Good evening Ladies and Gentlemen:
Gold: $1,271.90 UP $1.60 (comex closing time)
Silver 17.12 UP 3 cents
In the access market 5:15 pm
Yesterday I reported the following to you:
“Expect another raid tomorrow!”
And sure enough they blasted gold and silver twice:
i. During the access market, gold and silver were bombed but during the Asian /European time zone where physical dealings are prevalent, both of precious metals rose to levels at comex closing time.
ii) Then when comex opened for trading they bombed again knocking gold down to 1261.00 USA and silver to $16.88;
Again, gold and silver clawed back up to finish in positive territory.
The bankers know they have a battle on their hands.
Let us have a look at the data for today
At the gold comex today we had a GOOD delivery day, registering 73 notices for 7300 ounces for gold,and for silver we had 119 notices for 595,000 oz for the non active May delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 235.21 tonnes for a loss of 68 tonnes over that period
In silver, the open interest fell by 482 contracts down to 205,956 as the price was silver was DOWN by 21 cents with respect to yesterday’s trading. A very tiny contraction compared to the raid we had yesterday. In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.029 BILLION TO BE EXACT or 147% of annual global silver production (exRussia &ex China)
In silver we had 2 notices served upon for 10,000 oz.
In gold, the total comex gold OI FELL BY 7,519 CONTRACTS DOWN to 578,371 contracts AS THE PRICE OF GOLD WAS DOWN $4.10 with YESTERDAY’S TRADING(at comex closing). Again, THE BOYS DID NOT LIKE the liquidation of contracts AS THEY WANTED A GREATER CONTRACTION. They did not like the OI in both gold and silver and thus the attempted raid today with much fanfare but their escapade failed. With gold at 1274.00 early in the morning, the metal was smashed down to 1264.00 but then recovered to close at 1271..
As far as the GLD, we had another huge deposit of 5.94 tonnes into the GLD. The new inventory rests at 851.13 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 changes in silver inventory at the SLV. Inventory rests at 335.073 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fell by 482 contracts DOWN to 205,956 as the price of silver was DOWN by 21 cents with YESTERDAY’S trading. The gold open interest fell by 7,519 contracts as gold WAS DOWN $4.10 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.I also believe that for the first time we are witnessing players wishing to stand for real physical in gold. Gold investors, in the May contract month are refusing the tempting fiat offer as they want only physical. The amount standing for May remains at a very high 6.37 tonnes.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
2c) COT report
3. ASIAN AFFAIRS
i)Late THURSDAY night/ FRIDAY morning: Shanghai closed DOWN BY 8.75 PTS OR 0.31% / Hang Sang closed DOWN 196.17 OR 0.99%. The Nikkei closed DOWN 234.13 POINTS OR 1.41% . Australia’s all ordinaires CLOSED DOWN 0.54% Chinese yuan (ONSHORE) closed DOWN at 6.5210. Oil FELL to 46.10 dollars per barrel for WTI and 47.70 for Brent. Stocks in Europe IN THE RED . Offshore yuan trades 6.54570 yuan to the dollar vs 6.5210 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
i)With negative interest rates in Japan, who is buying all of the uSA treasuries? None other that Mrs Watanabe (Japanese citizens). This is an accident waiting to happen!
ii)OH OH! is Japan expecting a Lehman type of shock They just postponed their tax hike scheduled for April 2017:
b) REPORT ON CHINA
i)The big unwind begins as the entire bubble just exploded in China: Steel crashed the most since 2009 as did other commodities. This will certainly blow up their banking system:
Also the ‘easing’ game inside China is over!
( zero hedge)
ii)Wow! 1st quarter GDP fell off a cliff falling- .4% Q/Q instead of growth of .1%
iii)We knew this was going to happen!! China’s credit growth went to absolute zero and zero hedge explains why this is important..a must read.
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
Russia hints at nuclear war after the USA deploys ballistic missile shield;
( zero hedge)
As stock markets are manipulated daily, the big question is who is buying and who is selling. It seems that the smart money is selling and buying gold. Below is a good commentary as the Bank of America charts where investor funds are heading:
(courtesy zero hedge/Bank of America)
i) Iran offers huge discount on Asian crude, the highest discount since 2007. Saudi Arabia is not pleased:
( I. Slav/Oil Price.com)
ii)USA rig counts continue to crash land:
iii)We have been warning you that by June, Cushing OK will be at full capacity.
8. PHYSICAL MARKETS
i) John Embry discusses the massive short position by the banks in both gold and silver
a very important read.
(courtesy John Embry/Kingworldnews)
ii)Antal Fekete: there is a world war against gold! He is certainly right on that score
9. USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER
i)More junk released by the USA as they state that April retail sales soared??? With a complete collapse at Macy’s and Nordstrom?
iii)The following is a big story!! The business inventories have now risen from last month’s 1.36 up to 1.41. The superb indicator of a recession/depression
iv)U. of Michigan consumer confidence hits an 11th month high on just the hope subset: