R.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
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
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.
With respect to our two criminal funds, the GLD and the SLV:
Good activity today:
We had one deposit:
this afternoon: 0.890 tonnes
Total gold inventory: 908.77 tonnes
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.
2 a) Gold trading overnight Europe, Goldcore
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
b) REPORT ON CHINA
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:
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
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)
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
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.