Harvey OrganHarvey Organ is BREATHLESS…

GLD LOSES 3.86 TONNES OF GOLD FROM ITS INVENTORY/AT THE COMEX, THE FRONT MAY DELIVERY MONTH ONCE AGAIN INCREASES THE AMOUNT OF GOLD STANDING TO 6.8874 TONNES/LAST NIGHT MOODY’S DOWNGRADES DEUTSCHE BANK TO 2 NOTCHES ABOVE JUNK/RICHMOND MFG FED INDEX SHOWS BIGGEST CONTRACTION EVER
 

2016 Silver Eagles Sale

 

Good evening Ladies and Gentlemen:

Gold:  $1,228.10 DOWN $22.90    (comex closing time)

Silver 16.24  DOWN 17 cents

In the access market 5:15 pm

Gold $1227.20

silver:  16.22

 

i) the May gold contract is a non active contract.  Yet we started the month with 5.67 tonnes of gold standing and it has increased every single day and today sits at 6.68 tonnes of gold standing:

The amount standing for gold at the comex in May is simply outstanding at 6.8740 tonnes. The previous May 2015, we had only .08 tonnes standing so you can certainly witness the difference as the demand for gold by investors/sovereigns is on a torrid pace. This makes the excitement for June gold that much more intense as more players are refusing fiat and demanding only physical metal. I will be reporting daily as to how which is standing for delivery through the active month of June.  June is the second largest delivery month after December.

 

Let us have a look at the data for today

.

At the gold comex today we had a GOOD delivery day, registering 44 notices for 4400 ounces for gold,and for silver we had 0 notices for nil oz for the non active May delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 240.41 tonnes for a loss of 63 tonnes over that period

.

In silver, the open interest ROSE by 1,339 contracts UP to 203,581 as the price was silver was DOWN by  7 cents with respect to YESTERDAY’S trading..In ounces, the OI is still represented by just over 1 BILLION oz i.e. .1.018 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia &ex China)

In silver we had 12 notices served upon for 60,000 oz.

In gold, the total comex gold OI fell by a CONSIDERABLE 5,076 contracts down to 551,561 as the price of gold was DOWN $1.30 with yesterday’s trading(at comex closing). They certainly got the liquidation in gold but not silver.

 

We had  a huge withdrawal (and no doubt this is paper gold)  in gold inventory at the GLD to the tune of 3.86 tonnes. The inventory rests at 868.66 tonnes. .We had a good sized deposit  in silver inventory at the SLV to the tune of 951,000 oz . Inventory rests at 336.024 million oz.

.

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

1. Today, we had the open interest in silver RISE by 1339 contracts UP to 203,581 as the price of silver was DOWN by 7 cents with YESTERDAY’S trading. The gold open interest FELL by 5,076 contracts as  gold was down $1.30 yesterday. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver.I also believe that for the first time we are witnessing players wishing to stand for real physical in gold.  Gold investors, in the May contract month are refusing the tempting fiat offer as they want only physical.

(report Harvey).

 

2 a) Gold trading overnight, Goldcore

(Mark OByrne/off today

2b)  Gold trading earlier this morning;

(Mark O’byrne)

3. ASIAN AFFAIRS

i)Late  SUNDAY night/ MONDAY morning: Shanghai closed UP  BY 18.14 PTS OR 0.64%  /  Hang Sang closed DOWN 43.17 OR 0.22%. The Nikkei closed DOWN 81,85 POINTS OR 0.49% . Australia’s all ordinaires  CLOSED DOWN 0.60% Chinese yuan (ONSHORE) closed DOWN at 6.5542 .  Oil FELL to 47.81 dollars per barrel for WTI and 48.14 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades  6.5627 yuan to the dollar vs 6.5542 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS.

 

REPORT ON JAPAN  SOUTH KOREA AND CHINA

a) REPORT ON JAPAN

none today

b) REPORT ON CHINA

none today

4.EUROPEAN AFFAIRS

i)The following is big news:  Moody’s downgrades Deutsche bank’s debt to two notches above junk.  I guess all of those derivative players who play with DB are getting quite nervous.

GMO-Free Long Term Food Storage With Organic Superfoods!

 

 

ii)The CEO of DB is very disappointed by the decision of Moody’s to downgrade.The two big problems are the lowering of interest rates in Europe which is killing the banks over there and the ongoing litigation of rigging just about every market there is!

(courtesy zero hedge)
 

iii)The French government is getting quite tough on the powerful French unions. Last week all 8 huge French refiners have been on strike due to the government’s seeking move of bypassing parliament to enact tougher union laws.

Shortages intensify!

( zero hedge)

 
 

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

I am not sure who is more a buffoon: Obama or Dennis Gartman

 

Iran’s Ayatollah: “The US Can’t Do A Damn Thing About Our Missile Program”

(courtesy zero hedge)

6.GLOBAL ISSUES

none today
 

7.OIL ISSUES

Crude spikes to over 49.00 per barrel on biggest inventory draw:

( zero hedge)

 

8.EMERGING MARKETS

none today

9. PHYSICAL MARKETS

i)The CME admits that under their old system, future trading was rigged by the  HFT boys:

( zero hedge)

ii)Gold is moving up in a rising channel.  When gold is whacked, new buyers are waiting in the wings to purchase, not wishing to be left out.

 (James Turk/Kingworldnews)/
 

iii)The Banks now must defend Libor lawsuits after the judges warn of impact of treble damages.  And it is this very fact that has our banks worried about their manipulation in gold/silver.( Bloomberg)

 

USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD AND SILVER

i)It looks like Google is going to have a visit from tax authorities all over Europe as early this morning there was a raid on their Paris office, probing tax evasion:

( zero hedge)

 

ii)Richmond Fed crashes by the biggest margin ever and lands into contraction mode:

( zero hedge)
 

iii) “Guccifer” to plead guilty for hacking into prominent USA authorities and then will fully cooperate with the ongoing email investigation.

Not so fun for Hillary
 
 

iv)Now it is New York’s turn to raise the premiums for Health Insurance next year:

Individuals: 17.3% and small groups 12.0%
( zero hedge)
 
v)Interesting!! only 4 regional Feds support a discount rate increase:
(courtesy zero hedge)
 

Let us head over to the comex:

The total gold comex open interest FELL to an OI level of 551,561 for a CONSIDERABLE LOSS of 5,076 contracts AS  THE PRICE OF GOLD WAS DOWN $1.30 with respect to YESTERDAY’S TRADING.  We are now entering the NON active delivery month of MAY. For the past two years, we have strangely witnessed two interesting developments and we have generally seen two phenomena happen respect to the gold open interest:  1) total gold comex collapses in OI as we enter any delivery month  and 2) a continual drop in the amount of gold standing in that month as that month progresses. IT SURE SEEMS THAT THE LATER HAS STOPPED. ACTUALLY WE HAVE WITNESSING A GRADUAL RISE IN AMOUNT STANDING THROUGH THE MONTH.  THE MONTH OF May saw its OI fall by only 17 contracts DOWN to 120. We had 44 notices filed YESTERDAY so we GAINED ANOTHER 27 gold contract or an additional 2700 oz will stand for delivery.We have started the month with 5.6 tones and gained in ounces standing everyday but one which remained neutral. The next big active gold contract is June and here the OI FELL by 46,496 contracts DOWN to 185,746 as those paper players that wished to stay in the game rolled to August AND THE REST EITHER STAYED PUT FOR NOW OR LEFT PERMANENTLY. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was excellent at 4541,907. The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was EXCELLENT at 315,156 contracts. The comex is not in backwardation. We are ONE week away from first day notice for the huge June contract/May 31.2016.

(NEXT MONDAY IS MEMORIAL DAY AND THERE WILL BE NO USA TRADING.  THUS ONLY 5 TRADING DAYS REMAIN.

Today we had 50 notices filed for 5,000 oz in gold.

 

And now for the wild silver comex results. Silver OI ROSE by A CONSIDERABLE 1,339 contracts from 202,242 UP to 203,581 as the price of silver was DOWN BY only 7 cents with YESTERDAY’S TRADING. For the first time in over 2 years, we have not witnessed a liquidation of open interest as we ENTERED first day notice .  The next active contract month is May and here the OI FELL by 1 contract DOWN to 600. We had 0 notices filed yesterday so we LOST 1 contract or an additional 5,000 oz of silver will NOT  stand in this non-active delivery month of May. The next non active month of June saw its OI ROSE by 6 contracts UP to 657 OI. The next big delivery month is July and here the OI ROSE by 253 contracts UP to 134,175. The volume on the comex today (just comex) came in at 34,890 which is  GOOD. The confirmed volume YESTERDAY (comex + globex) was VERY GOOD at 42,248. Silver is  in backwardation up to June. London is in backwardation for several months.
 
 
 
We had 12 notices filed for 60,000 oz.
 

MAY contract month:

INITIAL standings for MAY

 
May 24.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil  70,412.998 OZBRINKS, HSBC

1  KILOBAR

Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz    163,166.25 oz5,075 kilobars

Brinks, hsbc??

No of oz served (contracts) today 50 contracts
(5,000 oz)
No of oz to be served (notices) 70 CONTRACTS70000 OZ
Total monthly oz gold served (contracts) so far this month 2140 contracts (214,000 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month  352,910.0 OZ
 

Today we had 0 dealer deposits

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 2 customer deposit:

i) Into BRINKS:  2411.25 oz or 75 kilobars

ii) Into HSBC: 160,755.000 oz ?? a touch over  5,000 kilobars???

Total customer deposits;   163,166.25 OZ  5075 kilobars

Today we had 2 customer withdrawals:

i) Out of Brinks:  32.15 oz  1 KILOBAR
ii) Out of HSBC: a real withdrawal:  70,412.998 oz

total customer withdrawals: 70,412.998 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 44 contracts of which 3 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 MAY contract month, we take the total number of notices filed so far for the month (2140) x 100 oz  or 214,000 oz , to which we  add the difference between the open interest for the front month of MAY (120 CONTRACTS) minus the number of notices served upon today (50) x 100 oz   x 100 oz per contract equals 221,000 oz, the number of ounces standing in this non active month.  This number is huge for May. IT NOW SEEMS THAT THE AMOUNT STANDING FOR GOLD IN MAY WILL HOLD AND WITH THAT IT WILL BRING MUCH EXCITEMENT TO JUNE 
 
Thus the initial standings for gold for the MAY. contract month:
No of notices served so far (2140) x 100 oz  or ounces + {OI for the front month (120) minus the number of  notices served upon today (50) x 100 oz which equals 221,000 oz standing in this non  active delivery month of MAY(6.8740 tonnes).
 
WE  gained 27 contracts or an additional 2700 oz will stand for delivery in this non non active month of May.  It is this continual increase in gold ounces standing that is driving our bankers crazy and the reason today for another raid on gold/silver TODAY.
 
Since the comex allows GLD shares to be used for settling, it may take quite a while for the physical gold to enter the comex vaults.  So far I have seen little evidence of any settling of contracts but I will continue to monitor it for you. 
 
We thus have 6.8740 tonnes of gold standing for MAY and 20.477 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 6.8740 TONNES FOR MAY + 12.3917 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) + March 31: 1.2470 and then  April 1,2: – .0006 tonnes  and last week April 16 .3203 and April 22 .(0009 tonnes) + april 29  .205 tonnes + May 5:  3.799 and May 6: 1.607 tonnes – MAY 12  .0003- May 18: 1.5635 tonnes-May 19/   2.535 tonnes  = 17.222 tonnes still standing against 20.477 tonnes available.
 
Total dealer inventor 658,361.132 tonnes or 20.477 tonnes
Total gold inventory (dealer and customer) =7,854,091.190 or 244.29 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 244.29 tonnes for a loss of 59 tonnes over that period. 
 
JPMorgan has only 22.79 tonnes of gold total (both dealer and customer)
JPMorgan now has only .900 tonnes left in its dealer account.
 
May is not a very good delivery month and yet 6.8740 tonnes of gold is standing.  What is different from other months is that the bankers cannot offer any fiat to those standing. They want the real stuff. We are extremely close to the all time highs in both gold and silver OI.
 
 
 end
 
And now for silver
 

MAY INITIAL standings

 May 24.2016

Silver
Ounces
Withdrawals from Dealers Inventory nl oz
Withdrawals from Customer Inventory  1,217,214.135 ozCNT,JPM

 

Deposits to the Dealer Inventory nil oz
Deposits to the Customer Inventory  583,783.140 ozscotia
No of oz served today (contracts) 12 CONTRACTS 60,000 OZ
No of oz to be served (notices) 588 contracts2,940,000 oz
Total monthly oz silver served (contracts) 2140 contracts (10,700,000 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  9,758,734.8 oz

today we had 0 deposit 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 Scotia: 583,783.140  oz

Total customer deposits: 583,783.140 oz.

We had 2 customer withdrawals

i) out of CNT: 617,214.035 oz

ii) Out of JPM:  600,000,100

:

total customer withdrawals:  1,217,214.135  oz

 
 

 

 we had 1 adjustment

i) Out of CNT:

55,278.400 oz was adjusted out of the customer and this landed into the dealer account of CNT

 
The total number of notices filed today for the MAY contract month is represented by 0 contracts for NIL oz. To calculate the number of silver ounces that will stand for delivery in May., we take the total number of notices filed for the month so far at (2140) x 5,000 oz  = 10,700000 oz to which we add the difference between the open interest for the front month of MAY (600) and the number of notices served upon today (12) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the MAY contract month:  2140 (notices served so far)x 5000 oz +{600 OI for front month of MAY ) -number of notices served upon today (12)x 5000 oz  equals 13,640,000 oz of silver standing for the MAY contract month.
 
WE LOST 1  SILVER CONTRACTS TODAY OR AN ADDITIONAL  5,000 OZ WILL NOT STAND FOR DELIVERY IN THIS ACTIVE MONTH OF MAY.
 
Total dealer silver:  30.089 million
 
Total number of dealer and customer silver:   153.665 million oz
 
The open interest on silver is NOW AT CLOSE an all time high with the record of 207,394 being set May 18.2016. The registered silver (dealer silver) is close to multi year lows as silver is being drawn out and heading to China and other destinations. The shear movement of silver into and out of the vaults signify that something is going on in silver.
 
The reason for the raid today in both gold and silver is probably for the following 4 reasons:
 
1. The beginning of options expiry week
2. the stranglehold on the May front gold contract month
2. the continued drama in high silver OI
4. potential problem for the bankers in June gold.
 
 
end
 
And now the Gold inventory at the GLD
MAY 24/ a good sized withdrawal of 3.86 tonnes of paper gold from the GLD/Inventory rests at 868.66 tonnes
May 23./this is rather impossible: another huge deposit of 3.26 tonnes into the GLD with the price of gold down again today?/inventory rests at 872.52 tonnes
May 20/what!!!A MONSTER DEPOSIT OF :8.92 TONNES OF GOLD INTO THE GLD INVENTORY/AND WITH GOLD DOWN $2.80??/INVENTORY RESTS AT 869.26
May 19/ANOTHER HUGE DEPOSIT OF 4.46 TONNES OF GOLD INTO THE GLD/iNVENTORY RESTS AT 860.34 TONNES
 
May 18 /no changes in inventory at the GLD/Inventory rests at 855.89 tonnes.
 
May 17/ we had a huge deposit of 4.76 tonnes of gold into the GLD/Inventory rests tonight at 855.89 tonnes/in the last two and 1/2 weeks we have added 50 tonnes of gold and this most likely was all paper gold addition..
 
May 16./ today we had no changes in inventory at the GLD/Inventory rests at 851.13 tonnes
 
May 13./another addition of 5.94 tonnes of gold into the GLD/Inventory rests at 851.13 tonnes
May 12/another huge deposit of 3.27 tonnes in gold inventory at the GLD/inventory rests at 845.19 tonnes
May 11/another huge deposit of 2.67 tonnes in gold inventory at the GLD/Inventory rests at 841.92 tonnes
May 10/Another huge deposit of 2.38 tonnes in gold inventory at the GLD/Inventory rests at 839.25 tonnes
May 9/Surprisingly we had another deposit of 2.68 tonnes of gold into the GLD with gold down!! Inventory 836.87 tonnes
May 6 SURPRISINGLY WE HAD ANOTHER HUGE DEPOSIT OF 8.65 TONNES OF GOLD INTO THE GLD/ INVENTORY RESTS AT 834.19 TONNES
May 5/SURPRISINGLY WE HAD A HUGE DEPOSIT OF 3.90 TONNES OF GOLD WITH THE PRICE OF GOLD DOWN???
May 4/ we had a small deposit of .6 tonnes of gold into the GLD/inventory rests at 825.54 tonnes
May 3/no change in gold inventory at the GLD/Inventory  rests at 824.94 tonnes
May 2/a hugechange in gold inventory at the GLD a deposit of 20.80/Inventory rests at 824.94 tonnes
April 29/no change in gold inventory at the GLD/Inventory rests at 804.14 tonnes
April 28/we gained 1.49 tonnes of gold at the GLD/Inventory rests at 804.14
 
 
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 

May 24.:  inventory rests tonight at 868.52 tonnes

end

 

Now the SLV Inventory
MAY 24/no change in inventory at the SLV/Inventory rests at 335.739 million oz
May 23./we had a small withdrawal of 285,000 oz and that generally means payment of fees.Inventory rests at 335.739 million oz
 
May 20/WE HAD A GOOD SIZED DEPOSIT OF 951,000 OZ INTO THE SLV/INVENTORY RESTS AT 336.024 MILLION OZ
May 19/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz
May 18/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz/
May 17/no change in silver inventory at the SLV/Inventory rests at 335.073 million oz/
 
May 16./no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz
 
May 13./no change in silver inventory at the SLV/inventory rests at 335.073 million oz
 
May 12/no change in silver inventory/rests tonight at 335.073 million oz/
 May 11.2016/no change in silver inventory/rests tonight at 335.073 million oz/
May 10.2016/we had a huge withdrawal of 1.046 million oz in silver leaving the SLV,no doubt for Shanghai which lately has been gobbling up whatever inventory it could lay its hands on/Inventory rests at 335.073 million oz.
May 9. no change in silver inventory/rests at 336.119 million oz.
May 6/ SURPRISINGLY WE HAD A WITHDDRAWAL OF 1.142 MILLLION OZ FROM THE SLV
INVENTORY RESTS AT 336.119 MILLION OZ
MAY 5.2016: NO CHANGE IN INVENTORY/rests tonight at 337.261 million oz
May 4/we had a good size withdrawal of 1.553 million oz from the SLV/Inventory rests at 337.261 million oz
May 3: we had another huge deposit of 1.807 million oz/inventory rests at 338.814 million oz
May 2/a huge in silver inventory at the SLV/a deposit of 1.49 million oz/Inventory rests at 337.007 million oz
April 29.2016/no change in silver inventory at the SLV/Inventory rests at 335.580
April 28/no change in silver inventory at the SLV/Inventory rests at 335.580 million oz
 
.
May 24.2016: Inventory 335.739 million oz
end

NPV for Sprott and Central Fund of Canada

will update on this site later tonight/

1. Central Fund of Canada: traded at Negative 5.0 percent to NAV usa funds and Negative 4.7% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.8%
Percentage of fund in silver:36.8%
cash .+1.4%( May 24/2016). Cdn holiday /no data
2. Sprott silver fund (PSLV): Premium falls  to -0.64%!!!! NAV (MAY 24.2016) 
3. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.04% to NAV  ( MAY 24.2016)
Note: Sprott silver trust back  into NEGATIVE territory at -0.64% /Sprott physical gold trust is back into negative territory at -0.04%/Central fund of Canada’s is still in jail.
It looks like Eric Sprott got on the nerves of our bankers as they lowered the premium in silver to -0.64%.  Remember that Eric is to get 75 million dollars worth of silver in a new offering.
  1. Foolish headline. Physical players don’t go to the crimex, and their terms of service have the deck stacked in their favor.

    What a lovely fairytale. The day comes died, and silver went from 16.37 to 900 dollars in 1 HOUR! Gold? Went from 1222 to 50,000 in 1 HOUR!

    Keep stacking and all, but enough.

  2. Thanks!!!! Harvey O >ii)The Banks now must defend Libor lawsuits after the judges warn of impact of treble damages.  And it is this very fact that has our banks worried about their manipulation in gold/silver.( Bloomberg)

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