Good evening Ladies and Gentlemen:
Gold: $1,285.80 UP $0.80 (comex closing time)
Silver 17.49 UP 8 cents
In the access market 5:15 pm
i) the June gold contract is an active contract. Last night we had a good sized 297 notices filed for 29,700 oz to be served upon today. The total number of notices filed in the first 11 days is enormous at 14,997 for 1,499,700 oz. (46.647 tonnes)
ii) in silver we had 0 notices filed. total number of notices served in the 10 days: 202 for 1,010,000 oz
Let us have a look at the data for today
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 274.09 tonnes for a loss of 29 tonnes over that period
In silver, the total open interest ROSE by 1259 contracts UP to 197,852 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by 2 cents with respect to YESTERDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.995 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia &ex China)
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI ROSE by a CONSIDERABLE 6,182 contracts UP to 545,357 as the price of gold was UP $1.10 with YESTERDAY’S trading (at comex closing).
With respect to our two criminal funds, the GLD and the SLV:
We had A HUGE change in inventory, A DEPOSIT OF 2.08 TONNES into the GLD/Inventory rests at 900.75 tonnes.
We had another huge change in inventory, a deposit of 2.376 million oz of silver into the SLV Inventory/Tonight it rests at 342.765 million oz.
Both the GLD and SLV are massive frauds as they have no metal behind them!
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 1259 contracts up to 199,111 despite the fact that the price of silver was DOWN by 2 cents with YESTERDAY’S trading. The gold open interest ROSE by 6,182 contracts UP to 545,357 as the price of gold was up $1.10 on YESTERDAY.
2 a) Gold trading overnight Europe, Goldcore
3. ASIAN AFFAIRS
i)Late TUESDAY night/ WEDNESDAY morning: Shanghai closed UP 45.02 POINTS OR 1.58% / /Hang Sang closed UP 79.99 OR 0.39%. The Nikkei closed UP 60.58 POINTS OR 0.38% Australia’s all ordinaires CLOSED DOWN 1.08% Chinese yuan (ONSHORE) closed UP at 6.5813 /Oil FELL to 48.05 dollars per barrel for WTI and 49.19 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades 6.5956 yuan to the dollar vs 6.5813 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS AS DOLLARS LEAVE THE COUNTRY
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
i) China sends a clear message to Janet Yellen of the Fed and tells her that she had better not raise rates nor stoke fears that she is going to raise the rates in the near future. China devalues the yuan to 6.6010 the weakest since Jan 2011.After China send its signal the yuan strengthened back to 6.5825. The last time we had the yuan at this level we had global turmoil:
( zero hedge)
ii)We have been highlighting this to you on many occasions: China is deleveraging its money growth and that is the major cause of the world’s growth hemorrhaging. China is the world’s growth.
4. EUROPEAN AFFAIRS
i)Looks like we are going to have another hung parliament in Spain. However the Euroskeptic party Podemos is gaining in strength and if they join with the socialists, we may have a repeat of a BREXIT in Spain or a Spain-ex .
( Mish Shedlock)
ii)Deutsche bank describes the negative 10 yr bund as a simple indicator of a broken financial system. What Deutsche bank really wants is an end to NIRP and more QE so threat they can get out of their mess. Also 57 MP’s will vote against the huge QE that Osborne announced if a BREXIT occurs.
iii)The Institute of International Finance in Washington states that BREXIT is a bigger threat to the Global Economy than Lehman. Also 57 MPs have warned that they would vote against an emergency budget post BREXIT
iv)And here are “peaceful” scenes from yesterday’s massive protests in Paris.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
The central bank of Nigeria throws in the towel and lets the Nira collapse. Expect hyperinflation similar to Venezuela to grip this nation:
( zero hedge)
i) Oil spikes higher after the DOE inventories drop refuting the API data for the 3rd week in a row . Production drops!
( DOE/zero hedge)
ii)Why Goldman Sachs strongly believes that oil is heading southbound:
ii)This is a good one!: Argentina’s former public works secretary is caught burying 8.5 million dollars equivalent in the ground. I believe former President Kirchner has got some problems
( zero hedge)
9. PHYSICAL STORIES
i)Craig Hemke outlines the huge manipulation of gold with the latest Banking Participation report:
(Craig Hemke/GATA/Chris Powell)
ii)John Embry states that the authorities are trying to prop up the stock market but gold and silver are gaining strength.
( John Embry/Kingworldnews)
iii)Technical analysis is useless in a violent manipulative scheme. And that is what we have with respect to gold and silver
( Chris Powell/Steve Savillle)
iv) Bill Holter’s interview with Greg Hunter of USA Watchdog
(Bill Holter/Greg Hunter)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)The all important industrial production plunges for the 9th straight month. This is the longest non recession streak in 100 years:
ii)In a surprise reading, the NY mfg index (Empire Fed) jumps on new orders. However employment conditions deteriorate:!!
( NY Empire Mfg Index/zero hedge)
iii)Today was FOMC day and many predicted it would be a non event and it sure looks that way with the Fed slashing guidance for that illusive rate hike:
iv)And the initial reaction on Wall Street:USD plummets, bonds up, gold up!
( zero hedge)
v) Janet states that the economy is improving. Guess again Janet, as Bank of America is set to fire another 8,000 bankers:
( Bank of America/zero hedge)
And Goldman Sachs’ take on the FOMC meeting just concluded: more dovish that anticipated!
(courtesy Goldman Sachs/zero hedge)