GOLD AND SILVER GET A REPRIEVE WHEN THE CHINESE AND USA ANNOUNCE A ROAD MAP TO TRADE AGREEMENTS

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by Harvey Organ, Harvey Organ Blog:

GOLD UP 20 CENTS TO $1177.25 AT COMEX CLOSING TIME/SILVER DOWN 4 CENTS TO $14.65/ HOWEVER NEWS OF THE ROADMAP OCCUR AFTER COMEX CLOSING: SO ACCESS MARKET CLOSE: IN GOLD $1184.70/SILVER CLOSES AT $14.83

GOLD: $1177.25 UP $0.20 (COMEX TO COMEX CLOSINGS)

Silver: $14.65 DOWN 4 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1184.70

silver: $14.83

For comex gold:

AUGUST/

NUMBER OF NOTICES FILED TODAY FOR AUGUST CONTRACT:  17 NOTICE(S) FOR 1700

TOTAL NOTICES SO FAR 2197 FOR 219,700 OZ (6.8335 tonnes)

For silver:

AUGUST

96 NOTICE(S) FILED TODAY FOR

480,000 OZ/

Total number of notices filed so far this month: 1149 for 5,745,000 oz

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Bitcoin: BID $6378/OFFER $6463: UP  $78(morning)

Bitcoin: BID/ $6454/offer $6539: UP $220  (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: $1182.90

NY price  at the same time:$1177.50

 

PREMIUM TO NY SPOT: $5.40

XX

Second gold fix early this morning: $ 1180.84

 

 

USA gold at the exact same time:$1174.15

 

PREMIUM TO NY SPOT:  $5.49

 

China is controlling the gold market

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 1011 CONTRACTS FROM 240,621 DOWN TO 235,287 DESPITE YESTERDAY’S GOOD 14 CENT ADVANCE IN SILVER PRICING AT THE COMEX. WE HAVE GENERALLY BEEN WITNESSING A SLOW COMEX ACCUMULATION THESE PAST SEVERAL DAYS BUT THAT STOPPED ABRUPTLY THE LAST FEW DAYS. HOWEVER,  WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY AND OVER 5 MILLION OZ FOR AUGUST) AS WELL AS 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 LARGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

1451 EFP’S FOR SEPT. , 0 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 1451 CONTRACTS. WITH THE TRANSFER OF 1451 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 1451 EFP CONTRACTS TRANSLATES INTO 23.665MILLION OZ AND ACCOMPANYING:

1.THE 14 CENT RISE IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ)  30.370 MILLION OZ  STANDING FOR DELIVERY IN JULY, AND NOW 5.950 MILLION OZ FOR AUGUST.

 

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

19,021 CONTRACTS (FOR 13 TRADING DAYS TOTAL 19,021 CONTRACTS) OR 95.105 MILLION OZ: (AVERAGE PER DAY: 1463 CONTRACTS OR 7.315 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY:  95.105 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 13.58% 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 2018 TO DATE SILVER EFP’S:           1,924.77    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

ACCUMULATION FOR JUNE 2018:                                           345.43         MILLION OZ

ACCUMULATION FOR JULY 2018:                                            172.84          MILLION OZ

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1011 DESPITE THE GOOD  14 CENT  GAIN IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1451  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 SMALL SIZED: 440 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 1451 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A DECREASE OF 1011  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 14 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.64 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THE BIG JULY DELIVERY MONTH OF SLIGHTLY OVER 30 MILLION OZ AND NOW IN AUGUST ANOTHER BIG 5.955 MILLION OZ IN A NON ACTIVE MONTH. IT SURE LOOKS LIKE ANOTHER FAILED BANKER SHORT COVERING EXERCISE AS BANKERS ARE SCRAMBLING TO COVER THEIR HUGE SHORTFALL IN SILVER.

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.176 MILLION OZ TO BE EXACT or 168% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 96 NOTICE(S) FOR 480,000 OZ OF SILVER

IN SILVER, WE  SET THE NEW 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

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. 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) AND JULY 2018 AMOUNT STANDING: 30.370 MILLION OZ   ) AND NOW FOR AUGUST 5.950 MILLION OZ.
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. 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 FELL BY A CONSIDERABLE SIZED 2509 CONTRACTS DOWN TO 477,460 WITH THE  LOSS IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A FALL IN PRICE OF $1.05).  THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 7166 CONTRACTS:

AUGUST HAD AN ISSUANCE OF 0 CONTRACTS, OCTOBER HAD 0EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 7166 CONTACTS  AND  ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 477,460. 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 A GOOD OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4657 CONTRACTS:  2509  OI CONTRACTS DECREASED AT THE COMEX AND 7166 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN:  4657 CONTRACTS OR 465,700 OZ = 14.48 TONNES.  AND ALL OF THIS GOOD DEMAND OCCURRED WITH A LOSS IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $1.05.???..

 

YESTERDAY, WE HAD 11,389 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 97,337 CONTRACTS OR 9,733,700 OZ OR 302.75 TONNES (13 TRADING DAYS AND THUS AVERAGING: 7487 EFP CONTRACTS PER TRADING DAY OR 748,700 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAYS IN  TONNES: 302.75 TONNES

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

THUS EFP TRANSFERS REPRESENTS 302.75/2550 x 100% TONNES =  11.87% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,021.38*  TONNES   *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018:           653.22  TONNES (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES  (20 TRADING DAYS)

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)

ACCUMULATION OF GOLD EFP FOR JUNE 2018                      650.71 TONNES  (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JULY 2018                       605.5 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 CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 2509 WITH THE  LOSS IN PRICING ($1.05 THAT GOLD UNDERTOOK YESTERDAY) // .  WE ALSO HAD A  STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7166 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 7166 EFP CONTRACTS ISSUED, WE HAD A GOOD GAIN OF 4657 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

7166 CONTRACTS MOVE TO LONDON AND 2509 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 14.48 TONNES). ..AND THIS GOOD  DEMAND OCCURRED DESPITE A  LOSS OF $1.05 IN YESTERDAY’S TRADING AT THE COMEX!!!. ????

 

we had: 17 notice(s) filed upon for 1700 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 $0.20  TODAY: /

NO CHANGE IN GOLD INVENTORY AT THE GLD

 

/GLD INVENTORY 773.41 TONNES

Inventory rests tonight: 773.41 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 DOWN 4  CENTS TODAY

NO CHANGE IN SILVER INVENTORY AT THE SLV

/INVENTORY RISES AT 329.104 MILLION OZ.

 

NOTE THE DIFFERENCE BETWEEN THE GLD AND SLV: THE CROOKS CAN RAID GOLD BECAUSE THEY DO HAVE SOME PHYSICAL.  THEY DO NOT RAID SILVER PROBABLY BECAUSE THERE IS NO REAL SILVER INVENTORIES BEHIND THEM

 

end

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

1. Today, we had the open interest in SILVER FELL BY A SMALL SIZED 1011 CONTRACTS from 240,038 DOWN TO  235,287 (BUT STILL WITHIN SPITTING DISTANCE TO A NEW COMEX RECORD. THE LAST RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). THE PREVIOUS RECORD TO THAT WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/4 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…..VERY STRANGE INDEED AND IT WILL COME TO FRUITION AGAIN VERY SHORTLY

.

OUR CUSTOMARY MIGRATION OF COMEX LONGS MORPH INTO LONDON FORWARDS CONTINUES AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 

0 EFP CONTRACTS FOR AUGUST., 1451 EFP CONTRACTS FOR SEPTEMBER, 0 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1451 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 1011 CONTRACTS TO THE 1451 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A NET GAIN OF 440 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 2.200 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 AND NOW ANOTHER STRONG 5.950 MILLION OZ FOR AUGUST… AND YET ALL OF THIS HUGE PHYSICAL DEMAND OCCURRED DESPITE A SMALLISH 14 CENT PRICING ADVANCE AT THE SILVER COMEX!!!!????.

 

RESULT: A FAIR SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 14 CENT PRICING GAIN THAT SILVER UNDERTOOK IN PRICING YESTERDAY.BUT WE ALSO HAD A  STRONG SIZED 1451 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR AUGUST, 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

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 36.23 POINTS OR 1.34%   /Hang Sang CLOSED UP 113.35 POINTS OR 0.42%/   / The Nikkei closed UP 78.34 POINTS OR 0.35%/Australia’s all ordinaires CLOSED UP 0.21%  /Chinese yuan (ONSHORE) closed UP  at 6.8826 AS POBC HALTS ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP/Oil UP to 65.80 dollars per barrel for WTI and 72.05 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED //.  ONSHORE YUAN CLOSED  UP AT 6.8826 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8613: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS TRADE TALKS WILL RESUME IN THE USA  /ONSHORE YUAN TRADING STRONGER AGAINST 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

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