Gold BundesbankIt seems the NY Fed has run out of the Bundesbank’s gold…

 

 

Harvey Organ

FOR THE 3RD STRAIGHT MONTH, NO GOLD GOES TO GERMANY AS FRBNY INVENTORY REMAINS CONSTANT/GOLD AND SILVER HOLD AFTER ANOTHER ATTACK INITIATED LAST NIGHT/OPEN INTEREST IN GOLD AND SILVER REMAIN EXTREMELY ELEVATED/THE CHAIRMAN OF CHINA’S LARGEST STEEL COMPANY HANGS HIMSELF ONE DAY BEFORE BOND MATURES/THE UNEMPLOYMENT RATE IN CHINA CONTINUES TO SOAR/ANCIENT CITY OF PALMYRA SYRIA LIBERATED: PUTIN CONGRATULATES SYRIAN ARMY, OBAMA MUM ON THE ISSUE/ATLANTA FED LOWERS FIRST QUARTER GDP ESTIMATE TO NOW ONLY .6%/CALIFORNIA RAISES MINIMUM WAGE TO $15.00 OVER A SIX YR PERIOD/STATE OF CONNECTICUT GOING AFTER YALE UNIVERSITY’ ENDOWMENT/ILINOIS LOSES BIG SUPREME COURT DECISIO ON PENSION REFORM//MORE HEADACHES FOR VALEANT AS THESE GUYS ARE ONE STEP CLOSER TO BANKRUPTCY

Cumberland Gap SD Bullion

Gold:  $1,220.90 down $1.50    (comex closing time)

Silver 15.19  UNCHANGED

In the access market 5:15 pm

Gold $1221.50.00

silver:  15.23

 

Let us have a look at the data for today.

At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 0 notices for nil oz for the active March delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.17 tonnes for a loss of 91 tonnes over that period.

In silver, the open interest FELL by only 1333 contracts DOWN to 170,580 as the silver price was down by 7 cents with respect to Thursday’s trading . In ounces, the OI is still represented by .852 billion oz or 122% 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 306 contracts to 497,522 contracts despite the fact that the price of gold was down $2.30 with Thursday’s trading.(at comex closing). I was expecting a larger contraction in OI in both gold and silver and as such expect continual raids in both metals

we had no changes in the GLD despite gold’s drubbing for the past 3 days/ thus the inventory rests tonight at 823.74 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 tonight,  and thus the Inventory rests at 328.914 million oz

.

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

1. Today, we had the open interest in silver fell by 1333 contracts down to 170,580 as the price of silver was down 7 cents with Thursday’s trading. The total OI for gold rose by 306 contracts to 497,522 contracts despite the fact that  gold was down $2.30 in price from Thursday’s level.

(report Harvey)

2 a) Gold trading overnight, Goldcore

(Mark OByrne)

off today

2b COT report/

(Harvey)

2c) FRBNY

Harvey

 

3. ASIAN AFFAIRS

i)Late  SUNDAY night/ MONDAY morning: Shanghai closed DOWN BY 21.61 POINTS OR 0.73% , /  Hang Sang closed FOR HOLIDAY  The Nikkei closed UP 131.62 POINTS OR 0.71% . Australia’s all ordinaires was CLOSED FOR THE HOLIDAY. Chinese yuan (ONSHORE) closed DOWN at 6.5161.  Oil ROSE  to 39.62 dollars per barrel for WTI and 40.46 for Brent. Stocks in Europe MOSTLY CLOSED FOR HOLIDAY . Offshore yuan trades  6.5222 yuan to the dollar vs 6.5161 for onshore yuan.

 

.

REPORT ON JAPAN

 

none today

REPORT ON CHINA

Friday trading in China:

ii)Yuan weakens for the 6th straight day as China sends a signal to the USA not to raise rates once or less they will massively devalue sending shock waves around the globe.

( zero hedge)

Saturday morning: important
 
iii)The following story is a biggy!! The Chairman of an insolvent Steel company,
Dongbei Special Steel Group, hanged himself one day prior to a bond redemption.
Up until now, the state has always paid the interest to kick the can down the alley for a future inevitability. Obviously, the Chairman knew that that day of reckoning has arrived and that POBC will not let companies default.  This will set of a whole slew of bankruptcies, massive layoff and probably social disorder.
 
( zero hedge)
 

iv) It sure looks like China is preparing for massive layoffs.  However they do not want social unrest, so they warn officials that their jobs are on the line with citizens protest:

( zero hedge)

v)Sunday night/Monday morning

Early this morning, we get a report from New York based China Beige Book International, a corporation which tries to give an honest assessment of what is going on in China.  It revealed a huge plunge in their unemployment rate to a 4 yr low as China desperately tries to adjust from a smoke-stack export model to a domestic consumption model. Their problem is that they will have million of people unemployed and if China cannot get these people relocated, there will be massive, social unrest:

( zero hedge)

 

vi)Hugh Hendry is another extremely bright individual and we must always pay attention to what he says.  He was invited for a conversation with another brilliant individual by the name of Raoul Pal, a close friend of Grant Williams (Hmmm fame).  They have a paid webcast and their thoughts are always enlightening.

Today’s talk was about China.  Strangely Hendry went against his host as stated that if China devalues by 20%  (to 8 yuan/dollar)” the world is over, everything hits the wall”.  He states that the USA dollar will rise to astronomical heights, causing scarcity of that currency together with a collapse of all commodity prices and in turn, a collapse in emerging markets with huge defaults on their sovereign bonds etc.He describes if that happens, China will be king of a MAD MAX world and who would want that? Hendry states that the only way out for China is for a stronger yuan, yet with a high Debt to GDP ratio of 350% he does not know how this is possible.

We now have two competing forces out there on China:

a) Kyle Bass who states that China must devalue

b) Huge Hendry who believes that China can muddle along at current yuan levels as the percentage of world trade has not been hurt at all, despite the lower amounts of world trade.

this is a must see/read.

( zero hedge)

Silver Eagle SD Bullion

EUROPEAN AFFAIRS

i)SCARY!! Belgian nuclear guard murdered Thursday night and had his access badge stolen.

( ZERO HEDGE)

ii)Like Japan the demographics in Europe is just awful as the birth rate is around 1.5 children per woman. There is just not enough new workers to pay for the retirees

basically all of Europe is bankrupt:
( zero hedge)

Russian and Middle Eastern Affairs

i) Interesting!!! Jordan blames Turkey for terror in Europe as Erdogan supplied the necessary stuff to ISIS.  They also blames Israel for not attacking ISIS on their borders.  The Israelis had two enemies right on their border with Syria, Hezbollah  and ISIS. Israeli did the correct strategy by letting both of them attack each other and they stayed out of their way:

 

( zero hedge)

 

ii) The ancient city of Palmyra has been rescued by Hezbollah forces and Iran. Putin congratulated ASSAD but no congratulatory  message was sent by Obama:

( zero hedge)

GLOBAL ISSUES

i) A very important warning from Deutsche bank.  They are stating that global trade has lagged behind GDP growth. They actually state that peak global trade occurred in 2007 and has been downhill since. I have always used the Baltic Dry Index as a barometer of global trade and with the index at just above 400, having fallen from 10,000 in 2009, you can visually see the writing on the wall.  Thus currency wars to get a little bigger piece of a declining trade is futile

ii) And continuing on the same theme as above, Wolf Richter describes how world trade has collapsed due to collapsing commodity prices and the higher uSA dollar:
 
( Wolf Richter/WolfStreet)
 

OIL MARKETS

It is now official, the entire surge in price of oil was nothing but the biggest short squeeze ever

 

( zero hedge)

PHYSICAL MARKETS

i)Our good friends over at Barrick are being continuing to be plagued with lawsuits over their failure to bring Pasqua Lama into production.

( Reuters/GATA)

ii)Doorknobs!! These idiots (New Gold) are hedging again:

( Kovan/NationalPost Toronto)

 

iii)We have Ted Butler’s latest piece.  I am not in agreement with his thesis that JPMorgan has acquired over 500 million physical oz. However  if he is right, it is criminal activity to the highest degree:  knocking down the price of a commodity so as to acquire it cheaply.

