Gold:1322.90 UP $1.40
Silver 18.76 UP 11 cents
In the access market 5:15 pm
Gold: 1322.90
Silver: 18.83
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 4 notices served upon for 20,000 oz. The total number of notices filed so far this month: 505 for 2,525,000 oz. The amount standing in silver: 2,530,000 oz
Gold will remain subdued until Wednesday afternoon when the OTC/LBMA options expiry over in London.
Let us have a look at the data for today
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In silver, the total open interest FELL BY 8,110 contracts DOWN to 193,747. The open interest fell PRETTY HARD DESPITE THE FACT THAT THE SILVER PRICE WAS UP 17 CENTS IN FRIDAY’S TRADING .In ounces, the OI is still represented by just LESS THAN 1 BILLION oz i.e. .968 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia &ex China).
In silver we had 4 notices served upon for 20,000 oz
In gold, the total comex gold ROSE 5975 contracts as the price of gold ROSE BY $1.80 yon Friday . The total gold OI stands at 560,430 contracts
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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 had a small change at the SLV, a deposit of 950,000 oz / THE SLV Inventory rests at: 357.844 million oz
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fell by 8110 contracts down to 193,747 despite the fact that the price of silver rose by 17 cents with FRIDAY’S trading.The gold open interest ROSE 5,975 contracts UP to 560,430 as the price of gold ROSE $1.80 WITH FRIDAY’S TRADING.
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
2b) FRBNY gold report
3. ASIAN AFFAIRS
i)Late SUNDAY night/MONDAY morning: Shanghai closed DOWN 0.281 POINTS OR 0.01%/ /Hang Sang closed DOWN 88.20 points or 0.30%. The Nikkei closed UP 376.78 POINTS OR 2.30% Australia’s all ordinaires CLOSED DOWN 0.84% Chinese yuan (ONSHORE) closed DOWN at 6.6810/Oil FELL to 47.00 dollars per barrel for WTI and 49.22 for Brent. Stocks in Europe: in the RED EXCEPT LONDON Offshore yuan trades 6.6902 yuan to the dollar vs 6.6810 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS SLIGHTLY AS MORE USA DOLLARS ATTEMPT LEAVE CHINA’S SHORES
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
With the Friday Jackson Hole speech out of the way, UBS speculates that Kuroda will launch a huge stimulus massive shock to Japan to drive their inflation rate to 2%
( zero hedge)
b) REPORT ON CHINA
none today
4 EUROPEAN AFFAIRS
i)I am glad this is happening. The TTIP would be bad for everybody but the uSA
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Chaos reigns supreme as Joe Biden’s visit ends in humiliation. Erdogan continues to bomb USA allies (the Kurds) in Syria, while the USA and NATO watch. Meanwhile Erdogan slowly moves closer and closer to Russia;
(zero hedge)
ii)USA slams Turkey on the bombing of the Kurds, but as you will see it will have no effect on Erdogan. He will continue in his assault on Syrian Kurds
( zero hedge)
6.GLOBAL ISSUES
none today
7.OIL ISSUES
The glut will continue as oil falls back below 47 dollars. The short squeeze certainly had an effect on pricing
( zerohedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)We are now beginning to see renewed involvement in the gold market with respect to the BIS. You will note that by the end of 2015, their involvement was tiny and by the first quarter of 2016, gold swaps with the BIS fell to zero . Now we see higher gold swaps indicating tightness in the gold market
( GATA/Robert Lambourne)
ii)The reason the Dutch central bank will not release bar numbers and codes is because they are afraid that their exact numbers etc will show up in various vaults around the world. The Dutch will have the real bars and everyone else who thinks that they have real bars will have fake paper gold.
( Koos Jansen)
iii)I wish Barrick all the luck int he world dealing with these clowns:
( Bloomberg/GATA)
iv)Central banks “could care less about gold” is totally wrong. It is their mantra to care as they continually whack gold to suppress its price
( Chris Powell/321gold.com)
v)Bill Holter is interviewed by Sean of SGT on some a very important discussions
( Bill Holter/SGT report)
vi)A very important commentary from Craig Hemke today as he describes in detail exactly what happened on Friday. When the world did not react “properly” to the Fed’s speech, they trotted out their second in command, Fischer, who promptly stated that the rate hike in September may be on. As you will see below, the Basel III implementation will cause the Fed never to reduce its balance sheet and thus make it almost impossible and nonsensical to raise rates
( Craig Hemkeg/GATA/TFMetals/
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)Is the next plan a huge increase in inflation policies enough to shock taxpayers to spend now? The Jackson Hole post mortem:
( zero hedge)
ii)Then this important commentary from zero hedge, where , due to new rules for the banking sector Basel III , it will now be impossible for the Fed to reduce its balance sheet. I cannot foresee the dollar strengthening with this on their head:
(zero hedge)
iii)As we indicated above, the confidence in the Fed is sinking fast and that will have ramifications for the dollar:
( Mish Shedlock/Mishtalk)
iv)The real math showing how the middle class in the USA is being destroyed by Obamacare:
( zero hedge)
v)The raising of the minimum wage has forced Ashley Furniture to clash 840 jobs in California as they move their operations to North Carolina and Wisconsin.
( zero hedge)
vi)The Dallas manufacturing index continues in contraction mode for the 20th straight month;
( zero hedge)
vii) Apple is being set to be hit with the “largest tax penalty ever recorded”
Expect the USA to reciprocate with money laundering charges against European banks:
( zero hedge)
viii)WOW!! just look at what the following Dallas Fed respondent stated about the economy right now. He also stated that the data will show that throughout 2016, the USA was in a recession. Not the garbage fed by Yellen and Fischer
( Dallas Fed/zero hedge)
Let us head over to the comex:
The total gold comex open interest ROSE to an OI level of 560,430 for a GAIN of 5,975 contracts as the price of gold ROSE by $1.80 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 45 contracts DOWN to 161. We had 45 notices filed upon on Friday so we neither gained nor lost any ounces that will stand for delivery in August. The next contract month of Sept saw it’s OI fall by 298 contracts down to 2899. 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 1292 contracts DOWN to 45,168. The estimated volume today (which is just comex ales during regular business hours of 8:20 until 1:30 pm est) was FAIR at 159,290. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was HUGE at 329,634 contracts ( WITH ALL OF THOSE RAID CONTRACTS). The comex is not in backwardation.
Today we had 45 notices filed for 4500 oz of gold.
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And now for the wild silver comex results. Total silver OI fell by 8,110 contracts from 201,857 down to 193,747 despite the rise in price of silver to the tune of 17 cents on Friday. We are moving away from the all time record high for silver open interest set on Wednesday August 3: (224,540). The non active month of August saw it’s OI remain at 5 for a loss of 0 contracts. We had 0 notices served upon on Friday, so we neither gained nor lost any silver ounces that will stand for silver in this non active delivery month of August. The next active month is September and here the OI fell by a huge 15,155 contracts down to 23,748. As usual, when we approach the first day notice of an active month we see total obliteration of the open interest . We have 2 days left before first day notice. The volume on the comex today (just comex) came in at 64,265 which is HUGE. The confirmed volume yesterday (comex and globex) was also GIGANTIC at 131,279 rollovers . Silver is not in backwardation. London is in backwardation for several months.
we had 4 notices filed for 20,000 oz
INITIAL standings for AUGUST
August 29.
Gold |
Ounces
|
Withdrawals from Dealers Inventory in oz |
nil OZ |
Withdrawals from Customer Inventory in oz nil |
6800.127 oz
Scotia:
|
Deposits to the Dealer Inventory in oz |
NIL |
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) |
71 contracts
(7100 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 |
575,.535.9 OZ |
Today: tiny activity at the gold comex AND 0 KILOBAR ENTRIES//
BUT STRANGE ADJUSTMENT ENTRY
Today we had 0 dealer DEPOSITS
total dealer deposit: nil 0z
Today we had 0 dealer withdrawals:
total dealer withdrawals: nil oz
We had 0 customer deposit:
Total customer deposits: nil OZ
Today we had 1 CUSTOMER withdrawals
i) Out of Scotia; 6800.127 OZ
Total customer withdrawals 6800.127 OZ
Today we had 1 adjustment: AND A STRANGE ONE!~!
i) Out of BRINKS: 4058.000 was adjusted out of the DEALER and this landed into the CUSTOMER account of BRINKS: .126 TONNES AND A DEEMED SETTLEMENT
HOW COULD THEY SETTLE EXACTLY 4058.000???
Note:
If anybody is holding any gold at the comex, you must be out of your mind!!!
since comex gold storage is unallocated , rest assured any gold stored at the comex will be compromised!
I also urge all of you do not place any option trades at the comex as these gangsters will gun you down.
If you are taking delivery of gold/silver please remove it from comex banks and place it in private vaults
Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 214 contracts of which 0 notices was stopped (received) by JPMorgan dealer and 201 notices was stopped (received) by JPMorgan customer account.
To calculate the initial total number of gold ounces standing for the AUGUST contract month, we take the total number of notices filed so far for the month (14,145) x 100 oz or 1,414,500 oz , to which we add the difference between the open interest for the front month of AUGUST (161 CONTRACTS) minus the number of notices served upon today (45) x 100 oz x 100 oz per contract equals 1,426,100 oz, the number of ounces standing in this active month.
Thus the INITIAL standings for gold for the AUGUST contract month:
No of notices served so far (14,145) x 100 oz or ounces + {OI for the front month (161) minus the number of notices served upon today (45) x 100 oz which equals 1,426,100 oz standing in this non active delivery month of AUGUST (44.357 tonnes).
We neither gained nor lost any gold ounces standing for delivery in this active delivery month of August.
Since the comex allows GLD shares to be used for settling, it may take quite a while for the physical gold to enter the comex vaults. So far I have seen little evidence of any settling of contracts but I will continue to monitor it for you.
We now have partial evidence of gold settling for last months deliveries We now have + 6.889 TONNES FOR MAY + 49.09 TONNES FOR JUNE + 21.452 TONNES FOR JULY + 12.3917 + 44.357 tonnes Aug + tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) + March 31: 1.2470 and then April 1,2: – .0006 tonnes and last week April 16.3203 and April 22 .(0009 tonnes) + april 29 .205 tonnes + May 5: 3.799 and May 6: 1.607 tonnes –MAY 12 .0003- May 18: 1.5635 tonnes-May 19/ 2.535 tonnes-May 27 .0185 – .024 TONNES MAY 31 -jUNE 4: .5044 ; june 10 -.0008 / June 22:0.48 tonnes /June 23: 0489 tonnes, June 24..018; june 29 .036 tonnes; JUNE 30 2.49 /july 1 1778 tonnes, JULY 28 .089 TONNES / JULY 29 .128 TONNES/ aUG 10// 0.219 TONNES/August 11: .3619 TONNES/ AUG 12/.05878/ aug 17. 6418, aug 23: .1756 tonnes/aug 25.2115/aug 26: 1.3530/ AUG 29 .126 TONNES/THEREFORE 91.536 tonnes still standing against 72.638 tonnes available.
Total dealer inventor 2,335,320.0 oz or 72.638 tonnes
Total gold inventory (dealer and customer) =10,985,193.400 or 341.69 tonnes
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 341.69 tonnes for a gain of 39 tonnes over that period.
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.
end
And now for silver
AUGUST INITIAL standings
august 29.2016
Silver |
Ounces
|
Withdrawals from Dealers Inventory |
NIL |
Withdrawals from Customer Inventory |
440,234.740 oz
CNT
JPM
|
Deposits to the Dealer Inventory |
NIL OZ
|
Deposits to the Customer Inventory |
960,269.300 OZ
JPM
SCOTIA
|
No of oz served today (contracts) |
4 CONTRACT
(20,000 OZ)
|
No of oz to be served (notices) |
1 contracts
5,000 oz)
|
Total monthly oz silver served (contracts) |
505 contracts (2,525,000 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 |
10,650,473.0 oz |
today we had 0 deposit into the dealer account:
Total dealer deposits; NIL oz
we had 0 dealer withdrawal:
:
total dealer withdrawals: NIL oz
we had 2 customer withdrawal:
i) Out of CNT: 140,180.54 oz
ii) Out of JPM; 300,046.200 oz
Total customer withdrawals: 440,234.74 oz
We had 2 customer deposit:
i) Into JPM: 316,556.500 oz
ii) Into Scotia: 643,712.800
total customer deposits: 960,269.300 oz
we had 2 adjustments
i) Out of CNT: 613,244.180 oz was adjusted out of the dealer and into the customer account of CNT
ii) Out of Delaware: 760,861.643 oz was adjusted out of the dealer and this landed into the customer account of Delaware
The total number of notices filed today for the AUGUST contract month is represented by 4 contracts for 20,000 oz. To calculate the number of silver ounces that will stand for delivery in AUGUST., we take the total number of notices filed for the month so far at (505) x 5,000 oz = 2,525,000 oz to which we add the difference between the open interest for the front month of AUGUST (5) and the number of notices served upon today (4) x 5000 oz equals the number of ounces standing
Thus the initial standings for silver for the AUGUST contract month: 505(notices served so far)x 5000 oz +(5 OI for front month of AUGUST ) -number of notices served upon today (4)x 5000 oz equals 2,530,000 oz of silver standing for the AUGUST contract month.
we neither gained nor lost any silver ounces that will stand for silver metal in this non active delivery month of August.
Total dealer silver: 26.070 million (close to record low inventory
Total number of dealer and customer silver: 161.348 million oz (close to a record low)
The total open interest on silver is NOW close to its all time high with the record of 224,540 being set AUGUST 3.2016. The registered silver (dealer silver) is NOW NEAR multi year lows as silver is being drawn out at both dealer and customer levels and heading to China and other destinations. The shear movement of silver into and out of the vaults signify that something is going on in silver.
