Gold $1310.10 down $4.30
Silver 18.80 down 34 cents
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
.
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix Oct 3 (10:15 pm est last night): $ holiday
NY ACCESS PRICE: $
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ holiday
NY ACCESS PRICE:
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Fix: Sept 30: 5:30 am est: $1327.90 (NY: same time: $1326.90: 5:30AM)
London Second fix Sept 16: 10 am est: $1322.50 (NY same time: $1323.00 , 10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end
For comex gold:
the total number of notices filed on 2nd day notice: 3005 for 300500 oz (9.347 tonnes)
For silver:
for the Oct contract month: 11 notices for 55,000 oz.
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Let us have a look at the data for today
I will update the comex inventory data much later tonight.
.
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In silver, the total open interest ROSE by 846 contracts UP to 201,700 The open interest ROSE as the silver price was UP 3 cents in Friday’s trading .In ounces, the OI is still represented by just MORE THAN 1 BILLION oz i.e. 1.0004 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia &ex China).
In silver for October we had 11 notices served upon for 55,000 oz
In gold, the total comex gold FELL by 4,423 contracts as the price of gold fell by $7.40 ON FRIDAY . The total gold OI stands at 561,336 contracts. The bankers have done a great job fleecing longs and as usual the entire gold comex OI obliterates
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With respect to our two criminal funds, the GLD and the SLV:
GLD
LAST NIGHT WE HAD NO CHANGES OUT OF THE GLD//
Total gold inventory rests tonight at: 949.14 tonnes of gold
SLV
we had no changes at the SLV
THE SLV Inventory rests at: 362.909 million oz
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 846 contracts UP to 201,700 as the price of silver rose by 3 cents with yesterday’s trading.The gold open interest FELL by 54,423 contracts DOWN to 561,336 as the price of gold fell $7.40 IN FRIDAY’S TRADING.
(report Harvey).
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
end
Let us head over to the comex:
The total gold comex open interest FELL BY 4423 CONTRACTS to an OI level of 561.336 the as price of gold fell by $7.40 with FRIDAY’S trading.
The contract month of Sept is now off the board. The next delivery month is October and here the OI lost 2935 contracts down to 4458. We had 2470 notices filed on Friday so we lost 465 contracts or 46,500 oz will not stand AND no doubt that most of these were cash settled.
The next delivery month is November and here the OI fell by 20 contracts down to 2232 contracts. The next contract month and the biggest of the year is December and here this month showed an decrease of 3,533 contracts down to 437,423.
And now for the wild silver comex results. Total silver OI ROSE BY 846 contracts from 200,854 up to 201,700 as the price of silver ROSE to the tune of 3 cents yesterday. We are moving CLOSER TO the all time record high for silver open interest set on Wednesday August 3: (224,540). The next non active delivery month is October and here the OI fell by 235 contracts down to 202. We had 301 notices filed on Friday so we gained 66 contracts or 330,000 additional oz will stand for delivery.The November contract month saw its OI rise by 4 contracts up to 399. The next major delivery month is December and here it FELL BY 192 contracts DOWN to 170,873.
today we had 11 notices filed for silver: 55,000 oz
Gold |
Ounces
|
Withdrawals from Dealers Inventory in oz |
NIL |
Withdrawals from Customer Inventory in oz nil |
xxxx
|
Deposits to the Dealer Inventory in oz | nil oz |
Deposits to the Customer Inventory, in oz |
xxx oz
|
No of oz served (contracts) today |
3005 notices
300,500 oz
(9.347 tonnes)
|
No of oz to be served (notices) |
1453 contracts
145,300
oz
|
Total monthly oz gold served (contracts) so far this month |
5475 contracts
547,500 oz
17.029 tonnes
|
Total accumulative withdrawals of gold from the Dealers inventory this month | oz |
Total accumulative withdrawal of gold from the Customer inventory this month | 96.45 oz |
Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued form their client or customer account. The total of all issuance by all participants equates to 3005 contract of which 225 notices were stopped (received) by jPMorgan dealer and 6 notice(s) was (were) stopped (received) by jPMorgan customer account.
Silver |
Ounces
|
Withdrawals from Dealers Inventory | NIL |
Withdrawals from Customer Inventory |
xxx oz
xxxx
|
Deposits to the Dealer Inventory |
xx OZ
|
Deposits to the Customer Inventory |
xx oz
|
No of oz served today (contracts) |
11 CONTRACTS
(55,000 OZ)
|
No of oz to be served (notices) |
191 contracts
(955,000 oz)
|
Total monthly oz silver served (contracts) | 312 contracts (1,560,000 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 | 420,010.27 oz |
end
NPV for Sprott and Central Fund of Canada
end
And now your overnight trading in gold,FRIDAY MORNING and also physical stories that may interest you:
GBP Gold Rises 1.3% as Sterling Slumps On ‘Hard Brexit’ Concerns, EU Contagion Risk
Sterling gold rose 1.3% today as sterling slumped again after the UK set a March deadline to start their ‘Brexit divorce’ proceedings from the European Union and on deepening nervousness regarding a ‘Hard Brexit’.
Theresa May’s bombshell deadline by which the UK will exit the EU given at her Conservative party conference, saw gold in sterling terms rise from £1,010/oz to £1,023/oz today and the pound hit a three-year low against the euro.
Sterling fell around 1 percent against the dollar to a seven-week low of $1.285 and a three-year low against the euro of 87.47 pence per euro.
Gold in sterling terms is now just 3.3% below the recent price highs of £1,057/oz seen in early July when gold surged in panic buying after the Brexit vote.
GBP gold is just 13% below the all time record nominal high in sterling terms of £1,161/oz, reached on August 24, 2011. Gold bottomed at £700/oz in July 2015 and has seen a series of higher lows and higher highs since then.
It is 46% higher from those lows and up 36% higher in sterling terms year to date. It is in a new bull market and price dips should be used to accumulate on weakness.
Gold is also being supported by concerns about Deutsche Bank, and whether Europe’s largest bank in the EU’s largest economy, is systemic, and potentially the EU’s ‘Lehman moment.’
Germany’s biggest lender and bank and the bank with the largest derivatives exposure is hoping to reach a settlement with the U.S. Justice Department before next month’s presidential election for mis-selling mortgage-backed securities. It faces a fine of up to $14 billion.
Deutsche shares aren’t trading in Germany today because of a public holiday, but they will be trading on the U.S. market. An unverified media report on Friday settled market jitters and increased risk appetite again. It suggested that Deutsche and the DOJ were close to agreeing a $5.4 billion settlement and lifted the stock 6 percent. The report remains unconfirmed.
Over the long term, gold has performed well for UK buyers and protected them from the risks manifest in recent years. Over 10 years, gold in GBP terms is up more than threefold or by 222% from £317/oz to £1,023/oz. An average annual performance of over 13% per annum.
Gold will continue to act as a hedge against currency depreciation for investors and savers in the UK and indeed for investors and savers in EU and other countries. Indeed, the increasing likelihood of a ‘Hard Brexit’ increases the risks posed to the EU itself and the risk of contagion – posed to both the political and the monetary union.
