sept 23

September 24, 2015 · by · in Uncategorized · 1 Comment

Tonight, I am just going to provide the comex data for you:

 

I will continue with my regular commentary tomorrow

 

 

Gold closed tonight at 1131.60 up $6.60

Silver closed up 3 cents at $14.78

The total gold comex open interest rose from 417,583 up to 419,304  for a gain of 3624 contracts as gold was down $8.10 with respect to yesterday’s trading.   For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest:  1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month, and today the latter continued with its decline as gold ounces standing rose. We now enter the delivery month of September and here the OI fell by 12 contracts down to 70 . We had 0 notices filed yesterday so we  lost 12 gold contracts or an additional 1200 oz will not stand for delivery in this non active month of September. The next active delivery month is October and here the OI fell by 174 contracts down to 20,098. The big December contract saw it’s OI rise by 1188 contracts from 283,672 up to 284,860. The estimated volume on today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was estimated at 92,524 which is poor. The confirmed volume on yesterday (which includes the volume during regular business hours + access market sales the previous day was poor at 131,912 contracts.
Today we had 0 notices filed for nil oz.
And now for the wild silver comex results. Silver OI fell by 1927 contracts from 154,067 down to 152,140 as silver was down by 47 cents with respect to yesterday’s price . As mentioned above we always have a huge contraction in the OI of an upcoming active precious metal month. The bankers continue to pull their hair out trying to extricate themselves  from their silver mess (the continued high silver OI with it’s extremely low price, combined with the banker’s massive physical shortfall) as the world senses something is brewing in the silver arena  We are now in the active delivery month of September. Here the OI fell by 13 contracts to 219. We had 0 notices filed yesterday, so we lost 13 silver contract or an additional 65,000 oz  will not stand for delivery in this active delivery month of September.
The big December contract saw its OI fall by 2658 contracts down to 115,958.  The estimated volume today was estimated at 25,700 contracts (just comex sales during regular business hours) which is poor.  The confirmed volume yesterday (regular plus access market) came in at 49,298 contracts which is excellent in volume.
We had 0 notices filed for nil oz.

September contract month:

Initial standings

September 22.2015

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz <nil
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz  (nil)
No of oz served (contracts) today 0 contracts (nil oz)
No of oz to be served (notices) 70 contracts (7000 oz)
Total monthly oz gold served (contracts) so far this month 24 contracts(2,400 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 396,377.4  oz
 Today, we had 0 dealer transactions
Total dealer withdrawals:  nil oz
we had 0 dealer deposits
total dealer deposit:  zero
We had 0 customer withdrawal:
total customer withdrawal: nil oz
We had 0 customer deposits:

Total customer deposit: nil  oz

We had 0  adjustments:
 JPMorgan has a total of 10,777.279 oz or.3352 tonnes in its dealer or registered account.
JPMorgan now has 741,559.509 oz or 23.06 tonnes in its customer account.
.
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 0 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.
 
To calculate the final total number of gold ounces standing for the August contract month, we take the total number of notices filed so far for the month (24) x 100 oz  or 2000 oz , to which we  add the difference between the open interest for the front month of September (70 contracts) minus the number of notices served upon today (0) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the initial standings for gold for the September contract month:
No of notices served so far (24) x 100 oz  or ounces + {OI for the front month (70)– the number of  notices served upon today (0) x 100 oz which equals 9,400 oz  standing  in this month of Sept (0.2932 tonnes of gold).
we lost 1200 gold ounces standing in this non active delivery month of September.
Total dealer inventory 162,034.084 or 5.0399 tonnes
Total gold inventory (dealer and customer) =6,862,280.335 or 213.44  tonnes)
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 213.44 tonnes for a loss of 90 tonnes over that period.
 
 the comex continues to bleed gold
end
And now for silver

September silver initial standings

September 22/2015:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory  528,938.52, oz

(CNT,Delaware 
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory nil
No of oz served (contracts) 6 contracts  (30,000 oz)
No of oz to be served (notices) 213 contracts (1,065,000 oz)
Total monthly oz silver served (contracts) 1214 contracts (6,070,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month 603,500.075 oz
Total accumulative withdrawal  of silver from the Customer inventory this month 19,361,430.1 oz

Today, we had 0 deposit into the dealer account:

total dealer deposit; nil oz

we had 0 dealer withdrawals:
total dealer withdrawal: nil  oz
We had 0 customer deposits:

total customer deposits: NIL  oz

We had 2 customer withdrawals:
ii) Out of CNT:  526,966.12 oz
iii) Out of Delaware:  1972.400 oz

total withdrawals from customer: 528,938.52   oz

we had 1  adjustment
i) Out of CNT:
we had 600,837.54 oz adjusted out of the dealer and this landed into the customer account of CNT
Total dealer inventory: 45.715 million oz
Total of all silver inventory (dealer and customer) 166.344 million oz
 * the comex resumes liquidation of silver both in its dealer account and customer account…. 
 