And now the Gold inventory at the GLD
August 29/no changes at the GLD/Inventory rests at 956.59 tonnes
August 26./no changes at the GLD/inventory rests at 956.59 tonnes
August 25/a withdrawal of 1.78 tonnes at the GLD/Inventory rests at 956.59 tones
August 24/NO CHANGE in gold inventory at the GLD/inventory restsw at 958.37 tonnes
August 23/no change in gold inventory at the GLD/Inventory rests at 958.37 tonnes
August 22/ a deposit of 2.38 tonnes of gold into the GLD/Inventory rests at 958.37 tonnes
August 19/no changes at the GLD/inventory resets at 955.99 tonnes
August 18/a withdrawla of 6.24 tonnes of gold from the gLD/Inventory rests at 955.99 tonness
August 17/no change in gold inventory at the GLD/inventory rests at 962.23 tonnes
August 16/ a deposit of 1.78 tonnes of “paper gold” into the GLD/Inventory rests at 962.23 tonnes
August 15/what a farce!! a huge “paper gold’ withdrawal of 12.17 tonnes/inventory rests at 960.45 tonnes
August 12/no change in gold inventory at the GLD/Inventory rests at 972.62 tonnes
August 11/no changes in gold inventory at the GLD/Inventory rests at 972.62 tonnes
August 10/no changes in GLD/Inventory rests at 972.62 tonnes
August 9/we had a withdrawal of 1.18 tonnes of gold from the GLD inventory/inventory rests at 972.62 tonnes
August 8/a huge changes in the GLD/Inventory, a withdrawal of 6.54 tonnes of paper gold/ rests at 973.80 tonnes of gold/
August 5/ a huge deposit of 10.69 tonnes of gold (with gold down $22.40??)/GLD inventory rests at 980.34 tonnes
August 4/no change in inventory at the GLD/Inventory rests at 969.65 tonnes
August 3/a big deposit of 5.62 tonnes of paper gold/Inventory rests at 969.65 tonnes
August 2/no change in gold inventory at the GLD/Inventory rests at 964.03 tonnes
August 1/we had a huge paper deposit of 5.94 tonnes of gold into the GLD/Inventory rests at 964.03 tonnes
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August 29/ Inventory rests tonight at 956.59 tonnes
Now the SLV Inventory
August 29/we had a good sized deposit of 950,000 oz at the SLV/Inventory rests at 356.894 million oz/
August 26/no change in silver inventory at the SLV/Inventory rests at 356.894 million oz
August 25/a withdrawal of 1.899 million oz from the SLV/Inventory rests at 356.894 million oz
August 24/no change in silver inventory at the SLV/Inventory rests at 358.793 million oz
August 23/no change in silver inventory at the SLV/Inventory rests at 358.793 million oz.
August 22/a huge addition of 3.324 million oz into the SLV/Inventory rests at 358.793 million oz
August 19/no change in silver SLV/Inventory rests at 355.469 million oz/
August 18/ a massive paper deposit of 2.185 million oz into the SLV/Inventory rests at 355.469 million oz
August 17/ we had a huge deposit of 1.519 million oz into the SLV/Inventory rests at 353.284 million oz/
August 16/no change in inventory/rests tonight at 351.765 million oz
August 15./amazing, we have a huge withdrawal in gold and yet nothing moves out of silver: no change in silver inventory at the SLV/Inventory rests at 351.765 million oz.
August 12/no change in silver inventory at the SLV/Inventory rests at 351.765 million oz
August 11/no change in silver inventory at the SLV/Inventory rests at 351.765 oz
August 10/no changes in silver inventory at the SLV/Inventory rests at 351.765 oz
August 9/a deposit of 950,000 oz into the SLV/Inventory rests at 351.765 oz
August 8/no change in silver inventory at the SLV/Inventory rests at 350.815 million oz.
August 4/no change in silver inventory at the SLV/inventory rests at 350.815 million oz
August 3/no change in silver inventory/inventory rests at 350.815 million oz
August 2/ we had a tiny withdrawal of 40,000 oz of silver/Inventory rests at 350.815 million oz
August 1/we had a huge paper deposit of 1.235 million oz into the SLV/Inventory rests at 350.955 million oz
.
August 29.2016: Inventory 357.844 million oz
NPV for Sprott and Central Fund of Canada
1. Central Fund of Canada: traded at Negative 4.5 percent to NAV usa funds and Negative 4.4% to NAV for Cdn funds!!!! (the discount is starting to disappear)
Percentage of fund in gold 60.1%
Percentage of fund in silver:38.7%
cash .+1.2%( August 29/2016).
2. Sprott silver fund (PSLV): Premium falls to +0.23%!!!! NAV (august 29/2016)
3. Sprott gold fund (PHYS): premium to NAV falls TO 0.32% to NAV ( august 29/2016)
Note: Sprott silver trust back into POSITIVE territory at +0.23% /Sprott physical gold trust is back into positive territory at 0.32%/Central fund of Canada’s is still in jail.