( Ted Butler)

 

iv) Bill Holter’s latest piece is entitled:

“THE RALLY YOU NEVER SELL!!”

 

USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER

 

i)The final figures for 2015 are now in and the USA GDP came it as expected at 1.4% Corporate profits plunged.  However first quarter 2016 is heading southbound in a hurry:

( zero hedge)

ii)Although the TVIX or the double levered long VIX complex falls to record lows, something unusual is happening in that the number of shares outstanding for the TVIX has risen remarkably in a similar fashion to the Blackrock ETF of a few weeks ago. VIX is a volatility index and a rise in volatility means trouble for the market.  Is the Dow/NYSE reaching an airpocket?

(zero hedge)

 

iii) The so called “restaurant recovery” is now over in the USA as casual dining sales tumble for the 4th straight month.  It will be interesting if the BLS reports a higher bartender and waiter increase in jobs to be announced next week

( zero hedge)
 
iv)Personal income growth reported early this morning, is the weakest since Q3 last yr at 0.2%. However spending growth slowed 3.8% year over year. Spending was revised downward from that big spike in January. The consumer is just not spending because they ran out of money..( zero hedge) 

v)Because spending fell with the revised first quarter report, the Atlanta Fed has no choice but to lower its  GDP for first quarter to 1% or less:

( zero hedge)
 
vi)And as expected the Atlanta Fed lowered its expectation of first quarter GDP to only .6%.  Janet Yellen has a severe problem!( zero hedge) 

vii)Thanks to Obamacare, the USA citizens spent the most on health care this last year:

( zero hedge)

viii)The Illinois supreme court rejects Chicago’s Pension reform bid and this sets the stage for Chicago and Illinois’s insolvency:

( zero hedge)
 
ix)California raises its minimum wage to 15 dollars per hr. This will be phased in over 5 yrs:( zero hedge) 

x)As Connecticut has a huge funding problem as the budget defict surges, they are seeking to tax the Yale University Endowment as a plug:

( zero hedge)
xi) Chris Powell, a native of Connecticut and editor of the Inquier  responds:
as he gives his thought on the above tax on Yale University:
 
( Chris Powell/Journal Inquirer.com
 
xii)The hits just keep on coming:

First Valeant must testify under oath

Second: the firm may have a merger agreement violation on that 1 billion pharmaceutical acquisition of a female libido drug

 

( zero hedge)

xiii)For your enjoyment a full account of who Valeant rose to great heights from its infancy in 2009 to its now probable ultimate collapse.  Stockman states that there are other Valeants trading on the NYSE ready to blow

( David Stockman/ContraCorner)

xiv) Wrap up with Greg Hunter and Dr Paul Craig Roberts

(Greg Hunter/Craig Roberts

 

 

 

Let us head over to the comex:

The total gold comex open interest rose to 497,522 for a gain of 306 contracts despite the fact that the price of gold was down $2.30 in price with respect to Thursday’s trading. I expected a much deeper slide in OI. As I stated before the holiday weekend: “Expect our bankers to undergo relentless attacks on our two precious metals.” They have not disappointed us with their antics. 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 or for that matter an inactive month, and 2) a continual drop in the amount of gold standing in an active month.   Today, both scenarios were in order.  The front March contract month saw its OI fall by 24 contracts down to 28.We had 0 notice filed upon yesterday, and as such we lost 24 contracts or an additional 2400 oz will not stand for delivery. .After March, the active delivery month of April saw it’s OI fall by 26,977 contracts down to 125,328.  The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was  fair at 208,167. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was  good at 242,029 contracts. The comex is not in backwardation.  First day notice is this Thursday, March 31.  The options for the comex is over today.  However we still have LBMA options and OTC options which expire March 31.2016.

As Connecticut has a huge funding problem as the budget defict surges, they are seeking to tax the Yale University Endowment as a plug:
(courtesy zero hedge)

Today we had 0 notices filed for nil oz in gold.

 

 
And now for the wild silver comex results. Silver OI fell by 1333 contracts from 171,913 down to 170,580 as the price of silver was down by 7 cents with Thursday’s trading. The next big active contract month is March and here the OI fell by 71 contracts down to 116 contracts. We had 0 notices served upon yesterday, so we lost 71 contracts or an additional 355,000 ounces will not  stand for delivery. The next contract month after March is April and here the OI  fell by 15 contracts down to 340.  The next active contract month is May and here the OI fell by 2844 contracts down to 113,192. This level is exceedingly high. The volume on the comex today (just comex) came in at 22,469 , which is poor. The confirmed volume yesterday (comex + globex) was good at 45,101. Silver is now in backwardation until May at the comex.   In London it is in backwardation for several months.
 
 
We had 0 notices filed for nil oz.
 

March contract month:

INITIAL standings for MARCH

March 28/2016

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil 64.30 ozbrinks
Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz  4639.228 ozDelaware,HSBC

Scotia

No of oz served (contracts) today 0 contracts
(nil oz)
No of oz to be served (notices) 28 contracts(2800  oz)
Total monthly oz gold served (contracts) so far this month  696 contracts (69,600 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 192,293.3 oz

Today we had 0 dealer deposits

Total dealer deposits; nil oz

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 3 customer deposits:

i) Into Delaware: 1812.651 oz

ii) Into HSBC: 897.577 oz

iii) Into Scotia:  1929.000 oz  (60 kilobars)

 

total customer deposits:  4,639.228 oz

 

Today we had 1 customer withdrawals:

i) Out of Brinks;  64.30 oz  92 kilobars

 

total customer withdrawals; 64.30  oz

Today we had 0 adjustment:

 

.
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 was stopped (received) by JPMorgan dealer and 0 notices were stopped (received)  by JPMorgan customer account. 
 
To calculate the initial total number of gold ounces standing for the Mar contract month, we take the total number of notices filed so far for the month (696) x 100 oz  or 69,600 oz , to which we  add the difference between the open interest for the front month of March (28 contracts) minus the number of notices served upon today (0) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the INITIAL standings for gold for the March. contract month:
No of notices served so far (696) x 100 oz  or ounces + {OI for the front month (28) minus the number of  notices served upon today (0) x 100 oz which equals 72,400 oz standing in this non  active delivery month of March (2.2519 tonnes).  This is a good showing for gold deliveries in this non active month of March.
 
we lost 28 contracts or 2800 additional gold ounces will not stand for March delivery.
 
We thus have 2.2519 tonnes of gold standing and 10.38 tonnes of registered gold for sale, waiting to serve upon those standing.  The bankers are still doing their best in cash settling as there is not enough registered gold to satisfy those that are standing.
We now have partial evidence of gold settling for last months deliveries We now have 2.2519 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) = 9.525 tonnes standing against 10.38 tonnes available.  .
 
Total dealer inventor 338,458.211 oz or 10.38 tonnes
Total gold inventory (dealer and customer) =6,825,855.787 or 212.31 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 212.31 tonnes for a loss of 91 tonnes over that period. 
 
JPMorgan has only 21.15 tonnes of gold total (both dealer and customer)
 
 
 
 
 end
 
And now for silver
 

MARCH INITIAL standings

/March 28/2016:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 218,179.480. ozScotia,CNT,

Brinks

Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory nil
No of oz served today (contracts) 0 contractsnil oz
No of oz to be served (notices) 116  contracts (580,000, oz)
Total monthly oz silver served (contracts) 1199 contracts (5,995,000 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 11,136,487.2 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 0 customer deposits

 

total customer deposits: nil oz

 

We had 3 customer withdrawals:

i) Out of Scotia:

60,480.190 oz

ii) Out of CNT: 181,749.000 oz???  How can this be possible?

iii) Out of Brinks:

5950.29 oz

 

:

total customer withdrawals:  218,179.480 oz

 
 

 

 we had 1 adjustment

i) Out of CNT:  29,505.43 oz was adjusted out of the customer account and this landed into the dealer account of CNT

 

The total number of notices filed today for the March contract month is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at (1199) x 5,000 oz  = 5,995,000 oz to which we add the difference between the open interest for the front month of March (116) 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 March. contract month:  1199 (notices served so far)x 5000 oz +(116{ OI for front month of March ) -number of notices served upon today (0)x 5000 oz  equals  6,575,000 oz of silver standing for the March contract month.
we lost 71 contracts or an additional 355,000 oz  will stand in this delivery month.
The comex is one complete fabricated fraud.
 
 
Total dealer silver:  32.373 million
Total number of dealer and customer silver:   155.624 million oz
 
 The crooks did not remove many silver contracts from the entire silver OI complex.It sure looks like we are going to have a commercial failure in silver.
 
end
 
 
Friday, the CME released the important COT will gives up position levels of our major players.
First, let us over to the gold COT:
 
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
258,646 79,815 73,290 127,081 327,075 459,017 480,180
Change from Prior Reporting Period
10,987 1,668 -3,717 8,471 22,934 15,741 20,885
Traders
172 102 103 48 59 273 220
 
Small Speculators  
Long Short Open Interest  
51,562 30,399 510,579  
1,752 -3,392 17,493  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, March 22, 2016
Our large speculators:
As expected, our large speculators that are long in gold added 10,987 contracts to their long side.
Those large specs that have been short in gold added 1668 contracts to their short side.
 
Our Commercials:
Those commercials that are long in gold added 8471 contracts to their long side.
Those commercials that have been short in gold added a whopping 22,934 contracts to their short side.
 
Our Small Specs:
Those small specs that have been long in gold added 1752 contracts to their long side
Those small specs that have been short in gold covered 3392 contracts from their short side.
 
Conclusions:
Our commercials reverse again from last week and go extremely net short by another;14,463 contracts which is bearish.  Remember that the report is from Tuesday March 15 ending on Tuesday March 22. Out of a total 510,579 contracts, the commercials are short 327,071 contracts or 64.9% of all shorts. On a net short position, the commercials are 199,994/510,579 or 39.17%  of total positions.  Both are I believe record high positions.
 

And now for our silver COT:

 
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
82,933 19,504 18,377 47,743 124,985
6,327 971 -741 1,296 8,514
Traders
99 50 47 34 42
Small Speculators Open Interest Total
Long Short 175,775 Long Short
26,722 12,909 149,053 162,866
2,713 851 9,595 6,882 8,744
non reportable positions Positions as of: 154 123
Tuesday, March 22, 2016   © SilverSeek.com
Our Large Speculators
 
Those large specs that have been long in silver added a large 6,327 contracts to their long side
 
Those large specs that have been short in silver added 971 contracts to their short side.
 
Our Commercials:
Those commercials that have been long in silver added 1296 contracts to their long side
Those commercials that have been short in silver added a whopping 8514 contracts to their short side.
Small Specs
 
Those commercials that been long in silver added a large 2713 contracts to their long side
Those commercials that have been short in silver added 851 contracts to their short side.
 
Conclusions
Our commercials go net short by another: 7218 contracts.
The commercials have 124,985 / 175,775 or 71.10% of all short positions
The commercials on a net short basis have 77,242/175,775 or 43.94%.
These also are record levels.
 
 
 
 
.
 
 

And now the Gold inventory at the GLD

March 28/no change in inventory at the GLD/Inventory rests at 823.74 tonnes

March 24.2016: a deposit of 2.08 tonnes of gold into its inventory/and this after a big drubbing these past two days??/Inventory rests at 823.74 tones

March 23/no changes at the GLD today despite the gold drubbing. Inventory rests at 821.66 tonnes

March 22./no changes in inventory at the GLD/Inventory rests at 821.66 tonnes

MARCH 21/another big deposit of 2.68 tonnes/inventory rests tonight at 821.66 tonnes

(and this was done with gold down $10.00 today!!)

March 18.I GIVE UP!! WITH GOLD DOWN TODAY, THE CROOKS OVER AT GLD ADDED ANOTHER IDENTICAL 11.89 TONNES OF PAPER GOLD INTO THEIR INVENTORY.

