Thursday, February 27, 2020

GOLD UP $8.60 TO $1254.90/SILVER IS UP 7 CENTS TO $15.92

by Harvey Organ, Harvey Organ Blog:

QUEUE JUMPING IN BOTH GOLD AND SILVER COMEX/COMEX GOLD EFP’S ISSUANCE AT 17,961/COMEX SILVER EFP ISSUANCE: 1492/MORE “SWAMP” NEWS

GOLD: $1254.90 UP $8.60

Silver: $15.92 UP 7 cents

Closing access prices:

Gold $1253.20

silver: $15.91

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: $1254.20 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1243.80

PREMIUM FIRST FIX: $10.40

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SECOND SHANGHAI GOLD FIX: $1268.54

NY GOLD PRICE AT THE EXACT SAME TIME: $1256.90

Premium of Shanghai 2nd fix/NY:$11.64

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1255.60

NY PRICING AT THE EXACT SAME TIME: $1255.10

LONDON SECOND GOLD FIX 10 AM: $1251.00

NY PRICING AT THE EXACT SAME TIME. 1255.10 ???

For comex gold:

DECEMBER/

 NUMBER OF NOTICES FILED TODAY FOR DECEMBER CONTRACT:  288 NOTICE(S) FOR 28,800 OZ.

TOTAL NOTICES SO FAR: 7010 FOR 701,000 OZ (21.804 TONNES),

For silver:

DECEMBER

270 NOTICE(S) FILED TODAY FOR

1,350,000 OZ/

Total number of notices filed so far this month: 5798 for 28,990,000 oz

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Bitcoin: BID $16,138/OFFER $16,500, UP $86 (morning) 

BITCOIN : BID $16,397 :  OFFER 16,571  UP $91 (CLOSING)

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY ROSE BY A GOOD SIZED 3313 contracts from 202,797 RISING TO 206,110 WITH YESTERDAY’S FAIR  SIZED 20 CENT RISE IN SILVER PRICING.  WE HAD NO  COMEX LIQUIDATION AND ON TOP OF THIS, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   1492 EFP’S FOR MARCH (AND ZERO FOR DEC AND OTHER MONTHS) AND THUS TOTAL ISSUANCE OF 1492 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE A MAJOR PLAYER TAKING ON THE BANKS AT THE COMEX.  STILL, WITH THE TRANSFER OF 1492 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. YESTERDAY WITNESSED 2503 EFP’S FOR SILVER ISSUED.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF DECEMBER:

31,337 CONTRACTS (FOR 10 TRADING DAYS TOTAL 31,337 CONTRACTS OR 156.68 MILLION OZ: AVERAGE PER DAY: 3,133 CONTRACTS OR 15.665 MILLION OZ/DAY)

RESULT: A GOOD SIZED RISE IN OI COMEX WITH THE  20 CENT RISE IN SILVER PRICE.  HOWEVER  WE HAD NO SILVER LIQUIDATION AT THE COMEX PLUS  A FAIR SIZED 1492 CONTRACTS  WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON THROUGH THE EFP ROUTE:  FROM THE CME DATA 1492 EFP’S  WERE ISSUED TODAY (FOR MARCH EFP’S)  FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE  DEMAND FOR SILVER PHYSICAL INTENSIFIES GREATLY. WE REALLY GAINED 4805 OI CONTRACTS i.e. 1492 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 3313 OI COMEX CONTRACTS. AND ALL OF THIS INCREASED DEMAND  HAPPENED WITH THE FAIR SIZED  RISE IN PRICE OF SILVER BY 20 CENTS AND A  CLOSING PRICE OF $15.85 YESTERDAY. YET WE STILL HAVE A MASSIVE AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.032 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT DECEMBER MONTH/ THEY FILED: 270 NOTICE(S) FOR 1,350,000 OZ OF SILVER

In gold, the open interest ROSE BY WHOPPING 9533 CONTRACTS UP TO 456,151 WITH THE FAIR SIZED GAIN  IN PRICE OF GOLD YESTERDAY ($6.40).  HOWEVER,  THE TOTAL NUMBER OF GOLD EFP’S ISSUED YESTERDAY FOR TODAY  TOTALED AN UNBELIEVABLE  17,961 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 0 CONTRACTS AND FEB SAW THE ISSUANCE OF 17,961 CONTRACTS. The new OI for the gold complex rests at 456,151. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE WITNESS THE HUMONGOUS NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE AMOUNT OF GOLD OUNCES STANDING FOR DECEMBER. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK  TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD.  THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX  HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.  IN ESSENCE WE HAVE A HUGE GAIN OF 27,494 OI CONTRACTS: 9,533 OI CONTRACTS INCREASED AT THE  COMEX  AND THE MONSTROUS  17,961 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 11,317 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DECEMBER STARTING WITH FIRST DAY NOTICE:  137,203 CONTRACTS OR 13.720 MILLION OZ OR 426.74 TONNES(10 TRADING DAYS AND THUS AVERAGING: 13,720 EFP CONTRACTS PER TRADING DAY OR 1.3720 MILLION OZ/DAY)

Result: A GOOD SIZED INCREASE IN OI WITH THE RISE IN PRICE IN GOLD TRADING  YESTERDAY ($6.40). WE  HAD A HUMONGOUS  NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 17,961. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE REACHED THE HUGE DELIVERY MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES.  IF YOU TAKE INTO ACCOUNT THE 17,961 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 27,494  contracts:

17,961 CONTRACTS MOVE TO LONDON AND 9533 CONTRACTS INCREASED THE  COMEX. (in tonnes, the gain yesterday equates to 85.51 which is unbelievable)

we had:  288  notice(s) filed upon for 28,800 oz of gold.

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

GLD:

Today,  A HUGE CHANGES in gold inventory at the GLD/ a deposit of 1.48 tonnes of gold into the GLD>

Inventory rests tonight: 844.29 tonnes.

SLV

A small withdrawal of 377,000 oz and that usually means to pay for fees.

INVENTORY RESTS AT 326.337 MILLION OZ/

 

end

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

1. Today, we had the open interest in silver ROSE BY A GOOD SIZED  3313 contracts from 202,497 UP  TO 206,110 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE RISE IN PRICE OF SILVER OF 20 CENTS YESTERDAY . HOWEVER,OUR BANKERS&nbs
p; USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER  1492  PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM).  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. ON TOP OF THIS, IF WE TAKE THE OI GAIN AT THE COMEX 3,313 CONTRACTS TO THE 1492 OI TRANSFERRED TO LONDON THROUGH EFP’S  WE OBTAIN A NET GAIN OF  4805  OPEN INTEREST CONTRACTS, AND YET WE STILL HAVE A  HUGE AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN DECEMBER (SEE BELOW). THE NET GAIN TODAY IN OZ: 24.02 MILLION OZ!!! 

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 20 CENT RISE IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING).  BUT WE ALSO  HAD ANOTHER 1492 EFP’S ISSUED TRANSFERRING  COMEX LONGS OVER TO LONDON . TOGETHER WITH THE HUGE AMOUNT OF SILVER OUNCES STANDING FOR DECEMBER, DEMAND FOR PHYSICAL SILVER INTENSIFIES DESPITE THE CONSTANT RAIDS. WHAT REALLY STANDS OUT IS THE FACT THAT ON A PERCENTAGE BASIS MORE GOLD EFP’S ARE ISSUED FOR GOLD THAN IN SILVER.  SOMEBODY IS TAKING ON THE COMEX TO REMOVE WHATEVER SILVER THEY HAVE.

(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

)Late WEDNESDAY night/THURSDAY morning: Shanghai closed DOWN 10.59 points or 0.32% /Hang Sang CLOSED DOWN 55.72 pts or 0.19% / The Nikkei closed DOWN 63.62 POINTS OR 0.28%/Australia’s all ordinaires CLOSED DOWN 0.11%/Chinese yuan (ONSHORE) closed UP at 6.6080/Oil DOWN to 56.34 dollars per barrel for WTI and 62.05 for Brent. Stocks in Europe OPENED ALL RED . ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6080. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.6125 //ONSHORE YUAN SLIGHTLY STRONGER AGAINST THE DOLLAR/OFF SHORE STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS NOT  VERY HAPPY TODAY.(WEAK MARKETS)

Read More @ HarveyOrganBlog.com

Are You Ready For The Next Rally? – Craig Hemke

by Craig Hemke, Sprott Money:

Each of the last three years have begun with gold rallies of over 10%. The stage is set for another such move in 2018. Are you prepared?

Many folks have written about how the current selloff in gold and silver was predictable. Whether it was expected due to tax-loss selling, seasonality, CoT-washing or the expected FOMC rate hike, the majority of analysts were expecting price weakness in November and December and, this time, the majority was correct.

But if this current selloff was so easily predictable, then why can’t the coming rally to begin the year be just as foreseeable and certain?

Below is a weekly chart of Comex gold going back to this time in 2014. Note the bottoms found in December of each of the past three years and then be sure to note the January-February rallies in 2015, 2016 and 2017:

At TFMR we have an old adage that applies here: “When trading gold and silver, you must always be prepared to sell a little when things look rosiest and buy a little when things look the darkest”. I don’t think that anyone would argue that December 2017 feels like the darkest period in recent memory.

And this “darkness of sentiment” is reflected in the Relative Strength Indices for gold, silver and the shares. If you’re unfamiliar with this important technical indicator, you can read more about it here:https://www.fidelity.com/learning-center/trading-i…

Generally speaking, rallies exhaust and price begins to turn lower as the RSI exceeds 70. In selloffs, short-term capitulation is usually seen when the RSI drops below 30. For example, after 17 consecutive down days for Comex silver last spring, price turned and rallied 10% in under four weeks from an RSI extreme low of 18.

A look at the current charts only serves to reinforce the view that prices are oversold, near a bottom and ready for the usual late-December rebound and rally.

Read More @ SprottMoney.com

Long Term Patterns in Stocks, Gold and Crude

by Gary Christenson, Deviant Investor:

The green arrows are 10 years long. Peaks indicated are in 1987, 2007, and potentially 2017.

The pause in 1997 was not a top because the market rally extended into early 2000. The current peak in 2017 could also extend, but valuation and timing indicators show high risk.

When the monthly RSI (timing indicator at bottom of graph) exceeds 70, turns down, and prices fall below the red support line, a significant correction or crash is possible. Those crashes occurred in 1987, 2000, and 2008. The S&P is ready to make a similar correction or crash in 2017 or 2018. The RSI has reached its highest level in two decades.

The S&P 500 Index, DOW, NASDAQ, DAX and many other indices are excessively high, thanks to central bank “stimulus” and QE policies. The monthly chart of the S&P shows S&P prices are in a high risk danger zone.

Possible tops have occurred before, but instead of crashing, the market sometimes zoomed higher. Do you own due diligence.

Also, read “Hindenburg Omen Meets Titanic Syndrome.” However, if you want to believe the S&P is going higher, read “Stock Market Crash … Another Lie.”

The Gold Market and its 10 year pattern

 

The gold market has an approximate 10 year low to high pattern.

Gold: 2001 – 2011

The dashed green arrow shows that gold bottomed in April 2001 and peaked in August 2011, ten years later. Gold prices bottomed in late 2015 and could rally for many years.

Gold: 1970 – 1980 & 1982 – 1993

Gold sold for about $35 per ounce in 1970, although the market was controlled. In January 1980, ten years later, it sold for over $850. Gold prices crashed to a low in June 1982 and eleven years later they peaked in August 1993.

A ten year low to high pattern, beginning with the late 2015 low in gold prices, suggests a gold price high during the middle of the next decade.

The Crude Oil Market 1998 – 2008

Crude oil prices bottomed in 1998 at under $11.00 and rose to nearly $150 per barrel in 2008, ten years later.

Read More @ DeviantInvestor.com

Some Key Reasons Gold Should Shine in 2018

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by Peter Schiff, SchiffGold:

The last few weeks have been tough on gold. If you have a short-term mentality, you might even think the gold market has gone bearish. But as World Gold Council chief market strategist John Reade pointed out in a piece he wrote for the December issue of WGC Gold Investor, 2017 has been good for gold. And he sees some key reasons to believe 2018 will be as well.

The gold price has moved ahead this year, despite rising US interest rates and a persistent bull market in equities. Looking ahead, there are several reasons to believe that gold could maintain upward trajectory. Investor attention may have been focused on US equity markets, technology stocks and cryptocurrencies this year, but gold has still had a decent 2017, delivering double-digit growth in the first 11 months alone. The strong performance is particularly noteworthy in a year when the US has been hiking rates and equities have remained in favor.”

Reade lists several factors he thinks will be bullish for gold in 2018.

First, he takes a similar view others seem to be coming around to in the mainstream – that the US stock market can’t continue going up forever.

We believe that the bull market in US equities has reduced gold’s appeal in 2017: an end to that trend could reignite demand for gold. The direction of the US dollar could also be important: if 2017 marks the end of a multi-year period of US dollar strength, gold could benefit from that tailwind, unlike the headwind that it has experienced since 2001.”

More significantly, Reade sees increasing global income as a major plus for gold.

