We had a rather large 30 million dollars worth of gold (at 42.22 per oz) leave NY in April.
In ounces, we had 30 million /42.22 dollars = 710,563 oz leave or 22.10 metric tonnes!
Since Germany is the only official nation that asked for its repatriation, we are pretty sure that this gold belongs to them…
ANOTHER HUGE GOLD NOTICE FILING AT THE COMEX FOR 228,100 OZ./ATTEMPTED RAID ON GOLD AND SILVER TODAY A FAILURE/TERRIBLE PMI FIGUES THROUGHOUT THE GLOBE: JAPAN, CHINA, EUROPE AND USA/JAPAN OFFICIALLY DELAYS SALES TAX: EXCEPT THE RATING AGENCIES TO DEGRADE JAPAN/HOLLANDE HAS ANOTHER NIGHTMARE: THIS TIME RAIL WORKERS GO ON STRIKE NATIONWIDE/HUGE AUTO MISSES IN THE USA
Good evening Ladies and Gentlemen:
Gold: $1,211.90 DOWN $2.90 (comex closing time)
Silver 15.91 down 6 cents
In the access market 5:15 pm
i) the June gold contract is an active contract and the second biggest delivery month of the year following December. Friday night, the bankers first day delivery issuance to our longs to be settled on June 1 was huge: the number was 3,508 gold notices for 350,800 oz or 10.9 tonnes of gold. On day two, we had another huge number of gold notices filed at 2281 for 228100 oz or 7.09 tonnes of gold.Thus in two days a total of 5789 notices have been filed for 578900 oz or 18.00 tonnes. There is no question that the bankers have uttered these words to one another: “Houston, we have a problem” in gold.
Let us have a look at the data for today
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 265.13 tonnes for a loss of 38 tonnes over that period
In silver, the total open interest FELL by only 1554 contracts DOWN to 198,118 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by a considerable 28 cents with respect to YESTERDAY’S trading.In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.990 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia &ex China)
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI rose by a tiny 1241 contracts up to 44,321 as the price of gold was UP $1.10 with YESTERDAY’S trading(at comex closing).
With respect to our two criminal funds, the GLD and the SLV:
We had a good size deposit in gold inventory at the GLD at 2.08 tonnes. The inventory rests at 870.74 tonnes. .
We had no change in silver inventory at the SLV/Inventory rests at 335.739 million oz
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FALL by 1554 contracts DOWN to 198,118 as the price of silver was DOWN by 28 cents with YESTERDAY’S trading. The gold open interest rose by 1,241 contracts up to 494,321 as gold was up $1.10 YESTERDAY.
2 a) Gold trading overnight, Goldcore
(Mark OByrne/off today
2b) Gold trading earlier this morning;
3c) FRBNY gold report on Germany’s repatriation of gold
3. ASIAN AFFAIRS
i)Late TUESDAY night/ WEDNESDAY morning: Shanghai closed DOWN BY 3.04 PTS OR 0.11% / Hang Sang closed DOWN 54.11 OR 0.26%. The Nikkei closed DOWN 279.25 POINTS OR 1.62% . Australia’s all ordinaires CLOSED DOWN 1.03% Chinese yuan (ONSHORE) closed DOWN at 6.5805 . Oil FELL to 48.49 dollars per barrel for WTI and 49.19 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades 6.5879 yuan to the dollar vs 6.5805 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS A BIT.
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
i)Japan’s PMI plunges to 47.7 as conditions worsened at the sharpest pace in 3 1/2 years. This is very bad for an exporting nation. The Nikkei plummeted on this news as well as the news that Abe will put off the new sales tax for two to three years. Investors are scared that Japan will be downgraded by the rating agencies:
ii)John Rubino of Dollar Collapse writes that Abe was desperate to get the G7 to indicate the world’s finances are falling apart and that would give Abe the ammunition to delay the sales tax. The G7 refused to do so. It does not matter: Abe will delay the sales tax and he indicated that he will increase stimulation again
( John Rubino/DollarCollapse)
iii)And here is Reuters official account of the retail sales tax delay
b) REPORT ON CHINA
i)Another shot across the bow by the POBC as they lower the onshore yuan (CNY).Other data released shows the mfg PMI hugging the 50 level and thus extremely close to contraction. The steel industry sees orders crash!
( zero hedge)
ii)As we are highlighting to you, the entire globe is revealing lower demand for goods. Today it is Hong Kong that released data showing a huge 7.5% plunge year over year in retail sales. This is the 14th consecutive drop for this colony:
( zero hedge)
4. EUROPEAN AFFAIRS
Hollande has a new nightmare as rail workers go on strike throughout France:( zero hedge)
5.RUSSIAN AND MIDDLE EASTERN AFFAIRS
i)With lousy PMI reports around the globe it is no wonder that oil tumbled to the 47 dollar handle:
( zero hedge)
ii)Totally nuts: oil spikes higher on another OPEC oil freeze headline.
BP has not been paid by Venezuela for shipping on tender to the Caribbean island of Curacao. BP has over 2 million barrels of oil stuck at the terminal in Curacao.\
(courtesy Charles Kennedy/OilPrice.com)
9. PHYSICAL MARKETS
i)Brandon White writes that investing is also about being moral.
ii)Barrick settles its suit over the Pascua Lama mine for $140.00 as they generally kept shareholders in the dark with respect to major problems preventing the mine from going into production:( Reuters/GATA)
iii)The legendary Jim Grant on gold:
( zero hedge)
ivA very good report from Tom Cloud, of SRSRocco report talking about the purchase of gold and silver. Wholesalers are warning of delays this fall. Actually we are getting delays now
USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)Not only are premiums set to skyrocket in 2017, but the USA’s largest USA health insurer now exits California and Illinois
( zero hedge)
ii)Chicago was suppose to contribute 834 million dollars to fund pensions so that it would be 90% funded by 2055. Last yrs contribution was 290 million. Instead lawmakers voted to allow Chicago to contribute 619 million dollars and even that amount had to be borrowed.
iii)I guess things are not doing well over at Goldman Sachs as they fire dozens of investment bankers:( zero hedge)
iv)The jobs report will be released on Friday. David Stockman does a good job describing the phoniness in those reports that we receive on the first Friday of every month:
v)USA manufacturing data suggests that that manufacturers are having a tough time as it is at its weakest point since 2009. I guess it is a great time to raise rates
vi)A huge plunge of 1.8% in April with respect to construction spending and much lower than the expected .6% rise.
vii)The auto sales of GM and Ford tumble in the big reporting month of May;