FOMC RAISES RATES BY 1/4%/YIELD CURVE INVERTS SIGNALLING POLICY FAILURE/GOLD/SILVER REBOUNDS ON THE NEWS

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by Harvey Organ, Harvey Organ Blog:

AT COMEX CLOSING GOLD UP $2.20 TO $1297.80/SILVER UP 11 CENTS TO $16.87/IN ACCESS MARKET GOLD FINISHED A TOUCH BELOW 1300.00 DOLLARS AND SILVER AT $17.04/IN A ACTIVE DELIVERY MONTH THE GOLD COMEX HAS BEEN TOTALLY COMATOSE WITH HARDLY ANY GOLD ENTERING OFFICIAL VAULTS: JUNE IS A VERY ACTIVE MONTH AND STILL NO GOLD HAS ENTERED THESE PREMISES//ZTE CRASHES AND THEN TRUMP WILL INITIATE MORE SANCTIONS AGAINST CHINA/ANOTHER BIG STORY: CHINESE SHADOW BANKING SECTOR COLLAPSES AND THIS WILL WITHOUT A DOUBT HURT GLOBAL TRADE NUMBERS/IN EUROPE BANK RUNS FROM THE SOUTHERN COUNTRIES TO THE NORTHERN ONES/SAUDI ARABIA AND ALLIES STORM THE LAST OPEN PORT IN YEMEN THAT HAS ACCESS TO THE OUTSIDE WORLD/MORE SWAMP STORIES FOR YOU TODAY

GOLD: $1297.80UP $2.20 (COMEX TO COMEX CLOSINGS)

Silver: $16.95 UP 11 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1299.50

silver: $17.04

I WILL UPDATE DATA LATE IN THE EVENING AS I AM PUBLISHING EARLY

For comex gold:

JUNE/

NUMBER OF NOTICES FILED TODAY FOR JUNE CONTRACT:87 NOTICE(S) FOR 8700 OZ
TOTAL NOTICES SO FAR 6674 FOR 667400 OZ (20.758 tonnes)

For silver:

JUNE

0 NOTICE(S) FILED TODAY FOR
NIL OZ/
Total number of notices filed so far this month: 923 for 4,615,000 oz

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Bitcoin: BID $6386/OFFER $6486: down $110(morning)
Bitcoin: BID/ $6227/offer $6327: DOWN $269 (CLOSING/5 PM)
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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: 1301.31
NY price at the same time: 1295.85

PREMIUM TO NY SPOT: $5.46

Second gold fix early this morning: 1300.06
USA gold at the exact same time:1295.40

PREMIUM TO NY SPOT: $4.66

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 FELL BY A CONSIDERABLE 2458 CONTRACTS FROM 232,621 DOWN TO 230,163 DESPITE YESTERDAY’S TINY 5 CENT LOSS IN SILVER PRICING. WE ARE NOW WITNESSING OUR USUAL AND CUSTOMARY COMEX LONG LIQUIDATION AS WE ENTERED INTO THE NON ACTIVE DELIVERY MONTH OF JUNE AS LONGS PACK THEIR BAGS AND MIGRATE OVER TO LONDON. WE WERE NOTIFIED THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP: 3055 EFP’S FOR JULY, 232 EFP’S FOR SEPT. AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 3287 CONTRACTS. WITH THE TRANSFER OF 3827 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 3827 EFP CONTRACTS TRANSLATES INTO 16.44 MILLION OZ ACCOMPANYING:

1.THE 5 CENT FALL IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR JUNE COMEX DELIVERY. (4.630 MILLION OZ) DESPITE IT BEING A NON ACTIVE DELIVERY MONTH.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JUNE:

19,255 CONTRACTS (FOR 9 TRADING DAYS TOTAL 22,542 CONTRACTS) OR 112.710 MILLION OZ: (AVERAGE PER DAY: 2504 CONTRACTS OR 12.520 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 112.710 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 16.1% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 1,426.91 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

ACCUMULATION FOR MAY 2018: 210.05 MILLION OZ

RESULT: WE HAD AN STRONG SIZED DECREASE IN COMEX OI SILVER COMEX OF 2458 DESPITE THE TINY 5 CENT FALL IN SILVER PRICE. WE HAVE NOW ENTERED THE NEW NON ACTIVE MONTH OF JUNE. THE CME NOTIFIED US THAT IN FACT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 3287 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: 3055 EFP CONTRACTS FOR JULY, 232 EFP’S FOR SEPT. AND ZERO FOR ALL OVER MONTHS FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 3287). TODAY WE GAINED A GOOD: 829 TOTAL OI CONTRACTS ON THE TWO EXCHANGES: i.e.3287 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH AN DECREASE OF 2458 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE 5 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $16.86 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS NON ACTIVE JUNE DELIVERY MONTH. IT SURE LOOKS LIKE A FAILED BANKER SHORT COVERING EXERCISE!!

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.152 MILLION OZ TO BE EXACT or 164% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JUNE MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR NIL 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. (AND IN LOOKS LIKE WE ARE GOING TO SEE ANOTHER RECORD HIT THIS MONTH)

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 AND MAY: 36.285 MILLION OZ /AND JUNE/2018 (4.630 MILLION OZ SO FAR)
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 CONSIDERABLE 1867 CONTRACTS UP TO 448,695 DESPITE THE DROP IN THE GOLD PRICE/YESTERDAY’S TRADING (FALL OF $4.70). WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE. NO DOUBT THE BOYS ARE CASHING IN THEIR COMEX LONGS TO BEGIN THE PROCESS TO MOVE INTO LONDON FORWARDS. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 8423 CONTRACTS : JUNE SAW THE ISSUANCE OF 0 CONTRACTS , AND AUGUST SAW THE ISSUANCE OF: 8423 CONTRACTS WITH ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 448,695. 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 FAIR SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES: 1867 OI CONTRACTS INCREASED AT THE COMEX AND A STRONG SIZED 8423 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 10,290 CONTRACTS OR 1,029,000 OZ = 32.00 TONNES. AND STRANGELY ALL OF THIS DEMAND OCCURRED WITH A FALL OF $4.70

YESTERDAY, WE HAD 4685 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 84,531 CONTRACTS OR 8,453,100 OZ OR 262.93 TONNES (9 TRADING DAYS AND THUS AVERAGING: 9392 EFP CONTRACTS PER TRADING DAY OR 939,200 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAYS IN TONNES: 262.93 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 262.93/2550 x 100% TONNES = 10.31% OF GLOBAL ANNUAL PRODUCTION SO FAR IN APRIL ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 3,714.75* 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)

ACCUMULATION OF GOLD EFP’S FOR MAY 2018: 693.80 TONNES ( 22 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 STRONG SIZED INCREASE IN OI AT THE COMEX OF 1867 DESPITE THE $4.70 LOSS IN PRICE // GOLD TRADING YESTERDAY ($4.70 FALL). WE ALSO HAD AN STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8472 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 8423 EFP CONTRACTS ISSUED, WE HAD AN NET GAIN OF 11,506 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

8423 CONTRACTS MOVE TO LONDON AND 1867 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 32.000 TONNES). ..AND BELIEVE IT OR NOT BUT ALL OF THIS DEMAND OCCURRED AT THE COMEX WITH A LOSS OF $4.70 IN TRADING!!!.

we had: 87 notice(s) filed upon for 8700 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 $2.20 TODAY: / NO CHANGES IN GOLD INVENTORY AT THE GLD/ /GLD INVENTORY 828.76 TONNES

Inventory rests tonight: 828.76 tonnes.

SLV/

WITH SILVER DOWN UP 11 CENTS TODAY / NO CHANGES IN THE SILVER INVENTORY AT THE SLV/)

/INVENTORY RESTS AT 317.290 MILLION OZ/

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

1. Today, we had the open interest in SILVER FELL BY AN STRONG SIZED 2458 CONTRACTS from 232,621 DOWN TO 230,163 (AND, FURTHER FROM 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: (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), 3055 EFP’S FOR JULY, 232 EFP CONTRACTS FOR SEPT. AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3287 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 2458 CONTRACTS TO THE 3287 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GAIN OF 829 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 4.145 MILLION OZ!!! AND THIS STRONG SIZED DEMAND OCCURRED DESPITE A 5 CENT FALL 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 APRIL AT 385.75 MILLION OZ AND THE CONTINUAL OI GAIN ON THE TWO EXCHANGES, THE CONSTANT RAIDS, (THAT 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 FROM YESTERDAYS ACTION, THEY HAVE NOT BEEN AT ALL SUCCESSFUL.

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 5 CENT FALL IN SILVER PRICING YESTERDAY. BUT WE ALSO HAD ANOTHER STRONG SIZED 3287 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR JUNE, 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 30.01 points or 0.97% /Hang Sang CLOSED DOWN 377.91 points or 1.22% / The Nikkei closed UP 88.03 POINTS OR 0.38% /Australia’s all ordinaires CLOSED DOWN .51% /Chinese yuan (ONSHORE) closed UP at 6.4004/Oil DOWN to 65.99 dollars per barrel for WTI and 75.69 for Brent. Stocks in Europe OPENED MOSTLY IN THE GREEN//. ONSHORE YUAN CLOSED UP AT 6.4004 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3929/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING MUCH 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

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