 Over the long run, income growth has been the most important driver of gold demand. And we believe the outlook here is encouraging.”

Reade specifically cites the potential for income growth in China and India, the two leading consumers of gold globally. China’s income growth is expected to come in at around 6.4% in 2018. And  India is expected to be one of the fastest-growing countries in the world next year, expanding at an even faster rate than it did between  2012-2014. 

Read More @ SchiffGold.com

GOLD RISES BY $6.40 UP TO $1246.30/SILVER RISES 20 CENTS UP TO $15.85

by Harvey Organ, Harvey Organ Blog:

COMEX GOLD ISSUES 11,300 EFP CONTRACTS AND SILVER 2500 EFP CONTRACTS AS DEMAND CONTINUES TO RISE/FOMC RAISES RATES BY 1/4%/DEMOCRAT JONES WINS THE ALABAMA SENATORIAL RACE BUT WILL NOT TAKE OFFICE UNTIL THE END OF THIS MONTH/REPUBLICANS REACH CONSENSUS ON A TAX DEAL/MORE SWAMP NEWS

GOLD: $1246.30 UP $6.40

Silver: $15.85 UP 20 cents

Closing access prices:

Gold $1255.50

silver: $16.07

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: $1254.20 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1243.80

PREMIUM FIRST FIX: $10.40

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SECOND SHANGHAI GOLD FIX: $1253.58

NY GOLD PRICE AT THE EXACT SAME TIME: $1242.10

Premium of Shanghai 2nd fix/NY:$11.18

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1241.60

NY PRICING AT THE EXACT SAME TIME: $1241.10

LONDON SECOND GOLD FIX 10 AM: $1242.65

NY PRICING AT THE EXACT SAME TIME. 1242.65

For comex gold:

DECEMBER/

 NUMBER OF NOTICES FILED TODAY FOR DECEMBER CONTRACT:  416 NOTICE(S) FOR 41600 OZ.

TOTAL NOTICES SO FAR: 6722 FOR 672,200 OZ (20.908 TONNES),

For silver:

DECEMBER

44 NOTICE(S) FILED TODAY FOR

220,000 OZ/

Total number of notices filed so far this month: 5528 for 27,640,000 oz

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Bitcoin: BID $17,120/OFFER $17,240, UP $171 (morning) 

BITCOIN : BID $16,600 :  OFFER 16,72  DOWN $389 (CLOSING)

end

Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY ROSE BY A GOOD SIZED 2526 contracts from 200,271 RISING TO 202,797 DESPITE YESTERDAY’S FAIR  SIZED 11 CENT FALL IN SILVER PRICING.    WE HAD SURPRISINGLY NO REAL  COMEX LIQUIDATION AND ON TOP OF THIS, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GIGANTIC NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE :  2503 EFP’S FOR MARCH (AND ZERO FOR DEC AND OTHER MONTHS) AND THUS TOTAL ISSUANCE OF 2503 CONTRACTS.   I GUESS 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. YESTERDAY WITNESSED 2940 EFP’S FOR SILVER ISSUED.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF DECEMBER:

29,845 CONTRACTS (FOR 9 TRADING DAYS TOTAL 29,845 CONTRACTS OR 149.22 MILLION OZ: AVERAGE PER DAY: 3,316 CONTRACTS OR 16.580 MILLION OZ/DAY)

RESULT: A GOOD SIZED RISE IN OI COMEX DESPITE THE  11 CENT FALL IN SILVER PRICE.  HOWEVER  WE HAD ALL OF OUR COMEX LONGS WHICH EXITED OUT OF THE SILVER COMEX  TRANSFERRED THEIR OI TO LONDON THROUGH THE EFP ROUTE:  FROM THE CME DATA 2503 EFP’S  WERE ISSUED TODAY  FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE  DEMAND FOR SILVER PHYSICAL INTENSIFIES GREATLY. WE REALLY GAINED 5029 OI CONTRACTS i.e. 2503 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2526 OI COMEX CONTRACTS. AND ALL OF THIS INCREASED DEMAND  HAPPENED WITH THE  FALL IN PRICE OF SILVER BY 11 CENTS AND A LOW CLOSING PRICE OF $15.65 YESTERDAY. YET WE STILL HAVE A MASSIVE AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just OVER 1 BILLION oz i.e. 1.015 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT DECEMBER MONTH/ THEY FILED: 44 NOTICE(S) FOR 220,000 OZ OF SILVER

