Gold was on a tear early this morning rising to $1315.00. Then somehow there was a story that London’s bookies were betting a 60% chance that there will not be a BREXIT and that sent gold tumbling. THE STORY CAME OUT YESTERDAY MORNING. Then Jo Cox, MP in the English Parliament (and against BREXIT) was assassinated.
Rumours began immediately this would cause a delay in the BREXIT vote, and the algo driven pummeling of gold/silver was on…
GOLD AT FIRST RISES TO $1315 AND THEN WHACKED BY BANKSTERS DOWN TO $1280.00/MP JO COX ASSASSINATED IN ENGLAND/OIL BREAKS INTO THE 46 DOLLAR COLUMN/GOLD STANDING INCREASES TO 49.474 TONNES/
Good evening Ladies and Gentlemen:
Gold: $1,296.10 UP $10.30 (comex closing time)
Silver 17.59 UP 10 cents
In the access market 5:15 pm
Gold was on a tear early this morning rising to $1315.00. Silver however lagged behind and rose to only $17.86. Then somehow there was a story that London’s bookies were betting a 60% chance that there will not be a BREXIT and that sent gold tumbling. THE STORY CAME OUT YESTERDAY MORNING. This morning ( see story below) Jo Cox ,MP in the English Parliament was assassinated by a mentally ill person. There were rumours that this would cause a delay in the vote and it was from that point on that the Dow rebounded as well as the pummeling of gold/silver.
As far as I am concerned, it was another orchestrated (collusive) comex raid.
You should be very much aware that the fundamentals remain the same, the USA cannot raise rates as well as Europe is still in turmoil with major banking problems.
i) the June gold contract is an active contract. Last night we had a good sized 140 notices filed for 14,000 oz to be served upon today. The total number of notices filed in the first 11 days is enormous at 15,137 for 1,513,700 oz. (47.082 tonnes)
ii) in silver we had 0 notices filed. total number of notices served in the 10 days: 202 for 1,010,000 oz
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 274.09 tonnes for a loss of 29 tonnes over that period
In silver, the total open interest ROSE by 3027 contracts UP to 202,138 DESPITE THE FACT THAT THE PRICE OF SILVER WAS up by only 8 cents with respect to YESTERDAY’S trading. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.010 BILLION TO BE EXACT or 142% 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 CONSIDERABLE 9619 contracts UP to 554,976 as the price of gold was UP $0.80 with YESTERDAY’S trading (at comex closing).
With respect to our two criminal funds, the GLD and the SLV:
We had no changes in inventory, the GLD/Inventory rests at 900.75 tonnes.
We had no change in inventory, silver inventory tonight rests at 342.765 million oz.
Both the GLD and SLV are massive frauds as they have no metal behind them!
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE by 3027 contracts up to 202,138 despite the fact that the price of silver was UP by only 8 cents with YESTERDAY’S trading. The gold open interest ROSE by 9619 contracts UP to 554,976 as the price of gold was up $0.80 YESTERDAY.
2 a) Gold trading overnight Europe, Goldcore
3. ASIAN AFFAIRS
i)Late WEDNESDAY night/ THURSDAY morning: Shanghai closed DOWN 14.39 POINTS OR 0.50% / /Hang Sang closed DOWN 429.10 OR 2.10%. The Nikkei closed DOWN 485.44 POINTS OR 3.05% Australia’s all ordinaires CLOSED UP 0.03% Chinese yuan (ONSHORE) closed DOWN at 6.5891 /Oil FELL to 47.30 dollars per barrel for WTI and 48.31 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades 6.6023 yuan to the dollar vs 6.5891 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS A BIT AS DOLLARS LEAVE THE COUNTRY
REPORT ON JAPAN SOUTH KOREA AND CHINA
a) REPORT ON JAPAN
b) REPORT ON CHINA
Last night 9:30 pm est:
Gold just surpassed 1300.00. Bitcoin surges in China. Japanese bonds hit record -.195% on the 10 yr bond. The Chinese yuan initially surges from its lows of 6.60 and the yen spikes higher at 104.55. The 10 yr treasury bond yield plummets to 1.55%
( zero hedge)
4. EUROPEAN AFFAIRS
i a)From Europe this morning: huge BREXIT concerns as more polls indicate a “leave”. European banks collapse as gold skyrockets past $1308.00. On top of that the Euro crashes but the yen rises killing off our remaining yen carry traders:
( zero hedge)
i b Then later in the morning, British MP Jo Cox was assassinated allegedly by a man screaming “Britain first”. This sparked a bullish buying binge in stocks on hopes of a delay in the vote.
i c)Of greater concern for Europe is the rise in peripheral bond risk e.g. Italy and Spain:
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
1 oz Silver Superman S-Shield
i)Oil crashes into the 46 dollar handle, the lowest in 5 weeks and it is now at a crucial support level:
( zero hedge)
ii)A good commentary:
9. PHYSICAL STORIES
i)I have been harping continually to you that technical analysis will not work when you have continual manipulation of markets especially gold and silver. Saville refuses to answer Chris Powell:
( Chris Powell/GATA)
ii)Bill Murphy interviewed by Elijah Johnson of Finance and Liberty
iii)Not only has sovereign China dumped USA treasuries but Chinese citizens have liquidated vast quantities of USA equities:
iv)Collectively the holdings of silver in all ETF’s soared to record heights this month.Strangely the price of silver is falling behind the rise in quantity of metal.
( zero hedge)
10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i.A)This morning, the 10 yr USA bond yield collapses to 1.5244 as the entire world’s bourses were terribly underwater:
( zero hedge)
i)Initial jobless claims rise to 277,000, higher than expected, but it is the Fed’s own Labour Market Index that collapsed to negative 4.3 and that indicates recession:
( zero hedge)
ii)The following is a big headache for the Fed as now “core” inflation i.e. inflation ex food ex energy rose above the Fed’s comfort zone of 2%. The big problem: imputed rent!
iii)The Fed Philly Mfg index jumps from negative 1.8 to positive 4.7, a little less exuberant than what the mainstream would want. However deep into the numbers: number of employees tumble; the very important new orders fall to 4 month lows and the average work week remains deep in contraction mode. Generally another dismal report:(courtesy zero hedge)/Philly mfg index)
iv)The following is a terrific commentary from our very popular Michael Snyder who gives us 15 major facts that show that the USA economy is imploding