Gold:1336.40 down $22.40
Silver 19.78 down 63 cents
In the access market 5:15 pm
Gold: 1336.00
Silver: 19.71
.
For the August gold contract month, we had a huge 1019 notices served upon for 101,900 ounces. The total number of notices filed so far for delivery: 10,881 for 1,088,100 oz or tonnes or 33.844 tonnes
In silver we had 63 notices served upon for 315,000 oz. The total number of notices filed so far this month: 209 for 1,045,000 oz.
Yesterday I wrote the following:
“Tomorrow is the FOMC report on the job gains in the uSA for last month. Even though the report has fraudulent data in it, many hedge funds have their eyes glued ready to sell or buy within seconds of its release especially gold and silver.So you are warned: gold and silver will be quite volatile tomorrow. The last jobs report was awful and I do not think that they will have two consecutive bad reports. They love putting lipstick on this economic pig”
The boys did not disappoint me today.The raid was necessary due to the high OI in the total comex silver plus the OI for the coming September contract. Also more gold is standing for the front month of August. To date: 40.2 tonnes of gold is standing.
Let us have a look at the data for today
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In silver, the total open interest ROSE BY A SMALLISH 342 contracts UP to 223,484 AND CLOSE AN ALL TIME NEW ALL TIME RECORD EVEN THOUGH THE PRICE OF SILVER FELL BY 3 CENTS WITH YESTERDAY’S TRADING.In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.117 BILLION TO BE EXACT or 159% of annual global silver production (ex Russia &ex China).
In silver we had 63 notices served upon for 315,000 oz
In gold, the total comex gold ROSE BY A CONSIDERABLE 6,583 contracts as the price of gold ROSE by $4.80 yesterday. The total gold OI stands at 590,494 contracts.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had a huge change to our gold inventory, a monstrous deposit of 10.69 tonnes of gold (with the price down $22.40) at the GLD . /
Total gold inventory rest tonight at: 980.34 tonnes
SLV
we had no changes in the SLV, the SILVER INVENTORY AT THE SLV
rests at 350.815 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 342 contracts UP to 223,484 DESPITE THE FACT THAT the price of silver FELL BY 3 cents with YESTERDAY’S trading.The gold open interest ROSE by A large 6,583 contracts UP to 583,911 as the price of gold ROSE by $4.80 WITH YESTERDAY’S TRADING.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
3. ASIAN AFFAIRS
i)Late THURSDAY night/FRIDAY morning: Shanghai closed DOWN 5.73 POINTS OR 0.19%/ /Hang Sang closed UP 313.86 points or 1.44%. The Nikkei closed UP 0.44 POINTS OR 0.01% Australia’s all ordinaires CLOSED UP 0.39% Chinese yuan (ONSHORE) closed UP at 6.6412/Oil rose to 41.54 dollars per barrel for WTI and 43.92 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades 6.6502 yuan to the dollar vs 6.6412 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS SLIGHTLY AS CHINA TRIES TO STOP MORE USA DOLLARS LEAVING THEIR SHORES
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
none today
b) REPORT ON CHINA
The Chinese “paper economy” was faltering to bits. Just look at what the regulators told banks to do when they face non performing loans:
“looks the other way”
( zero hedge)
4 EUROPEAN AFFAIRS
Merkel is losing support among German voters after last month’s terrible attacks Muslims. The anti immigration parties are leading and they are euroskeptic
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
This ought to be great for European confidence: a jailed Jihadist warns that ISIS is planning loads of concurrent attacks on England Germany and France
( zero hedge)
6.GLOBAL ISSUES
The Canadian dollar tanks as she loses the most jobs since November at 31,200.
The lower price of oil is certainly placing a toll on Canada
( Bloomberg)
7.OIL ISSUES
Oil fades into the close after they announce the 6th weekly rig count rise
( zero hedge)
8.EMERGING MARKETS
none today
9.PHYSICAL STORIES
i)The Bank of England has provided additional QE as well as lowering its interest rate to .25% with guidance heading for zero. This is why you buy gold:
( SmartKnowledge.U)
ii)A good reason why Indians buy gold;
( Press India/GATA)
iii)Your weekly lecture on the global economy.
Today’s piece is entitled:
“Saving the System”
ALASDAIR MACLEOD.
iv)Rob McEwan the originator of Goldcorp is one smart cookie. Today he talks about gold mining and where we are heading. He is one smart cookie
( Gord McEwan/GATA/Penner/Vancouver Sun)
v)China demand is down 25% from last yr but on par with 2014: SGE withdrawals = Chinese demand!( see Koos Jansen’s many papers on the subject)
( Lawrence Williams/Lawrie ongold)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)The official FOMC report: a gain of 255,000 jobs as it exceeded expectations. Wages gain rise but the unemployment rate remains the same at 4.9%. Also the gains do not match declining tax withholdings:
( zero hedge)
ii)Supposedly the July job gains were in Obamacare again and strangely in Education where all students are out of school and nobody hires anybody in July.
( zero hedge)
iib)Since 2014, the USA have added 1/2 million wiaters and bartenders and 0 manufacturing workers. And they call this a robust economy?
(courtesy zero hedge)
iii)Analysts looking at the data are quite angry as they see huge weakness in all the numbers. The question is how did they record such a high increase in jobs: answer our famous plug numbers: seasonal adjustments and the B/D (Birth/Death Plug)
(zero hedge)
iv)The Administration has a major problem here as there is no doubt that ransom money was paid to release the sailors caught in Iranian waters:
( zerohedge)
v)This is interesting: Trump retracts his statement that he saw a video of “Iran Cash” being sent in exchange for the hostages. The earlier images were thought to be of the hostages arriving in Geneva. Then strangely footage of cash arriving in Iran surfaces: maybe the Donald was a little too early to retract!
( zero hedge)
vi)This should help Hillary’s campaign for the Presidency:
“we will raise taxes on the middle class”
(zerohedge)
vii)Both student loans and auto loans hit record highs
( zero hedge)
viii)Citibank states that the bull market just will not die. They see “red everywhere”
( Citibank/zero hedge)