Harvey Organ: Capital Controls Begin in Greece!

Today’s big story:  Greece orders local governments (municipalities) to turn over their cash which is obviously the beginning of capital controls…
Greek citizens riot on this news.

 

Harvey Organ

Submitted by Harvey Organ:

Good evening Ladies and Gentlemen:

 

 

Here are the following closes for gold and silver today:

 

 

Gold:  $1193.50 down $9.40 (comex closing time)

Silver: $15.88 down 34 cents (comex closing time)

 

In the access market 5:15 pm

Gold $1197.00

Silver: $15.98

 

 

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

 

 

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

 

At the gold comex today,  we surprisingly had a good delivery day, registering 624 notices served for 62,400 oz.  Silver comex filed with 0 notices for nil oz .

 

Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 244.40 tonnes for a loss of 58 tonnes over that period. Lately the removals  have been rising!

 

end

 

In silver, the open interest rose by 2003 contracts despite the fact that Friday’s silver price down by 6 cents. The total silver OI continues to remain extremely high with today’s reading at 176,946 contracts remaining close to record highs. The front April month has an OI of 172 contracts for a gain of 0 contracts. We are now at multi year high in the total OI complex despite a record low price. This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end.

 

We had 0 notices served upon for nil oz.

 

 

In gold,  the total comex gold OI rests tonight at 398,196 for a gain of 344 contracts with gold up by  $4.90 on Friday. We had 624 notices served upon for 62,400 oz.

 

 

Today, we had no change in  gold inventory at the GLD/  Gold Inventory rests at 739.09  tonnes

 

In silver, /  /we had no change in silver inventory at the SLV/ and thus the inventory tonight is 324.900 million oz

 

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

 

1. Today we had the open interest in silver rise by a huge 2003, contracts despite the fall in price on Friday (6 cents). Not only that but the OI for the front month of May fell by only 1501 contracts as we have only 8 trading days left before first day notice.  The OI for gold rose by 344 contracts up to 398,196 contracts despite the fact that the price of gold fell by $3.40 on Friday.

(report Harvey)

2,Many important commentaries on Greece

i) On Saturday it was reported that Greece was to receive 5 billion euros to front run the new Blue Stream Russian natural gas pipeline. This was later denied.

ii) this story was then denied by Russia but Greece is sticking to its red lines.

iii) the big story:  Greece orders local governments (municipalities) to turn over their cash which is obviously the beginning of capital controls

iv) Greek citizens riot on this news.

v) Tomorrow Alexei Miller of Gazprom is ready to set foot on Greek soil to no doubt conclude the gas pipeline deal mentioned above.  Europe is not happy as they initiate anti trust action against Gazprom

(Bloomberg/zero hedge/UKTelegraph)

 

3. China introduced short selling after the market closed on Friday. Immediately the futures plummeted by 7%.  The Chinese then reacted to save their markets by lowering reserve requirements.

(courtesy zero hedge)

4. Dave Kranzler comments that Russia imported a monstrous 30 tonnes of gold

(Dave Kranzler/IRD)

5. Bill Holter delivers a sensational paper first introduced by Dave Kranzler. In essence we now know how the Fed helps cover the massive losses by banks et al.  The Fed orchestrates reverse repurchase agreements with entities which is basically a swap of dollars for collateral (treasuries).  The advantage of treasuries over cash to the banking system is that they could be hypothecated 100 x over.  This is your must read commentary for today.

(Bill Holter)

6. Nobel prize winning economist Robert Merton in his new book states that QE is not helping the masses.

(zero hedge)

 

 

we have these and other stories for you tonight

 

 

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 by 344 contracts from 397,852 up to 398,196 with gold up by $4.90 on Friday (at the comex close). We are now in the active delivery month of April and here the OI fell by 1 contract down to 1,826. We had 1 contract filed upon on Friday so we neither gained nor lost any gold ounces that will stand for delivery in April. The next non active delivery month is May and here the OI fell by 41 contracts down to 448.  The next big active delivery contract month is June and here the OI fell by 106 contracts down to 264,542. June is the second biggest delivery month on the comex gold calendar. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 78,713. The confirmed volume yesterday ( which includes the volume during regular business hours + access market sales the previous day) was poor at 123,558 contracts. Today we had 1 notice filed for 100 oz.

And now for the wild silver comex results.  Silver OI rose by 2003 contracts from 174,943 up to 176,946 despite the fact that silver was down by 6  cents, with respect to Friday’s trading. Somebody big is willing to take on JPMorgan.  We are now in the non active delivery month of April and here the OI remained at 172 for a gain of 0 contracts.  We had 0 notices filed on Friday so we neither gained nor lost any  silver contracts standing in this delivery month of April. The next big active delivery month is May and here the OI fell by 1501 contracts down to 681.  We have less than 2 weeks before first day notice on Thursday, April 30.2015. The estimated volume today was poor at 29,980 contracts (just comex sales during regular business hours. The confirmed volume yesterday (regular plus access market) came in at 55,615 contracts which is excellent in volume. We had 0 notices filed for nil oz today.

 

 

April initial standings

April 20.2015

Gold

Ounces

Withdrawals from Dealers Inventory in oz  nil
Withdrawals from Customer Inventory in oz 64.30 oz (Manfra)2 kilobars,
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today 624 contracts (62,400 oz)
No of oz to be served (notices)  1202 contracts(120,200) oz
Total monthly oz gold served (contracts) so far this month 1648 contracts(164,800 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   oz
Total accumulative withdrawal of gold from the Customer inventory this month   278,223.4 oz

Today, we had 0 dealer transaction

total Dealer withdrawals: nil oz

 

we had 0 dealer deposits

 

total dealer deposit: nil oz

we had 1 customer withdrawals

i) Out of Manfra: 64.30 oz (2 kilobars)

 

 

total customer withdrawal: 64.30 oz

 

we had 0 customer deposit:

 

total customer deposit: nil oz

 

We had 0 adjustment:

 

 

Today, 0 notices was issued from JPMorgan dealer account and 624 notices were issued from their client or customer account. The total of all issuance by all participants equates to 624 contracts of which 299 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account

To calculate the total number of gold ounces standing for the March contract month, we take the total number of notices filed so far for the month (1628) x 100 oz  or  162,800 oz , to which we add the difference between the open interest for the front month of April (1826) and the number of notices served upon today (624) x 100 oz equals the number of ounces standing.

Thus the initial standings for gold for the April contract month:

No of notices served so far (1648) x 100 oz  or ounces + {OI for the front month (1826) – the number of  notices served upon today (624) x 100 oz which equal 285,000 oz or 8.86 tonnes of gold.

 

we neither gained nor lost any gold ounces in this April contract month.

This has been the lowest amount of gold ounces standing in an active month in quite some time.

 

 

 

 

Total dealer inventory: 567,927.751 or 17.66 tonnes

Total gold inventory (dealer and customer) = 7,857,468.864  oz. (244.40) tonnes)

 

Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 58 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.

 

 

end

 

 

And now for silver

 

April silver initial standings

April 20 2015:

Silver

Ounces

Withdrawals from Dealers Inventory 336,072.66 oz (Brinks)
Withdrawals from Customer Inventory 30,922.75 oz (,Scotia)
Deposits to the Dealer Inventory  nil
Deposits to the Customer Inventory 57,991.900 oz (cnt)
No of oz served (contracts) 0 contracts  (nil oz)
No of oz to be served (notices) 172 contracts(860,000 oz)
Total monthly oz silver served (contracts) 343 contracts (1,715,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month  884,245.2 oz
Total accumulative withdrawal  of silver from the Customer inventory this month  10,599,186.8 oz

 

Today, we had 0 deposits into the dealer account:

total dealer deposit: nil   oz

 

we had 1 dealer withdrawal:

i) Out of Brinks:  336,072.66 oz

total dealer withdrawal: 336,072.66 oz

 

We had 1 customer deposit:

i) Into CNT: 57,991.900 oz

 

total customer deposits: 57,991.900  oz

 

We had 1 customer withdrawal:

 

 

 

i) Out of Scotia; 30,922.75 oz

 

total withdrawals;  30,922.75 oz

 

we had 0 adjustments:

 

 

Total dealer inventory: 62.635 million oz

Total of all silver inventory (dealer and customer) 175.630 million oz

.

The total number of notices filed today is represented by 0 contracts for nil oz. To calculate the number of silver ounces that will stand for delivery in April, we take the total number of notices filed for the month so far at (343) x 5,000 oz    = 1,715,000 oz to which we add the difference between the open interest for the front month of April (172) 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 April contract month:

343 (notices served so far) + { OI for front month of April(172) -number of notices served upon today (0} x 5000 oz =  2,575,000 oz standing for the April contract month.

 

we neither gained nor lost any silver ounces standing in this delivery month of  April  .

Kisatchie

 

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:

April 20.2015: no change in gold inventory at the GLD/Inventory rests at 739.06 tonnes

April 17.2015/ we had a huge addition of 3.01 tonnes of gold inventory at the GLD.  It looks like the raids at the GLD have stopped.

April 16.2015: no change in inventory at the GLD/total inventory at 736.08 tonnes

April 15/ a huge addition of 1.79 tonnes of gold inventory added to the GLD/ Inventory tonight at 736.08 tonnes

April 14/ no change in gold inventory at the GLD/Inventory rests at 734.29 tonnes

April 13.2015: we had a withdrawal of 1.75 tonnes of GLD/Inventory at 734.29 tonnes

April 10/we had no change in inventory at the GLD/Inventory at 736.04 tonnes

April 9.2015 we have a huge addition of 2.98 tonnes of gold inventory/GLD inventory tonight stands at 736.04 tonnes

April 8.2015:no changes in the GLD/Inventory 733.06 tonnes

 

April 7. we had another withdrawal of 4.18 tonnes of gold at the GLD/Inventory rests at 733.06 tonnes

 

April 20/2015 /  we had no change in  gold inventory at the GLD/Inventory stands at 739.09 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 : 739.09 tonnes.

 

end

 

And now for silver (SLV):

April 20/ no change in silver inventory tonight/SLV 324.900 million oz.

April 17.2015: no change in silver inventory tonight at the SLV.324.900 million oz

April 16.2015: no change in silver inventory tonight at the SLV/324.900 million oz

April 15.2015: no change in silver inventory tonight at the SLV/324.900 million oz is the inventory tonight.

April 14. we had another addition of .67 million oz of silver at the SLV/Inventory rests at 324.900 million oz

April 13.2015: a huge addition of 2.391 million oz of silver at the SLV/Inventory rests at 324.230 million oz

April 10/ no changes in silver inventory at the SLV/Inventory rests at 321.839 million oz

April 9/2015 no changes in inventory at the SLV/Inventory rests at 321.839 million oz/

April 8.2015: no changes in inventory at the SLV/Inventory rests tonight at 321.839 million oz

April 7.2015: no changes in inventory at the SLV/Inventory rests tonight at 321.839 million oz

 

 

April 20/2015 we had no change in inventory  at the SLV / inventory rests at 324.900 million oz

 

end

 

 

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

Central fund of Canada’s data not provided today.

 

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 8.4% percent to NAV in usa funds and Negative 8.8% to NAV for Cdn funds!!!!!!!

Percentage of fund in gold 61.6%

Percentage of fund in silver:38.00%

cash .4%

( April 17/2015)

 

 

Sprott gold fund finally rising in NAV

2. Sprott silver fund (PSLV): Premium to NAV rises to + 1.16%!!!!! NAV (April 20/2015)

3. Sprott gold fund (PHYS): premium to NAV remains at -.33% to NAV(April 20/2015

Note: Sprott silver trust back  into positive territory at +1.16%.

Sprott physical gold trust is back into negative territory at -.33%

Central fund of Canada’s is still in jail.