Good evening Ladies and Gentlemen:
Gold: $1,295.30 up $5.90 (comex closing time)
Silver 17.66 down 13 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 poor delivery day, registering 1 notice for 100 ounces for gold,and for silver we had 270 notices for 1,350,000 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 225.51 tonnes for a loss of 77 tonnes over that period
In silver, the open interest fell by a rather large 2507 contracts down to 201,170 despite the fact that the price was silver was way up to the tune of 26 cents with respect to Friday’s trading. In ounces, the OI is still represented by ust over 1 BILLLION oz i.e. 1.005 BILLION TO BE EXACT or 143% of annual global silver production (exRussia &ex China) We are now within spitting distance of all time highs for OI with respect to silver
In silver we had 270 notices served upon for 1,350,000 oz.
In gold, the total comex gold OI ROSE by a gigantic 24,106 contracts, UP to 549,520 contracts AS the price of gold was UP $23.60 with FRIDAY’S TRADING(at comex closing).
We had a gigantic deposit in tonnes of gold inventory at the GLD to the tune of 20.80 tonnes, thus the inventory rests tonight at 824.94 tonnes. This is an absolute fraud as there is noway these guys can locate 20 tonnes of gold in 24 hrs.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 no change in silver inventory. Thus the inventory rests at 335.580 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fall by 2507 contracts down to 201,170 despite the fact that the price of silver was UP by a huge 24 cents with FRIDAY’S trading. The gold open interest ROSE by A GIGANTIC 24,106 contracts AS gold ROSE by $23.60 on Friday. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver. Also the bankers are resolute in supplying non backed gold paper but they do not want to supply more silver paper. It sure looks like the bankers are getting scared with respect to silver as it looks like they are capitulating as the start to cover their shortfall.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning; Gold pierces 1300 dollars and silver 18.00 before the bankers try their raid
2c) FRBNY gold movement report
3. ASIAN AFFAIRS
i)Late SUNDAY night/ MONDAY morning: Shanghai closed FOR HOLIDAY / Hang Sang closed FOR HOLIDAY. The Nikkei closed DOWN 518.67 OR 3.11% . Australia’s all ordinaires CLOSED DOWN 0.18% BUT RESOURCE STOCKS DOING WELL. Chinese yuan (ONSHORE) closed UP at 6.4705. Oil FELL to 45.59 dollars per barrel for WTI and 47.05 for Brent. Stocks in Europe MIXED . Offshore yuan trades 6.4830 yuan to the dollar vs 6.4705 for onshore yuan.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
Is Goldman signalling the all clear button to go long USA/Yen?
(courtesy zero hedge)
b) REPORT ON CHINA
see report on lousy PMI
i) Atlante, or Atlas, the bailout fund for Italy’s 360 billion euro non performing loans, is off to a rocky start. Instead of raising 6 billion euros, they raised only 4.25 billion euros.
The first troubled bank to be rescued is Popolare di Vicenza. It sought from the public an offering of 1.5 billion euros in an attempt to shore up its troubled sector. Instead of raising 1.5 billion, it raised only 150 million euros leaving the rest to be owned by non other Atlante/ Thus Atlante is the proud owner of 90% of this troubled bank and now they must try and swap out the bad debt and put it onto Atlante’s balance sheet. Once the share offering is complete, then Atlante loses 1 billion euros and will be down to 3.25 billion euros trying to buy 360 billion euros of non performing loans. What a complete nightmare!! The purchase of bad loans by Atlante will not be done at book value and should be done close to fair market value, meaning huge losses to the banks, something they are trying to avoid. This loss would erode their capital base big time. The fair market value of the non performing loans is around 6 to 10,75 cents on the dollar. Thus they only have around 3.25 billion euros worth buying 20 to 30 billion on bad stuff.
( zero hedge)
iii)Here is the next shoe to fall: Deutsche bank unveils that QE has run its course. It is now time to initiate a wealth tax.