June 22 b/GLD adds 3.57 tonnes of gold/ECB adds another 1.8 billion in ELA as bank runs continue unabetted/Seems that Tsipras capitulated tonight and thus the red lines have been crossed/


Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold:  $1183.70 down $17. 80(comex closing time)

Silver $16.14 up 4 cents.


In the access market 5:15 pm

Gold $1186.00

Silver: $16.18


Gold/Silver trading: see kitco charts on the right side of the commentary

Following is a brief outline on gold and silver comex figures for today:

At the gold comex today, we had a poor delivery day, registering 30 notices serviced for 300 oz.  Silver comex filed with 0 notices for nil oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 245.75 tonnes for a loss of 57 tonnes over that period.

In silver, the open interest rose again by 151 contracts despite Friday’s silver price was down by 5 cents.   The total silver OI continues to remain extremely high,  with today’s reading at 194,742 contracts now at multi-year highs despite a record low price. In ounces, the OI is represented by 973 million oz or 139% of annual global silver production (ex Russia ex China). This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end as they continue to raid as basically they have no other alternative.

In silver we had 0 notices served upon for nil oz.

In gold,  the total comex gold OI rests tonight at 421,932 for a gain of 2062 contracts as gold was unchanged on Friday. We had 30 notices filed for 3,000 oz.

we had a huge addition of 3.57 tonnes in gold inventory at the GLD; thus the inventory rests tonight at 705.47 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I am sure that 700 tonnes is the rock bottom inventory in gold.  Anything below this level is just paper and the bankers know that they cannot retrieve “paper gold” to send it onwards to China.In silver, /no change in inventory at the SLV/327.874 million oz

We have a few important stories to bring to your attention today…

1. Today, we had the open interest in silver rise by 3547 contracts to 194,591 despite the fact that silver was down in price by 5 cents on Friday.. The OI for gold rose by 2062 contracts up to 421,932 contracts as the price of gold was unchanged on Friday.

(report Harvey)


2. Today, 10 important commentaries on Greece

zero hedge, Reuters/Bloomberg

3. Saudi Arabia and Russia sign 6 cooperative deals putting another dagger into the heart of the USA dollar

(Dave Kranzler/IRD)

4. Gold trading overnight

(Goldcore/Mark O’Byrne)

5. Trading from Asia and Europe overnight

(zero hedge)

6. Trading of equities/ New York

(zero hedge)

7.Bill Holter’s commentary tonight is title:

“It’s already in the market”

8.  Koos Jansen comments on gold demand from China

(Koos Jansen)

9.  First Majestic Silver’s CEO explains why he issued his complaint to the CFTC on the manipulation of silver.


we have these plus other stories to bring your way tonight. But first……..

let us now head over to the comex and assess trading over there today.

Here are today’s comex results:

The total gold comex open interest rose by 2,062 contracts from 419,870 up to 421,932 as gold was unchanged in price on Friday (at the comex close).  We are now in the big active delivery contract month of June.  Here the OI fell by 56 contracts down to 465. We had 4 notices served upon yesterday.  Thus we lost 52 contracts or an additional 5200 oz will not stand for delivery as they were no doubt cash settled.  The next contract month is July and here the OI fell by 21 contracts falling to 632.  The next big delivery month after June will be August and here the OI rose by only 811 contracts up to 274,752.  The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 62,943. The confirmed volume on Friday (which includes the volume during regular business hours + access market sales the previous day) was awful  at 93,785 contracts. Today we had 30 notices filed for 3,000 oz.

And now for the wild silver comex results.  Silver OI rose again by 151 contracts from 194,591 up to 194,742 despite the fact that the price of silver was down in price by 5 cents, with respect to Friday’s trading. We continue to have our bankers pulling their hair out with respect to the continued high silver OI.  The front non active  delivery month of June saw it’s OI remain constant at  73 contracts. We had 0 contracts delivered upon yesterday.  Thus we neither gained nor lost any silver that will stand for delivery in this non active June contract month. The next delivery month is July and here the OI surprisingly fell by only 4849 contracts down to 76,070. We have 6 trading days left  before first day notice on June 30 and the front month is not contracting much in volume at all. The estimated volume today was poor at 28,634 contracts (just comex sales during regular business hours. The confirmed volume on Friday (regular plus access market) came in at 51,369 contracts which is excellent in volume. We had 0 notices filed for nil oz today.

June initial standing

June 22.2015



Withdrawals from Dealers Inventory in oz    nil
Withdrawals from Customer Inventory in oz 64,241.629 oz (Scotia)
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today 30 contracts (3000 oz)
No of oz to be served (notices) 435 contracts (43,500 oz)
Total monthly oz gold served (contracts) so far this month 2689 contracts(268,900 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month 99.93 oz
Total accumulative withdrawal of gold from the Customer inventory this month  521,777.9  oz

Today, we had 0 dealer transaction

Dealer withdrawal:

we had zero dealer withdrawals


total Dealer withdrawals: nil  oz

we had 0 dealer deposit

total dealer deposit: nil oz
we had 1 customer withdrawal

i) Out of Scotia: 64,241.629 oz (Scotia continues to withdraw gold from its customer account)

total customer withdrawal:64,241.629 oz

We had 0 customer deposits:


Total customer deposit: nil oz

We had 0  adjustments:

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 30 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 19 notices were stopped (received) by JPMorgan customer account

To calculate the total number of gold ounces standing for the June contract month, we take the total number of notices filed so far for the month (2689) x 100 oz  or 268,900 oz , to which we add the difference between the open interest for the front month of June (465) and the number of notices served upon today (30) x 100 oz equals the number of ounces standing.

Thus the initial standings for gold for the June contract month:

No of notices served so far (2689) x 100 oz  or ounces + {OI for the front month (465) – the number of  notices served upon today (30) x 100 oz which equals 312,400 oz standing so far in this month of June (9.7168 tonnes of gold).  Thus we have 9.7168 tonnes of gold standing and only 17.06 tonnes of registered or for sale gold is available.  We lost 52 contracts or 5200 oz to probable cash settlements.

Total dealer inventory 548,744.939 or 17.06 tonnes

Total gold inventory (dealer and customer) = 7,901,108.223 (245.75 tonnes)

Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 247.75 tonnes for a loss of 57 tonnes over that period.


And now for silver

June silver initial standings

June 22 2015:



Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory nil
Deposits to the Dealer Inventory  nil
Deposits to the Customer Inventory  nil
No of oz served (contracts) 0 contracts  (nil oz)
No of oz to be served (notices) 73 contracts(365,000 oz)
Total monthly oz silver served (contracts) 222 contracts (11,010,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month 526,732.4  oz
Total accumulative withdrawal  of silver from the Customer inventory this month 5,243,789.0 oz

Today, we had 0 deposits into the dealer account:

total dealer deposit: nil   oz

we had 0 dealer withdrawal:

total dealer withdrawal: nil  oz

We had 0 customer deposits:


total customer deposit: nil  oz

We had 0 customer withdrawals:


total withdrawals from customer; nil oz

we had 0 adjustment

Total dealer inventory: 57.840 million oz

Total of all silver inventory (dealer and customer) 181.448 million oz

The total number of notices filed today is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in June, we take the total number of notices filed for the month so far at (222) x 5,000 oz  = 11,100,000 oz to which we add the difference between the open interest for the front month of June (73) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing.

Thus the initial standings for silver for the June contract month:

222 (notices served so far) + { OI for front month of June (73) -number of notices served upon today (0} x 5000 oz ,= 11,465,000 oz of silver standing for the June contract month.

we neither gained nor lost any silver ounces that will stand for delivery in this non active delivery month of June.

for those wishing to see the rest of data today see:



The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.

There is now evidence that the GLD and SLV are paper settling on the comex.

***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:

i) demand from paper gold shareholders

ii) demand from the bankers who then redeem for gold to send this gold onto China

vs no sellers of GLD paper.

And now the Gold inventory at the GLD:

June 22/ a huge increase of 3.27 tonnes of gold into GLD/Inventory tonight: 705.47 tonnes

June 19.2015: no change in gold inventory/rests tonight at 701.90 tonnes.

June 18/no change in gold inventory/rests tonight at 701.90 tonnes

June 17/no change in gold inventory/rests tonight at 701.90 tonnes

June 16./no change in gold inventory/Rests tonight at 701.90 tonnes.

June 15/we lost a huge 2.08 tonnes of gold from the GLD/Inventor rests tonight at 701.90 tonnes

June 12/we had a small withdrawal of .24 tonnes of gold from the GLD/Inventory rests this weekend at 703.98 tonnes.

June 11/we had another huge withdrawal of 1.5 tonnes of gold from the GLD/Inventory rests tonight at 704.22 tonnes

June 10/ we had a huge withdrawal of 2.98 tonnes of gold from the GLD/inventory rests at 705.72

June 9/ no change in gold inventory at the GLD/Inventory rests at 708.70 tonnes

June 8/ a big withdrawal of 1.19 tonnes of gold from the GLD/Inventory rests at 708.70 tonnes

June 22 GLD : 705.47 tonnes


And now for silver (SLV) Please note the difference between GLD and SLV.  GLD has been depleting of gold/SLV has been adding to its inventory.

June 22/ no change in silver inventory/327.874 million oz

June 19/no change in silver inventory/327.874 million oz

June 18 no change in silver inventory/327.874 million oz

June 17/no change in silver inventory/327.874 million oz

June 16./no change in silver inventory/327.874 million oz

June 15/we had no change in silver inventory/327.874 million oz

June 12/we had another addition to the tune of 956,000 oz/Inventory rests this weekend at 327.874.  Please note that there has been an addition on each of the past 5 days.

June 11.2015: we had another monster of an addition to the tune of 2.791 million oz/Inventory rests at 326.918

June 10/another monster of an addition to the tune of 1.126 million oz/Inventory rests at 324.127

June 9/ a monster of an addition to the tune of 3.393 million oz/inventory rests at 323.001 million oz.

June 8/no change in inventory/SLV inventory rests at 319.608 milion oz.

June 5 a huge addition of 1.433 million oz of silver added to the SLV/Inventory at 319.608 million oz

June 22/2015: no change in silver inventory/SLV inventory rests tonight at 327.874 million oz



And now for our premiums to NAV for the funds I follow:

Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)

1. Central Fund of Canada: traded at Negative 7.5 percent to NAV usa funds and Negative 7.4% toNAV for Cdn funds!!!!!!!

Percentage of fund in gold 62.5%

Percentage of fund in silver:38.1%

cash .4%

( June 22/2015)

2. Sprott silver fund (PSLV): Premium to NAV rises.38%!!!! NAV (June 22/2015)

3. Sprott gold fund (PHYS): premium to NAV falls to – .48% toNAV(June22/2015

Note: Sprott silver trust back  into positive territory at +.38%

Sprott physical gold trust is back into negative territory at -.48%

Central fund of Canada’s is still in jail.

Sprott formally launches its offer for Central Trust gold and Silver Bullion trust:

SII.CN Sprott formally launches previously announced offers to Central GoldTrust (GTU.UT.CN) and Silver Bullion Trust (SBT.UT.CN) unitholders (C$2.64)
Sprott Asset Management has formally commenced its offers to acquire all of the outstanding units of Central GoldTrust and Silver Bullion Trust, respectively, on a NAV to NAV exchange basis.
Note company announced its intent to make the offer on 23-Apr-15 Based on the NAV per unit of Sprott Physical Gold Trust $9.98 and Central GoldTrust $44.36 on 22-May, a unitholder would receive 4.45 Sprott Physical Gold Trust units for each Central GoldTrust unit tendered in the Offer.
Based on the NAV per unit of Sprott Physical Silver Trust $6.66 and Silver Bullion Trust $10.00 on 22-May, a unitholder would receive 1.50 Sprott Physical Silver Trust units for each Silver Bullion Trust unit tendered in the Offer.
* * * * *


And now overnight trading in gold/silver from  Europe and Asia/plus physical stories that might interest you:

First:  Goldcore’s Mark O’Byrne

(courtesy Goldcore/Mark O’Byrne)


– Hold physical cash “including gold and silver” says manager in one of largest mutual fund and financial services groups in the world
– “Systemic risk” threat to deposits says respected Fidelity  fund manager
– Record global debt unlikely to be sustained by higher interest rates
– Banks may not be prepared for “shock” of defaults
– Guarantees to depositors unlikely to be honoured
– Savers and investors should hold “physical currencies” “including precious metals”

A fund manager for one of the largest mutual fund and investment groups in the world, Fidelity,  has warned investors and savers to have an allocation to “physical cash,” “including  precious metals” to protect against “systemic risk”.


Ian Spreadbury, who oversees the investment of over £4 billion of clients money in bond markets for Fidelity told Telegraph Money

“Systemic risk is in the system and as an investor you have to be aware of that.”

He believes that the record debt that has been ballooning since the crisis of ’08 due to interest rates being forced down to near zero by central banks. This debt, particularly where mortgages are concerned, would likely become unsustainable if, and when, rates rise to realistic levels.

“We have rock-bottom rates and QE is still going on – this is all experimental policy and means we are in uncharted territory.”

He points out that in such an environment banks would be unable to sustain the losses caused by defaults on unserviceable debt which would lead to a systemic crisis.

Spreadbury is not the first high profile financial expert to warn of an impending systemic crisis. We recently covered how Stephen King, chief economist at the world’s third largest bank HSBC, likened the global economy to the Titanic. Andrew Wilson,Goldman Sachs Asset Management’s chief executive in Europe recently gave similar warnings.

Spreadbury highlights that the £85,000 guarantee to UK depositors by the Financial Services Compensation Scheme is largely unfunded and that the government has said it will not intervene to rescue failing banks in the future – leaving deposits to be bailed-in.


The EU and other supra national institutions have been agreeing the architecture for bail-ins in recent years.  Just this month, at the start of June, the European Commission has ordered 11 EU countries to enact the Bank Recovery and Resolution Directive (BRRD) within two months or be hauled before the EU Court of Justice.

11 countries are under pressure from the EC and had yet “to fall in line”. The countries were Bulgaria, the Czech Republic, Lithuania, Malta, Poland, Romania, Sweden, Luxembourg, the Netherlands, France and Italy.

The new bail-in system is largely in place and emergency resolutions can be brought forward in the event of banks failing in the interim period. The “bail-in” will require that shareholders, bondholders and importantly now depositors will all suffer ‘haircuts’ or be burnt if a financial institution is in trouble.

The European parliament confirmed that depositors with more than 100,000 euros ($137,000) would be bailed in after shareholders and bondholders. It is important to note that the 100,000  figure is an arbitrary figure and there is a possibility that this figure could be reduced by an insolvent government faced with an imploding banking system.

To deal with these risks Spreadbury advocates a well diversified portfolio. Cash should be spread out in different banks. Savers should hold physical cash outside the banking system – a remarkable suggestion coming from somebody so well acquainted with the workings of the financial system.

He also suggests that investors hold gold and silver. He says that the unravelling he foresees is more likely to happen in “the next five years rather than ten”.

Fidelity’s bond manager echoes what we have been advising clients and the wider public for some years now.

Mr Spreadbury concluded

“The message is diversification. Think about holding other assets. That could mean precious metals, it could mean physical currencies.”

Must Read Guides:

Protecting Your Savings In The Coming Bail-In Era

From Bail-Outs To Bail-Ins: Risks and Ramifications –  Includes 60 Safest Banks In the World


Today’s AM LBMA Gold Price was USD 1,193.70, EUR 1,052.14 and GBP 752.53 per ounce.
Friday’s AM LBMA Gold Price was USD 1,198.15, EUR 1,058.86 and GBP 755.65 per ounce.

Gold closed at $1,200.06 an ounce on Friday and silver was down 0.4 percent and closed at $16.10 an ounce. Palladium lost 1.9 percent to $705.25 after touching a 16-month low.

Gold climbed 1.8 percent in dollar terms last week, its second successive week of gains. Silver prices surged 1.8% last week and increased their year-to-date gain to 3.4%.

Gold in USD - 1 Month

Gold in Singapore for immediate delivery ticked lower 0.3 percent to $1,196.60  an ounce near the end of the day,  whilegold in Switzerland was lower and fell to $1,193 an ounce.

Greek Prime Minister Tsipras submitted a new list of reforms last night in a last ditch attempt to appease creditors. Crisis negotiations are taking place today in Brussels  with Greece’s creditors to see if a deal can be reached after 5 months of stalemate.  Greece owes 1.6 billion euros to the IMF by June 30th.

Euro zone leaders meeting in Brussels later on Monday are unlikely to be able to take a formal decision on whether to provide aid to Greece but there is still time this week to finalise an agreement, German Chancellor Angela Merkel said earlier.

“There are still a lot of days in the week in which decisions can be taken,” Merkel said, speaking to reporters in the eastern city of Magdeburg. She noted that without an agreement between Greece and the so-called institutions – the EC, EBC and IMF – the summit on Monday evening could not be more than a discussion forum.

The markets are irrationally exuberant again this morning on hopes for a Greek deal and European stocks have surged higher despite continuing uncertainty.

Chinese markets are closed today.

Platinum and palladium saw losses last week which have been extended today. Platinum is down another 1.3%  and edging back towards last week’s more than six-year low at $1,066.50/oz. Palladium has reached its lowest in 18 months, at $696.47/oz this morning.

In late morning European trading, gold is down 0.44 percent at $1,194.53 an ounce. Silver is up 0.50 percent at $16.17 an ounce and platinum is down 0.68 percent at $1,075.68 an ounce.



Withdrawals from SGE equals 46 tonnes up 41% from the previous weak. Because of withdrawals from SGEI can distort actual demand it is now difficult to get an accurate reading on gold demand in China:

(courtesy Koos Jansen)

Koos Jansen
Koos Jansen
Posted on 21 Jun 2015 by


From June 8 – 12 withdrawals from SGE certified vaults in China mainland and CME Kilobar vaults in Hong Kong accounted 76 for tonnes.

Withdrawals from the vaults of the Shanghai Gold Exchange (SGE) and Shanghai International Gold Exchange (SGEI) came in elevated for this time a year at 46 tonnes in week 23 (June 8 – 12), up 41 % from the previous week.

Shanghai Gold Exchange SGE withdrawals delivery 2015 week 23

Shanghai Gold Exchange SGE withdrawals delivery only 2014 - 2015 week 23

Year to date a staggering 1,061 tonnes have been withdrawn, up 20 % y/y (2014), up 7 % y/y from 2013.

SGE withdrawals have lost their accuracy since the launch of the SGEI in September 2014 – withdrawals in the Shanghai Free Trade Zone (SGEI) can distort Chinese wholesale demand measured by SGE withdrawals (SGE withdrawals disclosed in the weekly reports capture both SGE and SGEI withdrawals). From numbers available in 2014 we knew that not much of SGEI trading was withdrawn by foreign SGEI members; most of the withdrawals in the Shanghai Free Trade Zone were imported into the mainland by SGE members.

For more information please read The Mechanics Of The Chinese Domestic Gold MarketChinese Gold Trading Rules And Financing Deals ExplainedThe Workings Of The Shanghai International Gold Exchange andSGE withdrawals in perspective.

