GOLD: $1223.55 DOWN $2.85 (COMEX TO COMEX CLOSINGS)
Silver: $15.48 DOWN 0 CENTS (COMEX TO COMEX CLOSINGS)
Closing access prices:
Gold $1223.45
silver: $15.49
For comex gold:
JULY/
NUMBER OF NOTICES FILED TODAY FOR JULY CONTRACT:0 NOTICE(S) FOR nil oz
TOTAL NOTICES SO FAR 99 FOR 9900 OZ (0.3079 tonnes)
For silver:
JULY
97 NOTICE(S) FILED TODAY FOR
485,000 OZ/
Total number of notices filed so far this month: 5978 for 29,890,000 oz
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Bitcoin: BID $7938/OFFER $8023: UP $59(morning)
Bitcoin: BID/ $8171/offer $8256: UP $292 (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: 1225.31
NY price at the same time: 1223.44
PREMIUM TO NY SPOT: $1.87
XX
Second gold fix early this morning: 1224.06
USA gold at the exact same time:1224.05
PREMIUM TO NY SPOT: $0.01
China is controlling the gold market
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 SMALL SIZED 688 CONTRACTS FROM 217,308 UP TO 217,996 DESPITE YESTERDAY’S 10 LOSS IN SILVER PRICING. WE HAVE NOW WITNESSED A SLOW COMEX ACCUMULATION THESE PAST SEVERAL DAYS. ON TOP OF THIS WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(JUST UNDER 30 MILLION OZ AT THE COMEX) AS WELL AS CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP: 307 EFP’S FOR SEPT. , 0 EFP’S FOR DECEMBER AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 307 CONTRACTS. WITH THE TRANSFER OF 646 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 307 EFP CONTRACTS TRANSLATES INTO 1.535 MILLION OZ AND ACCOMPANYING:
1.THE 10 CENT LOSS IN SILVER PRICE AT THE COMEX AND
2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ) AND NOW JULY/ 2018 WITH 29.965 MILLION OZ INITIALLY STANDING FOR DELIVERY(SEE DATA BELOW).
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JUNE:
33,151 CONTRACTS (FOR 19 TRADING DAYS TOTAL 33,151 CONTRACTS) OR 165.76 MILLION OZ: (AVERAGE PER DAY: 1894 CONTRACTS OR 9.470 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF JULY: 165.76 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 23.68% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 1,8205.47 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
ACCUMULATION FOR MAY 2018: 210.05 MILLION OZ
ACCUMULATION FOR JUNE 2018: 345.43 MILLION OZ
RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 688 DESPITE THE 10 CENT GAIN IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 307 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: 307 EFP’S FOR SEPT, 0 EFP’S FOR DECEMBER AND ZERO FOR ALL OVER MONTHS FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS (TOTAL: 307). TODAY WE GAINED A SMALL SIZED: 995 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 307 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH AN INCREASE OF 2867 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 10 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $15.48 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS ACTIVE JULY DELIVERY MONTH OF SLIGHTLY LESS THAN 30 MILLION OZ. IT SURE LOOKS LIKE ANOTHER FAILED BANKER SHORT COVERING EXERCISE AS BANKERS ARE SCRAMBLING TO COVER THEIR HUGE SHORTFALL.
In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.078 MILLION OZ TO BE EXACT or 154% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT JULY MONTH/ THEY FILED AT THE COMEX: 97 NOTICE(S) FOR 485,000 OZ OF SILVER
IN SILVER, WE SET THE NEW RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
- HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) AND NOW JULY 2018 AMOUNT INITIALLY STANDING: 29.965 MILLION OZ )
- HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018
- HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
- RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
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).
IN GOLD, THE OPEN INTEREST FELL BY A HUMONGOUS SIZED 14,443 CONTRACTS DOWN TO 485,701 WITH THE FALL IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A LOSS IN PRICE OF $5.65). GENERALLY WE SEE COMEX LIQUIDATION WHEN WE ARE ENTERING THE LAST DAYS IN THIS ACTIVE DELIVERY MONTH OF JULY AND IT SURELY HAPPENED YESTERDAY. WE GENERALLY SEE THE BOYS CASHING IN THEIR COMEX LONGS TO BEGIN THE PROCESS TO MOVE INTO LONDON FORWARDS. THIS PROCEDURE HAS BEEN GOING ON NOW FOR OVER 2 AND 1/2 YEARS. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 9514 CONTRACTS : AUGUST SAW THE ISSUANCE OF: 7764 CONTRACTS, OCTOBER SAW THE ISSUANCE OF 0 CONTRACTS AND DECEMBER HAD AN ISSUANCE OF 1750 CONTACTS AND THEN ALL OTHER MONTHS ZERO. The new COMEX OI for the gold complex rests at 485,701. 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 STRONG OI LOSS IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4929 CONTRACTS: 14,443 OI CONTRACTS DECREASED AT THE COMEX AND 9514 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS: 4929 CONTRACTS OR 492,900 OZ = 15.33 TONNES. AND ALL OF THIS LOSS IN DEMAND OCCURRED WITH THE FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $5.65.
YESTERDAY, WE HAD 7330 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 179,171 CONTRACTS OR 17,917,100 OZ OR 557.29 TONNES (19 TRADING DAYS AND THUS AVERAGING: 9430 EFP CONTRACTS PER TRADING DAY OR 943,000 OZ/ TRADING DAY),,
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAYS IN TONNES: 557.29 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 557.20/2550 x 100% TONNES = 21,85% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 4,660.11* TONNES *SURPASSED ANNUAL PROD’N
ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES (21 TRADING DAYS)
ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018: 649.45 TONNES (20 TRADING DAYS)
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)
ACCUMULATION OF GOLD EFP’S FOR MAY 2018: 693.80 TONNES ( 22 TRADING DAYS)
ACCUMULATION OF GOLD EFP FOR JUNE 2018 650.71 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 GOOD SIZED DECREASE IN OI AT THE COMEX OF 14,443 DESPITE THE LOSS IN PRICING ($5.65 THAT GOLD UNDERTOOK YESTERDAY) // . WE ALSO HAD A FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9514 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 9514 EFP CONTRACTS ISSUED, WE HAD A VERY STRONG NET LOSS OF 4929 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
9514 CONTRACTS MOVE TO LONDON AND 14,443 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 15.33 TONNES). ..AND THIS LOSS IN DEMAND OCCURRED WITH THE LOSS OF $5.65 IN YESTERDAY’S TRADING AT THE COMEX!!!.
we had: 0 notice(s) filed upon for NIL 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$2.85 TODAY: /
NO CHANGES IN GOLD INVENTORY AT THE GLD
/GLD INVENTORY 800.20 TONNES
Inventory rests tonight: 800.20 tonnes.
TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY
SLV/
WITH SILVER FLATTODAY :
NO CHANGE IN SILVER INVENTORY TONIGHT
/INVENTORY RESTS AT 329.433 MILLION OZ/
NOTE THE DIFFERENCE BETWEEN THE GLD AND SLV: THE CROOKS CAN RAID GOLD BECAUSE THEY DO HAVE SOME PHYSICAL. THEY DO NOT RAID SILVER PROBABLY BECAUSE THERE IS NO REAL SILVER INVENTORIES BEHIND THEM
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in SILVER ROSE BY A SMALL SIZED 688 CONTRACTS from 217,308 UP TO 217,996 (AND CLOSER T0 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:
307 EFP CONTRACTS FOR SEPT., 0 EFP CONTRACTS FOR DECEMBER AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 307 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 688 CONTRACTS TO THE 307 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GOOD NET GAIN OF 995 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 4.975 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESS AN INITIAL STANDING OF SLIGHTLY LESS THAN 30 MILLION OZ AND YET ALL OF THIS DEMAND OCCURRED DESPITE A 10 CENT LOSS IN PRICE.
RESULT: A SMALL SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 10 CENT LOSS THAT SILVER UNDERTOOK IN PRICING YESTERDAY. BUT WE ALSO HAD A SMALL SIZED 307 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR JULY, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON AS WELL AS THE STRONG AMOUNT OF PHYSICAL STANDING FOR METAL AT THE COMEX.
(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 8.63 POINTS OR 0.30% /Hang Sang CLOSED UP 23.14 POINTS OR 0.08%/ / The Nikkei closed UP 125.88 POINTS OR 0.66%/Australia’s all ordinaires CLOSED UP 0.85% /Chinese yuan (ONSHORE) closed DOWN at 6.7840 AS POBC RESUMES ITS HUGE DEVALUATION /Oil UP to 69.50 dollars per barrel for WTI and 74.52 for Brent. Stocks in Europe OPENED GREEN//. ONSHORE YUAN CLOSED WELL DOWN AT 6.8331 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8406: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES : /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED
/NORTH KOREA/SOUTH KOREA
i)North Korea/South Korea/USA/Russia
b) REPORT ON JAPAN
Japan delays by 4 hours its purchase of bonds creating quite a scare..the fear was Kuroda might let bond yields slide which would create havoc in the bond market
( zerohedge)
3 c CHINA
Last night
china’s yuan plunged to a 13 month low with the offshore yuan hitting 6.85. The big question is this:
Is China retaliating or are they losing control?
(zerohedge)
4. EUROPEAN AFFAIRS
What really went on between closed doors with respect to the meeting of Juncker and Trump. According to Mish, the Europeans will never buy LNG from the uSA
( Mish Shedlock/Mishtalk_
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
ii)it is certainly obvious why Mattis my reject the Australian report on Iranian strikes
6 .GLOBAL ISSUES
Due to the trade wars, Mexico has shifted from the USA to other countries seeking wheat
(courtesy zerohedge)
7. OIL ISSUES
8. EMERGING MARKET
9. PHYSICAL MARKETS
i)An extremely important commentary from Alasdair Macleod and how he sees how the next crisis will begin at the end of this year
( Alasdair Macleod)
ii)An extremely important commentary from Victor Sperandeo. He states that if China liquidates its 1.3 trillion bond portfolio, all the USA major banks will purchase the bonds with borrowed money from the Fed. Actually the banks will do quite good on the deal as they will borrow at zero and receive 3% or so on the bonds. Of course, the huge influx of dollars will create a havoc with respect to inflation when all of these dollars are released into the uSA economy
( Victor Sperandeo/GATA)
10. USA stories which will influence the price of gold/silver)
i)Market trading /GOLD/MARKET MOVERS:
This afternoon as the market “absorbed” news of a 4% growth in GDP
(courtesy zerohedge)
a)A good report for the first blush second quarter GDP estimate. Not only that but inventories were not a tailwind so future revisions will be on the positive side of things; GDP grew at first estimate at 4.1%
(courtesy zerohedge)
b)This does not look like a healthy economy: Consumer sentiment slumped to a 6 month lows as high rates and costs are weighing on consumers
( zerohedge)
iv)SWAMP STORIES
a)This ought to be good: A judge in the Buzzfeed libel case must provide details behind the Steele dossier
( zerohedge)
b)this is totally nuts: Cohen accuses Trump of knowing about the meeting. Trump states that he knows nothing..and this is all that Mueller’s team can come up with?
( zerohedge)
Trading Volumes on the COMEX
PRELIMINARY COMEX VOLUME FOR TODAY: 398,818 contracts
CONFIRMED COMEX VOL. FOR YESTERDAY: 416,109 contracts
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And now for the wild silver comex results.
Total silver OI FELL BY A CONSIDERABLE SIZED 688 CONTRACTS FROM 217,308 UP TO 217,996 (AND A LITTLE CLOSER TO THE THE NEW RECORD OI FOR SILVER SET APRIL 9.2018/ 243,411 CONTRACTS) DESPITE THE SMALL 10 CENT LOSS IN SILVER PRICING/ YESTERDAY. SINCE WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF JULY, WE WERE INFORMED THAT WE HAD A SMALL SIZED 307 EFP CONTRACTS FOR SEPT., 0 EFP CONTRACTS FOR DECEMBER 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: 307. ON A NET BASIS WE GAINED 995 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED 688 CONTRACT GAIN AT THE COMEX COMBINING WITH THE ADDITION OF 307 OI CONTRACTS NAVIGATING OVER TO LONDON.
NET GAIN ON THE TWO EXCHANGES: 995 CONTRACTS
AMOUNT STANDING FOR SILVER AT THE COMEX
We are now in the active delivery month of JULY and here the front month FELL by 132 contacts to stand at 112 contracts. We had 153 notices filed yesterday so we GAINED 21 contracts or an additional 105,000 oz refused to morph into London based forwards and receive a fiat bonus for their efforts.
The next delivery month, after July is the non active delivery month of August and here we lost 97 contracts to stand at 805. The next active delivery month after August for silver is September and here the OI ROSE by 348 contracts UP to 157,724
We had 97 notice(s) filed for 485,000 OZ for the JULY 2018 COMEX contract for silver
FROM LAST YEARS DATA, ON FIRST DATE NOTICE FOR THE JULY 2017 SILVER COMEX DELIVERY MONTH WE HAD 12.115 MILLION OZ OF SILVER STANDING FOR DELIVERY. AT MONTH’S END WE HAD 16.435 MILLION OZ EVENTUALLY STAND AS WE ALREADY HAD QUEUE JUMPING BEGIN IN EARNEST FROM APRIL 2017 ONWARD EVEN TO TODAY. SO WITH TODAY’S NUMBERS WE SURPASSED LAST YEAR’S LEVEL BY A WIDE MARGIN.
AND NOW COMPARISON VS AUGUST LAST YR:
ON FIRST DAY NOTICE JULY 31/2017: 1,965,000 OZ STOOD FOR DELIVERY
THE FINAL AMOUNT OF SILVER STANDING: AUGUST 30.2017: 6,245,000 OZ AS WE HAD CONSIDERABLE QUEUE JUMPING.
FOR THE AUGUST CONTRACT MONTH:
LAST YEAR AT THIS TIME JULY 26.2017 WE HAD 394 SILVER COMEX OI OUTSTANDING VS TODAY: 805
SO, AS IN GOLD, WE ARE GOING TO HAVE A CONSIDERABLY LARGER AMOUNT OF SILVER STANDING FOR THE NON ACTIVE CONTRACT MONTH OF AUGUST THAN LAST YEAR.
INITIAL standings for JULY/GOLD
JULY 27/2018.
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil oz |
| Withdrawals from Customer Inventory in oz |
192,90 OZ
Brinks
|
| Deposits to the Dealer Inventory in oz | NIL oz |
| Deposits to the Customer Inventory, in oz |
nil oz
|
| No of oz served (contracts) today |
0 notice(s)
NIL OZ
|
| No of oz to be served (notices) |
135 contracts
(13,500 oz)
|
| Total monthly oz gold served (contracts) so far this month |
99 notices
9900 OZ
.3079TONNES
|
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | xxx oz |
For JULY:
Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.
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To calculate the INITIAL total number of gold ounces standing for the JULY. contract month, we take the total number of notices filed so far for the month (99) x 100 oz or 9900 oz, to which we add the difference between the open interest for the front month of JULY. (135 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 23,400 oz,(.7278 tonnes) the number of ounces standing in this non active month of JULY
Thus the INITIAL standings for gold for the JULY contract month:
No of notices served (99 x 100 oz) + {(135)OI for the front month minus the number of notices served upon today (0 x 100 oz )which equals 23,400 oz standing in this NON – active delivery month of JULY .
We lost 0 contracts or an additional NIL oz will stand for comex delivery
THERE ARE ONLY 7.8648 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 0.7278 TONNES STANDING FOR JULY
IN THE LAST 24 MONTHS 85 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE APRIL DELIVERY MONTH
JULY INITIAL standings/SILVER
| Silver | Ounces |
| Withdrawals from Dealers Inventory | nil oz |
| Withdrawals from Customer Inventory |
91,008.379 oz
CNT
Scotia |
| Deposits to the Dealer Inventory |
nil oz
|
| Deposits to the Customer Inventory |
nil
CNT
|
| No of oz served today (contracts) |
97
CONTRACT(S)
(485,000 OZ)
|
| No of oz to be served (notices) |
15 contracts
(75,000 oz)
|
| Total monthly oz silver served (contracts) | 5978 contracts
(29,890,000 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 |
we had 0 inventory movement at the dealer side of things
total dealer deposits: nil oz
total dealer withdrawals: nil oz
we had 0 deposit 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 143 million oz of total silver inventory or 51.0% of all official comex silver. (143 million/280 million)
ii) into everybody else; 0oz
total customer deposits today: nil oz
we had 2 withdrawals from the customer account;
i) Out of CNT: 50,527.689 oz
ii) Out of Scotia: 40,480.690 oz
total withdrawals: 91,008.379 oz
we had 0 adjustment/
total dealer silver: 78.645 million
total dealer + customer silver: 281.862 million oz
The total number of notices filed today for the JULY. contract month is represented by 97 contract(s) FOR 485,000 oz. To calculate the number of silver ounces that will stand for delivery in JULY., we take the total number of notices filed for the month so far at 5978 x 5,000 oz = 29,890,000 oz to which we add the difference between the open interest for the front month of JULY. (112) and the number of notices served upon today (97 x 5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the JULY/2018 contract month: 5978(notices served so far)x 5000 oz + OI for front month of JULY(112) -number of notices served upon today (97)x 5000 oz equals 29,965,000 oz of silver standing for the JULY contract month
WE GAINED 8 CONTRACTS OR AN ADDITIONAL 40,000 OZ WILL STAND AS THESE GUYS REFUSED TO
MORPH INTO LONDON BASED FORWARDS AND RECEIVE A FIAT SWEETENER FOR THEIR EFFORTS.
PLEASE NOTE THE FOLLOWING FOR COMPARISON PURPOSES:
THE INITIAL STANDING FOR SILVER AT THE COMEX JULY 2017: 12.115 MILLION OZ ALTHOUGH AT MONTH’S END: 16.435 MILLION OZ STOOD FOR DELIVERY. THIS COMPARES WITH TODAY’S INITIAL STANDING FOR SILVER OF 29.965 MILLION OZ.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ESTIMATED VOLUME FOR TODAY:59,824 CONTRACTS
CONFIRMED VOLUME FOR YESTERDAY: 60,727 CONTRACTS absolutely criminal
YESTERDAY’S CONFIRMED VOLUME OF 60,727 CONTRACTS EQUATES TO 303 million OZ OR 43.3% 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 -2.84% (JULY 27/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.89% to NAV (JULY 27/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -2.84%-/Sprott physical gold trust is back into NEGATIVE/
(courtesy Sprott/GATA)
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):
NAV 12.67/TRADING 12.24//DISCOUNT 3.51.
END
And now the Gold inventory at the GLD/
july 27/WITH GOLD DOWN $2.85 TODAY, NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.20 TONNES
JULY 26./WITH GOLD DOWN $5.65: A WITHDRAWAL OF 2.35 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 800.20 TONNES
JULY 25/WITH GOLD UP $6.45; NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 802.55 TONNES
JULY 24/ WITH GOLD DOWN 10 CENTS: A HUGE DEPOSIT OF 4.42 TONNES INTO THE GLD/INVENTORY RESTS AT 802.55 TONNES
JULY 23/WITH GOLD DOWN $5.55: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 798.13 TONNES
JULY 20/WITH GOLD UP $4.15 A HUGE DEPOSIT OF 4.12 TONNES OF GOLD INTO THE GLD.INVENTORY RESTS AT 798.13 TONNES
JULY 19./WITH GOLD DOWN $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 794.01 TONNES
JULY 18/WITH GOLD UP 0.40: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 794.01 TONNES
JULY 17/WITH GOLD DOWN $12.40, WE HAD A BIG WITHDRAWAL OF 1.18 TONNES FROM THE GLD/INVENTORY RESTS AT 794.01 TONNES
JULY 16/WITH GOLD DOWN $1.55/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 795.19 TONNES
JULY 13/WITH GOLD DOWN $5.35 THE CROOKS RAID THE COOKIE JAR AGAIN TO THE TUNE OF 3.83 TONNES/INVENTORY RESTS AT 795.19 TONNES
JULY 12/WITH GOLD UP $2.30: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 799.02 TONNES
JULY 11/WITH GOLD DOWN $10.75 THE CROOKS RAIDED THE COOKIE JAR AGAIN TO THE TUNE OF 1.75 TONNES/INVENTORY RESTS AT 799.02 TONNES
JULY 10/WITH GOLD DOWN $3.85: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 800.77 TONNES
july 9/WITH GOLD UP $4.00/ANOTHER RAID ON THE GOLD COOKIE JAR: TWO WITHDRAWALS OF 1.18 TONNES THIS MORNING AND 1.47 TONNES THIS AFTERNOON/INVENTORY RESTS AT 800.77 TONNES
JULY 6/WITH GOLD DOWN $2.45: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 803.42 TONNES
JULY 5/WITH GOLD UP ANOTHER $5.15, THE CROOKS RAIDED THE COOKIE JAR AGAIN TO THE TUNE OF 5.89 TONNES/INVENTORY RESTS AT 803.42 TONNES IN THE LAST 10 TRADING DAYS GLD HAS LOST A HUGE 25.34 TONNES WITH A LOSS OF ONLY $15.25 IN PRICE
July 3/WITH GOLD UP $11.15/THE CROOKS RAIDED THE GLD INVENTORY AGAIN TO THE TUNE OF 9.73 TONNES/INVENTORY RESTS AT 809.31 TONNES
JULY 2/WITH GOLD DOWN $12.15, THE CROOKS RAIDED THE GLD INVENTORY AGAIN BY 1.47 TONNES DOWN./INVENTORY RESTS AT 819.04 TONNES
JUNE 29/WITH GOLD UP $3.70/A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 820.51 TONNES
JUNE 28/WITH GOLD DOWN $5.15/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 821.69 TONNES
June 27/WITH GOLD DOWN $3.60// TWO ENTRIES:/STRANGELY THE CROOKS RETURNED THE WITHDRAWAL OF 4.42 TONNES LAST NIGHT (THUS WE HAD A DEPOSIT OF 4.42 TONNES/INVENTORY RESTS AT 824.63 TONNES. /THEN LATE THIS AFTERNOON A WITHDRAWAL OF 2.94 TONNES
INVENTORY RESTS AT 821.69 TONNES/THIS VEHICLE IS AN OUTRIGHT FRAUD.
june 26/LATE LAST NIGHT, WITH GOLD DOWN $9.10 WE HAD A HUGE WITHDRAWAL OF 4.42 TONNES OF GOLD/INVENTORY RESTS AT 820.21 TONES
JUNE 25/WITH GOLD DOWN $1.45/NO CHANGE IN GOLD INVENTORY AT THE GLD.INVENTORY RESTS AT 824.63 TONNES
JUNE 22/WITH GOLD UP 25 CENTS TODAY, THE CROOKS WITHDREW A MASSIVE 4.13 TONNES OF GOLD/INVENTORY RESTS AT 824.63 TONNES
JUNE 21/WITH GOLD DOWN $4.00/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES
JUNE 20/WITH GOLD DOWN $3.55/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES
JUNE 19/WITH GOLD DOWN $1.50/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONES
JUNE 18/WITH GOLD UP $1.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES
JUNE 15/WITH GOLD DOWN $28.90/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES
JUNE 14/WITH GOLD UP $7.10/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES/
JUNE 13/WITH GOLD UP $2.20/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 828.76 TONNES
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
JULY 27/2018/ Inventory rests tonight at 800.20 tonnes
*IN LAST 418 TRADING DAYS: 130.73 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 368 TRADING DAYS: A NET 25,81 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
end
JULY 27
Now the SLV Inventory/
JULY 27/WITH SILVER FLAT TODAY, NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.433 MILLION OZ/
JULY 26/WITH SILVER DOWN 10 CENTS: STRANGE: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.046 MILLION OZ OF SILVER/INVENTORY RESTS AT 329.433 MILLION OZ
JULY 25: WITH SILVER UP 8 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 658,000 INVENTORY RESTS AT 328.304 MILLION OZ/
JULY 24/WITH SILVER UP 8 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 328.962 MILLION OZ/
JULY 23/WITH SILVER DOWN 11 CENTS/NO CHANGES IN SILVER INVENTORY INTO THE SLV/INVENTORY RESTS AT 328.962 MILLION OZ/
JULY 20/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.411 MILLION OZ INTO THE SLV INVENTORY
INVENTORY RESTS AT 328.962 MILLION OZ
JULY 19/WITH SILVER DOWN 17 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 752,000 OZ INTO THE SLV INVENTORY/INVENTORY RESTS AT 327.551 MILLION OZ/
JULY 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.799 MILLION OZ/
JULY 17/WITH SILVER DOWN 20 CENTS TODAY: A CHANGE IN SILVER INVENTORY A WITHDRAWAL OF 1.001 MILLION OZ FROM THE SLV: INVENTORY RESTS AT 326.799 MILLION OZ/
JULY 16/WITH SILVER FLAT TODAY, A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.128 MILLION OZ//INVENTORY RESTS AT 327.880 MILLION OZ
JULY 13/WITH SILVER DOWN 16 CENTS TODAY/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 326.752 MILLION OZ.
JULY 12/WITH SILVER UP 12 CENTS TODAY: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.035 MILLION OZ/INVENTORY RESTS AT 326.752 MILLION OZ/
JULY 11/WITH SILVER DOWN 22 CENTS TODAY: ANOTHER HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 565,000/INVENTORY RESTS AT 325.717 MILLION OZ
JULY 10/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 325.151 MILLION OZ
july 9/WITH SILVER UP 5 CENTS: ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 847,000 OZ ADDED TO INVENTORY/INVENTORY RESTS AT 825.151 MILLION OZ/
JULY 6/WITH SILVER DOWN 2 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 324.305 MILLION OZ/
JULY 5/WITH SILVER UP 6 CENTS, A GOOD CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 470,000 OZ/INVENTORY RESTS AT 324.305 MILLION OZ/ FOR THE PAST 10 TRADING DAYS, SILVER INVENTORY HAS ADVANCED BY 4.945 MILLION OZ WITH A LOSS OF 33 CENTS/PLEASE COMPARE THIS WITH THE GLD.
JULY 3/WITH SILVER UP 17 CENTS, A HUGE DEPOSIT OF 1.37 MILLION OZ ADDED TO THE SLV/INVENTORY RESTS AT 323.835 MILLION OZ.
JULY 2/WITH SILVER DOWN 31 CENTS/A HUGE 2.070 MILLION OZ DEPOSIT AT THE SLV/INVENTORY RESTS AT 322.465 MILLION OZ/
JUNE 29/WITH SILVER UP 14 CENTS TODAY, NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS THIS WEEKEND AT 320.395 MILLION OZ/
JUNE 28/WITH SILVER DOWN 18 CENTS, THE CROOKS ADDED 1.035 MILLION OZ OF SILVER INTO THE SLV/INVENTORY RESTS AT 320.395 MILLION OZ
JUNE 27.2018/WITH SILVER DOWN 8 CENTS/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 819.360 MILLION OZ/
june 26./2018/WITH SILVER DOWN 8 CENTS, THE CROOKS WITHDREW THE DEPOSIT OF TWO DAYS AGO; 941,000 OZ OUT OF INVENTORY/INVENTORY RESTS AT 819.360 OZ
JUNE 25/WITH SILVER DOWN 12 CENTS/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.301 MILLION OZ/
JUNE 22/WITH SILVER UP 12 CENTS TODAY,ANOTHER BIG CHANGE IN SILVER INVENTORY AT THE SLV” A DEPOSIT OF 941,000 OZ INTO INVENTORY/INVENTORY RESTS THIS WEEKEND AT 320.301 MILLION OZ/
JUNE 21/WITH SILVER UP ONE CENT/ANOTHER CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 2.918 MILLION OZ/INVENTORY RESTS AT 319.360 MILLION OZ/ THUS FOR TWO STRAIGHT DAYS A TOTAL OF 5.26 MILLION OZ OF SILVER HAS BEEN ADDED WITH NO CHANGE IN PRICE.
JUNE 20/WITH SILVER DOWN ONE CENT/A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY / A DEPOSIT OF 2.35 MILLION OZ/INVENTORY RESTS AT 316.442 MILLION OZ/
JUNE 19/2018/WITH SILVER DOWN 11 CENTS/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 314.090 MILLION OZ/
JUNE 18/WITH SILVER DOWN 6 CENTS TODAY/NO CHANGE IN SILVER INVENTORY/INVENTORY RESTS AT 314.090 MILLION OZ/
JUNE 15/WITH SILVER DOWN 75 CENTS/A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.788 MILLION OZ//INVENTORY RESTS AT 314.090 MILLION OZ
JUNE 14/WITH SILVER UP 30 CENTS, THE CROOKS DECIDED THAT THEY NEEDED SILVER INVENTORY BADLY SO THEY RAID THE SLV OF 1.412 MILLION OZ/INVENTORY RESTS AT 315.878 MILLION OZ/
JUNE 13/WITH SILVER UP 11 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 317.290 MILLION OZ/
JULY 27/2018:
Inventory 329.433 MILLION OZ
6 Month MM GOFO 1.88/ and libor 6 month duration 2.52
Indicative gold forward offer rate for a 6 month duration/calculation:
G0FO+ 1.88%
libor 2.52 FOR 6 MONTHS/
GOLD LENDING RATE: .64%
XXXXXXXX
12 Month MM GOFO
+ 2.82%
LIBOR FOR 12 MONTH DURATION: 2.38
GOFO = LIBOR – GOLD LENDING RATE
GOLD LENDING RATE = +.44
end
Major gold/silver trading /commentaries for FRIDAY
GOLDCORE/BLOG/MARK O’BYRNE.
Are China’s Gold Reserves Slowly Rising?
Charts of the Week


Today’s News and Commentary
China’s Gold Mystery: Is Nation Slowly Increasing Reserves? (Bloomberg.com)
PRECIOUS-Gold prices inch up, investors shift focus to upcoming US economic data (Reuters.com)
Britain’s largest gold nugget found on Scottish riverbed (TheGuardian.com)
Gold Weakness Probably Maturing (Investing.com)
I Can Be Stupid As Well – Juncker Threatens Trump Behind Closed Doors (ZeroHedge.com)
Victor Sperandeo: The rules of the bond game (Gata.org)
US Preparing To Bomb Iran’s Nuclear Capabilities As Soon As Next Month: Report (ZeroHedge.com)
Maybe China will prompt U.S. to reclaim the gold weapon (Gata.org)
GOLD: COME’ON – ADMIT IT – YOU WANT TO OWN IT (TheMacroTourist.com)
Silver Threads among the Gold: What the Tea Leaves Seem to Be Telling Us (SilverSeek.com)
Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below
26 Jul: USD 1,228.35, GBP 931.46 & EUR 1,049.13 per ounce
25 Jul: USD 1,230.55, GBP 935.09 & EUR 1,051.75 per ounce
24 Jul: USD 1,224.30, GBP 933.77 & EUR 1,047.63 per ounce
23 Jul: USD 1,229.45, GBP 937.21 & EUR 1,050.93 per ounce
20 Jul: USD 1,224.85, GBP 940.56 & EUR 1,050.80 per ounce
19 Jul: USD 1,217.40, GBP 936.06 & EUR 1,048.79 per ounce
Silver Prices (LBMA)
26 Jul: USD 15.54, GBP 11.79 & EUR 13.27 per ounce
25 Jul: USD 15.57, GBP 11.83 & EUR 13.31 per ounce
24 Jul: USD 15.51, GBP 11.81 & EUR 13.24 per ounce
23 Jul: USD 15.49, GBP 11.78 & EUR 13.22 per ounce
20 Jul: USD 15.37, GBP 11.79 & EUR 13.19 per ounce
19 Jul: USD 15.26, GBP 11.75 & EUR 13.16 per ounce
Recent Market Updates
– Gold Outlook In H2 2018
– Gold Production In South Africa Continues To Collapse – Plummets 85% From Peak In 1970 (VIDEO)
– Physical Gold Is The “Best Defence” Against “Escalating Currency Wars”
– Trump and War With China? Goldnomics Podcast
– Weekly Digest – News, Market Updates and Videos You May Have Missed
– Financial Terrorism In The UK – Collusion between Government, Regulators & Two Bailed-Out UK Banks
– “Biggest Bubble in the History of Mankind” Is “Going To Burst” – Ron Paul
– Global Debt Time Bomb Surges To Nearly $250,000,000,000,000 – GoldCore Video
– Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
– Trump Is Serious About A Global Trade War
– Ponzi Economy Will Lead To Next Global Financial Crisis
– World Cup Is 200 Ounces Of Gold Worth £140,000 – 30% Less Than Harry Kane’s Weekly Wage
– Chaotic BREXIT More Likely: Risk To London, While Frankfurt, Luxembourg, Paris and Dublin Benefit
– VIDEO: Italy €2.4 Trillion Debt To Create Eurozone Contagion and Global Debt Crisis?
– U.S. China Trade War Escalates as Russia and China Accumulate Gold
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)
|
|
Dear Harvey Organ,
Thank you for your participation in our webinar on June 7th with our host and CEO of Kinesis, Thomas Coughlin.
The response we received has been incredible, we appreciate you taking the time to join us and hope you found it to be beneficial.
Due to such a high influx of questions we received we were unable to have them all answered. Nevertheless, if there was anything which requires more clarification, or you have a query which needs to be rectified, we invite you to join our telegram group:
We apologize for the technical issues we incurred during the webinar which resulted in it running a little over schedule, we hope that the next one we host will run seamlessly.
A video has been put together and uploaded onto our YouTube channel which can be found here:
Please share and subscribe to our YouTube channel to be notified of all the latest videos as they become available.
