Friday, May 24, 2019

CME Stays Silent on Cause of COMEX Silver Price Glitch

by Ronan Manly, BullionStar:
Silver futures prices on the COMEX futures trading platform briefly plummeted at approximately 7:06am Singapore time yesterday, with the price for the front month (most active) September silver contract falling from a US$16.06 quote down to a low of US$14.34 all within a 1 minute interval. The futures price then recovered nearly all of its losses in the subsequent 2-3 minute period. High to low, this COMEX silver futures contract saw its price fall by just over 10.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, before rebounding nearly 11{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

During this time when the COMEX price crashed, there was nothing fundamentally happening in the wider financial markets, or indeed in the physical silver market, to justify these price gyrations in COMEX silver futures prices. Which all goes to show that the COMEX ‘paper’ futures silver prices is completely detached from the physical silver market, and that COMEX silver futures prices have no anchoring in the real silver market.

JULY 7/RAID!!

GOLD: $1210.40 DOWN $13.40 Silver: $15.43 DOWN 53 cent(s)
from Harvey Organ:

In silver, the total open interest SURPRISINGLY ROSE BY A TINY 344 contract(s) UP to 207,805 WITH THE SMALL RISE IN PRICE THAT SILVER DELIVERED WITH YESTERDAY’S TRADING (UP 8 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS including today.

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0390 BILLION TO BE EXACT or 149{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 292 NOTICE(S) FOR 1,460,000 OZ OF SILVER

In gold, the total comex gold SURPRISINGLY ROSE BY A HUGE 9974 CONTRACTS DESPITE THE TINY RISE IN THE PRICE OF GOLD ($3.40 with YESTERDAY’S TRADING). The total gold OI stands at 472,831 contracts.

we had 3 notice(s) filed upon for 300 oz of gold.

Read More @ Harveyorganblog.com

Silver Prices Bounce Higher After Futures Manipulated 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} Lower In Minute

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by Mark O’Byrne, GoldCore:
– Silver prices ‘flash crash’ before rebound
– Silver hammered 7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} lower in less than minute in Asian trading
– Silver fell from $16 to $14.82, before recovering to $15.89
– Silver plunge blamed on another ‘trading error’
– Gold similar ‘flash crash’ last week and similar recovery
– Hallmarks of market manipulation as $450 million worth of silver futures sold in minute
– Trading ‘errors’ always push gold and silver lower. Why never higher?
– ‘Flash crashes’ increasingly frequent in precious metals, yet rarely happen in stocks and bonds
– Rapid recovery from frequent raids bodes well for precious metals
– Silver coins and bars accumulated on dips by ‘stackers’

A Tale of Two Gold Markets

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by Jim Rickards, DailyReckoning:
In the early morning hours of Monday, June 26, gold fell about 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, from $1,254 per ounce to $1,242 per ounce, in a matter of seconds.

And that the equivalent of 1.8 million ounces of gold were sold at once. The 1.8 million ounce amount is equivalent to about 59 metric tons of gold. That’s about 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the entire gold mining production of the world for a full year. No one sells that amount of physical gold.

Besides, mining output is almost 100{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} pre-sold these days, meaning that if you wanted to buy that much gold directly from a mine, you couldn’t do it, because it’s already committed to fulfill existing contracts.

Forget about getting gold elsewhere too.

Bob Moriarty: Who, What and Here’s Why – Maurice Jackson

by Maurice Jackson, Sprott Money:
Bob Moriarty, the founder of 321gold and 321energy, sits down with Maurice Jackson of Proven and Probable to share his thoughts on politics, geopolitics, junior mining companies and precious metals. Bob is legendary in the industry for sharing his no nonsense approach and acumen for identifying deep value propositions overlooked by the speculators. Highlights: Geopolitics, Global Debt, Gold, Silver, Platinum, Palladium, Rhodium, and 3 Exclusive Issuers that have Bob’s attention.

Jim Grant Explains the Gold Standard

by Peter Schiff, Schiff Gold:
The following article by Ryan McMaken was originally published on the Mises Wire and is reprinted with permission

Earlier this month in the Wall Street Journal, James Grant explored the latest academic attack on the gold standard — this time in the form of One Nation Under Gold by financial journalist James Ledbetter.

Not that the establishment economics profession needs another book trashing gold. Among the university- and government-employed PhDs who hand down their wisdom about economics from on high, few have anything but disdain for the yellow metal.

Smokin’ Gold Deal!

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from Petros7373:

Here’s What “Stupid Cheap” Looks Like: The Inflation-Adjusted Silver Price

by Jeff Clark, GoldSilver:
A lot of readers liked the inflation-adjusted gold price chart we highlighted last month. It showed how dramatically undervalued it is, as well as how high it could reach when using the 1980 inflation formula.

Many of you asked to see the same chart in silver. Well, we aim to please. And what you’ll see below shows that silver’s undervaluation is even greater than gold’s.

Why We Must Adjust For Inflation

When trying to put the price of a particular asset into perspective, you have to adjust it for inflation. If you don’t, the long-term view is distorted and can lead to erroneous conclusions. It’d be akin to preparing your income taxes using 1980 forms.

Time for a New Gold Standard for Asia

by Alasdair Macleod, GoldMoney:
Over half the world’s population, living in the Eurasian land mass, understands that gold is money. The leaders of the Asian nations also know that this is true as well. The leaders of the security and economic alliance of the Shanghai Cooperation Organisation, which now incorporates most of these peoples, also know that to become independent of Western hegemony and to forge their own way, they must abandon Western financial systems and markets, replacing them with a new monetary order, serving their own needs. This is demonstrated in the establishment of parallel multinational financial institutions, duplicating and replacing dollar-centric development banks and settlement organisations.

WAR DRUMS BEAT LOUDER AGAINST NORTH KOREA

EU PARLIAMENT SUSPENDS ACCESSION TALKS WITH TURKEY/MONTE DE PASCHI BAILED OUT AGAIN WITH A 5 BILLION EURO INFUSION
from Harvey Organ:

EARTHQUAKE AT 5.8 IN MONTANA UNDER THE YELLOWSTONE NATIONAL PARK WHICH CONTAINS THE SUPERVOLCANO UNDERGROUND

In silver, the total open interest SURPRISINGLY ROSE BY A HUGE 3,920 contract(s) UP to 207,461 DESPITE THE DRUBBING IN PRICE THAT SILVER TOOK WITH YESTERDAY’S ATTEMPTED RAID (DOWN 18 CENT(S) ON TOP OF THE CONSTANT TORMENT THESE PAST FEW WEEKS.

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.037 BILLION TO BE EXACT or 148{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 369 NOTICE(S) FOR 1,845,000 OZ OF SILVER

In gold, the total comex gold SURPRISINGLY ROSE BY A HUGE 5.656 CONTRACTS DESPITE THE TINY RISE IN THE PRICE OF GOLD ($2.40 with YESTERDAY’S TRADING). The total gold OI stands at 462,857 contracts.

we had 19 notice(s) filed upon for 1900 oz of gold.

Read More @ Harveyorganblog.com

Audioblog #200 – America’s Monetary Fate, Reduced to “Idiosyncrasies”

by Andrew Hoffman, Miles Franklin:
For 27 years the staff at Miles Franklin has delivered excellence in many ways – knowledge, relationships, product offers and customer service. They understand the macro/micro economics and geo–political advantages to investing in precious metals to protect your wealth. The team at Miles Franklin build life-long relationships because they custom-tailor solutions for investing in precious metals to meet each individual’s needs and circumstances. Our brokers have or can acquire most any type of precious metal from anywhere in the world. Each and every order is managed and monitored from start to finish. We are licensed, bonded, and carry an A+ BBB rating.

Click HERE to Listen