In gold, the open interest FELL BY FAIR SIZED 4577 CONTRACTS DOWN TO 446,618 WITH THE FAIR SIZED FALL  IN PRICE OF GOLD YESTERDAY ($5.15).  HOWEVER,  THE TOTAL NUMBER OF GOLD EFP’S ISSUED YESTERDAY FOR TODAY  TOTALED ANOTHER  11,317 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 0 CONTRACTS AND FEB SAW THE ISSUANCE OF 11,317 CONTRACTS. The new OI for the gold complex rests at 446,618. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE WITNESS THE HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE AMOUNT OF GOLD OUNCES STANDING FOR DECEMBER. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK  TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD.  THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX  HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER.  IN ESSENCE WE HAVE A HUGE GAIN OF 6840 OI CONTRACTS: 4577 OI CONTRACTS LEFT THE  COMEX  BUT  11,317 OI CONTRACTS NAVIGATED OVER TO LONDON. THE CME HAS BEEN VERY TARDY IN THEIR REPORTING OF EFP ISSUANCE.  THEY ARE IMMEDIATELY REMOVING COMEX OPEN INTEREST NUMBERS BUT DELAYING RELEASE OF EFP’S FOR 24 HOURS OR GREATER AS NO DOUBT THEY ARE NEGOTIATING WITH THE LONGS FOR A FIAT BONUS.

YESTERDAY, WE HAD 7704 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DECEMBER STARTING WITH FIRST DAY NOTICE:  119,242 CONTRACTS OR 11.924 MILLION OZ OR 370.88 TONNES(9 TRADING DAYS AND THUS AVERAGING: 13,249 EFP CONTRACTS PER TRADING DAY OR 1.3249 MILLION OZ/DAY)

Result: A GOOD SIZED DECREASE IN OI WITH THE FALL IN PRICE IN GOLD TRADING  YESTERDAY ($1.45). WE  HAD A LARGE  NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,317. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE REACHED THE HUGE DELIVERY MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES.  IF YOU TAKE INTO ACCOUNT THE 11,317 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 6840  contracts:

11,317 CONTRACTS MOVE TO LONDON AND 4577 CONTRACTS LEFT THE  COMEX.

we had:  416  notice(s) filed upon for 41600 oz of gold.

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

GLD:

Today, SURPRISINGLY NO CHANGES in gold inventory at the GLD/

Inventory rests tonight: 842.81 tonnes.

SLV

OH OH!!/ WITH SILVER DOWN AGAIN TODAY BY 11 CENTS/WE HAD ANOTHER HUGE INVENTORY GAIN OF 1,415,000 OZ.  SILVER HAS BEEN DOWN  FOR 10 CONSECUTIVE DAYS AND YET SLV INVENTORY RISES??/

INVENTORY RESTS AT 326.714 MILLION OZ/

oh oh!!!TODAY WE HAD ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A ‘DEPOSIT” OF 944,000 OZ DESPITE THE CONSTANT RAID ON SILVER. SILVER HAS BEEN DOWN 9 STRAIGHT TRADING DAYS.

INVENTORY RESTS AT 325.299 MILLION OZ

end

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

1. Today, we had t
he open interest in silver ROSE BY A GOOD SIZED  2526 contracts from 200,271 UP  TO 202,497 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE TINY FALL IN PRICE OF SILVER AND CONTINUAL BOMBARDMENT (A FALL OF 11 CENTS ). HOWEVER,OUR BANKERS  USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER HUGE  2503  PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM).  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. ON TOP OF THIS, IF WE TAKE THE OI GAIN AT THE COMEX 2526 CONTRACTS TO THE 2503 OI TRANSFERRED TO LONDON THROUGH EFP’S  WE OBTAIN A NET GAIN OF  5029  OPEN INTEREST CONTRACTS, AND YET WE STILL HAVE A  HUGE AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN DECEMBER (SEE BELOW). THE NET GAIN TODAY IN OZ: 25.14 MILLION OZ!!! 

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE  11 CENT FALL IN PRICE (WITH RESPECT TO FRIDAY’S TRADING).  BUT WE ALSO  HAD ANOTHER 2503 EFP’S ISSUED TRANSFERRING  COMEX LONGS OVER TO LONDON . TOGETHER WITH THE HUGE AMOUNT OF SILVER OUNCES STANDING FOR DECEMBER, DEMAND FOR PHYSICAL SILVER INTENSIFIES DESPITE THE CONSTANT RAIDS.

