Gold: $1141.50 down $5.70 (comex closing time)
Silver $15.57 up 3 cents
In the access market 5:15 pm
for the Comex gold and silver: OPTIONS EXPIRED Oct 27.
for the LBMA contracts: OPTIONS EXPIRED today
for OTC contracts:OPTIONS EXPIRED today
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a very poor delivery day, registering 6 notices for 600 ounces. Silver saw 3 notices for 15,000 oz. Both for first day notice.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 208.42 tonnes for a loss of 95 tonnes over that period.
In silver, the open interest fell by only 3655 contracts despite silver being down 74 cents in yesterday’s trading. The total silver OI now rests at 172,385 contracts In ounces, the OI is still represented by .861 billion oz or 123% of annual global silver production (ex Russia ex China).
In silver we had 3 notices served upon for 15,000 oz.
In gold, the total comex gold OI fell by a whopping 11,725 to 458,800 contracts as those who play the comex gold/silver are very silly and can never win against the antics of our criminal bankers. We had 6 notices filed for 600 oz today.
We had a huge withdrawal in gold inventory at the GLD to the tune of 2.08 tonnes / thus the inventory rests tonight at 692.26 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. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold will be the FRBNY and the comex. In silver,a big withdrawal of 1.001 million oz in silver inventory / Inventory rests at 314.533 million oz.
We have a few important stories to bring to your attention today…
1. Today, we had the open interest in silver fall by a smaller than expected 3,655 contracts down to 172,385 as silver was down 74 cents with respect to yesterday’s trading. The total OI for gold fell by 11,725 contracts to 455,800 contracts as gold was down $28.50 yesterday. As I stated yesterday:
“With huge OI increases no wonder we witnessed a massive raid by the bankers as they try and cover their non backed shorts.”
2.Gold trading overnight, Goldcore
3. COT report
9 USA stories/Trading of equities NY
i) Savings of Americans rise as income and spending falter last month
ii) U. of Michigan consumer confidence level falters badly last month. Remember the consumer is 70% of USA GDP
(U. of Michigan Consumer Confidence/zerohedge)
iii) David Stockman rips apart the GDP number of 1.6%. He believes it is closer to flatline
iv)Employee compensation falters to levels not seen since Sept 2013;
v) Chicago PMI does a 7 sigma advance. Strange number
(Chicago PMI/zero hedge)
10. Physical stories
i)Venezuela’s gold drops 19% in weight from January through to May. They will probably lose all of it by Dec 2015
ii) GoldSeek radio interviews Bill Murphy of GATA
iii) Bill Holter delivers a terrific commentary on events of the past two days, namely the GOP debate, Obama and his fight in the middle east plus other goodies. His paper is entitled: “Does it Really Matter?”
(Bill Holter/Holter-Sinclair collaboration)
iv Blatant silver manipulation
v) Lawrence Williams on gold imports into India
Let us head over to the comex:
October contract month:
INITIAL standings for November/First day notice
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz nil|| nil
|Deposits to the Dealer Inventory in oz||nil|
|Deposits to the Customer Inventory, in oz||nil|
|No of oz served (contracts) today||6 contracts
|No of oz to be served (notices)||357 contracts
|Total monthly oz gold served (contracts) so far this month||6 contracts
|Total accumulative withdrawals of gold from the Dealers inventory this month||nil|
|Total accumulative withdrawal of gold from the Customer inventory this month||nil|
Total customer deposits nil oz
we had 0 adjustment:
November initial standings/First day notice
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||63,861.699 oz
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||56,742.760 oz
|No of oz served (contracts)||3 contracts (15,000 oz)|
|No of oz to be served (notices)||26 contracts
|Total monthly oz silver served (contracts)||3 contracts (15,000 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||63,861.699 oz|
Today, we had 0 deposit into the dealer account:
total dealer deposit; nil oz
total customer deposits: 56.742.760 oz
total withdrawals from customer: 63,861.699 oz
And now SLV
Oct 30.no change in silver inventory at the SLV/Inventory rests at 314.532 million oz
Oct 29/a big withdrawal of 1.001 million oz from the SLV/Inventory rests at 314.532 million oz
Oct 28.2015: no change in silver inventory at the SLV//inventory rests at 315.533 million oz.
Oct 27/no change in silver inventory at the SLV/Inventory rests at 315.533 million oz/
Oct 26/no change in silver inventory at the SLV/Inventory rests at 315.533 million oz/
Oct 23./no change in silver inventory at the SLV/Inventory rests at 315.533 million oz
Oct 22./no change in silver inventory at the SLV/Inventory rests at 315.533 million oz
Oct 21:a we had a small addition in silver ETF inventory of 381,000 oz/inventory rests tonight at 315.533 million oz
Oct 20.2015/ no change in silver ETF/Inventory rests at 315.152 million oz
Oct 19.2016: no change in silver ETF/Inventory rests at 315.152 million oz
Oct 16/no change in silver ETF/inventory rests tonight at 315.152 million oz
Oct 15./no change in silver ETF inventory/rests tonight at 315.152
Oct 14/no change in silver ETF/silver inventory/rests tonight at 315.152 million oz
oct 13/no change in silver ETF /silver inventory/rests tonight at 315.152 million oz
:oct 12/ no change in the silver ETF/silver inventory rests tonight at 315.152 million oz
Press Release OCT 6.2015
Sprott Increases Offer for Central GoldTrust and Silver Bullion Trust
Offering an Additional Premium of US$0.10 per GTU Unit payable in Sprott Physical Gold Trust Units
and US$0.025 per SBT Unit payable in Sprott Physical Silver Trust Units
When Announced on April 23, 2015, Offers Represented a Premium of US$3.06 per GTU Unit and US$0.91 per SBT Unit for Unitholders Based on Trading Value and the NAV to NAV Exchange Ratio
Premiums as of October 5, 2015 (including the Increased Consideration) are US$1.14 per GTU Unit and US$0.61 per SBT Unit
Notice of Extension and Variation to be Filed Shortly
Offers Will Now Expire on October 30, 2015 –Unitholders Urged to Tender Now
TORONTO, Oct. 6, 2015 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott” or “Sprott Asset Management”), together with Sprott Physical Gold Trust (NYSE:PHYS) (TSX:PHY.U) and Sprott Physical Silver Trust (NYSE:PSLV) (TSX:PHS.U) (together the “Sprott Physical Trusts”), today announced that it has increased the consideration payable to unitholders in connection with its offers to acquire all of the outstanding units of Central GoldTrust (“GTU”) (TSX:GTU.UN) (TSX:GTU.U) (NYSEMKT:GTU) and Silver Bullion Trust (“SBT”) (TSX:SBT.UN) (TSX:SBT.U) (the “Sprott offers”).
Unitholders will now receive an additional premium of US$0.10 per GTU unit payable in Sprott Physical Gold Trust units and US$0.025 per SBT unit payable in Sprott Physical Silver Trust units (the “Premium Consideration”), in addition to the units of Sprott Physical Gold Trust and units of Sprott Physical Silver Trust, respectively, being offered on a net asset value (NAV) to NAV exchange basis. Based on trading values and the NAV to NAV Exchange Ratio (as such term is defined in the Sprott offers) at the time Sprott announced its intention to make the Sprott offers on April 23, 2015, the offers reflected a premium of US$3.06 per GTU unit and US$0.91 per SBT unit. The premium as of October 5, 2015, based on trading values, the NAV to NAV Exchange Ratio and the Premium Consideration, represents US$1.14 per GTU unit and US$0.61 per SBT unit, respectively. In connection with this increase in consideration, the expiry time for each Sprott offer is extended to 5:00 p.m. (Toronto time) on October 30, 2015.
“Central GoldTrust and Silver Bullion Trust unitholders have been burdened for too long by a group of trustees committed to protecting the interests of the Spicer family. It is only through the public spotlight that the variety of undisclosed fees paid to supposedly independent trustees has forced public disclosures and hollow justifications. Sprott’s offers to unitholders are compelling and momentum is building as we continue to show the clear advantages of the offers. The response of the GTU and SBT trustees has been to penalize unitholders with the burden of paying for costly lawsuits and expensive advisors to protect the Spicer family and the fees they receive. We are accordingly increasing our offer to compensate unitholders for this abuse of trust, and encourage them to take advantage of this opportunity to exchange their units for an immediate premium, and trade a management committed to entrenchment to one committed to their best interests,” said John Wilson, Chief Executive Officer of Sprott Asset Management.
Added Wilson, “We have provided extensions to the offers so that no unitholders are left without this opportunity to exit an underperforming investment and enter into a high quality security that functions as intended, reflecting the value of the bullion held in the trust. Sprott appreciates the support of GTU and SBT unitholders to date and currently anticipates these extensions will be the final extensions to the Sprott offers.”
As of 5:00 p.m. (Toronto time) on October 5, 2015, there were 8,194,265 GTU units (42.46% of all outstanding GTU units) and 2,055,574 SBT units (37.60% of all outstanding SBT units) tendered into the respective Sprott offers. Total units tendered as of October 5, 2015, do not include pending units which are typically received on the date of expiration.
GTU and SBT unitholders who have questions regarding the Sprott offers, are encouraged to contact Sprott Unitholders’ Service Agent, Kingsdale Shareholder Services, at 1-888-518-6805 (toll free in North America) or at 1-416-867-2272 (outside of North America) or by e-mail email@example.com.
|Gold COT Report – Futures|
|Change from Prior Reporting Period|
|non reportable positions||Change from the previous reporting period|
|COT Gold Report – Positions as of||Tuesday, October 27, 2015|
|Silver COT Report: Futures|
|Small Speculators||Open Interest||Total|
|non reportable positions||Positions as of:||148||120|
|Tuesday, October 27, 2015|
Gold Up 3% In October and Enters “Seasonal Sweet Spot”
– Gold down 1.3% this week on Fed “noise”
– Gold up 3% in October on robust demand
– Stronger gains in euros, Swiss francs, Japanese yen
– October poor month for gold seasonally
– November, December, January and February the “seasonal sweet spot”
– Confirmation of surging demand for bullion in Germany, India and China in Q3
Gold is headed for a 1.3% fall this week after the Fed’s latest suggestion that they may increase interest rates in December or in the New Year. However, for the month of October gold is 3.1% higher from $1,115/oz to $1,150/oz and has seen even larger gains in other currencies.
Gold’s Seasonal Performance – U.S. Global Investors (1969-2010)
This strong performance in October comes despite October being traditionally a weak month for gold. This bodes well as we enter the “seasonal sweet spot” for gold.
Seasonally, while October is a weak month for gold, the months of November, December, January and February are positive months for gold. October often sees declines in the gold price followed by strong gains in November, December, January and February (see table above and chart below).
Today sees the end of October trading. November is, after September, one of the strongest months to own gold. This is seen in various data showing gold’s monthly performance over long time frames – 1975 to 2015 and indeed more recent time frames – 2000 to 2015.
Autumn and winter is the seasonally strong period for the precious metals.
This is believed to be due to robust physical demand internationally and especially in India for weddings and festivals. More recently, the emergence of China as the largest gold buyer in the world and their massive gold buying into year end as jewellers and bullion dealers stock up for Chinese New Year has reinforced and exacerbated this long seen trend.
It may also be related to traders being aware of the seasonals and therefore leading to self fulfilling price gains or price falls in certain months.
The fundamentals including the current macroeconomic, systemic, geopolitical and monetary conditions are positive for gold. These fundamentals in conjunction with the strong seasonals suggest higher gold prices are likely in the coming months.
Given the bullish fundamentals and the fact that gold already looks oversold with very poor sentiment today, any further weakness is likely to be short term.
Bullion buyers expect higher prices due to a combination of geopolitical, macroeconomic and monetary risk.
Geopolitical risk remains high given increasing chaos in much of the Middle East and rising tensions between NATO and Russia. The Middle East is increasingly volatile and we appear to on the brink of a war in the region. This comes at a time of deep tensions with an increasingly assertive Russia.
Given the confluence of still elevated geopolitical, systemic and monetary risks, we are bullish as we enter the seasonal ‘sweet spot’ for gold in the November, December, January and February time frame prior to Indian festivals and Chinese New Year demand.
Gold looks quite strong and appears to have bottomed during the summer – this is especially the case in euros, pounds and even more so in currencies such as the New Zealand dollar and the Australian dollar.
The technicals have improved too and these allied with the strong fundamentals – of an uncertain global economy, volatile and vulnerable stock markets and robust global demand for gold, particularly from China, India and Germany – are positive.
This week came confirmation that contrary to the widely held belief that gold demand is subdued it is actually very robust and indeed surging in key markets. Surging demand for coins and bars and a rise in buying by central banks pushed physical gold demand up 7% in the third quarter.
Demand for gold coins and bars jumped by 26% year-on-year in the last quarter, GFMS analysts at Thomson Reuters reported in the Q3 update of their Gold Survey 2015. Retail investment surged in top consumers India, China and Germany, with buying rising 30 percent, 26 percent and 19 percent respectively. Those three markets alone accounted for an additional 26 tonnes of bullion buying.
Despite the ongoing Federal Reserve “noise” to the contrary, ultra loose monetary policies are set to continue for the foreseeable future which is highly supportive of gold and will lead to continued demand for bullion internationally.
We continue to believe our long held view that these conditions will lead to new real, inflation adjusted record highs for gold over $2,400/oz in the coming years.
Today’s Gold Prices: USD 1147.75, EUR 1042.70 and GBP 748.04 per ounce
Yesterday’s Gold Prices: USD 1159.00, EUR 1057.38 and GBP 759.28 per ounce.
Gold was down again yesterday, losing $11.00 during the day to close at $1145.80. Silver was down $0.39 yesterday closing at $15.60. Platinum lost $10 to $988. Gold is 1.3% higher for the week but 3% higher for the month (see chart above).
Special Offer This Month Expires Today
Gold Bars (Perth Mint 1 oz) at 2.25% premium for storage in London or 2.75% premium for delivery is a great deal, if not one of the best in the market today. It is a 40% savings in premium as normal premiums are between 3.75% and 4.5% over spot or the live market price.
To avail of these excellent premiums while gold prices remain depressed, please call our bullion team on the numbers below
Download 7 Key Storage Must Haves
I highlighted the dire situation of Venezuela’s gold holdings to you yesterday. Now we see Reuters reports that from Jan to May their gold holdings dropped by 19%. We also speculate by the end of 2015, their entire gold holdings will be sold.
Venezuela’s gold holdings drop 19% from Jan.-May
Submitted by cpowell on Thu, 2015-10-29 23:54. Section: Daily Dispatches
By Brian Ellsworth
Thursday, October 29, 2015
Venezuelan central bank gold holdings declined in value by 19 percent between January and May, according to its financial statements, likely reflecting gold swap operations and lower bullion prices.
The OPEC nation, struggling with stagflation due to low oil prices and a collapsing state-led economic model, holds a considerable portion of its monetary reserves in gold.
Reuters in March reported that the central bank was in talks with Wall Street to monetize about $1.5 billion of gold in reserves, an operation the bank did not confirm at the time. …
… For the remainder of the report:
GoldSeek Radio interviews GATA chairman from New Orleans conference
Submitted by cpowell on Fri, 2015-10-30 00:29. Section: Daily Dispatches
7:28p CT Thursday, October 29, 2015
Dear Friend of GATA and Gold:
GATA Chairman Bill Murphy was interviewed this week by GoldSeek Radio’s Chris Waltzek from the New Orleans Investment Conference, discussing whether fundamental and technical analysis will ever work in the monetary metals markets. Murphy says it’s all a matter of whether and when central banks exhaust the metal available to them for price suppression. The interview is 12 minutes long and can be heard at GoldSeek here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
(courtesy Dave Kranzler/IRD)
The morning of the FOMC announcement on Wednesday (Oct 28) gold was up $14 overnight, close to $1080 and the cartel’s dreaded 200 day moving average. The “premise” was that the market was expecting another rate hike deferral.
A friend called me that morning and I told him to not get excited because when the FOMC policy decision hits the tape, they will annihilate gold and push the S&P 500 up toward 2100. I was only 10 pts off on the S&P call, as the S&P 500 closed at 2090, up an absurd 24 points. Gold was taken to the cleaners:
What’s incredible is not one mainstream media analyst or reporter questions this market action. If the premise behind the gold sell-off was a “hawkish” FOMC statement and the threat of a rate hike in December (yawn), then the exact same premise should have cause a big sell-off in stocks. Since when does the threat of tighter monetary policy not hit the stock market?
Just to recount the play-by-play in gold, the moment the FOMC announcement hit the tape, the Comex computer system was bombarded with sell orders. At this point in the trading day, the ONLY gold/silver market open is the Comex computer Globex system. In the first 30 minutes 29.6k contracts were unloaded – 2.6 million paper ounces. In the entire hour after the announcement 50.5k contracts were unloaded – 5.1 million ounces. Note that the Comex is showing around 200k ounces to be available for delivery.
The blatant, unfettered manipulation and intervention in the gold and silver market is sponsored by the Fed and the U.S. Treasury, executed by the big bullion banks and fully endorsed by the CFTC.
Dan Norcini vomited up a theory that the hit on Wednesday was a product of long side (hedge fund) liquidation. That view proved to be utter scatological regurgitation from an analyst who’s analysis and views have gone completely off the rails. As it turns out, open interest increased by over 4,000 contracts on Wednesday. So much for that “long liquidation” idiocy.
The manipulation of the gold and silver market is a nothing but a product of complete systemic corruption. The only way that the Fed and the politicians can claim that the economy is “fine” and QE “worked” is to make sure that the one piece of obvious evidence which would say otherwise is kept highly restrained.
I’ve told colleagues for years that the only way the elitists will let the Comex default, causing gold and silver to launch in price toward Pluto, is when they know they can longer support their fraud.
If I’m wrong, how else to do explain the fact that the front-running candidate to be the next President of the United States is openly a criminal and traitor who should be devoting her entire resource base toward defending herself from being throw in jail forever? This person, by the way, issues a statement today giving the U.S. economy an “A.”
On a positive note, I do believe that this country is in its 9th inning and there will be no extra innings in this game. Gold and silver do appear to be back in an uptrend, with a lot of pressure from the part of the world that demands physical delivery.
(courtesy Dave Kranzler/IRD)