Germany Repatriates 22 Tonnes of Gold From NY Fed! – Harvey Organ

Gold BundesbankWe 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

2016 Silver Eagles Sale

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

Gold $1213.00

silver:  15.98

 

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).

 

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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.

(report Harvey).

 

2 a) Gold trading overnight, Goldcore

(Mark OByrne/off today

2b)  Gold trading earlier this morning;

(Mark O’byrne)

 

3c) FRBNY gold report on Germany’s repatriation of gold

(Harvey)

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:

( zerohedge)

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

(Reuters/Kajimoto)

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

none today

6.GLOBAL ISSUES

none today

7.OIL ISSUES

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.

This will never happen:
( zero hedge)
iii) after the market closed:
UAE minister kills all hope of an OPEC oil production freeze
(zero hedge)

8.EMERGING MARKETS

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.

( Brandon White/ BMGBullion.co/GATA)

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

(courtesy Tom Cloud/SRSRocco report)

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.

No wonder many wealthy are leaving Chicago. Chicago will be the next Detroit to default and also the state of Illinois will also default.
In order to curtail the shortfall, the city is proposing a transaction tax on CME transactions of one dollar per trade.  Duffy, the chairman of the CME stated that they would move if the transaction tax was implimented
( zero hedge)

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:

( zero hedge)

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

( PMI mfg/zero hedge)

vi)A huge plunge of 1.8% in April with respect to construction spending and much lower than the expected .6% rise.

Another good indicator for Janet to raise rates!
( zero hedge)

vii)The auto sales of GM and Ford tumble in the big reporting month of May;

( zero hedge)

Let us head over to the comex:

The total gold comex open interest ROSE to an OI level of 494,321 for a GAIN of 1,241 contracts AS THE PRICE OF GOLD WAS UP $1.10 with respect to YESTERDAY’S TRADING.  We have now finished the NON active delivery month of MAY AND ENTER THE SECOND BIGGEST DELIVERY MONTH OF THE YEAR, JUNE, A VERY ACTIVE MONTH. For the past two years, we have strangely witnessed two interesting developments and we have generally seen two phenomena happen respect to the gold open interest:  1) total gold comex collapses in OI as we enter any delivery month  and 2) a continual drop in the amount of gold standing in that month as that month progresses. IN THE MONTH OF MAY THE LATER HAD STOPPED. DURING THE MONTH WE DID WITNESS A GRADUAL RISE IN AMOUNT STANDING AND THE AMOUNT STANDING FINISHED AT ITS ZENITH. IN JUNE, ON FIRST DAY NOTICEWE HAVE CERTAINLY WITNESSED THE FORMER, A HUGE LOSS OF TOTAL OPEN INTEREST CONTRACTS FOR THE ENTIRE GOLD COMEX COMPLEX . WE NOW AWAIT TO SEE IF THE FRONT JUNE OPEN INTEREST DWINDLES THROUGHOUT THE MONTH OR RISES LIKE THE MAY GOLD CONTRACT MONTH:  I.E. WILL THEY BE SETTLED IN FIAT OR GOLD. 

The FRONT gold contract month of June saw it’s OI fall to 10,939 for a loss of 5,446 contracts. We had 3508 notices filed yesterday, so we lost 1,938 contracts or ( 193,800 oz ) standing to cash settlements.Generally on the first day, we lose a lot more. The next active contract month is July and here we saw it’s OI rise by 172 contracts up to 2990. The next big active contract month is August and here the OI rose by 2,722 contracts up to 357,090. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 152,093.  The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was EXCELLENT at 257,769 contracts. The comex is not in backwardation.

Today we had a another monstrous 2281 notices filed for 228,100 oz in gold.(7.09 tonnes)

 

And now for the wild silver comex results. Silver OI FELL by only 1554 contracts from 199,672 DOWN to 198,118 despite the fact that the price of silver was down BY 28 cents with YESTERDAY’S TRADING. The front month of June saw it’s OI fall by 5 contracts down to 550. We had 3 notices filed yesterday, so we lost only 3  contracts or 15,000 additional oz that will not stand for delivery. The next big delivery month is July and here the OI fell by 3,268 contracts DOWN to 125,430. The volume on the comex today (just comex) came in at 43,882 which is very good. The confirmed volume ON FRIDAY (comex + globex) was humongous at 75,287. Silver is not in backwardation . London is in backwardation for several months.
 
We had 0 notices filed for 15,000 oz.
 

JUNE contract month:

INITIAL standings for JUNE

June 1.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil  NIL 
Deposits to the Dealer Inventory in oz  

NIL

 

Deposits to the Customer Inventory, in oz    71,230.452 OZBRINKS

HSBC

INCL. 225 KILOBARS)

No of oz served (contracts) today 2281 contracts
(228,100 oz)
No of oz to be served (notices) 8,658 contracts865,800 oz
Total monthly oz gold served (contracts) so far this month 5789 contracts (578,900 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month  9645.000 OZ

Today we had 0 dealer deposit

 

total dealer deposit:  NIL 0z

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 2 customer deposits:

i) Into Brinks: 7,233.75 oz (225 kilobars)

ii) Into HSBC: 63,996.702 oz  (legit.)

Total customer deposits;  71,230.452 OZ

Today we had 0 customer withdrawals:

 

total customer withdrawals: nil OZ

Today we had 2 adjustments and they were dandies!

Out of HSBCs:

111,382,997 oz was adjusted into the dealer account from the customer account

 

Out of Manfra:

a whopping 67,515.000 oz was adjusted out of the customer and this landed into the dealer account of Manfra. You will recall that 3 weeks ago Manfra took in a huge amount of “kilobars”.  Now we now why?  these are going to be used in the settlement process.This seems very far fetched!! I do not believe they have this inventory!

 

Today, 0 notices was issued from JPMorgan dealer account and 1039 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2281 contracts of which 1118 notices was stopped (received) by JPMorgan dealer and 381 notices was stopped (received)  by JPMorgan customer account. 
To calculate the initial total number of gold ounces standing for the JUNE contract month, we take the total number of notices filed so far for the month (5789) x 100 oz  or 578,900 oz , to which we  add the difference between the open interest for the front month of JUNE (10,939 CONTRACTS) minus the number of notices served upon today (2281) x 100 oz   x 100 oz per contract equals 1,444,700 oz, the number of ounces standing in this active month.  This number is still huge for JUNE.  THE AMOUNT STANDING FOR GOLD IN MAY HELD THROUGHOUT THE MONTH AND ACTUALLY INCREASED AS THE MONTH PROCEEDED. LET US SEE WHAT HAPPENS TO OUR REMAINING LONGS IF THEY WILL SETTLE WITH FIAT OR GOLD.
 
Thus the INITIAL standings for gold for the JUNE. contract month:
No of notices served so far (5789) x 100 oz  or ounces + {OI for the front month (10,939) minus the number of  notices served upon today (2281) x 100 oz which equals 1,444,700 oz standing in this   active delivery month of JUNE (44.93 tonnes).
I would expect that we will have some paper players standing for fiat bonus on settlement early.  The fun will begin when these guys are all exhausted.
Since the comex allows GLD shares to be used for settling, it may take quite a while for the physical gold to enter the comex vaults.  So far I have seen little evidence of any settling of contracts but I will continue to monitor it for you. 
 
We thus have 44.930 tonnes of gold standing for JUNE and 30.278 tonnes of registered gold for sale, waiting to serve upon those standing.  The bankers are still doing their best in cash settling as there is not enough registered gold to satisfy those that are standing.
We now have partial evidence of gold settling for last months deliveries We now have 6.889 TONNES FOR MAY + 44.93 TONNES FOR JUNE + 12.3917 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) + March 31: 1.2470 and then  April 1,2: – .0006 tonnes  and last week April 16 .3203 and April 22 .(0009 tonnes) + april 29  .205 tonnes + May 5:  3.799 and May 6: 1.607 tonnes – MAY 12  .0003- May 18: 1.5635 tonnes-May 19/   2.535 tonnes-May 27 .0185 – .024 TONNES MAY 31   = 62.122 tonnes still standing against 30.278 tonnes available.
 
Total dealer inventor 1,152,362.861 tonnes or 35.843 tonnes
Total gold inventory (dealer and customer) =8,523,938.352 or 265.13 tonnes 
 
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. 
 
JPMorgan has only 22.79 tonnes of gold total (both dealer and customer)
JPMorgan now has only .900 tonnes left in its dealer account.
 
 end
And now for silver
 

June initial standings

 June 1.2016

Silver
Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory  1,200,901.340 ozJPM,Scotia
Deposits to the Dealer Inventory nil oz
Deposits to the Customer Inventory  299,701.67 ozCNT
No of oz served today (contracts) 0 CONTRACTS nil OZ
No of oz to be served (notices) 550 contracts2,750,000 oz
Total monthly oz silver served (contracts) 3 contracts (15,000 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  11,026,499.5 oz

today we had 0 deposit into the dealer account

total dealer deposit:nil oz

we had 0 dealer withdrawals:

total dealer withdrawals:  nil

we had 1 customer deposit:

i) Into CNT:  299,701.670 oz

Total customer deposits: 299,791.67 oz.

We had 0 customer withdrawals

:

total customer withdrawals:  nil oz

 
 

 

 we had 2 adjustments

i) Out of JPM:  599,999.900 oz was adjusted out of the dealer and this landed into the customer account of JPM.  This no doubt is a settlement.

ii) Out of Scotia;  600,901.440 oz was adjusted out of the dealer and this landed into the customer account of Scotia

this too no doubt is a settlement.

Note the difference between gold and silver in the adjustments.  In gold, the dealers received gold from the customer but it was not settled to the customer account.

The total number of notices filed today for the JUNE contract month is represented by 0 contracts for 15,000 oz. To calculate the number of silver ounces that will stand for delivery in JUNE., we take the total number of notices filed for the month so far at (3) x 5,000 oz  = 15,000 oz to which we add the difference between the open interest for the front month of JUNE(550) 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 JUNE contract month:  3 (notices served so far)x 5000 oz +{550 OI for front month of JUNE ) -number of notices served upon today (0)x 5000 oz  equals  2,765,000 of silver standing for the JUNE contract month.
We lost 2 contracts or an additional 10,000 oz will not stand for delivery in this non active month of June. The loss was surprisingly small.
 
Total dealer silver:  26.693 million
Total number of dealer and customer silver:   152.996 million oz
The open interest on silver is NOW AT CLOSE an all time high with the record of 207,394 being set May 18.2016. The registered silver (dealer silver) is close to multi year lows as silver is being drawn out 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
June 1.2016/ a good sized deposit of 2.08 tonnes/Inventory rests at 870.74 tonnes
May 31/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 868.66 TONNES
May 27/no change in gold inventory at the GLD/Inventory rests at 868.66 tonnes
May 26./no change at the GLD/Inventory rests at 868.66 tonnes
May 25./no change in gold inventory at the GLD/Inventory rests at 868.66 tonnes
MAY 24/ a good sized withdrawal of 3.86 tonnes of paper gold from the GLD/Inventory rests at 868.66 tonnes
May 23./this is rather impossible: another huge deposit of 3.26 tonnes into the GLD with the price of gold down again today?/inventory rests at 872.52 tonnes
May 20/what!!!A MONSTER DEPOSIT OF :8.92 TONNES OF GOLD INTO THE GLD INVENTORY/AND WITH GOLD DOWN $2.80??/INVENTORY RESTS AT 869.26
May 19/ANOTHER HUGE DEPOSIT OF 4.46 TONNES OF GOLD INTO THE GLD/iNVENTORY RESTS AT 860.34 TONNES
May 18 /no changes in inventory at the GLD/Inventory rests at 855.89 tonnes.
May 17/ we had a huge deposit of 4.76 tonnes of gold into the GLD/Inventory rests tonight at 855.89 tonnes/in the last two and 1/2 weeks we have added 50 tonnes of gold and this most likely was all paper gold addition..
May 16./ today we had no changes in inventory at the GLD/Inventory rests at 851.13 tonnes
May 13./another addition of 5.94 tonnes of gold into the GLD/Inventory rests at 851.13 tonnes
May 12/another huge deposit of 3.27 tonnes in gold inventory at the GLD/inventory rests at 845.19 tonnes
May 11/another huge deposit of 2.67 tonnes in gold inventory at the GLD/Inventory rests at 841.92 tonnes
May 10/Another huge deposit of 2.38 tonnes in gold inventory at the GLD/Inventory rests at 839.25 tonnes
May 9/Surprisingly we had another deposit of 2.68 tonnes of gold into the GLD with gold down!! Inventory 836.87 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

June 1.:  inventory rests tonight at 870.74 tonnes

end

Now the SLV Inventory
June 1/no change in silver inventory at hte SLV/inventory rests at 335.739  million oz
May 31/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 335.739 MILLION OZ
May 27/no change in silver inventory at the SLV/Inventory rests at 335.739 million oz/
May 26./ no change in silver inventory at the SLV/Inventory rests at 335.739 million oz
May 25./no change in silver inventory at the SLV/Inventory rests at 335.739
MAY 24/no change in inventory at the SLV/Inventory rests at 335.739 million oz
May 23./we had a small withdrawal of 285,000 oz and that generally means payment of fees.Inventory rests at 335.739 million oz
May 20/WE HAD A GOOD SIZED DEPOSIT OF 951,000 OZ INTO THE SLV/INVENTORY RESTS AT 336.024 MILLION OZ
May 19/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz
May 18/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz/
May 17/no change in silver inventory at the SLV/Inventory rests at 335.073 million oz/
May 16./no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz
May 13./no change in silver inventory at the SLV/inventory rests at 335.073 million oz
May 12/no change in silver inventory/rests tonight at 335.073 million oz/
 May 11.2016/no change in silver inventory/rests tonight at 335.073 million oz/
May 10.2016/we had a huge withdrawal of 1.046 million oz in silver leaving the SLV,no doubt for Shanghai which lately has been gobbling up whatever inventory it could lay its hands on/Inventory rests at 335.073 million oz.
May 9. no change in silver inventory/rests at 336.119 million oz.
.
June 1.2016: Inventory 335.739 million oz
end

NPV for Sprott and Central Fund of Canada

will update on this site later tonight/

1. Central Fund of Canada: traded at Negative 4.8 percent to NAV usa funds and Negative 5.1% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.4%
Percentage of fund in silver:37.2%
cash .+1.4%( June 1/2016). /NOT OUT YET/WILL UPDATE WHEN i RECEIVE IT
2. Sprott silver fund (PSLV): Premium FALLS to -0.32%!!!! NAV (June 1.2016) 
3. Sprott gold fund (PHYS): premium to NAV  rises TO +0.74% to NAV  ( June 1.2016)
Note: Sprott silver trust back  into NEGATIVE territory at -32% /Sprott physical gold trust is back into positive territory at +0.74%/Central fund of Canada’s is still in jail.
It looks like Eric Sprott got on the nerves of our bankers as they lowered the premium in silver to -0.32%.  Remember that Eric is to get 75 million dollars worth of silver in a new offering.
 
 
 

END

 

Federal Reserve Bank of New York Report on Earmarked Gold Transferred out of the Facility

(Harvey)

The Month of April saw a reading of 7,951 million dollars worth of gold valued at $42.22 per oz

The previous reading in March saw a reading of 7,981 million dollars worth of gold valued at $42.22/ oz

 

Thus we had a rather large 30 million dollars worth of gold (at 42.22 per oz) leave NY.

In ounces, we had 30 million /42.22 dollars = 710,563 oz leave or 22.10 tonnes

Since Germany is the only official nation that asked for its repatriation, then we are pretty sure that this gold belongs to them.  The previous month saw a little over 10 tonnes so Germany is quite anxious to get more of its gold onto its shores.

2016 Silver Eagles Sale