As many of you know, my website was pulled Friday afternoon and I could not post.
Here is a copy of the email that I received:
Submitted by Harvey Organ:
||Oct 10 (3 days ago)|
to me, blogger-dmca-n.
In accordance with the terms of the court order, we have removed content previously located at:
Content Policy: http://www.blogger.
I have sent 5 emails to google for the copy of the court order to no avail.
I will be creating another website of my own. Silverdoctors has been gracious enough to allow me to post my daily updates on Silverdoctors.com
All material that I use has been from public sources and I never infringe on copyright laws.
Gold: 1229.30 up 8.30
Silver: 17.29 up 4 cents
In the access market:
Today gold and silver got a huge boost this afternoon with the scare at Logan Airport
in Boston, where 5 individuals were removed with flu like symptoms.
The gold comex again had 0 notices filed for the 4th straight day, which is totally unusual for an active month. There are 5 tonnes of gold standing.
In silver, the open interest continues to remain high at 169,495 contracts. To boot, the December silver OI rose to 119,402 contracts.
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
we are moving closer and closer to backwardation!!
All months basically moved slightly in both directions with the various GOF) months. On the 22nd of September the LBMA stated that they will not publish GOFO rates. However today we still received today’s GOFO rates
London good delivery bars are still quite scarce.
Oct 11 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
+.02% +.03250% +.0450% +.095% + .1825%
Oct 10 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
+.040% +.050% +.060% +.1025% .19667
Let us now head over to the comex and assess trading over there today,
Here are today’s comex results:
The total gold comex open interest surprisingly fell by a large 2883 contracts from 386,149 all the way down to 386,186 with gold down $3.60 on Friday. We are now in the active delivery month of October and generally this is a very poor month for deliveries. The October contract month actually fell by a large 182 contracts down to 1134. We had 0 notices filed on Friday so we lost another 182 contracts or 18,200 additional oz will not stand for the October contract month. The November contract month saw its OI fall by 16 contracts down to 296. The December contract fell by 4151 contracts down to 276,986. The estimated volume today was poor at 107,506 contracts. The confirmed volume on Friday was also poor at 128,174. Strangely this was the 4th consecutive day of 0 gold notices filed and only 3 out of 7 filing days had positive readings. The first two days had 98.7% of the entire total number of notices filed so far. They must have a great difficulty finding gold to serve upon our notices. That fact that London is also very close to backwardation kind of confirms this.
The total silver Comex OI surprisingly rose by 52 contracts despite the fact that silver was down on Friday to the tune of 12 cents. Tonight the silver OI complex rests at 169,495 contracts. In ounces, this represents 847 million oz or 121.00% of silver annual production. In commodity law generally the OI is represented by 3 to 5% of annual production. These silver contracts are in very strong hands and as I have indicated to you on countless occasions, this will continue to bring nightmares to our bankers. Probably this is as good a reason as ever for the bankers to raid on a continual basis trying to force those longs to puke their interests.No doubt that the open interest for tomorrow will be quite high.
We are in the non active silver contract of October and here the OI rose by 6 contracts up to 184 contracts. We had 4 notices served upon yesterday so we had another gain of 10 silver contracts or an additional 50,000 ounces will stand for delivery in October. November is also a non active delivery month and here the OI remained constant at 124 contracts.
The December silver contract is a biggy contract month and tonight it surprisingly rose to 119,402 contracts for a gain of 707 contracts. No doubt the December contract month may provide all the fireworks if our major entity tries to take delivery of much of the comex silver. In ounces, the December contract equates to 597 million oz or 85.2% of annual global production (ex China). The estimated volume today was poor at 25,151. The confirmed volume on Friday was fair at 35,362 contracts. Both Bill Holter and I strongly believe that only one entity could possibly behind the majority of these longs and that entity is the sovereign Chinese government.
Data for the October delivery month.
