Good evening Ladies and Gentlemen:
Gold: $1,249.20 up $7.00 (comex closing time)
Silver 17.29 up 18 cents
In the access market 5:15 pm
Let us have a look at the data for today
At the gold comex today, we had a good delivery day, registering 107 notices for 10700 ounces for gold,and for silver we had 0 notices for nil oz for the non active April delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 224.62 tonnes for a loss of 78 tonnes over that period.
In silver, the open interest rose by another 711 contracts up to 206,748 despite the fact that the price was silver was up only by 11 cents with respect to yesterday’s trading. In ounces, the OI is still represented by 1 over BILLLION oz (1.03 BILLION TO BE EXACT or 147% of annual global silver production (exRussia &ex China)We are now at multi year highs in OI with respect to silver
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI ROSE by 2448 contracts, UP to 497,884 contracts AS the price of gold was UP $3.00 with TUESDAY’S TRADING(at comex closing).
We had no change in gold inventory at the GLD, thus the inventory rests tonight at 802.65 tonnes.Our 670 tonnes of rock bottom inventory in GLD gold has been broken. 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, after they deplete the GLD will be the FRBNY and the comex. In silver’s SLV,we had a small deposit of 856,000 ooz in silver inventory. Thus the inventory rests at 335.58 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver rise by 711 contracts up to 206,748 despite the fact that the price of silver was UP by only 11 cents with TUESDAY’S trading. The gold open interest ROSE by A LARGE 2,448 contracts AS gold ROSE by $3.00 YESTERDAY. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver.
2 a) Gold trading overnight, Goldcore
3. ASIAN AFFAIRS
i)Late TUESDAY night/ WEDNESDAY morning: Shanghai closed DOWN BY 11.03 POINTS OR 0.37% / Hang Sang closed DOWN 45.67 OR 0.21%. The Nikkei closed DOWN 62.79 POINTS OR 0.36% . Australia’s all ordinaires CLOSED DOWN 0.63%. Chinese yuan (ONSHORE) closed EVEN at 6.4928. Oil ROSE to 44.94 dollars per barrel for WTI and 46.74 for Brent. Stocks in Europe ALL MIXED . Offshore yuan trades 6.5071 yuan to the dollar vs 6.4928 for onshore yuan.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i(The following is an essential read. Japan and China are not growing at all.
Japan will probably experiment by going increasingly into NIRP and also by paying banks to loan money in an early attempt at helicopter money
However the real problem is in China where the POBC unleashed 1 trillion uSA of debt into their economy. They bought boatloads of crude and purchased mega tonnes of base metals in the hope of stimulating their economy. Basically the large injection of funds created a bubble in tier one housing sector in Beijing, Shanghai and Shenzen making housing totally out of reach for many. However Peer to Peer financing for these homes in the Tier one sector will be the atom bomb that blows up the paper game inside China:
( David Stockman/ContraCorner)
ii) Trading in iron ore and steel rebar is now the most traded commodity in the world and surpassing oil. This is an accident waiting to happen: