Gold:1321.40 UP $1.50
Silver 18.65 UP 17 cents
In the access market 5:15 pm
Gold: 1321.50
Silver: 18.65
.
For the August gold contract month, we had a good sized 45 notices served upon for 4500 ounces. The total number of notices filed so far for delivery: 14,145 for 1,414,500 oz or tonnes or 43.996 tonnes. The total amount of gold standing for August is 44.357 tonnes.
In silver we had 0 notices served upon for nil oz. The total number of notices filed so far this month: 501 for 2,505,000 oz. The amount standing in silver: 2,530,000 oz
There is only one word to describe today’s events and that is turmoil. Generally when a Fed Chairman speaks the modus operandi of the crooks is to raid gold and silver. They must not have gold /silver rise while she (he) is speaking. The problem today was the market just did not believe Yellen and as soon as the speech was released, after an initial planned for whacking on our precious metals, gold and silver did a turnaround as well as just about all commodities skyrocketed as the dollar tanked into the toilet. The world at that point did not buy Janet Yellen. So they brought out the clown, Stanley Fischer who reiterated what he said last week that a rate hike was a possibility in September and that reversed the course on the dollar as well as gold/silver. The markets became fast as bids were flying all over the place. Finally when the dust settled, gold was up $1.40 and silver 17 cents.
The Fed has some serious issues to deal with. The economy is tanking despite the clowns assessments that everything is fine. It is not.
Expect gold and silver to remain subdued until after the LBMA/OTC options expire on August 31 (generally at 12 noon).
The most notable event today is the low contraction in the upcoming September silver contract. With two days of massive raids, we only witnessed a lowering of only 15,000 contracts. Generally we should have had around 25,000 -28000 drop. So with 3 reading days left we have an extremely high silver OI of almost 39000 contracts.
Late tonight,I will get the comex preliminary bulletin to give us another snapshot of the September OI and if we did receive any more gold oz standing for August. If it is earth shattering I will amend tonight’s commentary.
Let us have a look at the data for today
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In silver, the total open interest FELL BY 3,988 contracts DOWN to 201,857. The open interest fell PRETTY HARD DESPITE THE FACT THAT THE SILVER PRICE WAS DOWN ONLY 7 CENTS IN YESTERDAY’S TRADING .In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.009 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia &ex China).
In silver we had 11 notices served upon for 55,000 oz
In gold, the total comex gold fell 11,441 contracts as the price of gold FELL BY $4.30 yesterday . The total gold OI stands at 554,455 contracts as the bankers did a pretty good job fleecing our gold longs.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had no changes today at the GLD
Total gold inventory rest tonight at: 956.59 tonnes of gold
SLV
we hadno changes at the SLV, / THE SLV Inventory rests at: 356.894 million oz
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fell by 3,988 contracts down to 201,857 despite the fact that the price of silver FELL BY ONLY 7 cents with YESTERDAY’S trading.The gold open interest fell 11,441 contracts down to 554,455 as the price of gold FELL $4.30 WITH YESTERDAY’S TRADING.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
3. ASIAN AFFAIRS
i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 1.98 POINTS OR 0.05%/ /Hang Sang closed UP 94.59 points or 0.41%. The Nikkei closed DOWN 195.28 POINTS OR 1.18% Australia’s all ordinaires CLOSED DOWN 0.48% Chinese yuan (ONSHORE) closed DOWN at 6.6719/Oil FELL to 47.13 dollars per barrel for WTI and 49.32 for Brent. Stocks in Europe: in the RED Offshore yuan trades 6.6826 yuan to the dollar vs 6.6719 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS HUGELY AS MORE USA DOLLARS LEAVE CHINA’S SHORES
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
Interesting commentary from Wolf Richter today. He has discovered that the Bank of Japan after announcing that they were going to purchase huge sums of ETF’s of the market has only bought on just 2 or 3 days. Why you ask? They are preparing for a market crash after the USA supposedly raises rates.
(courtesy Wolf Richter/WolfStreet)
b) REPORT ON CHINA
4 EUROPEAN AFFAIRS
i)Here is how long it will take for the ECB to own every single sovereign debt of Spain, Germany and France and then all of Europe: approximately 9 years:
( zero hedge)
ii)Another explosion at a Belgian Sports Complex.
nobody knows how this happened:
(courtesy zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
none today
6.GLOBAL ISSUES
none today
7.OIL ISSUES
i)Iran is so nice!!! We will cooperate under the joint OPEC oil production freeze as long as we are left out. In other words, they are free to increase production. Great deal!
( zero hedge)
ii)Discount the following story as Iran Press TV rpeorts that Yemen missiles hit Saudi Aramco facilities:
( zero hedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)Interesting commentary: It seems that there is no more gold stored at the mint in Denver and the now the only three places where it is stored:
i) Fort Knox
ii West Point
and both of these are under the army
and iii)
Federal Reserve Bank of NY (mostly foreign held gold)
( Ronan Manly/Bullionstar)
ii)Former Fed Governor Warsh admits that central banks manipulates markets
( Chris Powell/GATA)
iii)In this latest Reuters report, China in the last two months have added, 20.2 tonnes. Actually China accumulated this gold long time again as they are now adding to the “official reserves” on a monthly basis. Most of their non official gold is stored with the banks. Russia added 7.3 tonnes which is below their normal 600,000 oz or 18.6 tones.
It is also interesting that Turkey has shed 14.1 tonnes o its gold.
( Reuters/Aranya/)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)The much anticipated Yellen speech from Jackson Hole Wy. was a dud:
( zero hedge)
ii)the resultant trading as soon as her speech was released
(zero hedge)
iib)Best reaction on the speech: from Macquarie: “a whole lot of nothing”
(Macquarie/zero hedge)
iic)Then this: the bond market not buying the Fed speech.
bond yields crash@!
(courtesy zero hedge)
iii)Inventory growth outpaces sales and that should dash all hopes for a Q3 GDP bounce
( ZERO HEDGE)
iv)We now have Q2 revised lower to 1.09%. Together with the first quarter GDP of 0.83%, together we have first half of of GDP officially at 0.96% or less than 1%
( zero hedge)
v)Hilary used special software designed to prevent recovery and hide traces of her deleted emails
( zero hedge)
vi)My goodness: CNN cancels Dr Drew one week after he voiced his concern on Hillary’s health
( zero hedge)
vii)A good picture of what happens when you raise minimum wages towards 15 dollars per hours: In DC restaurants slash jobs
( zero hedge)
viii)A great snapshot on the lower half of USA consumers: they are in dire straits.Please look at the results of the two dollar store giants and their comments:
( zero hedge)
ix)The high cost of Libor in the USA is creating havoc for everyone. Foreign banks cannot hedge the higher yield on USA bonds due to libor. The higher libor may signify tightness or the shear fright in loaning to another bank as indicated in the higher TED spreads. However what is clear is that bankers are having a difficult time with two major problems:
i) negative rates in Europe, Switzerland et al, creating havoc for European/Japanese banks
ii) higher libor costs preventing the purchase of USA bonds by foreigners
iii) USA yield curve flattening making USA banks vulnerable to profitability.
( zero hedge)
x) this week’s wrap up courtesy of Greg Hunter/usa watchdog
Let us head over to the comex:
The total gold comex open interest FELL to an OI level of 554,455 for a LOSS of 11,441 contracts as the price of gold FELL by $4.30 with yesterday’s trading. We are now in the active month of August. I wrote the following at the beginning of the month: ” As I stated this month:”Somebody big is continually standing for the gold metal and continues to do so in August in the same manner as we have witnessed in May, June and July whereby the front delivery month increases in I standing for metal or a slight contraction. We will no doubt see increases in amount standing in August and probably we will surpass the amount standing on first day notice. “
Tonight we saw another huge increase in the amount of gold ounces standing as somebody was in great need of gold.
The big active contract month of August saw it’s OI FELL by 209 contracts DOWN to 161. We had 214 notices filed upon yesterday so we gained 5 gold CONTRACTS or an additional 500 ounces that will stand for delivery in August. The next contract month of Sept saw it’s OI fall by 675 contracts down to 3197. The September contract still remains extremely elevated and we may have another of those high deliveries rare for a non active month. The next active delivery month is October and here the OI FELL by 124 contracts DOWN to 46,460. The estimated volume today (which is just comex ales during regular business hours of 8:20 until 1:30 pm est) was FAIR at 175,128. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was FAIR at 196,187 contracts ( WITH ALL OF THOSE RAID CONTRACTS). The comex is not in backwardation.
Today we had 45 notices filed for 4500 oz of gold.
Gold |
Ounces
|
Withdrawals from Dealers Inventory in oz | nil OZ |
Withdrawals from Customer Inventory in oz nil |
4854.701 oz
Scotia:100 KILOBARS
HSBC
|
Deposits to the Dealer Inventory in oz | NIL
Brinks |
Deposits to the Customer Inventory, in oz |
nil
|
No of oz served (contracts) today |
45 notices
4500 oz
|
No of oz to be served (notices) |
116 contracts
(11,600 oz)
|
Total monthly oz gold served (contracts) so far this month |
14,145 contracts (1,414,500 oz)
(43.999 tonnes)
|
Total accumulative withdrawals of gold from the Dealers inventory this month | NIL |
Total accumulative withdrawal of gold from the Customer inventory this month | 568,.735.8 OZ |
THE GOLD COMEX IS AN ABSOLUTE FRAUD. THE USE OF KILOBARS AND EXACT WEIGHTS MAKES THE DATA TOTALLY ABSURD AND FRAUDULENT!!
To me, the only thing that makes sense is the fact that “kilobars” are entries or hypothecated gold sent to other jurisdictions so that they will not be short in their derivatives like in England. This would be similar to the gold used by Jon Corzine. If this is the case, this would be the greatest fraud perpetrated on USA soil.
Silver |
Ounces
|
Withdrawals from Dealers Inventory | NIL |
Withdrawals from Customer Inventory |
60,060.78 oz
Scotia
|
Deposits to the Dealer Inventory |
NIL OZ
|
Deposits to the Customer Inventory |
577,811.100 OZ
HSBC
|
No of oz served today (contracts) |
0 CONTRACTS
(nil OZ)
|
No of oz to be served (notices) |
5 contracts
25,000 oz)
|
Total monthly oz silver served (contracts) | 501 contracts (2,505,000 oz) |
Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
Total accumulative withdrawal of silver from the Customer inventory this month | 10,210,239.8 oz |
Gold COT Report – Futures | ||||||
Large Speculators | Commercial | Total | ||||
Long | Short | Spreading | Long | Short | Long | Short |
359,785 | 65,176 | 52,821 | 108,571 | 426,046 | 521,177 | 544,043 |
Change from Prior Reporting Period | ||||||
8,250 | -2,508 | 513 | -7,557 | -1,075 | 1,206 | -3,070 |
Traders | ||||||
196 | 83 | 82 | 47 | 59 | 279 | 191 |
Small Speculators | ||||||
Long | Short | Open Interest | ||||
51,796 | 28,930 | 572,973 | ||||
-729 | 3,547 | 477 | ||||
non reportable positions | Change from the previous reporting period | |||||
COT Gold Report – Positions as of | Tuesday, August 23, 2016 |
Our large specs:
Those large specs that have been long in gold added 8250 contracts to their long side
Those large specs that have been short in gold covered 2508 contracts from their short side.
Our crooked banker commercials:
Those commercials that have been long in gold pitched a huge 7559 contracts from their long side.
Those commercials that have been short in gold covered 1075 contracts from their short side.
Our small specs:
Those small specs that have been long in gold pitched 729 contracts from their long side.
Those small specs that have been short in gold added 3547 contracts to their short side??
Conclusions; our crooked bankers only go net short by 6482 contracts but still bearish
the boat is certainly overloaded on one side for the specs and the opposite side the commercials.
And now for the silver COT:
Silver COT Report: Futures | |||||
Large Speculators | Commercial | ||||
Long | Short | Spreading | Long | Short | |
118,356 | 35,153 | 12,383 | 47,602 | 145,671 | |
-632 | 1,154 | 3,547 | -1,574 | -4,099 | |
Traders | |||||
115 | 59 | 55 | 35 | 44 | |
Small Speculators | Open Interest | Total | |||
Long | Short | 206,264 | Long | Short | |
27,923 | 13,057 | 178,341 | 193,207 | ||
-982 | -243 | 359 | 1,341 | 602 | |
non reportable positions | Positions as of: | 181 | 137 | ||
Tuesday, August 23, 2016 | © SilverSeek.com |
this looks bullish:
Our large specs:
Those large specs that have been long in silver pitched a tiny 632 contracts from their long side.
Those large specs that have been short in silver added 1154 contracts to their short side.
Our commercials:(same crooks as above)
Those commercials that have been long in silver pitched 1524 contracts from their long side.
Those commercials that have been short in silver covered a large 4099 contracts from their short side.
Our small specs;
Those small specs that have been long in silver pitched 982 contracts from their long side.
those small specs that have been short in silver covered 243 contracts.
Conclusions; commercials go net long by 2525 contracts..very bullish
the boat is also overloaded with specs on one side and the commercials on the other.
end