GOLD: $1320,55  DOWN $ 1,75  (COMEX TO COMEX CLOSINGS)

Silver: $16.72 DOWN  2 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1318.50

silver: $16.65

For comex gold:

MAY/

NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT:5 NOTICE(S) FOR 500 OZ.

TOTAL NOTICES SO FAR 618 FOR 61800 OZ (1.9066 tonnes)

For silver:

MAY

173 NOTICE(S) FILED TODAY FOR

865,000 OZ/

Total number of notices filed so far this month: 5837 for 29,185,000 oz

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Bitcoin: BID $8648/OFFER $8748: DOWN $316(morning)

Bitcoin: BID/ $8383/offer $8483: DOWN $578  (CLOSING/5 PM)

 

end

First Shanghai gold fix comes at 10 pm est

The second Shanghai gold fix:  2:15 pm

First Shanghai gold fix gold: 10 pm est:  1325.88

NY price  at the same time: 1320.10

PREMIUM TO NY SPOT: $5.78

ss

Second gold fix early this morning:  1329.07

USA gold at the exact same time:  1319.80

PREMIUM TO NY SPOT:  $9.27

AGAIN, SHANGHAI REJECTS NEW YORK PRICING.

WE WILL NOT PROVIDE LONDON FIXES AS THEY ARE NOT ACCURATE AS TO WHAT IS GOING ON AT THE SAME TIME FRAME.

Let us have a look at the data for today

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In silver, the total OPEN INTEREST ROSE BY A CONSIDERABLE  3339 CONTRACTS FROM  194,936  RISING TO 198,275  WITH YESTERDAY’S 22 CENT GAIN IN SILVER PRICING.    WE ARE NOW WITNESSING OUR USUAL AND CUSTOMARY COMEX LONG LIQUIDATION AS WE ENTERED INTO THE ACTIVE DELIVERY MONTH OF MAY AS LONGS PACK THEIR BAGS AND MIGRATE OVER TO LONDON.  WE WERE  NOTIFIED THAT WE HAD A GIGANTIC SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP :   3261 EFP’S FOR JULY AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE OF 3261 CONTRACTS. WITH THE TRANSFER OF 3261 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 3261 EFP CONTRACTS TRANSLATES INTO 16.31 MILLION OZ  ACCOMPANYING:

1.THE 22 CENT RISE IN  SILVER PRICE  AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR MAY COMEX DELIVERY. (29.95 MILLION OZ)

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL: (FINAL)

16,196 CONTRACTS (FOR 9 TRADING DAYS TOTAL 16,196 CONTRACTS) OR 80.98 MILLION OZ: AVERAGE PER DAY: 1799 CONTRACTS OR 8.997 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  80.98 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.568% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:            1,226.4      MILLION OZ.

ACCUMULATION FOR JAN 2018:                                               236.879     MILLION OZ

ACCUMULATION FOR FEB 2018:                                               244.95         MILLION OZ

ACCUMULATION FOR MARCH 2018:                                       236.67         MILLION OZ

ACCUMULATION FOR APRIL 2018:                                          385.75         MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX OF 3339 WITH THE 22  CENT GAIN IN SILVER PRICE. WE HAVE NOW ENTERED THE NEW ACTIVE MONTH OF MAY.   THE CME NOTIFIED US THAT IN FACT WE HAD AN GIGANTIC  SIZED EFP ISSUANCE OF 3261 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . FROM THE CME DATA:  3261 EFP CONTRACTS FOR JULY, AND ZERO FOR ALL OVER MONTHS   FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 3261). TODAY WE GAINED 6600  TOTAL OI CONTRACTS  ON THE TWO EXCHANGES: i.e. 3261 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH AN INCREASE OF 3339  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 22 CENTS AND A CLOSING PRICE OF $16.73 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS  ACTIVE MAY DELIVERY MONTH. IT SURE SEEMS THAT WE MUST HAVE HAD SOME BANKER SHORT COVERING ON BOTH EXCHANGES.

In ounces AT THE COMEX, the OI is still represented by UNDER 1 BILLION oz i.e. .991 MILLION OZ TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED AT THE COMEX: 146 NOTICE(S) FOR 730,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51  ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH: 27 MILLION OZ , APRIL: 2.485 MILLION OZ  AND MAY: 29.95 MILLION OZ )
2. HUGE RECORD OPEN INTEREST IN SILVER  243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ (FINAL)

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest ROSE BY A HUGE 11,165 CONTRACTS UP TO 506,316 WITH THE GAIN IN THE GOLD PRICE/YESTERDAY’S TRADING (GAIN OF $9.60).  WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.  THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A LARGE SIZED 8945 CONTRACTS :   JUNE SAW THE ISSUANCE OF 8945 CONTRACTS , MAY SAW THE ISSUANCE OF 0 CONTRACTS  AND AUGUST SAW THE ISSUANCE OF: 0 CONTRACTS WITH ALL OTHER MONTHS ZERO.  The new OI for the gold complex rests at 506,316. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A HUMONGOUS SIZED  OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 11,165  OI CONTRACTS INCREASED AT THE COMEX AND AN LARGE SIZED 8945 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS  TOTAL OI GAIN: 20,110 CONTRACTS OR 20,110,000 OZ = 62.55 TONNES. AND ALL OF THIS OCCURRED WITH A GAIN OF $9.60

YESTERDAY, WE HAD 11948  EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 86,131 CONTRACTS OR 8,613,100  OZ OR 267.90 TONNES (9 TRADING DAYS AND THUS AVERAGING: 9,570 EFP CONTRACTS PER TRADING DAY OR 957,000 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :    THIS MONTH IN 9 TRADING DAYS IN  TONNES: 267.90 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 267.90/2550 x 100% TONNES =  10.50% OF GLOBAL ANNUAL PRODUCTION SO FAR IN APRIL ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  3,025.84*  TONNES   *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018:           653.22  TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018:                741.89 TONNES  (22 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR APRIL 2018:                   713.84 TONNES  (21 TRADING DAYS)

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE. 

Result: A CONSIDERABLE SIZED INCREASE IN OI AT THE COMEX OF 11,165  WITH THE $9.60  RISE  IN PRICE // GOLD TRADING YESTERDAY ($9.60 GAIN). HOWEVER WE ALSO HAD A LARGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8945 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 8945 EFP CONTRACTS ISSUED, WE HAD A HUMONGOUS SIZED NET GAIN OF 20,110 CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES: 

8945 CONTRACTS MOVE TO LONDON AND 11,165 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 67.59 TONNES). ..AND ALL OF THESE OCCURRED AT THE COMEX WITH A GAIN OF $9.60 IN TRADING. 

we had: 5 notice(s) filed upon for 500 oz of gold at the comex.

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With respect to our two criminal funds, the GLD and the SLV:

GLD…

WITH GOLD DOWN  $1.75 /NO CHANGES IN GOLD INVENTORY AT THE GLD

Inventory rests tonight: 862.96 tonnes.

SLV/

WITH SILVER DOWN 2 CENTS  TODAY: THIS MAKES NO SENSE!!  THE CROOKS AT THE SLV WITHDREW A HUGE 2.824 MILLION OZ FROM THE SLV INVENTORY

/INVENTORY RESTS AT 320.439 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in SILVER ROSE BY A CONSIDERABLE SIZED 3339 CONTRACTS from 194,936 UP TO 198,275 (AND, CLOSER TO THE  NEW COMEX RECORD SET /APRIL 9/2017 AT 243,411/SILVER PRICE AT THAT DAY: $16.53). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 OVER ONE YEAR AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.   OUR CUSTOMARY MIGRATION OF COMEX LONGS MORPH INTO LONDON FORWARDS CONTINUES AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: 0 EFP CONTRACTS FOR APRIL, 0 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM), AND 3261 EFP’S FOR JULY AND ALL OTHER MONTHS ZERO. TOTAL EFP ISSUANCE:  3261 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI GAIN AT THE COMEX OF 3339 CONTRACTS TO THE 3261 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  GAIN OF 6600 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES:  33.00 MILLION OZ!!! AND THIS OCCURRED WITH ONLY A 22 CENT  RISE IN PRICE .  THE BANKERS ORCHESTRATED THEIR RAID THROUGHOUT LAST WEEK  DESPERATELY TRYING TO PARE THEIR GIGANTIC OPEN INTEREST SHORT ON BOTH EXCHANGES BUT TO NO AVAIL. JUDGING BY THE RECORD NUMBER OF EFP ISSUANCE DURING LAST MONTH OF APRIL AT 385.75 MILLION OZ AND THE TOTAL OI GAIN ON THE TWO EXCHANGES, I DO NOT THINK THAT OUR BANKERS HAVE BEEN TOO SUCCESSFUL. THE CONSTANT RAIDS ARE NOW BEING CALLED UPON BY OUR BANKER FRIENDS ARE DONE IN AN ATTEMPT TO SHAKE AS MANY SILVER LEAVES FROM THE SILVER TREE AS POSSIBLE.

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 22 CENT RISE  IN SILVER PRICING YESTERDAY. BUT WE ALSO HAD ANOTHER STRONG SIZED 3261 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(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

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 11.15 points or 0 .35%   /Hang Sang CLOSED UP 312.84 points or 1.02%    / The Nikkei closed UP 261.30 POINTS OR 1.16% /Australia’s all ordinaires CLOSED UP .01%  /Chinese yuan (ONSHORE) closed UP at 6.3329/Oil DOWN to 71.39 dollars per barrel for WTI and 77.22 for Brent. Stocks in Europe OPENED RED.   ONSHORE YUAN CLOSED UP AT 6.3329 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3250/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH  STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA

b) REPORT ON JAPAN

3 c CHINA

4. EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6 .GLOBAL ISSUES

7. OIL ISSUES

8. EMERGING MARKET

ARGENTINA

i)The Argentine Peso just fell to 23 Pesos per dollar despite a 40% interest rate.  JPMorgan warns of disorder as 30 billion USA dollars of bonds come due.  This is becoming the kiss of death to Argentina who has a huge amount of external debt denominated in currencies other than the Peso.

( zerohedge)

ii)Panic in Argentina as the Peso hits 24.25 to the dollar. No doubt the central bank of Argentina must come in and raise rates again

( zerohedge)

EMERGING MARKETS

Very important:  the higher uSA dollar is playing havoc with our emerging markets, together with the higher price of oil.   This is creating a tightening effect with our emerging markets causing funds to flee.  Watch for the Brazilian real to reach 4..then we will witness panic in these markets which may cause contagion throughout the globe

( zerohedge)

9. PHYSICAL MARKETS

10. USA stories which will influence the price of gold/silver

Trading Volumes on the COMEX

PRELIMINARY COMEX VOLUME FOR TODAY: 264,953  contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 399,496 contracts

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And now for the wild silver comex results.

Total silver OI ROSE BY A LARGE SIZED 3339 CONTRACTS FROM 194,936 UP TO 198,275 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS)  WITH THE  22  CENT GAIN IN SILVER PRICING. SINCE WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF MAY. WE  WERE  INFORMED THAT WE HAD A STRONG SIZED  3261 EFP CONTRACT ISSUANCE FOR JULY AND ZERO FOR ALL OTHER MONTHS.  THESE EFPS WERE ISSUED TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  THE TOTAL EFP’S ISSUED: 3261.   ON A NET BASIS WE GAINED 6600  SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 3339 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 3261 OI CONTRACTS NAVIGATING OVER TO LONDON. DUE TO THE FACT THAT THE BOYS WERE VERY BUSY NEGOTIATING LONG COMEX CONTRACTS EMIGRATING TO LONDON,(AND WAITING FOR THEIR PASSPORTS)

NET GAIN  ON THE TWO EXCHANGES:   6600  CONTRACTS 

AMOUNT STANDING FOR SILVER AT THE COMEX

We are now in the  active delivery month of MAY and here the front month LOST 122 contracts FALLING TO 326 contracts. We had 146 notices filed upon yesterday so we SURPRISINGLY AGAIN GAINED 24 contracts or 120,000 additional ounces will  stand for delivery in this  active delivery month of May AS SOMEBODY AGAIN WAS DESPERATE FOR PHYSICAL SILVER..

June saw a LOSS of 35 contracts to stand at 747  The next big delivery month for silver is July and here the OI ROSE by 1647 contracts UP to 140,897. The next active delivery month after July for silver is September and here the OI ROSE by 1213 contracts UP to 24,144

We had 173 notice(s) filed for 865,000 OZ for the MAY 2018 contract for silver

end

And now for silver

AND NOW THE APRIL DELIVERY MONTH

MAY INITIAL standings/SILVER

we had 0 inventory movement at the dealer side of things

i

total dealer deposits: nil oz

we had 0 deposits into the customer account

i) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 140 million oz of  total silver inventory or 53.4% of all official comex silver. (140 million/263 million)

JPMorgan did not  deposit  into its warehouses (official) today.

ii) Into everybody else: 0

total customer deposits today: 0 oz

we had 2 withdrawals from the customer account;

i) out of Brinks; 32711.03 oz

ii) Out of Scotia: 80,380.120 oz

total withdrawals;  113,091.150 oz

we had 2 adjustments

i) Out of CNT:  259,354.572 oz was adjusted out of the dealer and this landed into the customer account of CNY’

ii) Out of Delaware:  4887.134 oz was adjusted out of the dealer and this landed into the customer account of Delaware

total dealer silver:  69.161 million

total dealer + customer silver:  268,536 million oz

The total number of notices filed today for the MAY. contract month is represented by 173 contract(s) FOR 865,000 oz. To calculate the number of silver ounces that will stand for delivery in MAY., we take the total number of notices filed for the month so far at 5837 x 5,000 oz = 29,185,000 oz to which we add the difference between the open interest for the front month of MAY. (326) and the number of notices served upon today (173 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY contract month: 5837(notices served so far)x 5000 oz + OI for front month of MAY(326) -number of notices served upon today (173)x 5000 oz equals 29,950,000 oz of silver standing for the MAY contract month 

WE GAINED 24 CONTRACTS OR AN ADDITIONAL 120,000 OZ WILL  STAND AT THE COMEX AS SOMEBODY WAS IN URGENT NEED OF PHYSICAL SILVER ON THIS SIDE OF THE POND.

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ESTIMATED VOLUME FOR TODAY: 55,386 CONTRACTS

CONFIRMED VOLUME FOR YESTERDAY: 91,807 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF  71,897 CONTRACTS EQUATES TO 459 MILLION OZ  OR 65.55% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -1.57% (MAY11/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.32% to NAV (MAY 11/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -1.57%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.32%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA): NAV RISES TO -2.14%: NAV 13.67/TRADING 13.37//DISCOUNT 2.14.

END

And now the Gold inventory at the GLD/

MAY 11/WITH GOLD DOWN $1.75/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 862.96 TONNES/

MAY 10/WITH GOLD UP $9.60/A WITHDRAWAL OF 1.17 TONNES FROM THE GLD/INVENTORY RESTS AT 862.96 TONNES/SUCH CROOKS

MAY 9/WITH GOLD DOWN $0.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 8/WITH GOLD DOWN $0.10/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 7/WITH GOLD DOWN $0.55/ANOTHER WITHDRAWAL OF 1.47 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 864.13 TONNES

MAY 4/WITH GOLD UP $2.05/A WITHDRAWAL OF 1.13 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 865.60 TONNES

MAY 3/WITH GOLD UP $7.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 2/WITH GOLD DOWN $1.15/ A HUGE WITHDRAWAL OF 4.43 TONNES FROM THE GLD/INVENTORY RESTS AT 866.77 TONNES

MAY 1/WITH GOLD DOWN $12.15/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

APRIL 30/WITH GOLD DOWN $4.05/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES.

APRIL 27./WITH GOLD UP $5.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES/

APRIL 26/WITH GOLD DOWN $4.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 871.20 TONNES

APRIL 25/AFTER 9 CONSECUTIVE DAYS OF NO MOVEMENT OF GOLD INTO OUT OF THE GLD, WE HAD A HUGE DEPOSIT OF 5.31 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 871.20 TONNES.

APRIL 24./WITH GOLD UP $9.90, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 23.2018/WITH GOLD DOWN $14.00/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES.

APRIL 20/WITH GOLD DOWN $10.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 19/WITH GOLD DOWN $4.25: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

APRIL 18/WITH GOLD UP $3.65: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES

APRIL 17/WITH GOLD DOWN $1.00 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 16/WITH GOLD UP$2.80/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 865.89 TONNES/

April 13/WITH GOLD UP $6.15, A HUGE DEPOSIT OF 5.90 TONNES INTO THE GLD INVENTORY/INVENTORY RESTS AT 865.89 TONNES

April 12/WITH GOLD DOWN $17.40/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

April 11/WITH GOLD UP $13.85/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859,99 TONNES

APRIL 10/WITH GOLD UP $5.25/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 9/WITH GOLD UP$4.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 859.99 TONNES

APRIL 6/WITH GOLD UP $7.50 ,A HUGE CHANGE IN INVENTORY AT THE GLD/ A DEPOSIT OF 5.90 TONNES/INVENTORY RESTS AT 859.99 TONNES

APRIL 5/WITH GOLD DOWN $8.20 WE HAD TWO ENTRIES: 1) TINY WITHDRAWAL OF .28 TONNES TO PAY FOR FEES AND 2) A DEPOSIT OF 2.06 TONNES//INVENTORY RESTS AT 854.09 TONNES

April 4/WITH GOLD UP $2.90 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 3./WITH GOLD DOWN $9.30 WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.31 TONNES

APRIL 2/WITH GOLD UP $19.50, WE HAD A BIG  CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 6.19 TONNES/INVENTORY RESTS AT 852.31 TONNES

MARCH 29/WITH GOLD DOWN $3.20 AND OPTIONS EXPIRY FINISHED, WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS A 846.12 TONNES

March 28/WITH GOLD DOWN $16.70, ANOTHER RAID ORCHESTRATED, AGAIN NO SURPRISES AS WE WITNESS ANOTHER 1.18 TONNES OF GOLD REMOVED/INVENTORY RESTS AT 846.12 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

MAY 11/2018/ Inventory rests tonight at 862.96tonnes

*IN LAST 381 TRADING DAYS: 78.04 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 331 TRADING DAYS: A NET 78,26 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.

end

Now the SLV Inventory/

MAY 11/WITH SILVER DOWN 2 CENTS/THE CROOKS WITHDREW A MONSTROUS 2.824 MILLION OZ FROM THE SLV INVENTORY/INVENTORY RESTS AT 320.439 MILLION OZ/

MAY 10/WITH SILVER UP 22 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY 9/WITH SILVER UP 6 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY 8/WITH SILVER DOWN 2 CENTS:NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 323.263 MILLION OZ.

MAY 7/WITH SILVER FLAT: A BIG CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 942,000 OZ OF SILVER FROM THE SLV INVENTORY/INVENTORY RESTS AT 323.263 MILLION OZ/

MAY4/WITH SILVER UP 5 CENTS/A BIG CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 1.224 MILLION OZ/INVENTORY RESTS AT 324.205 MILLION OZ/

MAY 2/WITH SILVER UP 24 CENTS/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 6.082 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 322.981 MILLION OZ/

MAY 1/WITH SILVER DOWN 24 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 30/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 27/WITH SILVER DOWN 5 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 26/WITH SILVER DOWN 2 CENT/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316,899 MILLION OZ/

APRIL 25./WITH SILVER DOWN 18 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 24./WITH SILVER UP 8 CENTS/SOMETHING SPOOKED OUR CROOKS TO ADD SOME PAPER SILVER: A DEPOSIT OF 1.601 MILLION OZ/INVENTORY RESTS AT 316.899 MILLION OZ/

APRIL 23.2018/WITH SILVER DOWN 50 CENTS, ANOTHER HUGE WITHDRAWAL FROM THE SLV INVENTORY: A WITHDRAWAL OF 1.413 MILLION OZ/INVENTORY RESTS AT 315.298 MILLION OZ.

APRIL 20/WITH SILVER DOWN 11 CENTS: ANOTHER HUGE CHANGE IN SILVER INVENTORY: A WITHDRAWAL OF 1.13 MILLION OZ//SLV RESTS TONIGHT AT 316.711 MILLION OZ/

APRIL 19/WITH SILVER UP 3 CENTS TODAY: WE HAD A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.355 MILLION OZ/ MAKES ABSOLUTELY NO SENSE!!/INVENTORY RESTS AT 317.841 MILLION OZ

APRIL 18/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 17/WITH SILVER UP 10 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS  AT 320.196 MILLION OZ

April 16/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 13/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ.

April 12/WITH SILVER DOWN 27 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

April 11/2018/WITH SILVER UP 16 CENTS:  NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 10/WITH GOLD UP 8 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 9/WITH SILVER UP 12 CENTS/WE HAD NO CHANGES IN SILVER INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ/

APRIL 6/WITH SILVER UP 4 CENTS, WE HAD A HUGE DEPOSIT OF 1.319 MILLION OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 320.196 MILLION OZ

APRIL 5/WITH SILVER UP 6 CENTS/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 318.877 MILLION OZ/

April 4/WITH SILVER DOWN 11 CENTS/A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHRAWAL OF 135,000 OZ AND THIS IS PROBABLY TO PAY FOR FEES/INVENTORY RESTS AT 318.877 MILLION OZ/

APRIL 3./WITH SILVER DOWN 16 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

APRIL 2/WITH SILVER UP 34 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 319.012 MILLION OZ/

MARCH 29/WITH SILVER UP 6 CENTS, THE CROOKS DECIDED THAT THEY HAD BETTER ADD SOME 943,000 PAPER OZ TO THEIR INVENTORY/INVENTORY RESTS AT 319.012 MILLION OZ

March 28/WITH SILVER DOWN 27 CENTS/AGAIN NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.069 MILLION OZ

MAY 11/2018:  

Inventory 320.439 million oz

end

6 Month MM GOFO 2.09/ and libor 6 month duration 2.54

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.09%

libor 2.54 FOR 6 MONTHS/

GOLD LENDING RATE: .45%

XXXXXXXX

12 Month MM GOFO
+ 2.77%

LIBOR FOR 12 MONTH DURATION: 2.54

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.23

end

At 3:30 pm we receive a totally useless report, the COT which gives position levels of our major players at the comex.  Due to the fact that

many transfer their holdings (liabilities) to London this report has no value whatsoever.

First gold COT

Gold COT Report – Futures
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
198,548	91,108	57,613	181,586	316,570	437,747	465,291
Change from Prior Reporting Period
-11,029	-11,690	-8,543	1,851	4,963	-17,721	-15,270
Traders
187	83	86	49	53	282	184
	Small Speculators
	Long	Short	Open Interest
	53,651	26,107	491,398
	1,363	-1,088	-16,358
	non reportable positions		Change from the previous reporting period
COT Gold Report – Positions as of				Tuesday, May 8, 2018

OUR LARGE SPECULATORS

those large speculators who have been long in gold pitched (transferred) 11,029 contracts from their long side

those large speculators who have been short in gold covered (transferred) 11,690 contracts from their short side

OUR COMMERCIALS

those commercials who have been long in gold added 1861 contracts to their long side.

those commercials who have been short in gold added 4963 contracts to their short side

OUR SMALL SPECULATORS

those small specs who have been long in gold added 1363 contracts to their long side

those small specs who have been short in gold covered (transferred) 1088 contracts from their short side.

And now for our useless COT silver report

Silver COT Report: Futures
Large Speculators			Commercial
Long	Short	Spreading	Long	Short
72,713	72,834	15,233	77,127	94,204
4,185	-2,890	-170	-884	4,215
Traders
105	60	41	34	32
Small Speculators		Open Interest		Total
Long	Short	195,865		Long	Short
30,792	13,594			165,073	182,271
-1,951	25	1,180		3,131	1,155
non reportable positions		Positions as of:		155	12

OUR LARGE SPECULATORS

those large speculators that have been long in silver added 4185 contracts to their long side

those large speculators that have been short in silver pitched (transferred) 2890 contracts from their short side

OUR COMMERCIALS

those commercials that have been long in silver pitched (transferred) 884 contracts from their long side

those commercials that have been short in silver added 4215 contracts to their short side

OUR SMALL SPECULATORS

those small specs that have been long in silver pitched (transferred) 1951 contracts from their long side

those small specs that have been short in silver added 25 contracts to their long side.

end

Major gold/silver trading /commentaries for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE.

GOLD/SILVER

Gold Mining Supply Looks Set To Decline

11, May

• Global demand for gold is increasing while new discoveries of gold remain small
• Gold mining output in Australia is forecast to decrease by 50% in the next eight years
• Decline in global gold mining supply makes a price increase almost certain

Gold nugget (placer gold) from Colorado, USA.  Source: Commons.wikimedia.org

by Lawrence Thomas, Gold Telegraph

The demand for gold is increasing, yet new discoveries of the precious metal have not kept pace with the demand. Funds for exploration are historically high, $54.3 billion, up 60 percent over the past 18 years.

The increased spending, however, has not produced the equivalent in new gold discoveries. During the past decade, 41 discoveries have resulted in a mere 215.5 million ounces of the precious metal. Even counting recently discovered but unexplored mines, which may hold as-yet major discoveries, the total available amount of gold in these discoveries are not expected to surpass 363 million ounces over the next ten years.

Gold discoveries have followed a predictable pattern. 263 major gold discoveries have been made in the past 28 years, but half of those discoveries happened in the 1990s. This boom lasted until the turn of the century when the rate of discovery began to decline. Only 16 discoveries were reported from 2000 to 2002, which produced 108.3 ounces of gold. That amount was below the average finds of the 1990s. This decline has continued, with both new discoveries and the amount of gold mined decreasing steadily. By 2010, only 18.6 million ounces of gold was discovered, a severe drop from the 61.5 ounces found in 2009.

Old sectors are being depleted, while active exploration for new discoveries has been slow. The amount of available gold has not met expectation and remains far below the 2009 high.

The lack of new discoveries is not the result of funding. $54.3 billion has been allocated to exploration during the past decade. Part of the problem is that the time span between discovery and production is around 20 years. Unless significant new discoveries are made, the amount of available gold could decrease in the near future, raising the demand for the metal even further. Scarcity invariably results in higher prices, and the decline in global gold makes a price increase almost certain.

Continued gold exploration has become critical. In 2018, Colorado-based Newmont Mining Corp., one of the world largest gold explorers, has allocated $1.3 billion to expand its current projects, an increase of $300 million from the previous year.

Much of the available gold in Australia’s northern Goldfield has been depleted, and companies are drilling to unprecedented depths of 3 kilometers below the surface hoping for new discoveries as new finds are becoming rarer and more expensive to pursue.

According to Richard Schodde, managing director of MinEx, Australia gold mining output could decrease by 50 percent over the next eight years, with only four mines remaining open by 2057.

The need to drill deeper will make gold harder to find and more expensive to produce.

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube

News and Commentary

PRECIOUS-Gold eases on firmer dollar; but eyes first weekly gain in four (Reuters.com)

Gold steady as dollar hovers below 2018 peak (Reuters.com)

Bottom in place? Gold jumped to 10-day high (FXStreet.com)

U.K. House-Price Gauge Drops to 5 1/2-Year Low as London Slumps (Bloomberg.com)

London house prices predicted to keep falling (CityAM.com)

Source: US Funds

Gold Love Trade Looks Promising in India and China (USFunds.com)

The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers (Bloomberg.com)

Gold Gets a Lifeline From a Surprising Source: Cheap Flights and Cars (Bloomberg.com)

Putin Wants to `Break’ With the Dollar But Dumps Euros Instead (Bloomberg.com)

The 1970s All Over Again? Part 1: The Middle East Explodes (GoldSeek.com)

Central Banks: The Great Experiment Has Failed (DailyReckoning.com)

Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below

Gold Prices (LBMA AM)

10 May: USD 1,314.80, GBP 969.27 & EUR 1,106.80 per ounce
09 May: USD 1,306.85, GBP 965.11 & EUR 1,102.07 per ounce
08 May: USD 1,310.05, GBP 969.44 & EUR 1,101.88 per ounce
04 May: USD 1,309.35, GBP 965.78 & EUR 1,094.09 per ounce
03 May: USD 1,313.30, GBP 966.19 & EUR 1,094.64 per ounce
02 May: USD 1,310.75, GBP 960.52 & EUR 1,091.99 per ounce

Silver Prices (LBMA)

10 May: USD 16.60, GBP 12.24 & EUR 13.97 per ounce
09 May: USD 16.44, GBP 12.12 & EUR 13.84 per ounce
08 May: USD 16.45, GBP 12.17 & EUR 13.85 per ounce
04 May: USD 16.42, GBP 12.10 & EUR 13.72 per ounce
03 May: USD 16.47, GBP 12.12 & EUR 13.74 per ounce
02 May: USD 16.35, GBP 11.98 & EUR 13.62 per ounce

Recent Market Updates

– Gold Mining Supply Globally Looks Set To Decline
– Gold Bullion Demand In Iran May Surge On Trump Sanctions
– “Money Is Gold — and Nothing Else”
– U.K. Home Prices Plunge 3.1% In April – Largest Monthly Drop Since Financial Crisis In 2011
– Weekly Gold Update – Gold In Dollars Lower Despite Poor US Jobs and Other Data
– Own Some Gold and Avoid Overvalued Assets
– Gold Demand Falls In Q1 Despite Robust Central Bank and Investment Demand and Surging Demand In Turkey and Iran
– Smart Money Diversifying Into Gold – One Billionaire Invests Half His Net Worth
– “Blood In The Streets” Of U.S. Gold Bullion Market As Sale Of Gold Coins Collapse
– Most Important Chart Of The Century For Investors?
– Gold Mining Shares Are Speculative Making Gold Bullion A Better Investment
– Gold Price Increasingly Influenced By Declining Dollar Rather Than Interest Rates
– Cash “Vanishes” From Bank Accounts In Ireland

Mark O’Byrne

Executive Director

Mark O’Byrne

Executive Director

Mark O’Byrne

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at:  https://kinesis.money/#/

(Andrew Maguire)

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 11.15 points or 0 .35%   /Hang Sang CLOSED UP 312.84 points or 1.02%    / The Nikkei closed UP 261.30 POINTS OR 1.16% /Australia’s all ordinaires CLOSED UP .01%  /Chinese yuan (ONSHORE) closed UP at 6.3329/Oil DOWN to 71.39 dollars per barrel for WTI and 77.22 for Brent. Stocks in Europe OPENED RED.   ONSHORE YUAN CLOSED UP AT 6.3329 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3250/ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH  STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

3 a NORTH KOREA/USA

North Korea/South Korea/usa

END.

3 b JAPAN AFFAIRS

c) REPORT ON CHINA/HONG KONG

4. EUROPEAN AFFAIRS

EU

Europe is not happy with Trump’s new Iranian sanctions/ two commentaries

(courtesy Mish Shedlock/Mishtalk)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Israel

It seems that the USA/Israeli plan is to assassinate Iran’s chief revolutionary guard commander, Soleimani.  It seems that Israel had him in their sights but Obama negated the attack

(courtesy zerohedge)

The US-Israeli Plan To Assassinate Iran’s Elite Revolutionary Guard Commander

The United States gave Israel the green light to assassinate Iran’s top military officer, Iranian Revolutionary Guards al-Quds Force commander Maj. Gen. Qassem Soleimani, according to a widely circulated report in Kuwaiti newspaper Al-Jarida published earlier this year. News of the agreement, first published in Arabic in January, is now resurfacing in both Russian and Middle East regional media the day after Syria and Israel engaged in a massive overnight exchange of fire in what constitutes the most sustained Israeli attack on Syria in decades.

In the Arab world Al-Jarida is generally considered to be a platform through which Israel circulates news and its perspective to neighboring countries in the region. The newspaper first published report based on an Israeli government source who was cited as saying, “there is an American-Israeli agreement” that Soleimani is a “threat to the two countries’ interests in the region”—which reportedly led to a Washington green-light for the Israelis to assassinate him. 

General Soleimani, as leader of Iran’s most elite force, also coordinates military activity between the Islamic Republic and Syria, Iraq, Hezbollah, and Hamas – a position he’s filled since 1998 – and as Quds Force commander reports directly to the Supreme Leader of Iran, Ali Khamenei, and oversees Iran‘s covert operations in foreign countries.

Israeli officials initially “leaked” the story after days of internal Iranian anti-government protests gridlocked the country in late December and early January, bringing international media attention and discussions in Tel Aviv and Washington of a potential coup attempt in the works. Whether or not there actually ever was such a green-light given by the American side, Al-Jarida report ultimately served the purpose of a semi-official threat issued through the media by the Israelis.

The threat of assassinating Iran’s most elite military commander has taken on new importance and urgency after Israel laid official blame on Gen. Soleimani on Thursday, alleging that he personally ordered a rocket attack against Israeli bases on the Golan Heights from within Syria, which triggered a massive escalation overnight. “It was ordered and commanded by Qassem Soleimani and it has not achieved its purpose,” Israeli military spokesman Lieutenant-General Jonathan Conricus claimed, as cited by Reuters.

Perhaps the most interesting aspect to the report, and worth revisiting, is the revelation that Israel was supposedly “on the verge” of killing Soleimani three years ago in an operation near Damascus; however, the Obama administration was said to have warned the Iranians of the impending Israeli plot which according to Israeli sources was thwarted because of US intervention, resulting in “a sharp disagreement between the Israeli and American security and intelligence apparatuses regarding the issue.”

But the Trump administration now appears to be quite at home with a “gloves off” approach as this week more evidence emerged suggesting the White House is now eyeing regime change in Tehran. As we previously reported, the Washington Free Beacon has obtained a three-page white paper now being circulated among National Security Council officials with drafted plans to spark regime change in Iran, following the US exit from the Obama-era nuclear deal and the re-imposition of tough sanctions aimed at toppling the Iranian government.

The plan, authored by , including – who else – National Security Adviser John Bolton, seeks to reshape longstanding American foreign policy toward Iran by emphasizing an explicit policy of regime change.

“The ordinary people of Iran are suffering under economic stagnation, while the regime ships its wealth abroad to fight its expansionist wars and to pad the bank accounts of the Mullahs and the IRGC command,” writes the Security Studies Group, or SSG, a national security think-tank that has close ties to senior White House national security officials. “This has provoked noteworthy protests across the country in recent months” it further claims as an argument to push a “regime change” policy.

No doubt, a targeted strike or clandestine assassination attempt on Soleimani is likely now very high on the Israeli agenda and perhaps even the US agenda, especially after this week’s military escalation and Israeli claim that the Iranians are firing rockets into Israel (something for which there’s currently not a shred of evidence).

* * *

A recent history of high level Israeli assassinations abroad also suggests such a plan is on the books, as Israeli intelligence has been known to conduct high-risk secretive assassinations in foreign countries over the past years and decades. One notable headline grabbing operation, reportedly by Mossad agents, occurred in 2010 and resulted in the assassination of a top Hamas commander who had checked into a high end Dubai hotel after flying in from Syria.

An eleven man Israeli hit squad had entered the hotel while dressed in tennis gear and carrying tennis rackets, and were later reported to be traveling on fake Irish and French passports. After conducting surveillance the Mossad agents got Hamas’ Mahmoud al-Mabhouh to open his hotel room door and quickly suffocated him without arousing suspicion from other hotel guests. By the time the body was discovered, the assassins had flown out of Dubai to various locations around the world and were never seen again.

And in 2015 a secret document revealed by The Intercept as part of the Edward Snowden leaked NSA archives confirmed that Israeli agents had assassinated a top Syrian general and personal aide to President Assad in 2008 while the general dined at his family home near Tartus, along the Syrian coast. The daring operation involved Israeli naval commandos and snipers targeting Gen. Muhammad Suleiman’s house from the waters of the Mediterranean and shooting him in the head and neck. Israel considered him responsible for coordinating weapons and supplies between Iran and Lebanese Hezbollah, as well as overseeing an alleged nascent nuclear development program at Syria’s Al Kibar facility which had previously been bombed by Israeli jets.

Six months prior to Syrian General Suleiman’s murder, a top Hezbollah officer was killed by a joint CIA-Mossad operation in the heart of Damascus. According to former intelligence officials who confirmed the assassination plot to the Washington Post, a car bomb planted near a Damascus downtown restaurant instantly killed Imad Mughniyah – Hezbollah’s international operations chief who was believed to have masterminded several terror attacks targeting Americans.

Furthermore, Palestinian activists have pointed to a long history of Israeli assassinations of Palestinian, Iranian, and Syrian scientists, engineers, and notable figures living abroad. Most recently a Palestinian engineer was assassinated near his home in Malaysia, which was widely suspected to be the work of a Mossad hit team.

So concerning reports that Iran’s Qassem Soleimani might be in Mossad’s crosshairs, while such a high risk operation against a top Iranian official would be unlikely to succeed, it is certainly not without precedent.

 END

The USA move to sanction Iran by cutting off dollar funding is certainly going to hurt Iran.  They will for sure seek the help of China, its no 1 buying of Iranian oil.  However the lack of dollar funding is certainly going to have an effect on Iran who is already suffering from a lack of dollars.  The USA move is to starve the Iranian central bank of dollars so it cannot fund the Revolutionary Guard

(courtesy zerohedge)

US Moves To Cut Off Iran From Global Economy

Six years after SWIFT cut ties with Iranian banks during the last round of Western sanctions on the Persian nation, on Thursday afternoon the U.S. took another step toward cutting Iran off from the global economy when the US Treasury announced it was levying sanctions on a financing network and accusing the country’s central bank of helping funnel U.S. dollars to the blacklisted elite military unit of the Iranian Revolutionary Guard known as the Quds Force, the WSJ reported.

Acting together with the United Arab Emirates, the US Treasury said that it had sanctioned six individuals and three “front companies engaged in a large-scale currency exchange network that has procured and transferred hundreds of millions” of dollars to Iran’s elite military force; overnight Israel’s government blamed the the same Quds Force for rocket attacks from Syria Wednesday night, an action that triggered massive retaliatory strikes by Israel’s military against Iranian targets in Syria, escalating the risk of a wider regional war.

In Washington, Treasury Secretary Steven T. Mnuchin accused “the Iranian regime and its Central Bank” of misusing banking access in the UAE to acquire US dollars to fund the IRGC-QF’s “malign activities, and to arm its “regional proxy groups.” The new sanctions also ban US individuals and entities from doing business with the currency network.

Mnuchin alleged that the sanctioned entities had concealed the acquisition of funds and transfers: “We are intent on cutting off IRGC revenue streams wherever their source and whatever their destination.”

“Countries around the world must be vigilant against Iran’s efforts to exploit their financial institutions to exchange currency and fund nefarious actions of the IRGC-QF and the world’s largest state sponsor of terror,” Mnuchin also said.

Specifically, the Treasury accused an Iranian company, Jenah Aras Kish, of being a front for the Quds Force, and said the firm received oil revenues from Central Bank of Iran accounts and gave that money to couriers who exchanged it for millions of U.S. dollar notes in the U.A.E. through two Iranian firms, Khedmati & Co. and Rashed Exchange.

That cash was then taken back to the Quds Force and distributed to Iran’s regional proxies, the U.S. said. To hide the activities from U.A.E. authorities, the Treasury Department said the network used forged documents.

Washington has repeatedly accused the Iran Revolutionary Guard of backing terrorist groups and militias affiliated with Iran, including in Lebanon and Syria where missile warfare involving Israel and allegedly Al Quds unfolded on Thursday.

In February 2015, Reuters reported that at least $1 billion in cash had been smuggled into Iran despite US and other sanctions. In that case, the cash passed through money changers and front companies in Dubai, in the UAE, and Iraq. As we further reported in December 2015, the smuggling ring used gold as the key commodity used to bypass borders and monetary barriers, as well as middlemen in Turkey and the UAE where the chain of accountability led to the very top echelons of government in both nations.

The Treasury also accused Iran’s central bank of being “complicit” in supplying the IRGC.

“The Central Bank of Iran is complicit with the Quds Force for use by its proxies—that should send a very powerful message,” Sigal Mandelker, Treasury’s under secretary for terrorism and financial intelligence, said in an interview. “We’re going to use all of our authorities to disrupt these networks.”

Thursday’s actions foreshadow the return of U.S. economic penalties as Washington reimposes sanctions that had been lifted as part of the 2015 nuclear agreement. Iran’s central bank wasn’t formally sanctioned in Thursday’s actions, but will be in the coming months, at which point the entire nations will once again be blacklisted by SWIFT, making USD-based international transactions impossible.

And while Thursday’s action targets only one network, it is a model of how the administration plans to implement a complete ban on dealings with the Central Bank of Iran and dollar transactions coming due in the months ahead.

Incidentally, this time around, SWIFT may not need to even get involved. “There are secondary sanctions consequences for doing business with these entities,” said the Treasury’s under secretary for terrorism and financial intelligence, Sigal Mandelker, referring to the currency-exchange network. Secondary sanctions are actions against companies that interact with blacklisted entities.

Because of Trump’s decision to reimpose broad U.S. sanctions, the use of U.S. dollar banknotes by Iran is banned after August, “and you can expect that we’re going to take that authority very seriously,” she said. “Foreign financial institutions, governments all over the world need to be on high alert to make sure that they understand the pattern and practice that these networks use to try to gain access to the USD.”

* * *

Meanwhile, western governments and companies – many of whom disagreed with Trump’s withdrawing from the nuclear deal, have been trying to figure out how aggressively Washington plans to enforce its new sanctions regime against Iran, “wary of Treasury sanctioning European bank and firms, for example, if they continue to do business with Iran beyond deadlines for compliance approaching over the next six months.”

For now, European officials have said they plan to stay in the nuclear deal with Iran, which may not only give license to their companies to maintain ties to Iran, but also may be setting up a diplomatic rift between the U.S. and its closest allies.

However, if and when the US imposes a few multi-billion fines on European banks, any willingness the EU has to bypass Trump’s sanctions will promptly evaporate. Furthermore, Europe “doesn’t have the power to take important decisions,” said Alaeddin Boroujerdi, head of the Iranian parliament’s nation security and foreign policy committee. The “Europeans, by sanctioning Iran, seek to dance in front of the Americans.”

As a result, it’s only a matter of time before Iran finds itself locked out financially from the world.

Or rather the Western world, because as the US and Europe fade away as key partners for Iran, China is about to step in again.

As Bloomberg reported today, “to develop its $430 billion economy, Iran is being forced to rely on political allies in the east. Trade with China has more than doubled since 2006, to $28 billion. The biggest chunk of Iran’s oil exports go to China, about $11 billion a year at current prices.”

China is “already the winner,’’ Dina Esfandiary, a fellow at the Centre for Science and Security Studies at King’s College in London, told Bloomberg. “Iran has slowly abandoned the idea of being open to the West. The Chinese have been in Iran for the past 30 years. They have the contacts, the guys on the ground, the links to the local banks.’”

And they’re more willing to defy U.S. pressure as Trump slaps sanctions back on.

In short, the more Trump pushes Iran – and the broader middle-eastern region – to comply with the will of Israel and Saudi Arabia, the closer Iran will get with China whose influence in the middle-east, where it is ideologically aligned with Russia, will only grow..

END

Israel is deploying tanks to the Golan Heights on the border with Syria (next to the Quinetra). Is Israel planning a land invasion

(courtesy zerohedge)

 

Israel Deploys Tanks To Contested Border Region After Attacks On Syria

After the Israeli military purportedly took out “all of the Iranian infrastructure” in Syria during a skirmish with Syrian and Iranian troops last night (a charge which Iran denies), the IDF has moved a line of tanks to the Golan Heights, the contested boarder area between Israel and Syria.

Of course, one can’t help but wonder: Despite Israel’s claims that it isn’t planning any more strikes “unless provoked”, is the IDF preparing for a land invasion of Syria?

Elizabeth Tsurkov

✔@Elizrael

Contacts in Quneitra right along the border fence are telling me that they’re seeing massive movement of Israeli tanks on the occupied Golan and non-stop overflights of Israeli drones.

One could be forgiven for suspecting that this is exactly what’s happening.

Of course, the US “condemns the Iranian regime’s provocative rocket attacks from Syria against Israeli citizens, and we strongly support Israel’s right to act in self-defense,” according to a White House statement.

It’s like they say…

end

Turkey

The Turkish lira plummets again as Erdogan states that he will begin to target interest rates

(courtesy zerohedge)

Turkish Lira Tumbles As Erdogan Blasts Interest Rates Are “Mother Of All Evils”

Having bounced off record lows earlier in the week, the Turkish Lira is re-tumbling following President Erdogan’s comments that interest rates are “the mother and father of all evil” and that Turkey must “target double-digit economic growth.“

Erdogan added a few more colorful comments sure to send shivers down the spine of any fiscal conservative (or Turk who does not want to see his currency’s value hyperinflated away)…

• *ERDOGAN: TURKEY TO EMERGE VICTORIOUS AGAINST INTEREST RATES
• *ERDOGAN: INTEREST RATES THE REASON FOR INFLATION (umm, not sure you have that right)
• *ERDOGAN: TURKEY MUST PULL DOWN INTEREST RATES (so much for CB independence)
• *ERDOGAN: TURKEY WON’T STEP BACK FROM BUDGET DISCIPLINE

And that sparked Lira selling…

Erdogan says he will emerge victorious in his fight against interest rates after June 24 elections.

“FX speculators, interest rate lobby and enemies of Turkey under the guise of credit rating firms are not our concern,”  Erdogan says in Ankara, addressing business-people.

And Erdogan says recent economic disruptions in Turkey “due to global conditions.”

As long as Turkey “stands strong,” it will overcome “global negativity”

end

6 .GLOBAL ISSUES

END

7. OIL ISSUES

8. EMERGING MARKET

ARGENTINA

The Argentine Peso just fell to 23 Pesos per dollar despite a 40% interest rate.  JPMorgan warns of disorder as 30 billion USA dollars of bonds come due.  This is becoming the kiss of death to Argentina who has a huge amount of external debt denominated in currencies other than the Peso.

(courtesy zerohedge)

And now your more important USA stories which will influence the price of gold/silver

TRADING IN GRAPH FORM FOR THE DAY

HARVEY