Gold & Silver Margins DOUBLED Ahead of BREXIT Vote

panicR.J. O’Brien broker called about 2 pm or so, said the margin per gold contract was doubling, effective close of biz this coming Monday, from $4950 per contract to $9900 per contract. [I didn’t think to ask about silver, was so stunned].
Broker said something about the BREXIT vote this coming Thursday, and effect on gold…

 

BROKERS RAISE GOLD/SILVER MARGINS AND THUS A REASON TODAY FOR GOLD AND SILVER’S INITIAL FALL: HOWEVER BOTH RECOVER DURING THE DAY/ROME HAS AN ANTI-ESTABLISHMENT, ANTI EURO MAYOR ELECTED YESTERDAY/NIGERIA HAS NOW ENTERED HYPERINFLATION AS THE NIRA DROPS 30%/SOME CLOWN BREAKS INTO THE CENTRAL BANK OF VENEZUELA/CATERPILLER SALES DROP FOR THE 42ND STRAIGHT MONTH

Buy Silver Coins and Silver Bars at SD Bullion

Good evening Ladies and Gentlemen:

Gold:  $1,290.00 DOWN $2.50    (comex closing time)

Silver 17.50  up 10 cents

In the access market 5:15 pm

Gold: 1289.90

Silver: 1751.

 

The June gold contract is an active contract. Last  night we had a poor sized 15 notices filed Fri night, for 1500 oz to be served upon Monday.  The total number of notices filed in the first 13 days is enormous at 15,156 for 1,515,600 oz.  (47.14 tonnes)

ii) in silver we had 80 notices filed for 400,000 oz..  Total number of notices served  in the 13 days:  489 for 2,445,000 oz

 

Today, both gold and silver held another vicious attack.  The bankers called on their broker friends to raise margin levels on gold and silver contracts and their excuse was the volatile conditions because of the British vote on whether to leave the EU or not.

Thus silver’s gain of 10 cents is quite extraordinary along with the big recovery in the price of gold. This is very bullish for us>

 

 

 
 

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 274.57 tonnes for a loss of 28 tonnes over that period

 

In silver, the total open interest ROSE by 3032 contracts UP to 205,342 DESPITE THE FACT THAT THE PRICE OF SILVER WAS down by 19 cents with respect to FRIDAY’S trading. In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.026 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia &ex China)

In silver we had 80 notices served upon for 400,000 oz.

In gold, the total comex gold OI ROSE by a CONSIDERABLE 7,231 contracts UP to 581,964 even though the price of gold was DOWN $3.60 with FRIDAY’S trading (at comex closing)  I expected a much higher OI in gold.

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

 GLD

Good activity  today:

We had one deposit:

 

this afternoon: 0.890 tonnes

Total gold inventory: 908.77 tonnes

 

 SLV

THIS MAKES NO SENSE!!

We had A HUGE WITHDRAWAL FROM  inventory  to the tune of 2.852 million oz; silver inventory tonight  rests  at 334.495 million oz.  If they did have some physical silver that inventory was used to ship to China which has been massively importing silver..

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 3,032 contracts up to 205,342 despite the fact that the price of silver was DOWN 19 cents with FRIDAY’S trading. The gold open interest ROSE by a considerable 7,231 contracts UP to 581,964 despite the fact that the price of gold was DOWN $3.60  ON FRIDAY.

(report Harvey).

 

2 a) Gold trading overnight Europe, Goldcore

(Mark OByrne/

3. ASIAN AFFAIRS

i)Late  SUNDAY night/ MONDAY morning: Shanghai closed UP 3.70 POINTS OR 0.13% / /Hang Sang closed UP 340.22 OR 1.68%. The Nikkei closed UP 365.64 POINTS OR 2.34% Australia’s all ordinaires  CLOSED UP 1.66% Chinese yuan (ONSHORE) closed UP at 6.5825 /Oil ROSE to 48.74 dollars per barrel for WTI and 50.08 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades  6.5903 yuan to the dollar vs 6.5825 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS A BIT 

REPORT ON JAPAN  SOUTH KOREA AND CHINA

a) REPORT ON JAPAN

none today

b) REPORT ON CHINA

 none today

4. EUROPEAN AFFAIRS

i)Voters show displeasure with establishment as anit-establishment 5 star movement has won a key mayoral race in Rome, with Virginia Raggi the new mayor of the city:

( zero hedge)

 

ii)Citibank is stunned by today’s move in the GBP/USA up to close to 1.48. Tje move is already at the extreme print level thought by Citibank  that if the BREMAIN wins, then the highest they thought the pound would rise to is 1.48.  The author is stunned by the continual rise in the Yen.  He is surprised by the rise in gold today and the rise in the Cdn dollar.  The Brexit decision is far from over: yet the entire fear of the market has been removed!

( zero hedge)

 

iii)trading from Europe today:  all green!

( zero hedge)

iv)The real truth behind the BREXIT debate:

(  Meijer/Automatic Earth Blog)
v)Then at 1:30 pm est Cable  (short form for GBP/USA) snapped! It fell to 14637, over 100 basis points lower from its zenith!

(courtesy zero hedge)
 
vi) Then late this evening: Cable dumps on latest poll showing the leaves out in front by 2 percentage points

(courtesy zero hedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

none today
 

6.GLOBAL ISSUES

i)Finally, we have a strong NATO alliance member (Germany) official Steinmeier  slams NATO’s warmongering against Russian:

( zero hedge)

ii)Nigeria’s currency plunges 30% overnight despite oil rising. The country is trying to use capital controls to stem the loss of USA dollars but it is of no use.  These guys are heading for hyperinflation!

( zero hedge)

7.OIL ISSUES

none today

 

8.EMERGING MARKETS

Of all the central banks in the world to break into, this doorknob broke into Venezuela’s Central bank and no doubt he will find that everything has been looted.

At least in prison he will get 3 meals and a bed:

( zero hedge)

9. PHYSICAL STORIES

i)A very important conversation with Andrew Maguire and Eric King.  Andrew is claiming that the physical gold market is playing havoc to our synthetic paper shorters. As london is running out of physical gold/silver as these precious metals are being shipped to London, he strongly believes that the paper price will rise exponentially to reach the real true level.

( Andrew Maguire/Kingworldnews)

ii)Stephen Leeb tells Kingworldnews that China continues to not only stockpile base metals but also huge supplies of silver and gold.

( Stephen Leeb/Kingworld news)

 

iii)Bill Holter and Jim Sinclair interviewed by Greg Hunter of USA Watchdog.  Please watch, post or forward if you wish.  Thanks,  Bill

 
 
iv)Interesting;  Americans top the Indians as top silver purchases of bulllion:(courtesy SRSRocco report)
 

10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER

i)Bellwether Caterpillar retail’s sales continue to decline.  This time for the 42nd consecutive month.  Global demand for good is simply awful:

( Caterpillar/zero hedge)

 

ii)Michael Snyder writes that the Republicans are now trying to change the rules at the convention to unbind the delegates so that they can vote for someone other than Trump:

( Michael Snyder)

 

iii)Lake Mead levels are now at record lows at 1072 feet.  You will recall me stating to you that 1075 is the level once breached would cause the authorities to issue cutbacks in Arizona and Nevada, but not yet California.   Lake Mead which receives its water from the Colorado River has been drying up for years.

( zero hedge)

Let us head over to the comex:

The total gold comex open interest ROSE to an OI level of 581,954 for a  gain of 7,231 contracts despite the fact that THE PRICE OF GOLD WAS DOWN $3.60 with respect to FRIDAY’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 A TINY LOSS 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 656 for a loss of 80 contracts. We had 4 notices filed ON FRIDAY, so we lost 76 contracts or 7600 additional oz  WILL NOT STAND FOR METAL.The next active contract month is July and here we saw it’s OI rose by a GOOD SIZED 201 contracts up to 4,784.This no doubt will 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 1,441 contracts UP to 423,847. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was GOOD at 243,174. The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was GOOD at 236,661 contracts. The comex is not in backwardation.

Today we had 15 notices filed for 1500 oz in gold.

 

And now for the wild silver comex results. Silver OI ROSE by 3,032 contracts from 202,310 UP to 205,342 despite the fact that  the price of silver was DOWN BY  19 cents with FRIDAY’S TRADING. The front month of June saw it’s OI FALL by 207 contracts DOWN TO  133. We had 207 notices filed ON FRIDAY , so we neither GAINED nor lost any contracts standing for this non active June contract month. The next big delivery month is July and here the OI ROSE BY 412 contracts UP to 90,784. We have LESS THAN two weeks to go before first day notice. The volume on the comex today (just comex) came in at 66,304 which IS HUGE. The confirmed volume YESTERDAY (comex + globex) was HUGE at 80,901. Silver is not in backwardation . London is in backwardation for several months.
 
 
 
We had 80 notices filed for 400,000 oz.
 

JUNE contract month:

INITIAL standings for JUNE

 
June 20.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil OZ
Withdrawals from Customer Inventory in oz  nil  557.15 OZDELAWARE

MANFRA

SCOTIA

INCL 2 KILOBARS

Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz   16,075.000 OZ500 KILOBARS

SCOTIA

No of oz served (contracts) today 15 contracts
(1500 oz)
No of oz to be served (notices) 641 contracts64,100 oz
Total monthly oz gold served (contracts) so far this month 15,156 contracts (1,515,600 oz)(47.141 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  150,442.8 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 3 customer withdrawals:

i) out of Delaware; 95.59 oz

ii) Out of Manfra: 64.30 oz  or 2 kilobars

iii) Out of Scotia; 397.26 oz

total customer withdrawals:  557.15 oz

 
 
 
 

Today we had 0 adjustments:

 
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 4 contracts of which 1 notices was stopped (received) by JPMorgan dealer and 3 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 (15,156) x 100 oz  or 1,515,600 oz , to which we  add the difference between the open interest for the front month of JUNE (656 CONTRACTS) minus the number of notices served upon today (15) x 100 oz   x 100 oz per contract equals 1,579,700 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 (15,156) x 100 oz  or ounces + {OI for the front month (656) minus the number of  notices served upon today (15) x 100 oz which equals 1,579,700 oz standing in this   active delivery month of JUNE (49.135 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 (49.135 TONNES) .
 
WE LOST 76 contracts or an additional 7600 oz will not stand for GOLD in this June delivery month. The CME must have been very busy trying to coax some of our remaining longs to accept fiat.
 
 
 
 
 
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 49.135 tonnes of gold standing for JUNE and 53.655 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 + 49.135 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 -jUNE 4: .5044 ; june 10 -.0008  = 65.758 tonnes still standing against 53.05 tonnes available.
 Total dealer inventor 1,705,727.692 tonnes or 53.655 tonnes
Total gold inventory (dealer and customer) =8,827,653.821 or 274.57 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 274.57 tonnes for a loss of 28 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 20.2016

Silver
Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory  186,226.961  ozBRINKS, CNT

HSBC,Scotia

Deposits to the Dealer Inventory 400,278.910 ozCNT
Deposits to the Customer Inventory  804,217.770  ozJPM, CNT
No of oz served today (contracts) 80 CONTRACTS (400,000 OZ)
No of oz to be served (notices) 53 contracts265,000 oz
Total monthly oz silver served (contracts) 489 contracts (2,445,000 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  20,357,560.6 oz

today we had 1 deposit into the dealer account

i) Into CNT:  400,278.910 oz

total dealer deposit:400,278.910 oz

we had 0 dealer withdrawals:

total dealer withdrawals:  nil

we had 2 customer deposits:

i) Into JPMorgan:  604,630.300 oz

ii) Into CNT:  199,587.470 oz

Total customer deposits: 186,226.961  oz.

We had 4 customer withdrawals

i) Out of Brinks:  57,260.85 oz

ii) Out of CNT:  39726.841 oz

iii) Out of HSBC: 29,183.600 oz

iv) Out of Scotia; 60,055.67 oz

:

total customer withdrawals:  186,266.961  oz

 
 Silver Eagle SD Bullion

 

 we had 1 adjustment

i) Out of Scotia:  20,959.42 oz was adjusted out of the customer account and this landed into the dealer account of Scotia:

 

 
The total number of notices filed today for the JUNE contract month is represented by 80 contracts for 400,000 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 (489) x 5,000 oz  = 2,445,000 oz to which we add the difference between the open interest for the front month of JUNE (133) and the number of notices served upon today (80) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the JUNE contract month:  489 (notices served so far)x 5000 oz +{133 OI for front month of JUNE ) -number of notices served upon today (80)x 5000 oz  equals  2,710,000 of silver standing for the JUNE contract month.
 
We  neither gained nor lost any silver ounces standing in this non active d
 
 
 
Total dealer silver:  23.941 million  (RECORD LOW INVENTORY)
 
Total number of dealer and customer silver:   151.061 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.
 
 
 
 
 
 
end
 
And now the Gold inventory at the GLD
June 20/we had one deposit of .890 tonnes of gold into the GLD inventory/Inventory.
rests at 908.77 tonnes.
 
June 17./we had two huge deposits: last night: 1.782 tonnes and this afternoon: 5.3480 tonnes/Inventory rests at 907.88 tonnes
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 seetomorrow’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
 
 
 
 
 
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June 20.:  inventory rests tonight at 908.77 tonnes

end

 

Now the SLV Inventory
June 20/we had another 2.852 million oz of silver withdrawn from the SLV. Again this is probably real silver leaving and heading straight to China.
 
June 17/a monstrous 5.418 million oz of silver withdrawn from the SLV.  This may be some real silver and thus it is heading for China which is massively importing silver/inventory rests at 337.347 million oz
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
 
 
 
.
June 20.2016: Inventory 334.495 million oz
 
 
end
 
This has been confirmed:
 

R.J. O’Brien broker called Mr XX about 2 pm or so, said the margin per gold contract was doubling, effective close of biz this coming Monday, from $4950 per contract to $9900 per contract. [I didn’t think to ask about silver, was so stunned]. Broker said something about the Brexit vote this coming Thursday, and effect on gold.

Silver Eagle SD Bullion