The total number of notices filed today for the September contract month is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in September, we take the total number of notices filed for the month so far at (1214) x 5,000 oz  = 6,070,000 oz to which we add the difference between the open interest for the front month of September (219) and the number of notices served upon today (6) x 5000 oz equals the number of ounces standing.
Thus the initial standings for silver for the September contract month:
1214 (notices served so far)x 5000 oz +( 219) { OI for front month of September ) -number of notices served upon today (6} x 5000 oz ,=7,135,000 oz of silver standing for the September contract month.
we lost 13 contracts or an additional 65,000 oz will not stand in this active month of September.
end

 

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
And now the Gold inventory at the GLD:
Sept 23.2015: we gained a rather large 1.79 tonnes of gold into the GLD/Inventory rests tonight at 676.40
sept 22/ we had a huge withdrawal of 3.57 tonnes of gold from the GLD/Inventory rests at 674.61 tonnes
Sept 21.2015: no changes in gold tonnage at the GLD/Inventory rests at 678.18 tonnes
Sept 18.2015: NO CHANGES  in gold tonnage at the GLD/Inventory rests at 678.18 tonnes
sept 17.2017: no changes in gold tonnage at the GLD/Inventory rests at 678.18 tonnes
Sept 16/2015:  no change in gold tonnage at the GLD/Inventory rests at 678.18 tonnes
Sept 15./no change in gold tonnage at the GLD/Inventory rests at 678.18 tonnes
Sept 14./no change in gold tonnage at the GLD/Inventory rests at 678.18 tonnes.
Sept 11/no changes in tonnage at the GLD/inventory rests at 678.18 tonnes
Sept 10. late last night, a huge withdrawal of 4.41 tonnes/this gold is no doubt heading towards Shanghai/Inventory 678.18 tonnes
Sept 9/2015: no changes in gold inventory at the GLD/rests tonight at 682.35 tonnes
Sept 8/ a slight withdrawal and this no doubt was to pay for fees/withdrawal of .24 tonnes/GLD inventory tonight at 682.35 tonnes
Sept 4/ again no changes in gold tonnage at the GLD/Inventory rests at 682.59 tonnes
sept 3/no change in gold tonnage at the GLD/inventory rests at 682.59 tonnes.
Sept 2.2015: no change in gold tonnage at the GLD/inventory rests at 682.59 tonnes
Sept 1/2015: no change in gold tonnage at the GLD/Inventory rests at 682.59 tonnes
Sept 23/2015 GLD : 676.40 tonnes
end

And now SLV:

Sept 23.2015: we had a huge withdrawal of 1.718 million oz at the SLV/Inventory rests at 319.197 million oz

Sept 22/no change in inventory at the SLV/Inventory rests at 320.915 million oz

sept 21.2015: no changes in inventory at the SLV/Inventory rests at 320.915 million oz

Sept 18.2015; no changes in inventory at the SLV/inventory rests at 320.915 million oz

sept 17.2017:no change in inventory at the SLV/rest tonight at 320.915

million oz/

sept 16.2015: no change in inventory at the SLV/rests tonight at 320.915 million oz/

Sept 15./no change in inventory at the SLV/rests tonight at 320.915 million oz

Sept 14./we had another withdrawal of 1.145 million oz from the SLV/Inventory rests at 320.915 million oz

Sept 11.2015: no changes in silver inventory at the SLV/inventory rests at 322.06 million oz

Sept 10.2015: we had no changes in silver inventory at the SLV/rests tonight at 322.06 million oz

Sept 9.2015:

we had another huge withdrawal of 1.336 million oz of silver from the vaults of the SLV/Inventory rests at 322.06 million oz

Sept 8/we had a huge withdrawal of 1.524 million oz of silver from the SLV/Inventory rests tonight at 323.396 million oz.

Sept 4.2015:no changes in inventory at the SLV/rests tonight at 324.923 million oz

sept 3/we had a small withdrawal of 140,000 oz of silver from the SLV/Inventory rests at 324.923 million oz

Sept 2:  we had a small withdrawal of 859,000 oz of silver from the SLV vaults/inventory rests tonight at 325.063 million oz

September 1/no change in inventory over at the SLV/Inventory rests tonight at 325.922 million oz

August 31.a huge addition of 954,000 oz were added to inventory today at the SLV/Inventory rests at 325.922 million oz

August 28.2015: no change in inventory at the SLV/Inventory rests tonight at 324.698 million oz

August 27.no change in inventory at the SLV/Inventory rests at 324.698 million oz

September 23/2015:  tonight inventory rests at 319.197 million oz
end
Data for Central Fund and Sprott will not be provided by myself.
If you wish to obtain, just google Central fund and Sprott after 6 pm and they will provide….
 
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 9.7 percent to NAV usa funds and Negative 9.5% to NAV for Cdn funds!!!!!!!
Percentage of fund in gold 62.6%
Percentage of fund in silver:37.2%
cash .2%( Sept 23/2015).
2. Sprott silver fund (PSLV): Premium to NAV falls to+1.51%!!!! NAV (Sept 22/2015) (silver must be in short supply)
3. Sprott gold fund (PHYS): premium to NAV rises to – .50% to NAV September 22/2015)
Note: Sprott silver trust back  into positive territory at +1.51% Sprott physical gold trust is back into negative territory at -.56%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 CentralGoldTrust (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. * * * * *

>end

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