WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND

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by Harvey Organ, Harvey Organ Blog:

In silver, the total OPEN INTEREST FELL BY A CONSIDERABLE SIZED 5358 CONTRACTS FROM 219,704 DOWN TO 214,346 DESPITE YESTERDAY’S 8 CENT LOSS IN SILVER PRICING AT THE COMEX. TODAY WE ARRIVED FURTHER FROM AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE ALWAYS WITNESS A CONTRACTION IN TOTAL OI AS WE APPROACH FIRST DAY NOTICE AND IT SEEMS THE CULPRIT IS THE FORCED LIQUIDATION OF SPREADERS.

GOLD: $1326.40 DOWN $1.10 (COMEX TO COMEX CLOSING)

Silver:   $15.87 DOWN 1 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold :  xxx

 

silver: $xxx

 

For comex gold and silver:

FEBRUARY

 

NUMBER OF NOTICES FILED TODAY FOR  FEB CONTRACT: 135 NOTICE(S) FOR 13500 OZ (0.4199 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  12,200 NOTICES FOR 1,220,000 OZ  (37.94 TONNES)

 

SILVER

 

FOR FEBRUARY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

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

 

total number of notices filed so far this month: 571 for 2,855,000

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

The comex options expired at the comex today,  and London/LBMA options will expire  on Thursday, the 28th of February..

Expect extreme volatility until first day notice.

JPMorgan or Goldman Sachs are taking a huge issuance (stopping) of gold at the comex.

today 105/135

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,325.900000000 USD
INTENT DATE: 02/25/2019 DELIVERY DATE: 02/27/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 2
661 C JP MORGAN 79 108
661 H JP MORGAN 1
686 C INTL FCSTONE 1
737 C ADVANTAGE 39 9
800 C MAREX SPEC 5
905 C ADM 2
991 H CME 4
____________________________________________________________________________________________

TOTAL: 125 125
MONTH TO DATE: 12,200

 

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 5358 CONTRACTS FROM 219,704 DOWN TO 214,346 DESPITE YESTERDAY’S 8 CENT LOSS IN SILVER PRICING AT THE COMEX. TODAY WE ARRIVED FURTHER FROM  AUGUST’S 2018  RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS. WE ALWAYS WITNESS A CONTRACTION IN TOTAL OI AS WE APPROACH FIRST DAY NOTICE AND IT SEEMS THE CULPRIT IS THE FORCED LIQUIDATION OF SPREADERS.

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 SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

695 EFP’S FOR MARCH,  0 FOR APRIL,  7 FOR MAY, 0 FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 702 CONTRACTS. WITH THE TRANSFER OF 702 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 702 EFP CONTRACTS TRANSLATES INTO 3.5610MILLION OZ  ACCOMPANYING:

1.THE 8 CENT LOSS 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.

AND NOW 2.860 MILLION OZ STANDING FOR FEBRUARY.

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY: 25,907 CONTRACTS (FOR 17 TRADING DAYS TOTAL 25,907 CONTRACTS) OR 129.535 MILLION OZ: (AVERAGE PER DAY: 1523 CONTRACTS OR 7.619 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB:  129.535 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 18.42% 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:          334.55    MILLION OZ. (CORRECTED)

JANUARY 2019 EFP TOTALS:                                                      217.455. MILLION OZ.

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5358 WITH THE 8 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY..THE CME NOTIFIED US THAT WE HAD  SMALL SIZED EFP ISSUANCE OF 702 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 LOST A CONSIDERABLE SIZED: 4656 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 702 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF5358 OI COMEX CONTRACTS. AND ALL OF THIS  DEMAND HAPPENED WITH A 8 CENT LOSS IN PRICE OF SILVER  AND A CLOSING PRICE OF $15.88 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC 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. 1.099 BILLION OZ TO BE EXACT or 157% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED AT THE COMEX: 1 NOTICE(S) FOR 5,000 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:

  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) , 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 NOW FEB 2019:  2.860 MILLION OZ/
  2. 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.
  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).

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