Monday, January 17, 2022

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Why Is The BIS Flooding The System With Gold?

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by Dave Kranzler, Investment Research Dynamics:

A consultant to GATA (Gold Anti-Trust Action Committee) brought to our attention the fact that gold swaps at the BIS have soared from zero in March 2016 to almost 500 tonnes by August 2017 (GATA – BIS Gold Swaps). The outstanding balance is now higher than it was in 2011, leading up to the violent systematically manipulated take-down of the gold price starting in September 2011 (silver was attacked starting in April 2011).

The report stimulated my curiosity because most bloggers reference the BIS or articles about the BIS gold market activity without actually perusing through BIS financial statements and the accompanying footnotes.  Gold swaps work similarly to Fed repo transactions.  When banks need cash liquidity, the Fed extends short term loans to the banks and receives Treasuries as collateral.  QE can be seen as a multi-trillion dollar Permanent Repo operation that involved outright money printing.

Similarly, if the bullion banks (HSBC, JP Morgan, Citigroup, Barclays, etc) need access to a supply of gold, the BIS will “swap” gold for cash.   This would involve BIS or BIS Central Bank member gold which is loaned out to the banks and the banks deposit cash as collateral to against the gold “loan.”   This operation is benignly called a “gold swap.”  The purpose would be to alleviate a short term scarcity of gold in London and put gold into the hands of the bullion banks that can be delivered into the eastern hemisphere countries who are importing large quantities of gold (gold swaps outstanding are referenced beginning in 2010).

I wanted dig into the BIS financials and add some evidence from the GATA consultant’s assertions because, since 2009, there has been a curious inverse correlation between the amount of outstanding gold swaps held by the BIS and the price of gold (as the amount of swaps increase, the price of gold declines).   You’ll note that in the 2009 BIS Annual Report, there is no reference to gold swaps so we must assume the amount outstanding was zero. By 2011 the amount was 409 tonnes.

The gold swaps enable the BIS to “release” physical gold into the banking system which can then be used to help the Central Banks manipulate the price of gold lower.   This explains the jump in BIS gold swaps between March 2016 and March 2017 and the drop in the price of gold from August 2016 until early July 2017.  It also explains the rise in the price of gold between July and September this year, which correlates with a decline in the outstanding gold swaps between April and July .  Finally, the hit on gold that began earlier this month coincides with a sudden jump in BIS gold swaps in the month of August. (Note: there would be a short time-lag between the gold swap operation and the amount of time it takes to “mobilize” the physical gold)

The graphic below shows the increase in gold swaps from March 2016 to March 2017:

As you can see, the total amount of the gold loans outstanding increased by 14.1 billion SDRs (note: the BIS expresses its financials in SDRs). The accompanying note explains that most of this gold loan is comprised of an increase in the BIS’ gold swap contracts outstanding.

I find it interesting that the reports of gold backwardation in London (see James Turk’s interviews on King World News) and the backwardation I have observed between the current-month (delivery month) Comex gold contract and the London gold fixings over the past several months  correlates well with the sudden jump in gold swap activity at the BIS.

Backwardation in any commodity market indicates that the demand for delivery of the underlying commodity is greater than the near-term supply of that commodity.  It’s hard to ignore that the backwardation observed on the LBMA and with Comex gold delivery-month contracts has been accompanied by soaring gold demand from India, as reported by the Economic Times of India (article link):  Gold Imports Jump Three-Fold in April-August.

Furthermore, it appears as if the BIS gold swap activity continued to increase between March 2017 and August 2017, as the BIS’s August Account Statement  shows another 2.2 billion SDR increase in amount of outstanding gold loans (a BIS monthly account statement only reports the balance sheet with no accompanying disclosure). These loans primarily are swaps,  per the disclosure in the 2017 Annual Report.

Read More @ InvestmentResearchDynamics.com

Toys ‘R’ Us Melts Down, Files for Bankruptcy, Bonds Collapse

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by Wolf Richter, Wolf Street:

Another retailer owned by private equity firms goes bust.

Toys “R” Us filed for Chapter 11 bankruptcy late Monday in the US Bankruptcy Court in Richmond, Virginia. The bonds of the largest toy retail chain in the US have gotten crushed, as word was spreading that it was preparing to file for bankruptcy. Standard & Poor’s rates the bonds a merciful CCC-. This is deep into junk, but still two notches above D for “default.”

The a $208 million issue of senior unsecured notes due in October 2018 with a coupon of 7.375{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} had plunged to 46 cents on the dollar on Friday, from 65 on Thursday. Today, they dropped below 21 cents on the dollar before the bankruptcy filing.

They have now plunged 78{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since September 4, when they were still trading at 97 cents on the dollar. The plunge of those notes began in earnest on September 6, when it became known that the company had hired law firm Kirkland & Ellis, whose bankruptcy-and-restructuring practice is considered a leader in the industry. That was the sign. At the time, “sources familiar with the situation” said that bankruptcy was one of the options. And all heck broke loose for those bonds.

Toys “R” Us has $5.2 billion in long-term debt, according to its latest quarterly report, and sports a negative equity of $1.3 billion. Quarterly sales declined 4.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-over-year, to $2.2 billion. Same-store sales dropped 4.1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. And the net loss jumped to $164 million.

Under attack from Amazon, Walmart, and other online and brick-and-mortar competitors, sales of Toys “R” Us in the quarter were down 15{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from the same quarter in 2012. Yet toy industry sales have been growing by around 5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} a year over the period.

“With these debt levels, how much actual flexibility do you have in this environment?” Charles O’Shea, who covers Toys “R” Us for Moody’s, told Bloomberg. “You have to invest online – because your principal competitors there are really good – and you’ve got to deal with the debt load and your maturities on top of that. The pie is only so big.”

About $400 million of its debt comes due in 2018, including the above mentioned notes that have collapsed. In 2019, $2.6 billion in debt come due. In 2020, another $1.36 billion will mature. And Toys “R” Us doesn’t have the means to redeem this debt, and the possibility of new debt to pay off old debt has dried up. So it needs to restructure its debts, and creditors are going to get their heads handed to them, and a bankruptcy filing is now the chosen mechanism by which to do this.

On September 14, Bloomberg reported that, “according to people with knowledge of the matter,” some vendors, fearing getting caught up in a bankruptcy and facing soaring costs to insure their receivables from Toys “R” Us, are curtailing their shipments to the company. This is terrible timing, just before the holidays, when Toys “R” Us makes about 40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of its annual sales and when it desperately needs the merchandise to make those sales.

Vendors rank low on the totem pole of creditors during bankruptcy proceedings and have often little chance of getting repaid. This scares vendors. But when vendors get scared and pull back, it seals the merchant’s fate since it won’t have the  merchandise it needs to sell in order to stay alive.

On September 7, Debtwire reported that Toys “R” Us was holding talks with restricted investors about raising rescue financing to pay off the debt maturing in 2018, but at the same time was also trying to line up “debtor-in-possession” financing. DIP financing, which grants lenders special rights, is used to fund a company during bankruptcy proceedings. This was a strong indication of what would happen next.

Read More @ WolfStreet.com

Top Financial Expert Warns Stocks Need To Drop ‘Between 30 And 40 Percent’ As Bankruptcy Looms For Toys R Us

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from Michael Snyder, The Economic Collapse Blog:

Will there be a major stock market crash before the end of 2017?  To many of us, it seems like we have been waiting for this ridiculous stock market bubble to burst for a very long time.  The experts have been warning us over and over again that stocks cannot keep going up like this indefinitely, and yet this market has seemed absolutely determined to defy the laws of economics.  But most people don’t remember that we went through a similar thing before the financial crisis of 2008 as well.  I recently spoke to an investor that shorted the market three years ahead of that crash.  In the end his long-term analysis was right on the money, but his timing was just a bit off, and the same thing will be true with many of the experts this time around.

On Monday, I was quite stunned to learn what Brad McMillan had just said about the market.  He is considered to be one of the brightest minds in the financial world, and he told CNBC that stocks would need to fall “somewhere between 30 and 40 percent just to get to fair value”…

Brad McMillan — who counsels independent financial advisors representing $114 billion in assets under management — told CNBC on Monday that the stock market is way overvalued.

The market probably would have to drop somewhere between 30 and 40 percent to get to fair value, based on historical standards,” said McMillan, chief investment officer at Massachusetts-based Commonwealth Financial Network.

McMillan’s analysis is very similar to mine.  For a long time I have been warning that valuations would need to decline by at least 40 or 50 percent just to get back to the long-term averages.

And stock valuations always return to the long-term averages eventually.  Only this time the bubble has been artificially inflated so greatly that a return to the long-term averages will be absolutely catastrophic for our system.

Meanwhile, trouble signs for the real economy continue to erupt.  As noted in the headline, it appears that Toys R Us is on the brink of bankruptcy

Toys R Us has hired restructuring lawyers at Kirkland & Ellis to help address looming $400 million in debt due in 2018, CNBC had previously reported, noting that bankruptcy was one potential outcome.

Kirkland declined to comment.

Earlier Monday, Reorg Research, a news service focused on bankruptcy and distressed debt, reported Toys R Us could file for bankruptcy as soon as Monday.

This is yet another sign that 2017 is going to be the worst year for retail store closings in U.S. history.  I don’t know how anyone can look at what is happening to the retail industry (or the auto industry for that matter) and argue that the U.S. economy is in good shape.

But most Americans seem to base their opinions on how the economy is doing by how well the stock market is performing, and thanks to relentless central bank intervention, stock prices have just kept going up and up and up.

