by Harvey Organ, Harvey Organ Blog:
NEW CHINA REPORT FROM RENOWNED AUTHOR CHU CLAIMS CHINA HAS A TOTAL DEBT OF $35 TRILLION AND NON PERFORMING LOANS AT $7.6 TRILLION OR 22%
GOLD: $1286.50 UP $13.45
Silver: $17.06 UP 11 cent(s)
Closing access prices:
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: $1291.94 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1288.50
PREMIUM FIRST FIX: $3.44
SECOND SHANGHAI GOLD FIX: $1291.49
NY GOLD PRICE AT THE EXACT SAME TIME: $1287.15
Premium of Shanghai 2nd fix/NY:$4.34
LONDON FIRST GOLD FIX: 5:30 am est $1285.90
NY PRICING AT THE EXACT SAME TIME: $1286.15
LONDON SECOND GOLD FIX 10 AM: $1285.15
NY PRICING AT THE EXACT SAME TIME. $1285.95
For comex gold:
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 2 NOTICE(S) FOR 200 OZ.
TOTAL NOTICES SO FAR: 4581 FOR 458,100 OZ (14.248 TONNES)
85 NOTICES FILED TODAY FOR
Total number of notices filed so far this month: 1000 for 5,000,000 oz
Today for the 6th consecutive day we had a raid on both gold and silver and again forces loyal to gold and silver rebuffed their attempts to discredit our precious metals. I am witnessing banker capitulation in silver which seems to be their Achilles heal. The difference between gold and silver is simple: there are always enough above ground gold to borrow against (central bank gold) but physical silver has already been spent in all of the extremely useful advances it has made in pharmaceuticals, photo-voltaic cells etc. The boys are having great difficulty borrowing against a declining inventory.
Let us have a look at the data for today
In silver, the total open interest SURPRISINGLY ROSE BY ONLY 292 contracts from 187,955 UP TO 188,247 DESPITE THE HUGE RISE IN THE PRICE THAT SILVER UNDERTOOK WITH YESTERDAY’S TRADING (UP 25 CENT(S) . THE BANKERS PROVIDED THE SHORT PAPER TO INITIATE ANOTHER RAID YESTERDAY (5TH CONSECUTIVE DAY OF TORMENT). THAT FAILED IMMEDIATELY AS SILVER STARTED TO ADVANCE IN PRICE. NEWBIE SPEC LONGS REALIZING ANOTHER FAILED RAID, JUMPED ONTO THE BANDWAGON WITH PURCHASES. HOWEVER THE COMMERCIALS WERE STILL LOATHE TO SUPPLY THE SHORT CONTRACTS. THUS A HUGE ADVANCE IN PRICE WITH A TINY GAIN IN OI.
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.941 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 85 NOTICE(S) FOR 425,000OZ OF SILVER
In gold, the open interest ROSE by A CONSIDERABLE 4,484 WITH THE SMALL RISE in price of gold ($3.85 GAIN YESTERDAY.) Most of gold’s gains came after the comex closed and we will see the resultant OI of those gains in tomorrow’s reading. The new OI for the gold complex rests at 482,405. A raid was called upon yesterday by the bankers and it failed. The bankers initiated the raid with short paper but newbie longs entered the arena with the lower price following silver’s lead. Thus the bankers were not successful in covering their shorts but they did supply the necessary paper to our newbie spec longs. The result: increase in open interest with a higher price for gold.
we had: 2 notice(s) filed upon for 200 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
Today, a big change late last night in gold inventory: a deposit of 4.43 tonnes
Inventory rests tonight: 795.44 tonnes
IN THE LAST 24 TRADING DAYS: GLD SHEDS 41.53 TONNES YET GOLD IS HIGHER BY $53.45 .
Today: THIS LOOKS SINISTER
WE HAD A HUGE CHANGES IN SILVER INVENTORY TONIGHT: A WITHDRAWAL OF 1.418 MILLION OZ (WITH SILVER UP?)
INVENTORY RESTS AT 334.407 MILLION OZ
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver RISE BY ONLY 292 contracts from 187,955 UP TO 188,247 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE HUGE RISE IN SILVER PRICE (25 CENTS). THE INITIAL RAID WEDNESDAY MORNING WAS REBUFFED IMMEDIATELY BY A HUGE INFLUX OF NEWBIE LONGS ENTERING THE SILVER COMEX CASINO. THE BANKERS HAD A HARD TIME COVERING DUE TO THAT RISE IN PRICE AS YOU CAN VISUALIZE BANKER CAPITULATION. NEWBIE LONGS ENTERED ONCE THEY SAW THE FAILED RAID, WITH THE SUPPLY COMING FROM OLD SPECS EXITING FOR A PROFIT. RESULT: HIGHER PRICE WITH A TINY OI GAIN.
2.a) The Shanghai and London gold fix report
2 b) Gold/silver trading overnight Europe, Goldcore
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)Late WEDNESDAY night/THURSDAY morning: Shanghai closed UP 21.98 POINTS OR 0.68% / /Hang Sang CLOSED DOWN 64.85 POINTS OR 0.24% The Nikkei closed DOWN 26.65 POINTS OR 0.41%/Australia’s all ordinaires CLOSED DOWN 0.06%/Chinese yuan (ONSHORE) closed UP at 6.6766/Oil DOWN to 46.66 dollars per barrel for WTI and 50.13 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN , Offshore yuan trades 6.6855 yuan to the dollar vs 6.6766 for onshore yuan. NOW THE OFFSHORE IS WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN STRONGER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS STRONG TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY STRONGER DOLLAR. CHINA IS HAPPY TODAY
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