Good evening Ladies and Gentlemen:
Gold: $1,290.70 down $4.00 (comex closing time)
Silver 17.47 down 19 cents
In the access market 5:15 pm
Gold $1286.50
silver: 17.40
Let us have a look at the data for today
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At the gold comex today we had a GOOD delivery day, registering 26 notices for 2600 ounces for gold,and for silver we had 174 notices for 870,000 oz for the non active April delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 228.04 tonnes for a loss of 75 tonnes over that period
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In silver, the open interest fell by 1911 contracts down to 199,259 despite the fact that the price was silver was down only by 13 cents with respect to yesterday’s trading. In ounces, the OI is still represented by just under 1 BILLLION oz i.e. .996 BILLION TO BE EXACT or 142% of annual global silver production (exRussia &ex China) We are now within spitting distance of all time highs for OI with respect to silver
In silver we had 174 notices served upon for 870,000 oz.
In gold, the total comex gold OI FELL by a TINY 1019 contracts, DOWN to 548,501 contracts DESPITE THE FACT THAT THE PRICE OF GOLD WAS UP $5.90 with YESTERDAY’S TRADING(at comex closing).
We had no change in tonnes of gold inventory at the GLD; thus the inventory rests tonight at 824.94 tonnes. This is an absolute fraud as there is noway these guys can locate 20 tonnes of gold in 24 hrs.Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver’s SLV,we had no change in silver inventory. Thus the inventory rests at 335.580 million oz.
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First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fall by 1911 contracts down to 199,259 despite the fact that the price of silver was DOWN by ONLY 13 cents with YESTERDAY’S trading. The gold open interest FELL by A TINY 1,019 contracts DESPITE THE FACT THAT gold ROSE by $5.90 YESTERDAY. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver. Also the bankers are resolute in supplying non backed gold paper but they do not want to supply more silver paper. It sure looks like the bankers are getting scared with respect to silver as it looks like they are capitulating as the start to cover their shortfall.
(report Harvey).
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning; Gold pierces 1300 dollars again before the bankers try their raid
2c) FRBNY gold movement report
(Harvey)
3. ASIAN AFFAIRS
i)i)Late MONDAY night/ TUESDAY morning: Shanghai closed UP 54.32 PTS OR 1.85% / Hang Sang closed DOWN 390.11 OR 1.85%. The Nikkei closed FOR HOLIDAY . Australia’s all ordinaires CLOSED UP 2.11% AS RESOURCE STOCKS DOING WELL. Chinese yuan (ONSHORE) closed UP at 6.4795. Oil FELL to 44.30 dollars per barrel for WTI and 44.49 for Brent. Stocks in Europe DEEPLY IN THE RED . Offshore yuan trades 6.4915 yuan to the dollar vs 6.4795 for onshore yuan.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
Last night the USA/Yen penetrated the 105 barrier for the first time in 18 months as it seems Kuroda has no power left to intervene. The surprise move by the Aussies in lowering its discount rate also contributed to the strength in the yen.This sent most bourses deeply into the red this morning
( zero hedge)
b) REPORT ON CHINA
i)Again Chinese manufacturing PMI disappoints as it has now fallen for the 14th straight month. April’s PMI tumbled to 49.4 (contractionary) from 49.8 last month.
( zero hedge)
ii)The following is why you just cannot believe any data coming out of mg Mainland China
4.EUROPEAN AFFAIRS
European stocks tumble after the EU slashes growth and their determination of “inflation” falls. However what is extremely worrisome to the EU area is the Italian banks which have a huge 360 billion euros of non performing loans to deal with.
( zero hedge)
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)The Saudi foreign minister repeats his warning to the USA not to publish those famous 28 pages. He states that Saudi Arabia will sell all of its 750 billion in the USA treasuries:
( zero hedge)
6.GLOBAL ISSUES
i)For 3 months the Aussie has rebounded northbound as commodity prices rose with much of that stimulus coming from China’s 1 trillion dollar bonanza. However inflation in Australia cooled and as such, they had to lower their discount rate last night. However it was not baked into dealer calculations. This sent the Aussie dollar crashing to .7537 on the uSA dollar from .77. This is another big win for gold/silver.
( zero hedge)
ii)A terrific commentary from David Stockman has he circles the globe to tell us that all exporting nations are seeing their exports collapse. The big 1 trillion dollar Chinese binge into commodities is a fleeting affair and the resultant effect will be chaos when this wears off in a few months
7.OIL ISSUES
i)Oil tumbles to the$43.00 handle:
( zero hedge)
ii)Then rises to around the 44 handle
(zero hedge)
8.PHYSICAL MARKETS
(Robert Appel/Profit Confidential/GATA)
iii)Bill Murphy of GATA interviewed)
(GATA/Goldseek)
iv)A terrific commentary from Chris Powell on our turncoat Dan Norcini
( Chris Powell/GATA)
v)Ken Rogoff now states that it would be good for emerging nations to put their reserves in gold instead of other hard currencies
( Ken Rogoff)
vi)Dave Kranzler sets the record straight as to when we were at net record short interest as a percentage of total OI in silver. It was in April 2005 at 82%
9. your more important USA stories which will influence the price of gold/silver
i)Bond yields plummet by 9 basis points on the 10 yr bond as the economy sinks:
( zero hedge)
ii)In the USA expect double digit increases in their premiums and this will occur precisely around one week before the election on November 1
( zero hedge)