In so many ways, what we are watching today is a replay of the dotcom bubble of the late 1990s, and this is something that McMillan also commented on during his discussion with CNBC…

Part of McMillan’s thesis is rooted in his belief that the lofty levels of the so-called FANG stocks — FacebookAmazonNetflix and Google-parent Alphabet — seem reminiscent of the dot-com bubble in the late 1990s.

“I’ve been saying for about the past year, this year looks a lot like 1999 to me,” McMillan said on “Squawk Box.” “If you look at the underlying economics [and] if look at the stock market, the similarities are remarkable.”

I am amazed that so many big names continue to issue extremely ominous warnings about the financial markets, and yet most Americans seem completely unconcerned.

It is almost as if 2008 never happened.  None of our long-term problems were fixed after that crisis, and the current bubble that we are facing is far larger than the bubble that burst back then.

I don’t know why more people can’t see these things.  It has gotten to a point where “even Goldman Sachs is getting worried”

The stock market bubble is now so massive that even Goldman Sachs is getting worried.

Let’s be clear here: Wall Street does best and makes the most money when stocks are roaring higher. So in order for a major Wall Street firm like Goldman to start openly worrying about whether or not the markets are going to crash, there has to be truly MASSIVE trouble brewing.

On that note, Goldman’s Bear Market indicator just hit levels that triggered JUST BEFORE THE LAST TWO MARKET CRASHES.

Read More @ TheEconomicCollapseBlog.com

Why Is Google Hiring 1,000 Journalists To Flood Newsrooms Around America?

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from ZeroHedge:

So what do you do when you fail to elect your chosen candidate and your former political allies and mainstream media turn against you by painting you not as the ‘progressive’, open-minded, friendly tech company that you used to be but as an evil, racist, Russian-colluding corporate villain intent upon destroying all that is sacred in the world?  Well, you just buy the media, of course.

As Poynter notes today, after a series of public relations debacles in recent weeks, from the firing of James Damore to news last week that Google’s algos served up some fairly disturbing keywords to potential advertising buyers (e.g. “Why Do Black People Ruin Neighborhoods“), Google is ramping up its media presence with the announcement that the Google News Lab will be working with Report For America (RFA) to hire 1,000 journalists all around the country. 

Many local newsrooms have been cut to the bone so often that there’s hardly any bone left. But starting early next year, some may get the chance to rebuild, at least by one.

On Monday, a new project was announced at the Google News Lab Summit that aims to place 1,000 journalists in local newsrooms in the next five years. Report For America takes ideas from several existing organizations, including the Peace Corps, Americorps, Teach for America and public media.

Unlike foreign or domestic service programs or public media, however, RFA gets no government funding. But they are calling RFA a national service project. That might make some journalists uncomfortable– the idea of service and patriotism. But at its most fundamental, local journalism is about protecting democracy, said co-founder Charles Sennott, founder and CEO of the GroundTruth Project.

“I think journalism needs that kind of passion for public service to bring it back and to really address some of the ailments of the heart of journalism,” he said.

Here’s how RFA will work: On one end, emerging journalists will apply to be part of RFA. On the other, newsrooms will apply for a journalist. RFA will pay 50 percent of that journalist’s salary, with the newsroom paying 25 percent and local donors paying the other 25 percent. That reporter will work in the local newsroom for a year, with the opportunity to renew.

Of course, while the press release above tries to tout the shared financial responsibility of these 1,000 journalists, presumably as a testament to their ‘independence’, it took about 35 seconds to figure out that the primary funder of the journalists’ salaries, RFA, is funded by none other than Google News Lab.

Read More @ ZeroHedge.com

High Ranking CIA Agent Blows Whistle On The Deep State And Shadow Government

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by Aaron Kesel, DC Clothesline:

A CIA whistleblower, Kevin Shipp, has emerged from the wolves den to expose the deep state and the shadow government which he calls two entirely separate entities.

“The shadow government controls the deep state and manipulates our elected government behind the scenes,” Shipp warned in a recent talk at a Geoengineeringwatch.orgconference.

Shipp had a series of slides explaining how the deep state and shadow government functions as well as the horrific crimes they are committing against U.S. citizens.

Some of the revelations the former CIA anti-terrorism counter intelligence officer revealed included that “Google Earth was set up through the National Geospatial Intelligence Agency and InQtel.” Indeed he is correct, the CIA and NGA owned the company Google acquired, Keyhole Inc., paying an undisclosed sum for the company to turn its tech into what we now know as Google Earth. Another curious investor in Keyhole Inc. was none other than the venture capital firm In-Q-Tel run by the CIA according to a press release at the time.

Shipp also disclosed that the agency known as the Joint Special Ops Command (JSOC) is the “president’s secret army” which he can use for secret assassinations, overturning governments and things the American people don’t know about.

FBI warrantless searches violate the Fourth Amendment with national security letters, which Shipp noted enables them to walk into your employer’s office and demand all your financial records and if he or she says anything about them being there they can put your supervisor in jail or drop a case against themselves using the “State’s Secret Privilege law.”

“The top of the shadow government is the National Security Agency and the Central Intelligence Agency,” Shipp said.

Shipp expressed that the CIA was created through the Council on Foreign relations with no congressional approval, and historically the CFR is also tied into the mainstream media (MSM.) He elaborated that the CIA was the “central node” of the shadow government and controlled all of other 16 intelligence agencies despite the existence of the DNI. The agency also controls defense and intelligence contractors, can manipulate the president and political decisions, has the power to start wars, torture, initiate coups, and commit false flag attacks he said.

As Shipp stated, the CIA was created through executive order by then President Harry Truman by the signing of the National Security Act of 1947.

According to Shipp, the deep state is comprised of the military industrial complex, intelligence contractors, defense contractors, MIC lobbyist, Wall St (offshore accounts), Federal Reserve, IMF/World Bank, Treasury, Foreign lobbyists, and Central Banks.

In the shocking, explosive presentation, Shipp went on to express that there are “over 10,000 secret sites in the U.S.” that formed after 9/11. There are “1,291 secret government agencies, 1,931 large private corporations and over 4,800,000 Americans that he knows of who have a secrecy clearance, and 854,000 who have Top Secret clearance, explaining they signed their lives away bound by an agreement.

He also detailed how Congress is owned by the Military Industrial Complex through the Congressional Armed Services Committee (48 senior members of Congress) giving those members money in return for a vote on the spending bill for the military and intelligence budget.

He even touched on what he called the “secret intelligence industrial complex,” which he called the center of the shadow government including the CIA, NSA, NRO, and NGA.

Shipp further stated that around the “secret intelligence industrial complex” you have the big five conglomerate of intelligence contractors – Leidos Holdings, CSRA, CACI, SAIC, and Booz Allen Hamilton. He noted that the work they do is “top secret and unreported.”

The whistleblower remarked that these intelligence contractors are accountable to no one including Congress, echoing the words of Senator Daniel Inouye when he himself blew the whistle on the shadow government during the Iran-Contra hearings in 1987.

At the time Inouye expressed that the “shadow government had its own funding mechanism, shadowy Navy, and Air Force freedom to pursue its own goals free from all checks and balances and free from the law itself.”

Read More @ DCClothesline.com

ANOTHER RAID/GOLD DOWN $14.05 AND SILVER DOWN 50 CENTS

from Harvey Organ, Harvey Organ Blog:

OPEN INTEREST IN SILVER RISES DESPITE FRIDAY’S WHACK/USA ACCUSED CHINA OF UPSETTING THE GLOBAL TRADING SYSTEM AS INTEND ON DECLARING A TRADE WAR!!

GOLD: $1307.35 DOWN   $14.05

Silver: $17.14  DOWN 50 CENT(S)

Closing access prices:

Gold $1307.40

silver: $17.20

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: $1325.89 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1319.40

PREMIUM FIRST FIX:  $6.49

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SECOND SHANGHAI GOLD FIX: $1319.20

NY GOLD PRICE AT THE EXACT SAME TIME: $1316.20

Premium of Shanghai 2nd fix/NY:$3.00

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LONDON FIRST GOLD FIX:  5:30 am est  $1314.40

NY PRICING AT THE EXACT SAME TIME: $1312.10

LONDON SECOND GOLD FIX  10 AM: $1312.10

NY PRICING AT THE EXACT SAME TIME. 1312.35

For comex gold:

SEPTEMBER/

NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR  nil  OZ.

TOTAL NOTICES SO FAR: 54 FOR 5400 OZ  (0.1679 TONNES)

For silver:

SEPTEMBER

 

 198 NOTICES FILED TODAY FOR

 

990,000  OZ/

Total number of notices filed so far this month: 5,677 for 28,385,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

 Another raid..what else is knew.

take a look at the GLD..it rose by 5.32 tonnes today and for the entire week that we have had constant raids, the GLD advanced by 9.46 tonnes!!!

In the SLV we lost 1.034 million oz today and that is the only amount that we lost for the past week.

maybe the authorities can explain how this happened???

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest SURPRISINGLY ROSE BY A RATHER LARGE 1217 contracts from  191,548 UP TO 192,765 DESPITE THE NASTY  DROP IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 13 CENTS AND 20 CENTS FROM ITS HIGH POINT). WE HAVE NOW HAD SEVEN DAYS OF TORMENT AND YET THE SILVER OPEN INTEREST REFUSES TO BUDGE SOUTHBOUND….ONLY ADVANCES NORTHBOUND.  THE LONGS ARE REMAINING STOIC AND REFUSE TO GIVE IN TO THE ANTICS OF THE BANKERS AND NEWBIE SPECS ARE COGNIZANT OF SILVER SCARCITY (AND DEMAND) AS THE PILE INTO THE SILVER ARENA. THE BANKERS SEEM TRAPPED IN THE OWN JUICE…THEY ARE DESPERATELY TRYING TO FORCE SOME OF THE SILVER LEAVES TO FALL FROM THE SILVER TREE BUT SO FAR TO NO AVAIL. THE BOYS HAVE DECIDED ANOTHER RAID IS NECESSARY AS THEY WHACK AGAIN. 

 

RESULT: A STEADY RISE IN OI COMEX  DESPITE THE 13 CENT PRICE LOSS. BANKERS FAILED IN THEIR ATTEMPT TO CAUSE SILVER LEAVES (oi) TO FALL.ANOTHER RAID ATTEMPT TODAY TO FORCE OI CONTRACTION.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.964 BILLION TO BE EXACT or 137{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 226 NOTICE(S) FOR 1,130,000OZ OF SILVER

In gold, the open interest FELL BY A NORMAL 3,282 CONTRACTS WITH THE  FALL  in price of gold ($4.25 LOSS ON FRIDAY ). The new OI for the gold complex rests at 573,483. THE BANKERS ORCHESTRATED ANOTHER RAID FRIDAY MORNING WORRIED ABOUT THE STEADY OI RISE IN SILVER AND THE HIGH OI IN GOLD. THEY FAILED MISERABLY IN SILVER AND HAD LITTLE EFFECT ON GOLD. 

Result: A SMALL DECREASE IN OI DESPITE THE  FALL IN PRICE IN GOLD ($4.25). THE COMMERCIALS SUPPLIED THE NECESSARY SHORT PAPER. THE FRIDAY DAY FAILED MISERABLY SO THEY ORCHESTRATED ANOTHER RAID TODAY. 

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Tonight , we had  a huge change in gold inventory:

a massive 5.32 tonnes of gold deposit despite gold’s whack!!!

Inventory rests tonight: 843.96 tonnes

Interestingly from the first day of the raid, Sept 12 to today we have gained 9.46 tonnes instead of losing any gold!!  I wish the authorities can explain this???

SLV

Today: a huge change in inventory. a withdrawal of 1.039 million oz

INVENTORY RESTS AT 326.049 MILLION OZ

From Sept 12 until today, we have only lost 1.039 million oz i.e. what we lost today.  The other 5 days we lost zero.

 

end

.

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

1. Today, we had the open interest in silver ROSE BY A STEADY 1217 contracts from 191,548  UP TO 192,765(AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 13 CENT LOSS IN TRADING. OUR LONGS CONTINUE TO BE STRONG AND REFUSE TO BUDGE WITH THE ANTICS OF OUR BANKERS. NEWBIE LONGS CONTINUE TO ENTER THE ARENA COGNIZANT OF SILVER SCARCITY AND DEMAND. BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.

RESULT:  A  STEADY RISE IN OI  AT THE COMEX  DESPITE THE FALL IN PRICE OF 13 CENTS ON FRIDAY. WE HAD ANOTHER RAID FRIDAY MORNING BY OUR BANKERS TRYING TO FORCE SILVER LONGS TO DEPART THE SILVER TREE.  THEY FAILED MISERABLY!!  SO THEY TRIED AGAIN THIS MORNING.

(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)Late SUNDAY night/MONDAY morning: Shanghai closed UP 9.24 POINTS OR 0.28{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 352.18 POINTS OR 1.27{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/ The Nikkei closed  FOR HOLIDAY/Australia’s all ordinaires CLOSED UP 0.40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed WELL DOWN at 6.5690/Oil DOWN to 49.77 dollars per barrel for WTI and 55.26 for Brent. Stocks in Europe OPENED GREEN . Offshore yuan trades  6.5700 yuan to the dollar vs 6.5690 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH WEAKER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS A MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY  WEAKER DOLLAR. CHINA IS  HAPPY TODAY

GOLD: $1307.35 DOWN   $14.05

Silver: $17.14  DOWN 50 CENT(S)

Closing access prices:

Gold $1307.40

silver: $17.20

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: $1325.89 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1319.40

PREMIUM FIRST FIX:  $6.49

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

SECOND SHANGHAI GOLD FIX: $1319.20

NY GOLD PRICE AT THE EXACT SAME TIME: $1316.20

Premium of Shanghai 2nd fix/NY:$3.00

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX:  5:30 am est  $1314.40

NY PRICING AT THE EXACT SAME TIME: $1312.10

LONDON SECOND GOLD FIX  10 AM: $1312.10

NY PRICING AT THE EXACT SAME TIME. 1312.35

For comex gold:

SEPTEMBER/

NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR  nil  OZ.

TOTAL NOTICES SO FAR: 54 FOR 5400 OZ  (0.1679 TONNES)

For silver:

SEPTEMBER

 

 198 NOTICES FILED TODAY FOR

 

990,000  OZ/

Total number of notices filed so far this month: 5,677 for 28,385,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

 Another raid..what else is knew.

take a look at the GLD..it rose by 5.32 tonnes today and for the entire week that we have had constant raids, the GLD advanced by 9.46 tonnes!!!

In the SLV we lost 1.034 million oz today and that is the only amount that we lost for the past week.

maybe the authorities can explain how this happened???

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest SURPRISINGLY ROSE BY A RATHER LARGE 1217 contracts from  191,548 UP TO 192,765 DESPITE THE NASTY  DROP IN PRICE THAT SILVER UNDERTOOK IN FRIDAY’S TRADING (DOWN 13 CENTS AND 20 CENTS FROM ITS HIGH POINT). WE HAVE NOW HAD SEVEN DAYS OF TORMENT AND YET THE SILVER OPEN INTEREST REFUSES TO BUDGE SOUTHBOUND….ONLY ADVANCES NORTHBOUND.  THE LONGS ARE REMAINING STOIC AND REFUSE TO GIVE IN TO THE ANTICS OF THE BANKERS AND NEWBIE SPECS ARE COGNIZANT OF SILVER SCARCITY (AND DEMAND) AS THE PILE INTO THE SILVER ARENA. THE BANKERS SEEM TRAPPED IN THE OWN JUICE…THEY ARE DESPERATELY TRYING TO FORCE SOME OF THE SILVER LEAVES TO FALL FROM THE SILVER TREE BUT SO FAR TO NO AVAIL. THE BOYS HAVE DECIDED ANOTHER RAID IS NECESSARY AS THEY WHACK AGAIN. 

 

RESULT: A STEADY RISE IN OI COMEX  DESPITE THE 13 CENT PRICE LOSS. BANKERS FAILED IN THEIR ATTEMPT TO CAUSE SILVER LEAVES (oi) TO FALL.ANOTHER RAID ATTEMPT TODAY TO FORCE OI CONTRACTION.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.964 BILLION TO BE EXACT or 137{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 226 NOTICE(S) FOR 1,130,000OZ OF SILVER

In gold, the open interest FELL BY A NORMAL 3,282 CONTRACTS WITH THE  FALL  in price of gold ($4.25 LOSS ON FRIDAY ). The new OI for the gold complex rests at 573,483. THE BANKERS ORCHESTRATED ANOTHER RAID FRIDAY MORNING WORRIED ABOUT THE STEADY OI RISE IN SILVER AND THE HIGH OI IN GOLD. THEY FAILED MISERABLY IN SILVER AND HAD LITTLE EFFECT ON GOLD. 

Result: A SMALL DECREASE IN OI DESPITE THE  FALL IN PRICE IN GOLD ($4.25). THE COMMERCIALS SUPPLIED THE NECESSARY SHORT PAPER. THE FRIDAY DAY FAILED MISERABLY SO THEY ORCHESTRATED ANOTHER RAID TODAY. 

we had: 0 notice(s) filed upon for nil oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Tonight , we had  a huge change in gold inventory:

a massive 5.32 tonnes of gold deposit despite gold’s whack!!!

Inventory rests tonight: 843.96 tonnes

Interestingly from the first day of the raid, Sept 12 to today we have gained 9.46 tonnes instead of losing any gold!!  I wish the authorities can explain this???

SLV

Today: a huge change in inventory. a withdrawal of 1.039 million oz

INVENTORY RESTS AT 326.049 MILLION OZ

From Sept 12 until today, we have only lost 1.039 million oz i.e. what we lost today.  The other 5 days we lost zero.

 

end

.

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

1. Today, we had the open interest in silver ROSE BY A STEADY 1217 contracts from 191,548  UP TO 192,765(AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE FRIDAY’S 13 CENT LOSS IN TRADING. OUR LONGS CONTINUE TO BE STRONG AND REFUSE TO BUDGE WITH THE ANTICS OF OUR BANKERS. NEWBIE LONGS CONTINUE TO ENTER THE ARENA COGNIZANT OF SILVER SCARCITY AND DEMAND. BANKERS ORCHESTRATE ANOTHER RAID THIS MORNING TRYING TO FORCE SILVER OI TO CONTRACT.

RESULT:  A  STEADY RISE IN OI  AT THE COMEX  DESPITE THE FALL IN PRICE OF 13 CENTS ON FRIDAY. WE HAD ANOTHER RAID FRIDAY MORNING BY OUR BANKERS TRYING TO FORCE SILVER LONGS TO DEPART THE SILVER TREE.  THEY FAILED MISERABLY!!  SO THEY TRIED AGAIN THIS MORNING.

(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)Late SUNDAY night/MONDAY morning: Shanghai closed UP 9.24 POINTS OR 0.28{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 352.18 POINTS OR 1.27{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/ The Nikkei closed  FOR HOLIDAY/Australia’s all ordinaires CLOSED UP 0.40{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed WELL DOWN at 6.5690/Oil DOWN to 49.77 dollars per barrel for WTI and 55.26 for Brent. Stocks in Europe OPENED GREEN . Offshore yuan trades  6.5700 yuan to the dollar vs 6.5690 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH WEAKER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS A MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY  WEAKER DOLLAR. CHINA IS  HAPPY TODAY

Read More @ HarveyOrganBlog.com

Steady Trigger Pulling: Assault on Gold & Silver Is GETTING NASTY

from SilverDoctors:

UPDATED: Things may get worse. Much worse. Silver just ran into a major problem, and if gold is to follow suit, there’s no way to say it nicely: Gold may start puking all the way down to…

Silver just tapped it’s 200-day moving average:

They may even rub it in our faces by tapping the 200-day again, then busting through it right down to the 50-day. That’s how cocky they feel and how confident they are in their control of these markets, which for now, seems to be the case. Will they smash it down to the 50-day? That would put silver at or below $16.92. But hey, the lower the blows, the more ounces we can get for our fiat.

Gold is not faring well right now either:

Silver has been under-performing gold. Perhaps we all became too complacent ourselves after heeding the merits of being on guard, because said differently, gold has been outperforming silver. But look on that daily. The BIG moves have come from silver, either in one day or over just a few days, and they have also all been to the downside too. 

Therefore, if we are going to be under constant attack for the next 48+ hours, which I expect we will, if the metals will finally converge on the charts, it’s more likely not that silver has risen but because gold has fallen, and we would be looking at a price in the mid-$1250s at that point.

At risk of taking some heat – it wouldn’t be that bad to see gold catch-down to silver. Yes, we have all been waiting for silver to catch-up to gold in performance, but we’re not the ones who paint the charts.

We know that silver is gold on steroids. Silver is gold on steroids because it is a smaller market, and as such moves in or out of the metal are exaggerated compared to gold. That is to say, generally, as the gold price goes up, the silver price goes up faster, and as the gold price goes down, the silver price goes down further.

So if gold is going to catch down to silver, when this current round of smashings is over, silver can launch first and appropriately so. THAT alone could get people really excited if silver takes off and out-performs gold, as is most common. It looks like that will play out, but only as gold comes down some first. Maybe gold won’t have to fall all the way down to silver, because silver could turn first and then take the lead on gold. That would be the best thing to root for right now, but we are not the ones who choose the time and place of our smashings.

Until they have taken it too far, and until that paradigm shift, we just have to sit back and take it.

Here’s the outlook for the entire week below. We didn’t talk about Dow or S&P because, well, we already have enough indigestion as it is:

Last night did not go that well as we saw constant pressure on the precious metals throughout the night:

Constant, steady pressure to the downside. This is in light of “Rocket Man” comments, many Floridians still without power as 3 new threats are swarming in the Atlantic, Venezuela pricing oil in yuan, bitcoin erratically, Syria heating up again, and any number of “pick your poison” doubleplusbad fundamental news.

Read More @ SilverDoctors.com

Intimidation of 9/11 Commission witnesses: the “minders”

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by Jon Rappoport, No More Fake News:

Let’s say you work for a large corporation, which is undertaking an internal investigation of possible corruption and fraud within the company.

You’re sitting in a room, and an employee of the company is interviewing you.

But next to you sits your boss. He hears all the questions, and he hears your answers. He takes notes on the interview. He answers questions you are supposed to answer. He is your “minder.”

Getting the picture?

On October 2, 2003, during the 9/11 Commission investigation into what happened on September 11, 2001, a memo was sent to two Commission attorneys, Daniel Marcus and Steven Dunne. It was ominously titled:

“Executive Branch Minders’ Intimidation of Witnesses.”

The memo was written by members of the 9/11 Commission’s Team 2: Kevin Scheid, Lorry Fenner, and Gordon Lederman. There is no indication that any official subsequently acted on their highly serious charges:

“When we have asked witnesses [in interviews] about certain roles and responsibilities within the intelligence community, minders [in the room] have preempted witnesses’ responses by referencing formal policies and procedures. As a result, witnesses have not responded to our questions and have deprived us from understanding the intelligence community’s actual functioning and witnesses’ view of their roles and responsibilities.”

“[M]inders have positioned themselves physically and have conducted themselves in a manner that we believe intimidates witnesses from giving full and candid responses to our questions. Minders generally have sat next to witnesses at the table and across from Commission staff, [falsely] conveying to witnesses that minders are participants in interviews and are of equal status to witnesses.”

“[Minders now and then] answer questions directed at witnesses.”

“[Minders write] verbatim notes of witnesses’ statements [which] conveys to witnesses that their superiors will review their statements and may engage in retribution.”

