empty-vaultWe had a huge addition of 3.57 tonnes in gold inventory at the GLD; thus the inventory rests tonight at 705.47 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. I am sure that 700 tonnes is the rock bottom inventory in gold.
I believe anything below this level is just paper and the bankers know that they cannot retrieve “paper gold” to send it onwards to China.

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stormWith gold and silver popping this week, The Doc & Eric Dubin Break Down All the Action Discussing: 

  • Gold and silver back above key support/resistance levels- Time For Another Managed Retreat by the Cartel?
  • Will Bo Polny’s Latest Call Be Correct and Gold and Silver Surprise to the Upside in June?
  • The Doc & Eric Dubin Discuss Tyler Durden’s Theory That the ECB is Intentionally Triggering Greek Bank Runs- Is a Greek Collapse Really in the ECB’s Interests, or is a Bail-in More Likely?
  • Eye of the Storm- Why Eric Believes Things Will Get Interesting Come July

The SD Weekly Metals & Markets Wrap With The Doc & Eric Dubin is Below:

imagesWindow-dressing or the management of prices for a favourable mark-to-market valuation at year-ends, half-years and quarters has long been a distorting feature in financial markets.
And, with bank capital adequacy ratios at stake, not to mention traders’ bonuses, it has been an increasing feature. With the onset of June 30th it seems reasonable to expect this factor to be a reason why gold and silver prices have generally failed to reflect escalating systemic risk in the face of Greece’s insolvency and a developing bear market in bonds. Indeed, losses from bonds are bound to encourage window-dressing of banks’ short positions as an off-set,
and they are generally short of gold and silver futures contracts.

Gold’s breakout today was nice to see; I’m a bit concerned that silver’s rally failed, and that the mining shares treated the breakout as more of a ho-hum than a cause for excitement.  As a result I’m a bit cautious about today’s price action.  Gold shouldn’t be leading the charge, it should be silver and the miners, and they are the ones holding back right now. 

return kingBottom-line:  we are witnessing a “managed retreat” this week and as I’ve been arguing since May 30th, June is going to surprise a lot of precious metals market observers.  The precious metals cyclical bear market ended in 4Q-2014 and the secular bull market has resumed.

PutinBelgium and France are about to confiscate Russian property in their respective countries due to the Yukos ruling.  The courts gave the Russians until June 15.2015 to comply.  They refused and now, both France and Belgium have decided to immediately confiscate Russian property.

HarveyOrgan1The total silver OI continues to remain extremely high with today’s reading at 191,774 contracts now at multi-year highs despite a record low price. In ounces, the OI is represented by 958 million oz or 136% of annual global silver production!

Silver appears to be bouncing along a low, finding support at 15.75-16.00.  Both metals have had a whole lot of Commercial short covering action last week, which is bullish.  Yet commodities look to be weakening, oil is looking for direction, and…that brings us to this week’s next bit of excitement which is the latest FOMC statement, which is released tomorrow. 

fireworksThe next delivery month is July and here the OI surprisingly rose by 578 contracts up to 91,328.
We have only two weeks left to go before first day notice.
The OI for the July contract month is absolutely huge as nobody is leaving quite yet…

Play

Fed monkeyWith Gold and Silver Under Attack Yet Again, Fund Manager Dave Kranzler Joins the Show This Week Discussing:

  • Kranzler Explains Why Silver Manipulation Right Now is the MOST EXTREME IN HISTORY!
  • Silver Open Interest Soars Over 191,000, Highest OI EVER!- 1 B Oz of Paper vs 50 M oz of Physical! 
  • Cartel is losing control of the market- UTTERLY FAILING in This Week’s Attempts to Smash Silver Under 16!
  • The ULTIMATE BLACK SWAN That NO ONE IS LOOKING FOR!
  • Greek Crisis Nears End-Game- Greek Depositor Bail-in & Capital Controls This Weekend?
  • London Source- London Will Be Out of Silver to Send to Refiners By Sept/Oct!
  • Silver & the Shares Will Be the Best Performing Assets of 2015- Big Money Expecting MUCH HIGHER Prices!

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