Chaos in China as overnight lending rises to 80%…
Chaos in China as overnight lending rises to 80%/offshore yuan rises to 6.83 killing many shorts/Trump threatens Toyoto to build their plant in the USA and not in Mexico to avoid the border tax/Panic in Mexico as the Peso plummets to 21.44 to the dollar on Donald Trump fears/Gold rises to $1179.70 up $15.90/silver up 8 cents to $16.58
Gold at (1:30 am est) $1179.70 UP $15.90
silver at $16.58: UP 8 cents
Access market prices:
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
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 Jan 5/17 (10:15 pm est last night): $ 1188.91
NY ACCESS PRICE: $1740.25 (AT THE EXACT SAME TIME)/premium $14.66
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1195.33
NY ACCESS PRICE: $1177.25 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD 2ND FIX TODAY!!: $18.08
China rejects NY pricing of gold as a fraud/arbitrage will now commence fully
London Fix: Jan 5/2017: 5:30 am est: $.1173.05 (NY: same time: $1173.35 5:30AM)
London Second fix Jan 5.2017: 10 am est: $1176.80 (NY same time: $1176.80 (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.
For comex gold:
NOTICES FILINGS FOR JANUARY CONTRACT MONTH: 13 NOTICE(S) FOR 1300 OZ. TOTAL NOTICES SO FAR: 1023 FOR 102,300 OZ (3.1819 TONNES)
NOTICES FOR JANUARY CONTRACT MONTH FOR SILVER: 110 NOTICE(s) FOR 550,000 OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 307 FOR 1,535,000 OZ
Let us have a look at the data for today
In silver, the total open interest ROSE by 553 contracts UP to 164,365 with respect to YESTERDAY’S TRADING (short covering by the banks). In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .821 BILLION TO BE EXACT or 117% of annual global silver production (ex Russia & ex China).
FOR THE JANUARY FRONT MONTH IN SILVER: 110 NOTICES FILED FOR 550,000 OZ.
In gold, the total comex gold FELL BY 1065 contracts DESPITE THE RISE IN THE PRICE GOLD ($3.40 with YESTERDAY’S trading ). WE MUST HAVE HAD SHORT COVERING.The total gold OI stands at 423,608 contracts.
we had 13 notice(s) filed upon for 1300 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
We had no changes in tonnes of gold at the GLD
Inventory rests tonight: 813.87 tonnes
we had no changes in silver into the SLV
THE SLV Inventory rests at: 341.199 million oz
First, here is an outline of what will be discussed tonight: Preliminary data
1. Today, we had the open interest in silver ROSE by 553 contracts UP to 164,305 AS SILVER ROSE by $0.15 with YESTERDAY’S trading. The gold open interest FELL by 1,065 contracts DOWN to 423,608 DESPITE THE FACT THAT THE PRICE OF GOLD ROSE BY $3.40 WITH YESTERDAY’S TRADING
2.a) The Shanghai and London gold fix report
2 b) Gold/silver trading overnight Europe, Goldcore
and in NY: Bloomberg
2c) FRBNY report on earmarked gold movement
3. ASIAN AFFAIRS
REPORT ON JAPAN SOUTH KOREA NORTH KOREA AND CHINA
b) REPORT ON JAPAN
c) REPORT ON CHINA
i)Wednesday night/9 pm est
This is nuts: Overnight lending rates between banks skyrockets to 45%. And now Bitcoin is trading higher than gold: Bitcoin $1252.00 usa/gold 1172.usa. Offshore yuan 6.8870 as the shorts are getting crushed!
( zero hedge)
The interbank lending rate between banks rose to 80% and the USA/CNH lowered (yuan rose) to 6.83. No doubt that this will stem the outflow of dollars temporarily. However China has to worry about the Donald taking control of uSA on January 20 and he will also use his wrath against China
(courtesy zero hedge)
iii)With the Chinese authorities stating that they were going to crack down on cryptocurrencies like Bitcoin, in an attempt to stop the outflow the dollars, finally we see Bitcoin collapse in price down 31% to $893.00 usa. The true currency, gold continues to rise:
( zero hedge)
iv)This is what happens when you try and grow your economy by 7% per year. The steel mills etc are running at full blast despite poor global demand. This causes poor air. Just look at the following story where a cruise ship could not dock in Beijing because they had no visibility
( zero hedge)
4 EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)Mexico is beginning to panic as they now believe that Trump will be true to his word;
( zero hedge)
ii)Next on the list, Donald tells Toyota not to build a plant in Mexico or face a huge border tax. More woes for Mexico
iii)Mexico now out of control as looting and rioting are on the streets in Mexico due to the huge 20% gas hike.( zero hedge)
7. OIL ISSUES
i)DOE reports huge inventory build and down goes oil
( zero hedge)
ii)Strange: crude jumps on a report that the Saudi are fully impleminting their OPEC output cut
8. EMERGING MARKETS
9. PHYSICAL MARKETS
i)Brought this to your attention yesterday but it is worth repeating. Trump will push for the audit of the Fed and then we can see what the crooks have been doing behind the curtain
( Shroeder/The Hill/GATA)
ii)Saville has been anti gold for decades
( Chris Powell/GATA)
iii)The following bullion star infographic highlights the fractional gold reserve banking system orchestrated by the gold ETF’s. This is what I have been harping on for years:
( Ronan Manly/GATA)
i)The following commentary is an essential reading to all. You must read this to understand what is going on. Five major uSA banks have mainly underwritten over 2 trillion USA credit derivatives on sovereign Europe and its banks. A failure by a European bank like Banco Monte dei Paschi de Sienna and Unicredit will bring the USA financial system:
( PAM AND RUSS MARTENS/WALL STREET ON PARADE)
ii)Just take a look at what the doorknobs are doing in Philadelphia: a huge tax on soda. It heightens their bill dramatically!
( Jim Quinn/BurningPlatform)
endiii)Now we see that the Russian hacking story has changed again. Now the media is suggesting that an intermediary sent the emails to Wikileaks
( zero hedge)
iv)Now Donald is going to attack the merger plan with Time Warner and A T and T
Federal Reserve Bank of New York:
Earmarked gold movements
Last Oct/2016 we had 7,841 million dollars worth “gold” in inventory at the FRBNY
valued at $42.22 per oz
Last November/2016 we had 7,841 million dollars worth of gold in inventory at FRBNY valued at $42.22 per oz
thus 0 oz moved at $42.22
So far officially, the following has been repatriated to BuBa from NY:
2013: 5 tonnes
2014: 120 tonnes
2015: 99.5 tonnes
2016: to be officially announced
Their total quota from NY is scheduled to be 300 tonnes and another 374 tonnes from Paris of which 177 tonnes of gold has officially been sent (Dec 2015) and thus another 197 tonnes to cross the English channel.
Germany has officially 1237 tonnes of gold “stored ” in NY. On conclusion of the repatriation, Paris will have 0 stored there.
Let us head over to the comex:
The total gold comex open interest FELL BY 1,065 CONTRACTS DOWN to an OI level of 423,608 DESPITE THE FACT THAT THE PRICE OF GOLD ROSE $3.40 with YESTERDAY’S trading. We are now in the contract month of JANUARY and it is one of the poorest deliveries of the year.
With the front month of January we had a LOSS of 861 contracts DOWN to 153. We had 875 notices filed so we GAINED 14 contracts or AN ADDITIONAL 1400 oz WILL STAND for gold in this non active delivery month of January. For the next big active delivery month of February we had a LOSS of 5,083 contracts DOWN to 275,537. March had a gain of 80 contracts as it’s OI is now 196. We had considerable short covering yesterday as the bankers saw the writing on the wall.
We had 13 notice(s) filed upon today for 1300 oz
And now for the wild silver comex results. Total silver OI ROSE by 553 contracts FROM 163,812 UP TO 164,365 AS the price of silver ROSE BY $0.15 with YESTERDAY’S trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540).
We are now in the non active delivery month of January and here the OI ROSE by 2 contracts RISING TO 466. We had 1 notice(s) filed on yesterday so we GAINED 3 or an additional 15,000 oz will stand for delivery. The next non active month of February saw the OI rise by 1 contract(s) up to 164.
The next big active delivery month is March and here the OI rose by 208 contracts UP to 133,789 contracts.
We had 110 notice(s) filed for 550,000 oz for the January contract.
VOLUMES: for the gold comex
Today the estimated volume was 277,631 contracts which is very good.
Yesterday’s confirmed volume was 202,711 contracts which is very good
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz||
|Deposits to the Dealer Inventory in oz||nil oz|
|Deposits to the Customer Inventory, in oz||
|No of oz served (contracts) today||
|No of oz to be served (notices)||
|Total monthly oz gold served (contracts) so far this month||
|Total accumulative withdrawals of gold from the Dealers inventory this month||nil oz|
|Total accumulative withdrawal of gold from the Customer inventory this month||4,539,015.7 oz|
Today, 0 notice(s) were issued from JPMorgan dealer account and 13 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
March 2015: 2.311 tonnes (March is a non delivery month)
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||
|Deposits to the Dealer Inventory||
|Deposits to the Customer Inventory||
|No of oz served today (contracts)||
|No of oz to be served (notices)||
|Total monthly oz silver served (contracts)||307 contracts (1,535,000 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||6,764,118.1 oz|