Withdrawals from Dealers Inventory in oz
Withdrawals from Customer Inventory in oz
3,200.000 oz ?????(JPMorgan)
Deposits to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
|nil ( o oz)|
No of oz served (contracts) today
0 contracts( zero oz)
No of oz to be served (notices)
1134 contracts (113,400 oz)
Total monthly oz gold served (contracts) so far this month
483 contracts (48,300 oz)
Total accumulative withdrawals of gold from the Dealers inventory this month
Total accumulative withdrawal of gold from the Customer inventory this month
total dealer deposit: nil oz
we had 1 customer withdrawal:
i) Out of JPMorgan: 3,200.000 oz
and this is not divisible by 32.15 so it is not kilobars. How on earth can this be possible????
total customer withdrawals: 3200.000 oz
we had 0 customer deposit:
total customer deposit:nil oz
We had 0 adjustment:
Total Dealer inventory: 945,488.206 oz 29.408 tonnes
Total gold inventory (dealer and customer) = 8.979 million oz. (279.30) tonnes)
A few weeks ago we had total gold inventory of 303 tonnes, so during this short time period 24 tonnes have been transferred out. We will be watching this closely!
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 0 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices stopped by JPMorgan customer account.
We had 0 notices served upon our longs for 0 oz of gold. In order to calculate what will be standing for delivery in September, I take the number of contracts served so far this month at 483 x 100 oz = 48,300 oz,to which I add the difference between the open interest for the front month of October (1134 ) minus the number of notices served upon today (0) x 100 oz = 161,700 oz or 5.02 tonnes.
We lost 18,200 oz of gold standing tonight.
Thus: October standings:
483 contracts x 100 oz = 48,300 oz + (1134 ) – (0)x 100 = 161,700 oz or 5.02 tonnes
October silver: Initial standings
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||2,000.000 oz (Delaware)?????|
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||586,986.7 oz (JPMorgan)|
|No of oz served (contracts)||0 contracts (nil oz)|
|No of oz to be served (notices)||184 contracts (920,000 oz)|
|Total monthly oz silver served (contracts)||532 contracts (2,660,000 oz)|
|Total accumulative withdrawal of silver from the Dealers inventory this month||1,783,683.3|
|Total accumulative withdrawal of silver from the Customer inventory this month||2,456,312.4 oz|
Today, we had 0 deposits into the dealer account:
total dealer deposit:nil oz
we had 0 dealer withdrawal:
total dealer withdrawal: nil oz
We had 1 customer withdrawals:
i) out of Delaware an exact 2,000.000 oz
how can this be possible???
total customer withdrawal 2,000.000 oz ???
We had 1 customer deposit:
i) Into JPMorgan; 586,986.700 oz oz
total customer deposits: 586,986.700 oz
we had 0 adjustment:
Total dealer inventory: 66.633 million oz
Total of all silver inventory (dealer and customer) 184.102 million oz.
The CME reported that we had 0 notices filed for nil oz today. To calculate what will stand for this active delivery month of October, I take the number of contracts served for the entire month at 532 x 5,000 oz per contract or 2,660,000 ounces upon which I add the difference between the open interest for the front month of October (184) – the number of notices served upon today (0) x 5000 oz per contract
Thus Oct. standings for silver: 532 notices x 5,000 oz per notice or 2,660,000 oz + (184) – (0) x 5,000 oz = 3,580,000 oz
we gained an additional 50,000 silver ounces that will stand for silver at the Comex for the October delivery month.
this level will continue to rise as the month progresses.
It looks like China is still in a holding pattern ready to pounce when needed.
The open interest on silver is still highly elevated. Gold has a low OI with a low gold price. Silver has a high OI with a low silver price. Something has got to give!!
As far as the silver inventory, it looks compromised as well. Shanghai is in complete silver backwardation and yet comex seems to import huge amounts of silver.
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
vs no sellers of GLD paper.
And now the Gold inventory at the GLD:
Oct 11.2014: this is good/it is quite possible that the gold has finally hit empty (due to gold near backwardation)
GLD 761.23 tonnes up 1.79 tonnes today.
Oct 10.2014: we lost 2.64 tonnes of gold from the GLD and this gold will head to Shanghai/inventory 759.44 tonnes
Oct 8.2014: we lost 5.39 tonnes of gold today and this gold will be heading to the friendly confines of Shanghai, China /New inventory 762.08 tonnes
oct 7.2014: as of 6 pm est, no change in gold inventory/767.47 tonnes
oct 6.2014: as of 6 pm est no change in inventory/767.47 tonnes
Oct 3.2014: as of 5 pm est no change in inventory/767.47 tonnes
Oct 2.2014: we lost another 1.19 tonnes of gold inventory heading towards Shanghai. (inventory 767.47 tonnes)
Oct 1.2014: we lost another 1.20 tonnes of gold inventory heading towards Shanghai. (inventory: 768.66 tonnes)
sept 30.2014: we lost another 2.39 tonnes of gold inventory heading towards Shanghai. (inventory 769.86 tonnes)
sept 29.2014: we lost another 1.2 tonnes of gold inventory heading straight to Shanghai. Later in this report you will see that 50 tonnes of gold exited SGE. Thus the 1.2 tonnes is a drop in the bucket as to the inventory needed. No doubt much of the gold will now come from the FRBNY:
current inventory: 772.25 tonnes.
sept 26.2014: no change in inventory/773.45 tonnes
sept 25 no change in gold inventory/773.45 tonnes
Sept 24.2014: no change in gold inventory/773.45 tonnes
Today we had a huge addition of gold inventory at GLD to the tune of 1.79 tonnes ( Inventory: 761.23 tonnes).
The registered vaults at the GLD will eventually become a crime scene as real physical gold departs for eastern shores leaving behind paper obligations to the remaining shareholders. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks).
GLD gold: 761.23 tonnes.
And now for silver:
Oct 11.2014: no change in silver inventory so far:
345.766 million oz
oct 10.2014: we lost a massive 3.25 million oz of silver leaving the SLV. Inventory 345.766 million oz
Oct.8/2014 no change in silver inventory 349.071 million oz
Oct 7.2014: a reduction of silver inventory to the tune of 863,000 oz/new inventory at SLV 349.071 million oz
Oct 6.2014: no change in inventory/349.934 million oz.
Oct 3.2014/ we had a minor loss of 152,000 oz and this is usually to pay for fees./Inventory 349.934
oct 2.2014: no change in silver inventory/350.086 million oz.
Oct 1 late last night at 11 pm I was notified by Fred that they added a remarkably high 4.075 million oz of silver inventory at the SLV.
new inventory: 350.086 million oz.
sept 30.2104: no change in inventory/inventory 346.011 million oz
sept 29.2014: an addition of 767,000 oz/new inventory 346.011 million oz
sept 26 no change in inventory/remains at 345.244 million oz.
sept 25 another huge addition of 2.398 million oz of silver was added late last night (after I posted). New inventory 345.244 million oz.
Sept 24.2014: no change in silver inventory at the SLV/remains at 342.846 million oz.
Sept 23.2014: another gain of 2.397 million oz of silver into the SLV/inventory 342.846 million oz (note the difference between GLD and SLV movements)
sept 22.2014: strange again/inventory remains the same: 340.449 million oz
Sept 19.2014: inventory remains constant at 340.449 million oz
Sept 18.2014: late last night we picked up another 960,000 oz/inventory now 340.449 million oz
sept 17.2014: no change in silver inventory 339.489 million oz
Sept 16.2014: no change in silver inventory at the slv/339.489 million oz
Today, Oct 11.2014
Inventory tonight no change 345.766 million oz
And now for our premiums to NAV for the funds I follow:
Note: Sprott silver fund now deeply into the positive to NAV
Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)