INVENTORY RESTS THIS WEEKEND AT 818.98 TONNES. IF I WAS A SHAREHOLDER OF THIS ENTITY I WOULD BE VERY WORRIED.

March 17/we had a whopper of a deposit tonight: 11.89 tonnes/with London in backwardation this is nothing but a paper addition/inventory rests tonight at 807.09 tonnes

March 16.2016:/we had a deposit of 2.09 + 2.97(last in the evening)  tonnes of gold into the GLD/Inventory rests at 795.20 tonnes

March 15/ no changes in gold inventory at the GLD/Inventory rests at 790.14 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

March 28.2016:  inventory rests at 823.74 tonnes

 

 

end

 

Now the SLV Inventory
 
March 28/no change in silver inventory at the SLV/Inventory rests at 328.914 million oz
 
March 24.2016/no change in inventory/rests tonight at 328.914 million oz/
March 23/we lost 1.428 million oz as a withdrawal today/SLV inventory rests at 328.914 million oz
March 22./ a huge deposit of 1.809 million oz of a silver deposit into the SLV/inventory rests at 330.342 million oz.
MARCH 21/no change in silver inventory/inventory rests tonight at 328.533 million oz
March 18/ANOTHER WHOPPING DEPOSIT OF 2.665 MILLION OZ/INVENTORY RESTS AT 328.533 MILLION OZ
March 17/no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz
March 16./no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz
March 15/ no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz/
 
.
March 28.2016: Inventory 328.914 million oz
.end
1. Central Fund of Canada: traded at Negative 7.5 percent to NAV usa funds and Negative 7.5% to NAV for Cdn funds!!!!
Percentage of fund in gold 63.8%
Percentage of fund in silver:36.2%
cash .0%( Mar 24.2016).
2. Sprott silver fund (PSLV): Premium to NAV falls to  3.35%!!!! NAV (Mar 24.2016) 
3. Sprott gold fund (PHYS): premium to NAV falls  to -0.51% to NAV Mar 24.2016)
Note: Sprott silver trust back  into positive territory at +3.35%/Sprott physical gold trust is back into negative territory at -0.51%/Central fund of Canada’s is still in jail.
  1. In 1979, the price for silver jumped from about $6 per troy ounce to a record high of $49.45per troy ounce (on January 18, 1980), which represents an increase of 724%. The brothers were estimated to hold one third of the entire world supply of silver (other than that held by governments).

    • SilverDagger
      I’m not familiar with the 1970s market dynamics but I suspect the entities that held OI then are not the same entities that hold OI now.  I’m sure most of today’ OI is the cartel creating excess OI to increase paper supply and suppress price.  So I think today’s OI amount is a measure of the manipulation, not a measure of demand since their is no risk of the cartel OI ever standing for delivery.

  2. @silverdagger   the markets are certainly chaotic.  The only thing that seems certain is uncertainty but within this we can see events and movements that give us some notion of direction in precious metals as well as the stock markets, bonds and other commodities

    .  Nothing leads me to believe that we will get past this rough patch without a lot of pain but it might be good for silver and gold.  Supply and demand are their own paradigm and they do have the capacity to force the issue of price.  It takes so darn long to get there.  Patience is wearing thin IMO.

    As for German gold—it sounds like the Soup Nazi telling the Germans—no gold for you.

  3. A US Bank not giving the Germans back there Gold Bullion? Says who?

    The US Bank must have strong hands to hold on to it.

    Those who hold the Gold, make the rules. 

    What foolish countries would allow the US to hold there gold?

    Mr. T ” pity the fools”.

    Keep stacking till it hurts and then stack some more

     

     

     

    • “What foolish countries would allow the US to hold there gold?”

       

      Those who were terrified of being over-run by the Russians.  This is one of those situations that looked reasonable at the time but has since devolved into a cluster-flub.

       

  4. Today was a AG buying day.  Just before the pop.   Gold and silver are feeling pretty frisky. The cartel is not pleased  Like you said @silverdagger.  There’re some serious problems in bankerville. Their greed and hubris have them trapped with no escape possible

    BTW ZH had an article about a hedge fund that experienced such huge liquidations in the last few weeks that they actually GATED  withdrawals. Some of their positions were illiquid so the hendge fund manager told investors that they would hold back 12% of the funds.   The fund had already dropped so much that the Rhode Island public pension plan was able to get no more than $35,000,000 of their funds after investing $50,000,000

    Aside from the fact that this pension fund was placing public employee funds into some kite flying POS hedge funds, they lost 30% in a year or so.   I wonder if the pension plan with ask for tax payer bail outs

    The key to complete mess with this and many other hedge funds refusing to return investor monies is the fact they are declaring a defacto bail in to their private funds.  You don’t need to worry about banksters getted bailed in by the government. Just invest in a hedge fund.  Sooner or later the huge MMA funds will break the buck when their garbage pile investments go Tango Uniform and you get to pay for their idiocy and greed.  But know this, these SOBs will get their bonuses when the government pays them to fail.  I guaranty that will happen just as GS  B of A, MS and JPM managers got their bonuses when the government paid out $750,000,000,000 to bail them out with tax payer money

    Aren’t you glad that your taxes help a banker send his kid to an Ivy League College and buy a $40,00,000 mansion in the Hamptons?  NOT!

    • @AGXIIK

       

      “Aside from the fact that this pension fund was placing public employee funds into some kite flying POS hedge funds, they lost 30% in a year or so.   I wonder if the pension plan with ask for tax payer bail outs”

      They might be more interested in either a “get out of jail free card” or federal protection from ravaging mobs of state employees with torches, pitchforks, and nooses… in other words, those intending to do justice upon them, since the US Gov clearly has no interest in doing that.

       

      “Sooner or later the huge MMA funds will break the buck when their garbage pile investments go Tango Uniform and you get to pay for their idiocy and greed.”

      Any fiduciary running a MMA fund that breaks the buck will soon cease to exist.  Most of the fund managers running money these days are sufficiently astute to be aware of this.  Yes, they CAN do it… but it WILL cost them dearly if they do.  There would be an avalanche of clients leaving their brokerage / hedge fund if they do.  For years thereafter, they would be known as “The guys who ran the fund that broke the buck“.  It is difficult to imagine them ever in that position again.  Who would want to hire them and bring that kind of notoriety to their business?

       

      “Aren’t you glad that your taxes help a banker send his kid to an Ivy League College and buy a $40,000,000 mansion in the Hamptons?”

      No.  But what would make me glad would be watching these SOBs get everything they have coming to them!  Grrr…

       

      “I guaranty that will happen just as GS  B of A, MS and JPM managers got their bonuses when the government paid out $750,000,000,000 to bail them out with tax payer money”

      Agreed.  That had to be one of the worst customer relations flubs of ALL time.  It pretty much soured the appetite for leniency of everyone on the fence about whether or not these bailouts were either necessary or justified.  What it DID do, however, is make it VERY clear to millions of Americans that banksterism is just too damned expensive any more, that we simply cannot afford it, and that the big banks are more trouble than they are worth.  The general thought these days is “So let them die and we’ll take our chances with whatever happens next”.  Of course, the US Gov handled that entire fiasco disastrously…  as usual.  What they should have done is: 1) demand a LARGE number of bank shares in exchange for this public treasury largess;  2) jailed all of the top brass of the primary offender banks; and 3)  break up these mega banks such that any that are poorly run in the future could die without destroying the US economy or the financial system.  That would have put them on a short leash and we would be MUCH better off today for it.

  5. As to the NY Fed and its gold-thieving ways, I think that the Germans should sue the NY Fed for the value of their “missing” gold.  The records are pretty clear that they are owed 1500+ tons of gold and that it is not being handed over on demand.  The Germans are entitled to their property and if said property is not available, they should be paid its equivalent in cash.  Currently, that would be about about US$60B.  They could then take the cash and buy whatever gold and silver they want on the open market and the rising prices of PMs due to their buying be damned.  A purchase this large likely would have to be done over several months to a few years but they WOULD get their gold and maybe some silver too.

     

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