Oct 30/Again no gold enters the comex/Comex gold OI drops by 11,700 contracts/OI in silver still remains relatively high/Winter approaching and authorities are worried about refugees freezing/Chevron lays off another 7500 workers/Venezuela loses 19% of her gold from Jan through til May and may lose all of its gold by the end of the year/The Republican party breaks off relationship with NBC/

Gold:  $1141.50 down $5.70   (comex closing time)

Silver $15.57  up 3 cents

In the access market 5:15 pm

Gold $1142.25

Silver:  $15.53

 

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.”

(report Harvey)

2.Gold trading overnight, Goldcore

(/Mark OByrne)

3.  COT report

(Harvey)

3. ASIAN AFFAIRS
 i) Last night, 9:30 pm THURSDAY night, FRIDAY morning Shanghai time.  Japan gains, Shanghai falls slightly.
Japan surprises with no QE.  USA/Yen cross falls
(zero hedge)
 ii) China relaxes capital controls/yuan soars
(zero hedge)
iii) Why China is spreading deflation throughout the globe.  A good look at China’s ghost cities
(zero hedge)
iv)  China warns the USA to stop provocative acts against her
(zero hedge)
4.  EUROPEAN AFFAIRS
 i) Problems are now occurring as we are approaching winter as the refugees will begin to freeze
(zero hedge)
5. GLOBAL AFFAIRS
 none
6. RUSSIAN AND MIDDLE EASTERN AFFAIRS
 i  Obama and Kerry ready to throw in the towel and accept Assad in Syria
(zero hedge)
ii) USA now set to put special forces numbering around 30 into Syria
(zero hedge)
7.  OIL RELATED STORIES
 i )  Chevron is dismissing another 7,500 workers on top of the 1500 dismissed in July.
They are also cutting capex by 25%.  Not looking too good in the oil/shale patch
(zero hedge)
ii)  The uSA added oil in the SPR while oil prices advanced in 2000-2005.  Now they are selling that oil with prices much lower
(Arthur Berman/OilPrice.com)
iii)  Oil gains as oil rig count plunges for the 9th week in a row
(zero hedge)
8.  EMERGING MARKETS
 none today

9 USA stories/Trading of equities NY

i) Savings of Americans rise as income and spending falter last month

(zero hedge)

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

(David Stockman/ContraCorner)

iv)Employee compensation falters to levels not seen since Sept 2013;

(zero hedge)

v) Chicago PMI does a 7 sigma advance.  Strange number

(Chicago PMI/zero hedge)

 vi  Puerto Rico bonds hit a record 12.3% and default looms on  Dec 1.2015:
(zero hedge)
vii)  Republicans suspend NBC ‘s relationship with the Republicans over CNBC’s downright offensive questions and rightfully so:
(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

(Reuters)

ii) GoldSeek radio interviews Bill Murphy of GATA

(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

(Dave Kranzler/IRD)

v) Lawrence Williams on gold imports into India

(Williams/Sharp Pixley)

 

 

Let us head over to the comex:

The total gold comex open interest fell from 470,523 down to 458,800 for a loss of 11,725 contracts as gold was down $28.50 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. Today we begin a new non active month for gold and for that matter silver as well. Let us see how they behave as the month progresses. We have now left the active delivery month of October and enter November on first day notice. The November contract went down by 75 contracts down to 363. The big December contract saw it’s OI fall by 13,820 contracts from  311,965 down to 298,145. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 136,265 which is fair. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was fair at 163,884 contracts.
Today we had 6 notices filed for 600 oz.
And now for the wild silver comex results. Silver OI fell by a smallish 3655  contracts from 176,038 down to 172,385 as the price of silver was walloped down 74 cents in price yesterday.  Since November is not an active month, we will not see a huge contraction in the OI standing for delivery. 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. The huge rise in silver OI necessitated a massive raid by the bankers as they had to cover their rather large shortfall.  We now enter the non active delivery month of November. The OI fell by 12 contracts down to 39.  The huge (and active) delivery month of December saw it’s OI fall by 4562 contracts down to 110,031. The estimated volume for today (regular hours Comex) came in at an good at 41.386.  The confirmed volume yesterday (comex + globex) was an excellent at 66,974.
We had 3 notices filed for 15,000 oz.

October contract month:

INITIAL standings for November/First day notice

Oct 30/2015

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil  nil

Scotia

Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz  nil
No of oz served (contracts) today 6 contracts

600 oz 

No of oz to be served (notices) 357 contracts

(35700 oz)

Total monthly oz gold served (contracts) so far this month 6 contracts

600 oz

Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month nil
 Today, we had 0 dealer transactions
Total dealer withdrawals:  nil oz
we had 0 dealer deposits
total dealer deposit:  zero
We had 0 customer withdrawals:
total customer withdrawal nil  oz
We had 0 customer deposits:

Total customer deposits nil  oz

we had 0 adjustment:

 JPMorgan has a total of 10,777.279 oz or.3352 tonnes in its dealer or registered account.
***JPMorgan now has 580,809.509 oz or 18.06 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 6 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 Oct contract month, we take the total number of notices filed so far for the month (6) x 100 oz  or 600 oz , to which we  add the difference between the open interest for the front month of Nov.( 363 contracts) minus the number of notices served upon today (6) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the initial standings for gold for the Nov. contract month:
No of notices served so far (6) x 100 oz  or ounces + {OI for the front month (363)– the number of  notices served upon today (6 x 100 oz which equals 36,300 oz  standing  in this month of Nov (1.1400 tonnes of gold).
This is a good showing for gold in an off month.
We thus have 1.1400 tonnes of gold standing and only 7.063 tonnes of registered gold (for sale gold/dealer gold) waiting to serve upon those standing.
Total dealer inventory 227,085.579 oz or 7.063 tonnes
Total gold inventory (dealer and customer) =6,700,779.364   or 208.42 tonnes)
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.
 
end
And now for silver

November initial standings/First day notice

Oct 30/2015:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 63,861.699 oz 

(Brinks,CNT

 

Scotia)

Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 56,742.760  oz

Brinks

No of oz served (contracts) 3 contracts  (15,000 oz)
No of oz to be served (notices) 26 contracts 

(130,000 oz)

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

we had 0 dealer withdrawals:
total dealer withdrawal: nil  oz
We had 1 customer deposit:
 i) Into Brinks:  56,742.760 oz

total customer deposits: 56.742.760 oz

We had 3 customer withdrawals:
i) Out of Brinks:  4001.500 oz
ii) out of CNT; 3117.46  oz
iii) Out of Delaware:  56,742.739 oz

total withdrawals from customer: 63,861.699    oz

we had 3 adjustment
 i) Out of Delaware:
5215.718 oz was removed from the dealer and this landed into the customer account of Delaware
ii) Out of Brinks:
9475.000??? was removed from the dealer and this landed into the customer account of Brinks
iii) Out of Scotia:
we had 4766.515 oz removed from the dealer and this landed into the customer account of Scotia
Total dealer inventory: 43.134 million oz
Total of all silver inventory (dealer and customer) 162.091 million oz
 *
The total number of notices filed today for the November contract month is represented by 3 contracts for 15,000 oz. To calculate the number of silver ounces that will stand for delivery in Nov., we take the total number of notices filed for the month so far at (3) x 5,000 oz  = 15,000 oz to which we add the difference between the open interest for the front month of November (29) and the number of notices served upon today (3) x 5000 oz equals the number of ounces standing.
Thus the initial standings for silver for the Nov. contract month:
3 (notices served so far)x 5000 oz +(29) { OI for front month of November ) -number of notices served upon today (3} x 5000 oz ,=145,000 oz of silver standing for the Nov. contract month.
This is a pretty good showing for silver in an off month.
the liquidation in the dealer silver and customer silver continue.
 
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:
oct 30/a huge withdrawal in gold inventory of 2.08 tonnes at the GLD/Inventory rests at 692.26 tonnes
Oct 29/no change in gold inventory at the GLD.Inventory rests at 694.34 tonnes
Oct 28.2015: a huge withdrawal of 1.2 tonnes in gold inventory/rests tonight at 694.34
Oct 27/no change in gold inventory/rests tonight at 695.54 tonnes
Oct 26.no change in gold inventory/rests tonight at 695.54 tonnes
Oct 23/ a huge withdrawal of 1.78 tonnes of gold at the GLD/Inventory rests at 695.54 tonnes
Oct 22./no change in gold inventory at the GLD/Inventory rests at 697.32 tonnes
Oct 21./we had no change in gold inventory at the GLD./Inventory rests at 697.32 tonnes.
Oct 20./no change in gold inventory at the GLD/Inventory rests at 693.75 tonnes/
Oct 19.2015: A huge increase of 3.57 tonnes into the GLD/Inventory rests at 697.32 tonnes.  Highly unusual to have 3 consecutive deposits and withdrawals in a row!!
Oct 16./we had a huge withdrawal of 6.25 tonnes/inventory 693.75 tonnes
Oct 15.2015: a huge increase of 5.06 tonnes/inventory rests at 700.00
Oct 14/a huge increase  in gold tonnage of 7.74 tonnes/inventory 694.94 tonnes
oct 13/no changes in gold inventory at the GLD/rest at  687.20 tonnes
Oct 12./2015:  no change in gold inventory at the GLD/rests at 687.20 tonnes
Oct 30/2015 GLD :692.26 tonnes*
* London is having a tough time sourcing gold. I believe that the last few days of additional GLD gold is a paper gold addition and not real physical. I sure looks like there is stress inside the GLD!!
end

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

oct 30/2015:  tonight inventory rests at 314.532 million oz***
 ** the jury is still out if the addition of silver is real or paper silver
especially with London in silver backwardation.
end
 
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 10.6 percent to NAV usa funds and Negative 10.7% to NAV for Cdn funds!!!!!!!
Percentage of fund in gold 61.4%
Percentage of fund in silver:38.4%
cash .2%( Oct 30/2015).
2. Sprott silver fund (PSLV): Premium to NAV rises to+0.45%!!!! NAV (Oct 30/2015) (silver must be in short supply)
3. Sprott gold fund (PHYS): premium to NAV falls to – .74% to NAV Oct 30/2015)
Note: Sprott silver trust back  into positive territory at +0.45% Sprott physical gold trust is back into negative territory at -.74%Central fund of Canada’s is still in jail.

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 atcontactus@kingsdaleshareholder.com.

>end
At 3:30 pm we receive the COT report.  As you will recall, in the two previous COT reports the commercials loaded up on massive shorts. Let us see what today brings.  Also recall, that the report is from last Tuesday to the Tuesday just past.
Our gold COT:
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
225,985 68,551 62,506 138,770 304,618 427,261 435,675
Change from Prior Reporting Period
-7,242 -13,375 5,380 3,804 6,352 1,942 -1,643
Traders
161 89 88 43 55 243 206
 
Small Speculators  
Long Short Open Interest  
39,519 31,105 466,780  
-2,954 631 -1,012  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, October 27, 2015
Our large specs:
Those large specs that have been long in gold pitched 7442 contracts from their long side ??
Those large specs that have been short in gold covered a huge 13,375 contracts from their short side.
Commercials:
Those commercials that have been long in gold added 3804 contracts to their long side.
Those commercials that have been short in gold added 6352 contracts to their short side (again)
Small specs:
Those small specs that have been long in gold pitched 2954 contracts from their long side ??
Those small specs that have been short in gold added 631 contracts to their short side.
Conclusions:  commercials go net short again by 2548 contracts but the specs liquidate their longs???
and now for silver
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
82,023 19,578 24,994 41,050 110,423
2,574 -2,573 1,613 -1,139 1,434
Traders
96 43 43 34 43
Small Speculators Open Interest Total
Long Short 169,757 Long Short
21,690 14,762 148,067 154,995
-865 1,709 2,183 3,048 474
non reportable positions Positions as of: 148 120
Tuesday, October 27, 2015
Our large specs:
Those large specs that have been long in silver added another 2574 contracts to their long side
Those large specs that have been short in silver covered 2573 contracts from their short side.
Commercials;
Those commercials that have been long in silver pitched 1139 contracts from their long side.
Those commercials that have been short in silver added another 1434 contracts to their short side.
Small specs:
Those small specs that have been long in silver pitched 1341 contracts from their long side.
Those small specs that have been short in silver added another 1097 contracts to their short side.
Commercials go net short by 2573 and thus bearish.
end
And now your overnight trading in gold and also physical stories that may interest you:
Trading in gold and silver overnight in Asia and Europe
(courtesy goldcore/Mark O’Byrne/Steve Flood)

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.

GoldCore: Gold Spot Prices Seasonal

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.

GoldCore: Seasonality of Gold and Silver

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.

DAILY PRICES
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.
(LBMA AM)

GoldCore: Gold in USD - 1 month

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

IRL +353 (0)1 632  5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

GoldCore_Essential_Guide_to_Storing_Gold_Offshore

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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.

(courtesy Reuters/gata)

Venezuela’s gold holdings drop 19% from Jan.-May

Section:

By Brian Ellsworth
Reuters
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:

http://www.reuters.com/article/2015/10/29/venezuela-gold-idUSL1N12T1V620…

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GoldSeek Radio interviews GATA chairman from New Orleans conference

Section:

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:

http://radio.goldseek.com/nuggets/murphy.10.28.15.mp3

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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(courtesy Dave Kranzler/IRD)

 

Blatant Gold/Silver Manipulation Reflects The Complete Corruption Of The U.S. System

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:

ComexGold

SPX

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.

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(courtesy Dave Kranzler/IRD)

Glencore Stock Got Smoked Again Today

All we need now to pound the final death-nail into Glenron’s stock is for Cramer to issue an “all’s clear, time to load up on Glencore stock” call on Mad Money.

Down 4% on no meaningful fundamental news: