by Harvey Organ, Harvey Organ Blog:
ANOTHER POTENTIALLY CATASTROPHIC HURRICANE HEADING TOWARDS THE CARIBBEAN AND THE SOUTHERN EASTERN USA COAST
GOLD: $1316.85 UP $8.35
Silver: $17.51 UP 7 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: $1308.57 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1322.55
PREMIUM FIRST FIX: $6.02
SECOND SHANGHAI GOLD FIX: $1311.37
NY GOLD PRICE AT THE EXACT SAME TIME: $1302.90
Premium of Shanghai 2nd fix/NY:$8.47
LONDON FIRST GOLD FIX: 5:30 am est $1305.80
NY PRICING AT THE EXACT SAME TIME: $1306.70
LONDON SECOND GOLD FIX 10 AM: $1311.75
NY PRICING AT THE EXACT SAME TIME. 1312.10
For comex gold:
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 40 NOTICE(S) FOR 4000 OZ.
TOTAL NOTICES SO FAR: 40 FOR 4000 OZ (0.1244 TONNES)
2181 NOTICES FILED TODAY FOR
Total number of notices filed so far this month: 2181 for 10,905,000 oz
I wrote this yesterday:
“As I expected, the criminal bankers tried their best to keep gold and silver from rising so as to pocket underwritten options. However they did not succeed in lowering the price of gold to $1300.00 and $17.25 silver where the bulk of options were underwritten. London based gold/silver options have an expiry tomorrow morning at around 10 -11 am. After that we should see our precious metals rise.” I guess I was right on that one!!
I did not expect a 2 billion dollar notional comex flash crash coming in the early hours of the evening last night. However I was happy that the gold and silver rebounded beautifully. I am comforted that the bankers could not cash any of the underwritten options which expired at 10 am this morning. Tomorrow is the dreaded non farm payrolls. This report is fabricated to the highest degree. However if the report is bad even with the fake numbers, gold/silver will be off to the races.
Let us have a look at the data for today
In silver, the total open interest FELL BY AN APPRECIABLE 4480 contracts from 188,145 DOWN TO 178,343 DESPITE A TINY LOSS IN PRICE THAT SILVER UNDERTOOK WITH YESTERDAY’S TRADING (DOWN 1 CENT). WE AGAIN HAD CONSIDERABLE TENDERING OF SEPT LONG COMEX SILVER INTO EFP’S WHICH GIVES THE PAPER PLAYERS A FIAT GAIN PLUS A DELIVERABLE PRODUCT BUT ON A DIFFERENT EXCHANGE. THE OBLIGATION STILL RESTS WITH THE BANKERS. WE CERTAINLY HAD NEWBIE LONGS ENTER THE ARENA WITH SHORT COVERING FROM THE BANKERS. HOWEVER THE EFPS OUTNUMBERED THE NEWBIE LONGS
RESULT: A HIGH DROP IN OI COMEX DESPITE A ONE CENT PRICE DROP AND A FAIR SIZED GAIN IN SEPT EFP’S DELIVERABLE SILVER i.e.LONDON FORWARDS
In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.891 BILLION TO BE EXACT or 127% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 2181 NOTICE(S) FOR 10,905,000OZ OF SILVER
In gold, the open interest FELL BY A CONSIDERABLE 3083 CONTRACTS WITH THE FALL in price of gold ($5.00 LOSS YESTERDAY). The new OI for the gold complex rests at 534,892.
AS IN SILVER, THE GEOPOLITICAL LANDSCAPE WITH TRUMP THREATENING TO CLOSE GOVERNMENT IF HE DID NOT GET HIS WALL , THE DOVISH SPEECHES BY BOTH DRAGHI AND YELLEN ON FRIDAY AT JACKSON HOLE, THE HOUSTON FLOODING & NORTH KOREA FIRING MORE MISSILES CAUSED A HUGE NUMBER OF NEWBIE SPECS TO AGAIN ENTER THE GOLD ARENA WITH THE COMMERCIALS SUPPLYING THE NECESSARY PAPER LIKE DRUNKEN SAILORS. ONCE 1300 DOLLAR GOLD WAS PIERCED, MORE NEWBIE LONGS CAME EMBOLDENED CONTINUING THEIR QUEST OF TAKING ON THE BANKERS WHO RECIPROCATED IN KIND WITH SHORT PAPER. SINCE TODAY IS OPTIONS EXPIRY DAY, ONE COULD HAVE BET THE FARM THAT THE BANKERS WOULD ATTACK. THEY PRESSED DURING YESTERDAY’S ACCESS MARKET AND THEN BANG, EARLY LAST NIGHT, ANOTHER FLASH CRASH WITH 2 BILLION DOLLARS IN NOTIONAL PAPER GOLD SENT GOLD CRASHING DOWN TO $1296. HOWEVER OUR ANCIENT METAL OF KINGS RECOVERED SLOWLY BUT SURELY THROUGHOUT THE NIGHT AND THEN BLASTED FIRMLY INTO THE POSITIVE ONCE OPTIONS EXPIRY CEASED.
Result: A SMALL SIZED LOSS IN OI WITH THE BIGGER FALL IN PRICE IN GOLD COUPLED WITH A RAID ON WEDNESDAY AND A BIGGER FLASH CRASH LAST NIGHT.
we had: 40 notice(s) filed upon for 40,00 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
Tonight , we had no changes in gold inventory:
Inventory rests tonight: 816.43 tonnes
IN THE LAST 34 TRADING DAYS: GLD SHEDS 20.54 TONNES YET GOLD IS HIGHER BY $84.60 .
Today: STRANGE!! WE HAD A HUGE CHANGE IN SILVER INVENTORY TONIGHT: A WITHDRAWAL OF 2.019 MILLION OZ
INVENTORY RESTS AT 331.178 MILLION OZ
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL BY A LARGE 4480 contracts from 188,145 DOWN TO 178,343 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH YESTERDAY’S 1 CENT LOSS IN TRADING. SILVER RESPONDED TO 1) THE GEOPOLITICAL CLIMATE WHEREBY TRUMP THREATENED TO SHUT DOWN GOVERNMENT UNLESS HE GOT HIS WALL , 2) THE TWO DOVISH SPEECHES BY YELLEN 3) NORTH KOREA FIRING MORE MISSILES,4) THE HOUSTON FLOODING AND 5 THE PIERCING OF THE HUGE RESISTANCE LEVEL OF $17.25 WHICH NOW BECOMES THE NEW SUPPORT LEVEL. WE NO DOUBT HAD IN EXCESS OF 4,000 LONG SEPT. SILVER PLAYERS TENDERING THEIR LONGS FOR SEPT. EFP’S (BUT THAT OBLIGATION STILL RESTS WITH THE BANKERS BUT ON A DIFFERENT EXCHANGE LONDON). NEWBIE LONGS ENTERED THE ARENA WHEN THEY SAW ANOTHER FAILED RAID ATTEMPT. HOWEVER THE GAIN IN NEWBIE LONGS WAS FAR LESS THAN THOSE PAPER PLAYERS EXITING FOR EFP’S. THE BANKERS ORCHESTRATED A FLASH CRASH ON BOTH GOLD AND SILVER LAST NIGHT IN A VAIN ATTEMPT TO CAUSE UNDERWRITTEN OPTIONS CONTRACTS TO EXPIRE WORTHLESS. THE BANKERS HAD NO CHOICE BUT TO COVER SOME OF THEIR SHORTS AS THEY ARE STILL LOATHE TO SUPPLY ANY ADDITIONAL PAPER. THE FLASH CRASH RAID FAILED AS BOTH METALS SKYROCKETED TO THE POSITIVE LEVEL NEGATING THE BANKERS FROM PROFITING FROM THEIR UNDERWRITTEN OPTIONS..
RESULT: A MUCH LOWER OI AT THE COMEX, BUT A CORRESPONDING TRANSFER TO EFP’S IN LONDON WITH MUCH SHORT COVERING FROM THE BANKERS.
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 DOWN 2.81 POINTS OR 0.08% / /Hang Sang CLOSED DOWN 124.31 POINTS OR 0.44%/ The Nikkei closed UP 139.70 POINTS OR 0.72%/Australia’s all ordinaires CLOSED UP 0.74%/Chinese yuan (ONSHORE) closed DOWN at 6.6010/Oil UP to 46.16 dollars per barrel for WTI and 51.05 for Brent. Stocks in Europe OPENED DEEPLY IN THE GREEN. Offshore yuan trades 6.6069 yuan to the dollar vs 6.6010 for onshore yuan. NOW THE OFFSHORE MOVED SLIGHTLY WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE STRONGER DOLLAR. CHINA IS NOT HAPPY TODAY
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