Harvey Organ: $4 T in Greek Derivatives to Detonate in 10 Days- ENTIRE FINANCIAL WORLD WILL FALL LIKE DOMINOES!

Tonight’s commentary regarding the Greek ultimatum is the most important development in quite some time.  If I was a betting man, I strongly believe that China and Russia have had extensive talks and they are willing to finance the Greeks.
If Greece does its GREXIT then derivatives will blow up the entire globe. 

It means that the entire 320 billion euros of debt will blow up along with around 3.4 to 4 trillion of derivatives on Greece and interest rates on Greek bonds etc.
THE ENTIRE FINANCIAL WORLD WILL FALL LIKE DOMINOES…

 

Submitted by Harvey Organ:

YOUR QUOTE OF THE DAY:  YANIS TALKING ABOUT THE EU PERSONNEL:

stated late in the day after the EU issued a 10 day ultimatum (see below)

(carpet-bombing = complete obliteration as a carpet completely covers the floor/total annihilation)

All hands on deck:  Yanis V and Alexis Tsipras calling Mr Putin and Xi  Jinping on the hot line!!

 

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $12633.90 down $28.10   (comex closing time)
Silver: $16.72 down 46 cents  (comex closing time)

In the access market 5:15 pm

 

 

Gold $1233.25
silver $16.69

 

 

Gold/silver trading:  see kitco charts on right side of the commentary.

 

The big story today is the ultimatum issued on Greece (covered below) and the phony jobs report.  If Greece does its GREXIT then derivatives will blow up the entire globe.  Yanis V is a PhD in Finance and you bet the farm he is well versed how how these financial structures work and when lit it can send a daisy chain of defaults. As for the phony jobs report, we will cover the nonsense in the USA section of my report at the bottom.

 

Following is a brief outline on gold and silver comex figures for today:

The gold comex today had a good delivery day, registering 57 notices served for 5,700 oz.  Silver comex registered 67 notices for 335,000 oz .

 

Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 254.00 tonnes for a loss of 49 tonnes over that period.

 

In silver, the open interest fell by 3,292 contracts as yesterday’s silver price was down by 20 cents. The total silver OI continues to  remain relatively high with today’s reading at 165,296 contracts.

We had 0 notices filed  for nil oz

In gold surprisingly we  had a tiny rise in OI even though gold was down by $1.80 yesterday.  The total comex gold OI rests tonight at 414,502 for a gain of 10 contracts.  Today we had a small 57 notices served upon for 5700 oz.

 

 

 

Today, we had no changes in gold inventory at the GLD/Inventory at 773.31 tonnes

 

 

In silver, /SLV  no change in  of silver inventory to the SLV/Inventory 320.327

 

 

We have a few important stories to bring to your attention today…

Let’s head immediately to see the major data points for today

.

First: GOFO rates: the crooks are no longer reporting.

 

 

Let us now head over to the comex and assess trading over there today.

Here are today’s comex results:

 

 

The total gold comex open interest rose marginally today by 10 contracts from  414,492 up to 414,502 with gold down by $1.80 yesterday (at the comex close).  We are now in the big delivery month of the active February contract  and here the OI fell by 368 contracts  from 1210 down to 842. We had 342 contracts served yesterday.  Thus we lost  26  contracts or 2600 oz will not stand for delivery for the February contract and no doubt were bought out with fiat.  The next contract month of March saw it’s OI rise by 11 contracts up to 1381.  The next big active delivery month is April and here the OI fell by 84 contracts down to 287,457. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est)  was poor at 117,164. The confirmed volume yesterday ( which includes the volume during regular business hours  + access market sales the previous day) was also poor at 120,542 contracts. Today we had 57 notices filed for 5700 oz .

And now for the wild silver comex results.  Silver OI fell by 3,292 contracts from 168,588 down to 165,296 as silver was down by 20 cents yesterday. The bankers were able to shake some silver leaves from the silver tree. Let us wait until Monday to see how successful they were today. We are now in the non active contract month of February and here the OI rose by 8 contracts up to 92.   We had 0 notices filed yesterday so we gained 8  contracts or 40,000  additional oz will stand for delivery in this February contract month.   The next big active contract month is March and here the OI fell by 3878 contracts down to 92,973. The estimated volume today was awful at 26,753 contracts  (just comex sales during regular business hours). The confirmed volume yesterday was excellent (regular plus access market)  at 49,394 contracts. We had 67 notices filed for 335,000 oz today.

February initial standings

 

Feb 6.2015

Gold

Ounces

Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz 96.45 oz(3  kilobars)  Manfra
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz 803.75oz ( 25 kilobars  Manfra)
No of oz served (contracts) today 57 contracts (5700 oz)
No of oz to be served (notices)  775 contracts (77500 oz)
Total monthly oz gold served (contracts) so far this month  545 contracts(54,500 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month

Total accumulative withdrawal of gold from the Customer inventory this month

 5470.6 oz

Today, we had 0 dealer transactions

we had 0 dealer withdrawals:

total dealer withdrawal: nil oz

 

 

we had 0 dealer deposit:

 

 

total dealer deposit: nil oz

 

 

we had 1 customer withdrawals

 

 

ii) Out of Manfra: 96.45 oz (3 kilobars)

total customer withdrawal: 96.45  oz

 

 

we had 1 customer deposit:

i) Into Manfra: 803.75  (25 kilobars)

total customer deposits;  803.75 oz

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 57 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 45 notices were stopped (received) by JPMorgan customer account.

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (545) x 100 oz  or 54,500 oz , to which we add the difference between the OI for the front month of February (842 contracts)  minus the number of notices served today x 100 oz (57 contracts) x 100 oz = 132,000 oz, the amount of gold oz standing for the February contract month.( 4.14 tonnes)

Thus the initial standings:

545 (notices filed for the month x( 100 oz) or 54,500 oz + { 842 (OI for the front month of Feb)- 57 (number of notices served upon today) x 100 oz per contract} = 132,000 oz total number of ounces standing for the February contract month. (4.14 tonnes)

 

we lost 26 contracts or 2600 oz will not stand in this February contract month.

Total dealer inventory: 805,240.309 oz or 25.04 tonnes

Total gold inventory (dealer and customer) = 8.166 million oz. (254.00) tonnes)

 

Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 49 tonnes have been net transferred out. However I believe that the gold that enters the gold comex is not real.  I cannot see continual additions of strictly kilobars.

 

 

 Silver Shield Peace Within
Only $1.99 Over Spot, ANY QTY At SDBullion!

 

 

 

And now for silver

 February silver: initial standings

feb 6 2015:

Silver

Ounces

Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory 667,075.327  oz (Delaware, Scotia )
Deposits to the Dealer Inventory  nil
Deposits to the Customer Inventory 597,794.200 oz (Scotia)
No of oz served (contracts) 25 contracts  (125,000 oz)
No of oz to be served (notices) 84 contracts (420,000 oz)
Total monthly oz silver served (contracts) 376 contracts (1,880,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
Total accumulative withdrawal  of silver from the Customer inventory this month  869,343.0 oz

Today, we had 0 deposit into the dealer account:

total dealer deposit: nil   oz

 

we had 0 dealer withdrawal:

total dealer withdrawal: nil oz

 

We had 1 customer deposits:

 

i) Into Scotia:  597,794.200

total customer deposit 597,794.200 oz

 

We had 2 customer withdrawals:

i) Out of Delaware:  5,127.39 oz

ii) Out of Scotia:  661,947.93

 

total customer withdrawal: 667,075.327 oz

we had 1 adjustments

 

i) Out of Delaware:  99,162.412 oz was adjusted out of the customer and this landed into the dealer account at Delaware:

 

Total dealer inventory: 67.890 million oz

Total of all silver inventory (dealer and customer) 177 million oz

.

The total number of notices filed today is represented by 67 contracts for 335,000 oz. To calculate the number of silver ounces that will stand for delivery in February, we take the total number of notices filed for the month (376) x 5,000 oz    = 1,880,000 oz  to which we add the difference between the OI for the front month of February (92)- the number of notices served upon today (67) x 5,000 oz per contract = 2,005,000 oz,  the number of silver oz standing for the February contract month

Initial standings for silver for the February contract month:

376 contracts x 5000 oz= 1,880,000 oz + (92) OI for the front month – (67) number of notices served upon x 5000 oz per contract =  2,005,000 oz, the number of silver ounces standing.

we gained 8  contracts or 40,000 oz of additional silver that  will standing for this February contract month

It seems that some major entity is after some silver supplies. It looks like they all gave up trying to get physical from the gold comex.

FreeShipping

 

 

The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.

There is now evidence that the GLD and SLV are paper settling on the comex.

***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:

i) demand from paper gold shareholders

ii) demand from the bankers who then redeem for gold to send this gold onto China

vs no sellers of GLD paper.

And now the Gold inventory at the GLD:

 

 

feb 6/ no change in gold inventory tonight/inventory 773.31 tonnes

feb 5. we had another addition of 5.38 tonnes of gold to the GLD/Inventory tonight at 773.31 tonnes

Feb 4/2015; we had another addition of 2.99 tonnes added to the GLD inventory/Inventory tonight 767.93

Feb 3.2015: today a withdrawal  of 1.79 tonnes of  gold inventory removed from the GLD/Inventory at  764.94

feb 2/ a huge addition of 8.36 tonnes of “paper” gold inventory/Inventory tonight at 766.73 tonnes

jan 30. we had no change in gold inventory/Inventory at 758/37 tonnes

Jan 29/we had an addition of 5.67 tonnes of gold inventory at the GLD/Inventory at 758.37 tonnes

Jan 28/no changes in gold inventory at the GLD/Inventory at 952.44 tonnes

Jan 27.we had a monstrous “paper” addition of 9.26 tonnes of gold into the GLD tonight/Inventory at 952.44 tonnes

Jan 26.2015: another volatile day as they added  1.79 tonnes/743.44 tonnes of gold.

