The protagonists of Michael Lewis’s book, “Flash Boys: A Wall Street Revolt,” are planning a gold exchange that would use elements of block-chain technology to improve transparency and the clearing and settling of trades…
COMEX silver bar inventories just did a massive CLIFF-DIVE.
The Breaking Of The Comex Exchange is at hand…
The banksters “War on Cash” is now forcing wealthy investors to seek alternative places to store their precious metals.
The Comex bank custodians are reporting over 51 million ounces of silver available for delivery. In fact, CNT – an official supplier to the U.S. mint – is showing 13.3 million ounces of deliverable silver. So why is there’s a shortage of silver at the U.S. mint?
IF that silver were actually in the vault, the U.S. mint could buy a spot contract – September has a silver contract open – and take immediate delivery.
The silver market is seizing up, which means that there’s a severe shortage of silver available…
We watched intently as July Comex silver deliveries spiked to unusually high levels.
Now, with August Comex gold in delivery, we’re starting to see some of the same demand.
No, it’s not a “run” or a potential “default”. It may, however, be another indicator of extremely tight global wholesale precious metal supply.
Based on the numbers below, the amount of naked short interest on the Comex is 904.2 million ounces, which is the amount by which the total paper open interest exceeds the amount of silver – 57.8 million ounces – that has been made available for delivery.
This market imbalance represents first and foremost a degree of market intervention and price-setting collusion that has never been witnessed in the history of any market.
There’s a reason the Government is enabling this illegal activity to persist and to grow more extreme. I have a bad feeling that no one wants to see this reason and I have a worse feeling that we may find out this year…
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 242.56 tonnes for a loss of 60 tonnes over that period.
Looks to me like the comex is bleeding profusely!!
JB Slear has issued a clarification for SD readers on the COMEX’ new rules for precious metals limits with options limits going into effect Sunday 12/21.
Are traders about to be locked out from exiting a position?
As of Sunday night, December 21 – effective for Monday, December 22 – the Comex is implementing “Price Fluctuation Limit Rules”.
The “price fluctuation limits” kick in for $100 moves in gold and $3 moves in silver.
The question I have is, why now?
Why not in April 2011 after silver was dismantled in price and went into free-fall?
Why not in September 2011 when gold started to go into free-fall?
Just what exactly, are the banksters scared stiff of at the bottom of the market?
Silver OI rose sharply by 892 contracts from 172,725 up to 173,617 as silver was down 26 cents yesterday.
It seems that judging from silver’s OI, our banker friends are still very nervous as they try to cover their massive shortfall in silver.
In ounces, this represents a total of 868 million oz or 124.0% of annual global supply!
Let’s head immediately to see the major data points for today:
Gold & silver expert Harvey Organ joins us this week for an explosive and power packed show discussing:
- Criminal collusion by the CFTC officials– how CFTC knew what was going on with gold & silver manipulation, and wanted to keep the price suppression game alive while China corners the market
- More pain ahead for gold & silver? Why Harvey believes the whacking will continue until the last ounce of gold and silver are gone
- Shanghai silver drain accelerating- with stocks down 93% since 2013, Shanghai vaults will be BONE DRY by December!
- Harvey predicts the bullion banks are about to ATTACK THE COMEX– does the long awaited PM default loom in 2015?
The SD Weekly Metals & Markets With special guest Harvey Organ is below:
CME and COMEX are where the main action is; they have simply absorbed the old fix.
Overnight, CME Group Inc., the world’s largest futures market, halted all of its Globex electronic trading markets, including gold and silver, for four hours due to a “technical glitch.”
All other Globex electronic trading markets, including U.S. Treasury’s, oil, gold and U.S. stock indexes were affected with many markets having order routing problems.
The Shanghai Gold Exchange will be opening up bullion trading to international investors on September 26. China is striving hard to internationalize their currency, and as well, remove the pricing privilege in markets which the West has monopolized so far. This is a very bold move, and part of their larger plan to make China a bullion-trading hub.
Since their objective is also to internationalize the Yuan, trading will be settled in Yuan and not dollars, which of course, is another small nail in the dollar coffin. The exchange will be serviced by a 1,500 metric ton vault, which is very impressive, indeed.
As if that wasn’t big enough, the Singapore Exchange Ltd. (SGX) will also be opening up a 25 KG kilobar contract to be traded.
These Asian trading platforms will not be as opaque as Western platforms, and will be physically backed, so we believe that this will indeed be the future of international precious metals trading.
This is concrete proof that not only is the West’s gold and silver moving East; their ability to manage prices is also slipping right from under their eyes.
September is shaping up to be a very eventful and historic month, even if we do not see any great changes in price action.
“It’s so blatantly obvious that even a caveman can see it”
The front month silver contract on the Shanghai Futures exchange is currently trading at an 8% premium to the LBMA price and the futures curve there is in backwardation, indicating a very tight physical market.
Roughly 80% of the physical silver from the SFE vaults have been removed.
On the Moscow Exchange, silver trades at a 16.8% premium to the LBMA price.
But this is what we get in the lawless United States:
A pure psychological warfare operation on the metals. I received several emails and phone calls from clients and colleagues who were in a panic. My response was:
“It’s a mid-August Friday, the rest of the world is at happy hour or in bed. Most of the big players in this country are at the beach. India was closed last night for their Independence Day, which put a lot less demand-stress on the physical market. Something really ugly is developing behind the scenes that is not apparent yet and that’s why they smashed gold during the one of the most quiet trading periods of the year.”
This is what happened at 7:40 a.m. EST, with no news or even triggers:
“I just think that the COMEX data is corrupted. It’s very hard to make any sense of it all. The fact that there’s no deliveries from the dealers is incredible. You’d think there’d be some change in the inventory. I don’t care whether it’s up or down, but at least you’d think there’d be some change.” -Eric Sprott
Perhaps this is why Deutsche Bank could not find a single buyer for its seat on the London Fix: the bank, along with HSBC have been officially accused on manipulating the silver fix in a new suit filed in federal court in Manhattan over the weekend.
It is one thing to label (libel?) the world’s most important precious metals exchange as the most corrupt; but perhaps quite another to prove it in terms beyond reasonable doubt.
First, let me be clear in what I am asserting – the Commodities Exchange Inc. (COMEX), owned and operated by the CME Group, has come to control and manipulate the price of gold and silver, as well as copper, for the sole benefit of certain exchange insiders, most prominently JPMorgan.
” The short position in Comex silver futures alone is almost equal to all the silver mined in a year.” – James Turk
I knew the silver futures open interest on the Comex was somewhere in the vicinity of the total amount of silver produced globally in a year. But when I saw Mr. Turk’s comments, I wanted to calculate it out for myself.
As it turns out, the amount of paper silver open interest based on yesterday’s total silver futures open interest of 163,592 contracts is nearly 818 million ounces of silver (Comex link).
As you can see from the table below from The Silver Institute, total silver mined globally in 2013 was 819.6 million ounces.
The Comex is is emblematic of the extreme fraud and corruption that is now endemic to U.S. political and economic system. The people who are really in control of our system have lampooned it into a complete joke.
This will not end well for most of us…