing OR 0.8864 TONNES in this NON active delivery month of MAY.

We gained 4 contracts or an additional 400 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.











SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.8864 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.










total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,749,406.282 oz 241.03 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 114 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 7 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
214,135.812 oz
CNT














Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
299,295.450 oz
Brinks
No of oz served today (contracts)
150
CONTRACT(S)
(750,000 OZ)
No of oz to be served (notices)
471 contracts
2,355,000 oz)
Total monthly oz silver served (contracts) 3127 contracts

15,635,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into Int. Brinks: 299,295.450 oz



















total customer deposits today: 299,295.450 oz


we had 1 withdrawals out of the customer account:



i) Out of CNT: 214,135.812 oz






total withdrawals: 214,135.812 oz



we had 2 adjustment :

out of CNT: 142,558.858 oz was adjusted out of the customer account and this landed into the dealer account of CNT

ii) out of Brinks: 286,038.580 oz was adjusted out of the dealer and this landed into the customer account of Brinks





total dealer silver: 95.038 million

total dealer + customer silver: 308.329 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 150 contract(s) FOR 750,000 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 3127 x 5,000 oz = 15,635,000 oz to which we add the difference between the open interest for the front month of MAY. (621) and the number of notices served upon today (150 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3127(notices served so far)x 5000 oz + OI for front month of MAY( 621) -number of notices served upon today (150)x 5000 oz equals 17,990,000 oz of silver standing for the MAY contract month.

We GAINED 26 contracts or an additional 130,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.







FOR COMPARISON VS LAST YEAR:









ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 57,767 CONTRACTS













CONFIRMED VOLUME FOR YESTERDAY: 67,687 CONTRACTS..



..







YESTERDAY’S CONFIRMED VOLUME OF 67,687 CONTRACTS EQUATES to 338 million OZ 48.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







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NPV for Sprott

1. Sprott silver fund (PSLV): NAV RISES TO -4.24% (MAY 7/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -2.20% to NAV (MAY 7/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.24%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.86 TRADING 12.29/DISCOUNT 4.44

END

And now the Gold inventory at the GLD/

MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


MAY 7/2019/ Inventory rests tonight at 739.64 tonnes

*IN LAST 592 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 492 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/

MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167







MAY 7/2019:


Inventory 316.582 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.11/ and libor 6 month duration 2.64

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .53/





XXXXXXXX

12 Month MM GOFO
+ 2.48%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.27

end



PHYSICAL GOLD/SILVER STORIES


end
i) GOLDCORE BLOG/Mark O’Byrne
Is Turkey The Snowflake That Unleashes The European Banking System Avalance?

7, May

by Claudio Grass on ClaudioGrass.ch
Turkey’s Inevitable Recession, Surging Gold Demand,
Record Gold Highs and Contagion

Turkey’s debt problem, coupled with the plummeting lira, is arguably the most important risk factor for the nation’s economy.

To make matters worse, far from it posing a threat just to Turkey itself, it also has the potential to inflict significant damage elsewhere too, starting with key economies in the Eurozone.

At first glance, the situation in Turkey might resemble many past similar scenarios of a heavily indebted nation with a plummeting currency that descends into a severe recession and eventually gets bailed out, like Greece.

However, there is one key difference that makes Turkey’s debt problem much more complicated and potentially dangerous. Unlike Greece, Italy or other seriously debt-laden economies, it’s not just government borrowing that’s the main risk here.

Instead, it’s the unsustainable and increasingly unfinanceable corporate debt that makes Turkey a ticking time bomb and renders an IMF-rescue option problematic.

Private debt to GDP stands at a staggering 170%, while, overall, over half of the borrowing is denominated in foreign currencies. Thus, the collapse of the lira has made it extremely challenging for businesses to pay off or even service their debt, while the default risk has surged. Around $179 billion in external debt is due to mature until July 2019, which amounts to almost a quarter of the country’s annual economic output, according to JPMorgan estimates. Most of that, $146 billion, is owed by the private sector and banks in particular.

However dire the current debt predicament might seem for Turkey’s businesses and economic outlook, it is important to also consider the implications for its debtholders, especially since European banks feature prominently among them. In fact, the level of exposure in some cases is so worrying that it justifiably raises concerns that what happens in Turkey won’t just stay in Turkey.

Spain’s banking sector is one of very few in the European bloc that was so far considered not to be problematic; especially in comparison to Italian or Greek banks.

However, the exposure of Spanish banks to Turkish debt means that the currency and debt woes of Europe’s neighbor have decisively challenged these assumptions. Spain’s second-biggest bank, BBVA, controls 49.9% of Turkish bank Garanti, which has already reported a rise in non-performing loans. Spanish banks also led the lending spree to Turkish businesses over the past years, rendering them vulnerable to the spiking default risk.

Although Spanish banks were by far the greatest lenders for Turkey, French, Italian and German banks also have significant exposure to Turkish debt. This already became problematic from the onset of the Turkish woes this past summer, when investors dumped Eurozone bank shares and prices suffered significant blows. Among the worst hit were BBVA, Unicredit, and PNB Paribas. Yet still, a blow to the stock price is nothing compared to the damage that a sustained currency crisis and rising default risk can inflict to the already vulnerable European banking sector.
Key lessons

Overall, Turkey’s woes are yet another important and timely reminder of the frailty of the current monetary system and of the banking sector, as well as of the systemic weaknesses and inevitable unsustainability of a centrally planned economy and of fiat money.

After all, the lira’s value, as that of any other fiat currency, depends on the trust the people place in its issuer. Once that is lost or even shaken, no measures and no force applied by the central planners can stabilize it. We saw that play out over the last months in Turkey, with the government trying a wide variety of approaches to control the currency’s fall, to no avail. That clearly demonstrated the flimsy and fickle nature of the entire system.

As the Turkish currency collapsed, demand for gold more than doubled in the country, while gold priced in lira reached all-time highs, as is to be expected in times of crisis.

Erdogan’s public calls for citizens to sell the “gold under their pillows” and buy lira to help defend the country against the “economic attacks” from the outside were clearly ignored. Consumers flocked to the precious metal in response to the deteriorating fiat currency and gold imports to Turkey increased eightfold last December, while the Turkish central bank itself also dramatically increased its official reserves over the last two years.

As the country now joins the long list of nations that came to regret reckless interventionism and aggressive monetary manipulation, it also sends a strong message to those investors who are wise enough to heed it. In order to effectively prepare for the upcoming economic slowdown and all that it will bring, one needs to hedge against these inherent risks that are deeply embedded in our current system.

While inflation, currency depreciations, volatile stock markets or a rise in toxic debt might be all we’ll see during the next downturn, nobody can be sure what the extent of the damage will be and whether it would be contained before threatening the banking system at large. Especially in Europe, the outlook is rather grim and the odds of a timely rescue are not favorable. As the central bank is already overstretched, after so many years of QE and negative interest rates, it is likely to lack the tools to fight the next recession and to limit its impact.

Turkey’s story can arguably be seen as a warning and as a cautionary tale. While governments and central banks will dismiss it, individual investors should not. Separating the signal from the noise has always been crucial in forming solid strategies and in planning for the future.

At this stage, when the signs of a widespread economic slowdown can already be seen on the horizon, the necessity of a physical precious metals position is imperative for any responsible investor who wishes to preserve their wealth.
Avoid ‘.Com Gold’ – 7 Real Risks to Your Gold Ownership

Mark O’Byrne
Executive Director

end
GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

Gold investors puzzled? I think you must be brain dead not to realize that gold/silver are manipulated.

(courtesy Kitco/GATA)


If gold investors are puzzled, it’s from a lack of financial journalism

Submitted by cpowell on Mon, 2019-05-06 15:56. Section: Daily Dispatches

12:06p Monday, May 6, 2019

Dear Friend of GATA and Gold:

Gold investors, Kitco News market analyst Jim Wyckoff writes today, “are scratching their heads and wondering why their metal has not reacted more positively to unsettling developments on the geopolitical front”:

https://www.kitco.com/news/2019-05-06/Gold-Bulls-Perplexed-Safe-Haven-Me…

Maybe some gold investors share Wyckoff’s supposed puzzlement, but not all. In any case Wyckoff himself, most other analysts quoted by Kitco News, and financial journalism generally are to blame for any puzzlement.

…



..For when has Wyckoff or any other analyst quoted by Kitco addressed the possibility of central bank intervention against gold, intervention that has a long history in Western government policy?

Much of that history is summarized here:

http://www.gata.org/node/14839

Indeed, how can anyone purport to analyze the gold market without reference to the questions posed in the last year by GATA and U.S. Rep. Alex Mooney, R-West Virginia, to the U.S. Federal Reserve, the Treasury Department, and the Commodity Futures Trading Commission?

Those questions are:

— To the Federal Reserve and the Treasury Department: Which markets are you secretly trading in, and for what purposes?

— To the CFTC: Is market-manipulating trading undertaken by the U.S. government or its agents subject to the commission’s jurisdiction or is it legal, authorized by the Gold Reserve Act of 1934 and other federal legislation?

See:

http://www.gata.org/node/18979

The Federal Reserve, Treasury Department, and CFTC have refused to answer these questions, even as CME Group, operator of the major futures exchanges in the United States, has just extended for another year its “Central Bank Incentive Program,” offering discounts for secret trading by governments and central banks in all futures contracts on CME Group exchanges:

http://www.gata.org/node/18925

Ordinarily when someone is puzzled the response is to ask questions. But with one laughably botched exception, neither Wyckoff nor any other market analyst at Kitco News appears to have tried questioning any government agency about its involvement in the gold market.

Three and a half years ago Kitco News’ Daniela Cambone sat smiling as an official of Austria’s central bank, Peter Mooslechner, said in an interview that Asian central banks “are increasing their reserves a lot and they are much more active in using also their reserves in trading in the market and intervening into the market”:

http://www.gata.org/node/15878

What did Mooslechner mean by “intervening”? He didn’t say, Cambone didn’t ask, and the Austrian central bank refused to answer questions about its official’s remark:

http://www.gata.org/node/15892

A little simple journalism could remove all puzzlement about the gold price. Why is it never attempted by those posing as financial journalists? And why should anyone involved with gold pay any attention to those who fail to attempt it?

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

end

Ronan Manly touches on the churning of membership from London’s gold banking cartel from which Soc Generale was the last one to leave

(courtesy Ronan Manly)
Ronan Manly: Churning membership curses London gold banking cartel

Submitted by cpowell on Mon, 2019-05-06 16:49. Section: Daily Dispatches

12:50p ET Monday, May 6, 2019

Dear Friend of GATA and Gold:

Bullion Star’s gold market analyst Ronan Manly today examines the churning membership of the London gold banking cartel, from which Societe Generale has just resigned.

Manly’s commentary is headlined “Curse of the London Gold Fix Strikes Again as SocGen Abandons Ship” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/curse-of-london-gold-fix-s…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

end
iii) Other Physical stories

-END-

Gold trading/



end
Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)
US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

Dawn Giel | Dan Mangan

Published 3:33 PM ET Tue, 20 Nov 2018 Updated 10:32 AM ET Wed, 21 Nov 2018CNBC.com

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.
Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.
Dawn GielReporter
end
A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)
Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201
Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-
Justice Department stalls another class action in gold market rigging, this one against JPM

Submitted by cpowell on Tue, 2019-03-05 14:40. Section: Daily Dispatches

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

…

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

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end

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Your early TUESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.7671/

//OFFSHORE YUAN: 6.7829 /shanghai bourse CLOSED UP 19.93 POINTS OR 0.69%

HANG SANG CLOSED UP 153.20 POINTS OR 0.52%



2. Nikkei closed DOWN 335.61 POINTS OR 1.51%









3. Europe stocks OPENED RED





USA dollar index RISES TO 97.55/Euro FALLS TO 1.1194

3b Japan 10 year bond yield: FALLS TO. –.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.62/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED



3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 61.65 and Brent: 70.41

3f Gold DOWN/JAPANESE Yen UP CHINESE YUAN: ON -SHORE DOWN/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO –02%/Italian 10 yr bond yield UP to 2.58% /SPAIN 10 YR BOND YIELD DOWN TO 0.96%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.60: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.34

3k Gold at $1280.30 silver at: 14.82 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 16/100 in roubles/dollar) 65.09

3m oil into the 61 dollar handle for WTI and 70 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.62 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 1.0195 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1414 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to –0.02%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.47% early this morning. Thirty year rate at 2.89%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6. TURKISH LIRA: UP TO 6.1396..they are toast
Futures Resume Slide As Traders Brace For Trade War Impact



There was renewed turbulence in global markets overnight, which however eased modestly following Monday’s rollercoaster, after the late Tuesday shock confirmation by USTR Lighthizer that the US would indeed hike tariffs at midnight on Friday even as China’s top trade negotiator Liu He confirmed he was headed to the US for what may prove to be a futile trip. And, like yesterday, stocks in Europe and Asia dropped alongside U.S. equity-index futures as a slew of trade headlines continued to roil traders around the globe. The dollar edged higher and Treasury yields were steady, while Turkey’s lira plunged as concerns about its politics erupted again.



“Reality is setting in that they are not going to get the master deal, the grand deal that they are hoping for and there’s a lot of work to be done,” Oliver Pursche, Bruderman Asset Management’s chief market strategist, told Bloomberg TV. “Our best guess is that these tariffs will be implemented on Friday, but will then be reversed relatively quickly.’’

Europe’s Stoxx 600 Index fell to a five-week low as declines for banks and oil producers outweighed gains for real-estate companies; the index slumped to session lows just after 7am ET, falling as much as 0.6% with energy shares among the worst performing industry groups as crude extended losses. The SXEP was down 1.2%, tracking oil lower as Saudi Arabia was reported to supply extra crude to its customers in Asia. Banks also dragged Stoxx 600 lower, with SX7P down for a 2nd day. As a result of the recent selling in Europe, the Stoxx 600 upward channel has now been broken, and more downside is to be expected.



Futures on the S&P 500 index retreated even as China confirmed its vice premier would attend trade talks in Washington this week; the report sparked a brief 15 point spike earlier in the session which however was quickly faded.



To be sure, the drop could be worse, but many investors continue to hope that the tariff threats are a negotiating tactic, especially as Beijing confirmed its top negotiator, Vice Premier Liu He, would go to Washington on Thursday and Friday as planned.

“We expect the situation to de-escalate as the issue seems solvable and Liu He, China’s lead negotiator, is continuing with his plans to travel to Washington D.C. for talks this week,” said Oxford Economics economist Louis Kuijs. “Nonetheless, the probability of renewed escalation of the U.S.-China trade war has risen substantially, which would be a drag on their respective economies, especially on China.”

Earlier in the session, Asian stocks edged lower, led by industrial and technology firms, after slumping on trade tensions Monday. MSCI’s broadest global and Asian indexes had largely held their ground overnight, though Japan’s Nikkei did take a delayed 1.5 percent hit, having been closed for over a week. Markets in the region were mixed, with China advancing and Japan and South Korea retreating. The Topix fell 1.1% as Japanese traders returned from a long holiday break. Murata Manufacturing Co. and Komatsu Ltd. were among the biggest drags. The Shanghai Composite Index rose 0.7%, driven by Foshan Haitian Flavouring & Food Co. and Shanghai International Airport Co. The S&P BSE Sensex Index fluctuated, with a rally in Housing Development Finance Co. countering Reliance Industries Ltd.’s decline. Read more about stocks in Japan here, China here and India here. Asia Picks Up the Pieces After Trade Sell-off: Taking Stock

In FX, the euro erased an advance after German factory orders rebounded less than economists’ forecasts in March; bonds in the region rose.



Earlier, Australia’s dollar jumped and government bonds fell after the central bank kept its benchmark interest rate at a record-low 1.50% for the 30th consecutive meeting. RBA Governor Philip Lowe says in statement Tuesday that “The Board judged that it was appropriate to hold the stance of policy unchanged at this meeting. In doing so, it recognized that there was still spare capacity in the economy and that a further improvement in the labor market was likely to be needed for inflation to be consistent with the target. Given this assessment, the Board will be paying close attention to developments in the labor market at its upcoming meetings.” According to the RBA , falling property prices — Sydney down 14.5% from 2017 peak — are prompting households to rein in spending as consumption accounts for nearly 60% of GDP. Reflecting that, economic growth slowed to an annualized 1% in the second half of last year from almost 4% in the first six months.

Also overnight, the Swedish krona was caught in choppy trade following contrasting headlines from the minutes of a Riksbank review.

Over in China, the yuan had recouped most of its early losses against the dollar by the end of trading there as investors largely digested the situation. The offshore yuan clawed as high as 6.7628 per dollar at one point, trimming the intraday loss to 6 pips from the previous late night close of 6.7622.

However, the highlight of the overnight session was once again the Turkish lira, which was back under heavy fire after the country’s elections board ruled to scrap and re-run Istanbul elections. It slid 1.5% past the 6.15 per dollar which also sent government bonds tumbling.

“The rule of law is under scrutiny by markets,” UniCredit EM FX strategist Kiran Kowshik said. “It is also clear that Turkish reserves are depleted and there are questions about whether Turkey can weather its immediate challenges without an external anchor like the IMF.”

In overnight central bank news, Fed’s Kaplan (Non-Voter. Dove) said he would currently stand pat and doesn’t see a need to lower rates to address inflation, while he added that he doesn’t have a bias for the direction of the next rate move. Furthermore, Kaplan said he has been trying to flag issue of risky corporate debt which could be a burden on the economy in a downturn and is concerned global growth is decelerating.

In the commodity market, oil futures traded steady to higher on Tuesday as U.S. sanctions on crude exporters Iran and Venezuela kept supply concerns alive, while the Trump administration dispatched warships to the Middle East in a warning to Iran.

Today we get the JOLTS and consumer credit data, while Allergan, Emerson Electric, Ferrari, Sprint, and Lyft are among companies reporting earnings.

Market Snapshot

S&P 500 futures down 0.4% to 2,922.25
STOXX Europe 600 down 0.3% to 385.68
MXAP down 0.1% to 160.85
MXAPJ up 0.3% to 531.93
Nikkei down 1.5% to 21,923.72
Topix down 1.1% to 1,599.84
Hang Seng Index up 0.5% to 29,363.02
Shanghai Composite up 0.7% to 2,926.39
Sensex down 0.04% to 38,583.72
Australia S&P/ASX 200 up 0.2% to 6,295.68
Kospi down 0.9% to 2,176.99
German 10Y yield fell 1.7 bps to -0.011%
Euro up 0.01% to $1.1200
Italian 10Y yield rose 1.8 bps to 2.208%
Spanish 10Y yield fell 2.3 bps to 0.961%
Brent futures down 0.9% to $70.57/bbl
Gold spot little changed at $1,281.23
U.S. Dollar Index little changed at 97.53

Top Overnight News from Bloomberg

China’s top trade negotiator Liu He will visit the U.S. this week for trade talks, in a sign its leadership is battling to keep negotiations on track after President Donald Trump ratcheted up pressure with plans to raise tariffs on Chinese goods Friday
The Federal Reserve is further amplifying its warnings about the perils of risky corporate debt, saying in a Monday report that the market grew 20 percent last year and that lending standards continue to slip.
German factory orders rose for the first time in three months in March, though the increase was smaller than economists forecast and marks only a partial recovery from a recent slump.
President Donald Trump’s top trade negotiator said the U.S. plans to raise tariffs on Chinese goods on Friday, accusing Beijing of backpedaling on commitments it made during negotiations
Chinese stocks saw muted gains after Monday’s $487 billion rout. The Shanghai Composite Index added 0.3 percent at the midday break after losing 5.6 percent Monday
U.S. interest rates are “in the right place” and don’t need to be lowered, although weak inflation merits close watching, according to Robert Kaplan, president and CEO of the Federal Reserve Bank of Dallas
Turkey ordered a re-run of mayoral elections in Istanbul, overturning a rare defeat for President Recep Tayyip Erdogan and threatening long-term damage to the country’s democracy and economy
Iran signaled Monday that it may scale back some commitments made as part of the 2015 nuclear deal in response to tightening U.S. sanctions, a move that could escalate tensions after the Trump administration deployed an aircraft carrier to the Gulf
Iron ore rallied after Brazilian mining giant Vale SA’s operations were hit by fresh disruption, with a local court reversing a decision that had allowed operations at a key mine to resume and the company scaling back expectations for 2019 sales volumes
Treasury Secretary Steven Mnuchin refused to release President Donald Trump’s personal and business tax returns, setting up what could become one of the biggest legal showdowns between the president and a Congress seeking to investigate him.

Asian equities traded mixed as sentiment remained at the whim of the ongoing US-China trade uncertainty with Nikkei 225 (-1.5%) and KOSPI (-0.9%) the underperformers on return from holiday closures as they got their first opportunity to react to US President Trump’s tariff threat. Nonetheless, there was no lack of success stories in Japan with Sony among the biggest gainers after having waited through a 10-day closure to finally benefit from a return to profit in Q4 and with SoftBank boosted as it considers an IPO for its USD 100bln Vision Fund. ASX 200 (+0.2%) was positive with the index led by strength in mining names and after mostly encouraging Trade Balance and Retail Sales data, while some participants were also hopeful for a rate cut by the RBA although this failed to materialize and subsequently saw the index give back some of the gains. Hang Seng (+0.5%) and Shanghai Comp. (+0.7%) nursed some of the prior day’s sell-off in which the mainland bourse had dropped nearly 6% due to the heightened trade tensions. Furthermore, the recovery also followed a substantial rebound on Wall St after reports that the China delegation will still travel to Washington D.C. provided a glimmer of hope, although this was later clouded after-hours as US Treasury Secretary Mnuchin and Trade Representative Lighthizer confirmed a deterioration in negotiations and that tariffs will be increased if there is no agreement by Friday. Finally, 10yr JGBs were higher as the risk-averse tone in Tokyo spurred demand government bonds and with the BoJ also present in the market for JPY 940bln of JGBs.

Top Asian News

Lira Bears Out in Force as Vote Re-Run Ramps Up Political Risk; Credit Agricole Sees Lira Weakness Leading to Tighter Policy
China Stocks See Muted Gains From Monday’s $487 Billion Rout
Saudi Aramco Said to Give Extra Oil to Crude-Hungry Asian Buyers
Malaysia Joins Asia Easing Cycle With Quarter-Point Rate Cut

Major European indices are broadly in the red, and after drifted lower as the day has advanced [Euro Stoxx 50 -0.6%] in spite of risk sentiment receiving a boost prior to the cash open when China announced that Vice Premier Liu He is to attend trade talks in the US on the 9th & 10th of May. The FTSE 100 (-0.2%) is mildly lagging its peers as UK markets return from a bank holiday, and as such are reacting to the US-China trade updates; although, downside in the index is limited by the likes of Vodafone (+1.4%) and AstraZeneca (+1.5%) in the green after making a deal with Telefonica Deutschland (+2.2%) and announcing that their Phase 3 Calquence study achieved its primary endpoints respectively. Sectors are similarly mixed with energy names down in tandem with the oil complex, and notably the auto sector is once again in the red dragged down by heavyweight BMW (-1.0%) post-earnings. Following the Co. posted Q1 EBIT significantly lower than the prior levels and that the Co. have set aside EUR 1.4bln for anti-trust provisions after the Co. were previously warned of a significant charge resulting from an EU probe into collusion over delaying the implementation of cleaner-emissions cars. Other notable movers this morning include, AB Inbev (-0.1%) who at first fell around 1% at the open due to a slight miss on Q1 revenues and stating that short term dividend growth will be impacted deleveraging commitments. However, Co’s shares subsequently retraced much of this downside after stating that they are considering the IPO of their Asia-Pacific unit in Hong Kong, which could reportedly value the business at up to USD 40-70bln. In contrast, Infineon (-0.3%) initially moved higher by around 1.3% but gave up much of this surge as the Co. initially posted a beat on Q2 revenues but did emphasise that the market environment remains competitive.

Top European News

UniCredit Is Preparing for Possible Exit From FinecoBank
Vodafone Seeks EU Nod for German Deal With Telefonica Pledge
German Factory Orders Rebound Less Than Forecast After Slump
Niel Agrees to $3 Billion of Phone Tower Sales to Cellnex

In FX, Aud/Usd is firmly back above 0.7000, albeit off overnight recovery highs circa 0.7050, while Aud/Nzd remains nearer the top of its range (1.0640+) having reclaimed 1.0600 status from a low of 1.0575 ahead of the eagerly awaited RBA policy meeting. In sum, the OCR was maintained at 1.5% and the accompanying statement struck a less dovish tone than most were anticipating as rate expectations were finely balanced between 51% for on hold and the remainder predicting a 25 bp ease. However, the Bank reiterated that strength in the labour market outweighed weakness in wages and inflation, supporting the decision to stand pat again and monitor data/economic developments (domestic and external). Conversely, Nzd/Usd has drifted back down towards 0.6600 as the spotlight switches to the RBNZ amidst even greater expectations that an ease is in the offing – see the Ransquawk headline feed for a more detailed preview.

SEK/NOK – The next best performing G10 currencies as the Swedish Krona rebounds from recent lows vs the Euro through 10.7000 on a broad stabilisation in risk sentiment and despite Riksbank minutes reaffirming the more dovish shift at the last policy meeting. Similarly, the Nok has pared losses to trade back above 9.7500 against the Eur and the backdrop of steadier oil prices.
EM – The Cnh is consolidating off Monday’s lows around 6.7750 vs 6.8000+ in wake of reports that China’s Vice Premier Lui will attend the next round of trade talks in Washington and the perception if not reality that his presence improves the chances that an agreement will be reached in time to avoid the 25% tariffs on a further Usd200 bn goods threatened by US President Trump over the weekend. However, this has not done much to lift the gloom for the Try as the Istanbul rerun is not due until June 23 and as such the uncertain domestic political scene will remain for another 1 1/2 months at least. The Lira has consolidated off a 6.2000 base vs the Dollar, but Turkish assets are still underperforming and looking vulnerable.
GBP/EUR/JPY/CAD – All relatively flat vs. the buck as news-flow somewhat slowed in EU trade, albeit Brexit remains in the background with Labour leader Corbyn not partaking to today’s cross-party talks, whilst PM May is speculated to receive her departure date before the 1922 committee. Sky News’ Rigby did however note that prospects have increased for a cross-party deal, citing a Cabinet source. Cable largely was unreactive to a technical speech by Cunliffe on post-Brexit financial stability. GBP/USD remains below the 1.3100 handle (having fallen below its 50 DMA around the figure), with the next technical at its 100 HMA at 1.3077. Elsewhere, the single currency remains just around the 1.1200 level, with the European Commission Spring Forecast pushed back to around 11:30BST due to an earlier speech by the Commission’s President. The focus of the release will be Italy as press reported that the EC may warn of widening Italian budget deficit to 2.6% of GDP, above the government’s forecast of 2.4%. Moving on, the Loonie straddles just below 1.3500 vs. the Greenback ahead of Ivey PMIs later. Elsewhere, JPY remains sub-111 vs. the Buck, holding onto most of its post-Trump risk premia ahead of further trade talks this week with Vice Premier Liu He now attending, signalling high-level talks. USD/JPY remains flat around 110.50 with around 1.3bln in option expiries around 110.00-40.

In commodities, Brent (-0.6%) and WTI (-0.4%) prices are somewhat subdued, but have been relatively steady and are currently trading within a very narrow USD 1/bbl range this morning. News flow for the complex has been relatively light, with prices largely moving in-line with the US-China driven sentiment. However, there were reports that Israel has provided the White House with intelligence regarding a potential Iranian plot to target US interest in the Gulf. Looking ahead, we have the API weekly inventory report with expectations for crude inventories to increase by 2.5mln barrels; additionally, the EIA are releasing their Short Term Energy Outlook, where they previously forecast that the US crude oil production is to average 12.4mln BPD in 2019 and 13.1mln BOD in 2020. For reference, EIA weekly crude production stood at 12.3mln BPD in last week’s release. Gold (U/C) prices are largely unchanged on the day, with the safe haven selling off slightly following China stating that Vice Premier Liu He is to attend trade talks in the US. With the yellow metal still holding firm above the USD 1280/oz level, currently around USD 1281/oz. Elsewhere, Vale state that the Brucutu mining complex has stopped operations due to a court decision; follows on from a prior lower court decision which had stated that mining activities could resume.

US Event Calendar

10am: JOLTS Job Openings, est. 7,350, prior 7,087
3pm: Consumer Credit, est. $16.0b, prior $15.2b

DB’s Jim Reid concludes the overnight wrap

Since we last spoke, I’ve lugged about 200 boxes up and down stairs, spend most waking hours unpacking them or stopping three young children and a dog from doing so, had 4 water leaks (including one sewage leak into our new larder cupboard and thus ruining it and the food of course!), co-habited daily with about 50 builders/decorators/plasterers/plumbers/electricians/landscapers, etc., which wasn’t part of the plan, watched four new episodes of Game Of Thrones (anyone see the Starbucks cup accidentally left in a scene in this week’s?), have thrown a cushion at Lionel Messi on the TV, cursed Man City, had lots of medicinal de-stressing glasses of wine, and for the first time on holidays in my career have hardly looked at financial markets. Yesterday was a bank holiday in the UK and little Maisie was really upset as there was no builders in the house for the first day since moving in two weeks ago. She was really worried about them and was a bit tearful when we said that they wouldn’t always be living with us. Well I don’t think they will be always living here but a glance at the new house suggests that it might be a while yet!

So back at work and after going on holiday before Easter believing that the US/China trade deal was more a matter of when not if, clearly since Sunday all this has changed. Inevitably market action yesterday was dominated by the dramatic trade headlines, initially sparked by President Trump’s Sunday tweet threatening an escalation in tariffs against China. Equity markets sold off across the world, though sentiment improved throughout the US session, helping stocks close off their lows. The S&P 500, NASDAQ, and DOW had opened -1.61%, -1.78%, and -2.23% lower, respectively, but ultimately rallied to end the session only -0.44%, -0.50%, and -0.25% lower. That partially reflected improving news flow that suggested trade talks will continue this week with the Chinese delegation still flying to Washington, as opposed to being cancelled as initially feared.

The real carnage was in Asia yesterday, where the Shanghai Composite fell -5.58% for its worst day since February 2016. This morning it is recouping a small amount of those declines (+0.32%). The Hang Seng is also up +0.16% a touch after falling -2.90% yesterday while the Nikkei (-1.18%) and Kospi (-1.08%) are both down as they have re-opened after holidays. China’s onshore yuan is down -0.18% this morning to 6.7781. In terms of data releases, Japan’s final April manufacturing PMI came in at 50.2 vs. a preliminary reading of 49.5 and last month’s 49.2

Overnight trade headlines have continued to pour in with the US Treasury Secretary Mnuchin saying that China sent through a new draft of an agreement over the weekend that included them pulling back on language in the text on a number of issues, which had the “potential to change the deal very dramatically.” He added that “we are not willing to go back on documents that have been negotiated in the past.” USTR Robert Lighthizer though said last night that the trade talks will continue and a Chinese delegation will visit Washington on Thursday and Friday. He also confirmed that the tariff hike will proceed this Friday, though he did not say if or when the additional tranche would be applied. He also said, in a confirmation of earlier unconfirmed reports, that President Trump announced the tariffs in response to the Chinese team’s apparent backtracking on prior commitments, specifically regarding their promise to change Chinese law as part of the trade deal in order to better protect foreign investors and intellectual property holders. On the other side, China’s Global Times reported in its editorial today that China is “well prepared for other potential outcomes” of its trade talks with the US, “including a temporary breakdown in talks,” while adding that even if the negotiations break down and Washington comprehensively raises tariffs, that does not mean the door to talks is closed.

The situation is still fluid, but DB’s economists have outlined their views on the likely course of events and possible macro and market implications in a series of notes published yesterday. First, our China team outlined their views here . They think China is unlikely to back down, as recent experience suggests: 1) the cost of the tariffs is borne by US consumers, 2) China’s economy has stabilised and therefore lowers the risks of a harsher impact, and 3) previously, the US administration has responded to market sell-offs by moderating their tone. The rest of our Asia macro team outlined the associated implications for the rest of the region here . If the trade war escalates, they expect currencies across the region to weaken versus the dollar. Lastly, our US economics team published their views here . They think that, on balance, tariffs could certainly be raised this week as threatened, but they are unlikely to be followed by further major escalation. They note that the impact of a broader row would have significant implications, however.

Back to yesterday and the sectors most exposed to China led losses in developed markets, with US semiconductor stocks down -1.72% and indices of materials firms down -1.38% and -1.19% in the US and Europe. Volatility surged, with the VIX index rising as much as +5.93pts, which would’ve been its biggest spike since December, but it ultimately retraced to end only +2.44pts higher at a fairly contained level of 15.31pts.

Safe havens rallied, with treasury and bund yields falling -2.9bps and -1.9bps. Those moves might have been somewhat cushioned by healthy economic data in Europe, where the composite PMI for April was revised up 0.2pts to 51.5. The improvement was driven by upgrades in Germany and France, as Spain and Italy saw marked deterioration. The FTSE MIB lagged, falling -1.63%, while the IBEX fell -0.84%, in line with the STOXX 600, which fell -0.88%. Yields on BTPs rose +1.8bps while the other major bond markets in Europe all rallied. The Turkish lira fell -1.93% after Turkey’s national election commission ordered a re-run of mayoral elections in Istanbul, overturning a rare defeat for President Erdogan.

After the Fed drove market action last week, there was some attention paid to Philadelphia Fed President Harker’s speech yesterday, but he ended up reiterating Powell’s prior comments in a pretty uneventful way. He said that the softer inflation appears transitory and that he continues to envision one more hike this year, at most. Elsewhere, the Fed’s Kaplan (non-voter) said overnight that the US interest rates are “in the right place” and don’t need to be lowered, although weak inflation merits close watching. On revival of trade tensions he said that the US-China trade war isn’t having a major impact on the US economic growth, though he warned that businesses are being forced to reconsider supply chain and logistics operations with some of them seeking alternative arrangements in South-East Asia and Mexico instead.

As mentioned above, we had final European services and composite PMIs yesterday, which were a shade better than expected. The Euro Area composite print was revised up +0.2pts to 51.5 while the services reading was up +0.3pts to 52.8. Germany’s and France’s composite readings were up +0.1pts each to 52.2 and 50.1, respectively. Italy’s and Spain’s composite prints came in below expectations, however, at 49.5 and 52.9, down -2.0pts and -2.5pts, respectively, from March. That tips Italy’s reading back into contractionary territory for the fifth time in the last seven months.

Other data yesterday included the Euro Area’s Sentix investor confidence survey, which rose to 5.3 from -0.3. That’s the first positive reading since November. Retail sales were also flat on the month in March, versus expectations for a -0.1% mom decline, and the prior month was revised +0.1pp higher. In the US, there were no major data releases, but the Fed did release its Senior Loan Officer Survey, which showed easing credit standards for mortgage loans as well as corporate and industrial loans. Credit card standards tightened a bit, but on net it was a positive report.

Turning to a recap of last week and rest of the week ahead now given that the UK was out yesterday. The highlight on Friday was the US jobs report, which showed yet another example of robust growth but tepid inflation pressure. Bond yields fell and equity markets rallied, with most US indexes returning to near their levels of Wednesday afternoon before the Fed-inspired swoon. On the week, the S&P 500 and NASDAQ finished +0.20% and +0.22% higher (+0.96% and +1.58% Friday), while the DOW fell -0.14% (+0.75% Friday) on some poor earnings reports. Cyclical sectors led gains, with the NYFANG index up +2.30% (+1.88% Friday) and bank stocks rallying +1.41% (+0.68% Friday). In Europe, the STOXX 600 retreated -0.16% on the week (+0.39% Friday) and the DAX outperformed, up +0.79% (+0.55% Friday). Treasuries ultimately ended up +2.7bps (-1.6bps Friday) while bunds rose +4.7bps (-0.5bps Friday). Despite a brief move near 16 earlier in the week, the VIX retraced to return to sub-13 levels, ending the week +0.2pts (-1.5pts Friday). The dollar retreated -0.54% (-0.37% Friday) as the euro strengthened +0.48% (+0.29% Friday). Emerging markets held up well, with currencies gaining a slight +0.04% (+0.50% Friday) and equities up +0.77% (+1.19% Friday).
end
3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED UP 19.93 POINTS OR 0.69% //Hang Sang CLOSED UP 153.20 POINTS OR 0.52% /The Nikkei closed DOWN 335.61 POINTS OR 1.51%//Australia’s all ordinaires CLOSED UP .21%

/Chinese yuan (ONSHORE) closed DOWN at 6.7671 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 61.65 dollars per barrel for WTI and 70.41 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7671 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7829 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%


3 a NORTH KOREA/SOUTH KOREA
NORTH KOREA
end
3 b JAPAN AFFAIRS


end
3 C CHINA/CHINESE AFFAIRS



Read more Harvey here....
https://harveyorganblog.com/2019/05/07/may-7-2019/

[JD400]

Afternoon Data


Good Morning Good Evening


Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~


We have lots of good stuff on the show tonight Great Data & News by Harvey Organ, Bill Holter on Dirt Cheap Coin Premiums,Headline links from Miners Weekly America's Home, Some Are Waiting For A Double Bottom For Gold Are You? and of course the GATA Daily Dispatch


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope your having a wonderful evening EnJoy the show

OK...Onward to The Data !

MMGYS

Thank you

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx




MAY 8/GOLD DOWN $3.70 TO $1280.60//SILVER DOWN 3 CENTS TO $14.86//MARKETS VERY VOLATILE AS THE GLOBE IS WORRIED THAT TRUMP WILL FINALIZE AN INCREASE IN TARIFFS ON FRIDAY//THE DOW AFTER BEING UP HUGELY DURING THE DAY PLUMMETS TO A NEAR ZERO GAIN/NASDAQ FALLS 20 POINTS//CHINA RESPONDS ANGRILY TO THE POTENTIAL INCREASE IN TARIFFS BY SHUNNING THE 10 YR AUCTION//TRUMP BANS COMPANIES DEALING WITH IRAN WITH RESPECT TO COPPER AND ALUMINUM///SOME HUGE BREAKING SWAMP STORIES ON THE STEELE DOSSIER PLUS OTHER GOODIES FOR YOU TONIGHT//
May 8, 2019 · by harveyorgan · in Uncategorized ·















GOLD: $1280.60 DOWN $3.70 (COMEX TO COMEX CLOSING)

Silver: $14.86 DOWN 3 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1284.60







silver: $14.91







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 5/7

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,283.500000000 USD
INTENT DATE: 05/07/2019 DELIVERY DATE: 05/09/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 5
737 C ADVANTAGE 2 2
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 7 7
MONTH TO DATE: 171




NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 7 NOTICE(S) FOR 700 OZ (0.0217 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 171 NOTICES FOR 17100 OZ (.5318 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


152 NOTICE(S) FILED TODAY FOR 760,000 OZ/



total number of notices filed so far this month: 3279 for 16,395,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$5930 UP 79.00




Bitcoin: FINAL EVENING TRADE: $5953 UP 101





end



XXXX











Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A TINY SIZED 705 CONTRACTS FROM 199,591 DOWN TO 199,467 ACCOMPANYING YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE705RRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 529 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 529 CONTRACTS. WITH THE TRANSFER OF 529 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 529 EFP CONTRACTS TRANSLATES INTO 2.645 MILLION OZ ACCOMPANYING:

1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 18.1 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MOAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

8808 CONTRACTS (FOR 6 TRADING DAYS TOTAL 8808 CONTRACTS) OR 44.01 MILLION OZ: (AVERAGE PER DAY: 1468 CONTRACTS OR 7.34 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 44.01 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.28% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 784.87 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.





RESULT: WE HAD A TINY SIZED 176 INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 705 WITH THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 529 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE LOST A TINY SIZED: 176 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 529 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 705 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.89 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.008 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 152 NOTICE(S) FOR 760,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.1 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A HUGE SIZED 7551 CONTRACTS, TO 450,039 WITH THE TINY RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $1.85//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 3268 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 3268 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 450,039. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A VERY STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,819 CONTRACTS: 7551 OI CONTRACTS INCREASED AT THE COMEX AND 3268 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 10,819 CONTRACTS OR 1,081,900 OZ OR 33.65 TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF ONLY $1.85….AND WITH THAT TINY RISE, WE HAD A HUGE GAIN IN TONNAGE OF 33.65 TONNES!!!!!!.??????????????????????????????????????????

AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.



HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”











ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 33,418 CONTRACTS OR 3,341,800 OR 103.44 TONNES (6 TRADING DAYS AND THUS AVERAGING: 6030 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAYS IN TONNES: 103.45 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 103.45/3550 x 100% TONNES =2.91% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1919.51 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A HUGE SIZED INCREASE IN OI AT THE COMEX OF 7551 WITH THE RISE IN PRICING ($1.85) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A SMALL SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 3268 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 3268 EFP CONTRACTS ISSUED, WE HAD AN VERY STRONG GAIN OF 10,819 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

3268 CONTRACTS MOVE TO LONDON AND 7551 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 33.65 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A TINY RISE IN PRICE OF $1.85 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 7 notice(s) filed upon for 700 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD DOWN $3.70 TODAY



NO CHANGE IN GOLD INVENTORY AT THE GLD//







INVENTORY RESTS AT 739.64 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER DOWN 3 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//















/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A TINY SIZED 705 CONTRACTS from 200,172 DOWN TO 199,467 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 581 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 581 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 705 CONTRACTS TO THE 529 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL LOSS OF 176 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES: 0.300 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.1 MILLION OZ FOR MAY





RESULT: A TINY SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 529 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT:

SHANGHAI CLOSED DOWN 32.63 POINTS OR 1.12% //Hang Sang CLOSED DOWN 359.82 POINTS OR 1.23% /The Nikkei closed DOWN 321.13 POINTS OR 1.46%//Australia’s all ordinaires CLOSED DOWN .50%

/Chinese yuan (ONSHORE) closed DOWN at 6.7824 AS TRUCE DECLARED FOR 3 MONTHS /Oil DOWN to 61.22 dollars per barrel for WTI and 69.56 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.7824 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8005 TRADE TALKS NOW ON/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%








3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/USA

China responds to Trump as they are fully prepared for an escalated trade war:

(courtesy zerohedge)

ii)Then: bang!!

China boycotts the 10 yr auction as indirects (which is usually China) plunges. The bankers took up double to make up for the loss

(courtesy zerohedge)



iii)Goldman capitulates and now sees a greater chance that we will see a tariff increase on Friday
( zerohedge)
4/EUROPEAN AFFAIRS

i)ITALY

Major problems with the Italian coalition partners as well as Italian budget chaos brings the Italian 10 yr yield much higher to 2.69% and the spread between the German bund and Italian funds rise to 2.75%

( zerohedge)

ii)UK
The tories have had enough of Theresa May who really does not want a proper Brexit. They demand to pick her resignation date or they will do it themselves. The message is clear; deliver a Brexit
( Mish Shedlock/Mishtalk)




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)IRAQ/USA/IRAN

Pompeo makes a surprise Iraqi visit as they site Iranian escalation.

( zerohedge)

ii)Iran
Iran reneges on its JCPOA agreement (with Europe) and thus an unprecedented escalation from Tehran. Europe now has a big problem
( zerohedge)


6. GLOBAL ISSUES


7. OIL ISSUES




8 EMERGING MARKET ISSUES








9. PHYSICAL MARKETS
i)These two days will go down in infamy as they were the May Day massacre of silver in 2011 and the Bank of England’s gold sales in 19999

( zerohedge)
ii)China adds 14.93 tonnes of gold to its official reserves. it produces around 33 tonnes of gold per month and no gold ever leaves China so these figures are again still muted
( zerohedge)


10. USA stories which will influence the price of gold/silver)





MARKET TRADING//

a)Market trading: last night




b)This morning





ii)Market data

Credit card defaults climb as banks are hoarding the riskiest accounts.

(courtesy zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

a)California’s mandatory minimum wage at $15.00 is already starting to backfire.

( zerohedge)

b)We have been highlighting to you on several occasions that Trump’s new tariffs hurt the USA as much as China because it is the USA citizen that must pay for thee higher cost of goods.

( Tom Luongo)

c)I guess when it rains it pours: Baltimore is paralyzed with a ransomware attack

good luck to them..

(courtesy zerohedge)

SWAMP STORIES

i)The following is a huge story: Steel made a damning pre fisa confession that the dossier is political and must be out before Nov 8. Also the FBI retroactively classified this document.

my goodness.

( zerohedge)

i b)former FBI official states that James Comey is in a heap of trouble
(courtesy zerohedge)

ii) a Trump asserts executive privilege over the Mueller report and its underlying documents even though Barr released the report already to the public at large save the redacted stuff.

( zerohedge)

iib)Ridiculous!! The House Judiciary committee votes to hold Barr in contempt over the Mueller report which Barr refuses to hand over. This will end up in court and the Dems will lose
(courtesy zerohedge)

iii)The Democrats are now taking aim at corporations that pay zero Federal taxes (even though they probably have loses.

( zerohedge)

iv)trump had severe losses in his New York Times report. The losses stem from his casinos and airline endeavours.

He has done nothing wrong.

(courtesy New York Times/zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7551 CONTRACTS.TO A LEVEL OF 450,039 DESPITE THE TINY GAIN IN THE PRICE OF GOLD ($1.85) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3268 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 3268 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3268 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 10,819 TOTAL CONTRACTS IN THAT 3268 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 7551 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 10,819 contracts OR 1,081,900 OZ OR 33.65 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 130 contracts, having GAINED 3 contracts. We had 6 notices served yesterday so we gained 9 contracts or an additional 900 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest FELL by 5629 contracts DOWN to 283,304. July LOST 1 contracts to stand at 52. After July the next active month is August and here the OI rose by 11,422 contracts up to 93,578 contracts.







TODAY’S NOTICES FILED:

WE HAD 7 NOTICES FILED TODAY AT THE COMEX FOR 700 OZ. (0.0217 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A TINY SIZED 705 CONTRACTS FROM 200,172 DOWN TO 199,467(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX LOSS OCCURRED WITH A 3 CENT GAIN IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 499 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 122 CONTRACTS. WE HAD 150 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 28 CONTRACTS OR AN ADDITIONAL 140,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 3 CONTRACTS DOWN TO 699. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 741 CONTRACTS DOWN TO 151,801 CONTRACTS.









TODAY’S NUMBER OF NOTICES FILED:



We, today, had 152 notice(s) filed for 760,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 310,659 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 292,012 contracts





INITIAL standings for MAY/GOLD

MAY 8 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
46,630.620
oz
JPM
Scotia
Deposits to the Dealer Inventory in oz nil

oz





Deposits to the Customer Inventory, in oz

nil oz






No of oz served (contracts) today
7 notice(s)
700 OZ
(0.0217TONNES)
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3825 TONNES
Total monthly oz gold served (contracts) so far this month
171 notices
17100 OZ
.5318 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.

IT LOOKS LIKE THE RATS ARE FLEEING A SINKING SHIP!

Gold withdrawals;

i) We had 2 withdrawals:

Out of JPMorgan: 40,629.560 oz

ii) Out of Scotia: 6,001.06 oz



.

total gold withdrawals; 46,630.620 oz




i) we had 0 adjustments today

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 7 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (171) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (130 contract) minus the number of notices served upon today (7 x 100 oz per contract) equals 29,400 OZ OR 0.9144 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (171 x 100 oz) + (130)OI for the front month minus the number of notices served upon today (7 x 100 oz )which equals 29,400 oz standing OR 0.9144 TONNES in this NON active delivery month of MAY.

We gained 9 contracts or an additional 900 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.











SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.9144 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.










total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,702,775.662 oz 239.58 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 116 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 8 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
984,748.412 oz
Brinks
CNT
Scotia














Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
2923,700 oz
Delaware
No of oz served today (contracts)
152
CONTRACT(S)
(760,000 OZ)
No of oz to be served (notices)
347 contracts
1,735,000 oz)
Total monthly oz silver served (contracts) 3279 contracts

16,395,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into Delaware: 2923.700 oz



















total customer deposits today: 2923.700 oz


we had 3 withdrawals out of the customer account:



i) Out of CNT: 73107.062 oz

ii) Out of Brinks: 906,752.85 oz

iii) Out of Scotia: 4888.500 oz






total withdrawals: 984,748.412 oz



we had 2 adjustment :

out of CNT: 168,114.02 oz was adjusted out of the customer account and this landed into the dealer account of CNT

ii) out of Brinks: 112,819.88 oz was adjusted out of the dealer and this landed into the customer account of Brinks





total dealer silver: 95.093 million

total dealer + customer silver: 307 348 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 152 contract(s) FOR 760,000 oz

To calculate the number of silver ounces that will stand for delivery in MAY, we take the total number of notices filed for the month so far at 3279 x 5,000 oz = 16,395,000 oz to which we add the difference between the open interest for the front month of MAY. (499) and the number of notices served upon today (152 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3279(notices served so far)x 5000 oz + OI for front month of MAY( 499) -number of notices served upon today (152)x 5000 oz equals 18,130,000 oz of silver standing for the MAY contract month.

We GAINED 28 contracts or an additional 140,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.







FOR COMPARISON VS LAST YEAR:









ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 58,050 CONTRACTS













CONFIRMED VOLUME FOR YESTERDAY: 62,463 CONTRACTS..



..







YESTERDAY’S CONFIRMED VOLUME OF 62,463 CONTRACTS EQUATES to 312 million OZ 44.6% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx







NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -4.24% (MAY 8/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.20% to NAV (MAY 8/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.24%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.86 TRADING 12.29/DISCOUNT 4.44

END

And now the Gold inventory at the GLD/

MAY 8/WITH GOLD DOWN $3.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 739.64 TONNES

MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


MAY 8/2019/ Inventory rests tonight at 739.64 tonnes

*IN LAST 592 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 492 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

MAY 8/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ///

MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/

MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167







MAY 8/2019:


Inventory 316.582 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.11/ and libor 6 month duration 2.64

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .53/





XXXXXXXX

12 Month MM GOFO
+ 2.48%

LIBOR FOR 12 MONTH DURATION: 2.75

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.27

end



PHYSICAL GOLD/SILVER STORIES


end
i) GOLDCORE BLOG/Mark O’Byrne


Deutsche Bank’s Crisis Will Likely Lead To U.S. and Global Banking Crisis

8, May

by Christopher Whalen, via TheAmericanConservative.com

Americans generally think of Europe first as a wonderful place to visit. They rarely ponder the economic and financial ties between the United States and European Union, but in fact these ties are extensive and significant to the stability of both economies.
Deutsche Bank Share Collapse – From €116 in 2007 to €7 Today (Google)

One area of particular connection involves the large banks and companies that provide services on both sides of the Atlantic. It is this area of commercial finance that risks are actually growing to the United States—in large part due to political gridlock in Europe stemming from the 2008 financial crisis.

Credit market professionals have been aware of problems among the European banks for many years. Their lack of profitability, combined with high credit losses and a lack of transparency have created a minefield for global investors going back decades. Whereas the United States has a bankruptcy court system to protect investors, in Europe the process of resolving insolvency is an opaque muddle that leans heavily in favor of corporate debtors and their political sponsors.

When we talk about true mediocrity among European banks, one of the leading example are, surprisingly, German institutions. Germany, after all, has a reputation for being the economic leader of Europe and a global industrial power, thus the continued failures in the financial sector are truly remarkable.

The biggest example, Deutsche Bank, Germany’s largest bank, has had problems with capital and profitability going back decades.

But Deutsche Banks’s problems are not unique.

What is troubling and indeed significant for American policy makers, however, is the nearly complete failure of our friends in Europe to address their banking sector, either in terms of cleaning up bad assets or raising capital to enable the cleanup.

One of the political understandings that came out of the Basel III process (a regulatory regime first introduced in 2013 to promote stability in the international financial system) was that the United States would take a harder view on mortgage related exposures and particularly intangible assets like mortgage servicing rights. The Europeans, it is said by participants, agreed to take a tougher line on bad assets loitering inside banks and to particularly require banks to take a reserve against bad credits immediately.

Prior to 2018, when the president of the European Central Bank, Mario Draghi, directed EU banks to start recognizing bad credits, international accounting rules essentially allowed EU banks to ignore bad credits. Indeed, EU banks could pretend that loan payments were still being received. Loans that defaulted prior to 2018 were not included in the directive. Thus Europe has a decade of detritus sitting in the loan portfolios of many banks that is neither disclosed nor properly valued. Whereas in the United States banks must charge-off bad assets down to some expected recovery value, in Europe we extend and pretend.

Many observers were surprised several years ago when Chinese airline conglomerate HNA arrived on the scene as the new shareholder of Deutsche Bank, a significant global investment bank that provides a range of services in the United States. The German lender had been marketing an offering of new equity shares for years without luck, thus the arrival of the high-flying and highly-leveraged HNA was greeted with quiet gratitude in European capitals. No European politician wants to be caught dead talking about large banks in anything but the most responsible tones, thus nobody asked any questions about HNA or its owners.

Sadly the HNA equity investment in Deutsche Bank was financed with a lot of debt.When the Chinese firm started to literally implode two years ago due to massive debt payments on its $40 billion in obligations, it began to sell its shares in Deutsche Bank, creating the latest crisis for the chronically underperforming bank. Today HNA is being liquidated under the supervision of the Chinese government. And to this day, nobody among United States or European bank regulators really knows who owns the company that was briefly the largest shareholder of Deutsche Bank

The setback with HNA led to discussions of merging Deutsche Bank with Germany’s Commerbank, another poor performer among the country’s banking sector.

Again, German politicians led by Chancellor Angela Merkel refuse to even hint at public assistance for Deutsche Bank, but the mounting troubles with banks across Europe may force Merkel’s hand as it has in Italy.

Bank earnings in Europe are weak, notes veteran bank consultant Mayra Rodriguez Valladares. As she exlains in a recent Forbes column:

Unfortunately, many of European banks’ woes are of their own making. A host of regulatory and legal fines and ongoing money laundering investigations of several banks do not bode well for European earnings. According to a Moody’s Investors Services report: ‘European banks were fined over $16 billion from 2012 to 2018 related to money laundering and trade sanction breaches.’

Rodriguez Valladares notes that U.S. and EU banks are enormously intertwined, particularly in terms of funding and derivatives—two areas of keen interest to U.S. regulators. But the fact of the matter is that the EU banking system and the EU economy are still too weak to shoulder the burden of a general cleanup of bad credits in EU banks.

The economic reality and ugly politics are both too daunting for EU leaders to engage publicly on these issues. Indeed, German Finance Minister Olaf Scholtz, who is touted as a possible successor to Merkel, was attacked by opposition politicians because of the prospective job losses in a Deutsche-Commerzbank merger.

But sadly the union of two zombie banks was not to be. “Banking giant Deutsche Bank and its crosstown rival Commerzbank ended merger talks, leaving in tatters the German government’s hope to shore up both banks and create a banking powerhouse,” The Wall Street Journal reported on April 25.

So now the German government must try to identify another politically expedient way to hide the Deutsche Bank problem without resorting to an explicit state bailout. Not only is financial help for EU banks problematic politically, but the EU simply lacks the economic resources to clean up the broader asset quality problems affecting European banks.

The tendency of EU politicians to stick their heads in the sand when it comes to these issues represents a smoldering threat to global financial stability. Troubles affecting Deutsche Bank and other EU lenders could easily explode into financial contagion if markets decide to turn away from these banks à la Lehman Brothers. For American business leaders and political leaders, the festering problems in European banks are a source of potential risk that could cause significant economic problems for all of us. Stay tuned.
Avoid Digital and ETF Gold: 7 Real Risks to Your Gold Ownership

News & Commentary

“Poor seasonal time for gold is over as we move into May and June and…increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future” – GoldCore

Stocks Resume Slide on Tariff Worries; Dollar Dips

China vice premier going to U.S. for trade talks despite Trump threatsGold glitters in India during key festival as prices dip

Gold ends higher on U.S.-China trade-induced jittersWatch Video Here
https://www.youtube.com/watch?v=MtKSxpVQQFc&t=132s

Global Stock Sell-Off Exposes Stretched Valuations

A Synchronized Global Downturn Intensifies As JPM Global Manufacturing PMI Plunges

Silver Backwardation Signals Rally – Maguire

When The S&P Hit A Record High, The Only Buyer Was Buybacks; Everyone Else Was Selling

What’s Wrong With Mainstream Economics? Werner

American Scholars Say The Real Threat To The U.S. Is Russophobia

Recent Market Updates

– Global Gold Demand Gains In Q1, 2019: Central Banks Buy Gold Bullion and ETFs See Inflows

– Newstalk Interview: Investors Looking To Store Gold In Dublin Rather Than London

– Australia and Many Property Markets To Crash Like Ireland?

– Death of Inflation and the Death of Equities?

– SWOT Analysis: Venezuela Sells $400 Million Worth Of Gold Bullion

– World’s Central Banks Want More Gold – India May Buy 1.5M Ounces In 2019

– Russia’s 2019 Gold Rush Continues: Buys 600,000 Ounces of Gold In March

– When Should You Sell Your Gold and Silver? (GoldCore Video)

– Understanding Gold: A Step By Step Guide To Gold As An Asset Class

Mark OByrne

end

Read more Harvey here....

https://harveyorganblog.com/2019/05/08/may-8-gold-down-3-70-to-1280-60-silver-down-3-cents-to-14-86-markets-very-volatile-as-the-globe-is-worried-that-trump-will-finalize-an-increase-in-tariffs-on-friday-the-dow-after-being-up-hugely/

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from Miners Weekly America's Home

Barrick CEO expects to raise $1.5bn in asset sales

By: Bloomberg Updated 6 hours ago Barrick Gold, which completed its acquisition of Randgold Resources at the beginning of the year, has identified $1.5-billion in assets the miner intends to sell, CEO Mark Bristow said. “Our focus is realizing $1.5-billion through next year,” Bristow said Wednesday in an interview in Toronto.... ?
Barrick CEO expects to raise $1.5bn in asset sales
Barrick Gold CEO Mark Bristow

Barrick quarterly profit misses analysts' expectations


By: Reuters Updated 6 hours ago Barrick Gold, the world's second-largest gold producer, reported first-quarter profit on Wednesday that missed analysts' expectations. In Barrick's first quarter of operations since its acquisition of Randgold Resources, the company posted net income of $111-million, or 6c a share, compared with... ?


Vale iron-ore output, sales slump after deadly Brazil dam burst


By: Reuters Updated 6 hours ago Brazil's Vale said on Wednesday that its iron ore production and sales slumped in the first quarter from a year earlier, reflecting the impact of the deadly collapse of a tailings dam at Brumadinho in late January. Iron ore output fell 11% to 72.87-million tonnes while sales of the commodity... ?


Hancock proves successful in Riversdale bid



By: Esmarie Iannucci 8th May 2019 Australian iron-ore major Hancock Prospecting has gained a shareholding of more than 85% in Canadian takeover target Riversdale Resources, triggering an increased offer price. Hancock earlier this week increased its cash offer for the unlisted Canadian coal company from A$2.20 a share to A$2.70... ?
Hancock proves successful in Riversdale bid
Hancock chairperson Gina Rinehart


Big Four miners languish amid demand, ESG, capex concerns



By: Reuters 8th May 2019 The world's biggest diversified miners have yet to see their share prices reflect their role as providers of the minerals needed for a shift to a low-carbon economy. Mining companies provide minerals such as cobalt used in electric vehicle batteries and copper for increased electrification, and... ?


Big Four miners languish amid demand, ESG, capex concerns
Top copper miner output declines to lowest in more than a decade



By: Bloomberg 8th May 2019 The world’s top copper miner posted the lowest production in more than a decade during the first quarter after heavy rains hit its operations and output declined across all of its aging mines. Chile’s Codelco churned out 370 900 t in the first quarter of 2019, down 27% from the previous three... ?


Lithium prices from mining giant decline even as demand soars

By: Bloomberg 8th May 2019 Lithium export prices from the world’s second-largest producing nation fell in the first quarter, marking the first decline for the mineral that is key to electric vehicle batteries since at least 2014. Chile exported lithium carbonate at an average price of $12 183 per ton, 0.9% down from the... ?


Waterton agrees not to increase stake Hudbay to more than 15%

By: Reuters 8th May 2019 Private equity firm Waterton Global Resource Management on Tuesday said it agreed to not increase its stake in Hudbay Minerals to more than 15% after the private equity firm settled its drawn out proxy contest with the Canadian miner. Hudbay last week settled a board battle with its second... ?


SolGold’s Porvenir has hallmarks of significant discovery so far

By: Marleny Arnoldi 7th May 2019 LSE- and TSX-listed SolGold’s exploration efforts at its fully-owned Porvenir project, in Ecuador, have paid off, with multiple mineralisations identified, and more to be pursued. In an exploration update on Tuesday, the Australia-based company said that the size and grade of the outcropping... ?


Phoenix to fast-track openpit development at Idaho-based mine

By: Simone Liedtke 7th May 2019 The measured and indicated resource of base and precious metals exploration and development company Phoenix Global Mining’s Empire mine, in the US, has increased by 45.6% to 15.27-million tonnes, the company reported on Tuesday. The increase was based on work completed over the last year, which... ?


Global gold-backed ETF holdings register net outflows in year to date

By: Tasneem Bulbulia 7th May 2019 Holdings in global gold-backed exchange-traded funds and similar products fell across all regions by 57 t to 2 424 t, equivalent to $2.2-billion in outflows, in April, the World Gold Council said in a statement on Tuesday. Global assets under management in dollars fell by 3% to $100-billion, as... ?


Harte Gold receives permit for 800 t/d operation

By: Tasneem Bulbulia 7th May 2019 TSX-listed Harte Gold on Monday announced a total refinancing of its existing debt and receipt of approval to increase operational throughput from 540 t/d to 800 t/d at its Sugar Zone mine, in White River, Ontario. The senior debt financing package for $72.5-million would be provided by BNP... ?


Australia's Pilbara Ports throughput drops 1% in April

By: Reuters 8th May 2019 Australia's Pilbara Ports Authority (PPA) said on Wednesday that throughput slipped 1% in April from year earlier. April's throughput was 58.8-million tonnes, the PPA said in a statement. ?


DRC Minister backs Nzuri deal

By: Esmarie Iannucci 8th May 2019 The Minister of Mines for the Democratic Republic of Congo (DRC) has approved Chinese metals trader Chengtun Mining Group’s A$109.5-million cash offer for copper junior Nzuri Copper. Chengtun Mining is offering Nzuri shareholders 37c a share for their holding in the ASX-listed company, which... ?


Gulf gets approval for DSO exports from Indonesia

By: Esmarie Iannucci 8th May 2019 The share price of ASX-listed Gulf Manganese soared by 20% on Wednesday on news that the Indonesian Ministry of Energy and Mineral Resources had approved the company’s plans to export direct shipping ore (DSO) from its manganese operations in the region. The approval covered 103 162 t/y of DSO. ?


Processing operations start at Woodlawn

By: Esmarie Iannucci 8th May 2019 Ore processing at the Woodlawn zinc/copper mine, in New South Wales, has started, with the operation expected to progressively ramp up to an estimated throughput capacity of 1.5-million tonnes a year. ASX-listed Heron Resources on Wednesday told shareholders reclaimed tailings from hydraulic... ?


Coal exports continue to drive Qld economy

By: Esmarie Iannucci 8th May 2019 Coal has continued to drive exports in Queensland, with the state government this week reporting an increase of 18.4% in the value of exports, which reached A$84.3-billion in the 12 months to March. “Yet again the value of Queensland’s merchandise exports over the year are larger than NSW and... ?


Bardoc consolidated landholding near Kalgoorlie

By: Esmarie Iannucci 8th May 2019 Gold junior Bardoc Gold has moved to consolidated tenements in Western Australia, striking a deal with fellow listed Torian Resources to acquire a package of 40 tenements covering 49 km2 in and around its own 2.6-million ounce Bardoc gold project. The deal gives Bardoc full ownership of a... ?


Pursuit sharpens focus on Swedish vanadium

By: Esmarie Iannucci 8th May 2019 Scoping studies into the Airijoki and Koitelainen vanadium projects, in Sweden and Finland respectively, have proven both projects to be financially robust, ASX-listed Pursuit Minerals said on Wednesday. The scoping studies assessed the potential for both Airijoki and Koitelainen to be developed... ?


Middle Island issues a warning to Alto

By: Esmarie Iannucci 8th May 2019 Suitor Middle Island Resources has warned that a defeating condition has been triggered for its takeover offer of fellow-listed Alto Metals, after Alto announced a capital raise earlier this month. Alto has previously said that it would raise A$600 000 through a share placement to Alto... ?


South Africa’s energy transition won’t be ‘just’ in absence of inclusive social dialogue

By: Terence Creamer 7th May 2019 South African Federation of Trade Unions general-secretary Zwelinzima Vavi has called for urgent social dialogue on South Africa’s “inevitable” energy transition from coal to renewable energy, warning that the country’s current framework will fail to deliver a just outcome for workers and poor... ?


South Africa’s energy transition won’t be ‘just’ in absence of inclusive social dialogue
Photo by Creamer Media
Saftu general-secretary Zwelinzima Vavi
Pensana appoints RFC Ambrian as broker ahead of LSE listing

By: Marleny Arnoldi 7th May 2019 ASX-listed Pensana Metals has appointed RFC Ambrian as its broker and agent ahead of its planned listing on the LSE later this year. Ambrian’s role will be to provide ongoing support and guidance to the company regarding marketing of the company’s shares in the UK and Europe. ?


Worley creating a force for the future of resources and energy

By: Martin Creamer 7th May 2019 Following the announcement in October 2018 of WorleyParsons' binding offer for Jacobs' Energy, Chemicals and Resources, the combined new entity has come together under a new brand – Worley – involving 57 600 people across 51 countries. While financially a $3.2-billion acquisition, operationally... ?
Worley creating a force for the future of resources and energy
Photo by Creamer Media Chief Photographer Dylan Slater
From left, Krish Iyer, president Middle East Africa, Francois Bosch, business development (BD) sales manager, East Africa, Denver Dreyer, senior vice president Mining Minerals and Metals (MM&M), Europe Middle East Africa, Ian Davies, senior vice president, BD & Growth MEA, Ryan Froude, operations manager, East Africa, Robert Hull, vice president, MM&M, Africa, and Ed Hanbidge, vice president, Energy Chemicals and Services, Southern and Eastern Africa.


ArcelorMittal to cut iron-ore output, slash jobs in Bosnia

By: Reuters 7th May 2019 ArcelorMittal will reduce output and cut 300 out of 800 jobs at its iron ore mines in Bosnia, the world's largest steelmaker said on Tuesday. Output will be reduced by a third to one-million tonnes and the job cuts will be carried out from September, it said in a statement. ?


Kirkland Lake raises bottom-end of production guidance

By: Tasneem Bulbulia 7th May 2019 Dual-listed Kirkland Lake Gold has raised the lower end of its production guidance for the year, on the back of strong first-quarter results at the Macassa mine, in Canada, and Fosterville mine, in Australia. The miner now expects to produce at least 950 000 oz, Kirkland president and CEO Tony... ?


Kirkland Lake raises bottom-end of production guidance
The Macassa mine, in Ontario.


US sinks Arctic accord due to climate change differences

By: Reuters 7th May 2019 The United States has refused to sign an agreement on challenges in the Arctic due to discrepancies over climate change wording, diplomats said on Tuesday, jeopardising cooperation in the polar region at the sharp edge of global warming. Temperatures in the Arctic are rising at twice the rate of... ?


BHP faces $5bn claim over 2015 Brazil dam failure

By: Reuters 7th May 2019 Anglo-Australian mining giant BHP is facing a landmark, $5-billion damages claim in England for being "woefully negligent" in the run-up to a 2015 dam failure that led to Brazil's worst environmental disaster, a lawsuit alleges. The claim, which will be largest group action to be heard in... ?


Drilling results indicate possible extension to New Luika's mine life

By: Tasneem Bulbulia 7th May 2019 The results of the first phase of a drilling campaign at the Bauhinia Creek deposit at Aim-listed Shanta Gold’s New Luika gold mine (NLGM) in Tanzania, identify positive intersections below the existing reserves that indicate that the existing underground decline may be continued and mine life... ?


Wescoal focuses on production restoration, increasing output amid challenging environment

By: Simone Liedtke 7th May 2019 JSE-listed mining group Wescoal, headed up by CEO Reginald Demana, has said its focus, moving forward, will be on restoring production and increasing output from existing operations, while also focusing on cost containment and operational business partner risks. The overall economic climate... ?


Wescoal focuses on production restoration, increasing output amid challenging environment
Wescoal CEO Reginald Demana
Wescoal adds Nedbank’s Lentsoane, South32’s Sibisi to management

By: Simone Liedtke 7th May 2019 JSE-listed mining group Wescoal on Tuesday announced the appointment of Enos Lentsoane as the company’s new executive head of commercial and investments, effective from May 1. Lentsoane will be responsible for identifying potential acquisitions, partnerships and investments that align with... ?


Rainbow secures $700 000 loan

By: Tasneem Bulbulia 7th May 2019 London-listed Rainbow Rare Earths, which owns the Gakara project, in Burundi, has secured a $700 000 loan from its biggest shareholder, Pella Ventures, to support Rainbow’s development and operations. The loan is to be applied towards general working capital purposes. ?


Premier signs RHA investment, management agreement with Zim authority

By: Tasneem Bulbulia 7th May 2019 Aim-listed Premier African Minerals on Tuesday reported the signing of a new management agreement with the National Indigenisation and Economic Empowerment Fund of Zimbabwe, which is expected to result in the RHA tungsten project being brought back into production without any further financing... ?


Over 400 organisations, small businesses join class action against Eskom

By: News24Wire 7th May 2019 A law firm believes that its plans to launch a class action against Eskom over load-shedding are viable, despite a previous statement from the power utility that there are limited grounds for such a case to be successful. De Beer Attorneys in April called on businesses and organisations which... ?


Over 400 organisations, small businesses join class action against Eskom
Australia, Guinea, Indonesia to lead bauxite mining up to 2029

By: Marleny Arnoldi 7th May 2019 Following a decline in global bauxite production in 2018, consultancy company Fitch Solutions says global bauxite production this year is being driven by new projects coming on line in Guinea and Australia, as well as a ramp-up in production in India and Indonesia. Australia holds 12 of the 29... ?


Australia, Guinea, Indonesia to lead bauxite mining up to 2029
Agri SA launches court proceedings against granting of shale gas exploration rights

By: Simone Liedtke 7th May 2019 Agricultural organisation Agri SA has launched court proceedings in the Pretoria High Court against the granting of environmental authorisations and explorations rights for shale gas to Africa-focused oil and gas exploration and development company Rhino Oil and Gas. Although the authorized... ?


McEwen appoints new finance chief, GM for Nevada

By: Creamer Media Reporter 7th May 2019 Gold miner McEwen Mining has appointed Meri Verli as its CFO, replacing Andrew Elinesky, who left the company on Monday. Verli has held several management roles in the mining sector, including the CFO of PPX Mining, senior VP finance and treasury at Kirkland Lake Gold until and VP finance at... ?


Rio Tinto to buy autonomous mining truck fleet from Caterpillar

By: Reuters 7th May 2019 Rio Tinto has agreed to buy a fleet of autonomous trucks and other mining equipment from Caterpillar for its new Koodaideri iron ore mine in Western Australia, it said on Tuesday. Caterpillar will supply a fleet of 20 autonomous 793F trucks as well as four autonomous blast drills for the mine,... ?


Sand mining 'mafias' destroying environment, livelihoods – UN

By: Reuters 7th May 2019 Sand mining is eroding the world's river deltas and coastlines, damaging the environment and hurting livelihoods from Cambodia to Colombia, as government regulation fails to keep pace with rising demand, the United Nations warned on Tuesday. Global demand for sand and gravel, used extensively in... ?


Western Areas boss gets Perseus appointment

By: Esmarie Iannucci 7th May 2019 Gold miner Persues Mining has appointed Daniel Lougher as a non-executive director, bringing the total number of Perseus’ board to six. In addition to his role as non-executive director, Lougher will also serve as chairperson of the technical committee. ?
JV brings Iron Ridge closer to development

By: Esmarie Iannucci 7th May 2019 Junior iron-ore developer Fenix Resources has struck a strategic alliance agreement with trucking and logistics company Minehaul, which could resulted in the accelerated development of the Iron Ridge project, in Western Australia. Under a joint venture (JV), known as Premium Minehaul, trucking... ?
Dolphin's economics prove positive

By: Esmarie Iannucci 7th May 2019 An economic analysis of the Dolphin tungsten mine, in Tasmania, has estimated that the project would cost some A$65-million to bring into development. ASX-listed King Island Scheelite on Tuesday reported that based on the currently planned opencut operation, which is projected to produce some 20... ?
Magnetic raises A$3.1m for exploration

By: Esmarie Iannucci 7th May 2019 ASX-listed junior Magnetic Resources has raised A$3.1-million through a share placement priced at 28c each. Magnetic had initially sought to raise A$2.5-million, but strong demand from new and existing shareholders prompted the company to increase the share offer. ?


Fast West project boosts DRDGold's quarterly output by 15%

By: Marleny Arnoldi 7th May 2019 Surface gold recovery company DRDGold produced 41 120 oz of gold in the quarter ended March 31 – a 15% increase compared with the 35 732 oz produced in the quarter ended March 2018. The gold producer on Tuesday attributed the higher production mainly to the Far West Gold Recoveries project’s... ?
Fast West project boosts DRDGold's quarterly output by 15%
Photo by Creamer Media
DRDGold CEO Niël Pretorius
Vale says court halts Brucutu iron mining operations

By: Reuters 7th May 2019 Brazilian miner Vale said on Monday that a court had ordered it to halt operations at its Brucutu iron-ore mining complex, reversing a lower court decision that had allowed the mines activities to resume. Vale, which has fallen under intense scrutiny after a dam at another complex ruptured in... ?


Walkabout pushes early start button at Lindi Jumbo

By: Esmarie Iannucci 7th May 2019 Graphite developer Walkabout Resources has started an integrated international project ‘early start’ programme to start the procurement, manufacturing and site works for its Lindi Jumbo project, in Tanzania. The ‘early start’ programme is aimed at advancing the construction process along its... ?


Orminex completes Penny's Find buy

By: Esmarie Iannucci 7th May 2019 ASX-listed junior Orminex has completed the A$600 000 purchase of the Penny’s Find gold mine, in Western Australia. The deal struck between Orminex and fellow-listed Empire Resources included a net smelter royalty of 5% payable on the first 50 000 oz produced from the project area, and a 2.5%... ?


Iamgold to review guidance in second half

By: Mariaan Webb 7th May 2019 Canadian gold miner Iamgold has maintained its 2019 production and costs targets, but said on Monday that it would review its guidance in the second half of the year, following a “challenging” first quarter. Attributable gold production, inclusive of joint venture (JV) operations, fell by 23%... ?


Iamgold to review guidance in second half
Iamgold CEO Steve Letwin
Anadarko accepts Occidental bid; Chevron may now respond

By: Bloomberg 7th May 2019 Anadarko Petroleum’s board has declared Occidental Petroleum’s sweetened $38-billion takeover “superior,” giving Chevron until May 10 to either boost its offer or walk away from the oil industry’s biggest deal in at least four years. The announcement by Anadarko, which had rebuffed several prior... ?


Marikana mineworkers case postponed again

By: African News Agency 7th May 2019 Seventeen Marikana mineworkers briefly appeared in the North West High Court, sitting in Mogwase, on Monday. Their case was postponed to October 18, due to an application they made at the High Court in Pretoria to review former National Director of Public Prosecution (NDPP) Shaun Abrahams'... ?


Orion readies local community for development of Prieska project

By: Simone Liedtke 6th May 2019 Dual-listed Orion Minerals has commissioned introductory mining familiarisation short courses within the Siyathemba municipality, in the Northern Cape, in line with its commitment to ensuring local communities’ benefit from its ventures. The programme is aimed at raising public awareness of the... ?


Orion readies local community for development of Prieska project
New Gold restarts Rainy River

By: Creamer Media Reporter 6th May 2019 Intermediate gold miner New Gold has restarted milling operations at its Rainy River operation after a temporary shutdown to tackle excess water in the tailings management area (TMA). The mill was shut down on April 24 and was rest started late in the afternoon on Friday. ?


Deloitte consolidates Intelligent Mining offering

By: Marleny Arnoldi 6th May 2019 Since launching its Intelligent Mining system a bit more than a year ago, Deloitte has consolidated the respective service offerings into one combined mining intelligence capability, which now comprises a Digital Nerve Centre and Intelligent Boardroom. Deloitte digital mining operations leader... ?


Deloitte consolidates Intelligent Mining offering
Trevali reports solid first quarter results

By: Simone Liedtke 6th May 2019 TSX-listed Trevali Mining Corporation started the new year off with strong results, which positions the company well to meet its operating targets and take advantage of the currently strong zinc price, newly-appointed president and CEO Ricus Grimbeek said on Monday. While zinc concentrate... ?


Trevali reports solid first quarter results
Trevali Mining's Santander mine, in Peru
Bauba, Northam enter into trial product sale agreement

By: Simone Liedtke 6th May 2019 Diversified miner Bauba Platinum has entered into a trial product sale agreement with Northam subsidiary Booysendal Platinum. The agreement is effective from April this year and will see Northam process 24 000 t of low-grade chrome ore to be supplied by Bauba at its concentrator plant over a... ?


Difficult start to the year for Endeavour Silver

By: Mariaan Webb 6th May 2019 Midtier miner Endeavour Silver, which owns four underground silver/gold mines in Mexico, has initiated a range of short- and long-term actions aimed at conserving cash and turning around the weak performance of the first quarter. The NYSE- and TSX-listed miner on Monday reported a 28% decrease... ?


IEA says world cannot ‘press pause’ on renewables, as capacity growth stalls

By: Terence Creamer 6th May 2019 The International Energy Agency has expressed concern over the “unexpected flattening” of renewable-energy capacity additions in 2018, which, at 180 GW, remained in line with additions recorded in 2017. It was the first time since 2001 that year-on-year additions of renewable energy failed to... ?


IEA says world cannot ‘press pause’ on renewables, as capacity growth stalls
Michigan judge upholds Back Forty permit – Aquila

By: Creamer Media Reporter 6th May 2019 Project developer Aquila Resources on Monday announced that the state of Michigan had issued a final decision and order upholding the mining permit for its Back Forty zinc and gold project. The Menominee Indian Tribe of Wisconsin and an individual owing property near the project site in 2017... ?


groundWork opposing Minister’s plan to weaken air pollution standards

By: Simone Liedtke 6th May 2019 Environmental justice group groundWork, represented by the Centre for Environmental Rights, has launched High Court proceedings against Environmental Affairs Minister Nomvula Mokonyane and President Cyril Ramaphosa and is asking the court to set aside government’s plan to double the amount of... ?


Three new directors for Mountain Province

By: Creamer Media Reporter 6th May 2019 Canadian diamond miner Mountain Province on Monday announced that former Peregrine Diamonds CEO Tom Peregoodoff and former Lucara Diamond Corp CEO William Lamb would join its board of directors following the annual general meeting (AGM) next month. Investment professional Brett Desmond, who is... ?


Total to buy Anadarko’s Africa assets for $8.8bn if Occidental bid succeeds

By: Simone Liedtke 6th May 2019 French integrated oil and gas company Total has reached a binding agreement with Occidental Petroleum to acquire Anadarko’s assets in Africa for $8.8-billion in the event of the successful completion of Occidental’s takeover bid for Anadarko. The transaction hinges on Occidental entering into and... ?


Total to buy Anadarko’s Africa assets for $8.8bn if Occidental bid succeeds
Top oil buyers rue global chaos bringing back seller's market

By: Bloomberg 6th May 2019 The world’s biggest oil buyers are being forced to go on the defensive once again. US President Donald Trump’s sanctions on Iran and Venezuela, the Opec+ coalition’s output curbs, and disruptions from Nigeria to Libya are all handing crude sellers the upper hand in negotiations. With refiners in... ?


Fortune confirms on site gold recovery from cobalt concentrates

By: Creamer Media Reporter 6th May 2019 TSX-listed Fortune Minerals could potentially defer the construction of its downstream refinery, after recent tests have confirmed that it could achieve good gold recoveries from its cobalt and bismuth concentrates at the proposed Nico mine site. The company, which had to find a new site for its... ?


Triton gets mining concession at Ancuabe

By: Esmarie Iannucci 6th May 2019 The Mozambique government has granted ASX-listed Triton Minerals a mining concession for its Ancuabe graphite project, paving the way for project development. “The board is extremely pleased with receive final government approval for Ancuabe. Mozambique has a long and proud history of mining and... ?


Hwange Colliery sees signs of hope despite widened 2018 loss

By: Simone Liedtke 6th May 2019 Despite achieving higher production and sales volumes for the year ended December 31, 2018, Zimbabwe-based Hwange Colliery’s financial performance worsened, with the miner’s loss for the year having widened by 79% to $78.4-million, from a loss of $43.8-million in 2017. The bigger loss was mainly... ?


Alto raises funds for drilling at Sandstone

By: Esmarie Iannucci 6th May 2019 ASX-listed junior Alto Metals has announced a A$2.6-million capital raise to fast track drilling at its Sandstone gold project, in Western Australia. The company placed some 56.87-million shares, at 3.6c each, along with one free attaching unquoted option, exercisable at 7c each for every two... ?


Echo raises A$15m for Yandal expansion

By: Esmarie Iannucci 6th May 2019 Gold hopeful Echo Resources will raise A$15-million through a share placement to fund its exploration growth strategy at its Yandal project, in Western Australia. The ASX-listed junior will raise an initial A$11.3-million through a first tranche placement of 87-million shares, at a price of 13c... ?


Arctic nations to meet amid tensions over environment, resources

By: Reuters 6th May 2019 Top diplomats from the US, Russia and other nations which border the Arctic meet in Finland on Monday to discuss policies governing the polar region, as tensions grow over how to deal with global warming and access to mineral wealth. Countries have been scrambling to claim territory or, like... ?


Arctic nations to meet amid tensions over environment, resources
WA leads the charge in Australia mining jobs growth

By: Esmarie Iannucci 6th May 2019 Demand for resource staff continues to grow across Australia, with new research by technology firm CoverCard finding that Western Australia has been leading the charge over the last three years. In research conducted on behalf of the Minerals Council of Australia (MCA), CoverCard found that... ?


Myanmar Metals outlines plan for Bawdwin starter pit

By: Esmarie Iannucci 6th May 2019 A prefeasibility study (PFS) into a Phase 1 starter pit at the Bawdwin polymetallic mine, in Myanmar, has revealed that it will be the world’s third-largest producing lead mine and the tenth largest silver mine, as well as being a significant zinc producer. ASX-listed Myanmar Metals on Monday... ?


WA miners contributed A$58bn to economy

By: Esmarie Iannucci 6th May 2019 New data from the Chamber of Minerals and Energy of Western Australia (CME) has found that the state’s resources sector had contributed more than A$57.7-billion to the Australian economy in 2017/18. In a survey of 41 Western Australian mining, oil and gas, energy and contractor companies, the... ?


Perseus board approves $265m Côte d’Ivoire gold mine

By: Esmarie Iannucci 6th May 2019 Dual-listed gold miner Perseus Mining has started the development of its Yaouré gold mine, in Côte d’Ivoire, after the board approved the $265-million development. Yaouré is expected to become a large-scale, low-cost gold mining operation producing an average of 215 000 oz/y over the first five... ?


Perseus board approves $265m Côte d’Ivoire gold mine
Leagold pencils in starting dates for growth projects

By: Mariaan Webb 6th May 2019 Vancouver-headquartered Leagold has announced the proposed scheduling for the expansion of its Los Filos mine and for the construction of the Santa Luz project, as it arranged $400-million in financing. Leagold’s development plan for the fully-funded Los Filos expansion, in Brazil, has been... ?


Leagold pencils in starting dates for growth projects
Los Filos in Mexico
ANC wants banks to be forced to fund South African coal mines

By: Bloomberg 6th May 2019 South Africa’s banks should be forced to invest in new coal mines in the country, the ruling African National Congress’s head of economic transformation said. Nedbank Group and Standard Bank Group have said “they are not going to put money in coal any more,” Enoch Godongwana said in an interview... ?


ANC wants banks to be forced to fund South African coal mines
Top copper miner says price slump won't last for long

By: Bloomberg 6th May 2019 he world’s largest copper miner has a word of advice to the bears in the market: the downtrend in prices won’t last long. While the metal headed for its biggest weekly loss since November after weaker factory gauges in China and the US fueled demand concerns, those fears weren’t grounded on... ?


Hudbay and Waterton settle board differences

By: Marleny Arnoldi 3rd May 2019 TSX-listed Hudbay Minerals announced on Friday that it had reached an agreement with shareholder Waterton Global Resource Management and that the two parties would put forward a slate of 11 board members for election at the upcoming shareholders meeting. The slate includes chairperson Alan Hibben... ?


Hudbay and Waterton settle board differences
Alan Hibben
Wesfarmers' soft bid for Kidman spotlights lithium's financing issues

By: Reuters 3rd May 2019 Wesfarmers's bid for Australia's Kidman Resources undervalues the lithium miner, analysts said on Friday, reflecting the financing difficulties the sector faces even as electric car makers warn of raw material shortages. Wesfarmers offered a 47% premium for Kidman, which is developing the Mount... ?



all links here
https://www.miningweekly.com/page/americas-home

[JD400]

Opportunity knocks!

MMGYS

Current pricing is stupid cheap!

Opportunity knocks!
by Bill Holter | May 7, 2019

Bill Holter is our friend and a former associate writer for Miles Franklin.

He passed this on to us for use in our daily. We agree with everything he says in this article.

I have worked in the precious metals industry for over 30 years and this is the lowest premium I have ever seen on double eagles in these grades. Last week my son Andy and I both traded our one ounce Gold Buffalo coins for MS64 Saints and MS63 $20 Libs. This trade was a no-brainer.

David Schectman

CEO and Founder, Miles Franklin


Opportunity knocks!

We ran this article last week for subscribers and are releasing it for the public this week. (We will then also re-run an article done last summer regarding junk silver.) Currently an anomaly exists that only a couple years ago could not have been imagined. 10 years ago it would have been considered an impossibility!

Back in 2010, when gold traded around $1,000 per ounce, “numismatic” pre-1933 gold coins traded for huge premiums. This happened because there was fear the Obama administration might go the route of FDR and confiscate bullion. That did not happen, but we did get to see a precursor to what might be should (when?) confiscation become a reality.

As a background, (and we will focus on pre-1933 $20 MS63 Liberties and MS64 Saint Gaudens), these were the “cutoff” grades in the past. It was at these grades where the premiums over spot gold took a huge leap from just one grading below. Just a couple of years ago, MS63 $20 Libs were $75-$150 higher than the MS62’s. Back in 2010, MS63 $20 Libs were “bid”, meaning dealers were willing to pay $1,800 while spot gold was only $1,000. Currently you could say the jumping off point to the highest grade numismatics is at the MS63 grade for Liberties and MS64 for Saints. The next grades higher carry much higher premiums. Please keep in mind, these grades of MS63 and MS64 are way up the totem pole and represent extremely high grading and thus rarity.

As we told you last summer, premiums really compressed for the numismatics, particularly the MS60-62 range. These could be purchased for roughly the cost of a current year American gold eagle or Canadian maple leaf. Now, MS63 Libs and 64 Saints have seen premiums shrink to roughly that of eagles. This offers an incredible opportunity whether you are an outright buyer or want to swap current bullion into rare and uncirculated coin. Current pricing is stupid cheap!

Why have premiums collapsed? Because since 2011, the bear market in precious metals has destroyed sentiment and created sellers who became worn out, just as a severe bear market in real estate might reduce or even wipe out premiums for waterfront vs. inland property. The premiums will once again expand but confidence and desire to own must occur for the premiums to begin to come back. Should a whiff of confiscation come about, good luck finding ANY product resembling the spot price of gold…

What I am talking about here is positioning yourself in gold which we believe to be the ultimate financial lifeboat …but in a first-class seat without paying any additional fare to do so. Your downside is the price of spot gold, your upside is not quantifiable but very substantial based on history. In the event of confiscation fears or outright confiscation of bullion, your “coin collection” could become priceless. These are 100+year old, uncirculated and individually graded, documented and individually packaged coins considered as “collectibles”.

If you do not own gold and are looking to enter, these higher-grade collectibles are the preferred seat without the higher fare. If you already own bars or current sovereign bullion, you can swap at very little cost into a first-class seat. When retail demand does re-emerge, the spread between a MS62 $20 Lib versus a MS63 $20 Lib may move from the current ridiculous $20-$30 to $100 or many, many multiples. The time to purchase anything of high quality is when the entire sector is on a fire sale. That time is now!

If this is something you’d like to explore, please contact your broker at Miles Franklin. They will be happy to discuss this with you and explain all the logistics involved.

Standing watch,

Bill Holter

Holter-Sinclair collaboration

https://www.milesfranklin.com/opportunity-knocks/

[JD400]

GATA Daily Dispatches

MMGYS

Hi everyone Hope Your EnJoying The Show Nice Meeting You At Midnight Thanks For Staying Up With Us On Mining & Metals Du Jour. J:D

Daily Dispatches


Congressman proposes U.S. gold audit that covers leases, swaps
Submitted by cpowell on Wed, 2019-05-08 16:15. Section: Daily Dispatches

From Money Metals News Service, Eagle, Idaho
Wednesday, May 8, 2019

WASHINGTON -- U.S. Rep., R-West Virginia, this week introduced legislation to provide for the first audit of United States gold reserves since the Eisenhower administration.
» read more
China announces fifth straight month of growth in gold reserves
Submitted by cpowell on Wed, 2019-05-08 13:57. Section: Daily Dispatches



China's Central Bank Stocks up on Gold as It Seeks to Diversify

By Henry Sanderson
Financial Times, London
Wednesday, May 8, 2019

China's central bank added gold to its reserves for the fifth month in a row in April, the latest emerging market central bank to stock up on the yellow metal.
» read more


Craig Hemke: Two inglorious anniversaries for gold and silver
Submitted by cpowell on Tue, 2019-05-07 21:25. Section: Daily Dispatches

5:25p ET Tuesday, May 7, 2019

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing at Sprott Money, today recalls the anniversaries of the Bank of England's infamous gold sales of 1999 and what he calls the May Day Massacre of silver by JPMorganChase in 2011.
» read more


Ronan Manly: Churning membership curses London gold banking cartel
Submitted by cpowell on Mon, 2019-05-06 16:49. Section: Daily Dispatches

12:50p ET Monday, May 6, 2019

Dear Friend of GATA and Gold:

Bullion Star's gold market analyst Ronan Manly today examines the churning membership of the London gold banking cartel, from which Societe Generale has just resigned.

Manly's commentary is headlined "Curse of the London Gold Fix Strikes Again as SocGen Abandons Ship" and it's posted at Bullion Star here:
» read more


If gold investors are puzzled, it's from a lack of financial journalism
Submitted by cpowell on Mon, 2019-05-06 15:56. Section: Daily Dispatches

12:06p Monday, May 6, 2019

Dear Friend of GATA and Gold:

Gold investors, Kitco News market analyst Jim Wyckoff writes today, "are scratching their heads and wondering why their metal has not reacted more positively to unsettling developments on the geopolitical front":
» read more


Sentencing of former JPM metals trader delayed again
Submitted by cpowell on Sat, 2019-05-04 15:38. Section: Daily Dispatches

Sentencing of former JP Morgan Chase Precious Metals Trader Delayed as Federal Probe Continues

By Dawn Giel
CNBC, New York
Thursday, May 2, 2019

The criminal sentencing of former J.P. Morgan Chase precious metals trader John Edmonds has been postponed six more months, to December, as federal investigators continue to probe possible manipulation of metals markets.
» read more


India's central bank denies moving gold abroad in 2014 or since
Submitted by cpowell on Sat, 2019-05-04 13:43. Section: Daily Dispatches

No Gold Shifted Outside India in 2014 or After, RBI Says

From the Press Trust of India
via The Times of India, Mumbai
Friday, May 3, 2019

https://economictimes.indiatimes.com/news/economy/finance/no-gold-shifte...
» read more


Silver backwardation signals rally, Maguire tells KWN
Submitted by cpowell on Fri, 2019-05-03 20:46. Section: Daily Dispatches

4:46p ET Friday, May 3, 2019

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, interviewed today by King World News, says the cash price for silver is so far above the recent futures contract price -- deep backwardation -- that a rally is imminent.
» read more


Bron Suchecki: Silver manipulation can be unethical but legal
Submitted by cpowell on Fri, 2019-05-03 14:17. Section: Daily Dispatches

10:17a ET Friday, May 3, 2019

Dear Friend of GATA and Gold:
» read more


New York Sun: The Federal Reserve fight
Submitted by cpowell on Fri, 2019-05-03 01:48. Section: Daily Dispatches

From the New York Sun
Thursday, May 2, 2019
» read more

All Links here.....

http://www.gata.org/taxonomy/term/2?page=1

[JD400]

Waiting for Double Bottom Support in Gold Stocks


MMGYS*

Waiting for Double Bottom Support in Gold Stocks

-- Published: Tuesday, 7 May 2019

Several weeks ago we wrote about the downside risk in the gold stocks.

After the various gold stock indices formed distribution-type tops, the subsequent selling has been swift. Miners have plunged through moving averages and short-term breadth indicators quickly reached oversold extremes.

While the gold stocks are oversold, it could be a little while before we can expect a sustained rebound.

We plot GDX below along with the percentage of HUI stocks that closed above the 50-day moving average and 200-day moving average. (The HUI is essentially GDX sans royalty companies).

The breakdown from the rounding top projects down to $19.50 but strong support is unlikely to be found until $17 or the low $18s. Should GDX trade below $19.50 then the percentage of the HUI above the 200-day moving average (currently at 50%) will decrease materially.



GDX & Breadth Indicators

GDXJ, which closed the week at $28.41 has formed a larger distribution top that projects to a measured downside target of $26.50-$27.00. There is a confluence of strong support around $26.00.

Only 33% of GDXJ stocks are trading above the 200-day moving average. GDXJ could be closer to its low than GDX.



GDXJ & Breadth Indicators

If GDX and GDXJ successfully retest their 2018 lows then their performance in relative terms could inform us on the sustainability of that rebound.

Below we plot Gold, GDX and GDXJ all against the stock market. These charts also have a chance to form double bottoms.



Precious Metals vs. Stock Market

The gold stocks have broken down and have more downside potential until testing strong support levels. We don’t want to fight that breakdown until the market tests strong support amid an extreme oversold condition. That could entail GDX and GDXJ testing their 2018 lows with less than 10%-15% of the stocks trading above their 200-day moving average.

Sentiment indicators for Gold and Silver are trending in the right direction but more selling and lower prices are likely needed before those indicators reach extremes.

As far as fundamentals, there could be some potential bullish developments waiting in the background. If these things come to pass then the gold stocks could be in position to rocket higher after forming a double bottom.

The weeks and months ahead could be an opportune, low risk time to position yourself. We are looking for deep values with catalysts and anything we missed in recent months than can be bought at a discount.

Jordan Roy-Byrne CMT, MFTA

http://news.goldseek.com/GoldSeek/1557236399.php


*Merit Award Outstanding Song Bumper Relation GDX GDXJ

[JD400]

Midnight City Data

Good Morning Good Evening


Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~


Were Packed again on the show tonight with Great Data & News by Harvey Organ, Will Gold Prices Continue To Rise In 2019,Another video by Investors Hub Videowire,Headline Miner News and a Look at the National Debt Clock 'Bond King' Jeffrey Gundlach says the national debt is 'totally out of control'


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope your having a Fine evening tonight and start to your weekend

EnJoy the show

OK...Let's go ! !

MMGYS

Thank you


MAY 9/GOLD UP $4.00 TO $1284.60//SILVER IS DOWN 9 CENTS TO $14.77//QUEUE JUMPING CONTINUES UNABATED AT THE GOLD AND SILVER COMEX//SILVER IS STILL 7 CENTS BACKWARD IN LONDON//USA THREATENS ALLY UK IF THEY USE HUAWEI PRODUCTS//TURKEY IS SEVERE TROUBLE AS INTEREST RATES RISE TO 25.5% AND THE LIRA TUMBLES TO 6.23 TO THE DOLLAR//SOME GOOD SWAMP STORIES FOR YOU TONIGHT//
May 9, 2019 · by harveyorgan · in Uncategorized · Leave a comment















GOLD: $1284.60 UP $4.00 (COMEX TO COMEX CLOSING)

Silver: $14.77 DOWN 9 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1283.90







silver: $14.76







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 3/5

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,279.400000000 USD
INTENT DATE: 05/08/2019 DELIVERY DATE: 05/10/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 3
737 C ADVANTAGE 5 2
____________________________________________________________________________________________

TOTAL: 5 5
MONTH TO DATE: 176




NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 5 NOTICE(S) FOR 500 OZ (0.0155 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 176 NOTICES FOR 17600 OZ (.5474 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


49 NOTICE(S) FILED TODAY FOR 265,000 OZ/



total number of notices filed so far this month: 3328 for 16,640,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$6106 UP $107.00




Bitcoin: FINAL EVENING TRADE: $6136 UP $115





end



XXXX









Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A TINY SIZED 685 CONTRACTS FROM 199,497 DOWN TO 198,782 ACCOMPANYING YESTERDAY’S 3 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE705RRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 730 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 730 CONTRACTS. WITH THE TRANSFER OF 730 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 730 EFP CONTRACTS TRANSLATES INTO 3.650 MILLION OZ ACCOMPANYING:

1.THE 3 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 18.225 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MOAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

9538 CONTRACTS (FOR 7 TRADING DAYS TOTAL 9538 CONTRACTS) OR 47.69 MILLION OZ: (AVERAGE PER DAY: 1362 CONTRACTS OR 6.81 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 47.69 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.81% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 788.52 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.





RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 685 WITH THE 3 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 730 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A TINY SIZED: 45 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 730 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH DECREASE OF 685 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 3 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.89 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.999 BILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 49 NOTICE(S) FOR 245,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.225 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A HUMONGOUS SIZED 12,786 CONTRACTS, TO 462,825 DESPITE THE FALL IN THE COMEX GOLD PRICE/(AN DECREASE IN PRICE OF $3.70//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 3268 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 8232 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 462,825. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 20,152 CONTRACTS: 12,786 OI CONTRACTS INCREASED AT THE COMEX AND 7366 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 20,152 CONTRACTS OR 2,015,200 OZ OR 62.68 TONNES. YESTERDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF ONLY $3.70….AND WITH THAT FALL, WE HAD A HUMONGOUS GAIN IN TONNAGE OF 62.58 TONNES!!!!!!.??????????????????????????????????????????

AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.



HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”











ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 41,650 CONTRACTS OR 4,165,000 OR 129.54 TONNES (7 TRADING DAYS AND THUS AVERAGING: 5950 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAYS IN TONNES: 129.54 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 129.54/3550 x 100% TONNES =3.64% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1945.11 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A HUGE SIZED INCREASE IN OI AT THE COMEX OF 12,786 DESPITE THE FALL IN PRICING ($3.70) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7366 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 7366 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC SIZED GAIN OF 20,152 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

7366 CONTRACTS MOVE TO LONDON AND 12,786 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 62.68 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A FALL IN PRICE OF $3.70 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 5 notice(s) filed upon for 500 oz of gold at the comex.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $4.00 TODAY



NO CHANGE IN GOLD INVENTORY AT THE GLD//







INVENTORY RESTS AT 739.64 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY



SLV/

WITH SILVER DOWN 9 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//















/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER FELL BY A TINY SIZED 685 CONTRACTS from 199,467 DOWN TO 198,782 AND FURTHER FROM THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 730 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 730 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 685 CONTRACTS TO THE 730 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL GAIN OF 45 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 0.225 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.225 MILLION OZ FOR MAY





RESULT: A TINY SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 3 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 730 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT:

SHANGHAI CLOSED DOWN 42.80 POINTS OR 1.48% //Hang Sang CLOSED DOWN 692.13 POINTS OR 2.39% /The Nikkei closed DOWN 200.46 POINTS OR 0.93%//Australia’s all ordinaires CLOSED UP .40%

/Chinese yuan (ONSHORE) closed DOWN at 6.8243 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 61.92 dollars per barrel for WTI and 70.47 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.8243 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8483 TRADE TALKS STILL ON//TRUMP THREATENS A NEW 25% TARIFFS ON FRIDAY/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%








3A//NORTH KOREA/ SOUTH KOREA

NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/USA/FED

Interesting: China is playing hardball because they read us: namely that the USA economy is not doing too good. Also the fact that Trump is asking the Fed’s Powell to lower interest rates is a powerful indicator that the uSA economy is waning.

( zerohedge)

ii)CHINA/FOREIGNERS

Foreigners are dumping Chinese stocks with reckless abandon as they are frightened ahead of the expected tariff increase.

( zerohedge)
4/EUROPEAN AFFAIRS

i)UK

This is serious stuff: The USA threatens the UK over their potential of Huawei in the 5G wireless space

( Mish Shedlock/Mishtalk)

ii)Europe/Iran/USA

Trump’s plan to issue sanctions on Iran’s base metals industry is a stroke of genius. The aim is to cripple their domestic industry as over 600,000 Iranians are employed in this sector. Europe is standing strong as they reject Iranian ultimatums on the nuclear deal. Iran had given Europe a 60 day notice that they need sanctions relief or else…

(courtesy zerohedge)


5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)ISRAEL GAZA/WEST BANK/PALESTINIANS

Israeli Newspaper leaks terms of Trump’s new Middle East Peace Plan between Israel, Gaza and the Palestinians in the West Bank. It is interesting but I doubt if Hamas in Gaza will entertain such a project

( Middle East Monitor)
ii)Iran/USA/Suez Canal
Tensions rise as the the Aircraft carrier Abraham Lincoln passes through the Suez Canal en route to Iran.
(zerohedge)

iii)TURKEY
There is no question that Turkey is in deep trouble. Firstly, Erdogan raised rates from 24% to 25.5% which just about kills off most corporates in Turkey.

The lira plummeted to 6.24 which causes citizens to bail on its currency as they desperate try to convert to dollars that which is in low supply.

Remember: Turkey has about 11 billion in ture asset reserves of which gold, at 511 tonnes is around 24 billion dollars. Turkey will never sell an ounce of gold contrary to the doorknob Maduro in Venezuela. Turkey must face China and Russia and then default on its western assets. This will break most of the European banks.

(courtesy zerohedge)
6. GLOBAL ISSUES

i)A good global Bellwether on the shape of economies and growth for the world.

( zerohedge)


7. OIL ISSUES




8 EMERGING MARKET ISSUES

VENEZUELA/USA

Trump now turns on Bolton for accusing him of trying to start a war in Venezuela according to the Washington Post



( zerohedge)






9. PHYSICAL MARKETS




10. USA stories which will influence the price of gold/silver)





MARKET TRADING//

a)Market trading: last night

“Trump last night: China broke the deal and they will be paying..”

(zerohedge)


b)This morning
Stocks not happy this morning after the Chinese Media state that there is a zero chance of a trade deal
(courtesy zerohedge)
c)BEGINNING OF THE AFTERNOON:
Just what the Chinese needed; the FCC blocks China mobile from the USA market over espionage concerns
(courtesy zerohedge)



ii)Market data

a)The Fed are just not getting the inflation traction that they need: core PPI records its slowest growth in 11 months

( zerohedge)
b)The trade deficit was in line with expectations at 50 billion dollars. However what is very disconcerting is that trade with China dropped hugely. Then other bad news: trade gap with Mexico rose by 9 billion dollars and the trade gap with Europe rose by $7 billion s to $14 billion dollars.
Trump is not winning exactly what Alasdair Macleod forecasted. The USA is not “saving” and as such its trade deficit will not shrink despite the tariffs.
(zerohedge)

ii)USA ECONOMIC/GENERAL STORIES



SWAMP STORIES

So true: where the USA is headed as we enter the 2020 election cycle.. Will the electorate see through the chaos created by the Democrats.

( Theodore Schatt)


E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS SIZED 12,786 CONTRACTS.TO A LEVEL OF 465,557 DESPITE THE LOSS IN THE PRICE OF GOLD ($3.70) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7366 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 7366 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7366 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 20,152 TOTAL CONTRACTS IN THAT 7366 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUMONGOUS SIZED 12,786 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 20,152 contracts OR 2,015,200 OZ OR 62.68 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 128 contracts, having LOST 2 contracts. We had 7 notices served yesterday so we gained 5 contracts or an additional 500 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest FELL by 1066 contracts DOWN to 282,238. July GAINED 5 contracts to stand at 57. After July the next active month is August and here the OI rose by 11,916 contracts up to 105,494 contracts.







TODAY’S NOTICES FILED:

WE HAD 5 NOTICES FILED TODAY AT THE COMEX FOR 500 OZ. (0.0155 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI FELL BY A TINY SIZED 685 CONTRACTS FROM 199,467 DOWN TO 198,782(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX LOSS OCCURRED WITH A 3 CENT LOSS IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 366 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 133 CONTRACTS. WE HAD 152 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 19 CONTRACTS OR AN ADDITIONAL 95,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH GAINED 7 CONTRACTS UP TO 706. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 407 CONTRACTS DOWN TO 151,394 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 175 UP TO 16,868 CONTRACTS.









TODAY’S NUMBER OF NOTICES FILED:



We, today, had 49 notice(s) filed for 245,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 302,175 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 343,112 contracts







THE COMEX DATA FOR SOME REASON HAS NOT BEEN SUPPLIED BY THE CME BY THE TIME I USUALLY PUBLISH

THE DATA IS IMPORTANT AND I WILL UPDATE AS SOON AS IT ARRIVES FROM THE CROOKS.










INITIAL standings for MAY/GOLD

MAY 9 /2019.
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
46,630.620
oz
JPM
Scotia
Deposits to the Dealer Inventory in oz nil

oz



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: zero oz





total gold deposits: nil oz



very little gold arrives from outside/ again zero amount arrived today

we had 0 gold withdrawals from the customer account:

(maybe investors are taking our advice by not storing their gold at the comex.)

this will hurt our bankers as they need to replace leased gold as all gold stored at the gold comex is unallocated.

IT LOOKS LIKE THE RATS ARE FLEEING A SINKING SHIP!

Gold withdrawals;

i) We had 2 withdrawals:

Out of JPMorgan: 40,629.560 oz

ii) Out of Scotia: 6,001.06 oz



.

total gold withdrawals; 46,630.620 oz




i) we had 0 adjustments today

FOR THE MAY 2019 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 5 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (176) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (128 contract) minus the number of notices served upon today (5 x 100 oz per contract) equals 29,900 OZ OR 0.9300 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (176 x 100 oz) + (128)OI for the front month minus the number of notices served upon today (5 x 100 oz )which equals 29,900 oz standing OR 0.9300 TONNES in this NON active delivery month of MAY.

We gained 5 contracts or an additional 500 oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping continues where we left off last month in gold and for that matter in silver. We now have two precious metals undergoing queue jumping as the bankers scramble to obtain physical metal.











SURPRISINGLY LITTLE GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.604 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 0.9300 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.










total registered or dealer gold: 212,322.479 oz or 6.604tonnes
total registered and eligible (customer) gold; 7,702,775.662 oz 239.58 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR APRIL 2018 AND FINAL STANDING APRIL 30 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 31 MONTHS 116 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
MAY 9 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
984,748.412 oz
Brinks
CNT
Scotia














Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
2923,700 oz
Delaware
No of oz served today (contracts)
49
CONTRACT(S)
(245,000 OZ)
No of oz to be served (notices)
317 contracts
1,585,000 oz)
Total monthly oz silver served (contracts) 3328 contracts

16,640,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

**



we had 0 inventory movement at the dealer side of things



total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/305 million)



into Delaware: 2923.700 oz



















total customer deposits today: 2923.700 oz


we had 3 withdrawals out of the customer account:



i) Out of CNT: 73107.062 oz

ii) Out of Brinks: 906,752.85 oz

iii) Out of Scotia: 4888.500 oz






total withdrawals: 984,748.412 oz



we had 2 adjustment :

out of CNT: 168,114.02 oz was adjusted out of the customer account and this landed into the dealer account of CNT

ii) out of Brinks: 112,819.88 oz was adjusted out of the dealer and this landed into the customer account of Brinks





total dealer silver: 95.093 million

total dealer + customer silver: 307 348 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 49 contract(s) FOR 245,000 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 3328 x 5,000 oz = 16,640,000 oz to which we add the difference between the open interest for the front month of MAY. (366) and the number of notices served upon today (49 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3328(notices served so far)x 5000 oz + OI for front month of MAY( 366) -number of notices served upon today (49)x 5000 oz equals 18,225,000 oz of silver standing for the MAY contract month.

We GAINED 19 contracts or an additional 195,000 oz will stand as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts.







FOR COMPARISON VS LAST YEAR:









ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.





xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





TODAY’S ESTIMATED SILVER VOLUME: 62,045 CONTRACTS













CONFIRMED VOLUME FOR YESTERDAY: 61,440 CONTRACTS..



..