Jan 23/the action at the GLD is very volatile:  today they added 1.20 tonnes of gold to their inventory/Inventory 741.65

Jan 22 no change in gold inventory at the GLD/Inventory 740.45 tonnes

Jan 21.2015: Tonight, we lost 1.79 tonnes of gold from the GLD/Inventory 740.45 tonnes

 

 

 

 

Feb 6/2015 /no change in   gold inventory at the GLD/

inventory: 773.31 tonnes.

The registered vaults at the GLD will eventually become a crime scene as real physical gold departs for eastern shores leaving behind paper obligations to the remaining shareholders. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks).

GLD : 771.31 tonnes.

 

 

end

 

 

And now for silver (SLV):

 

 

Feb 6  no change in silver inventory/SLV’s silver inventory at 320.327 million oz.

 

Feb 5.we had no change in silver inventory/320.327 million oz/

 

Feb 4/we had a small withdrawal of 136,000 oz of silver from the SLV vaults/Inventory/320.327 million oz

feb 3.2015: we had a good addition of 1.149 million oz of silver inventory/inventory 320.463 million oz

Feb 2 no change in silver inventory at the SLV/inventory at 319.314

million oz.

jan 30  no change in silver inventory at the SLV/inventory at 319.314

million oz

Jan 29/no change in silver inventory/SLV inventory at 319.314 million oz

Jan 28/no changes in silver inventory/SLV inventory at 319.314 million oz

Jan 27/no change in silver inventory/SLV inventory at 319.314 million oz

Jan 26.2015: no change in silver inventory/SLV inventory at 319.314 million oz

jan 23/2015/ a  huge addition of 1.053 million oz.  This entity is also being quite volatile/Inventory at SLV 319.314 million oz.

Jan 22 a huge reduction of 6.75 million oz/Inventory at 318.261 million oz

Jan 21 no change in silver inventory/Inventory at 325.011 million oz

 

 

 

feb 6/2015 we had no change in silver inventory/

SLV inventory registers: 320.327 million oz

 

 

end

 

 

And now for our premiums to NAV for the funds I follow:

Note: Sprott silver fund now for the first time into the negative to NAV

Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)

1. Central Fund of Canada: traded at Negative  5.7% percent to NAV in usa funds and Negative 6.1 % to NAV for Cdn funds!!!!!!!

Percentage of fund in gold 61.1%

Percentage of fund in silver:38.5%

cash .4%

 

( feb6/2015)

 

2. Sprott silver fund (PSLV): Premium to NAV rises to + 3.76%!!!!! NAV (Feb 6/2015)

3. Sprott gold fund (PHYS): premium to NAV rises to +.37% to NAV(feb 6 /2015)

Note: Sprott silver trust back  into positive territory at +3.76%.

Sprott physical gold trust is back into positive territory at +.37%

Central fund of Canada’s is still in jail.

 

 

end

 

And now for the COT report

 

First the gold COT:

 

This takes in the collapse of OI as we enter into the front month of February:

 

 

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
229,006 43,991 28,674 117,174 320,447 374,854 393,112
Change from Prior Reporting Period
-9,401 -5,491 -10,141 -152 -3,039 -19,694 -18,671
Traders
166 61 70 49 55 244 162
 
Small Speculators  
Long Short Open Interest  
44,670 26,412 419,524  
939 -84 -18,755  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, February 03, 2015

 

Our large specs:

 

Those large specs who have been long in gold somehow as February came about decided to liquidate a massive 9401 contracts

 

Those large specs who have been short in gold, covered 5491 contracts from their short side.

 

Our commercials:

Those commercials who have been long in gold, pitched a tiny 152 contracts from their long side

 

Those commercials who have been short in gold covered 3039 contracts from their short side and this is when gold was rising.

 

Our small specs:

Those small specs who have been long in gold added 939 contracts to their long side

 

Small specs;

Those small specs who have been short in gold covered 84 contracts from their short side.

 

 

and now for silver;

 

Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
64,166 13,593 18,947 65,063 121,262
-1,556 1,218 3,390 5,099 -295
Traders
76 40 45 38 48
Small Speculators Open Interest Total
Long Short 168,486 Long Short
20,310 14,684 148,176 153,802
-887 1,733 6,046 6,933 4,313
non reportable positions Positions as of: 134 118
Tuesday, February 03, 2015   © Silver

 

Our large speculators:

Those large specs that have been long in silver pitched 1556 contracts from their long side

 

Those large specs that have been short in silver added another 1218 contracts to their short side

 

Our commercials:

Those commercials that have been long in silver added 5099 contracts to their long side

Those commercials that have been short in silver covered 295 contracts from their short side.

 

Our small specs:

Those small specs that have been long in silver pitched 877 contracts from their long side

Those small specs that have been short in silver added 1733 contracts to their short side.