“[Minders making notes] facilitates [government] agencies in alerting future witnesses to the Commission’s lines of inquiry and permits agencies to prepare future witnesses either explicitly or implicitly.”

“[T]he net effect of minders’ conduct, whether intentionally or not, is to intimidate witnesses and to interfere with witnesses providing full and candid responses.”

This key memo defines the term “cover-up.”

Take it even further. This Commission “minder procedure” would be analogous to you sitting in the witness box at a criminal trial of a mob boss. You’re testifying for the prosecution against the boss. But in the box, next to you, sits a mob assassin.

So you say: “I may have implied I was there on the night the defendant was planning…whatever it was. But I didn’t really say that. I was misinterpreted. I don’t recall being there. I’ve never met the defendant. I’m a retired investor living on a pension. I’m receiving treatment for early-onset dementia…”

Granted, the 9/11 Commission interviewers were certainly asking superficial questions of witnesses from the get-go. But if a government witness by chance saw something or heard something or knew something that would have exploded the official 9/11 story, with his minder there he was in a straitjacket.

And he’ll stay in a straitjacket.

Read More @ NoMoreFakeNews.com

People Are Making Such Ridiculous Claims About What Is Going To Happen On September 23, 2017 And None Of Them Are True

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by Michael Snyder, End Of The American Dream:

All sorts of sensationalist claims are being made about what is going to happen on September 23rd, and all of them are false. In recent days, I have spent time looking into these various claims, and I have been deeply disturbed by what I have discovered. Yes, it does appear that there will be a unique celestial alignment on September 23rd, and it does appear that it at least bears a resemblance to what is described in the first couple of verses in Revelation 12. And yes, this alignment will happen at about the time of Rosh Hashanah (the Feast of Trumpets). But people have gone way beyond those basic facts and have come up with ridiculous theories that are going to make them look like nutjobs when September 23rd comes and goes and their predictions don’t come to pass.

For example, let’s take a look at what “Christian numerologist” David Meade is saying. The following comes from Fox News

A Christian numerologist claims that the world will end next Saturday when a planet will, supposedly, collide with Earth.

According to Christian numerologist David Meade, verses in Luke 21:25 to 26 are the sign that recent events, such as the recent solar eclipse and Hurricane Harvey, are signs of the apocalypse.

And it turns out that Meade has written an entire book about this. The following comes from the book’s description

This book is a compendium of information from every sphere—astronomical, scientific, the Book of Revelation and geopolitics. It contains absolutely amazing revelations that direct us to one precise point in time in 2017. Planet X is a cryptogram and this book contains the keys necessary to decode it. When everything is considered together, it fits together perfectly like a watch. The existence of Planet X is beyond any reasonable doubt, to a moral certainty. We examine proofs of its existence. In fact, if you want to ask one simple question that posits the theory of the reality of Planet X, just ask yourself where did 2.2 Trillion disappear to in the Pentagon’s budget that Rumsfeld said was missing, and why do we have over 100 Underground Deep Bunkers throughout the U.S.? Why are critical government infrastructures moving from their susceptible positions on the East Coast to the protected areas of Colorado?

September 23rd is going to come, and we are going to see that Meade was dead wrong.

If Planet X was close enough to be here by September 23rd, we would be able to see it by now. The fact that it isn’t visible to anyone means that his theory has already been disproved.

Others are predicting that the rapture is going to take place on September 23rd. The following is an excerpt from an article in a British news source

Scores of YouTube doom videos and evangelical websites point to an astrological constellation on September 23 matching Revelation 12:1–2, which will signal the start of the Rapture and second coming of Christ:

The passage 12:1–2 reads: “And a great sign appeared in heaven: a woman clothed with the sun, with the moon under her feet, and on her head a crown of 12 stars. She was pregnant and was crying out in birth pains and the agony of giving birth.”

Sorry, but this isn’t going to happen either. If you have read my book entitled “The Rapture Verdict”, then you already know that the Bible says that certain events must happen before the rapture takes place, and those events have not happened yet.

So September 23rd is going to arrive, and those waiting for the rapture are going to be greatly let down.

And because of these failed predictions, it will just cause more people to mock the Biblical promise of the second coming of Jesus Christ. I really like how investigative journalist Kara Pickering made this point in one of her recent articles…

When we are not whisked away on Sept. 23, 2017; it will effectively cause “men’s hearts to grow” further “cold.” It will give an open platform to the scoffer’s that say, “Where is the promise of His coming?” (see: Matthew 24:12, 2 Peter 3:4)

There are others out there that are suggesting that even though the rapture might not take place on September 23rd, it may still mark the beginning of the Great Tribulation.

This is not going to happen either, and for an extended explanation of why that is not possible I would once again recommend reading “The Rapture Verdict”.

But could it be possible that the alignment on September 23rd does have some sort of spiritual meaning?

Of course.

Read More @ EndOftheAmericanDream.com