(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 TUESDAY night/WEDNESDAY morning: Shanghai closed UP 22.22 points or 0.68% /Hang Sang CLOSED UP 428.20 pts or 1.49% / The Nikkei closed DOWN 108.10 POINTS OR 0.47%/Australia’s all ordinaires CLOSED UP 0.16%/Chinese yuan (ONSHORE) closed DOWN at 6.6200/Oil DOWN to 57.34 dollars per barrel for WTI and 63.82 for Brent. Stocks in Europe OPENED ALL MIXED . ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6200. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.6250 //ONSHORE YUAN SLIGHTLY WEAKER AGAINST THE DOLLAR/OFF SHORE MUCH WEAKER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS  VERY HAPPY TODAY.(STRONG MARKETS)

Read More @ HarveyOrganBlog.com

The US Government Is Spending Money Like a Drunken Sailor

by Peter Schiff, SchiffGold:

The US federal government is spending money like a drunken sailor.

And that’s probably unfair to drunken sailors.

In November alone, the US government reported a $139 billion deficit.

Pause for just a moment and think about what that actually means. Last month, the government spent $139 billion (billion – with a B) more than the revenue it took in. In other words, it put $139 billion on a credit card.

In one month.

Of course, this is nothing new. In November 2016, the feds reported a $137 billion deficit.

Economists polled by Reuters projected a $134 billion deficit last month. So, the government actually managed to spend $5 billion more than expected. But what’s a few billion dollars between friends, right?

Through the fiscal year to date, the US government has run up a $202 billion deficit, compared to $183 billion in the comparable period for fiscal 2017. You might be thinking, oh, well that’s not too bad for the whole year. But you have to remember the fiscal year for the US government starts in October. So that’s $202 billion in two months.

Receipts last month totaled $208 billion, up 4% from one year ago, while outlays came in at $347 billion, a 3% increase from November 2017.

No wonder the national debt has risen to more than $21 trillion.

All of this debt has significant ramifications.

The national debt is already over 105% of total GDP. That’s the highest level in history except for a two-year spike at the end of World War II. Studies have shown GDP growth decreases by an average of about 30% when government debt exceeds 90% of an economy. On top of that, the federal government has to service all of this debt in an environment of increasing interest rates. This could crush future US budgets under massive interest payments.

And it’s about to get worse.

The Republican tax cut plan will increase the debt by an estimated $1.5 trillion over the next decade. That’s what happens when you cut revenue and don’t do anything about spending. Peter Schiff called it “government on a credit card.” With the increasing debt dragging down growth, it seems highly unlikely the GOP tax plan will deliver on the economic promises advertised.

And as Peter explained during a recent RT Boom Bust interview, even with tax cuts, we still end up paying for the cost of big government.

Read More @ SchiffGold.com

For Clues On The Economy, Follow The Money

by Dave Kranzler, Investment Research Dynamics:

“There is nothing new on Wall Street or in stock speculation. What has happened in
the past will happen again, and again, and again. This is because human nature does
not change, and it is human emotion, solidly built into human nature, that always
gets in the way of human intelligence. Of this I am sure.” –Jesse Livermore

The profitability of lending/investing money is a function of both the rate of return on the money loaned/invested and the return (payback) of the money. The historically low interest rates are squeezing lenders by driving the rate of return on the loan toward zero (note: “lenders” can be banks or non-bank lenders, like pension funds investing in bonds).

As the margin on lending declines, lenders, begin to take higher risks. Eventually, the degree of risk accepted by lenders is not offset by the expected return on the loan – i.e. the probability of partial to total loss of capital is not offset by a corresponding rate of interest that compensates for the risk of loss. As default rates increase, the loss of capital causes the rate of return from lending to go negative. Lenders then stop lending and the system seizes up. This is what occurred, basically, in 2008.

This graphic shows illustrates this idea of lenders pulling away from lending:

The graph above from the St Louis Fed shows the year over year percentage change in commercial/industrial loans on a monthly basis from commercial banks from 1998 to present. I have maintained that real economic growth since the initial boost provided by QE has been contracting for several years. As you can see, the rate of growth in lending to businesses has been declining since 2012. The data in the chart above is through October and it appears like it might go negative, which would mean that commercial lending is contracting. This is despite all of the blaring media propaganda about how great the economy is performing.

The decline in lending is a function of both lenders pulling back from the market, per reports about credit conditions in the bank loan market tightening, and a decline in the demand for loans from the private sector. Both are indicative of declining economic activity.

Read More @ InvestmentResearchDynamics.com