Options Expiry Gold and Silver Raid! – Harvey Organ

Source: Nanex
Source: Nanex

Tomorrow is options expiry and judging by the open interest reported today, the bankers will surely attack tomorrow.  It seems that they have circled $1340 gold and will do everything possible to keep the price below the level.  As far as silver is concerned, it looks like they want the price below $19.50.

 

CHINA’S TOTAL DEBT APPROACHING 300% AS SMALLER BANKERS HAVING TROUBLE WITH FINANCING/MERKEL RULES OUT BAIL OUT FOR DEUTSCHE BANK/DEUTSCHE BANK PLUMMETS ALONG WITH A RISE IN THEIR CREDIT DEFAULT SWAPS/ GERMANY’S SECOND LARGEST BANK FIRING 9,000 WORKERS OR 18% OF ENTIRE WORK FORCE/WAR OF WORDS ESCALATING BETWEEN RUSSIAN AND THE USA/SYRIANS CLAIM THAT THEY HAVE AUDIO OF CONVERSATIONS BETWEEN ISIS AND USA PRIOR TO THE BOMBING OF THE CONVOY/BARRICK IS ORDERED TO SHUT DOWN BIG VELADARO MINE IN ARGENTINA DUE TO CYANIDE LEAK: 600,000 OZ OF GOLD IS NOW OFF LINE

 

On Sale At SD Bullion…
This Week Only…

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Gold $1339.70 up $2.50

Silver 19.52  down 21 cents

In the access market 5:15 pm

Gold: 1338.50

Silver: 19.46

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

.

The Shanghai fix is at 10:15 pm est and 2:15 am est

The fix for London is at 5:30  am est (first fix) and 10 am est (second fix)

Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.

And now the fix recordings:

Shanghai morning fix Sept 26 (10:15 pm est last night): $  1338.38

NY ACCESS PRICE: $1334.75 (AT THE EXACT SAME TIME)

Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1337.45

NY ACCESS PRICE: 1334.65 (AT THE EXACT SAME TIME)

HUGE SPREAD TODAY!!

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London Fix: Sept 26: 5:30 am est:  $1336.30   (NY: same time:  $1335.70:    5:30AM)

London Second fix Sept 16: 10 am est:  $1340.50  (NY same time: $1341.40 ,    10 AM)

 

It seems that Shanghai pricing is higher than the other  two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.

Also why would mining companies hand in their gold to the comex and receive constantly lower prices.  They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

end

 
 

For comex gold:The front September contract month we had 40 notices filed for 4000 oz

 

For silver:  the front month of September we have a total of 37 notices filed for 185,000 oz

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Tomorrow is options expiry and judging by the open interest reported today, the bankers will surely attack tomorrow.  It seems that they have circled $1340 gold and will do everything possible to keep the price below the level.  As far as silver is concerned, it looks like they want the price below $19.50.

This is criminal behavior but since our regulators allows this nonsense to continue we can nothing about it and must wait it out.

After comex options expire tomorrow, we have the LBMA/OTC options which expire on Friday.

 
 

Let us have a look at the data for today

.

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In silver, the total open interest ROSE by 862 contracts UP to 203,708. The open interest ROSE DESPITE THE FACT THAT the silver price was DOWN 29 cents in yesterday’s trading .In ounces, the OI is still represented by just MORE THAN 1 BILLION oz i.e. 1.0185 BILLION TO BE EXACT or 146% of annual global silver production (ex Russia &ex China).

In silver we had 37 notices served upon for 185,000 oz

In gold, the total comex gold ROSE by 7,023 contracts DESPITE THE FACT THAT  the price of gold FELL BY $3.20 ON FRIDAY . The total gold OI stands at 593,835 contracts.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

LAST NIGHT WE HAD NO CHANGES INTO the GLD/

Total gold inventory rests tonight at: 951.22 tonnes of gold

SLV

we had no changes with respect to inventory at the SLV

THE SLV Inventory rests at: 364.523 million oz

.

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

1. Today, we had the open interest in silver ROSE by 862 contracts up to 203,708 as the price of silver FELL by 29 cents with yesterday’s trading.The gold open interest rose by 7023 contracts up to 593,835 as the price of gold FELL $3.20 IN FRIDAY’S TRADING.

(report Harvey).

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

 

end

3. ASIAN AFFAIRS

i)Late  SUNDAY night/MONDAY morning: Shanghai closed DOWN 8.42 POINTS OR .28%/ /Hang Sang closed DOWN 73.32 POINTS OR .31%. The Nikkei closed DOWN  53.60 POINTS OR .32% Australia’s all ordinaires  CLOSED UP 1.06% /Chinese yuan (ONSHORE) closed DOWN at 6.6704/Oil FELL to 46.16 dollars per barrel for WTI and 48.03 for Brent. Stocks in Europe: ALL IN THE RED   Offshore yuan trades  6.6704 yuan to the dollar vs 6.6753 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS AS MORE USA DOLLARS ATTEMPT TO  LEAVE CHINA’S SHORES

REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

3a)Korea:

none

b) REPORT ON JAPAN

Last week we commented on the fact that in Japan’s new policy of QE:  QQE with Yield Curve Control would basically not work.  It is extremely difficult for a central bank to control the long end of a curve. Today we see the long end move again deeper into the negative while at the same time, the yen rose.  Mr Yen himself came out and said that the yen will rise to the 90 level which will force BOJ  to go more negative NIRP and again that will flatten the yield curve.  The thought of “tightening” the long end of the curve means less purchases by the B of J and that will bring on more recessionary pressures and again the flattening of the yield curve..

(courtesy zero hedge)

c) REPORT ON CHINA

The following is very important.  China’s total debt to GDP is now over 300%.  China’s major bankers (S.O.E.’s..State Owned Enterprises)  are the proud owners of much of this debt as this debt has been piling onto their balance sheet with reckless abandon.  The smaller SOE’s  are in great need of capital so they are borrowing from the Shadow Banking System  (remember our Peer to Peer lending?).  This is similar to USA banks receiving funding form the money markets before succumbing in 2008 a la Lehman.

(courtesy zero hedge)

4 EUROPEAN AFFAIRS

Germany

i)The big news of the day. Merkel rules out a bail out for Deutsche bank.  That means we will see a bail in as depositors and bond holders will suffer greatly.  The big problem of course is that there is not enough money in the system to cover all of their derivative losses

( zero hedge)

ii)Deutsche bank tries to instill confidence into the markets but to no avail;

( zero hedge)

iii)The advance of the Euroskeptic AfD party has finally hit home to Merkel.  She has now caved on the migrant policy as Germany has “done enough”

( zero hedge)

iv)For the past few years, everybody has been focusing on Greek situation and the Italian + periphery banks.  They should have been concentrating on the Deutsche bank reserves and derivative problems

( zero hedge)

v)Things must be real peachy with respect to German economics.  And since Germany is the engine for all of Europe, I think we have a real problem here:

Germany’s second largest bank: Commerzbank set to fire 9,000 employees or 18% of its entire work force:

( zero hedge)

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i) FRIDAY NIGHT: Saudi Arabia

The fun begins;  Obama vetoes the Saudi bill: 9/11 “Justice Against Sponsors of Terrorism Act”.  The bill was passed unanimously by both houses and this sets up a re vote:

( zero hedge)

iib)Saudi Arabia bails out its banking system as interbank rates reach sky high limits: 2.35%

( zero hedge)

Russia

ii)This is not good:  the war of words between Russia and the  USA escalates.  The USA calls Russia’s actions “Barbarism” even though the real culprit is the USA

(courtesy zero hedge)

 

iib)This should be interesting! Syria claims to have a recording of conversations between ISIS and USA military before the strike on the Syrian army.

( zero hedge)

Turkey

iii)This is going to hurt.  Now many funds will have to sell Turkish bonds as they are not allowed to hold any sovereign bonds that are less than investment grade

( Bloomberg)

iv)Turkish assets are plunging as Moody’s downgrades Turkish sovereign debt to junk.I thought that Erdogan was not concerned if they lowered the debt to junk.  He lashes out at Moody’s for the downgrade.

(courtesy zerohedge)

 

6.GLOBAL ISSUES

none today

7.OIL ISSUES

i)Saudi Arabia is hurting real bad with the low oil price as it is killing their balance sheet.  They now wish to cut production by 500,000 barrels per day.  However they will end Iran to cut production or else the Iranians will gain market share

(zero  hedge)

ii)Oil rises into the 45 dollar column despite no hope of a production freeze!
( zero hedge)

iii)Oil then climbs back over $46.00 on the Saudi hype. Hedgers are buying protection to lock in the higher prices of today.

(courtesy zero hedge)

8.EMERGING MARKETS

none today

9.PHYSICAL STORIES

i)A terrific commentary on the history of Italy’s gold.  Surprisingly over 1,000 tonnes of gold is held at the FRBNY , the same facility which houses the Bundesbank’s gold.  Italian citizens want all gold of Italy brought back to Rome and then change the ownership of that gold to all Italian citizens.

( Ronan Manly)

ii)With the Fed’s non movement in interest rates, Kim now states that gold and silver will resume northbound.

( JSKim/GATA)

iii)We have brought this story to you last week, but again it is worth repeatingThe Fed want to sharply limit Wall Street’s commodity holdings. Good luck to them. It will take years for this to happen!

(Hamilton/Bloomberg/GATA)

iv)The following is a huge story.  An Argentinian judge has ordered an indefinitely suspension at Barrick’s big Veladero gold mine in Argentina due to an extremely serious cyanide leak. The Government of Argentina has filed a complaint against Barrick  while the mine manager has fled back to Canada.  The mine produces 600,000 oz per year or 10% of Barrick’s annual production. The removal of this gold will hurt badly the company plus the bankers who will no longer get their hands of this supply.

(courtesy Dave kranzler/IRD)

10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER

i)It is now a dead heat btw. Trump and Clinton according to the heavily biased Washington Post.  Actually Trump is in the lead by 1 point:

( Washington Post/zero hedge)

ii)A great indicator as to how the USA economy is performing:  Individual state tax revenues are plunging in Q2

 ( zero hedge)

iii)Almost all the co operatives have bowed out of Obamacare and all of them are losing dramatic amounts of money.  In November premiums will be jacked up anywhere from 25 to 60%

Obamacare is a complete disaster..

( zero hedge)

iv)The USA economy continues to falter with the release of new home sales which tumble as prices also fall:

( zero hedge)

v)The Dallas Fed mfg index contracts for the 21 st straight month

( zero hedge/Dallas Fed mfg index)

vi)Last week we warned you that European and Japanese banks were ready to mutiny if the new Basel iii accord when into effect.  Now it is USA banks revolting:

( zero hedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY AN HUGE 7,023 CONTRACTS to an OI level of 593,835 even though the price of gold FELL by $3.20 with FRIDAY’S trading. We are now in the NON active month of SEPTEMBER/

The contract month of Sept saw it’s OI FELL by 8 contracts DOWN to 187. We had 50 notices filed yesterday so we gained 42 gold contracts or an additional 4200 gold ounces will stand for delivery. SOMEBODY AGAIN WAS IN GREAT NEED OF PHYSICAL GOLD. The next delivery month is October and here the OI lost 1441 contracts DOWN to 24,149. This level is extremely elevated.  To give you an idea as to its size, on Sept 23.2016 ,we had 18,500 contracts outstanding vs (24,149 today). The next contract month of December showed an increase of 6799 contracts up to 453,278. The estimated volume today at the comex: 127,988 which is WEAK.  Confirmed volume on Friday: 129,498 which is also weak.

Today we had  40 notices filed for  4000 oz of gold.
 
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And now for the wild silver comex results.  Total silver OI ROSE BY 862 contracts from 202,846 up to 203,708  despite the FALL in price of silver to the tune of 29 cents  on Friday.  We are moving NOW CLOSER TO the all time record high for silver open interest set on Wednesday August 3:  (224,540).  We are now into the next active month of September and here the OI fell by 30 contracts down to 532. We had 50 notices filed upon yesterday so we GAINED 20 contracts or 100,000 additional oz will stand  for delivery in this active month of September. The next non active delivery movement of October gained 1 CONTRACT TO 430 contracts.  The next big delivery month is December and here it ROSE by 495 contracts UP to 177,766. The volume on the comex today (just comex) came in at 50,571 which is very good.  The confirmed volume yesterday (comex and globex) was excellent at 50,584 . Silver is not in backwardation.  London is in backwardation for several months.

 

today we had 37 notices filed for silver: 185,000 oz

 
 
 
 
 
INITIAL standings for SEPTEMBER
 
 SEPT 26.
 
Gold
Ounces
Withdrawals from Dealers Inventory in oz  NIL
Withdrawals from Customer Inventory in oz  nil
 
61,772.259 oz
 
 Manfra
Scotia
 
 
Deposits to the Dealer Inventory in oz niloz
Deposits to the Customer Inventory, in oz 
 
 
 
 
nil
 
 
 
No of oz served (contracts) today
40 notices 
4,000 oz
No of oz to be served (notices)
147 contracts
(14,700 oz)
 
 
Total monthly oz gold served (contracts) so far this month
2653 contracts
265,300 oz
 
8.2519 tonnes
 
Total accumulative withdrawals  of gold from the Dealers inventory this month   192.90 oz
Total accumulative withdrawal of gold from the Customer inventory this month   449,361.8 oz
 
 Today; good activity at the gold comex and 0 kilobar entries and another large amount of gold leaving the comex
 
 
We had 0 dealer deposit:
 
 
 
Total dealer deposits; nil oz
 
 
We had 0 dealer withdrawals:
 
 
 
total dealer withdrawals; NIL oz
 
 
 
we had 0 customer deposit:
 
 
 
 
Total customer deposits: nil oz.
 
 
 We had 2 customer withdrawals:
i) Out of Manfra; 20,250.96 oz
 
 
 
ii) Out of Scotia: 46,421.299 oz
 
total customer withdrawals: 61,772.259 oz
 
 
 
 
 
Today we had 0  adjustments:
 
 
 
 
 
 
 
 
 
Note:
 
If anybody is holding any gold at the comex, you must be out of your mind!!!
since comex gold storage is unallocated , rest assured any gold stored at the comex will be compromised!
 
I also urge all of you do not place any option trades at the comex as these gangsters will gun you down.
 
If you are taking delivery of gold/silver please remove it from comex banks and place it in private vaults
 
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Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued form their client or customer account. The total of all issuance by all participants equates to 40 contract  of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped (received) by jPMorgan customer account.

 
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To calculate the initial total number of gold ounces standing for the SEPT contract month, we take the total number of notices filed so far for the month (2653) x 100 oz or 265,300 oz, to which we add the difference between the open interest for the front month of SEPT (187 contracts) minus the number of notices served upon today (40) x 100 oz per contract equals 280,000 oz, the number of ounces standing in this  NON active month of September.
 
 
 
 
Thus the INITIAL standings for gold for the SEPT contract month:
No of notices served so far (2653) x 100 oz  or ounces + {OI for the front month (187) minus the number of  notices served upon today (40) x 100 oz which equals 280,000 oz standing in this non  active delivery month of SEPT  (8.709 tonnes).
 
 
 
 
We gained an additional 4200 oz that will stand.  We have surpassed  our original standings on first day notice. (ON FIRST DAY NOTICE 7.5561 TONNES STOOD FOR DELIVERY) as well as surpassing the 8 tonne mark and heading for the 9 tonnes.  This is without a doubt a record level of gold ounces standing for September.
 
 
 
 
 
 
 Total dealer inventor 2,165,480.34 or 67.355 tonnes
Total gold inventory (dealer and customer) =10,625,739.326 or 330.5 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 332.42 tonnes for a  gain of 27  tonnes over that period. However since August 8 we have lost 23 tonnes leaving the comex.
 
Ladies and Gentlemen:  the comex is beginning to lose some of its gold as no doubt the Shanghai fix is having its effect.
 
The gold comex is an absolute fraud.  The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction.  This would be similar to the rehypothecated gold used by Jon Corzine.
 
 
IN THE LAST MONTH 23 NET TONNES HAS LEFT THE COMEX.
 
Ladies and Gentlemen:  We are now having our old fashioned run on the bank: the comex as gold is leaving by the buckets.

 

 

 
end
 
 
 
 
And now for silver
 
SEPT INITIAL standings
 SEPT26. 2016
 
 
Silver
Ounces
Withdrawals from Dealers Inventory NIL
Withdrawals from Customer Inventory
 
 
 
 
659,907.000 oz
?????
 
 
 
CNT, Scotia
 
 
 
Deposits to the Dealer Inventory
 
 
 nil  OZ
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory 
 
 
639,484.940 oz
Brinks
Scotia
 
 
 
 
 
 
 
No of oz served today (contracts)
37 CONTRACTS
(185,000 OZ)
No of oz to be served (notices)
495 contracts
(2,475,000 oz)
Total monthly oz silver served (contracts) 2713 contracts (13,565,000 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  7,789,425.6 oz
today, we had 0 deposit into the dealer account:
 
 
 
 
total dealer deposit: nil oz
 
we had 0 dealer withdrawals:
 
 total dealer withdrawals: NIL oz
 
 
 
 we had 1 customer withdrawals:
 
 
 
 
ii) Out of Scotia: 659,907.000 oz
??????/another exact amount leaving xxx.000 oz
 
 
 
 
 
Total customer withdrawals: 659,907.000  oz
 
We had 2 customer deposit:
 
 i) Into Brinks: 39,295.500 oz
ii) Into Scotia: 600,089.440 o
 
 
 
 
total customer deposits:  639,484.94  oz
 
 
 
 
 
 
 
 
 
 we had 1 adjustment
i) Out of CNT: 50,045.55 oz was adjusted out of the dealer and this landed into the customer account of CNT
 
 
 
 
The total number of notices filed today for the SEPT contract month is represented by 37 contracts for 185,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPT., we take the total number of notices filed for the month so far at (2713) x 5,000 oz  = 13,565,000 oz to which we add the difference between the open interest for the front month of SEPT (532) and the number of notices served upon today (37) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the SEPT contract month:  2713(notices served so far)x 5000 oz +(532 OI for front month of SEPT ) -number of notices served upon today (37)x 5000 oz  equals  16,040,000 oz  of silver standing for the SEPT contract month.
 
we GAINED 20  contracts or an additional 100,000 oz will  stand FOR DELIVERY IN THIS  ACTIVE MONTH OF SEPTEMBER. 
 
 
 
 
 
 
 
 
 
Total dealer silver:  30.919 million (close to record low inventory  
 
Total number of dealer and customer silver:   170.315 million oz (close to a record low)
 
The total open interest on silver is NOW close to its all time high with the record of 224,540 being set AUGUST 3.2016.  The registered silver (dealer silver) is NOW NEAR  multi year lows as silver is being drawn out at both dealer and customer levels 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.
 
 
end
 
And now the Gold inventory at the GLD
 
SEPT 26./no changes in gold inventory at the GLD/Inventory rests at 951.22 tonnes
 
SEPT 23/A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .3 TONNES/INVENTORY RESTS AT 951.22 TONNES
Sept 22/a huge deposit of 6.53 tonnes of gold into the GLD/Inventory rests at 950.92 tonnes/this would be a paper deposit entry/
SEPT 21/ A HUGE DEPOSIT OF 5.69 TONNES INTO THE GLD/INVENTORY RESTS AT 944.39 TONNES
SEPT 20/A HUGE CHANGES IN INVENTORY AT THE GLD/: A WITHDRAWAL OF 3.86 TONNES/INVENTORY RESTS AT 938.75 TONNES
SEPT 19/2016: 10.39 TONNES WERE ADDED INTO THE GLD/THIS WOULD BE A “PAPER DEPOSIT”/INVENTORY RESTS AT 942.61 TONNES
 
Sept 16./no change in gold inventory at the GLD/Inventory rests at 932.22 tonnes
SEPT 15/another paper withdrawal of 3.27 tonnes of “gold” inentory leaves the GLD/Inventory rests at 932.22 tonnes
SEPT 14./A  withdrawal of 4.45 tonnes of gold inventory from the GLD/Inventory rests at 935.49 tonnes
SEPT 13/no changes in gold inventory at the GLD/Inventory rests at 939.94 tonnes
Sept 12/no changes in gold inventory at the GLD/inventory rests at 939.94 tonnes
 
 
 
 
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SEPT 26/ Inventory rests tonight at 951.22 tonnes
 

end

 
 
Now the SLV Inventory
SEPT 26./no changes in silver inventory at the SLV./Inventory rests at 364.523 million oz/
 
SEPT 23./A HUGE CHANGE IN INVENTORY AT THE SLV: AN ADDITION OF 1.044 MILLION OZ INTO INVENTORY/INVENTORY RESTS AT 364.523 MILLION OZ/
Sept 22/no change in inventory at the SLV/Inventory rests at 363.479  million oz/
SEPT 21/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ/
SEPT 20/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ
SEPT 19/A HUGE ADDITION OF 1.045 MILLION OZ WAS ADDED INTO THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ/
Sept 16/no changes in silver inventory/inventory rests at 362.434 million oz/
SEPT 15/no change in silver inventory/inventory rests at 362.434 million oz.
SEPT 14/no change in silver inventory at the SLV/Inventory rests at 362.434 million oz
sept 13/2016: a huge deposit of 1.329 million oz into the SLV/Inventory rests at 362.434 million oz/
Sept 12/a huge withdrawal of 1.614 million oz from the SLV/Inventory rests at 361.105 million oz
 
 
 
 
 
 
 
.
SEPT 23.2016: Inventory 364.523 million oz
 
 end

NPV for Sprott and Central Fund of Canada

 
1. Central Fund of Canada: traded at Negative 5.2 percent to NAV usa funds and Negative 4.8% to NAV for Cdn funds!!!!  (the discount is starting to disappear)
Percentage of fund in gold 59.7%
Percentage of fund in silver:39.2%
cash .+1.2%( SEPT 26/2016).
 
2. Sprott silver fund (PSLV): Premium FALLS to +0.43%!!!! NAV (SEPT 26/2016) 
3. Sprott gold fund (PHYS): premium to NAV  RISES TO  0.73% to NAV  ( SEPT 26/2016)
Note: Sprott silver trust back  into POSITIVE territory at 0.43% /Sprott physical gold trust is back into positive territory at 0.73%/Central fund of Canada’s is still in jail.