Gold PUMMELED By Algos On Rumors Of BREXIT Vote Delayed Indefinitely

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…

Harvey Organ

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/

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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 $1278.60

silver:  17.19

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).

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

GLD

We had no changes in inventory, the GLD/Inventory rests at  900.75 tonnes.

 SLV

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.

(report Harvey).

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2 a) Gold trading overnight Europe, Goldcore

(Mark OByrne/

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

none today

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.

(courtesy zero hedge)

 

 

i c)Of greater concern for Europe is the rise in peripheral bond risk e.g. Italy and Spain:

( zero hedge)
ii)Another example of the broken system:  A 33 yr Swiss bond yields negative.  You have the privilege of lending Switzerland for 33 years and get back your original investment:( zero hedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

none today

6.GLOBAL ISSUES

none today

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7.OIL ISSUES

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:

We have seen rig counts rise for two consecutive weeks.  Does this signal the end of the oil rally?
( Nick Cunningham/oilPrice.com)

8.EMERGING MARKETS

none today

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

( GATA)

iii)Not only has sovereign China dumped USA treasuries but Chinese citizens have liquidated vast quantities of USA equities:

( Wong/Bloomberg)

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!

( zero hedge)

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

( Michael Snyder/Economic Collapse Blog)

Let us head over to the comex:

The total gold comex open interest ROSE to an OI level of 554,976 for a  gain of 9,619 contracts AS THE PRICE OF GOLD WAS UP $0.80 with respect to YESTERDAY’S TRADING. . WE HAVE ENTERED THE SECOND BIGGEST DELIVERY MONTH OF THE YEAR THAT IS 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 MAY WE DID WITNESS A GRADUAL RISE IN AMOUNT STANDING AND THE AMOUNT STANDING AT THE CONCLUSION OF THE MONTH FINISHED AT ITS ZENITH. IN JUNE, ON FIRST DAY NOTICE WE HAVE CERTAINLY WITNESSED THE FORMER, A HUGE LOSS OF TOTAL OPEN INTEREST CONTRACTS FOR THE ENTIRE GOLD COMEX COMPLEX . HOWEVER WE HAVE MORE THAN MADE UP FOR THE LOSS AS MORE INVESTORS ENTER THE ARENA TO TAKE ON THE CRIMINAL BANKERS. WE HAD ANOTHER GAIN IN JUNE OI TODAY FOR GOLD OZ STANDING IN THIS ACTIVE JUNE CONTRACT.

The FRONT gold contract month of June saw it’s OI fall to 909 for a loss of 296 contracts. We had 297 notices filed yesterday, so we gained 1 contract or 100 additional oz  WILL STAND FOR METAL. The next active contract month is July and here we saw it’s OI rose by a huge 866 contracts up to 3909. This may be troublesome for our bankers as the front July contract month is extremely high for a non active month and it also refuses to shrivel.

The next big active contract month is August and here the OI ROSE by 7,502 contracts UP to 409,876. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was EXCELLENT at 340,429. The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was good at 215,614 contracts.

The comex is not in backwardation.

Today we had 140 notices filed for 29700 oz in gold.

 

And now for the wild silver comex results. Silver OI ROSE by 3027 contracts from 199,111 UP to 202,138 despite the fact that the price of silver was UP BY ONLY 8 cents with YESTERDAY’S TRADING. The front month of June saw it’s OI FALL by 1 contract LOWERING DOWN TO  338. We had 0 notices filed yesterday, so we LOST 1 CONTRACT OR 5,000 SILVER OUNCES WILL NOT STAND FOR DELIVERY. The next big delivery month is July and here the OI ROSE BY 354 contracts UP to 90,828. We have two weeks to go before first day notice. The volume on the comex today (just comex) came in at 92,420 which IS HUMONGOUS. The confirmed volume YESTERDAY (comex + globex) was huge at 61,998. Silver is not in backwardation . London is in backwardation for several months.
 
We had 0 notices filed for nil oz.
 

JUNE contract month:

INITIAL standings for JUNE

June 16.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil OZ
Withdrawals from Customer Inventory in oz  nil  nil 
Deposits to the Dealer Inventory in oz NIL 
Deposits to the Customer Inventory, in oz   NIL
No of oz served (contracts) today 140 contracts
(14,000 oz)
No of oz to be served (notices) 769 contracts76900 oz
Total monthly oz gold served (contracts) so far this month 15,137 contracts (1,513,700 oz)(47.082 TONNES SO FAR)
Total accumulative withdrawals  of gold from the Dealers inventory this month   1400.01 OZ
Total accumulative withdrawal of gold from the Customer inventory this month  149,885.6 OZ

Today we had 0 dealer DEPOSITS

 

total dealer deposit:  NIL  0z

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 0 customer deposit:

Total customer deposits; NIL   OZ

Today we had 0 customer withdrawals:

 

total customer withdrawals:  NIL oz

Today we had 1 adjustment:

i) out of HSBC  32,215.202 oz was adjusted out of the customer and this landed into the dealer account

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 140 contracts of which 51 notices was stopped (received) by JPMorgan dealer and 71 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 (15,137) x 100 oz  or 1,513,700 oz , to which we  add the difference between the open interest for the front month of JUNE (909 CONTRACTS) minus the number of notices served upon today (140) x 100 oz   x 100 oz per contract equals 1,590,600 oz, the number of ounces standing in this active month.  This number is EXTREMELY huge for JUNE.  THE AMOUNT STANDING FOR GOLD IN MAY HELD THROUGHOUT THE MONTH AND ACTUALLY INCREASED AS THE MONTH PROCEEDED. AND IT SURE LOOKS LIKE IT WILL HAPPEN AGAIN IN JUNE. 
 
Thus the INITIAL standings for gold for the JUNE. contract month:
No of notices served so far (15,137) x 100 oz  or ounces + {OI for the front month (909) minus the number of  notices served upon today (140) x 100 oz which equals 1,590,500 oz standing in this   active delivery month of JUNE (49.474 tonnes).
INTERESTINGLY FIRST DAY NOTICE HAD 49.119 TONNES OF GOLD STANDING FOR DELIVERY SO WE HAVE GAINED BACK   ALL OF THE GOLD LOST IN STANDING DUE TO FIAT SETTLEMENTS from the start of the month (49.474 TONNES) .
WE  gained 1 contract or an additional 100 oz will  stand for GOLD
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 49.474 tonnes of gold standing for JUNE and 53.05 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 + 49.474 TONNES FOR JUNE + 12.3917 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery onMarch 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 -jUNE 4: .5044 ; june 10 -.0008  = 66.202 tonnes still standing against 53.05 tonnes available.
 Total dealer inventor 1,705,727.692 tonnes or 53.05 tonnes
Total gold inventory (dealer and customer) =8,812,135.971 or 274.09 tonnes 
 
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. 
 
JPMorgan has only 25.70 tonnes of gold total (both dealer and customer)
JPMorgan now has only .900 tonnes left in its dealer account.
THE GOLD COMEX IS AN ABSOLUTE FRAUD. THE USE OF KILOBARS AND EXACT WEIGHTS MAKES THE DATA TOTALLY ABSURD!!
 
 end
GOOD ACTIVITY AGAIN INSIDE THE SILVER COMEX
And now for silver
 

June initial standings

 June 16.2016

Silver
Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory  1,267,048.376  oz 

SCOTIA

CNT

Deposits to the Dealer Inventory NIL
Deposits to the Customer Inventory   908,167.130  ozJPM,BRINKS

CNT,

No of oz served today (contracts) 0 CONTRACTS nil OZ
No of oz to be served (notices) 338 contracts1,690,000 oz
Total monthly oz silver served (contracts) 202 contracts (1,010,000 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  19,412,017.2 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 3 customer deposits:

i) Into JPMorgan:  606,692.400 oz

ii) Into Brinks: 299,472.73 oz

iii) Into CNT: 2002.000 oz????

Total customer deposits: 908,167.130  oz.

We had 2 customer withdrawals

 

i) Out of CNT: 604,629.946 oz

ii) Out of Scotia: 662,418.430  oz

:

total customer withdrawals:  1,267,048.376 oz

 
 

 

 we had 1 adjustment and it was a doozy:

Out of the JPMorgan vault:

1,038,012.700 oz was adjusted out of the customer and into the dealer account of JPMorgan

 

The total number of notices filed today for the JUNE contract month is represented by 0 contracts for nil 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 (202) x 5,000 oz  = 1,010,000 oz to which we add the difference between the open interest for the front month of JUNE (338) 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:  202 (notices served so far)x 5000 oz +{338 OI for front month of JUNE ) -number of notices served upon today (0)x 5000 oz  equals  2,700,000 of silver standing for the JUNE contract month.
We lost 1 contract or 5,000 additional silver ounces will not stand today.
 
Total dealer silver:  23.520 million  (RECORD LOW INVENTORY)
Total number of dealer and customer silver:   150.412 million oz
The total open interest on silver is NOW moving closer to its all time high with the record of 207,394 being set May 18.2016. The registered silver (dealer silver) is NOW AT  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.
THE RUN ON THE SILVER COMEX INCREASES IN INTENSITY AS THE CUSTOMER ACCOUNT DROPS BY  358,000 + OZ.
end
And now the Gold inventory at the GLD
JUNE 16/no changes in GLD/Inventory rests at 900.75 tonnes.
June 15/the farce continues:  another paper deposit of 2.08 tonnes into the GLD/Inventory rests at 900.75 tonnes. Wait until you see tomorrow’s level!!
June 14./ANOTHER HUGE “PAPER” DEPOSIT OF 2.38 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 898.67 TONNES
JUNE 13/ANOTHER GOOD SIZED PAPER GOLD DEPOSIT OF 2.47 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS 896.29 TONNES
June 10/a huge “paper” deposit of 6.54 tonnes of gold into the GLD/Inventory rests at 893.92 tonnes
JUNE 9. a huge deposit of 6.23 tonnes of gold into the GLD/Inventory rests at 887.38 tones
June 8/no change in inventory at the GLD/Inventory rests at 881.15 tonnes
june 7/ a tiny withdrawal of .29 tonnes of inventory/probably to pay for fees/Inventory rests at 881.15 tonnes
June 6/no change in gold inventory at the GLD/Inventory rests at 881.44 tonnes
June 3/ We had two big  sized deposits of 4.46 tonnes early this morning and then another 6.24 tonneslate tonight/ new GLD total: 881.44 tonnes  (total: 10.7 tonnes)
June 2/no change in gold inventory at the GLD.Inventory rests at 870.74 tonnes
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..
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June 16.:  inventory rests tonight at 900.75 tonnes

end

Now the SLV Inventory
JUNE 16./no changes in silver inventory/rests tonight at 342.765 million oz
June 15and the dfarce continues for the SLV/we had a massive 2.376 million oz of a paper deposit into the SLV/Inventory rests at 342.765 million oz
June 14./NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY REMAINS AT 340.389 MILLION OZ
JUNE 13/A HUGE PAPER SILVER ADDITION OF 1.664 MILLION OZ/INVENTORY RESTS AT 340.389 MILLION OZ
June 10/no change in silver inventory at the SLV/Inventory rests at 338.725 million oz
JUNE 9/no change in silver inventory at the SLV/Inventory rests at 338.725 million oz.
June 8/no change in silver inventory at the SLV/Inventory rests at 338.725 million oz
june 7/ we had a huge addition (deposit) of 1.456 million oz into the SLV/Inventory rests at 338.725 million oz/
June 6/no change at the SLV/Inventory rests at 337.299 million oz/
June 3/ a huge deposit of 1.56 million oz was added to the SLV inventory/new inventory rests at 337.299 million oz
June 2/no change in silver inventory at the SLV/Inventory rests at 335.739 million oz
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/
.
June 16.2016: Inventory 342.765 million oz
end

NPV for Sprott and Central Fund of Canada

1. Central Fund of Canada: traded at Negative 2.2 percent to NAV usa funds and Negative 2.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.2%
Percentage of fund in silver:37.5%
cash .+1.3%( June 16/2016). /
2. Sprott silver fund (PSLV): Premium FALLS  to -0.41%!!!! NAV (June 1562016) 
3. Sprott gold fund (PHYS): premium to NAV  RISES TO +2.20% to NAV  ( June 1562016)
Note: Sprott silver trust back  into NEGATIVE territory at -41% /Sprott physical gold trust is back into positive territory at +2.20%/Central fund of Canada’s is still in jail.