The rapid growth that we are currently experiencing has been incredible and with your support, is only going to get better.
We are working behind the scenes very hard to create a better experience for everyone involved! Stay tuned in as we have many more announcements to be released in the upcoming days.
Kind Regards,
![]() |
Kinesis Money
a:C/O ILS Fiduciaries (IOM) Limited, First Floor,Millennium House, Victoria Road, Douglas, Isle of Man IM2 4RW
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The following is self explanatory
(courtesy GATA/Chris Powell and Harvey Organ)
GATA asks bank regulator to check risks of gold
futures maneuver
Submitted by cpowell on Sun, 2018-06-10 16:17. Section: Daily Dispatches
12:21p ET Sunday, June 10, 2018
Dear Friend of GATA and Gold:
GATA has appealed to the U.S. comptroller of the currency, who has regulatory authority over banks, to review financial risks certain banks may have incurred through derivatives in the monetary metals markets, particularly through the recent heavy use of the “exchange for physicals” mechanism of settling gold and silver futures contracts on the New York Commodities Exchange.
The appeal was made in a letter sent May 5 to the comptroller, Joseph M. Otting, whose office is part of the U.S. Treasury Department, by your secretary/treasurer and GATA futures market consultant Harvey Organ.
“Exchange for physical” settlements of futures contracts long were considered emergency procedures when a seller was not able to deliver metal from an exchange-approved warehouse and wanted to settle with delivery elsewhere. But now such settlements appear to constitute most gold and silver futures settlements on the Comex. It is a strange development that appears to have been necessitated by the increasing difficulties of central banking’s gold and silver price suppression policy.
GATA has received no acknowledgment of the letter. Its text is below and a PDF copy of it is here:
http://www.gata.org/files/ComptrollerOfCurrencyLetter.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
May 5, 2018
Joseph M. Otting, Comptroller of the Currency
U.S. Treasury Department
400 7th Street, SW
Washington DC 20219
Dear Comptroller Otting:
Please let us bring to your attention financial risks to major banks involving their possibly unreported exposure to derivatives in the monetary metals markets.
In recent months gold and silver future contracts issued by U.S. banks on the New York Commodities Exchange have been moved off-exchange for delivery through a mechanism known as “exchange for physical” (EFP) contracts. Until recently use of this mechanism was considered an emergency procedure when a seller did not have access to metal for delivery through Comex warehouses. Now the mechanism seems to be in use for a large share of front-month contracts for which delivery is sought.
Here is an example that is happening at the Comex in the front active month of April for gold and the inactive delivery month of April for silver.
In gold, there were 229,436 EFP contracts for 713.64 tonnes, an average of 10,925 contracts and 1,092,500 ounces per trading day.
In silver, there were 77,150 EFP contracts for 385,750,000 ounces, an average of 3,673 contracts and 18,369,000 ounces per trading day.
London Bullion Market Association rules suggest that these contracts may not be reported to regulators. The LBMA’s bylaws say:
“Figures above exclude any contracts not subject to risk-based capital requirements, such as FX contracts with an original maturity of 14 days or less, futures contracts, written options, and basis swaps. Therefore, the total notional amount of derivatives by maturity will not add to the total derivatives figure in this table.”
We are told that these EFP contracts are transferred from the Comex to London as what are called “serial forwards” and their duration is always less than 14 days, which exempts them from being reported.
It is our understanding that in each quarter your office prepares a report detailing risk undertaken by the banks under the comptroller’s supervision.
These risks include derivatives undertaken by U.S. banks and other obligations that may cause a bank to fail. Our concern is that your office may not be aware of large unreported derivative exposure by banks.
Could you review this matter and let us know your conclusions?
Sincerely,
CHRIS POWELL
Secretary/Treasurer
HARVEY ORGAN
Consultant
Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541
end
An extremely important commentary from Alasdair Macleod and how he sees how the next crisis will begin at the end of this year
(courtesy Alasdair Macleod)
Alasdair Macleod: Valuing gold in a world awash with dollars
Submitted by cpowell on Thu, 2018-07-26 15:04. Section: Daily Dispatches
By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, July 26, 2018
In this article I point to the pressures on the Federal Reserve to moderate monetary policy, but that will only affect the timing of the next cyclical credit crisis. That is going to happen anyway, triggered by the Fed or even a foreign central bank. In the very short term, a tendency to moderate monetary policy might allow the gold price to recover from its recent battering.
Unlike the last credit crisis when the dollar rose sharply in a general panic for safety, on the next crisis, the dollar is likely to fall substantially. The reason is that foreign ownership of dollar investments (typically in U.S. Treasuries) appears greatly overextended, and an additional $4 trillion of liquidity is in the wrong (non-U.S.) hands. This is likely to be unloaded during a general credit crisis, driving the dollar lower.
Domestically, in the next credit crisis the Fed is certain to support the banks, provide finance for a runaway government deficit, and stabilize the private sector by injecting further liquidity into an economy already awash with dollars. Therefore, not only will the dollar fall on the foreign exchanges, but its purchasing power in the hands of American citizens seems certain to fall as well.
And finally I demonstrate how fluctuations in the quantity of paper gold makes a nonsense of the conventional supply and demand approach to analyzing and forecasting gold price trends. Futures and forward markets have deflected demand from physical metal, a situation that depends on confidence in the dollar as a stable currency being maintained. Only a marginal shift away from paper towards physical gold will undermine the whole paper-gold system. …
… For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/valuing-gold-in-a-…
* * *END
An extremely important commentary from Victor Sperandeo. He states that if China liquidates its 1.3 trillion bond portfolio, all the USA major banks will purchase the bonds with borrowed money from the Fed. Actually the banks will do quite good on the deal as they will borrow at zero and receive 3% or so on the bonds. Of course, the huge influx of dollars will create a havoc with respect to inflation when all of these dollars are released into the uSA economy
(courtesy Victor Sperandeo/GATA)
Victor Sperandeo: The rules of the bond game
Submitted by cpowell on Thu, 2018-07-26 15:27. Section: Daily Dispatches
11:20a ET Thursday, July 26, 2018
Dear Friend of GATA and Gold:
Writing at The Epoch Times, money manager and market analyst Victor Sperandeo argues that foreign selling of U.S. Treasury debt will never matter as long as U.S. commercial banks are able to purchase such debt by creating money from nothing and are paid interest to hold the debt.
In these circumstances, Sperandeo writes, the commercial banks can absorb all the debt the U.S. government can create and interest rates needn’t rise.
Of course the creation of infinite money raises the possibility of currency depreciation and inflation showing up in price indexes. But maybe that’s what gold price suppression and falsification of government economic data are for.
Sperandeo’s analysis is headlined “The Rules of the Bond Game” and it’s posted at The Epoch Times here:
https://www.theepochtimes.com/the-rules-of-the-bond-game_2600435.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.o
END
Your early FRIDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST
i) Chinese yuan vs USA dollar/CLOSED DOWN TO 6.8331/HUGE DEVALUATION FOR THE PAST TWO WEEKS RESUMES /shanghai bourse CLOSED DOWN 8.63 POINTS OR 0,30% /HANG SANG CLOSED UP 23.14 POINTS OR 0.08%
2. Nikkei closed UP 125.88 POINTS OR 0.66%/USA: YEN RISES TO 111.17/
3. Europe stocks OPENED GREEN /
USA dollar index RISES TO 94.86/Euro FALLS TO 1.1633
3b Japan 10 year bond yield: RISES TO . +.010/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 111.17/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET
3c Nikkei now JUST BELOW 17,000
3d USA/Yen rate now well below the important 120 barrier this morning
3e WTI:: 69.50 and Brent: 74.52
3f Gold DOWN/Yen DOWN
3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END
Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.
3h Oil UP for WTI and UP FOR Brent this morning
3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.410%/Italian 10 yr bond yield DOWN to 2.69% /SPAIN 10 YR BOND YIELD UP TO 1.36%
3j Greek 10 year bond yield FALLS TO : 3.82
3k Gold at $1219.70 silver at:15.37 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50
3l USA vs Russian rouble; (Russian rouble DOWN 5/100 in roubles/dollar) 63.00
3m oil into the 69 dollar handle for WTI and 74 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 111.17 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9969 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1593 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017
3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.40%
The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.
4. USA 10 year treasury bond at 2.97% early this morning (THIS IS DEADLY TO ALL MARKETS). Thirty year rate at 3.10%
5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.
(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)
Stocks, Futures Jump Ahead Of “Terrific” Q2
GDP, Ignore Crashing Yuan
With a “blockbuster” GDP print on deck in under 2 hours, one which may even have a 5-handle in front prompting president Trump to predict in a Thursday speech that the economy is in terrific shape, and Amazon shares jumping over 4% this morning as the market shifts its attention from the Amazon “growth” story and start focusing on “margins”, the mood has been decidedly relaxed, with stocks in Europe rising broadly following a strong session in Asia, however offset by another red close in China.
Europe’s Stoxx 600 Index was headed for its best week in two months as banks and telecommunications firms gained, with BT Group and BBVA reporting earnings that exceeded analysts’ estimates. France’s CAC 40 underperformed on the back of Kering and L’Oreal (3rd and 4th largest index constituent, currently -7.2% and -3.6% respectively) weighing on the index post-earnings.
Earlier, Asia gave a more mixed picture, with the ASX 200 (+0.9%) and Nikkei 225 (+0.6%) both higher with the Australian benchmark the outperformer as it attempted to reclaim the 6300 level and approached to within a whisker of its highest in over a decade. Japanese stocks gained and were driven by earnings although a firmer JPY capped upside.
In a nail-biter of a BOJ intervention, 10Y JGB yields spiked to the highest in over a year, before the central bank launched its latest fixed-rate “unlimited bond buying” operation, in which it purchased 94BN yen worth of bonds at a rate of 0.10%.
Meanwhile, China again lagged its regional peers with both Hang Seng (+0.1%) and Shanghai Comp. (- 0.3%) were subdued after the PBoC skipped open market operations all week which resulted to a net weekly drain of CNY 370bln, while China also signalled defiance on trade and were said to plan retaliating regardless of the amount of US tariffs.
More concerning is the sharp drop in the Yuan, which tumbled China’s yuan headed for a seventh weekly drop, the longest slide since after a shock devaluation in 2015…
… and send the offshore Yuan as low as 6.8562…
… stoking bets the authorities will tolerate even more weakness and continue devaluing its currency, which in turn will further anger Trump prompting even harsher trade war retaliation.
However, not even the ongoing Chinese (or Japanese) drama was enough to dent sentiment, as all eyes were on Amazon earnings as Amazon’s strong results Thursday countered Facebook Inc.’s disappointing quarter, which led to a historic plunge for the social media goliath.
Traders are cheering the apparent cease-fire over tariffs between Europe and the U.S., while central banks also moved back into the spotlight.
As a result, S&P futures edged higher as investors looked ahead to Twitter Inc. results and the second-quarter GDP report, which may show that the U.S. economy expanded at its fastest quarterly pace since 2014.
Speaking at a steel mill in Granite City, Illinois, on Thursday, Trump doubted the expansion would reach the 5.3 percent some economists have penciled in, but said that “if it has a four in front of it, we’re happy.” He called recent economic figures “unthinkable.” The problem is that while Q2 GDP will indeed be a blockbuster, nearly half of that will be due to “one-time” trade war related events such as inventory stockpiling and a surge in exports. Which means that when Q3 GDP is reported, just days before the midterms, it is likely to be a major disappointment, something which we doubt the Trump admin has thought through. In any case, today’s 4%+ GDP will provide support for the Fed’s ongoing rate hikes, providing some more tailwinds for the US dollar.
And speaking for the greenback, the Bloomberg’s Dollar Spot Index was little changed at 1,177.45 after climbing 0.5% Thursday. The pound slipped against the dollar, heading for a third straight weekly drop, as Brexit uncertainty continued to weigh after the European Union rejected a plan that U.K. PM Theresa May’s team saw as the best chance of a compromise on customs.
The yen edged marginally higher, paring gains after the central bank offered to buy an unlimited quantity of 10-year bonds at a lower yield than its previous operations. The Turkish lira pared some the losses it suffered on Thursday after President Trump threatened sanctions if the nation doesn’t release an American pastor.
In rates, treasuries edged higher before the release of GDP data, which Trump predicted will show the U.S. economy is in “terrific” shape. European bonds were little changed amid limited impetus from offer announcement in France, with next week’s supply offset by large repayments from Spain and Italy
On today’s busy calendar we have GDP data for the second quarter, along with the University of Michigan consumer sentiment survey. Scheduled earnings include Exxon Mobil, Chevron, Merck & Co., AbbVie.
In energy, crude oil erased a gain as an unexpected halt in Saudi shipments via a Red Sea waterway was seen as short-lived. Emerging-market stocks gained for a fourth day, heading for a one-month high. The Russian Energy Minister Novak emerged this morning to point out OPEC+ countries are not discussing options to boost production above 1mln BPD, adding Russia targets a 200K-250K BPD output hike from the 2016 quota. Traders will be eyeing any development in the Red Sea shipping lane (after reports yesterday that Saudi halted shipments amid rebel attacks) while the weekly Baker Hughes rig count is released later.
Market Snapshot
- S&P 500 futures up 0.1% to 2,844.75
- STOXX Europe 600 up 0.1% to 391.04
- MXAP up 0.4% to 168.73
- MXAPJ up 0.4% to 545.44
- Nikkei up 0.6% to 22,712.75
- Topix up 0.6% to 1,775.76
- Hang Seng Index up 0.08% to 28,804.28
- Shanghai Composite down 0.3% to 2,873.59
- Sensex up 0.8% to 37,276.88
- Australia S&P/ASX 200 up 0.9% to 6,300.23
- Kospi up 0.3% to 2,294.99
- German 10Y yield rose 0.3 bps to 0.407%
- Euro down 0.1% to $1.1629
- Brent Futures down 0.4% to $74.24/bbl
- Italian 10Y yield rose 2.6 bps to 2.437%
- Spanish 10Y yield fell 0.4 bps to 1.359%
- Brent Futures down 0.4% to $74.24/bbl
- Gold spot down 0.2% to $1,219.96
- U.S. Dollar Index up 0.07% to 94.85
Top Headline News from Bloomberg
- The Bank of Japan offered to buy an unlimited amount of bonds for a second time this week, seeking to tame a yield increase spurred by speculation that the central bank may consider adjusting its ultra-loose monetary policy. Yields and the yen pared gains
- While market watchers disagree about whether the BOJ will adjust its target of keeping 10-year yields around zero percent, its steady reduction in purchases of longer-maturity debt and more expensive overseas hedging costs mean Japanese funds are already contemplating bringing more money back home.
- President Emmanuel Macron’s World Cup high lost more of its sheen on Friday, with figures showing economic growth unexpectedly failed to pick up
- North Korea released the remains of some U.S. war dead on the 65th anniversary of the armistice, the White House said
- Theresa May put forward a model under which the U.K. would collect the EU’s tariffs on goods entering the country, as part of a plan to keep trade with the bloc flowing freely after the split. But in a blunt and public critique, chief EU negotiator Michel Barnier said the EU would never allow a non-member to collect its tariffs
- Mario Draghi can probably breathe a sigh of relief and enjoy his summer vacation. High levels of business and consumer confidence, expanding credit, falling unemployment and improving inflation back the European Central Bank president’s view that the euro area’s domestic economic fundamentals are solid
- China’s yuan headed for a seventh weekly drop, the longest slide since after a shock devaluation in 2015, stoking bets the authorities will tolerate more weakness as long as there’s no sign of speculative short trades
- Already hit by a run on the currency and a surge in inflation, Turkey’s economy faces a new risk after President Donald Trump threatened to impose “large sanctions” over the detention of an American pastor
Asian equity markets traded slightly mixed after a similar varied performance on Wall St where focus remained on earnings season and Facebook’s historic market cap wipeout. ASX 200 (+0.9%) and Nikkei 225 (+0.6%) were both higher with the Australian benchmark the outperformer as it attempted to reclaim the 6300 level and approached to within a whisker of its highest in over a decade. BHP was among the biggest gainers after it announced the sale of its US onshore assets to BP for USD 10.8bln and return the net proceeds to shareholders, while Japanese stocks also gained and were driven by earnings although a firmer JPY capped upside. Conversely, China lagged its regional peers with both Hang Seng (+0.1%) and Shanghai Comp. (- 0.3%) were subdued after the PBoC skipped open market operations all week which resulted to a net weekly drain of CNY 370bln, while China also signalled defiance on trade and were said to plan retaliating regardless of the amount of US tariffs. Finally, 10yr JGBs were lower as the 10yr yield rose to above 0.1% for a 2nd consecutive day amid firmer than expected Tokyo CPI data coupled with speculation of a BoJ policy adjustment next week. Pressure in JGBs was also exacerbated after the Rinban announcement in which the BoJ disappointed some calls for a special fixed-rate operation and instead stuck to its regular operation for 1yr-10yr JGBs. However, losses were pared heading into the EU open after the BoJ eventually announced an offer to buy unlimited amount of 5yr-10yr JGBs in fixed rate operation.
Top Asian News
- BOJ Holds 2nd Fixed-Rate Operation This Week After Yields Climb
- Historic Win for Imran Khan Breaks Pakistan’s Dynastic Rule
- China’s Bond Traders Embrace Leverage Again on Policy Shift
- Bank Indonesia Sees 90% of FX Earnings From Exports Repatriated
European equities are mostly higher (Eurostoxx 50 +0.4%) amid a slew of pre-market earnings. France’s CAC 40 underperforms on the back of Kering and L’Oreal (3rd and 4th largest index constituent, currently -7.2% and -3.6% respectively) weighing on the index post-earnings. Telecom names are the clear outperformers after BT’s (+3.8%) earnings boosted the sector, dragging up Italy’s Telecom Italia (+4.8%) and Germany’s Deutsche Telekom (also influenced by a broker move, +2.7%) Other notable movers post-earnings: Carrefour (+11.5%), SES (+8.0%), Reckitt Benckiser (+7.8%), Capgemini (-2.8%) and Banco de Sabadell (-2.6%). Stateside, Amazon shares currently trade higher by 4.1% pre-market after posting a record USD 2.5bln profit.
Top European News
- French Economic Growth Fails to Accelerate, Stymied by Strikes
- SBM Offshore Regains Access to Brazil After Settlement
- Major French Tech Company’s CEO Fears Effects of Hard Brexit
- Deutsche Bank’s Most Bullish Analyst Lowers His Price Target
In FX, the DXY index is trying to build on recovery gains back above the 94.500 level and inch towards 94.900 amidst broad-based Dollar gains and lofty expectations for strong US growth in Q2 as forecasts range from 4 to 5% for the headline y/y annualised rate. However, an in line print could be deemed somewhat disappointing and risk a buy rumour/sell fact reaction, especially with at least one bank model flagging a ‘strong’ Usd sell signal for month end portfolio rebalancing. JPY/CAD/AUD – Relative outperformers, or at least holding their own against the Usd, with the Jpy containing losses beyond the 111.00 mark ahead of next Tuesday’s BoJ meeting and a decent (near 1 bn) option expiry at 111.50 , the Loonie still bolstered by improved NAFTA deal prospects within 1.3050-80 parameters and the Aud resilient between 0.7370-95 even though the CNY and CNH are both on the ropes again (6.8000+) after a rebound in the PBoC’s mid-point fix. EM – More pain for the Lira following Thursday’s threat of additional sanctions by the US, as Usd/Try trades above 4.8500, but the Rouble and Rand are both keeping their heads above water, with Usd/Rub around 62.9800 and Usd/Zar just below 13.2500 ahead of the CBR rate decision (unchanged consensus) and after the SARB repeated a willingness to act if inflation exceeds target.
WTI (-0.3%) and Brent (-0.2%) trades lower on the day with both benchmarks just under USD 69.50/bbl and USD 74.50/bbl respectively. The Russian Energy Minister Novak emerged this morning to point out OPEC+ countries are not discussing options to boost production above 1mln BPD, adding Russia targets a 200K-250K BPD output hike from the 2016 quota. Traders will be eyeing any development in the Red Sea shipping lane (after reports yesterday that Saudi halted shipments amid rebel attacks) while the weekly Baker Hughes rig count is released later. Spot gold (-0.2%) continues to be pressured by a firmer dollar. Meanwhile, global steel output (a gauge of economic health) jumped in the first half of the year after major producing countries ramped up production due to strong margins.
US Event Calendar
- 8:30am: GDP Annualized QoQ, est. 4.2%, prior 2.0%;
- Personal Consumption, est. 3.0%, prior 0.9%
- Core PCE QoQ, est. 2.15%, prior 2.3%
- 10am: U. of Mich. Sentiment, est. 97.1, prior 97.1; Current Conditions, prior 113.9; Expectations, prior 86.4
3. ASIAN AFFAIRS
i)FRIDAY MORNING/THURSDAY NIGHT: Shanghai closed DOWN 8.63 POINTS OR 0.30% /Hang Sang CLOSED UP 23.14 POINTS OR 0.08%/ / The Nikkei closed UP 125.88 POINTS OR 0.66%/Australia’s all ordinaires CLOSED UP 0.85% /Chinese yuan (ONSHORE) closed DOWN at 6.7840 AS POBC RESUMES ITS HUGE DEVALUATION /Oil UP to 69.50 dollars per barrel for WTI and 74.52 for Brent. Stocks in Europe OPENED GREEN//. ONSHORE YUAN CLOSED WELL DOWN AT 6.8331 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8406: HUGE DEVALUATION/PAST SEVERAL DAYS RESUMES : /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED
3 a NORTH KOREA/USA
North Korea/South Korea/USA/China
3 b JAPAN AFFAIRS
Japan delays by 4 hours its purchase of bonds creating quite a scare..the fear was Kuroda might let bond yields slide which would create havoc in the bond market
(courtesy zerohedge)
BOJ Offers To Buy Unlimited Bonds After Bizarre Delay As Yield Surge
While traders’ attentions were as usual focused on the latest developments in China last night, around 9pm ET we pointed out that the real action was taking place in Japan, where the 10Y yield had blown out beyond the BOJ’s designated range of 0.00%-0.10%…
… and had even crossed into the range above 0.11% where the BOJ traditionally launches its Fixed Rate Operation, also known as Unlimited Buying of JGBs beyond a given rate, something it did most recently on Monday morning (after a 7 month hiatus) when JGB yields also blew out sharply.
Which is why we were wondering when the BOJ would announce the latest “unlimited buying” operation to defend Japanese bonds from a further rout.
And it wasn’t just us: so were all bond traders and central bank watchers, and yet the hours passed and still nothing from Kuroda.
Then, finally, just around 1am ET or 4 hours after the rout had started, the BOJ couldn’t take it any more and announced the long overdue fixed-rate operation for the second time in 5 days after the 10-year yield rose to its highest level in more than a year.
While the BOJ’s latest intervention resulted in a lot of relieved traders as the lack of any intervention almost convinced markets that Kuroda was willing to let the long end JGBs “slide”, there was a difference: this BOJ offered to buy 10-year debt at 0.10% vs 0.11% at its previous operations. And also unlike Monday’s operation, today the central bank actually did end up buying some 94BN yen worth of 10-year bonds.
Commenting on the latest central bank intervention to prevent a bond market crash, BofA’s chief Japan rates strategist Shuichi Ohsaki, said that “the BOJ probably wanted to demonstrate its capacity to be flexible by lowering the yield of its fixed-rate operation to 0.1% from 0.11%.”
He also noted that this move makes it likely there’ll be a tweak at next week’s BOJ meeting, and added that the “BOJ wants to send a message that the level for fixed- rate operation isn’t set in concrete.”
Others chimed in: “The operation is meant to cap the rise in yields and will help to weaken the yen,” said Daiwa FX strategist Yuji Kameoka. Still, “the yen is unlikely to fall much, given policy doesn’t change until the BOJ’s meeting next week.”
“By offering to buy an unlimited amount of bonds at 0.10% in Friday’s fixed-rate operation, the BOJ is showing resolve to contain the rise in the 10-year yield, while also signaling its willingness to be flexible”, said Takenobu Nakashima, quantitative strategist at Nomura Securities in Tokyo.
If it had offered at 0.11% today, it wouldn’t have sent the message about flexibility; if the fixed rate was set as 0.12%, it would have given the impression the BOJ will let yields rise.
Whatever the BOJ’s motive for a) being so very late to intervene and b) changing the parameters of the fixed-rate operation, the real question is what this means for next week’s BOJ announcement. And if the sharp spike in JGB vol is any indication, then Kuroda may be preparing to finally let the market take control over the world’s most zombie instrument: Japan’s bond market. If that is indeed the case, watch out, as true price discovery in this “market” hasn’t happened in several years, and if Kuroda is not careful, the Kyle Bass short JGB “widow-maker” trade may soon be better known as “billionaire-maker”.
c) REPORT ON CHINA/HONG KONG
Last night
china’s yuan plunged to a 13 month low with the offshore yuan hitting 6.85. The big question is this:
Is China retaliating or are they losing control?
4. EUROPEAN AFFAIRS
What really went on between closed doors with respect to the meeting of Juncker and Trump. According to Mish, the Europeans will never buy LNG from the uSA
(courtesy Mish Shedlock/Mishtalk_
6 .GLOBAL ISSUES
Mexico/Russia/USA
Due to the trade wars, Mexico has shifted from the USA to other countries seeking wheat
(courtesy zerohedge)
8. EMERGING MARKET
VENEZUELA
Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 am
Euro/USA 1.1633 DOWN .0010/ REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES ALL GREEN
USA/JAPAN YEN 111.17 UP 0.020 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL
GBP/USA 1.3099 DOWN 0.0009 (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED
USA/CAN 1.3055 DOWN .0003 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)
Early THIS FRIDAY morning in Europe, the Euro FELL by 10 basis points, trading now ABOVE the important 1.08 level RISING to 1.1707; / Last night Shanghai compositeCLOSED DOWN 8.63 POINTS OR 0.30% /Hang Sang CLOSED UP 23,14 POINTS OR 0.66% /AUSTRALIA CLOSED UP 0.85% / EUROPEAN BOURSES ALL GREEN
The NIKKEI: this FRIDAY morning CLOSED UP 125.88 POINTS OR 0.66%
Trading from Europe and Asia
1/EUROPE OPENED ALL GREEN
2/ CHINESE BOURSES / :Hang Sang UP 23.14 POINTS OR 0.8% /SHANGHAI CLOSED DOWN 8.63 POINTS OR 0.30%
Australia BOURSE CLOSED UP 0.85%
Nikkei (Japan) CLOSED UP 125,88 POINTS OR 0.66%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1219.40
silver:$15.36
Early FRIDAY morning USA 10 year bond yield: 2.97% !!! DOWN 1 IN POINTS from THURSDAY night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/
The 30 yr bond yield 3.10 DOWN 0 IN BASIS POINTS from THURSDAY night. (POLICY FED ERROR)/
USA dollar index early FRIDAY morning: 94.86 UP 7 CENT(S) from THURSDAY’s close.
This ends early morning numbers FRIDAY MORNING
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And now your closing FRIDAY NUMBERS \1: 00 PM
Portuguese 10 year bond yield: 1.725% DOWN 1 in basis point(s) yield from THURSDAY/
JAPANESE BOND YIELD: +.104% UP 1 FULL POINT in basis points yield from THURSDAY/JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 1.375% UP 1 IN basis point yield from THURSDAY/
ITALIAN 10 YR BOND YIELD: 2.744 UP 4 POINTS in basis point yield from THURSDAY/
the Italian 10 yr bond yield is trading 138 points HIGHER than Spain.
GERMAN 10 YR BOND YIELD: FALLS TO +.403% IN BASIS POINTS ON THE DAY
END
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IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1651 DOWN .0008(Euro DOWN 8 Basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/
USA/Japan: 110.96 DOWN 0.197 Yen UP 20 basis points/
Great Britain/USA 1.3109 UP .0002( POUND UP 2 BASIS POINTS)
USA/Canada 1.3064 DOWN 5 Canadian dollar UP 5 Basis points AS OIL FELL TO $69.36
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This afternoon, the Euro was UP 8 to trade at 1.1651
The Yen ROSE to 110.96 for a GAIN of 20 Basis points as NIRP is STILL a big failure for the Japanese central bank/HELICOPTER MONEY IS NOW DELAYED/BANK OF JAPAN NOW WORRIED AS AS THEY ARE RUNNING OUT OF BONDS TO BUY AS BOND YIELDS RISE
The POUND GAINED 2 basis points, trading at 1.3109/
The Canadian dollar GAINED 5 basis points to 1.3064./ WITH WTI OIL RISING TO 69.36
The USA/Yuan closed AT 6.8133 ON SHORE
THE USA/YUAN OFFSHORE: 6.8213
the 10 yr Japanese bond yield closed at +.0104% UP 1 FULL BASIS POINT
Your closing 10 yr USA bond yield DOWN UP 0 IN basis points from THURSDAY at 2.962 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.085 UP 0 in basis points on the day /
THE RISE IN BOTH THE 10 YR AND THE 30 YR ARE VERY PROBLEMATIC FOR VALUATIONS
Your closing USA dollar index, 94.74 DOWN 11 CENT(S) ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 1:00 PM
London: CLOSED UP 38.14 POINTS OR 0.50%
German Dax :CLOSED UP 51.17 OR 0.40%
Paris Cac CLOSED UP 31.21 POINTS OR 0.57%
Spain IBEX CLOSED UP 81.90 POINTS OR 0.90%
Italian MIB: CLOSED UP 92,21 POINTS OR 0.42%
The Dow closed DOWN 76.01 POINTS OR 0.30%
NASDAQ closed DOWN 114.77 points or 1.46% 4.00 PM EST
WTI Oil price; 69;36 1:00 pm;
Brent Oil: 74.64 1:00 EST
USA /RUSSIAN ROUBLE CROSS: 62.74 DOWN 21/100 ROUBLES/DOLLAR (ROUBLE HIGHER BY 21 BASIS PTS)
TODAY THE GERMAN YIELD RISES TO +.404% FOR THE 10 YR BOND 1.00 PM EST EST
END
This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM
Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:
WTI CRUDE OIL PRICE 4:30 PM:$68.93
BRENT: $74.28
USA 10 YR BOND YIELD: 2.96% the dropping yields signify markets are in turmoil
USA 30 YR BOND YIELD: 3.08%/
EURO/USA DOLLAR CROSS: 1.1658 UP .0015 ( UP 15 BASIS POINTS)
USA/JAPANESE YEN:110.98 DOWN 0.171 (YEN UP 17 BASIS POINTS/ .
USA DOLLAR INDEX: 94.65 DOWN 13 cent(s)/
The British pound at 5 pm: Great Britain Pound/USA: 1.3103 DOWN 6 POINTS FROM YESTERDAY
Canadian dollar: 1.3063 UP 7 BASIS pts
USA/CHINESE YUAN (CNY) : 6.8133 (ONSHORE)
USA/CHINESE YUAN(CNH): 6.8289 (OFFSHORE)
German 10 yr bond yield at 5 pm: ,0.404%
VOLATILITY INDEX: 13.06 CLOSED UP 0.92
LIBOR 3 MONTH DURATION: 2.338% .
And now your more important USA stories which will influence the price of gold/silver
TRADING IN GRAPH FORM FOR THE DAY
Carnage Everywhere
Well that happened…
As a reminder, Despite all the hoopla, GDP missed…leaving US Macro data at its weakest relative to expectations since…
China stocks rolled over…
And Yuan collapsed…
European stocks rallied on the week after the EU-US trade “deal”…
In the US Nasdaq and Small Caps were clubbed like a baby seal… Trannies and the Dow outperformed…
But futures show the chaotic moves around earnings from the FANGs…
Tech stocks were wrecked this week…
FANGs collapsed to 2-month lows…
All those no-brainers bloodbath’d…
Growth was puked as value soared back on the month…
Today was the worst day for tech stocks relative to banks since Dec 2017
A major factor shift…
JGB yields exploded to their highest since Feb 2017…
This was the worst week for absolute Treasury yield rise in over 2 months and extends last Friday’s BoJ-based bond battering…
The Treasury yield curve flattened very modestly on the week but remains notably steeper from pre-BOJ…
The Dollar ended lower for the second week in a row…
Yuan collapsed to fresh lows…
Cryptos had a good week, bouncing back today from last night’s SEC disappointment…
Copper and Crude fell today as PMs rallied but the story is flipped for the week…
Summing up the week – Techs Wrecked, China Choked, Bonds were Battered, But Bitcoin held a Bid
Market trading /GOLD/MARKET MOVERS
This afternoon as the market “absorbed” news of a 4% growth in GDP
(courtesy zerohedge)
Stocks Are Plunging As FANGover 2.0 Strikes
AMZN has erased its overnight gains, the rest of the FANG entourage is tumbling along with Tesla and it appears the best GDP print in years has signaled ‘sell the news’ across all markets…
A massive shift out of growth and into value…
AMZN is almost red…
FANGover 2 strikes…
And markets are dumping (margin calls?)
Market DATA
A good report for the first blush second quarter GDP estimate. Not only that but inventories were not a tailwind so future revisions will be on the positive side of things; GDP grew at first estimate at 4.1%
(courtesy zerohedge)
USA ECONOMIC /GENERAL STORIES
SWAMP STORIES
This ought to be good: A judge in the Buzzfeed libel case must provide details behind the Steele dossier
(courtesy zerohedge)
WE WILL SEE YOU ON MONDAY NIGHT.
HARVEY






















