1. Central Fund of Canada: traded at Negative 8.2% percent to NAV in usa funds and Negative 8.3% to NAV for Cdn funds
Percentage of fund in gold 60.50%
Percentage of fund in silver:38.90%
.( Oct 10/2014) holiday i n Canada today
2. Sprott silver fund (PSLV): Premium to NAV rises to positive 3.97% NAV (Oct 10/2014) will pick up later
3. Sprott gold fund (PHYS): premium to NAV falls to negative -0.48% to NAV(Oct 10/2014) will pick up later.
Note: Sprott silver trust back hugely into positive territory at 3.97%.
Sprott physical gold trust is back in negative territory at -0.48%
Central fund of Canada’s is still in jail.
And now for your major data points today:
Portuguese 10 yr bond yield: 2.94 down 1 in basis points from Friday night.
Your closing Portuguese 10 year bond yield Monday night: up 8 in basis points on the day
Portuguese 10 year bond yield: 3.04%
Your closing Japanese yield Monday up 1 in basis points from
Japanese 10 year bond yield: .51%
And now for your closing Japanese 10 year bond yield / par in basis points from the morning: ( Japanese markets imploding)
Japanese 10 year bond yield: .51%
Your opening currency crosses for Monday morning:
EUR/USA: 1.2678 up .0054
USA/JAPAN YEN 107.29 down .27
GBP/USA 1.6083 up .0010
USA/CAN 1.1206 up .0016
This morning the Euro is up , trading now above the 1.26 level at 1.2678 as Europe continues to face deflation. The yen is up a lot and It closed in Japan rising by 27 basis points at 107.29 yen to the dollar . The pound is up from Friday as it now trades just below the 1.61 level to 1.6083. The Canadian dollar is down this morning with its cross at 1.1206 to the USA dollar.
Your closing Spanish 10 year government bond Monday/ down 2 in basis points in yield from Friday night.
Spanish 10 year bond yield: 2.08% !!!!!!
Your Monday closing Italian 10 year bond yield up 1 in basis points and trading 25 in basis points above Spain./
Italian 10 year bond yield; 2.33%
Early Monday morning USA 10 year bond yield: 2.28% !!! down 1 in basis points from Friday night/ (USA economy not doing so well with this low yield) wow!!
USA dollar Index early Monday morning: 85.52 down 39 cents from Friday’s close
IMPORTANT CLOSES FOR TODAY
Closing currency crosses for Monday night/USA dollar index/USA 10 yr bond: Europe falling apart this afternoon
Euro/USA: 1.2754 up .0130 (huge move)
USA/Japan: 106.79 down .870 (huge move)
Great Britain/USA: 1.6081 up 0.0007
USA/Canada: 1.1193 down .0002
The euro rose sharply in value during this afternoon’s session, and it was
up hugely on the day , closing well above the 1.27 level to 1.2754. The yen was up strongly during the afternoon session,and it gained 87 basis points on the day closing just above the 106 cross at 106.79. The British pound gained some ground during the afternoon session and it was up for the day as it closed at 1.6081
. The Canadian dollar was well up during the afternoon session, and it was up on the day closing at 1.1193.
Your closing USA dollar index:
85.19 down 71 cents on the day
your 10 year USA bond yield, a fall of 1 basis points: 2.28%!!!!
European and Dow Jones stock index closes: closed before NY slaughter)
England FTSE up 26.27 or 0.41%
Paris CAC up 4.99 or 0.12%
German Dax up 23.62 or 0.27%
Spain’s Ibex 35 up 36.80 or 0.36%
Italian FTSE-MIB down 61.89 or 0.32%
The Dow: down 223.03 or 1.35%
Nasdaq; down 62.58 or 1.46%
OIl: WTI 85.05
Well that is all for today. We are getting close to the end game
And I again would like to extend my sincere gratitude to The Doc & JB for hosting my site until my new site is ready.