Gold:1340.60 up $2.90
Silver 18.91 up 7 cents
In the access market 5:15 pm
Gold: 1338.40
Silver: 18.82
.
For the August gold contract month, we had a good sized 261 notices served upon for 26,100 ounces. The total number of notices filed so far for delivery: 13,387 for 1,338,700 oz or tonnes or 41.639 tonnes. The total amount of gold standing for August is 42.777 tonnes.
In silver we had 9 notices served upon for 45000 oz. The total number of notices filed so far this month: 480 for 2,400,000 oz.
We now enter in earnest the options expiry for gold and silver. The comex options expiry is: Friday, August 26.
Options expiry for the OTC /London’s LBMA contracts expire at noon August 31.
Today we witnessed gold and silver rise yet gold/silver equity shares falter. Generally this is a good sign that the crooks are orchestrating another raid in the next 24 hours. The silver situation is no doubt bothering them immensely.
Let us have a look at the data for today
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In silver, the total open interest FELL BY 71 contracts DOWN to 205,045 AND MOVING AWAY FROM ITS AN ALL TIME RECORD. THE OPEN INTEREST ON FRONT MONTH OF SILVER CONTRACTED BY A TINY AMOUNT DESPITE THE FACT THAT THE SILVER PRICE WAS WHACKED PRETTY HARD TO THE TUNE OF 46 CENTS IN YESTERDAY’S TRADING .In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.025 BILLION TO BE EXACT or 146% of annual global silver production (ex Russia &ex China).
In silver we had 9 notices served upon for 45,000 oz
In gold, the total comex gold FELL 1,657 contracts as the price of gold FELL BY $3.70 yesterday . The total gold OI stands at 572,845 contracts.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
we had no changse today at the GLD/
Total gold inventory rest tonight at: 958.37 tonnes of gold
SLV
we had no changes in the SLV, / THE SLV Inventory rests at: 358.793 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FELL by 71 contracts DOWN to 205,045 despite the fact that the price of silver FELL HARD BY 46 cents with YESTERDAY’S trading.The gold open interest FELL 1,657 contracts DOWN to 572,845 as the price of gold FELL by $3.70 WITH YESTERDAY’S TRADING.
(report Harvey).
2 a) Gold/silver trading overnight Europe, Goldcore
(Mark OByrne/zerohedge
3. ASIAN AFFAIRS
i)Late MONDAY night/TUESDAY morning: Shanghai closed UP 4.91 POINTS OR 0.16%/ /Hang Sang closed UP 1.02 points or 0.01%. The Nikkei closed DOWN 100.83 POINTS OR 0.61% Australia’s all ordinaires CLOSED UP 0.70% Chinese yuan (ONSHORE) closed UP at 6.6430/Oil FELL to 47.06 dollars per barrel for WTI and 48.76 for Brent. Stocks in Europe: in the RED . Offshore yuan trades 6.6537 yuan to the dollar vs 6.6430 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS SLIGHTLY AS MORE USA DOLLARS ATTEMPTS LEAVE CHINA’S SHORES
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
i)We have been highlighted the following to you on several occasions. Now from CLSA: the Bank of Japan has basically nationalized the Japanese stock market.
( CLSA/zero hedge)
ii)Here is another casualty of the higher Libor and its increasing costs to foreign banks. We showed (below) that the higher libor costs make buying of USA bonds impossible because their higher costs negates the deal. Now we see that Japanese banks are having trouble locating scarce dollars in the money markets and that will have a devastating effect on their profitability
( zero hedge)
b) REPORT ON CHINA
China has spooked its market as they seem to wish to withdraw from conventional QE and instead go their less powerful 14 repos: bond yields spike as there will be nobody to buy their bonds:
( zero hedge)
4 EUROPEAN AFFAIRS
i)Last week we reported on the scarcity of Great Britain bonds (GILTS). Today there was a rush to purchase anything with a yield and thus scarcity of bonds is back
( zero hedge)
ii)Shear lunacy…now Mario is buying private placement debt. They are purchasing debt equivalent to 1 trillion euros per year. It ends in March 2017:
( Mish Shedlock)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
An excellent commentary, with the subject that the new Russia-China- Iran alliance totally pushed the USA out of much middle east influence..
( Darius Shahtamasebi/AntiMedia.org)
6.GLOBAL ISSUES
i)A must read…the lunacy of QE and why this will bring the whole house of cards down
( David Stockman/ContraCorner)
ii)Good question: just what are central banks terrified about…
( Phoenix Capital)
7.OIL ISSUES
i)Oil moves higher on false algo rumour of an Iran support to prop up oil market. It was denied by Iran but oil still rebounds higher
( zero hedge)
ii)Then it slides back to earth after the biggest inventory build in the last 4 months
( zero hedge)
8.EMERGING MARKETS
VENEZUELA:
The authorities now are banning lines from forming outside bakeries
( Fisher/Reason.com/Hit & Run blog)
9.PHYSICAL STORIES
i)The biggest bond traders are continuing by buy negative yielding bonds because central banks have a huge appetite for bonds and they are hoping for capital gains instead of interest rate.
(Bloomberg/Gata)
ii)Bullion Star’s Ronan Manly discusses why China wanted inclusion into the SDR’s and how they are going to supplant the USA as a reserve currency of the world:
(courtesy Bullion Star/Ronan Manly))
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)Early trading today:figure out who is right and who is wrong!
S& P up! gold up! and yield on 30 yr down (bond prices up?)
( zero hedge)
ib)The bond market, this afternoon delivered its potential verdict on Yellen’sJackson Hole address this Friday with yields falling to .76% on the two year note. The bond market is expecting nothing but dovishness:
ii)The USA flash manufacturing PMI for August printed a very disappointing 52.1.This is a preliminary number but it does not bode well for the USA economy:
( zero hedge)
iv) New rules coming will cause problems for our derivative players as they will need to increase their margins. The major problem of course is the lack of collateral caused by bankers soaking up everything. This is going to hurt the bankers quite a bit…
another important read…
(Bloomberg/Sabrush)
v)Another very important commentary. I have been pointing out to you for the past several months the continual decline in foreign demand for USA government bonds. The latest TIC report shows aggressive foreign selling. The big question is why? The answer lies in the cost to hedge the USA dollar. Even though the USA has a good positive yield compared to anybody else at sovereign AAA, it is the cost to hedge that kills the trade (buy USA short EU eg.) If investors want yield that must do so unhedged and with a USA policy to tighten that is not a very good idea
( zero hedge)
vi)The Fed admits that another 4 trillion uSA will be needed to offset another economic shock or in other words, the doubling of the Fed’s balance sheet.
( zerohedge)
Let us head over to the comex:
The total gold comex open interest FELL to an OI level of 572,845 for a LOSS of 1657 contracts as the price of gold fell by $3.70 with yesterday’s trading. We are now in the active month of August. As I stated this month:”Somebody big is continually standing for the gold metal and continues to do so in August in the same manner as we have witnessed in May, June and July whereby the front delivery month increases in I standing for metal or a slight contraction. We will no doubt see increases in amount standing in August and probably we will surpass the amount standing on first day notice.
The big active contract month of August saw it’s OI fall by 46 contracts down to 627. We had 46 notices filed upon yesterday so we neither gained nor lost any gold ounces that will stand for delivery in August. The next contract month of Sept saw it’s OI fall by 190 contracts down to 4218. The September contract still remains extremely elevated and we may have another of those high deliveries rare for a non active month. The next active delivery month is October and here the OI ROSE by 85 contracts UP to 47,760. The estimated volume today (which is just comex ales during regular business hours of 8:20 until 1:30 pm est) was POOR at 152,660. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was FAIR at 164.774 contracts. The comex is not in backwardation.
Today we had 261 notices filed for 26,100 oz of gold.
Gold |
Ounces
|
Withdrawals from Dealers Inventory in oz | nil OZ |
Withdrawals from Customer Inventory in oz nil |
nil
|
Deposits to the Dealer Inventory in oz | 3,999.970 oz
Brinks
|
Deposits to the Customer Inventory, in oz |
nil
|
No of oz served (contracts) today |
261 notices
26,100 oz
|
No of oz to be served (notices) |
627 contracts
(62,700 oz)
|
Total monthly oz gold served (contracts) so far this month |
13,387 contracts (1,338,700 oz)
(41.639 tonnes)
|
Total accumulative withdrawals of gold from the Dealers inventory this month | NIL |
Total accumulative withdrawal of gold from the Customer inventory this month | 538,.816.3 OZ |
THE GOLD COMEX IS AN ABSOLUTE FRAUD. THE USE OF KILOBARS AND EXACT WEIGHTS MAKES THE DATA TOTALLY ABSURD AND FRAUDULENT!!
To me, the only thing that makes sense is the fact that “kilobars” are entries or hypothecated gold sent to other jurisdictions so that they will not be short in their derivatives like in England. This would be similar to the gold used by Jon Corzine. If this is the case, this would be the greatest fraud perpetrated on USA soil.
Silver |
Ounces
|
Withdrawals from Dealers Inventory | NIL |
Withdrawals from Customer Inventory |
NIL
|
Deposits to the Dealer Inventory |
NIL OZ
|
Deposits to the Customer Inventory |
877,523.735 OZ
CNT
DELAWARE
SCOTIA
|
No of oz served today (contracts) |
9 CONTRACTS
(45,000 OZ)
|
No of oz to be served (notices) |
15 contracts
75,000 oz)
|
Total monthly oz silver served (contracts) | 480 contracts (2,400,000 oz) |
Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
Total accumulative withdrawal of silver from the Customer inventory this month | 10,150,179.0 oz |
end