Good evening Ladies and Gentlemen:
Gold: $1,270.50 DOWN $19.50 (comex closing time)
Silver 17.31 down 19 cents
In the access market 5:15 pm
Gold: 1268.50
Silver: 1731
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The June gold contract is an active contract. Last night we had a good sized 64 notices filed last night, for 6400 oz to be served upon today. The total number of notices filed in the first 14 days is enormous at 15,220 for 1,522,000 oz. (47.34 tonnes)
ii) in silver we had 0 notices filed for nil oz.. Total number of notices served in the 14 days: 489 for 2,445,000 oz
Today, both gold and silver could not withstand another vicious attack. Generally when Yellen speaks they always whack. Yesterday,the bankers called on their broker friends to raise margin levels on gold and silver contracts and their excuse was the volatile conditions because of the British vote on whether to leave the EU or not. The gold/silver equity shares held up pretty good.
Let us have a look at the data for today
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Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 274.57 tonnes for a loss of 28 tonnes over that period
In silver, the total open interest ROSE by 4924 contracts UP to 210,266 DESPITE THE FACT THAT THE PRICE OF SILVER WAS up by only 10 cents with respect to YESTERDAY’S trading.We have now a new all time silver oi record and a low price to boot. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.051 BILLION TO BE EXACT or 150% of annual global silver production (ex Russia &ex China)
In silver we had 0 notices served upon for NIL oz.
In gold, the total comex gold OI fell by a tiny 774 contracts down to 581,190 even though the price of gold was DOWN $2.50 with YESTERDAY’S trading (at comex closing)
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With respect to our two criminal funds, the GLD and the SLV:
GLD
Fascinating!! on a huge whack job the GLD has a huge deposit!
We had one deposit:
this afternoon: 3.56 tonnes were added into the GLD
Total gold inventory: 912.33 tonnes
SLV
THIS MAKES NO SENSE!!
We had A HUGE WITHDRAWAL FROM inventory to the tune of 1.426 million oz; silver inventory tonight rests at 333.069 million oz. If they did have some physical silver that inventory was used to ship to China which has been massively importing silver..
Both the GLD and SLV are massive frauds as they have no metal behind them!
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First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 4,924 contracts up to 210,266 despite the fact that the price of silver was DOWN by only 10 cents with YESTERDAY’S trading. The gold open interest FELL by a TINY 774 contracts DOWN to 581,190 despite the fact that the price of gold was DOWN $2.60 ON YESTERDAY.
(report Harvey).
2 a) Gold trading overnight Europe, Goldcore
(Mark OByrne/
3. ASIAN AFFAIRS
i)Late MONDAY night/ TUESDAY morning: Shanghai closed DOWN 10.25 POINTS OR 0.35% / /Hang Sang closed UP 158.74 OR 0.77%. The Nikkei closed UP 203.81 POINTS OR 1.28% Australia’s all ordinaires CLOSED UP 0.33% Chinese yuan (ONSHORE) closed DOWN at 6.5832 /Oil ROSE to 48.85 dollars per barrel for WTI and 50.03 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades 6.5900 yuan to the dollar vs 6.5832 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS A BIT
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
Japan’s exports fell again at 11.3% year over year. Exports to the USA fell 1.07% and Exports to its largest trading partner China fell 14.9%. The higher yen has certainly killed off Japan’s exports. Now the IMF strangely tells Japan that Abenomics is a miserable failure and get this : it recommends forcing companies to raise wages ..or else>>>
( zero hedge)
b) REPORT ON CHINA
The Chinese real estate bubble especially in tier one cities has gone exponetial as land prices soar over 50% in one year. What a bubble!!..
( zero hedge
4. EUROPEAN AFFAIRS
i) All the big guns are out last night, George Soros and Rothschild warning of a BREXIT. They both have a lot to lose if Britain opts out:
( zero hedge)
ii)SocGen talks about Britain’s real problems whether BREXIT is a reality or not>>
iii)And now correctly, we see this UK billionary, Peter Hargreaves believes a BREXIT will be good for the UK
iv)The Cardinals of Karlsruhe fold and allow the ECB’s OMT program of unlimited bond buying:
v)At 8:30 est (3:30 pm London Time) a new poll suggests a rise in the leave vote:
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6.GLOBAL ISSUES
7.OIL ISSUES
i)What a joke: Militants agree to a “ceasefire” with Nigeria and that causes oil to fall to the 48 dollar handle:
(courtesy zero hedge)
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ii)Then oil spikes up on a huge inventory drawdown:
( zero hedge)
8.EMERGING MARKETS
I will bet you have never seen this happen to a major country: Brazilian Telecom company OI files for bankruptcy protection in the country;s largest bankruptcy in history: (19.2 billion in debt)
Is there a mercy rule somewhere to bail out Brazil?
(courtesy zero hedge)
9. PHYSICAL STORIES
i)Hugo offers a view that Russia should adopt a silver rouble 1/2 oz coin trading parallel to the paper rouble and it’s price determined daily. He has also commented that Mexico should adopt this same policy:
( Hugo Salinas Price.)
ii)A must read..James Turk talks about the worsening positions of European banks especially Italy with 18% of all loans issued being non performing. Many of the European big banks have non performing loans greater than their equity and thus they are insolvent.
( James Turk/Kingworldnews)
iii)John Embry talks about the gold price suppression getting more desperate per day.
a must read..
( John Embry/.Kingworldnews)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)We have been reporting on that huge gas leak in Southern California. Reuters comments that the entire Southern half of California will be subject to blackouts lasting 14 days without power.
( Mac Slavo/SHFPlan )
ii)My goodness, Janet must be reading zero hedge and David Stockman: USA stocks are vulnerable as forward valuations are well above normal:
( zero hedge)
iii)A major trucking company, Werner warns about the awful state of trucking and logistics inside the USA/ the stock plummets today:
( zero hedge)
iv)Dave Kranzler does a good job reporting on the tanking economy: