British Bond BLOODBATH! – Harvey Organ

JP MorganThey now have a British bond bloodbath occurring right after a huge downfall in the currency:
SCOTIA MUST GO FIRST IN SUPPLYING EMAILS ON GOLD/SILVER MANIPULATION CASE/AGAIN NO CHANGES IN GOLD AND SILVER INVENTORY AT THE GLD AND SLV/GOLD AND SILVER HOLD THEIR OWN IN TODAY’S TRADING/DEUTSCHE BANK RAISES ANOTHER 1.5 BILLION DOLLARS IN BOND ISSUE AT 4.25% (AT JUNK)/BRITISH GILTS (BONDS) PLUMMET ON REALITY OF THE BREXIT/FED MINUTES SHOWS THAT THEY ARE VERY WORRIED ABOUT THEIR CREDIBILITY AND THEY SHOULD BE!

On Sale At SD Bullion…
This Week Only… 

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Gold $1251.10 DOWN  $3.90

Silver 17.46 DOWN 1  cent

In the access market 5:15 pm

 

Gold: 1255.60

Silver: 17.48

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 OCT 12 (10:15 pm est last night): $  1261.25

NY ACCESS PRICE: $1258.90 (AT THE EXACT SAME TIME)

Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1259.69

NY ACCESS PRICE: 1255.60 (AT THE EXACT SAME TIME)

HUGE SPREAD TODAY!!

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London Fix: OCT 12: 5:30 am est:  $1256.40   (NY: same time:  $1256.40:    5:30AM)

London Second fix OCT 11: 10 am est:  $1256.50  (NY same time: $1256.90 ,    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: 

3  NOTICES FILED FOR 300 OZ

 

For silver:

for the Oct contract month:  0 notices for NIL oz.

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Let us have a look at the data for today

.

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In silver, the total open interest FELL by 1,532 contracts DOWN to 187,469. The open interest FELL as the silver price was UP 5 cents in yesterday’s trading .In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .938 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia &ex China).

In silver for October we had 0 notices served upon for nil oz

In gold, the total comex gold fell by 5117 contracts with the tiny rise in price of gold( $1.50 yesterday) . The total gold OI stands at 500,328 contracts. The bankers have done a great job fleecing longs

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

GLD

LAST NIGHT WE HAD NO CHANGES OUT OF THE GLD//

 

Total gold inventory rests tonight at: 958.90 tonnes of gold

SLV

we had NO CHANGES at the SLV

THE SLV Inventory rests at: 361.147 million oz

.

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

1. Today, we had the open interest in silver FELL by 1532 contracts DOWN to 187,469 as the price of silver rose by 5 cents with yesterday’s trading.The gold open interest FELL by 5517 contracts DOWN to 500,328 as the price of gold rose $1.50 IN YESTERDAY’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

2c) Federal Reserve Bank of New York/earmarked gold removal

(Harvey)

3. ASIAN AFFAIRS

i)Late  TUESDAY night/WEDNESDAY morning: Shanghai closed DOWN 6.72 POINTS OR 0.22%/ /Hang Sang closed DOWN 142,47 POINTS OR 0.60%. The Nikkei closed DOWN  184.76 POINTS OR 1.09% Australia’s all ordinaires  CLOSED DOWN 0.09% /Chinese yuan (ONSHORE) closed UP at 6.67157/Oil ROSE to 51.06 dollars per barrel for WTI and 52.63 for Brent. Stocks in Europe: ALL IN THE RED   Offshore yuan trades  6.6721 yuan to the dollar vs 6.67197 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS  A BIT  AS MORE USA DOLLARS ATTEMPT TO   LEAVE CHINA’S SHORES

REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

3a)THAILAND:

Thai stocks plummet along with their currency on concerns of the King’s health and the Fed rate hike.  Remember it was Thailand that caused the Asian contagion in 1997:

(courtesy zero hedge)

b) REPORT ON JAPAN

none today

c) REPORT ON CHINA

NONE TODAY

4 EUROPEAN AFFAIRS

i)GERMANY/DEUTSCHE BANK

 

Deutsche bank sells another 1.5 billion dollars worth of bonds at a yield of 4.25%: basically at junk. This is done prior to any announcement of a settlement. In January these guys can be bailed in  if trouble occurs:

( zero hedge)

ii)ENGLAND

 

They now have a British bond bloodbath (occurring right after a huge downfall in the currency:

( zero hedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

none today

6.GLOBAL ISSUES

ERICSSON/SWEDEN

 

A good indicator of troubles throughout the globe;  huge telecom giant Ericsson plunges 17% after a profit warning:

( zero hedge)

7.OIL ISSUES

i)Crude tumbles after OPEC raises doubts over the timing of cuts:

( zero hedge)

ii)Confusion with OPEC: they do not know who is to cut first.  Oil will head southbound especially when China stops buying;

( zero hedge
 
iii)Then oil tumbles after the biggest crude inventory build in 6 monthgs(courtesy zero hedge)

8.EMERGING MARKETS

none today

9.PHYSICAL STORIES

i)To understand gold you must realize that the market is just not normal

( Chris Powell/GATA)
ii)Bill Holter discusses the walking zombie bank Deutsche bank( Bill Holter/Greg Hunter/USAWatchdog)iii)A thorough analysis of what is going on in the class action suit against Deutsche bank, Bank of Nova Scotia, HSVC and Societe Generale

 

( Market Slant)

iv)Scotia bank is ordered to provide emails immediately in the gold manipulation case:

(courtesy Kitco/Market Slant)

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

 

i)Another of Janet’s favourites: the JOLTS survey which details job openings and leavings. The job opening s missed the most on record and tumbles to last yrs level.

( zero hedge)

ii)Consumer spending again deteriorates in September.

( zero hedge)

iii)The  FOMC minutes were released and in it we find that the hawkish fed is very fearful of losing credibility.  They also state that the no hike decision was a close call

( zero hedge)

iv)Let’s close with this important paper from Egon Von Greyerz:

(courtesy Egon Von Greyerz/Matterhorn)

Let us head over to the comex:

The total gold comex open interest FELL BY 5517 CONTRACTS to an OI level of 500,328 as the price of gold ROSE by  $1.50 with YESTERDAY’S trading.

We are in the delivery month is October and here the OI LOST 146 contracts DOWN to 152. We had 156 notices filed yesterday so we gained another 10 contracts or 1000 additional oz will stand.

The next delivery month is November and here the OI ROSE by 1 contract up to 3026 contracts. The next contract month and the biggest of the year is December and here this month showed an decrease of 6081 contracts down to 379,949.

 

 

Today we had  3 notices filed for 300 oz of gold.
 
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And now for the wild silver comex results.  Total silver OI FELL BY 1532 contracts from  189,021 down to 187,469 as the  price of silver rose  to the tune of 5 cents yesterday.  We are moving  further from the all time record high for silver open interest set on Wednesday August 3:  (224,540).  The next non active delivery month is October and here the OI rose by 2 contracts up to 114. We had 0 notices filed yesterday so we gained 2 contracts or 10,000 additional oz will stand for delivery.The November contract month saw its OI FELL by 3 contracts DOWN to 341.   The next major delivery month is December and here it FELL BY 1863 contracts DOWN to 153,348

VOLUMES.

Today the estimated volume was 117,327 contracts.

Yesterday, the confirmed volume was 155,362

 

today we had 0 notices filed for silver:

 
INITIAL standings for OCTOBER
 Oct 12.
 
Gold
Ounces
Withdrawals from Dealers Inventory in oz  NIL
Withdrawals from Customer Inventory in oz  nil
44,480.719 Scotia
Manfra
incl
3 kilobars
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz   nil oz
No of oz served (contracts) today
3 notices 
300 oz
 
No of oz to be served (notices)
149 contracts
 14,900
oz
Total monthly oz gold served (contracts) so far this month
7948 contracts
794,800 oz
24.7216 tonnes
Total accumulative withdrawals  of gold from the Dealers inventory this month    oz
Total accumulative withdrawal of gold from the Customer inventory this month    129,678.8 oz
 
Today we had 1 kilobar transaction and again the comex resumes it huge withdrawal of gold!!
 
 
Today we had 0 deposit into the dealer:
 
total dealer deposits:  nil oz
 
We had zero dealer withdrawals:
 
 
total dealer withdrawals:  nil oz
 
.
We had 0 customer deposits;
total customer deposits; nil oz
 
We had one major customer withdrawal and one small withdrawal:
 
Out of Scotia:  44,480.719 oz
out of Manfr: 96.45  3 kilobars
total customer withdrawal:  44,480.719 oz
 
 
 
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Total dealer inventor 2,463.441.449 or 76.623 tonnes
Total gold inventory (dealer and customer) =10,617,530.530. or 330.249 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 330.229 tonnes for a  gain of 27  tonnes over that period. However since August 8 we have lost 24 tonnes leaving the comex. 
 
 
 
 
For October:
 
 

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 156 contract  of which 2 notices were stopped (received) by jPMorgan dealer and  44 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 Oct contract month, we take the total number of notices filed so far for the month (7948) x 100 oz or 794,800 oz, to which we add the difference between the open interest for the front month of OCT 152 contracts) minus the number of notices served upon today (3) x 100 oz per contract equals 809,700 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 (7948) x 100 oz  or ounces + {OI for the front month (152) minus the number of  notices served upon today (3) x 100 oz which equals 809,700 oz standing in this non active delivery month of Oct  (25.185 tonnes).
 
we gained 1000 additional oz standing in this active delivery month of October.
 
 
 
 
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.ALSO TODAY THE LIQUIDATION OF 96 CONTRACTS HAVING STOOD FOR THE ENTIRE MONTH AND THEN ROLLING MAKES ABSOLUTELY NO SENSE
 
IN THE LAST MONTH and one half , 20 NET TONNES HAS LEFT THE COMEX.
 
end
 
And now for silver
 
OCT INITIAL standings
 Oct 12. 2016
Silver
Ounces
Withdrawals from Dealers Inventory NIL
Withdrawals from Customer Inventory
902,910.520 oz
Brinks
CNT
HSBC
 
 
Deposits to the Dealer Inventory nil OZ
Deposits to the Customer Inventory  581,935.519  oz
No of oz served today (contracts)
0 CONTRACTS
(20,000 OZ)
No of oz to be served (notices)
114 contracts
(570,000 oz)
Total monthly oz silver served (contracts) 353 contracts (1,765,000 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  1,986,418.5 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 3 customer withdrawals:
i) Out of Brinks;; 429,862.75 oz
ii) Out of CNT:  467,772.67 oz
iii) Out of HSBC: 5275.100
Total customer withdrawals: 902,910.520  oz
 
We had 2 customer deposits:
i) Into Delaware: 2911.059 oz
ii) Into Scotia: 579,024.460
total customer deposits: 581,935.519 oz
 
 
 
 we had 0 adjustments 
 
Volumes:
 
Today the estimated volume was 43,155 which is good.
Yesterday the confirmed volume was 67996 which is excellent
 
The total number of notices filed today for the Oct contract month is represented by 0 contracts for NIL oz. To calculate the number of silver ounces that will stand for delivery in OCT., we take the total number of notices filed for the month so far at  353 x 5,000 oz  = 1,765,000 oz to which we add the difference between the open interest for the front month of OCT (114) and the number of notices served upon today (0) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the OCT contract month:  353(notices served so far)x 5000 oz +(114 OI for front month of SEPT ) -number of notices served upon today (0)x 5000 oz  equals  2,335,000 oz  of silver standing for the OCT contract month. THIS IS STILL A HUGE SHOWING FOR SILVER AS OCTOBER IS GENERALLY A VERY WEAK DELIVERY MONTH. We gained 25,000 additional silver ounces THAT WILL  STAND.
 
Total dealer silver:  29.286 million (close to record low inventory  
Total number of dealer and customer silver:   172.745 million oz
 
 
 
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
Oct 12/No changes in inventory/inventory rests at 958.90 tonnes
Oct 11/ what!!! we had a gigantic 9.76 tonnes of inventory increase today/inventory rests at 958.90 tonnes.  (this was done with gold down?)
Oct 7:  949.14 tonnes
 
 
 
 
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Oct 12/ Inventory rests tonight at 958.90 tonnes
 

end

 
 
Now the SLV Inventory
Oct 12:NO CHANGES  in inventory at the SLV/Inventory rests at 161.147 million oz
Oct 11/ a withdrawal of 1.762 million oz of inventory from the SLV/Inventory rests at 361.147 million oz/
 
 
 
 
 
 
.
Oct 12.2016: Inventory 361.147 million oz
 
 end

NPV for Sprott and Central Fund of Canada

will not provide today.

 
1. Central Fund of Canada: traded at Negative 4.0 percent to NAV usa funds and Negative 4.2% to NAV for Cdn funds!!!! 
Percentage of fund in gold 60.7%
Percentage of fund in silver:38.1%
cash .+1.2%( Oct 12/2016).
 
2. Sprott silver fund (PSLV): Premium RISES to +1.12%!!!! NAV (OCT 12/2016) 
3. Sprott gold fund (PHYS): premium to NAV  rises TO  0.70% to NAV  ( OCT 12/2016)
Note: Sprott silver trust back  into POSITIVE territory at 1.12% /Sprott physical gold trust is back into positive territory at 0.70%/Central fund of Canada’s is still in jail.
 
 
 
 

end

 

FEDERAL RESERVE BANK OF NEW YORK/GOLD INVENTORY MOVEMENT:

Last month we had a reading of 7883 million dollars worth of gold at the FRBNY at $42.22 dollars per oz. This month we had a reading of 7849 million dollars

Thus we had 34 million dollars worth of gold valued at $42.22 shipped out.

In oz:

34,000,000 divided by $42.22 =   805,305 oz

in tonnage:25.048 tonnes

Since Germany is the only official nation seeking its gold, no doubt that this gold was repatriated towards Frankfurt.