At this stage total SGE withdrawals, as disclosed by the weekly SGE reports, are difficult to analyze as we didn’t get any hints lately from the Chinese as to what is composition of the demand side of withdrawals, how much are SGEI withdrawals that are not imported into the mainland, and what is the composition of the supply side, how much gold is imported into the mainland and/or recycled to supply SGE withdrawals. Technically, all trades (volume) on the SGEI can be withdrawn and exported to, for example, India. This is not likely, but we don’t know. Attempts from my side to obtain the latest data regarding SGEI withdrawals have resulted in little intelligence.

In week 23 (June 8 -12) total SGEI volume was 35 tonnes; international gold trading in renminbi slowly comes to life.

SGE & SGEI contracts bullionstar

The iAu99.99 contract is traded on the SGEI; Au99.95, Au99.99 and Au(T+D) are traded on the SGE.

Hong Kong Kilobar Withdrawals

In March 2015 the Chicago Mercantile Exchange (CME) launched a gold kilobar futures contract, which can be physically delivered in Hong Kong. The contract can be traded over exchanges (CME Globex, CME ClearPort, CME Direct, New York open outcry) and in the Over The Counter (OTC) market.

The kilobar volume over exchanges is insignificant and I’m not aware if any delivery is made from these trades. However, if we look at the physical gold throughput of the Hong Kong vaults, we must conclude this contract is a popular trade in the OTC market. This has been confirmed to me by a CME representative. Note, withdrawals from the Hong Kong vaults transcend the volume disclosed by the Merc, so the physical settlements must happen in the  OTC market.

I would like to emphasize kilobar withdrawals do not have the same significance as SGE withdrawals. The mechanics of the gold market in Hong Kong are completely different from the market in the mainland. Hong Kong has been a trade hub for centuries; gold is imported and exported in vast amounts. Kilobar withdrawals do not reflect gold demand; it does illustrate how much is going through the Chinese Special Administrative Region (Hong Kong).

Kilobar withdrawals

In week 23 kilobar withdrawals in Hong Kong accounted for 30 tonnes. On June 8 a record 16.61 tonnes in 9999 kilobar gold was withdrawn from the Brink’s vault in Hong Kong.

Hong Kong monthly gold trade January 2013 - March 2015
This chart is an example for the amount of gold flowing through Hong Kong.

Koos Jansen
E-mail Koos Jansen on:koos.jansen@bullionstar.com


(courtesy Platt’s London/GATA)

So why don’t South African mines and unions agitate against gold price suppression?


South African Mine Employers to Offer Unions Pay Linked to Gold Price

From Platt’s, London
Friday, June 19, 2015

JOHANNESBURG, South Africa — Gold employers will present a social package of welfare and training plus a financial plan for the survival of mines on the third day of talks next week in a bid to counter massive wage demands from the unions, the chief negotiator for the employers, Elize Strydom said Friday.

It is a package tied up with a gold-linked pay plan that is unlikely to find favor with the unions.

Unions representing 93,000 gold mine workers will open talks on Monday for a new three year pay deal to come into force from July 1. …

A cash pay offer was unlikely to be made next week, but the employers would also put forward a plan Wednesday to give bonuses when the gold price goes up and discuss pay cuts, before job cuts, if it goes down, she said. “We want people to share in the good times when the gold price has gone and feel the pain when it goes down. …”

… For the remainder of the report:




First Majestic Silver’s CEO Neumeyer elaborates why he issued his complaint to the CFTC on silver manipulation

First Majestic Silver’s Neumeyer elaborates on market manipulation complaint to CFTC


4:14p ET Sunday, June 21, 2015

Dear Friend of GATA and Gold:

First Majestic Silver CEO Keith Neumeyer, interviewed by Dan Ameduri of Future Money Trends, explains why he has heeded silver market analyst Ted Butler’s urging to complain to the U.S. Commodity Futures Trading Commission about silver price suppression. Neumeyer adds that it’s plain that the forces manipulating the monetary metals futures markets are also toying with the prices of mining company shares. The interview is 26 minutes long and can be heard at Future Money Trends here: