Pisani gold gldCentral banks continue to report leased and swapped gold (gold receivables) as an asset on their balance sheets.
This accounting fiction, which doesn’t follow any international accounting standards is a sleight of hand that allows the same gold to appear to be in two places at once.

gold vaultWe 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.

gold vaultThe lower price of gold has triggered an avalanche of physical gold accumulation both globally and in the United States.  This means that the behavior of the gold holdings of the GLD Trust are behaving inversely to the observed behavior of the global market for physical gold – i.e. the amount of gold held in “trust” at GLD should be rising, not falling.
The ONLY explanation for this is that GLD is being looted by the bullion banks.

To me, it’s clear that the GLD is being drained of whatever physical gold it holds. This gold is being used to satisfy insatiable Asian/Eastern physical demand.
If you want to really own gold, your only option is to do what the Chinese, Russian, Indians et al are doing…BUY IT AND TAKE DELIVERY. You don’t own it unless you hold it.

Pisani gold gldLate last night, we had a huge change in gold inventory at the GLD, a whopping 4.18 tonnes, thus the inventory rests tonight at 709.89 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.

Though gold was only down a little more than 1% in 2014, the drain of the GLD, which began in 2013, continued in earnest.
In the end, what matters is where all of this gold went.  So, where did it go?

First, it went to Switzerland, where it was re-assayed and then re-cast into 87,410 of these:



Then shipped off to points East and gone for good. 
2015 is going to be a wild and eventful year. Prepare accordingly.



PM fund manager Dave Kranzer joins us this week for a power packed show discussing: 

The SD Weekly Metals & Markets With The Doc, Eric Dubin, & PM Fund Manager Dave Kranzler is below: 

Gold has suffered a rough couple of months, getting pounded below major support.  One driver was stock-market capital flowing out of gold again, as evidenced by renewed differential selling pressure seen in gold-ETF shares.  But this was minor compared to last year’s, despite extreme bearish sentiment plaguing gold.
Gold-ETF selling exhaustion has effectively been hit, paving the way for big rebound buying.

In a move that is much more significant and relevant than the Chinese interest rate cut news, it was revealed that Netherland’s Central Bank repatriated 120 tonnes of gold this year.   The move was accounted for as a transfer of gold from the NY Fed to De Nederlandsche Bank (DNB).
I say “accounted for”  because I believe it is highly likely that the physical transfer took place from the GLD custodial vaults to the DNB. 

A few months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 255.02 tonnes for a loss of 48 tonnes over that period. .
Furthermore, there is now evidence
of paper settling on the COMEX!
Let’s head immediately to see the major data points for today:

The bankers came to work early yesterday in the access market knocking both metals down.
However throughout the night, gold rose nicely and then at 12 noon today, something spooked our bankers as gold rose to $1165 only to be repelled back to $1163.00 on closing.  However late in the access market, gold again rose to $1173 upon which it was easy for our bankers to offer naked contracts and lower the price to $1164.00 at access closing time.  Something is spooking our bankers!!
Let’s head immediately to see the major data points for today:

Gold and silver had a terrible day today.   As I warned you on Friday, “Monday is a critical day.  Rarely do they ever let gold rise in a follow through.”
The bankers came to work early this morning at 6 am est and knocked gold and silver down badly and the kept the pressure on throughout the day.
Let’s head immediately to see the major data points for today:

Today, we had a huge withdrawal of gold Inventory at the GLD of 2.39 tonnes/ inventory rests tonight at  738.82 tonnes.
I am deeply concerned that most of the gold that enters as a deposit at the comex are of the kilobar variety i.e. exact multiples of 32.15 oz!
Let’s head immediately to see the major data points for today…