YESTERDAY’S CONFIRMED VOLUME OF 61440 CONTRACTS EQUATES to 307 million OZ 43.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44



end







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx







NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -4.24% (MAY 9/2019)
2. Sprott gold fund (PHYS): premium to NAV FALLS TO -2.20% to NAV (MAY 9/2019 )
Note: Sprott silver trust back into NEGATIVE territory at -4.24%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.86 TRADING 12.29/DISCOUNT 4.44

END

And now the Gold inventory at the GLD/

MAY 9//WITH GOLD UP $4.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 8/WITH GOLD DOWN $3.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 739.64 TONNES

MAY 7/ WITH GOLD UP $1.80: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 6/WITH GOLD UP $2.35: ANOTHER WITHDRAWAL OF 5.88 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 739.64 TONNES

MAY 3/WITH GOLD UP $9.35 TODAY: A WITHDRAWAL OF 1.17 TONNES OF GOLD FROM THE GLD INVENTORY/INVENTORY RESTS AT 745.52

MAY 2/WITH GOLD DOWN $12.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

MAY 1/WITH GOLD DOWN $1.20 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES

APRIL 30/WITH GOLD UP $4.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 746.69 TONNES//

APRIL 29/WITH GOLD DOWN $7.00: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 746.69 TONNES

APRIL 26/WITH GOLD UP $9.2//ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD.//INVENTORY LOWERS TO 746.69 TONNES TONNES

APRIL 25//WITH GOLD UP $.05 TODAY (BASICALLY FLAT) NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 747.87 TONNES



APRIL 24 WITH GOLD UP $6.00 TODAY// TWO TRANSACTIONS: 1)A HUGE WITHDRAWAL OF 2.05 TONNES FROM THE GLD AND THEN II) ANOTHER WITHDRAWAL OF 1.76 TONNES//INVENTORY RESTS AT 747.87 TONNES

APRIL 23./WITH GOLD DOWN $4.45 TODAY: NO CHANGES AT THE GLD/INVENTORY RESTS AT 751.68 TONNES//

APRIL 22/WITH GOLD UP $1.75//A SMALL WITHDRAWAL OF .59 TONNES OF GOLD FROM THE GLD INVENTORY//INVENTORY RESTS AT 751.68 TONNES

APRIL 18/WITH GOLD DOWN $.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT752.27 TONNES

APRIL 17/WITH GOLD DOWN $0.10 TODAY: ANOTHER HUGE WITHDRAWAL OF 1.76 TONNES AT THE GLD WHICH WAS USED IN YESTERDAY’S RAID/INVENTORY RESTS AT 752.27 TONNES

APRIL 16/WITH GOLD DOWN $13.60 TODAY: A HUGE WITHDRAWAL OF 3.82 TONNES AT THE GLD/INVENTORY RESTS AT 754.03

APRIL 15/WITH GOLD DOWN $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 12/WITH GOLD UP $2.10 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757..85 TONNES

APRIL 11/WITH GOLD DOWN $19.85 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 757.85 TONNES

APRIL 10/WITH GOLD UP $5.45 AGAIN TODAY, THE CROOKS AGAIN RAIDED THE COOKE JAR BY 2.64 TONNES/INVENTORY RESTS AT 757.85 TONNES

APRIL 9/WITH GOLD UP AGAIN BY $6.40/THE CROOKS RAIDED THE COOKIE JAR AGAIN BY 1.18 TONNES/INVENTORY RESTS AT 760.49 TONNES

APRIL 8/WITH GOLD UP AGAIN BY $6.40: THE CROOKS RAIDED THE COOKIE JAR AGAIN BY .88 TONNES//INVENTORY RESTS TONIGHT AT 761.67 TONNES.

APRIL 5/WITH GOLD UP$1.35: ANOTHER WITHDRAWAL OF 1.74 TONNES OF PHYSICAL GOLD FROM THE GLD INVENTORY: INVENTORY RESTS AT 762.55 TONNES

APRIL 4/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.29 TONNES

APRIL 3:WITH GOLD DOWN 20 CENTS: ANOTHER WHOPPER OF A WITHDRAWAL: 3.81 TONNES FROM THE GLD//INVENTORY RESTS AT 764.29 TONNES

APRIL 2//WOW! WE LOST A WHOPPING 16.16 TONNES OF GOLD WITH A RISE IN PRICE OF $1.80//INVENTORY RESTS AT 768.10







xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


MAY 9/2019/ Inventory rests tonight at 739.64 tonnes

*IN LAST 593 TRADING DAYS: 194.33 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 493 TRADING DAYS: A NET 28.49 TONNES HAVE NOW BEEN LOST INTO THE GLD INVENTORY.

IT LOOKS LIKE WE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD AT THE GLD.



end



Now the SLV Inventory/

MAY 9/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 8/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ///

MAY 7/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ//

MAY 6/WITH SILVER DOWN 3 CENTS WE HAD ANOTHER DEPOSIT OF 891,000 OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 316.582 MILLION OZ/

MAY 3//WITH SILVER UP 34 CENTS TODAY: A DEPOSIT OF 843,000 OZ INTO THE SLV/TOTAL INVENTORY RESTS AT 315.691 MILLION OZ//

MAY 2/WITH SILVER DOWN ANOTHER 13 CENTS, MIRACUOUSLY THE AUTHORITIES ADD 2.869 MILLION OZ OF SILVER BACK INTO THE SLV/INVENTORY RESTS AT 314.848 MILLION OZ//

MAY 1/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ////

APRIL 30/WITH SILVER UP 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 29/ WITH SILVER DOWN 13 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ.

APRIL 26//WITH SILVER UP 12 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 25/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ//

APRIL 23./WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 22/WITH SILVER UP 4 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 311.979 MILLION OZ///

APRIL 18/WITH SILVER FLAT TODAY: A SHOCKING 2.8122 MILLION PAPER OZ WERE ADDED INTO SLV INVENTORY: INVENTORY RESTS AT 311.979 MILLION OZ/

APRIL 17/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 16/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ//

APRIL 15: WITH SILVER DOWN ONE CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ//INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 12 WITH SILVER UP 11 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ.

APRIL 11/WITH SILVER DOWN 37 CENTS TODAY: A DEPOSIT OF 750,000 OZ INTO THE SLV/INVENTORY RESTS AT 309.917 MILLION OZ//

April 10/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ.

APRIL 9/WITH SILVER DOWN ONE CENT: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 8/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 309.167 MILLION OZ///

APRIL 5/WITH SILVER DOWN 2 CENTS: NO CHANGES IN SILVER INVENTORY: THE CROOKS CANNOT RAID ANY SILVER BECAUSE THERE IS NONE: INVENTORY RETS AT 309.167 MILLION OZ//

APRIL 4/WITH SILVER FLAT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 3/WITH SILVER UP TWO CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 309.167 MILLION OZ/

APRIL 2/ WITH SILVER DOWN ONE CENT TODAY: A SMALL WITHDRAWAL OF 134,000 OZ FROM THE SLV TO PAY FOR FEES/INVENTORY RESTS AT 309.167







MAY 9/2019:


Inventory 316.582 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.18/ and libor 6 month duration 2.58

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .40



XXXXXXXX

12 Month MM GOFO
+ 2.47%

LIBOR FOR 12 MONTH DURATION: 2.71

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.24

end



PHYSICAL GOLD/SILVER STORIES


end
i) GOLDCORE BLOG/Mark O’Byrne
A must


GOLD SUPPRESSION IS “THE BIGGEST ISSUE IN THE WORLD TODAY” – CHRIS POWELL OF GATA

9, May

– GOLD PRICE SUPPRESSION is “the BIGGEST ISSUE in the WORLD … it involves the valuation of all capital, labor, goods and services in the world and these valuations are being set in a really imperialistic and totalitarian way and not in an open and transparent way & we think this is evil
WATCH INTERVIEW HERE

– Brief introduction to Chris Powell, Treasurer and Secretary of GATA and Bill Murphy of GATA and LeMetropoleCafe.com, two of the most important financial whistle blowers of recent years

– GATA’s tireless and courageous campaign for freely traded gold, silver and foreign exchange markets with little support from ‘Main Street, Wall Street, most of the gold industry and most of the media

RECEIVE LATEST GOLD & SILVER VIDEO NEWS UPDATES FROM GOLDCORE – SIGN UP HERE

– Why do central banks and “officialdom” manipulate gold and silver prices lower?

– “I could not be more disappointed with and contemptuous of 99% of the mainstream financial news organizations will not touch the issue of governments rigging markets”

– Voluminous evidence that GATA.org have amassed over the years have been published and sent to key financial press and media

– Central bankers and government insiders are on record re manipulation including Alan Greenspan- “Central banks stand ready to lease gold in increasing quantities should the price rise.” Greenspan testified to Congress in July 1998

– “Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.” Paul Volcker, reflecting on an international currency revaluation in 1973 (wrote in memoirs published by the Nikkei Weekly in Japan in November 2004)

– History of gold throughout history, through to Roosevelt and Nixon going off the Gold Standard and the Gold Exchange Standard- History of suppression including the London Gold Pool, creation of gold futures market, Exchange Stabilization Fund (ESF), Working Group on Financial Markets aka the Plunge Protection Team (PPT)

– Grossly unfair for any one nation to have “exorbitant privilege” of the ability to issue the sole reserve currency exclusively as you could EXPROPRIATE THE WORLD THAT WAY” as was done by the Nazis in World War II. Primary mechanism of Nazi expropriation of Europe was monopolising the banking systems and currency rigging thus weakening the conquered nations currencies versus the Deutsche Mark

– The original must read book of Ferdinand Lips on the history of “Gold Wars” – the forerunner to Jim Rickards and his books including Currency Wars

– U.S. diplomatic cables were leaked by Wikileaks and one from an official in the British Embassy to the State Department stated that they had surveyed the bullion banks and they were of the view that if gold futures were started, “they would be able to inject so much volatility into the gold price that they could scare ordinary investors away from the precious metal”

– Gold trades completely counter intuitively and frequently falls with massive concentrated bouts of selling of gold futures (billions in seconds) frequently despite very positive gold news

– “Flash crashes” done “to get the price down” and therefore likely governments and central banks

– Recent developments including ‘Irish Cuban American’ Senator Mooney’s recent support for the GATA cause and questions to the CFTC, the FED and Treasury regarding government manipulation of the gold prices

– The CME Group, which operates the major futures exchanges in the U.S., has recently renewed what it calls its ‘central bank incentive program’, which gives enormous volume trading discounts to governments and central banks for surreptitiously trading all the futures markets. The CME group has created mechanisms for secret trading by governments to get discounts while trading gold and silver futures in the U.S.

– Follow GATA for the hugely important information imparted by them, subscribe, donate on GATA.org
WATCH INTERVIEW HERE
Avoid ‘.Com Gold’ – 7 Real Risks to Your Gold Ownership

Mark O’Byrne
Executive Director

end
GATA STORIES WITH RESPECT TO GOLD/PRECIOUS METALS.

We brought this story to you yesterday but it is worth repeating. China announces its 5th straight increase in reserves by 14.93 tonnes. However they are not including all of the gold that they produce which is around 33 tonnes per month. Eventually China will announce their true hoard.

(courtesy London’s Financial Times/Sanderson)
China announces fifth straight month of growth in gold reserves

Submitted by cpowell on Wed, 2019-05-08 13:57. Section: Daily Dispatches

China’s Central Bank Stocks up on Gold as It Seeks to Diversify

By Henry Sanderson
Financial Times, London
Wednesday, May 8, 2019

China’s central bank added gold to its reserves for the fifth month in a row in April, the latest emerging market central bank to stock up on the yellow metal.

The People’s Bank of China said its gold reserves rose to 61.1 million ounces last month, an increase of 480,000 ounces from March, and bringing its total gold holdings to about $78.3 billion. …

… For the remainder of the report:

https://www.ft.com/content/860a418c-7172-11e9-bf5c-6eeb837566c5

end

This should be good!! Congressman Mooney Rep West Virginia (R) proposes in new legislation a complete and full audit of the gold owned by the USA and that covers leases and swaps with other entities.

(courtesy Money Metals News/ Eagle Idaho/Stefan Gleason/GATA)
Congressman proposes U.S. gold audit that covers leases, swaps

Submitted by cpowell on Wed, 2019-05-08 16:15. Section: Daily Dispatches

From Money Metals News Service, Eagle, Idaho
Wednesday, May 8, 2019

WASHINGTON — U.S. Rep., R-West Virginia, this week introduced legislation to provide for the first audit of United States gold reserves since the Eisenhower administration.

The Gold Reserve Transparency Act (H.R. 2559) — backed by the Sound Money Defense League and government accountability advocates — directs the comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves, including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”

…

HR 2559 requires more than just a physical assay, inventory, and audit, however. Even if all United States gold can be physically accounted for, it may nevertheless be encumbered with third-party obligations — or otherwise be impaired by bank financialization.

Therefore, Mooney’s gold audit bill also requires “a full accounting of any and all sales, purchases, disbursements, or receipts … a full accounting of any and all encumbrances, including those due to lease, swap, or similar transactions presently in existence or entered into” in the past 15 years, and “an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves.”

Over the years the U.S. Treasury has faced allegations that it has sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold reserves. …

… For the remainder of the report:

https://www.moneymetals.com/news/2019/05/08/legislation-requires-audit-u…

* * *

end
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Day In A Chart

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Headline-Chaos Sparks Stock Dump’n’Pump; Dollar & Bond Yields Slide

China extended losses overnight with ChiNext down almost 10% already this week…



US Markets were rescued by some optimistic comments from Trump…



The Dow underperformed as Trannies reached back up towards unchanged…



VIX term structure remains inverted for the 4th day in a row…



Credit markets continue to push notably wider…



The yield curve inverted once again today…



And while we are in bond land, we note that Occidental bonds are sharply lower (as its stock hit a 10Y low) as it becomes evident that the company will win the very brief bidding tiff with Chevron for Anadarko – and will likely incur substantially more debt in the process.



The Dollar Index stayed rangebound once again as if some greater force had its boot on the throat of FX vol…



Yuan rallied back this afternoon after Trump’s positive comments…



Bitcoin extended gains today on the week as the rest of the crypto space slipped…



Mixed day in commodity-land…



But gold and silver diverged this afternoon…



Finally, for all the “risk-on” crowd, keep an eye on global money supply, it’s rolling over fast…



Read More Harvey Here......
https://harveyorganblog.com/2019/05/09/may-9-gold-up-4-00-to-1284-60-silver-is-down-9-cents-to-14-77-queue-jumping-continues-unabated-at-the-gold-and-silver-comex-silver-is-still-7-cents-backward-in-london-usa-threatens-ally-uk-if-t/

show simo casted

[JD400]

da Clocks a tickin......

MMGYS

Check Out The Time
https://www.usdebtclock.org/

'Bond King' Jeffrey Gundlach says the national debt is 'totally out of control'

DoubleLine CEO Jeffrey Gundlach is flagging risks in the rising U.S. deficit.
"People are starting to realize that the deficit and debt are totally out of control," Gundlach says on CNBC's "Halftime Report" Tuesday.
Gundlach also flagged trouble in the corporate bond market, which "is so much worse today than it was in 2006."


Published 12:36 PM ET Tue, 7 May 2019 Updated 2:09 PM ET Tue, 7 May 2019 CNBC.com




Jeffrey Gundlach
DoubleLine CEO Gundlach: National Debt is totally out of control
2:48 PM ET Tue, 7 May 2019 | 03:51

U.S. debt has climbed to an alarming level, according to DoubleLine CEO Jeffrey Gundlach.

"People are starting to realize that the deficit and debt are totally out of control," Gundlach said on CNBC's "Halftime Report" Tuesday.

Gundlach said the "main reason" the yield curve between 3-year and 5-year Treasury notes is steepening is the ballooning deficit. Last year, U.S. national debt increased by more than 6% of GDP, he said. An even bigger deficit could mean trouble in a recession, said Gundlach, whose DoubleLine has $130 billion in assets under management.

Gundlach — sometimes known as the "bond king" — also flagged trouble in the corporate bond market, which got "dragged down" in the "economic mess that we're in."

"The corporate bond market is so much worse today than it was in 2006," he said.

Among Gundlach's concerns: a corporate bond market that has tripled in size, and a BBB-rated bond market that is now bigger than the junk-bond market. Using leverage ratios alone, "45%, not just of the BBB but the entire corporate bond market would be junk right now," he said, citing figures from Morgan Stanley.

A recession or downturn could "spark" a wave of downgrades from investment grade bonds into junk bonds, he said.

"The economy is in such bad shape to withstand a downturn again," Gundlach said. "The national debt is exploding while we're having some of the best GDP year over year that we've had in recent years."

In the first quarter, U.S. gross domestic product, or GDP, expanded by 3.2%, according to the Bureau of Economic Analysis. That was its best growth to start a year in four years.

Gundlach runs the $50 billion DoubleLine Total Return Bond Fund. Its five-year performance is one of the best in its category, but lagged most of its peers in 2019 with a gain of just 2%, according to Morningstar rankings.

Despite GDP growth and strong employment, if and when a recession does hit, Gundlach said, the U.S. economy is in no shape to handle it without drastic measures.

"The economy's not in any kind of condition for the government to come to the rescue other than really wickedly extraordinary policies a la the [European Central Bank] and the [Bank of Japan]," Gundlach said.

https://www.cnbc.com/2019/05/07/bond-king-jeffrey-gundlach-says-the-national-debt-is-totally-out-of-control.html

[JD400]

InvestorsHub VideoWire


MMGYS

https://www.youtube.com/watch?v=yJkLTE1eKf8

[JD400]

Central Station Mining News

MMGYS

Hope your enJoying the show we have the whole group tonight. Thanks for tuning in ~*~Mining & Metals Du Jour~*~

Tonight's Headlines From Mining .Com


Mining exploration in Mexico hits 12-year low


Forum Energy Metals inks $30m option with Rio on Janice Lake


Albemarle touts new project to boost its Chilean lithium output by 30%


Australian junior Aurelia forgoes Glencore copper mine buy


Monarch investment in Unigold's Dominican Republic project lights up stock
Northern Miner Staff | about an hour ago |


Race for AngloGold assets may pit Sibanye against rival Harmony
Bloomberg News | about 3 hours ago |


Financing deals, deficit to buttress physical aluminium prices
Reuters | about 4 hours ago |


AngloGold plans to sell last South Africa mine as era closes
Bloomberg News | about 5 hours ago |


Ginguro to acquire 80% interest in Valterra’s Weepah gold project
MINING.com Staff | about 7 hours ago |


ZEN gets $1m grant for graphene-enhanced concrete project
MINING.com Staff | about 7 hours ago |


'Crazy premiums' for gold assets are over, B2Gold CEO says
Bloomberg News | about 21 hours ago |


Nevada Copper inks $115m deal to construct Pumpkin Hollow
MINING.com Staff | about 22 hours ago |


Profile: Pan American Silver CFO's big mergers and acquisitions
Business In Vancouver - Nelson Bennett | about 24 hours ago |


Trump bans trade in Iranian metals, ratcheting up tensions
Bloomberg News | a day ago |


British Columbia's Cariboo gold rush, part 2?
Business In Vancouver - Nelson Bennett | a day ago

|
Livent shares tumble 22% on sales miss, guidance cut
MINING.com Staff | a day ago |


IEA: Renewables growth is stalling
Oilprice.com | a day ago |


Kinross mulls options to resume long-term operations in Chile
Cecilia Jamasmie | a day ago |


Rio Tinto and Caterpillar to build intelligent mine in Western Australia
MINING.com Staff | a day ago |


Barrick Gold to sell $1.5B in assets, but open to acquisitions
Cecilia Jamasmie | a day ago |


Record earnings, free cash flow for Kirkland Lake Gold in Q1
Canadian Mining Journal Staff | 2 days ago |


Kinross Gold reports strong Q1 results — on track to meet 2019 guidance
MINING.com Staff | 2 days ago |


In the land where coal is king, mine jobs outweigh climate fears
Bloomberg News | 2 days ago |


Lithium prices from Chile decline even as demand soars
Bloomberg News | 2 days ago |


Chile copper mine production slides in first quarter – Cochilco
Reuters | 2 days ago |


IAMGOLD stock sinks over 12% as Q1 results fall short
MINING.com Staff | 2 days ago |


Norway is using its wealth to lead an exodus from coal
Reuters | 2 days ago |


BHP hit by $5 billion lawsuit over 2015 dam failure in Brazil
Cecilia Jamasmie | 2 days ago |


Did you find a partner to dance with

all Links Found here....
http://www.mining.com/

Thanks, gall you don't have to make a production out of it....

MMGYS Productions all posts copyrighted under educational Jive
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[JD400]

Gold Prices Will Continue To Rise This Year, Says IFC Exec

MMGYS**

Friday Night Kickoff


Gold will continue to rise this year, according to one financial executive.

Neil Pereira, principal investment officer of the International Financial Corporation (IFC), shared his thoughts on the precious metals landscape with Kitco News on the sidelines of the Mines and Money conference in New York.

“In the last year, we saw gold prices fall,” he noted. “But in the last quarter of this year, we’ve seen a big increase and I think that’s partly driven by expectations of reduced long-term interest rates.”

Pereira’s comments come a few days after the president of the Federal Reserve Bank of St Louis, James Bullard, announced that a rate cut was looking more attractive as it could possibly resolve issues of inflation and gain credibility for US markets.

But there are other factors affecting gold prices, according to Pereira. “We’ve seen investors going back into the ETFs, we’ve seen central banks in China, Russia, Turkey, and India all increasing their purchases,” he explained.

“Over the course of the next year, we’d expect to see gold continue to rise,” Pereira said. Within the logistics of supply and demand, he noted that although the market has been in balance for some time, the future includes long-term supply increases.

The IFC’s primary objective is to work collaboratively with the private sector to assist developing countries expand their mining industries. Most recently, it completed the Sangaredi project in Guinea, which Pereira said had an immediate impact on the local community, creating jobs and stimulating the environment.

“The employment is about 750 people, but if you look at a factor of 20 which is typical in developing countries, that’s probably going to affect 14,000 people in terms of jobs and opportunities and wealth creation,” he said.

Past experiences with foreign investment in developing countries’ mining industries have proven challenging. Pereira stated that the key to navigating the existing obstacles involves a two-fold solution. When dealing with governments, he said, it is important to ensure compliance with the mining code. When dealing with local communities, he spoke of the significance of securing the social license to operate.
By Sarah Abu-Shaaban

For Kitco News

https://www.kitco.com/news/2019-05-09/Gold-Prices-Will-Continue-To-Rise-This-Year-Says-IFC-Exec.html



*Merit Award Outstanding Investors Hub IHUB 10 year Favorite
*Merit Award Outstanding MMGYS Friday Night Kickoff

[JD400]

Jungle Data & News

Good Morning Good Evening

Ya Know Where You Are
You In The Jungle Babe


Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~

On the show tonight: Great Data & News by Harvey Organ,Our Miners Resource Pipeline,what Make diamonds Blue,some Good Miner Swing Plays,GATA Daily Dispatches and Egon von Greyerz says Moves in Gold & Silver Will Be 1970s on Stilts


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope Your Having a Wonderful Weekend

EnJoy the show

OK...Welcome to the Jungle ! !

MMGYS

Thank you

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MAY 10//MARKETS ARE ONE BIG JOKE: THE DOW RISES BY 114 POINTS ON “CONSTRUCTIVE TALKS” WITH CHINA DESPITE TRUMP RAISING TARIFFS TO 25% ON 200 BILLION DOLLARS WORTH OF GOODS/ GOLD UP $2.15 TO $1286.75//SILVER UP 2 CENTS TO $14,79///QUEUE JUMPING CONTINUES IN BOTH GOLD AND SILVER COMEX//STILL NO GOLD ENTERS THE GOLD AREN/MORE SWAMP STORIES FOR YOU TONIGHT//
May 10, 2019 · by harveyorgan · in Uncat















GOLD: $1286.75 UP $2.15 (COMEX TO COMEX CLOSING)

Silver: $14.79 UP 2 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1286.75







silver: $14.79







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING:7/11

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,283.500000000 USD
INTENT DATE: 05/09/2019 DELIVERY DATE: 05/13/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
661 C JP MORGAN 7
690 C ABN AMRO 3
737 C ADVANTAGE 2 3
905 C ADM 6
____________________________________________________________________________________________

TOTAL: 11 11
MONTH TO DATE: 187






NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 11 NOTICE(S) FOR 1100 OZ (0.0342 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 187 NOTICES FOR 18700 OZ (.5816 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


13 NOTICE(S) FILED TODAY FOR 65,000 OZ/



total number of notices filed so far this month: 3341 for 16,705,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$6299 UP $118.00




Bitcoin: FINAL EVENING TRADE: $6407 UP $229





end



XXXX









Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A CONSIDERABLE SIZED 1691 CONTRACTS FROM 198,782 UP TO 200,473 DESPITE YESTERDAY’S 9 CENT FALL IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW COMMENCES FOR GOLD. TODAY WE705RRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 956 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 956 CONTRACTS. WITH THE TRANSFER OF 956 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 956 EFP CONTRACTS TRANSLATES INTO 4.78 MILLION OZ ACCOMPANYING:

1.THE 9 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 18.280 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MOAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

10,514 CONTRACTS (FOR 8 TRADING DAYS TOTAL 10,514 CONTRACTS) OR 52.57 MILLION OZ: (AVERAGE PER DAY: 1314 CONTRACTS OR 6.57 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 52.57 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 7.51% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 793.30 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1691 DESPITE THE 9 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 956 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A STRONG SIZED: 2647 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 956 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 1691 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 9 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.77 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.007 BILLION OZ TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 13 NOTICE(S) FOR 65,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.280 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A VERY STRONG SIZED 11,269 CONTRACTS, TO 474,094 WITH THE RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $4.00//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4205 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 4205 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 474,094. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GIGANTIC SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,474 CONTRACTS: 11,269 OI CONTRACTS INCREASED AT THE COMEX AND 4205 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 15,474 CONTRACTS OR 1,547,400 OZ OR 48.13TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF $4.00….AND WITH THAT RISE, WE HAD A HUMONGOUS GAIN IN TONNAGE OF 48.13 TONNES!!!!!!.??????????????????????????????????????????

AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.



HERE IS HOW THE CROOKS USED SPREADING AS WE ENTER A NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

“YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

AND WITH THE RELEASE OF THE COT REPORT TODAY, HERE IS THE PROOF AS TO WHAT I HAVE BEEN TELLING YOU. NOTE THE HUGE INCREASE IN SPREADING TO THE TUNE OF 16,755 CONTRACTS. THIS IS A FRAUD TO THE HIGHEST ORDER!! SILVER HAD ONLY A SMALL 1000 CONTRACT GAIN IN OI SPREADERS IN ITS COT REPORT..




Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
185,801 110,390 73,060 142,078 238,437 400,939 421,887
Change from Prior Reporting Period
8,526 -666 16,755 -5,210 2,837 20,071 18,926
Traders
180 70 79 54 60 261 185

Small Speculators
Long Short Open Interest
49,100 28,152 450,039
-43 1,102 20,028
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 7, 2019







ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 45,855 CONTRACTS OR 4,585,500 OR 142.62 TONNES (8 TRADING DAYS AND THUS AVERAGING: 5731 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAYS IN TONNES: 142.62 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 142.62/3550 x 100% TONNES =4,01% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 1958.18 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: A HUGE SIZED INCREASE IN OI AT THE COMEX OF 11,269 WITH THE RISE IN PRICING ($4.00) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4205 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4205 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC SIZED GAIN OF 17,112 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

4205 CONTRACTS MOVE TO LONDON AND 11,269 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 48.13 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A RISE IN PRICE OF $4.00 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 11 notice(s) filed upon for 1100 oz of gold at the comex.



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With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $4.00 TODAY

NO CHANGE IN GOLD INVENTORY AT THE GLD//







INVENTORY RESTS AT 739.64 TONNES

IT LOOKS LIKE WE HAVE REACHED THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD BEING SUPPLIED TO THE CROOKS.



TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTOR8

SLV/

WITH SILVER DOWN 9 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//















/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A CONSIDERABLE SIZED 1691 CONTRACTS from 199,782 UPTO 200,473 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 956 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 956 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 1691 CONTRACTS TO THE 956 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG GAIN OF 2647 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 13.24 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.280 MILLION OZ FOR MAY





RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 9 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 956 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT:

SHANGHAI CLOSED UP 88.26 POINTS OR 3.10% //Hang Sang CLOSED UP 239.17 POINTS OR 0.84% /The Nikkei closed DOWN 57.21 POINTS OR 0.27%//Australia’s all ordinaires CLOSED UP .25%

/Chinese yuan (ONSHORE) closed DOWN at 6.8246 AS TRUCE DECLARED FOR 3 MONTHS /Oil UP to 61.92 dollars per barrel for WTI and 70.47 for Brent. Stocks in Europe OPENED RED// ONSHORE YUAN CLOSED DOWN // LAST AT 6.8246 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8550 TRADE TALKS STILL ON//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%






3A//NORTH KOREA/ SOUTH KOREA

i)NORTH KOREA

The USA seizes a North Korean ship suspected of violating international sanctions.

Kim not too happy

( zerohedge)

ii)NORTH KOREA
Kim states that his latest launch was a “long range strike”.
Trump not to happy with “fat man”
( zerohedge)




b) REPORT ON JAPAN


3 China/Chinese affairs

i)/China/USA/ last night 9 pm

Algos panic as the USA China trade talks end early and at midnight tariffs are to begin

( zerohedge)

ii)Midnight THURSDAY NIGHT/Friday 12:01 am
USA hikes Chinese tariffs after the talks result in no progress and China vows to retaliate

( zerohedge)
iii)China’s National team ( plunge protection team) swoops in to prop up stocks as deal hopes crumble
( zerohedge)

iv)Liu leaves empty handed after his two hour meeting//all markets remain subdued.( zerohedge)
4/EUROPEAN AFFAIRS

i)UK

Mises’s Pickering lays out what is the best outcome for Britain and that is a no deal Brexit. Britain would be able to deal with the rest of the world with cheaper costs. Also she could get rid of those bothersome high regulatory problems facing all members of the EU. The problem of course is that goods to the EU will be higher but Britain can deal with it

( Pickering//Mises)




5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)CYPRUS/TURKEY/EUROPE/ISRAEL

This is becoming quite explosive as Cyprus slams potential Turkish oil and gas drilling in areas controlled by Greek/Cyprus. They demand EU action

( zerohedge)

ii)Bolton held an extremely rare meeting on Iran at CIA headquarters.
( zerohedge)

iii)Iran/USAIran threatens to destroy the USS Lincoln which is passing through the Suez Canal right now if it proceeds through the Straits of Hormuz

( zerohedge)
6. GLOBAL ISSUES

i)Sweden

Strange: The government at first desired a cashless Sweden and in the last few years, the amount of notes in circulation decreased. Now the Government wants its citizens to hoard cash in case of a cyber attack or war.

(courtesy zerohedge)




7. OIL ISSUES




8 EMERGING MARKET ISSUES

VENEZUELA








9. PHYSICAL MARKETS

i)We promised that this would happen: AngloGold has decided enough is enough and they are leaving South Africa.

(courtesy Seccombe/Business Day.GATA

ii)A must listen to interview on gold suppression courtesy of Chris Powell of GATA and Mark O”Byrne of Goldcore

( Goldcore/GATA//Chris Powell/

iii)More fines are going to be set against our usual crooked banks for rigging foreign exchange (and that should include gold/silver)
The Banks involved are Barclays, Citigroup, HSBC, JPMorgan and 3 others.
( Reuters/GATA)


10. USA stories which will influence the price of gold/silver)





MARKET TRADING//





ii)Market data

ii)USA ECONOMIC/GENERAL STORIES



SWAMP STORIES

a)The true store behind the Steele dossier: how claims are now debunked and how leaks were perpetrated before the FISA application had actually begun

(zerohedge)

b)Craig Murray takes on whether it was the Russians that hacked the DNC. He and others state that it was not the Russians

( Craig Murray)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS SIZED 11,269 CONTRACTS.TO A LEVEL OF 474,094 WITH THE GAIN IN THE PRICE OF GOLD ($4.00) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7366 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 4206 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4206 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 15,474 TOTAL CONTRACTS IN THAT 4205 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A VERY STRONG SIZED 11,269 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 15,474 contracts OR 1,547,400 OZ OR 48.13 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 128 contracts, having LOST 0 contracts. We had 5 notices served yesterday so we gained 5 contracts or an additional 500 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest ROSE by 1397 contracts UP to 283,635. July GAINED 15 contracts to stand at 72. After July the next active month is August and here the OI rose by 8,624 contracts up to 114,318 contracts.







TODAY’S NOTICES FILED:

WE HAD 11 NOTICES FILED TODAY AT THE COMEX FOR 1100 OZ. (0.0342 TONNES)



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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A CONSIDERABLE SIZED 1691 CONTRACTS FROM 198,782 UP TO 200,473(AND FURTHER FROM THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S TINY OI COMEX GAIN OCCURRED DESPITE A 9 CENT LOSS IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 328 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 38 CONTRACTS. WE HAD 49 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 11 CONTRACTS OR AN ADDITIONAL 55,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH GAINED 18 CONTRACTS UP TO 724. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 1389 CONTRACTS UP TO 152,783 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 1004 UP TO 17,872 CONTRACTS.



TODAY’S NUMBER OF NOTICES FILED:



We, today, had 13 notice(s) filed for 65,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 244,286 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 339,743 contracts





INITIAL standings for MAY/GOLD


Your early FRIDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

i) Chinese yuan vs USA dollar/CLOSED/ LAST AT: 6.8246/

//OFFSHORE YUAN: 6.8550 /shanghai bourse CLOSED UP 88.26 POINTS OR 3.10%

HANG SANG CLOSED UP 239.17 POINTS OR 0.84%



2. Nikkei closed DOWN 57.21 POINTS OR 0.27%









3. Europe stocks OPENED GREEN /







USA dollar index FALLS TO 97.36/Euro RISES TO 1.1232

3b Japan 10 year bond yield: FALLS TO. –.05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.73/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED



3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 62.02 and Brent: 70.92

3f Gold UP/JAPANESE Yen UP CHINESE YUAN: ON -SHORE DOWN/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO –04%/Italian 10 yr bond yield UP to 2.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.96%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 2.71: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 3.50

3k Gold at $1285.50 silver at: 14.76 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 2/100 in roubles/dollar) 65.22

3m oil into the 61 dollar handle for WTI and 70 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.73 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 1.0134 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1383 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to –0.04%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.45% early this morning. Thirty year rate at 2.87%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6. TURKISH LIRA: UP TO 6.1302..they are toast
Stocks Rise On “Trade Deal Hopes” After US Hikes Tariffs As Trade Deal Collapses

The market may have hit peak absurdity this morning because just hours after another round of US tariffs against China went into effect as some $200BN of Chinese imports saw tariffs hiked to 25% and Beijing vowed it would strike back, world stocks and US equity futures jumped after a volatile overnight session because, as the official narrative goes according to Reuters, “investors held out hopes for a trade deal between the United States and China” even as, as noted above, another round of U.S. tariffs on Chinese goods took effect.



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MMGYS

G&R double shot

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Kim Says Latest North Korea Launch Was “Long-Range Strike” Drill

North Korean state media is reporting that what was previously reported as “two short-range missile tests” by South Korea were actually long-range tests, which came on the same day US authorities seized a North Korean ship used to sell coal in violation of international sanctions.

State media announced early Friday (local time): “At the command post, Supreme Leader Kim Jong-un learned about a plan of the strike drill of various long-range strike means and gave an order of start of the drill,” the Korean Central News Agency (KCNA) said in English, as reported by Yonhap.

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US Hikes China Tariffs After Talks Result In No Progress; China Vows To Retaliate

After much theatrics and 11th hour negotiations, the US more than doubled tariffs to 25% on more than $200 billion in good imports from China just after midnight on Friday in what has been dubbed the “most dramatic step yet” in Donald Trump’s crusade to extract trade concessions from Beijing, deepening a nearly two-year old conflict that has roiled global markets and impacted the world economy.

While the White House said in a statement that talks are set to resume Friday, setting the stage for a tense final day of negotiations between Liu He, China’s vice premier and Robert Lighthizer, the US trade rep, Bloomberg reports that according to “close observers” there is little hope for any meaningful breakthroughs, especially since Liu does not have the authority to make any meaningful commitments, while an alleged phone call between Trump and president Xi yielded no positive results. It was also unclear, Bloomberg adds, whether China had resolved the internal debates that had led to last week’s rescinding of prior commitments to enshrine reforms agreed in Chinese law.

News that the US would hike tariffs, and set off a sequence of events that would most likely result in further escalation pushed US equity futures, treasury yields and the USDJPY lower around midnight.

In response to the tariff hike, China immediately said in a statement it “deeply regrets the latest tariff hike” and that it will be forced to take countermeasures against the US actions, but didn’t specify how, even as it said that it sill hopes the two sides can resolve issues via ongoing consultations.
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Pic JD Doing the show

Having a Blast ! Thanks


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Trade Turmoil Sparks Worst Week Of 2019, Wipes Over $2 Trillion Off Global Stocks

A couple of tweets, and just like that $2.5 trillion of global equity market cap evaporates…



As stocks went from ‘everything is awesome’ to the worst week of the year in an instant…

With global money supply failing to support the illusion…



As stocks began to catch down to the far less exuberant global systemically important banks…



China’s National Team refused to let stocks fall overnight (following the tariffs) and obviously lifted the market dramatically. However, it was still the worst week of the year…



An ugly week in Europe too with France and Italy worst…



The week in US equity markets has been dominated by algos chasing headlines about trade talks with dead cat bounces giving way to reality checks…



NOTE – today’s “constructive” talks headline prompted the 4th biggest buy program of the month (PPT?).



Notice that the market turned around when the world’s biggest money-losing IPO opened…



It seems it took the algos a long time to actually read He’s and Mnuchin’s comments:

Liu He: “No talks are scheduled from here”
Steve Mnuchin: “No future talks planned as of now”

But when they did, stocks rolled over…



Smells like PPT turned up after Mnuchin’s comments as VIX flash-crashed (signaled) at 0830ET today then fell after Mnuchin’s comments…



VIX has been inverted all 5 days this week…



Prompting a huge short-squeeze lift. just like on Monday (fail) and Thursday (fail)…



This is the seventh Friday in a row where a sudden panic bid lifted stocks…



The Dow ended below its 50DMA for the 3rd day in a row but the rest of the majors scrambled back above the key technical level…

DMA



And then of course, there’s Uber…



Second worst week of the year for credit markets…



Treasury yields fell across the curve this week but the long-end notably underperformed…



The Dollar ended the week unchanged…



Yuan fell all week…biggest weekly drop in yuan against the dollar since June 2018



Bitcoin soared on the week, along with Ethereum…



Bitcoin rallied above $6400 as trade tensions escalate…



Despite the dollar’s flat week, silver slumped and crude managed gains…



And finally, it appears “constructive” is the new ‘put’…



Read More Harvey Here.....
https://harveyorganblog.com/2019/05/10/may-10-markets-are-one-big-joke-the-dow-rises-by-114-points-on/

[JD400]

What makes diamonds blue?

Boron from oceanic crustal remnants in Earth's lower mantle

MMGYS

What makes diamonds blue? Boron from oceanic crustal remnants in Earth's lower mantle

We now know that the finest gem-quality diamonds come from the farthest down in our planet



Blue diamonds -- like the world-famous Hope Diamond at the National Museum of Natural History -- formed up to four times deeper in the Earth's mantle than most other diamonds, according to new work published on the cover of Nature.

"These so-called type IIb diamonds are tremendously valuable, making them hard to get access to for scientific research purposes," explained lead author Evan Smith of the Gemological Institute of America, adding, "and it is very rare to find one that contains inclusions, which are tiny mineral crystals trapped inside the diamond."

Inclusions are remnants of the minerals from the rock in which the diamond crystallized and can tell scientists about the conditions under which it formed.

Type IIb diamonds owe their blue color to the element boron, an element that is mostly found on the Earth's surface. But analysis of the trapped mineral grains in 46 blue diamonds examined over two years indicate that they crystallized in rocks that only exist under the extreme pressure and temperature conditions of the Earth's lower mantle.

The research group -- which included Carnegie's Steven Shirey, Emma Bullock, and Jianhua Wang -- determined that blue diamonds form at least as deep as the transition zone between the upper and lower mantle -- or between 410 and 660 kilometers below the surface. Several of the samples even showed clear evidence that they came from deeper than 660 kilometers, meaning they originated in the lower mantle. By contrast, most other gem diamonds come up from between 150 and 200 kilometers.

So how did the boron get down there if it is an element known for residing predominately in the shallow crust?

According to the hypothesis put forth by the research group, it came from seafloor that was conveyed down into the Earth's mantle when one tectonic plate slid beneath another -- a process known as subduction.

The new study proposes that boron from the Earth's surface was incorporated into water-rich minerals like serpentine, which crystallized during geochemical reactions between seawater and the rocks of the oceanic plate. This reaction between rock and water is a process called serpentinization and can extend deep into the seafloor, even into the oceanic plate's mantle portion.

The group's discovery reveals that the water-bearing minerals travel far deeper into the mantle than previously thought, which indicates the possibility of a super-deep hydrological cycle.

"Most previous studies of super-deep diamonds had been carried out on diamonds of low quality," Shirey said. "But between our 2016 finding that the world's biggest and most-valuable colorless diamonds formed from metallic liquid deep inside Earth's mantle and this new discovery that blue diamonds also have super-deep origins, we now know that the finest gem-quality diamonds come from the farthest down in our planet."

Story Source:

Materials provided by Carnegie Institution for Science. Note: Content may be edited for style and length.

[JD400]

Miners Resource Pipeline

MMGYS

see link below for all........



This U.S. bipartisan bill aims to reduce America’s critical minerals dependency



This won’t be the first time Washington has seen such a proposal. Announced last week, the American Mineral Security Act encourages the development of domestic resources and supply chains to produce minerals considered essential to the country’s well-being. But the chief backer, Alaska Republican Senator Lisa Murkowski, acknowledges having introduced similar standalone legislation previously, as well as addressing the topic in a previous energy bill.
see link at bottom for all........

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New government promises bold measures to defend a resource-based economy

by Greg Klein

Updated results (seats at dissolution shown in parentheses)

United Conservative Party: 63 seats, 55.2% of the popular vote (25 seats)
New Democratic Party: 24 seats, 32.2% (52 seats)
Alberta Party: 0 seats, 9.2% (3)
Liberal Party: 0 seats, 1% (1)
Independent candidates: 0 seats, 0.5% (3)
Freedom Conservative Party: 0 seats, 0.5% (1)
Progressive Conservative Party: 0 seats, 0% (1)
(One vacant seat at dissolution)



The outcome wasn’t as surprising as last time, when the once-marginal New Democratic Party swept to power in what had long been a moderately conservative one-party province. Yet this was probably Alberta’s most dramatic election since 1935, when a victorious upstart tied to the economic movement known as Social Credit grabbed international attention. Rarely has Western alienation played out so strongly as in this campaign, provoked by Ottawa’s stance on, among other issues, the ongoing war against Canadian resource industries. Foreign interference in the form of U.S. money also came to light, while aspects of the culture wars helped inflame passions.

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‘The Asian century’

East has surpassed West, whether the West knows it or not, says Peter Frankopan

by Greg Klein
East has surpassed West, whether we know it or not, says Peter Frankopan

“Silk roads” can refer to the process of connecting people and cultures
through trade, according to Peter Frankopan’s recently published book.



Less than two years ago tensions along an especially sensitive border area sparked fighting between Chinese and Indian troops. Outside Asia, who knew? “As most of the world focused on the Twitter account of the US president and the circus surrounding Brexit, the threat of the two most populous countries on earth going to war was not just a possibility, it looked like becoming a fact,” writes Peter Frankopan. An uneasy truce eventually stalled hostilities but the West’s ignorance of the wider world remains. That’s both symptom and cause of the West’s decline, the author says.

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Vivian Krause exposes U.S. money and tactics behind Canadian environmentalism

by Greg Klein

This isn’t the kind of Yankee imperialism Canadian protesters typically protest. Powerful American interests pay Canadian environmental activists big, big money—well over half a billion dollars so far—that does nothing for the environment but undermines our economy and national unity. That’s Vivian Krause’s message and, as the pipeline controversy gains intensity, her story’s gaining prominence. But, she argues, Ottawa still shows no intention of using its power to stop this foreign interference.

The money trail begins with huge American backers that include the Gordon and Betty Moore Foundation, the Rockefeller Brothers Fund, the William and Flora Hewlett Foundation, and the David and Lucile Packard Foundation, she says.

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Reason over emotion

Resource Works marks five years of fact-based activism

by Greg Klein

One sign of encouragement for British Columbia’s embattled resource industries came in the province’s February throne speech, when the New Democratic Party government declared that B.C.’s “traditional industries—forestry and mining, oil and gas, fisheries and farming, and renewable electricity—power our economy and form the bedrock of our communities.”

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Margaret Lake Diamonds/Arctic Star Exploration move Lac de Gras project to drill-ready status

by Greg Klein | May 6, 2019

Three seasons of state-of-the-art techniques have a Northwest Territories diamond project ready for the rig. The Diagras joint venture of Margaret Lake Diamonds TSXV:DIA and Arctic Star Exploration TSXV:ADD has now undergone geophysical strategies that weren’t used by previous operators but proved successful at Kennady Diamonds’ (TSXV:KDI) Kennady North, another project in the prolific Lac de Gras diamond field. With a permit already in hand, the JV has drilling planned for spring 2020.
Margaret Lake Diamonds Arctic Star Exploration move Lac de Gras project to drill-ready status

Margaret Lake holds the majority share of the 60/40 JV and acts as project operator.

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This diamond’s huge, but is it worth much?

by Greg Klein | April 25, 2019

Thanks partly to new processing gear that’s less likely to break up the stones, Lucara Diamond TSX:LUC keeps pulling record-setting rocks out of its Karowe mine in Botswana. Now the company might have beat its previous record with a 1,758-carat diamond that would be the second-largest of gem quality ever found—if it’s of gem quality.
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See the diamond and finish to all reads here


http://resourceclips.com/

and that's tonight's pipeline

[JD400]

Janet We Must Be Good Miner Swing Plays

some good ones here

MMGYS

the waters fine

MMGYS*

Let's Swing



















*Song Bumper Investors Hub IHUB 10 year favorite

[JD400]

GATA Daily Dispatches

MMGYS

Hope your enJoying the sweet sounds coming down on the MMGYS night shift show

Thanks for clicking in with us tonight on

~*~Mining & Metals Du Jour~*~




Ronan Manly: Where's the bulk of the gold supposedly held at West Point?


Submitted by cpowell on Fri, 2019-05-10 18:59. Section: Daily Dispatches

3p ET Friday, May 10, 2019

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly wonders today why the U.S. Mint at West Point, New York, periodically displays its working vault for coin manufacture but never the 11 storage vaults in which most of the U.S. Treasury gold held at West Point is purportedly stored.

Manly writes: "The constant references by the U.S. Mint to 54 million ounces of gold held in storage for the U.S. Treasury while showing the visiting media gold bars used in the bullion coin-minting process -- that are stored in a completely different room -- is a disingenuous and misleading exercise by the West Point mint. On their periodic outings to the West Point facility, the visiting media could at least question why they are only ever shown a working vault housing gold bar inputs into the mint's bullion coin programs, and not even the corridors and 11 compartment doors where the 54 million ounces of deep-storage gold are claimed to be held."

Manly's commentary is headlined "The Only Gold the U.S. Shows -- A Working Vault at West Point" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/the-only-gold-the-us-shows...

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Seven banks face EU antitrust fines for forex rigging, sources tell Reuters
Submitted by cpowell on Fri, 2019-05-10 01:11. Section: Daily Dispatches

By Foo Yun Chee
Reuters
Thursday, May 9, 2019

BRUSSELS, Belgium -- Barclays, Citigroup, HSBC, JPMorgan, and three other banks are set to be fined by European Union antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said.

The other three lenders are Royal Bank of Scotland, UBS, and a small Japanese bank, the people said. The banks will see a 10 percent cut in their fines for admitting wrongdoing.

In contrast, Credit Suisse, which has previously said it did not find any evidence of misconduct, is fighting the EU antitrust charge. It is not clear if the European Commission will be able to finalize the case in time to levy a fine against the Swiss bank in coming weeks.

The EU antitrust enforcer, which has been investigating the case over the last six years and could hand out fines up to 10 percent of a company's global turnover for breaching EU rules, declined to comment. ...

... For the remainder of the report:

https://uk.reuters.com/article/us-eu-antitrust-banks/seven-banks-face-eu...

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Gold price suppression is biggest issue in the world, GATA secretary tells GoldCore's O'Byrne


Submitted by cpowell on Thu, 2019-05-09 15:35. Section: Daily Dispatches

11:42a ET Thursday, May 9, 2019

Dear Friend of GATA and Gold:

In an interview with bullion dealer GoldCore's Mark O'Byrne the other day, your secretary/treasurer discussed GATA's work, including:

-- The legal authorization of the U.S. government to rig the gold market surreptitiously to defend the U.S. dollar against competition as the world reserve currency.
» read more


AngloGold Ashanti to dispose of remaining South African mines
Submitted by cpowell on Thu, 2019-05-09 15:11. Section: Daily Dispatches

By Allan Seccombe
Business Day, Johannesburg
Thursday, May 9, 2019

https://www.businesslive.co.za/bd/companies/mining/2019-05-09-anglogold-...
» read more



Congressman proposes U.S. gold audit that covers leases, swaps
Submitted by cpowell on Wed, 2019-05-08 16:15. Section: Daily Dispatches

From Money Metals News Service, Eagle, Idaho
Wednesday, May 8, 2019

WASHINGTON -- U.S. Rep., R-West Virginia, this week introduced legislation to provide for the first audit of United States gold reserves since the Eisenhower administration.
» read more

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China announces fifth straight month of growth in gold reserves
Submitted by cpowell on Wed, 2019-05-08 13:57. Section: Daily Dispatches

China's Central Bank Stocks up on Gold as It Seeks to Diversify

By Henry Sanderson
Financial Times, London
Wednesday, May 8, 2019

China's central bank added gold to its reserves for the fifth month in a row in April, the latest emerging market central bank to stock up on the yellow metal.
» read more



Craig Hemke: Two inglorious anniversaries for gold and silver
Submitted by cpowell on Tue, 2019-05-07 21:25. Section: Daily Dispatches

5:25p ET Tuesday, May 7, 2019

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing at Sprott Money, today recalls the anniversaries of the Bank of England's infamous gold sales of 1999 and what he calls the May Day Massacre of silver by JPMorganChase in 2011.
» read more



Ronan Manly: Churning membership curses London gold banking cartel
Submitted by cpowell on Mon, 2019-05-06 16:49. Section: Daily Dispatches

12:50p ET Monday, May 6, 2019

Dear Friend of GATA and Gold:

Bullion Star's gold market analyst Ronan Manly today examines the churning membership of the London gold banking cartel, from which Societe Generale has just resigned.

Manly's commentary is headlined "Curse of the London Gold Fix Strikes Again as SocGen Abandons Ship" and it's posted at Bullion Star here:
» read more


All Links Here

http://www.gata.org/

[JD400]

Moves in Gold & Silver Will Be 1970s on Stilts

MMGYS

Moves in Gold & Silver Will Be 1970s on Stilts

By: Egon von Greyerz


-- Published: Friday, 10 May 2019

By: Egon von Greyerz

My long standing target for gold of $10,000 in today’s money and much, much higher in inflationary terms, is now more probable than ever. But I hope it will never be achieved. When gold goes to $10,000, it won’t be under the same circumstances that we saw in the 1970s. Gold then went from $35 in 1971 to $850 in January 1980 – a 24x explosion in very different conditions.

In the 1970s we had high inflation, weakening currencies and recessions in most countries. I remember the time well. I lived in the UK and experienced in those days a global oil crisis, a coal miners’ strike and shortages of various products. In 1974, businesses could only operate with electricity for three days per week. I was involved in retailing with Dixons which later became the UK’s biggest consumer electronics retailer and a FTSE 100 company. We sold televisions and other electric products with candle light. The Dixons’ share price went down 94% (and so did my first options) although the company was always profitable and well financed. My first mortgage went to 21% for a period.



UK 1970S – A SERIES OF CRISIS

I was fortunate to learn early what could happen to a country’s economy. Times were hard but there was no depression and most people had a job. What we must remember is that in August 1971 Nixon took away the gold backing of the dollar and that opened the floodgates for the credit creation and money printing that we are now in the final stages of. Gold’s massive surge in the 70s was primarily caused by double digit inflation and currency debasement.

US DEBT UP 55X

US debt in 1971 was $400 billion which was 34% of GDP. Today US debt is 55x greater at $22 trillion and 105% of GDP.



Since 1971 the dollar has lost 97% in purchasing power and even at today’s level, the dollar is massively overvalued.



Although I sincerely hope that gold will not reach $10,000 or above, I am absolutely convinced that this is very likely to happen. This next time a much higher gold price will not just reflect inflation and falling currencies like in the 1970s but a much more serious or even catastrophic situation both in the US and globally.

So let’s look at a potential scenario for the next few years. This is obviously not a forecast but more of a rough sketch of what we could happen:

$300 IN 2002 TO $1,920 IN 2011 WAS JUST THE FIRST LEG

I will start by sticking my neck out. I know forecasting is very dangerous and a mug’s game. Since 2001, I have been right about the risks in the world and gold’s role to protect against these risks. Early in 2002 we entered the physical gold market in a substantial way for ourselves and the people we advised. The ride from $300 in 2002 to $1,920 in 2011 was spectacular. But the gold price rise was just a confirmation of the risks that we had identified which led to the 2007-9 financial crisis. The world financial system was minutes away from going under in 2008 but was saved with tens of trillions of printed money issued by the Fed and other central banks around the world.

This did not save the world but postponed the eventual collapse. What you learn after a long life of experiences at all levels is that things take longer than you think. There is always a danger to believe that when you see a major problem in the economy that it will materialise very quickly. We have now learnt that things can take a lot longer than you expect. Thus patience is a very important virtue that is learnt from a long life of experiences.

Today over 10 years have passed since the culmination of the Great Financial Crisis. The optimism is as great as ever. Stock, bond and property markets are at, or near, their highs. But the world has learnt nothing. The cause of the problem in 2007-9 was debt in various forms, including derivatives and today, with global debt having doubled since 2006, the risk position is exponentially more explosive. Also, the gold price has not yet reflected all the recent money printing.

Read the Whole Article

The Best of Egon von Greyerz
Egon von Greyerz – Founder and Managing Partner of Matterhorn Asset Management (MAM) and GoldSwitzerland based in Zurich. Egon forecasted the present problems in the world economy already in 2002 when he recommended to investors to allocate 50% of assets into physical gold (at $300) stored outside the banking system. Egon began as a banker in Geneva and was thereafter Finance Director and Vice-Chairman of a FTSE 100 company in the UK. He makes regular media appearances on CNBC, BBC and King World News and speaks at investment conferences around the world. MAM (founded in 1999), specialises in wealth preservation. GoldSwitzerland buys, sells, transfers and stores physical precious metals for private investors and institutions outside the banking system. His website is www.goldswitzerland.com.

http://news.goldseek.com/LewRockwell/1557502330.php

[JD400]

Moms Transparent Gold & Silver Holding,COTS


MMGYS*

*IHUB 10 year Mothers Day Fave










Happy Mother's Day

Whether it is the memories in your heart that you are left with or another chance to share this day, have a HAPPY MOTHER'S DAY.

By Linda Varon
Originally Published: May 10, 2019 8:32 p.m.

Another very special day this month. To some, it is just another Sunday. To me, Mother's Day is a biggie, even though my mom has been gone for many years.

Having my sons who live in Kingman just makes the day that much sweeter. No long distance calling, no flowers delivered by strangers. I get to celebrate this day, in person.

It seems that each year I become more grateful I have children. Without them, I would not have the grandchildren and great-grandchildren that comes along with being an OLD parent. Mind you, there is nothing wrong with stepkids, adopted kids and so on. Family is family, no matter the title. They are all your kids.

I believe old age is when we truly reap the rewards. All those crazy years of being a teen and acting stupid are all behind you. ( I was speaking of the kids here, of course.) By this time, they are well established with their own lives, and no longer depending on Mom. Well, Mom is not letting go that easy. I still expect to share a big part in their lives, and I feel that I do.

Never having had daughters, it is not always easy knowing exactly how to treat a daughter-in-law. I have pretty much had to wing it. My very wise mother always said, "If you want to keep your sons close, you had BETTER make nice with your daughter-in-laws."

Having also raised two sons, she knew the ropes. I am very fortunate my daughter-in-laws make it easy to love them.

Some of us have a tendency to dwell on mistakes we made while raising our children. Unless you have found a book called "All the answers to raising children," it was a learning experience for sure. As we get older, we should focus more on the happy events in our children's lives, and the things we did RIGHT. Life may not have been exactly what we expected, but the sacrifices were totally worth it.

Until you become a Mom, you may think that life is all about you. The first time you hold your baby, it changes you forever. Just as it should. I once heard someone say, while seeing an ultrasound of their child for the first time' "How can I love someone so much, who I have never even met?"

As we celebrate another Mother's Day, we will remember all the mother's who have left us, and how very much we loved them. They did their best and now we understand all the things they tried to teach us, and the many times they struggled. No matter what your situation with your mom might be, today is the day to focus on her. Whether it is the memories in your heart that you are left with or another chance to share this day, have a HAPPY MOTHER'S DAY.

https://kdminer.com/news/2019/may/10/happy-mothers-day/

Mothers Day 2019

[JD400]

Data Kiss

Good Morning Good Evening


Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~

On the show tonight: Great Data & News by Harvey Organ,A Look At Yesterdays Monster Bank Exposure To Derivatives and What Their Up Too,GATA Daily Dispatches and a Tribute To My Grand Pa Joseph and All The Families Who Have Lost Loved Ones In Mining


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope Your Having a fine evening

EnJoy the show

OK...As Meghan Trainor & Charlie Puth say in our second video 'Lets Marvin Gaye and Get It On'......

MMGYS

Thank you

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MAY 14/HUGE INCREASE IN GOLD OPEN INTEREST USED TO QUELL ITS RISE YESTERDAY: GOLD DOWN $5.45 TO $1295.55//SILVER UP 2 CENTS TO $14.79//CONTINUED QUEUE JUMPING AT BOTH GOLD AND SILVER COMEX INDICATING SCARCITY OF PHYSICAL METAL//ITALY THROWS THE GAUNTLET DEMANDING A REWRITING OF ITS BUDGET MUCH TO THE ANGER TO BRUSSELS/SEEMS THAT TURKEY IS PREPARING FOR WAR AGAINST CYPRUS WHICH WILL NO DOUBT BRING IN THE ISRAELIS: WILL RUSSIA COME TO THE AID OF TURKEY IN THIS FIASCO//BARR SELECTS A VERY STRONG ATTORNEY TO GO OVER THE DEMOCRATS: DURHAM//MORE SWAMP STORIES FOR YOU TONIGHT///
May 14, 2019 · by harveyorgan · in Uncat







GOLD: $1295.55 DOWN $5.45 (COMEX TO COMEX CLOSING)

Silver: $14.79 UP 2 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1297.00







silver: $14.80







JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING 42/43

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,300.100000000 USD
INTENT DATE: 05/13/2019 DELIVERY DATE: 05/15/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 3
661 C JP MORGAN 42 28
737 C ADVANTAGE 1 12
____________________________________________________________________________________________

TOTAL: 43 43
MONTH TO DATE: 232






NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 43 NOTICE(S) FOR 4300 OZ (0.1337 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 232 NOTICES FOR 23200 OZ (.7216 TONNES)





SILVER



FOR MAY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


13 NOTICE(S) FILED TODAY FOR 65,000 OZ/



total number of notices filed so far this month: 3373 for 16,865,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$8060 UP $258.00




Bitcoin: FINAL EVENING TRADE: $7642 DOWN $31





end



XXXX









Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A CONSIDERABLE SIZED 1934 CONTRACTS FROM 201,956 UP TO 203,890 DESPITE YESTERDAY’S 2 CENT LOSS IN SILVER PRICING AT THE COMEX. ,LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW IN FULL FORCE FOR GOLD. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 1163 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 1163 CONTRACTS. WITH THE TRANSFER OF 1163 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1163 EFP CONTRACTS TRANSLATES INTO 5.82 MILLION OZ ACCOMPANYING:

1.THE 2 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

AND NOW 18.335 MILLION OZ STANDING FOR SILVER IN MAY.





ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MAY:

12,868 CONTRACTS (FOR 10 TRADING DAYS TOTAL 12,868 CONTRACTS) OR 64,34 MILLION OZ: (AVERAGE PER DAY: 1260 CONTRACTS OR 6.30 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 64,34 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.19% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 805.44 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.

RESULT: WE HAD A CONSIDERABLE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1934 WITH THE TINY 2 CENT FALL IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 1164 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A STRONG SIZED: 3097 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 1163 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 1934 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 2 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.77 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!





In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.020 BILLION OZ TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 13 NOTICE(S) FOR 65,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.335 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).



IN GOLD, THE OPEN INTEREST ROSE BY A CRIMINALLY SIZED 31,765 CONTRACTS, TO 520,485 WITH THE STRONG RISE IN THE COMEX GOLD PRICE/(AN INCREASE IN PRICE OF $15,25//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUGE SIZED 9488 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 9488 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 520,485. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 41,253 CONTRACTS: 31,765 OI CONTRACTS INCREASED AT THE COMEX AND 9488 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 41,253 CONTRACTS OR 4,125,300 OZ OR 128,31 TONNES. YESTERDAY WE HAD A GAIN IN THE PRICE OF GOLD TO THE TUNE OF $15,25….AND WITH THAT STRONG RISE, WE HAD AN UNBELIEVABLE GAIN OF 128.31 TONNES!!!!!!.??????

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NO INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”







ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 59,969 CONTRACTS OR 5,996,900 OR 186.52 TONNES (10 TRADING DAYS AND THUS AVERAGING: 5997 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAYS IN TONNES: 186.52 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 186.52/3550 x 100% TONNES =5,25% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 2002.08 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.





Result: AN ATMOSPHERIC SIZED INCREASE IN OI AT THE COMEX OF 31,765 WITH THE STRONG RISE IN PRICING ($15.25) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9488 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 9488 EFP CONTRACTS ISSUED, WE HAD AN ATMOSPHERIC AND CRIMINALLY SIZED GAIN OF 41,253 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

9488 CONTRACTS MOVE TO LONDON AND 31,765 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 128,31 TONNES). ..AND THIS HUGE DEMAND OCCURRED WITH A STRONG RISE IN PRICE OF $15.25 IN YESTERDAY’S TRADING AT THE COMEX. NO DOUBT THAT A STRONG PERCENTAGE OF OI GAIN WAS DUE TO THE CONTINUING OF THE SPREADING OPERATION AS I HAVE OUTLINED ABOVE.







we had: 43 notice(s) filed upon for 4300 oz of gold at the comex.



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With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD DOWN $5.45 TODAY

THE FOLLOWING MAKES A LOT OF SENSE:

A MASSIVE DEPOSIT OF 3.23 TONNES OF GOLD













INVENTORY RESTS AT 733.23 TONNES





TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORy

SLV/

WITH SILVER UP 2 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV//




/INVENTORY RESTS AT 316.582 MILLION OZ.





end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A CONSIDERABLE SIZED 1934 CONTRACTS from 201,956 UPTO 203,890 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..









EFP ISSUANCE:

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 1163 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1163 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 1934 CONTRACTS TO THE 1163 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A STRONG GAIN OF 3097 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 15.455 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.335 MILLION OZ FOR MAY





RESULT: A CONSIDERABLE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE TINY 2 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A GOOD SIZED 1163 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED DOWN 20.10 POINTS OR 0.69% //Hang Sang CLOSED DOWN 428.22 POINTS OR 1.50% /The Nikkei closed DOWN 124.55 POINTS OR 0.59%//Australia’s all ordinaires CLOSED DOWN .85%

/Chinese yuan (ONSHORE) closed DOWN at 6.8816 /Oil UP to 61.64 dollars per barrel for WTI and 71.08 for Brent. Stocks in Europe OPENED GREEN// ONSHORE YUAN CLOSED DOWN // LAST AT 6.9068 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8816 TRADE TALKS STILL ON//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%








3A//NORTH KOREA/ SOUTH KOREA

i)NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs





i)China/USA/

Jeffrey Snider outlines the warning signs that we must be cognizant of: the low price of copper, the higher yen values, and lower CNY exchange and the scarcity of dollars floating around the globe: all indicators of a massive global slowdown. He states that we should not pay any attempt to the Chinese threatening to dump dollars

( Jeffrey Snider/Alhambra Investment Partners)



ii)Although both Trump and Chinese leaders toned down the rhetoric today which caused the European and USA markets to rise, the Chinese media seem very upset with the USA. They are calling for a people’s war against the USA and vowing to fight for a “New World”

( zerohedge)
4/EUROPEAN AFFAIRS

i)ITALY

Again, Salvini aggravates Brussels: this time Italy declares wars on boats rescuing immigrants

( zero hedge)
ii)The war between Salvini and Brussels intensifies as our Italian’s defacto leader is now willing to break EU budget rules.

( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey

A little background to this story: Israel made this very big discovery of natural gas and some oil off its coast several years ago. They knew that the discovery was heading onto Cyprus and told sovereign Cyprus on the nature of that discovery. You will recall that Cyprus had a civil war in 1974 between Greece and Turkey whereby an armistice was established in that Northern Cyprus would be governed by Turkish Cypriots and the rest of the country by Greek Cypriots. The capital Nicosia would be under control of Greek Cypriots. Turkey never recognized the Greek overthrow of Cyprus and now that a massive amount of gas has been discovered and badly needed by Turkey, you can now see why Turkey is ready to go to war over this.

( zerohedge)
6. GLOBAL ISSUES



Cuba

Crisis begins in Cuba as there is widespread rationing of food: so much for socialism

( zerohedge)


7. OIL ISSUES




8 EMERGING MARKET ISSUES

VENEZUELA








9. PHYSICAL MARKETS
I)Slowly and surely many nations are moving away from the dollar. Today we find that Asian leaders are adding Chinese yuan and Japanese yen to the reserve buffers

( South China Morning post/GATA)

ii)Mike Kosares posts his views on gold/silver in this May report which is now in the open

( USA Gold/Mike Kosares)

iii)This is deadly as James Turk claims that counter party risk (credit default swaps) are rising fast and that should be good for gold.

(James Turk/GATA)

iv)A slow down in gold demand from China last month coming in at 151.89 tonnes. It will improve next month.
( Lawrie Williams)

v)Lawrie Williams tackles the USA China trade war with respect to gold With respect to who will win the war between the USA and China it is up in the air. Williams thinks that China will win.( Lawrie Williams)
10. USA stories which will influence the price of gold/silver)





MARKET TRADING//







ii)Market data

this is not what the Fed wants to see: USA import, export prices disappoint as China’s deflationary impulse hits a 12 year low

In a nutshell, China is sending deflation throughout the globe due to its excess capacity

( zerohedge)

ii)USA ECONOMIC/GENERAL STORIES

USA/China

a)USA posts details on the 300 billion dollars of remaining goods to be tariffed.

( zerohedge)

b)A USA trade official states that a trade deal is not even close: It could be in for a long trade war with China.

( zerohedge)

c)Another indicator that the trade deal is a long way off: Trump: “we will make a deal with China when the time is right”

( zerohedge)

d)This is one of the big casualties of the trade war: soybean prices crash to decade lows.
( zerohedge)

e)It looks like Boeing will need to shell out over one billion dollars for those doomed 737 Max passengers(courtesy zerohedge)

SWAMP STORIES

a)Barr selects apolitical Attorney John Durham, a non nonsense fellow to head the investigation into FBI/DOJ spying. He has also investigated the FBI before

( zero hedge)
b)Rosenstein slams Comey. Grab your popcorn on this;
( zerohedge)

c)Clapper is nervous; he now claims: “we don’t need another investigation of the investigators”. I wonder why he thinks that

( zerohedge)
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS AND CRIMINALLY SIZED 31,765 CONTRACTS.TO A LEVEL OF 520,485 WITH THE STRONG GAIN IN THE PRICE OF GOLD ($15.25) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 9488 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 9488 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 9488 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 41,253 TOTAL CONTRACTS IN THAT 9488 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUMONGOUS SIZED 31,765 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 41,253 contracts OR 4,125,300 OZ OR 128,31 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 159 contracts, having GAINED 40 contracts. We had 2 notices served yesterday so we gained 42 contracts or an additional 4200 oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest ROSE by 7372 contracts UP to 290,212. July GAINED 0 contracts to stand at 86. After July the next active month is August and here the OI rose by 19,523 contracts up to 149,299 contracts.







TODAY’S NOTICES FILED:

WE HAD 43 NOTICES FILED TODAY AT THE COMEX FOR 4300 OZ. (0.0062 TONNES)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A CONSIDERABLE SIZED 1934 CONTRACTS FROM 201,956 UP TO 203,890 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S STRONG OI COMEX GAIN OCCURRED DESPITE A 2 CENT LOSS IN PRICING.//YESTERDAY.





WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 307 OPEN INTEREST STAND SO FAR FOR A LOSS OF ONLY 16 CONTRACTS. WE HAD 19 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE GAINED ANOTHER 3 CONTRACTS OR AN ADDITIONAL 15,000 OZ WILL STAND FOR DELIVERY AS THESE GUYS REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS WELL THEY NEGATING A FIAT BONUS. SILVER MUST BE SCARCE AT THE COMEX. QUEUE JUMPING RETURNS WITH A VENGEANCE. WE HAVE NOW SURPASSED THE INITIAL AMOUNT STANDING WHICH OCCURRED ON APRIL 30.2019







THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH GAINED 2 CONTRACTS UP TO 741. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH GAINED 1459 CONTRACTS UP TO 155,379 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 446 UP TO 18,991 CONTRACTS.









TODAY’S NUMBER OF NOTICES FILED:



We, today, had 13 notice(s) filed for 65,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 231,465 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 442,835 contracts


Gold Tops $1,300/oz As Trade Wars Escalate and Increased Risk of U.S. War With Iran

14, May

* Gold sees safe haven demand push it to highest in one month as it breaches key $1,300/oz and £1,000/oz levels

* U.S. China trade wars escalates as China retaliates and imposes tariffs on $60 billion of U.S. goods

* Increased risk of war in Middle East after U.S. alleges Iran bombed Saudi oil vessels destined for the U.S.
Gold in USD – 1 Year

Gold prices held steady near one-month highs today as an escalation in Sino-U.S. trade war saw increased risk aversion and sharp selling of stocks which sent investors into safe haven gold.

Increasing tensions in the Middle East are likely also leading to safe haven demand, particularly in the region. The U.S. appears to be inching towards war with Iran and unnamed US military officials have accused Iran of using explosives to blow holes in US-bound Saudi oil tankers in alleged sabotage attacks by Iran.

Asian shares extended losses today, following sharply lower U.S. stocks on Wall Street overnight after China announced retaliatory tariff-hike to counter Trump’s aggressive tariffs.

European shares have eked out small gains this morning despite the heightened trade, economic and geopolitical risks.

We believe that given the deteriorating trade, economic and geopolitical outlook, we may be in for a period of market volatility and risk aversion. Gold will again act as an excellent hedge for investors and is likely to eke out further gains in the coming months.
WATCH INTERVIEW HERE

News and Commentary

Gold tops $1,300 for highest finish in a month, as U.S. stock market drops on trade tensions

Gold eyes best day in 3-months as China hits back over U.S. tariffs

Trump says he will meet with Xi and Putin at G20

Wall Street dives as U.S.-China trade war escalates

Metro Bank tells UK customers their deposits are safe

Federal Spending Sets Record Through April: $2,573,708,000,00

Is US-China trade war eroding U.S. dollar dominance?

Top Iranian Official Taunts: US “Not Ready For A War, Specially When Israel Is Within Our Range”

Saudi Arabia Says Two Oil Tankers Attacked Amid Rising Iran Tensions


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USAGold’s ‘News & Views’ letter for May

Submitted by cpowell on Mon, 2019-05-13 16:33. Section: Daily Dispatches

12:33p ET Monday, May 13, 2019

Dear Friend of GATA and Gold:

USAGold’s ‘News & Views’ letter for May, edited by Mike Kosares, covers many topics of interest to gold investors, including:

— The economist John Exter’s pyramidic chart of global liquidity, in which gold is superior.

— JPMorganChase’s surprising finding that gold has been the second best-performing asset class of the last 20 years.

— Increasing gold purchases by central banks.

— And a collection of brief recent comments by market analysts.

The letter is posted in the clear at USAGold here:

www.usagold.com/cpmforum/nv1005-may19/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END

This is deadly as James Turk claims that counter party risk (credit default swaps) are rising fast and that should be good for gold.

(James Turk/GATA)
Counterparty risk soaring and will propel gold, Turk tells KWN

Submitted by cpowell on Mon, 2019-05-13 22:31. Section: Daily Dispatches

6:30p ET Monday, May 13, 2019

Dear Friend of GATA and Gold:

Counterparty risk in the financial markets is rising fast, GoldMoney founder James Turk tells King World News today, and likely will cause a breakout in the monetary metals.

“Money is exiting the financial system so investors can preserve their wealth from bank and bond defaults,” Turk says. “But the best antidote to counteract the poison of counterparty risk is physical gold and silver.”

Turk’s comments are excerpted at KWN here:

https://kingworldnews.com/james-turk-major-gold-breakout-today-as-counte…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]

END


Market Snapshot

S&P 500 futures up 0.4% to 2,817.50
STOXX Europe 600 up 0.4% to 373.88
MXAP down 0.9% to 154.35
MXAPJ down 0.9% to 507.15
Nikkei down 0.6% to 21,067.23
Topix down 0.4% to 1,534.98
Hang Seng Index down 1.5% to 28,122.02
Shanghai Composite down 0.7% to 2,883.61
Sensex up 0.7% to 37,354.89
Australia S&P/ASX 200 down 0.9% to 6,239.91
Kospi up 0.1% to 2,081.84
German 10Y yield rose 1.0 bps to -0.06%
Euro up 0.2% to $1.1239
Italian 10Y yield rose 1.6 bps to 2.326%
Spanish 10Y yield rose 0.7 bps to 0.998%
Brent futures down 0.2% to $70.12/bbl
Gold spot down 0.2% to $1,297.73
U.S. Dollar Index little changed at 97.33

Top Overnight News

The U.S. is prepared to hit China with new tariffs even as President Trump says he’ll meet his Chinese counterpart at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade. China may release more retaliatory trade measures: Global Times
Prime Minister Theresa May will meet with her cabinet Tuesday as she comes under increasing pressure to pull out of Brexit talks with the opposition Labour Party and set a date for her departure. The latest in a series of cross- party meetings aimed at ending the parliamentary deadlock over leaving the European Union broke up without substantive progress Monday evening, according to a person familiar with the discussions
A gauge of Australian employment slumped to the lowest level in more than three years, according to a closely watched survey of businesses sentiment, in a possible harbinger of interest-rate cuts ahead. National Australia Bank Ltd.’s April employment index dropped to -1 in April from 6 in March, the weakest reading since January 2016
U.S. Secretary of State Michael Pompeo made scant progress persuading European Union counterparts to take a harder line toward Iran during a quick visit to Brussels, with the EU standing behind the nuclear accord abandoned by Washington — and warning of a potential military conflict
In principle Japan will work toward making it easier to raise the sales tax, rather than delaying it, Finance Minister Taro Aso says. Right now Japan isn’t thinking about additional fiscal spending Aso tells reporters
Oil held a loss as an escalating U.S.-China trade war jeopardized the demand outlook, while the rising risk that geopolitical tension in the Middle East will disrupt crude flows prevented further declines
Data in the U.K. showed strong wage growth in the first quarter while the jobless rate hit a 44-year low
Japanese funds have piled $29 billion into French bonds in the space of a month, almost as much as they spent on the debt for the rest of the year.

Asian equity markets were mostly lower as global risk sentiment remained pressured by the escalating US-China trade tensions, which resulted to substantial losses on Wall St. and the worst performance of the S&P 500 in more than 4 months. This followed the tit-for-tat between the world’s 2 largest economies in which China announced its retaliatory tariffs affecting over 5000 US products at a rate of between 5%-25% despite US President Trump’s warnings, while the USTR office later posted details of potential duties on the approximate remaining USD 300bln of Chinese goods. ASX 200 (-0.9%) and Nikkei 225 (-0.6%) were both negative with the declines in Australia led by continued underperformance in its largest weighted financials sector and amid losses in energy names after a retreat in oil prices, while Japanese exporters felt the brunt of the recent flows into JPY. Hang Seng (-1.5%) and Shanghai Comp. (-0.7%) were weaker with Hong Kong playing catch up on return from the extended weekend, although the mainland bourse briefly recovered as participants found some encouragement from a CNY 200bln MLF announcement, as well as comments by US President Trump who suggested we will know the result of trade talks in 3-4 weeks and that he feels talks will be very successful. Finally, 10yr JGBs were uneventful amid a similar lacklustre tone in T-note futures and as the improved results in in the 30yr JGB auction also failed to spur prices.

Top Asian News

Hong Kong Stocks Catch Up With Global Rout as Trump Softens Blow
Biggest U.A.E. Bank Slumps as MSCI Verdict Deals Blow to Stock
A Spat Over FamilyMart China Is Brewing After Its Success
Nissan Is Said to Mull Buying Stake in Chinese Electric Carmaker

European stocks have nursed some losses from yesterday’s sell-off [Eurostoxx 50 +0.6%] in what seems to be (for now) a turn-around from the down-beat Asia-Pac session. Sectors are mostly in the green with defensive sectors underperforming, in-fitting with the “less risk off” tone in the markets. DAX (+0.3%) marginally underperforms its peers as heavyweight Bayer (-2.7%) stumbled after the Co. lost a third trial related to claims its Roundup weed killer causes cancer and the jury awarded USD 2bln in punitive damages. Elsewhere, Renault (-2.5%) shares took a hit after its alliance partner Nissan cut operating profit forecasts whilst also slashing dividend. Sticking with autos, Volkswagen (-1.4%) shares were buoyed amid reports that the company decided to IPO Traton before the Summer break this year. Finally, as the European Q1 earnings season approaches its end, HSBC notes that from the 85% of EU companies that have reported, 55% topped estimates and the results are off the lows seen in Q4 2018 (49% beat). “Though the re-emergence of US-China trade tension remains a concern, we see limited downside to European earnings from here” says HSBC, whilst citing continuing improvement in earning revisions. Furthermore, The bank’s top-down model points to 2019 EPS growth of around 5.3%, marginally above expectations. Despite this, HSBC is underweight on Europe as US companies have outpaced its European counterparts and the “expected 2019 EPS growth forecast for Europe (c.5%) is lower than our [HSBC’s] EPS growth estimates for the US (7%) and global equities (8%)”, the bank concludes.

Top European News

Strong U.K. Wage Growth Continues Amid Tight Labor Market
Krona Becomes Hard to Fathom for Strategists as Trade Woes Mount
VW, Thyssenkrupp, AB InBev Look Past Market Turmoil to Plan IPOs
ECB’s Villeroy Says Recent Data Don’t Refute Economic Forecasts
ECB High-Flier Coeure Risks Third Time Unlucky in Presidency Bid

In FX, It’s too early to talk in terms of a turnaround Tuesday, but the risk pendulum has changed direction to the benefit of high beta currencies that were hit hard yesterday and to the detriment of safe-havens. The catalyst appears to be some respite in US-China trade anxiety as President Trump holds off on additional tariffs and remains optimistic that the 2 sides will reach an agreement down the line. The part reversal in sentiment has also helped the DXY recover some poise, albeit indirectly as a firm rebound in Usd/Jpy and Cable retreat combine to nudge the index back up from near 97.000 lows into a 97.270-390 range.

NZD/EUR/CAD – The Kiwi is leading the comeback from Monday’s depths and is hovering just under 0.6600 vs its US peer, as NZ Finance Minister Robertson pledged to reallocate Nzd1 bn budget expenditure given that Brexit and the US-China tariff spat are both compounding risks faced by the nation’s exporters. Meanwhile, the single currency is holding above 1.1200 and outperforming Sterling near 0.8700 on renewed Brexit angst, with resistance not far above the big figure at 0.8722, and the Loonie has rebounded ahead of 1.3500 into a 1.3487-57 range. Back to Eur/Usd, a decent 1.2 bn option expiries at 1.1240 may influence direction into the NY cut as the pair meanders between 1.1244-20.
JPY/CHF/GBP/AUD – As noted above, the Yen and Franc have lost their safe-haven allure, or at least some appeal, with shorts caught in Usd/Jpy as 109.00 support held and the headline pair squeezed back up to 109.77. Note, 109.50 was a double bottom and 109.23 a key Fib that was breached, but not on a closing basis and this exacerbated the snap back, along with similar tech and stop-fuelled retracements in Yen crosses, like Eur/Jpy and Aud/Jpy according to market contacts. Meanwhile, Cable finally relinquished 1.3000+ status, 100 and 200 DMAs (at 1.3011 and 1.2959 respectively) on the way down to a fresh mtd base (sub-1.2930) before paring some losses and largely shrugging off mixed UK jobs and earnings data. Similarly, the Aussie is lagging either side of 0.6950 following a downbeat NAB business sentiment survey overnight.
SEK/TRY – Some respite for the Swedish Krona and Turkish Lira on top of the less risk averse environment in general as Swedish inflation eclipsed consensus to underscore the Riksbank’s view that it is broadly in line with target, while Turkish IP fell less than expected and latest reports suggest that its planned S-400 purchase from Russia may be shelved until 2020. Eur/Sek now closer to 10.7700 vs 10.8200+ at one stage and Usd/Try nearer 6.0500 than 6.1120 at the earlier high.

In commodities, WTI (+0.4%) and Brent (+0.7%) futures trended lower for much of the session, but have subsequently reverted into positive territory following reports that two Saudi Aramco oil pumping stations have been attacked; for reference, This pipeline replaces the passage of oil through the Hormuz Strait, and as such a failure of this pipeline may increase Iran’s influence of oil flow in the region, as according to Energy Economist Anas Alhajji. Up until this Saudi update, news-flow had been light for the sector, although the OPEC Monthly report is due later today ahead of the API crude stocks report, with the headline expected to build by 2.8mln barrels. Elsewhere, Gold is relatively uneventful and holding onto most its gains just under the USD 1300/oz level, whilst copper prices are just off lows after the red metal tested USD 2.70/lb to the downside amid the heightened US-Sino trade tensions.

US Event Calendar

8:30am: Import Price Index MoM, est. 0.7%, prior 0.6%; YoY, est. 0.3%, prior 0.0%
8:30am: Export Price Index MoM, est. 0.6%, prior 0.7%; YoY, prior 0.6%

DB’s Jim Reid concludes the overnight wrap

Morning (or actually evening from the previous night) from the US West Coast where I’ll be speaking to CFOs/CEOs of major tech companies at a DB conference over the next couple of days. It also gives me a chance to escape from any heart thumping middle of the night encounters at home with the rat colony that our building work seems to have stirred. We’re still a bit shell shocked from that experience although I wish I’d have videoed me with a golf club in hand and my wife shouting to a rat that we were calling the police when we heard loud noises in the next room as we investigated the noise at 2.30am last week. Like with our nerves it’s been a bruising few days for the tech sector given last week’s trade war developments so no doubt that will dominate discussions.

Indeed, since around the middle of last week it’s become clear that it would be hard to quickly de-escalate this latest US/China trade spat as the war of words and actions on both sides became incrementally more entrenched. As such risk assets were clearly vulnerable. As we discussed yesterday the weekend news continued on this theme and markets yesterday caught up to the reality of an extended battle that will likely continue to pressure risk assets. The only good news is that the two sides continue to talk with meetings planned and that Mr Trump and President Xi Jinping’s relationship hasn’t been obviously scarred yet – at least not in public.

The awaited China retaliation was the focus yesterday as they announced the raising of tariffs on a number of US goods from June 1st. To be fair it was hard to really say that the retaliation was much of a surprise however the rubber stamping perhaps confirmed that any hopes for de-escalation were out of the window for now. In addition to that and compounding the pain for markets were the comments from the editor of China’s Global Times Hu Xijin (who has quickly become a must follow on Twitter for his perceived connections) which grabbed equal if not more attention.Not long after the tariff news hit, Xijin tweeted “China may stop purchasing US agricultural products and energy, reduce Boeing orders and restrict US service trade with China. Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically”. Hardly the sort of message that implies China is willing to let this pass by then or attempt to compromise. The Treasury comment in particular started to raise alarm bells even if risk-off moves ensured 10yr rallied -6.6bps yesterday. DB’s Alan Ruskin did suggest yesterday that a much more likely approach is a slow structural bleed in China’s US bond holdings, as opposed to a dumping. So should China gets to the point of making real steps to reduce US financial holdings, it’s more likely to come in baby steps to test the waters, rather than any quick rash decisions, not least because China will try to calibrate any global impact, and its rebounding impact on themselves. The possible beneficiaries of such a move, including the yen, the euro, and gold, all rallied sharply after the story broke, outperforming the US dollar.

Not to be outdone, President Trump had already tweeted yesterday that there “is no reason for the US consumer to pay the tariffs” and that “China has taken advantage of the US for so many years that they are well ahead. Therefore, China should not retaliate – will only get worse”. Another tweet by the President said “I say openly to President Xi and all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries”. Risk assets did stage a small attempt at a comeback in the afternoon after Trump said that he plans to meet with President Xi at the G20 next month and that he had not yet decided about when or if to implement the next tranche of tariffs on around $300bn more of Chinese imports. That followed comments from Secretary Mnuchin, who stated that negotiations with China are currently ongoing. Ultimately though, the market seems to be getting a bit more nervous of the more positive comments and rallying much less off the lows than it did last week.

The end result for markets yesterday was the second worst day of the year (behind the January 3rd plunge) for the S&P 500 and DOW, falling -2.41% and -2.38%, respectively. Only utilities (+1.11%) survived at a sector level with tech (-3.71%), consumer discretionary (-2.95%) and financials (-2.87%) seeing the biggest falls. At a stock level, 457 of the 505 stocks in the S&P closed lower. The NASDAQ however tumbled -3.41% for the biggest decline since December 4th last year. Even worse was the performance by the NYSE FANG index, which tumbled -4.40% for its worst day since October 24th, as Apple (-5.81%) shed $52.7bn in value alone yesterday and therefore putting it down -12.29% in just the last 10 days.Apple is acutely exposed to further trade escalation, both because it has a large exposure to China and because it has largely been spared any direct tariff pain so far in this trade war. The same applies, to a lesser extent, to the broader semiconductor industry, with the Philly semiconductor index down -4.73% yesterday and -10.30% over the last ten sessions. To put a cap on a rough day for tech, Uber stock traded down another -10.39% yesterday, meaning it has now shed -17.56% since its IPO on Friday.

After US markets closed yesterday, the USTR announced the timeline for the next tranche of tariffs, should the US decide to implement them. They will take written comments for the next month before holding a public hearing on June 17.The list of products to be tariffed includes a range of consumer technology products, including cell phones and televisions, justifying the earlier market moves in the tech sector. Industry groups are likely to increase their pressure on the US administration for fear of further disruptions, while the stakes are also raised for China. Trump told reporters at the White House early this morning that “we’ll let you know in about three to four weeks whether or not it (talks) was successful…but I have a feeling it’s (talks) going to be very successful”.

It appears that Trump’s comments have done enough to help markets stage a mini rebound overnight in Asia. The Nikkei for example is back to -0.65% after trading down as much as -2.07%, while there are also much more muted declines for the Shanghai Comp (-0.36%) and CSI 300 (-0.18%). The Kospi (+0.11%) has just turned positive also. The Hang Seng (-1.58%) has seen a heavier fall albeit partly playing catch up after being closed on Monday. In FX the CNH has also strengthened this morning by +0.26%, putting it at 6.894 having touched as high as 6.919, while EM FX more broadly is flat. Temporary respite then however it wouldn’t be a great surprise to see risk assets struggle once Europe walks in again.

Back to yesterday, where, in fairness, Europe looked almost calm in comparison.The STOXX 600 slumped a more palatable -1.21% although it is now back to the lowest level since March 8th. The DAX was down -1.52% while in EM land the MSCI EM index was hit to the tune of -3.33% and is now back to the lowest level since January 14th. In fact, the year-to-date gain for EM equities is now just +3.89%. Unsurprisingly vol climbed with the VIX finishing up +4.5pts and closing above 20 for the first time since January 8th. The V2X rose a more modest +0.9pts to 19.5.

It wasn’t much better for EM FX which is back into negative territory for the year following a -0.65% decline yesterday.The South African Rand (-1.20%), Turkish Lira (-1.25%), and Chilean Peso (-1.01%) saw the biggest moves over the last 24 hours. In contrast the Yen (+0.59%) and Swiss Franc (+0.54%) have earned their status as safe-haven currencies. The same is true for Treasuries (-6.6bps) as discussed earlier with 10yrs hitting 2.387% yesterday before closing at 2.402%, the lowest since March 28th. The front end really took off however with 2y yields rallying -8.2ps, making the curve +1.6bps steeper at 21.3bps. That being said, the 3m10y slope is now inverted again (only the sixth inversion at the close in nearly 11 years – the other five days being in March) while the 18m3m forward minus spot 3m – a favourite of the Fed – is back down at -34bps and approaching the March lows. A Fed cut by year-end is also now 76% priced in.Bunds (-2.5bps) also dropped to -0.072% – still a couple of basis points off the March lows – while the periphery struggled as a result of the wider risk off move, with BTPs spreads up +4.2bps to their widest level since February at 277bps. As for credit, US HY spreads were +19bps wider yesterday to 436bps, which puts the month to date move at +38bps. For some context, at the wides in early January spreads hit 537bps. In commodities Gold (+1.08%) was the obvious beneficiary while soybeans (-1.32%) and more notably cotton (-3.61%) got hit.

Yesterday our China economists put a 60% indicative probability that the two sides cannot reach a deal in May and tariffs will be imposed on the remaining Chinese exports, including mostly consumer goods.The team do expect the two sides to reach a deal eventually (possibly at the G20 in late June), however note that this could take a few months, meaning further weakening in the CNY is likely. See their report here .

Another negative geopolitical risk getting some renewed airtime yesterday was Brexit, with the situation continuing to deteriorate.Last week’s European Parliament poll showed a further drop in support for the Conservative party, who now poll in sixth place. That’s likely to make Tory MPs less willing to stomach a general election but also raises the pressure on PM May to resign. Separately, Labour party leaders said that they are unlikely to accept a compromise deal which does not include a second referendum. That crosses a red line for the Conservatives, so a cross-party deal is looking less and less likely. Elsewhere, BBC’s Laura Kuenssberg tweeted late last night that “Brexit talks are not in good health, but not dead yet, Olly Robbins is heading to Brussels tomorrow to talk about how, and how long it might take to change the political declaration IF there were to be an agreement”. We’re approaching crunch time here, so unless a deal can get finalized this week, the pressure on May will likely rise over the near term.

Economic data understandably took a backseat to the trade developments and sharp market moves, and to be fair there wasn’t a lot of important data regardless. The Bank of France’s business industry sentiment survey fell 1 point to 99, indicating below-average levels of optimism, which was actually the lowest since October 2016. Other than that, Bloomberg released the results of their latest European economic surveys. The only major change was to Italian growth, which consensus now forecasts to be 0.1% this year, which would be the lowest pace of growth since 2014.

To the day ahead now, which this morning kicks off in Germany with the final April CPI revisions (no change from the +1.0% mom flash reading expected). Shortly after that we’re due to get March and April employment data in the UK where the consensus is for no change in the unemployment rate of 3.9% and a small decline in weekly earnings to +3.3%. Also due out this morning is the March industrial production print for the Euro Area and the May ZEW survey in Germany. In the US today we’re due to get the April NFIB small business optimism reading and April import price index print. Away from the data the Fed’s Williams is due to speak at 8.15am BST this morning followed by George (5.45pm BST) and Daly (11pm BST) this evening. The ECB’s Villeroy is also scheduled to speak this morning.
3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED DOWN 20.10 POINTS OR 0.69% //Hang Sang CLOSED DOWN 428.22 POINTS OR 1.50% /The Nikkei closed DOWN 124.55 POINTS OR 0.59%//Australia’s all ordinaires CLOSED DOWN .85%

/Chinese yuan (ONSHORE) closed DOWN at 6.8816 /Oil UP to 61.64 dollars per barrel for WTI and 71.08 for Brent. Stocks in Europe OPENED GREEN// ONSHORE YUAN CLOSED DOWN // LAST AT 6.9068 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8816 TRADE TALKS STILL ON//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP THREATENS TO RAISE RATES TO 25%


3 a NORTH KOREA/SOUTH KOREA

NORTH KOREA




end
3 b JAPAN AFFAIRS


end
3 C CHINA/CHINESE AFFAIRS

i)China/USA/

Jeffrey Snider outlines the warning signs that we must be cognizant of: the low price of copper, the higher yen values, and lower CNY exchange and the scarcity of dollars floating around the globe: all indicators of a massive global slowdown. He states that we should not pay any attempt to the Chinese threatening to dump dollars

(courtesy Jeffrey Snider/Alhambra Investment Partners)
Alhambra: On China’s Empty Treasury ‘Nuke’ Threats

Authored by Jeffrey Snider via Alhambra Investment Partners,
CNY, Its Doom Sisters, & Chinese Threats


xxxxxxxxxxxxxxxxxxxxxxxxxxx


MMGYS

xxxxxxxxxxxxxxxxxxxxxxxxxxx


Dead. Cat. Bounce?

Stocks are up so everything must be awesome again, right?

Despite an early session bid, China stocks ended lower once again..



European markets were much more excited with Italy soaring along with France on the day erasing Monday’s losses…



China has caught back down to US and Europe’s YTD performance…



US Equity markets rallied back above the “constructive” rally point from Friday today as a lack of negative things from China and US as well no inflationary fears from import/export data sent markets higher…



Trannies were the best performers in cash markets with Dow and S&P laggards…



Another dead cat bounce?



“Most Shorted” stocks surged today, recovering around half of yesterday’s losses…



All the major US indices moved back above key technical support once again.

FANG Stocks rebounded extremely modestly on the day…



Bonds and stocks have traded almost perfectly in sync through this recent chaos…



Treasury yields inched higher on the day…



The dollar extended its gains from yesterday…



Offshore Yuan went nowhere today, well below the Yuan Fix…



Ripple soared today as most of the major cryptos held on to gains…



Bitcoin flash-crashed around the Asia open overnight, but scrambled back above $8000



Oil prices rebounded today as mideast tension rose (ahead of tonight’s inventory data), Copper and silver were flat and gold was weaker…



Gold slipped back below $1300…







Read more Harvey here......
https://harveyorganblog.com/2019/05/14/may-14-huge-increase-in-gold-open-interest-used-to-quell-its-rise-yesterday-gold-down-5-45-to-1295-55-silver-up-2-cents-to-14-79-continued-queue-jumping-at-both-gold-and-silver-comex-indicating/

[JD400]

Castle Gate Mine Disaster

MMGYS

MMGYS

Tribute to my gramp pa Joe

I lost my Grandfather in this Castle Gate mine disaster.

Mom said her and her 2 sisters and nine brothers all heard a terrible explosion coming from the mine and we all went running to the mine.

she said: 'Oh you should of heard it, an explosion so powerful even the trees shook. It was terrible'a big 'WHOM'

The mine has the hottest coal I've ever seen. It's very light, shiny and brittle. You can light it with a single wood match.

It's packed with carbon gas.

Years later in the 1960s my uncle took me down in the same mine to show me dinosaur tracks on the side of a drift.

He had been the supt. of the mine the past 20 years. I was lucky to be able to live with his family for a year. I remember he was constantly getting trouble calls from the mine. Most always gas related mini explosions.

The coal was too hot mine but the mining company insisted until they finally reduced it for a supply for a electric plant now built in from of the canyon of the mine.

He told while fishing one day 'that blast explosion was the only mine in history to "Shotgun Explode" it acted like a gun and everything in it blew out the mines portal. He said five coal cars were blasted to the other side of the canyon a mile away'

When my grandmother died one of grandpas Josephs favorite beer glasses was given to my mother. As she gave the 96yr.old beer glass to me and said He would have a beer with this glass everyday when he got home from work.

As I write this tribute post I'm very grateful to be able to have a cold beer in the very same glass.

I can almost feel grandpa Josephs hands holding the glass.

I never had the chance to meet you Grandpa but I want you to know I love ya and you fathered quite the gal (My Mom) Thanks from the bottom of my heart

and this beer has never tasted so good.

This ones for you Grandpa Joseph

Cheers

[JD400]

GATA Daily Dispatches

MMGYS

Hope your enJoying tonight's news show

Great to have you with us on ~*~Mining & Metals Du Jour~*~

Is US-China trade war eroding U.S. dollar dominance?
Submitted by cpowell on Mon, 2019-05-13 13:21. Section: Daily Dispatches

By Karen Yeung
South China Morning Post, Hong Kong
Monday, May 13, 2019

The contemplation by Asian finance leaders to add the Chinese and Japanese currencies to a regional foreign reserves buffer fund is the latest sign that the trade war is causing countries to slowly move away from dependence on the U.S. dollar.

Their consideration, analysts said, could be underpinned by expectations of the shift in world consumption patterns and corporate investments away from a globalised trading system and toward a system centred on the three large regions -- the U.S., the European Union, and China -- that operate differently.

The 10 members of the Association of Southeast Asian Nations plus China, Japan, and South Korea, together known as “Asean+3,” were reported this month to be considering including the yuan and the yen to their Chiang Mai Initiative Multilateralisation scheme, a framework for multicurrency swap arrangements. ...

The review of the scheme to add additional regional currencies into the fund amid the escalating U.S.-China trade war underscores not only growing efforts in Asia to bolster intraregional financial linkages but also the regional countries' intent to reduce reliance on the U.S. dollar-based financial system. ...

... For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3010036/us-china-trad...

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Daily Dispatches

GATA's Ed Steer discusses Chilton's admission, commodity price control

Submitted by cpowell on Tue, 2019-05-14 13:46. Section: Daily Dispatches

9:45a ET Tuesday, May 14, 2019

Dear Friend of GATA and Gold:
» read more



Dave Kranzler: Fed is losing control of rates, then may lose control of gold too
Submitted by cpowell on Tue, 2019-05-14 13:05. Section: Daily Dispatches

9:05a ET Tuesday, May 14, 2019

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics in Denver explains today why a big move up in the monetary metals may be at hand at last.
» read more



Counterparty risk soaring and will propel gold, Turk tells KWN
Submitted by cpowell on Mon, 2019-05-13 22:31. Section: Daily Dispatches

6:30p ET Monday, May 13, 2019

Dear Friend of GATA and Gold:

Counterparty risk in the financial markets is rising fast, GoldMoney founder James Turk tells King World News today, and likely will cause a breakout in the monetary metals.
» read more



USAGold's 'News & Views' letter for May
Submitted by cpowell on Mon, 2019-05-13 16:33. Section: Daily Dispatches

12:33p ET Monday, May 13, 2019

Dear Friend of GATA and Gold:

USAGold's 'News & Views' letter for May, edited by Mike Kosares, covers many topics of interest to gold investors, including:

-- The economist John Exter's pyramidic chart of global liquidity, in which gold is superior.
» read more



Is US-China trade war eroding U.S. dollar dominance?
Submitted by cpowell on Mon, 2019-05-13 13:21. Section: Daily Dispatches

By Karen Yeung
South China Morning Post, Hong Kong
Monday, May 13, 2019

The contemplation by Asian finance leaders to add the Chinese and Japanese currencies to a regional foreign reserves buffer fund is the latest sign that the trade war is causing countries to slowly move away from dependence on the U.S. dollar.
» read more



Ed Steer: Short sellers run rampant in the precious metals stocks
Submitted by cpowell on Mon, 2019-05-13 04:48. Section: Daily Dispatches

12:47a ET Monday, May 13, 2019

Dear Friend of GATA and Gold:

GATA board member Ed Steer's Gold & Silver Digest letter, headlined "Short Sellers Run Rampant in the Precious Metals Stocks," has been posted in the clear at GoldSeek here:

news.goldseek.com/GoldSeek/1557694755.php#disqus_thread

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
» read more



Egon von Greyerz: Prepare now for the elites' nightmare endgame
Submitted by cpowell on Mon, 2019-05-13 00:50. Section: Daily Dispatches

8:49p ET Sunday, May 12, 2019

Dear Friend of GATA and Gold:
» read more



White House considers Judy Shelton for Federal Reserve Board
Submitted by cpowell on Sat, 2019-05-11 15:14. Section: Daily Dispatches

By Saleha Mohsin, Jennifer Jacobs, and Margaret Talev
Bloomberg News
Satuday, May 11, 2019

The White House is considering conservative economist Judy Shelton to fill one of the two vacancies on the Federal Reserve Board of Governors that President Donald Trump has struggled to fill.
» read more



Ronan Manly: Where's the bulk of the gold supposedly held at West Point?
Submitted by cpowell on Fri, 2019-05-10 18:59. Section: Daily Dispatches

3p ET Friday, May 10, 2019

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly wonders today why the U.S. Mint at West Point, New York, periodically displays its working vault for coin manufacture but never the 11 storage vaults in which most of the U.S. Treasury gold held at West Point is purportedly stored.
» read more



Seven banks face EU antitrust fines for forex rigging, sources tell Reuters
Submitted by cpowell on Fri, 2019-05-10 01:11. Section: Daily Dispatches

By Foo Yun Chee
Reuters
Thursday, May 9, 2019

BRUSSELS, Belgium -- Barclays, Citigroup, HSBC, JPMorgan, and three other banks are set to be fined by European Union antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said.


all links here

www.gata.org/

[JD400]

Trade Wasn’t the Only Problem in the Market Yesterday: Citigroup Tanked 5.18%

MMGYS

Give a guy a gun ,he can rob someone. Give a man a bank,and he can rob everyone.?


Trade Wasn’t the Only Problem in the Market Yesterday: Citigroup Tanked 5.18%




By Pam Martens and Russ Martens: May 14, 2019 ~

Allow us to set the stage for what happened in yesterday’s market rout which saw the Dow Jones Industrial Average shed 617 points. The easy answer is that the market is unnerved by the ongoing trade war between the Trump administration and China. And, clearly, that’s part of the problem. But the market is also keenly aware that there are a handful of mega banks on Wall Street that have monster exposure to derivatives and are systemically interconnected to the counterparties on the other side of those trades. The problem is that nobody, including the regulators, has clarity on which counterparty is in over their head and may have failed to reserve adequate capital if it has to pay out on too many losing derivative trades.

That’s what happened in 2008 when a unit of the giant insurer, AIG, had quietly become the derivatives counterparty on credit default derivatives to many of the major Wall Street and global banks. AIG had also tangled itself up in securities lending to Wall Street and that blew up as well. AIG collapsed and received a government bailout of $185 billion in order to pay off the debts it owed to the mega banks.

One would have thought that Congress would have surely written its Dodd-Frank financial reform legislation of 2010 to stop Federally insured banks from having exposure to tens of trillions of dollars of opaque derivatives. One would have thought that Congress would have prevented U.S. life insurers, which are issuing critical death benefit policies and annuities to provide retirement income to seniors, from playing with derivatives in the Wall Street casino. Unfortunately, Congress did not have the guts to stand up to Wall Street and do either.

As of December 31, 2018, according to the Office of the Comptroller of the Currency (OCC), the 25 top bank holding companies in the U.S. have $232.7 trillion notional (face amount) in derivatives. Just five bank holding companies account for 86 percent of the total: JPMorgan Chase, Citigroup, Goldman Sachs Group, Morgan Stanley and Bank of America.

Each year the Office of Financial Research (OFR), part of the U.S. Treasury Department, publishes a Financial Stability Report to gauge risks building up in the U.S. financial system. The 2016 Financial Stability Report indicated that at the end of 2015, U.S. life insurers had $2 trillion notional in derivatives. But it warned that this could be the tip of the iceberg since there could be a lot more derivatives sitting in some of their affiliates that do not have to make statutory filings of their derivative exposure. The report also paved a path directly to Wall Street banks, writing:

“According to statutory data on insurance company legal entities, nine large U.S. and European banks are counterparties to about 60 percent of U.S. life insurers’ $2 trillion in notional derivatives. These data show that despite central clearing, derivatives interconnectedness between the U.S. life insurance industry and banks remains substantial.”

The 2017 Financial Stability Report raised similar concerns and listed seven U.S. life insurers with significant derivative exposures: AIG, Ameriprise Financial, Hartford Financial Services Group, Lincoln National Corp, MetLife, Prudential Financial and Voya Financial.

The 2018 Annual Report from OFR raised another alarm regarding U.S life insurers. It noted that: “The 2017 tax law affects the regulatory capital of U.S. life insurers, as it does for banks. Insurers’ risk-based capital appears to remain above the regulatory minimum, but not by as much as in the past. Lower capital buffers make insurers potentially more vulnerable to insolvency risk in times of stress.”

With all of the above in mind, we took a look at how the mega Wall Street banks traded yesterday as well as those seven life insurers with derivative exposure that are listed in the 2017 Financial Stability Report. A disturbing pattern emerged which we have captured in the top chart above.

The worst two performers yesterday among the Wall Street mega banks were Citigroup and Morgan Stanley. Citigroup lost 5.18 percent while Morgan Stanley lost 4.66 percent. (That was significantly worse than their peers: JPMorgan Chase lost 2.72 percent while Wells Fargo lost just 1.74 percent, the best showing of the mega banks.)

Two insurance companies stood out from their peers as well: Prudential Financial shed 5.07 percent while Lincoln National lost 5 percent.

The fact that Citigroup, Prudential Financial and Lincoln National all lost 5 percent or more while their peers performed significantly better led us to chart how their stocks have performed over the past six months. (Since Morgan Stanley was also down close to 5 percent, we included it in the chart.) The result is that these stock patterns suggest a disturbing interconnectedness and the potential for contagion in a major market downturn.

To illustrate just how much of an outlier Citigroup is, the second chart above compares its stock price performance since 2001 to that of Wells Fargo.

While the Democrats control the House of Representatives and their Committees, there is no better time than the present to bring these hidden market dangers out into the sunshine.

charts http://wallstreetonparade.com/2019/05/trade-wasnt-the-only-problem-in-the-market-yesterday-citigroup-tanked-5-18/

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Deutsche Bank Seeks Credit Boost as New Debt Swaps Start Trading (DB Fighting To Stave Off Systemic Failure)



Deutsche Bank AG has the most to gain because stress in the credit-default swaps market has pressured borrowing and trading costs. Swaps covering senior-preferred debt will also align German contracts with those in France and Spain.

“This will lower the cost for counterparties hedging exposures to Deutsche Bank and more accurately reflect the position for counterparties and clients in the hierarchy of creditors,” James von Moltke, the lender’s chief financial officer said in a statement. “It also creates a level playing field for German banks versus their EU and U.S. peers.”

Swaps on Deutsche Bank’s safest securities, which are protected against losses, were quoted at about 95 basis points at 11 a.m. in London, according to CMA. That compares with about 180 basis points on senior non-preferred contracts. It’s unclear if any trades have taken place.

charts https://confoundedinterest.net/2019/05/13/deutsche-bank-seeks-credit-boost-as-new-debt-swaps-start-trading-db-fighting-to-stave-off-systemic-failure/

[JD400]

Gold Gets A Healthy Pause From Recent Run-Up


MMGYS

AM/PM Gold Round Up



Jim Wyckoff Tuesday June 04, 2019 12:33



(Kitco News) - Gold prices are trading near steady in midday dealings Tuesday, on some mild profit taking and chart consolidation from recent strong gains that pushed prices to a nine-week high overnight. Risk appetite is also keener today than was the case on Monday, evidenced by a big rally in the U.S. stock market. That’s a negative for the save-haven gold and silver markets. August gold futures were last up $0.10 an ounce at $1,328.00. July Comex silver prices were last up $0.02 at $14.76 an ounce.

Gold saw a brief pop at mid-morning following remarks from Fed Chairman Jerome Powell, who said at a conference that the current disputes between the U.S. and its major trading partners have the attention of the Fed. Powell also said inflation remains non-problematic and that the Fed will act appropriately to continue the U.S. economic expansion. Gold prices then settled right back to near unchanged, however.

European equities were mostly firmer overnight and Asian stock markets were mostly down. The U.S. indexes hit three-month lows Monday and are still trending down on the daily charts. That’s still a positive for the precious metals markets.

Australia’s central bank cut its main interest rate today to a record low of 1.25% from 1.50%. It was the first rate cut in nearly three years. The central bank said it made the move due to worries about global trade wars reducing world economic activity. In recent weeks the marketplace is placing much higher odds on the U.S. Federal Reserve lowering interest rates, possibly as soon as this summer. The European Central Bank is also seen as likely easing its monetary policy as soon as this summer.

The notions of easier money coming from the world’s major central banks have boosted gold prices and dropped government bond yields. Notions of lower interest rates are a mixed bag for the global stock markets—a positive due to more financial market liquidity but a negative because the rates would be coming down due to slowing economic growth prospects.

In other overnight news, the Euro zone reported its May consumer price index at up 1.2%, year-on-year, versus up 1.7% in April. The April reading was the lowest in over a year.

The key “outside markets” today see the U.S. dollar index trading slightly up after absorbing solid losses Monday. The greenback bulls have faded recently and the near-term price uptrend for the USDX is in jeopardy. Meantime, Nymex crude oil prices are also slightly higher and trading around $53.50 a barrel after dropping to a nearly five-month low on Monday.



Technically, August gold futures prices were nearer the session low today. The bulls have the overall near-term technical advantage. A three-month-old downtrend on the daily bar chart has been soundly negated. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,335.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,334.10 and then at $1,335.70. First support is seen at $1,320.00 and then at this week’s low of $1,310.90. Wyckoff's Market Rating: 6.5


July silver futures prices were nearer the session high today, on tepid short covering. The silver bears still have the firm overall near-term technical advantage. A three-month-old downtrend on the daily bar chart is now in jeopardy of being negated with more price gains this week, which would then suggest a market bottom is in place. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $14.175. First resistance is seen at today’s high of $14.825 and then at $15.00. Next support is seen at this week’s low of $14.565 and then at $14.50. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed up 170 points at 266.70 cents today. Prices closed near the session high today on short covering after hitting a five-month low Monday. The copper bears have the firm overall near-term technical advantage. Prices are in a steep seven-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 277.75 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 256.10 cents. First resistance is seen at 267.50 cents and then at 270.00 cents. First support is seen at today’s low of 263.90 cents and then at this week’s low of 261.10 cents. Wyckoff's Market Rating: 2.0.

Kitco

[JD400]

Public Interest Groups Blast SEC for Shilling for_Wall_Street’s “Best Interest”

By Pam Martens and Russ Martens: June 6, 2019 ~


Christine Lazaro, President, PIABA

The long-awaited final rule from the Securities and Exchange Commission called Regulation Best Interest, which grew out of the 2010 Dodd-Frank financial reform legislation and was intended to require that the nation’s stockbrokers put their clients’ interests ahead of their own, was voted on by the SEC yesterday. Three Republican Commissioners voted for it while the sole Democrat, Robert Jackson, voted against it and issued a detailed statement on why it sells out Main Street.

Continues here.....

http://wallstreetonparade.com/2019/06/public-interest-groups-blast-sec-for-shilling-for-wall-streets-best-interest/

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Nothing worse than having your stock broker front load then use your funds to give him a corrupted edge. Pure greed.
J:D

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Quote: I've come to the conclusion that anything that can be gamed is being gamed.

They're all a bunch of crooks

the cork April 2019

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