Good evening Ladies and Gentlemen:
Gold: $1,254.20 DOWN $19.50 (comex closing time)
Silver 16.48 DOWN 64 cents
In the access market 5:15 pm
Yesterday I wrote the following:
“No doubt that the entire trading of gold and silver today was orchestrated by our crooked banks. They were massively selling paper gold throughout the night and early morning. Even the one billion dollar bid for gold early this morning did not spook the crooks. At 2 pm they released the beige book report and the Fed stated that it is likely that they will raise rates in June. The USA should raise rates but the problem will be China who has threatened to lower dramatically the yuan and in so doing would absolutely kill Japan, South Korea and the emerging markets. Besides no Fed would be stupid enough to raise rates three months before a USA election.”
China wasted no time firing another shot across the bow by devaluing the yuan further today,and this put tremendous pressure on global markets.
The amount standing for gold in May is simply outstanding at 6.504 tonnes, remaining constant by from yesterday. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June. June is the second largest delivery month after December.
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 3 notices for 15,000 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 240.39 tonnes for a loss of 63 tonnes over that period
In silver, the open interest FELL by 2,465 contracts DOWN to 204,929 as the price was silver was DOWN by 11 cents with respect to yesterday’s trading. NOT NEARLY THE LIQUIDATION THAT THEY HAVE BEN LOOKING FOR. In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.024 BILLION TO BE EXACT or 146% of annual global silver production (ex Russia &ex China)
In silver we had 1 notice served upon for 5,000 oz.
In gold, the total comex gold OI fell by a CONSIDERABLE 4,377 contracts down to 590,700 as the price of gold was DOWN $2.50 with yesterday’s trading(at comex closing).
As far as the GLD, THE FOLLOWING MAKES NO SENSE AT ALL: WE HAD A HUGE DEPOSIT OF 4.42 TONNES in inventory at the GLD WITH GOLD DOWN $19.50. The inventory rests at 860.34 tonnes. 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 rise by 1,180 contracts UP to 207,394 as the price of silver was DOWN by 11 cents with yesterday’s trading. The gold open interest FELL by 1,436 contracts as gold was up $2.50 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.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
3. ASIAN AFFAIRS
i)Late TUESDAY night/ WEDNESDAY morning: Shanghai closed DOWN BY 36.10 PTS OR 1.27% / Hang Sang closed DOWN 292.39 OR 1.45%. The Nikkei closed DOWN 8.11 POINTS OR 0.06% . Australia’s all ordinaires CLOSED DOWN 0.74% Chinese yuan (ONSHORE) closed DOWN at 6.5362 as China fired another shot across the bow telling the USA not to raise rates. Oil ROSE to 47.76 dollars per barrel for WTI and 48.80 for Brent. Stocks in Europe MOSTLY IN THE GREEN . Offshore yuan trades 6.5581 yuan to the dollar vs 6.5362 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i)As promised, the POBC has sent a message to the Fed tonight concerning their “likely” raising their interest rate in June: the second largest devaluation since August:6.56557
Time: 10 pm est:
ii)After annoying the Russians by flying very close to their territory, the USA decided it was high time to annoy the Chinese:
i)Looks like the EU-Turkey migrant deal is falling apart as EU has second thoughts on granted 80,000 visa entry to Turkish citizens. The threat of unwanted people entering Europe is weighing in on the issue
( Soeren Kern/Gatestone Institute)
ii)Why Tim Price is voting to leave the EU:
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Egyptian aircraft carrying 66 on board crashes into the Med. Sea. It seems it blew up in mid air and thus it sure looks like another terrorist attack:
( zero hedge)
ii)Then at 1 pm CNN reports that it was a bomb that blew up the Egyptian Airliner:
( zero hedge)
FIVE BANKS INCLUDING BANK OF AMERICA AND DEUTSCHE BANK HAVE BEEN SUED OVER MANIPULATION IN AGENCY BONDS:
i)Doug Pollitt comments on gold’s continuing respect
(courtesy Doug Pollitt/GATA
ii)GoldMoney launches a gold payroll and gold payout application for the BitGold business platform
( Business Wire/SF California/GATA))
8.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD AND SILVER
i)Late last night, Elizabeth Holmes admits that billion dollar company Theranos is a fraud: the technology is a fraud:
( zero hedge)
ii)Bellwether Caterpillar has retail sales falling for a record 41 consecutive months.The global growth is stagnant!
( zero hedge)
iii)Dudley disappoints and this causes stocks to fall some more. He is totally unhappy that even a hint that the Fed will hike causes markets to falter: