empty-vaultJPMorgan, we have a problem….


Harvey Organ



Gold:  $1127.30 down $0.60    (comex closing time)

Silver 14.28 down 6 cents

In the access market 5:15 pm

Gold $1129.00

Silver:  $14.31


At the gold comex today, we had a fair delivery day, registering 24 notices for 2400 ounces. Silver saw 0 notices for nil oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 203.02 tonnes for a loss of 100 tonnes over that period.


In silver, the open interest fell by 329 contracts down to 158,110. In ounces, the OI is still represented by .791 billion oz or 113% of annual global silver production (ex Russia ex China).

In silver we had 0 notices served upon for nil oz.

In gold, the total comex gold OI rose by a huge 5301 contracts to 378,735 contracts as gold was up 11.50 with yesterday’s trading.


We had no changes in gold inventory at the GLD   / thus the inventory rests tonight at 681.43 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex.   In silver,/we had no changes in inventory,  and thus/Inventory rests at 309.510 million oz.

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


1. Today, we had the open interest in silver fall by 329 contracts down to 158,110 despite the fact that silver was up 11 cents with respect to yesterday’s trading.   The total OI for gold rose by 5,301 contracts to 378,735 contracts as gold was up $11.50 in price from yesterday’s level.

(report Harvey)

2 a) Gold trading overnight, Goldcore

(Mark OByrne)




i)Late  MONDAY night,TUESDAY morning: Shanghai UP 2.29%   / Hang Sang DOWN. The Nikkei DOWN . Chinese yuan DOWN  and yet they still desire further devaluation throughout this year.   Oil LOST ,FALLING to 31.72 dollars per barrel for WTI and 32.90 for Brent.  Stocks in Europe so far are all in the RED . Offshore yuan trades at 6.6250 yuan to the dollar vs 6.5794 for onshore yuan. huge volatility is the Chinese markets screams of credit problems; a leaked document suggests that China will not use the lowering of the RRR reserves but instead provide direct yuan injections into the market/JAPAN INITIATES NIRP(LAST THURSDAY NIGHT CREATING HAVOC AROUND THE GLOBE)


ii) The Hong Kong housing bubble suffered a spectacular collapses are sales plunge over 80% as demand dries up completely.  Capital controls from the mainland is surely having an effect on Hong Kong housing.  If Hong Kong is having this kind of lack of demand in one of the world’s  most wealthiest enclaves, one can just imagine what is happening inside the mainland!

( zero hedge)


iii) The biggest ever Chinese corporate takeover:  ChemChina purchases the Swiss Syngenta for 43 billion USA

( zero hedge)

iv) David Stockman comments on the huge scandal in China with respect to a 7 billion USA Ponzi scheme whereby 900,000 investors  lost their money.

“Yucheng was raising capital through Ezubo at an annual interest rate of 14 percent and lending it out for 6 percent,” he said. The investor said he couldn’t understand how the company could be profitable (!) considering it was paying more to attract money than it was collecting in interest on loans.”


Also he harps on the damaging effects on NIRP throughout the globe

(courtesy David Stockman/ContraCorner)


v) This is a biggy!!  Japan cancels its fixed 10 yr bond auctions due to sub zero rates.  The variable rate is still auctionable and yesterday the yield came in at .078%.  Now Japan has a problem:  where are they going to find bonds to monetize?  No question that they will purchase USA bonds in size.

(zero hedge)




i)This morning European bank stocks are plunging.  Since NIRP they are down 40%.  NIRP destroys bank profits !


( zero hedge)


ii) Austria has had enough: they will pay migrants 500 euros to go back home.  Good luck!

( zero hedge)

iii)The stock Ferrari on the Milan Stock exchange crashes today down 40%:

( zero hedge)



Coming to a store near you….!!!!


( zero hedge/Jim Reid/Deutsche bank)

Silver Rounds SD Bullion


i) Oil crashes below the 30 dollar USA barrier:
( zero hedge)

ii) Exxon halts stock buybacks.  Their oil production surges:

( zero hedge)

iii)The low oil price is disintegrating conditions in African nations:

( Michael Meyer)

iv)The  biggest USA energy companies have all been downgraded by and S and P(courtesy zero hedge)


v)Then after the market closed, oil drops further on news of a big API buildup of inventory:

 ( zero hedge)

i) KGHM are not happy campers as they slam the LBMA”s manipulated silver fix and rightly so!

( zero hedge)

ii) Two giants in the field talk about the “big reset”

(courtesy Willem Middlekoop and Grant Williams/GATA)
iii) Bron Suchecki, director of the Perth Mint tries to discover who deposited  the 41.99 tonnes of gold at the FRBNY.  (It  belonged to the UKraine, stolen by the USA and then given to Holland:)

( Bron Suchecki/Perth Mint/GATA)



i)i)USA 10 yr treasuries now down to 1.90%( ZERO HEDGE)


ii) ISM NY manufacturing index tumbles the most since August as revenues disintegrate:

( zero hedge)

iii) Michael Snyder comments on empty shelves, and store closings all across the USA

( zero hedge)

iv) Negative Interest rate scenarios are already baked in as the Fed uses them in stress tests

( Wolf Richter/WolfStreet/zero hedge)

v) as stocks were rising 1.8% last week, hedge funds were dumping

(zero hedge)

vi) A huge warning signal for the USA housing sector

( Dave Kranzler/IRD)

Let us head over to the comex:


The total gold comex open interest rose to 378,735 for a gain of 5301 contracts as the price of gold was up $11.50 in price with respect to yesterday’s trading.   For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest:  1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month.   Today,only the former scenario was in order.  We now enter the big active delivery month is February and here the OI fell by 507 contracts down to 3,687. We had 546 notices filed yesterday, so strangely we actually gained 39 contracts or an additional 3900 oz will stand for delivery. The next non active delivery month of March saw its OI rise by 48 contracts up to 1223. After March, the active delivery month of April saw it’s OI rise by 5,956 contracts up to 267,790.The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 98,051 which is extremely poor. The confirmed volume Friday (which includes the volume during regular business hours + access market sales the previous day was poor at 125,728 contracts. The comex is not in backwardation. 


Today we had 24 notices filed for 2400 oz.
And now for the wild silver comex results. Silver OI fell by 329 contracts from 158,439 down to 158,110  despite the fact the price of silver was up by 11 cents with respect to yesterday’s trading. The next non active delivery month of February saw its OI fall by 3 contracts down to 108.  We had 0 notices filed on yesterday, so we lost 3 contracts or an additional 15,000  oz will not stand in this non active month of February. The next big active contract month is March and here the OI fell by 2758 contracts down to 104,561. It seems that everyone again remained stationary. The volume on the comex today (just comex) came in at 23,115 , which is poor. The confirmed volume yesterday (comex + globex) was very good at 44,263. Silver is not in backwardation at the comex but is in backwardation in London. 
We had 0 notices filed for nil oz.

Feb contract month:

INITIAL standings for FEBRUARY

Feb 2/2016

Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil 201,351.325 oz Brinks,HSBC,Scotia
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz    297,801.325 ozjpm
No of oz served (contracts) today 24 contracts( 2400 oz)
No of oz to be served (notices)  3673 contracts(367,300 oz )
Total monthly oz gold served (contracts) so far this month 628 contracts (62,800 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 203,956.5 oz
Today, we had 0 dealer transactions
We had 3  customer withdrawals
i) Out of Brinks:  21,200.655 oz
ii) Out of Scotia: 95,269.145 oz
iii) Out of HSBC: 84,881.525 oz
total customer withdrawals; 201,351.325  oz
we had 0 dealer deposit:
We had 1 customer deposits:
 i) Into JPMorgan:  297,801.325 oz

Total customer deposits  297,801.325   oz

we had 0 adjustment.




Here are the number of oz held by JPMorgan:

 JPMorgan has a total of 7774.663 oz or 0.2418 tonnes in its dealer or registered account.
***JPMorgan now has 699,222.555 or 21.74 tonnes in its customer account.
Today, 0 notices was 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 24 contract of which 0 notice was stopped (received) by JPMorgan dealer and 10 notices were stopped (received)  by JPMorgan customer account. HSBC stopped 0 contracts in its customer account.
To calculate the initial total number of gold ounces standing for the Jan contract month, we take the total number of notices filed so far for the month (628) x 100 oz  or 62,800 oz , to which we  add the difference between the open interest for the front month of February (3687 contracts) minus the number of notices served upon today (28) x 100 oz   x 100 oz per contract equals the number of ounces standing.
Thus the initial standings for gold for the February. contract month:
No of notices served so far (628) x 100 oz  or ounces + {OI for the front month ( 3687) minus the number of  notices served upon today (28) x 100 oz which equals 430,100 oz standing in this active delivery month of February ( 13.37 tonnes)
We thus have 13.37 tonnes of gold standing and 4.51094 tonnes of registered gold for sale, waiting to serve upon those standing.  The bankers will now do their best in cash settling as there is not enough registered gold to satisfy those that are standing.
Total dealer inventor 145,027.364 or 4.51094
Total gold inventory (dealer and customer) =6,527,213.553 or 203.02 tonnes 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 203.02 tonnes for a loss of 100 tonnes over that period. 
JPMorgan has only 21.99 tonnes of gold total (both dealer and customer)
And now for silver


feb 2/2016:

Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory  nil
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 1012.59 oz CNT
No of oz served today (contracts) 0 contractsnil oz
No of oz to be served (notices) 108  contracts540,000 oz
Total monthly oz silver served (contracts) 0 contracts nil
Total accumulative withdrawal of silver from the Dealers inventory this month nil oz
Total accumulative withdrawal  of silver from the Customer inventory this month 2,054,5724.2 oz

Today, we had 0 deposits into the dealer account: 

total dealer deposit;nil  oz


we had 0 dealer withdrawals:

total dealer withdrawals:  nil


we had 1 customer deposits:

i) Into CNT:  1012.59 oz


total customer deposits: 1012.59 oz

We had 0 customer withdrawal:

total withdrawals from customer account nil   oz 

 we had 0 adjustments:






The total number of notices filed today for the February contract month is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in February., we take the total number of notices filed for the month so far at (0) x 5,000 oz  = nil oz to which we add the difference between the open interest for the front month of February (108) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing
Thus the initial standings for silver for the February. contract month:
0 (notices served so far)x 5000 oz +(108) { OI for front month of February ) -number of notices served upon today (0)x 5000 oz   equals 540,000  of silver standing for the February. contract month.
we lost 3 contracts or an additional 15,000 oz will not stand for delivery in the non active delivery month of February.
 On Friday, we had a massive 7 million oz leave the dealer; today over 2 million oz leaves the customer account.
Total dealer silver:  28.53 million
Total number of dealer and customer silver:   156.240 million oz
The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.There is now evidence that the GLD and SLV are paper settling on the comex.***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:i) demand from paper gold shareholders ii) demand from the bankers who then redeem for gold to send this gold onto China

And now the Gold inventory at the GLD:

Feb 2.2016: no changes in inventory at the GLD/inventory rests at 681.43 tonnes

Feb 1/a massive deposit of 12.20 tonnes of gold inventory/Inventory rests at 681.43

JAN 29/2016/no change in gold inventory at the GLD/Inventory rests at 669.23 tonnes


jAN 28/no changes in gold inventory at the GLD/Inventory rests at 669.23

jan 27/another huge addition of 5.06 tonnes of gold to GLD/Inventory rests at 669.23 tonnes /most likely the addition is a paper deposit and not real physical,especially with gold in backwardation in both London and the comex.

Jan 26.no change in gold inventory at the GLD/Inventory rests at 664.17 tonnes

Jan 25./a huge deposit of 2.08 tonnes of gold into the GLD/inventory rests at 664.17 tonnes

most likely the addition is a paper deposit and not real physical

Jan 22/no change in gold inventory at the GLD/Inventory rests at 662.09 tonnes

Jan 21.2016: a huge deposit of 4.17 tonnes/Inventory rests at 662.09 tonnes

most likely the addition is a paper deposit and not real physical

jan 20/ no change in inventory at THE GLD/Inventory rests at 657.92 tonnes


Feb 2.2016:  inventory rests at 681.43 tonnes


Now the SLV:
Feb 2.2016: no changes in inventory at the SLV/inventory rests at 309.510 million oz/
Feb 1/no change in inventory at the SLV/Inventory rests at 309.510 million oz
JAN 29//we had another change in silver inventory/another withdrawal of 1.143 million oz of silver./inventory rests at 309.510 million oz
JAN 28/no changes in silver inventory at the SLV/Inventory rests at 310.653 million oz
Jan 27.2017: no changes to inventory/rests at 310.653 million oz
Jan 26.2016: a huge withdrawal of 953,000 oz/silver inventory rests tonight at 310.653 million oz
Jan 25.no change in inventory at the SLV/inventory rests at 311.606 million oz
jan 22/we had a 2.0 million oz withdrawal at the SLV/Inventory rests at 311.606 million oz
Jan 21/2015: no change in silver inventory at the SLV/Inventory rests at 313.606 million oz
Jan 20/no change in silver inventory at the SLV/inventory rests at 313.606 million oz
Feb 2.2016: Inventory 309.510 million oz.
1. Central Fund of Canada: traded at Negative 7.9 percent to NAV usa funds and Negative 8.1% to NAV for Cdn funds!!!!
Percentage of fund in gold 63.5%
Percentage of fund in silver:36.5%
cash .0%( feb 2.2016).
2. Sprott silver fund (PSLV): Premium to NAV falls to  -.22%!!!! NAV (feb 2.2016) 
3. Sprott gold fund (PHYS): premium to NAV rises to- 0.86% to NAV feb 2/2016)
Note: Sprott silver trust back  into negative territory at -.22%/Sprott physical gold trust is back into negative territory at -0.86%/Central fund of Canada’s is still in jail.
    • Canadian Dirtlump
      Harvey’s stories are usually too simple.  For instance saying there are 13 tonnes of gold standing for delivery is meaningless.  But the reality is manipulation via Comex is loosing control.  Cash settling helps put it off but the problem is still growing.  Dec. was a big problem for Comex and I got good phys prices during the smash for Comex to run stops.  January and February are small delivery months.  March is a big delivery month.  Right now it looks like March is unmangeable for Comex.  Look to buy on the smashes, there might not be many more to come at these very low prices.

      We don’t know what path the manipulation will take, cash settling is part of it, but the Cartel is loosing their grip.  Stack what you can.

    • Yes, Comex can cash settle… but if they do… it will be considered to be a default and gold should get a BIG lift from it… but this registered vs eligible is meaningless in this totally corrupt Comex.  So Old Harve will be humiliated once again… maybe move into Bo’s singlewide and sing parody songs with MarshGas Swing…

    • JustTheFacts
      Comex has cash settled for a long time, many many years.  The question is how many people wanting phys are forced to cash settle?  Story is they get paid a premium and must sign a non-disclosure agreement so who knows what is true and what isn’t.

      There are graphs on the internet that show what percent of contracts for the different months of the year typically stood for delivery.  That data comes from the years of 20:1 paper to phys.  Now at 100-500:1 paper to phys those %s don’t mean as much.  But I figure just add a little extra tons and ignore the rest as uninterested Cartel paper.  When you use those delivery amounts and apply them to the 200 tons of registered Comex gold, you can see Comex is in real trouble.  Every month is a challenge for them that only gets worse.  December is the biggest of the year, the next big month coming is March.

      For sure there are people far from Comex that would rather take a $100K profit and source their gold closer to home rather than mess around with Comex phys so paper settling is many people’s friend.  It is what it is but not what it use to be 😉

  1. Harvey brings us some very interesting information. No doubt history is being written right now at this time.!! The financial system is in an uproar.!!  Stay with physical metals. If you can’t hold it you don’t own it. Its that simple.!!! Don’t worry about the few cents down on the prices. The upside is astronomical!!!

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