Gold and Silver Bullion – News and Commentary
China’s Yuan Joins IMF Reserves in First Revision Since 1999 (Bloomberg)
Brexit Trigger News Sends British Pound Lower (WSJ)
Gold up on short covering as Deutsche Bank concerns ease (Reuters)
Gold Holds Weekly Decline as Deutsche Bank Concerns Ebb (Bloomberg)
LBMA Said to Enter Talks With Autilla, Boat on Gold Platform (Bloomberg)
Silver Way Undervalued (Silverseek)
Investing in gold is the best ‘speculative’ bet there is today (Marketwatch)
The Biggest Scandal (Silverseek)
Quantitative easing has pernicious effects that favour the wealthy (The Guardian)
Europe’s Perfect Dollar Storm (Bloomberg)
Gold Prices (LBMA AM)
03 Oct: USD 1,318.65, GBP 1,023.40 & EUR 1,173.99 per ounce
30 Sep: USD 1,327.90, GBP 1,025.01 & EUR 1,187.67 per ounce
29 Sep: USD 1,320.85, GBP 1,016.92 & EUR 1,177.14 per ounce
28 Sep: USD 1,324.80, GBP 1,020.10 & EUR 1,181.06 per ounce
27 Sep: USD 1,335.85, GBP 1,031.01 & EUR 1,187.84 per ounce
26 Sep: USD 1,336.30, GBP 1,033.23 & EUR 1,188.91 per ounce
23 Sep: USD 1,335.90, GBP 1,027.17 & EUR 1,192.16 per ounce
Silver Prices (LBMA)
03 Oct: USD 19.18, GBP 14.89 & EUR 17.07 per ounce
30 Sep: USD 19.35, GBP 14.92 & EUR 17.33 per ounce
29 Sep: USD 19.01, GBP 14.61 & EUR 16.95 per ounce
28 Sep: USD 19.12, GBP 14.69 & EUR 17.05 per ounce
27 Sep: USD 19.42, GBP 14.99 & EUR 17.26 per ounce
26 Sep: USD 19.44, GBP 15.04 & EUR 17.29 per ounce
23 Sep: USD 19.82, GBP 15.28 & EUR 17.66 per ounce
Recent Market Updates
– Why Krugman, Roubini, Rogoff And Buffett Hate Gold
– ECB Refused “To Answer Questions” – Deutsche Bank “Systemic Threat” Is “Not ECB Fault”
– Euro “Might Start To Unravel” If Collapse Of Deutsche Bank
– Do You Really Own Your Gold?
– “Gold Will Likely Soar To A Record Within Five Years”
– Savings Guarantee? U.N. Warns Next Financial Crisis Imminent
– Gold Up 1.5%, Silver Surges 3% – Yellen Stays Ultra Loose At 0.25%
– Trump and Clinton Are “Positive For Gold” – $1,900/oz by End of Year
– Gold Bugs Rejoice – Central Banks Think You’re On To Something
– ‘Hard’ Brexit Looms For Ireland
– EU Bail In Rules Ignored By Italy – Mother Of All Systemic Threats and World War?
– Buy Gold – Bonds Are ‘Biggest Bubble In World’ – Billionaire Singer Warns
– Silver Bullion Market – “Most Bullish Story Ever Told?”
end
The yuan officially joins the IMF reserves on Oct 1
(courtesy Bloomberg)
China’s yuan joins IMF reserves in first revision since 1999
Submitted by cpowell on Sun, 2016-10-02 14:04. Section: Daily Dispatches
By Robin Ganguly
Bloomberg News
Saturday, October 1, 2016
The yuan took on the mantle of a global reserve currency Saturday, a milestone that is seen breathing life into China’s bond markets by prompting estimated inflows of as much as $1 trillion over the next five years.
The currency’s entry into the International Monetary Fund’s Special Drawing Rights — alongside the dollar, euro, pound, and the yen — comes amid China’s efforts to boost its international usage and ambitions of providing an alternative to the dollar. Describing the inclusion as a “historic milestone,” IMF Managing Director Christine Lagarde said in a statement Friday that it reflects the progress that the Asian country has made in reforming its financial systems and liberalizing markets.
“SDR entry will pave the way for closer interaction between China’s capital market and that of the rest of the world,’ Tommy Xie, an economist at Oversea-Chinese Banking Corp. in Singapore, said on Saturday. “The first impact will be on the yuan, which the authorities are likely to keep stable for the next few weeks as any sudden volatility spike will damp the yuan’s image.” …
… For the remainder of the report:
http://www.bloomberg.com/news/articles/2016-10-01/china-s-yuan-joins-imf…
Commentaries by Leeb and von Greyerz at King World News
Submitted by cpowell on Mon, 2016-10-03 00:49. Section: Daily Dispatches
8:51p ET Sunday, October 2, 2016
Dear Friend of GATA and Gold:
King World News this weekend has commentaries by fund manager Stephen Leeb, who cautions that China is seeking control of both the world financial system and the internet —
http://kingworldnews.com/protect-yourself-as-china-seizes-control-of-the…
— and Swiss gold fund manager Egon von Greyerz, who mocks the chairman of the European Central Bank, the premier of China, the premier of Japan, and the chairwoman of the Federal Reserve:
http://kingworldnews.com/worldwide-collapse-and-prices-for-gold-silver-t…
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
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