GOLD: $1196.00 DOWN $6.95 (COMEX TO COMEX CLOSINGS)
Silver: $14.11 DOWN 11 CENTS (COMEX TO COMEX CLOSING)
Closing access prices:
Gold $1193.60
silver: $14.07
For comex gold:
SEPT/
And now Sept:
NUMBER OF NOTICES FILED TODAY FOR SEPT CONTRACT: 56 NOTICE(S) FOR 5600 OZ
Total number of notices filed so far for Sept: 607 for 60700 (1.8880 tonnes)
For silver:
Sept
146 NOTICE(S) FILED TODAY FOR
730,000 OZ/
Total number of notices filed so far this month: 5869 for 29,345,000 oz
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Bitcoin: BID $6478/OFFER $6480: DOWN $12(morning)
Bitcoin: BID/ $6535/offer $6537: UP $51(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: $1209.82
NY price at the same time:$1204.50
PREMIUM TO NY SPOT: $5.32
XX
Second gold fix early this morning: $ 1210.15
USA gold at the exact same time:$1204.80
PREMIUM TO NY SPOT: $5.35
XXXX
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 FELL BY A SMALL 526 CONTRACTS FROM 206,803 DOWN TO 206,277 WITH YESTERDAY’S 2 CENT FALL IN SILVER PRICING AT THE COMEX. TODAY WE MOVED FURTHER FROM LAST MONTH’S RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.
WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY , 6 MILLION OZ FOR AUGUST AND NOW JUST LESS THAN 31 MILLION OZ STANDING IN SEPTEMBER. AS WELL WE ARE WITNESSING 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 GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:
12 EFP’S FOR SEPT. 738 EFP’S FOR DECEMBER AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE: OF 750 CONTRACTS. WITH THE TRANSFER OF 750 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 750 EFP CONTRACTS TRANSLATES INTO 3.75MILLION OZ ACCOMPANYING:
1.THE 2 CENT FALL 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); 30.370 MILLION OZ STANDING FOR DELIVERY IN JULY, FOR AUGUST: 6.065 MILLION OZ AND NOW 30.720 MILLION OZ STANDING SO FAR IN SEPT.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF SEPT:
19,621 CONTRACTS (FOR 9 TRADING DAYS TOTAL 19,621 CONTRACTS) OR 98.105 MILLION OZ: (AVERAGE PER DAY: 2180 CONTRACTS OR 10.900 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF SEPT: 98,105 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.01% 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: 2,135.93 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
ACCUMULATION FOR JULY 2018: 172.84 MILLION OZ
ACCUMULATION FOR AUGUST 2018: 205.23 MILLION OZ.
RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 526 WITH THE 2 CENT FALL IN SILVER PRICING AT THE COMEX YESTERDAY. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 750 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) .
TODAY WE GAINED A SMALL SIZED: 224 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:
i.e 750 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH A DECREASE OF 526 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 2 CENT FALL IN PRICE OF SILVER AND A CLOSING PRICE OF $14.22 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THE BIG JULY DELIVERY MONTH OF SLIGHTLY OVER 30 MILLION OZ, IN AUGUST ANOTHER BIG 6.065 MILLION OZ IN A NON ACTIVE MONTH AND NOW IN SEPTEMBER AN INITIAL MONSTROUS 30.720 MILLION OZ OF SILVER STANDING FOR DELIVERY… NOBODY IS PAYING ATTENTION TO THE HUGE NUMBER OF PHYSICAL OUNCES STANDING FOR SILVER THESE PAST SEVERAL MONTHS.
In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.031 MILLION OZ TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 146 NOTICE(S) FOR 730,000 OZ OF SILVER
IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX 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.
AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244.,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.
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) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. AND NOW SEPT: AN INITIAL HUGE 30.720 MILLION OZ.
- HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
- 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 ROSE BY A CONSIDERABLE SIZED 4156 CONTRACTS UP TO 475,646 DESPITE THE LOSS IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A FALL IN PRICE OF $2.65). THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7755 CONTRACTS:
OCTOBER HAD 0 EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 7755 CONTACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 475,646. 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 AN VERY STRONG SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,911 CONTRACTS: 4156 OI CONTRACTS INCREASED AT THE COMEX AND 7755 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN: 11,911 CONTRACTS OR 1,191100 OZ = 437.04 TONNES. AND ALL OF THIS HUGE DEMAND OCCURRED WITH A FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $2.65???
YESTERDAY, WE HAD 8969 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 75092 CONTRACTS OR 7,509,200 OZ OR 233.56 TONNES (9 TRADING DAYS AND THUS AVERAGING: 8343 EFP CONTRACTS PER TRADING DAY OR 834,300 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: 233.56 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 233.56/2550 x 100% TONNES = 9.15% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 5,430.48* 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)
ACCUMULATION OF GOLD EFP FOR JULY 2018 605.5 TONNES (21 TRADING DAYS)
ACCUMULATION OF GOLD EFP FOR AUG. 2018 488.54 TONNES (23 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 4156 DESPITE THE LOSS IN PRICING ($2.65 THAT GOLD UNDERTOOK YESTERDAY) // . WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7755 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 7755 EFP CONTRACTS ISSUED, WE HAD A VERY STRONG GAIN OF 11,911 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:
7755 CONTRACTS MOVE TO LONDON AND 4156 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 37.04 TONNES). ..AND ALL OF THIS HUGE DEMAND OCCURRED WITH A FALL OF $2.65 IN YESTERDAY’S TRADING AT THE COMEX??.
we had: 56 notice(s) filed upon for 5600 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 $6.95 TODAY: /
ANOTHER BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.65 TONNES OF GOLD FROM THE GLD.
/GLD INVENTORY 742.53 TONNES
Inventory rests tonight: 742.53 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 DOWN 11 CENTS TODAY
WE HAD NO CHANGES FOR SILVER :
/INVENTORY RESTS AT 334.973 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 FELL BY A SMALL SIZED 526 CONTRACTS from 206,803 DOWN TO 206,277 AND MOVING A LITTLE FURTHER FROM THE NEW COMEX RECORD SET LAST MONTH AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..
.
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
12 EFP CONTRACTS FOR SEPTEMBER, 738 CONTRACTS FOR DECEMBER AND AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 CONTRACTS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI LOSS AT THE COMEX OF 526 CONTRACTS TO THE 750 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A NET GAIN OF 224 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 1.120 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST.. AND NOW A HUGE 30.720 MILLION OZ INITIALLY STAND FOR SILVER IN SEPTEMBER….
RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 2 CENT PRICING FALL THAT SILVER UNDERTOOK IN PRICING YESTERDAY. BUT WE ALSO HAD A SMALL SIZED 750 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR SEPTEMBER, 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 4.93 POINTS OR 0.18% /Hang Sang CLOSED UP 272.35 POINTS OR 1.20%/ / The Nikkei closed UP 271.92 POINTS OR 1.01%/Australia’s all ordinaires CLOSED UP 0.58% /Chinese yuan (ONSHORE) closed UP at 6.8523 AS POBC STOPS ITS HUGE DEVALUATION /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER/Oil DOWN to 68.93 dollars per barrel for WTI and 78.22 for Brent. Stocks in Europe OPENED GREEN //. ONSHORE YUAN CLOSED UP AT 6.8523 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8475: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS NOT DOING TOO GOOD : /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED
3A/NORTH KOREA/SOUTH KOREA
i)North Korea/South Korea/USA/
b) REPORT ON JAPAN
3 C/ CHINA
i)Last night, we witnessed 3 major reports out of China and all signalling a slowdown in their local economy:
i. Fixed investment missed..and that is the biggest driver for the Chinese economy
2. industrial output just met estimates
3.retail sales rose by 9.0% barely beating estimates.
( zerohedge)
ii)Well that did not last long. Trump does not wait for the Chinese response as he now proceeds with $200 billion more in Chinese tariffs. Talks are still continuing…stocks tumble.
( zerohedge)
4/EUROPEAN AFFAIRS
We brought you the story about the problems at Estonia’s Danske bank. It is now getting really serious as the uSA is investigating money laundering fraud
There are two key points in this commentary:
- Deutsche ban and Citibank may be complicit in this scheme
- the fact that the uSA is involved in this investigation and the threat that Danske will not be allowed to receive treasuries and thus dollars, may throw this bank into a death spiral
very important read.
( zerohedge)
ii)UK
Mark Carney is throwing out false warnings that a “no Brexit” deal would lead to chaos and a crisis as bad as 2008
( zerohedge)
( zerohedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)TURKEY
I would like to be a fly on the fall when Erdogan’s has a family get together: He has just stated that his patience has limits. Down goes the Lira
( zerohedge)
ii)Russia
This is a surprise: Russia surprises the markets with its first rate hike since 2014 and that sent the rouble higher. Russia has been increasing its gold purchases.
( zerohedge)
6. GLOBAL ISSUES
i)First it was Morgan Stanley and now Soc Generale gives its latest global economic outlook and they are warning about storm clouds gathering as the next recession looms big
( Soc Generale)
ii)A super Bellwether on the global economy: shipping rates have collapsed because the total number of freight items have collapsed. The global economy is faltering
( zerohedge)
7. OIL ISSUES
8 EMERGING MARKET ISSUES
Argentina
The Argentinian Peso closes at a record low of 39.80 peso to the dollar as the IMF withholds the next 3 billion bailout tranche. Macri made a deal with the devil (IMF) and they will pay for it
( zerohedge)
9. PHYSICAL MARKETS
i)Our good friend Andrew Maguire has a great interview today with Kingworldnews…how the PetroYuan scheme orchestrated by China will destroy the paper centric west… This is a must read..
( Kingworldnews/Andrew Maguire)
ii)An excellent commentary from GATA sec. Steer who states that metal price suppression is really aimed at all commodities trying to contain their price and keep the dollar scheme healthy. However the tariff/trade war is putting a huge dent in this scheme.
(courtesy Ed Steer/GATA))
10. USA stories which will influence the price of gold/silver)
i)Market trading /GOLD/MARKET MOVERS:
MARKET TRADING
after initial weakness overnight, the dollar strengthens but also the 10 yield rises above 3.00%. The higher the rate, the more trouble for our emerging nations
(courtesy zerohedge)
a)The markets do not like this: retail sales miss badly as auto spending slides. the economy is faltering
( zerohedge)
b)Industrial production surges but almost all of the gain came from utilities as air conditioners were going full blast throughout the USA in August due to the heat wave. Interestingly enough manufacturing another key component was down
( zerohedge)
c)Soft data, U. of Michigan sentiment soars as economic optimism hits a 14 year high.
Major flooding and it will get worse: the authorities believe that the damage will be in excess of 30 billion dollars
( zerohedge)
2 Florence huge damage/ tonight/
(zerohedge)
c)Catastrophe bondholders are now panicking because their insurer’s model failed to predict Hurricane Florence and the devastating cost to repair.
( zerohedge)
iv)SWAMP STORIES
a) 1,Manafort agrees to a plea deal. However we do not know if he will spill any beans or he is just does not want to spend any more money as it will not make a difference
( zerohedge)
a) 2.This may not be good for Trump as part of the deal is a “cooperation agreement”. What does Manafort know with respect to Trump
( zerohedge)
b)What on earth is this world coming to?; Kavanaugh categorically and unequivocally” denies sexual misconduct claim and the White House and 65 women who knew him then stated that he was always honourable when dealing with the opposite sex
( zerohedge)
Let us head over to the comex:
The next active delivery month after August for silver is September and here the OI FELL by 34 contracts DOWN to 421.
We had 83 notices filed on yesterday so we gained 49 contracts or 245,000 ADDITIONAL oz will stand at the comex as these guys refused a fiat bonus as well as a London based forwards. For the past 17 months starting in April 2017, we have been witnessing on a constant basis queue jumping as the commercials seek physical silver immediately after first day notice. After a little holiday this week, queue jumping resumes in earnest in the silver pits
October GAINED 17 contracts to stand at 578. November saw a gain of 3 contracts to stand at 70.
ON FIRST DAY NOTICE FOR THE SEPT/2017 SILVER CONTRACT MONTH: 20.515 MILLION OZ STOOD FOR DELIVERY AND BY MONTH’S END: A HUGE 32.875 MILLION OZ WAS THE FINAL STANDING AS WE WERE WELL INTO THE PHENOMENON OF QUEUE JUMPING IN SILVER. THUS WE ARE WAY AHEAD OF LAST YEAR AS ALREADY WE HAVE 30.720 MILLION OZ OF SILVER INITIALLY STAND. WE WILL NO DOUBT PASS LAST YEAR’S TOTAL OF 32.875 MILLION OZ ONCE SEPTEMBER ENDS AS THE BANKS SCRAMBLE FOR PHYSICAL SILVER.
Metals price suppression aims at all commodities,
GATA’s Ed Steer says
Submitted by cpowell on Thu, 2018-09-13 14:36. Section: Daily Dispatches
10:41a ET Thursday, September 13, 2018
Dear Friend of GATA and Gold:
GATA Board of Directors member Ed Steer, publisher of Ed Steer’s daily Gold and Silver Digest letter, was interviewed this week by talk show host Dave Janda of WAAM-AM1600 in Ann Arbor, Michigan, and explained how the monetary metals price suppression scheme of governments and central banks is part of their longstanding policy to suppress all commodity prices and protect government currencies, particularly the U.S. dollar. This policy, Steer notes, is imperialistic exploitation of developing, commodity-producing countries.
But, Steer adds, the U.S. government’s increasing weaponization of the dollar in foreign policy is starting to alienate the world and bust the scheme apart.
The interview is 25 minutes long and can be heard here:
https://davejanda.com/audio/EdSteer090918.mp3
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
-END-
for your interest….is Barrick an agent of China?
(courtesy Chris Powell/GATA
(GATA) Is Barrick still central banking’s agent in the gold market?
Submitted by cpowell on 03:08PM ET Friday, September 14, 2018. Section: Daily Dispatches
11:24a ET Friday, September 14, 2018
Dear Friend of GATA and Gold:
The report from today’s South China Morning Post that is appended is interesting for a couple of reasons.
First, it shows that a big gold-mining company owned by the Chinese government continues to invest heavily in new mines — now with another three quarters of a billion dollars — “confident that an upward trend in gold prices will emerge within the next 12 months.”
Second, it highlights another connection between the Chinese government and Barrick Gold, their joint ownership of the second-largest gold mine in South America, the Veladero mine in Argentina.
A particularly intriguing connection between the Chinese government and Barrick was brought to your attention by GATA the other day via a report in the Financial Times. The newspaper noted that the Chinese government has appointed a committee to advise it on relations with the United States and financial and economic reforms and the committee will be co-chaired by the chairman of Barrick Gold, John Thornton, a former Goldman Sachs executive. The committee’s members, which include leading Wall Street bankers, have been invited to Beijing in two days:
http://www.gata.org/node/18485
In federal court in New Orleans in 2003 Barrick admitted that, with its borrowing and leasing of central bank gold, it had become the agent of central banks in regulating the price of the monetary metal:
Soon after that admission, which came during a lawsuit charging the company with rigging the gold market, Barrick announced that it would discontinue leasing gold. But the mining company’s growing closeness with the Chinese government implies that China not only considers gold crucial to the world financial system but also wants gold mining intermediaries in the West.
Is Barrick still helping central banks manage the gold market?
There might be some interesting financial journalism to undertake here upon Thornton’s return from Beijing. Can gold investors continue to count on gold market reporters and analysts to refrain from asking gold mining executives the most important questions?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
Our good friend Andrew Maguire has a great interview today with Kingworldnews…how the PetroYuan scheme orchestrated by China will destroy the paper centric west… This is a must read..
(courtesy Kingworldnews/Andrew Maguire)
Andrew Maguire – Forget Trade War, China Is Positioning
To Crush The US In The Currency War And Russia Is A
Golden Ally
Today London whistleblower and metals trader Andrew Maguire told KWN to forget the trade war because China is positioning to crush the US in the currency war and Russia is a golden ally.
China Positioning To Win The Currency War
September 14 (King World News) – Andrew Maguire:“This week we evidenced another escalation in the US/China trade war, which in mid-June had already morphed into a dangerous currency war. However, this week the tables began to turn. But to assess what is changing we have to look at the general market which dutifully accepts at face value what the mainstream media tells them.
It is a fact that China has a massive bilateral trade surplus, so it cannot go head-to-head with the US in a trade war. However, a currency war is a completely different animal
“China is playing the long game and has already put all the components in place to internationalize the yuan and to displace US dollar hegemony with a gold-backed currency. It takes two to tango in a currency war and China is strategically playing the US into its own hands and using gold to do it.
China Counterattacking US By Vacuuming Gold Out Of London
As far as the trade war is concerned, a tit-for-tat devaluation of the Yuan has 1/1 offset the imposed US tariffs, which by design has brought down the commodity sector. However, during this devaluation process, the most important takeaway is that China has maintained the CNY/Gold peg within a very tight range to commodity exporting countries.How is China doing this? The answer is two-fold. The 95% correlated algo driven synthetic marketplace has seen gold and silver prices in dollar terms collapse. But into this US dollar price discount, China has been sucking 400oz. bars from London by swapping US dollars for cheap bullion.
And maintaining the CNY/Gold peg in a very tight range has enabled China to provide price stability to those countries it is buying/exchanging oil in yuan to bypass the US dollar. Short-term currency war pain aside, the 80/20 rule applies. China is focused on providing yuan to the major oil producing countries such as Russia and Iran through the Shanghai Oil Futures Exchange, commonly known as the Petro Yuan contract. Oil producers can lock in a stable yuan/oil price that is instantly convertible to gold.This has been carefully maintained by China.
Pull up a Yuan/gold chart and you will evidence a very tight CNY/gold trading range, with multiple PBOC interventions supporting CNY gold prices at 8214 — with a very tight managed band since the trade war entered a currency war stage in mid-June (see chart below).
China Positioning To Win The Currency War
Though this entire trade war is evolving into an escalating currency war, we have seen US dollar gold prices crash 11.2% (at the recent lows), while CNY/gold during this same period has been managed in a tight 2.0% range.
China Aggressively Attacking US Hegemony
Long before the US/China trade war escalated into a full-blown currency war, the dollar was already under threat as China had already reopened the gold window. The Shanghai Gold Exchange (SGE) is the conduit to exchange gold in yuan, and the SGE supply of physical gold is gold that is continuing to be dishoarded from the West (the UK US, BIS). China pays in yuan, which in turn increases supply of yuan, and converts it to gold sourced out of the West. This is a clear enveloping horn attack on US hegemony and is moving the West toward its own demise.
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