Good evening Ladies and Gentlemen:
Gold: $1,265.60 down $27.30 (comex closing time)
Silver 17.07 down 44 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 0 notices for NIL ounces for gold,and for silver we had 17 notices for 85,000 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 230.39 tonnes for a loss of 73 tonnes over that period
In silver, the open interest rose by 1843 contracts up to 204,736 as the price was silver was up by 21 cents with respect to Friday’s trading . In ounces, the OI is still represented by just over 1 BILLLION oz i.e. .1.023 BILLION TO BE EXACT or 146% of annual global silver production (exRussia &ex China) We are now at the all time highs for OI with respect to silver and very close in gold.
In silver we had 17 notices served upon for 85,000 oz.
In gold, the total comex gold OI ROSE BY A SPECTACULAR 21,848 CONTRACTS UP to 591,340 contracts AS THE PRICE OF GOLD WAS UP $21.50 with FRIDAY’S TRADING(at comex closing). i would again suggest that comex officials are facing “a Houston, I have a problem” situation and that would be ample reason to orchestrate a raid trying to get that OI down.
As far as the GLD, we had another increase today of 2.68 tonnes (with gold down) of gold into the GLD. The new inventory rests at 836.87 tonnes. I have no problem in telling you that the addition was paper gold and not physical as London is having a tough time finding real metal. We had no change in silver inventory at the SLV. Inventory rests at 336.119 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver rise by 1843 contracts up to 204,736 as the price of silver was UP by 21 cents with FRIDAY’S trading. The gold open interest ROSE by ANOTHER HUGE 21,848 contracts as gold ROSE by $21.50 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.I also believe that for the first time we are witnessing players wishing to stand for real physical in gold. The May contract for gold investors are refusing the tempting fiat offer and want only physical.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
2c) COT report
3. ASIAN AFFAIRS
i)Late SUNDAY night/ MONDAY morning: Shanghai closed DOWN BADLY BY 81.14 PTS OR 2.79% / Hang Sang closed UP 46.94 OR 0.23%. The Nikkei closed UP 109.31 POINTS OR 0.68% . Australia’s all ordinaires CLOSED UP 0.54% Chinese yuan (ONSHORE) closed DOWN at 6.5072. Oil FELL to 44.10 dollars per barrel for WTI and 45.04 for Brent. Stocks in Europe DEEPLY IN THE RED . Offshore yuan trades 6.5294 yuan to the dollar vs 6.5072 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
The comatose economy inside Japan is a showcase for the economies of the world as Keynesian economics just do not work:
( zero hedge)
b) REPORT ON CHINA
i)Late Saturday night, China released its exports and imports and they missed badly confirming weak demand both globally and inside China. Remember that POBC injected 1 trillion USA dollars into their economy in March but that seems to have dissipated. They are also reporting huge imports from Hong Kong but that is over invoicing and is a way to get money out of the country.
ii)Turmoil returns to Mainland Chinese stocks as Shanghai is down close to 6% over two trading days. Iron ore futures plummet setting the tone:
i)Christine Lagarde of the iMF has sent a letter to the 19 officials of the EU telling them Greece can never achieve a primary surplus of 3.5% (budget surplus-interest expenses). They propose a 1.5% primary surplus with debt reduction. If they do not offer both of these to Greece then the IMF will not participate.
Germany on the underhand has stated that for their vote two aspects are needed:
- to fulfill previous agreement of 3.0% primary surplus
- no debt reduction
seems we have a huge problem here as Germany has a huge 3.5 billion euro payment in July that it cannot meet.
( MISH SHEDLOCK/MISHTALK)
ii)Then late Sunday afternoon, Greece was again shut down by protests and strikes. The protest is over pensions again
( Mish Shedlock)
iii)Then much to the anger of protesters, the Greek Parliament passes further austerity hoping to unlock 4 billion euros of a bailout loan:
( zero hedge)
iv)The EU want Erdogan to reform his “anti terrorist law”. This law gives him the right to arrest journalists or whomever he wishes. Erdogan just stated he would not go along with the wishes of the EU.
Now we have a two fold problem:
a) 80 million Turks will have via free travel inside Europe
b) How will they all deal with the migrant situation
( Mish Shedlock)
v)On Friday, we brought you a story that UK Regulators were investigating Deutsche bank on a sale of bonds to Italian investors. It seems that Deutsche bank was dumping their bonds while promoting the worthiness of these Italian bonds. Now we find out that the TTIP will protect megabanks from prosecution by investors.
China’s demand for iron ore and copper has crashed causing the Baltic Dry Index to collapse. What we are witnessing is a total crash in demand for base metals and crude throughout the globe:
( Baltic Dry Index/zero hedge)
i)The situation inside Venezuela is nothing but chaos. The leader of the opposition that is trying to overthrow Maduro was assassinated Sunday night, afte3r 1.8 million signatures petition to oust the President.
( zero hedge)
ii)Brazilian stocks and the Brazilian real tumble after the Brazilian Hous Chief calls for an annulment on the procedure used to impeach Roussef. The markets want all the corrupt actors out of government. They must due a new vote: