FEB 12/A MASSIVE 11.98 TONNES OF GOLD ADDED TO THE GLD/NO CHANGE IN SILVER INVENTORY AT SLV/CME INITIATES HIKE IN MARGIN FOR COMEX GOLD AND THAT SENDS GOLD DOWN A BIT/GOLD EQUITY SHARES STILL RISE TODAY/COT REPORT SHOWS THE BANKS SUPPLYING MASSIVE NON BACKED PAPER TRYING TO QUELL GOLD/SILVER’S PRICE ADVANCE/ANOTHER LARGE LIQUIDATION IN OIL ETF CAUSES OIL TO SPIKE HIGHER TODAY/EXPECT OIL TO BE MUCH LOWER ON MONDAY/KOOS JANSEN IN HIS COMMENTARY SUGGESTS THAT LONDON IS BASICALLY OUT OF GOLD/BUSINESS INVENTORIES TO SALES AT RECORD 1.39 INDICATING SEVERE RECESSION AHEAD OF US/
Gold: $1,239.10 down $8.80 (comex closing time)
Silver 15.78 down 1 cent
In the access market 5:15 pm
The major reason for gold to be “under the weather” today: the crooked CME raised margins on gold futures at the close of trading today. Interestingly enough, even though gold was down today, gold/silver equity shares rose.
CME Group Hiking Margins On Comex Gold Futures As Of Friday Close
Friday February 12, 2016 08:07
(Kitco News) – CME Group is raising margins on gold futures as of the end of business on Friday, the exchange operator reported.
The “initial” margin for speculators on the Comex division of the New York Mercantile Exchange will rise to $4,675 from $4,125. The “maintenance” margin for existing accounts, as well as all hedge accounts, will increase to $4,250 from $3,750. The margin will also change for smaller-sized contracts.
Margins act as collateral for holders of positions in futures market, with traders putting up only a small percentage of the total value of a contract. In a notice late Thursday, CME Group said the increases were “per the normal review of market volatility to ensure adequate collateral coverage.”
A link to the full notice for the gold margins, as well as margin changes in a number of other markets, can be seen right here.
At the gold comex today, we had a good delivery day, registering 44 notices for 4400 ounces. Silver saw 41 notices for 205,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 204.26 tonnes for a loss of 99 tonnes over that period.
In silver, the open interest rose by a huge 6,379 contracts up to 167,524. In ounces, the OI is still represented by .838 billion oz or 120% of annual global silver production (ex Russia ex China).
In silver we had 41 notices served upon for 205,000 oz.
In gold, the total comex gold OI rose by 6,379 contracts to 424,537 contracts as the price of gold was up $53.20 with yesterday’s trading.
We had a mammoth change in gold inventory at the GLD, a huge deposit of 11.98 tonnes / thus the inventory rests tonight at 716.01 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver,/we had no change in inventory and thus/Inventory rests at 308.380 million oz.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver rise by 6,379 contracts up to 167,524 as the price of silver was up 51 cents with yesterday’s trading. The total OI for gold rose by 13,180 contracts to 424,537 contracts as gold rose by $53.20 in price from yesterday’s level.
2 a) Gold trading overnight, Goldcore
b) COT report
3. ASIAN AFFAIRS
i) Late THURSDAY night/ FRIDAY morning: Shanghai closed for the Chinese New Year (all week) / Hang Sang closed badly by 226 points or 1.22% . The Nikkei was closed down 760.78 or 4.84%. Australia’s all ordinaires was also down. Chinese yuan (ONSHORE) closed 6.5710 and yet they still desire further devaluation throughout this year. Oil gained to 27.53 dollars per barrel for WTI and 31.31 for Brent. Stocks in Europe so far deeply in the geen . Offshore yuan trades where it finished last Friday at 6.5600 yuan to the dollar vs 6.5710 for onshore yuan/
ii)Japanese trading last night: the Nikkei falters by 4.78%. The big question is how will the citizenry react when they find that Abe put their pension funds in stocks and they are [email protected]!
( zero hedge)
i)Greece is again in the spotlight as their GDP drops .6% last quarter.Riots on the street as farmers refuse pension reform. Middle eastern migrants are also entering the country causing huge fiscal problems for Greek finances. There is now renewed calls for a GREXIT:
( zero hedge)
ii) Deutsche bank states that the markets are crying out for a circuit breaker but the problem is that they do not know what that breaker is. We basically have 3 problems in the globe:
iii The “death doom loop” of negative rates (see below) is having a disastrous effect on European banks.
( zero hedge)
iv) VERY IMPORTANT
( zero hedge)
ii) Michael Harnett of Bank of of America describes central banker activity as quantitative failure.
i)The real reason for oil’s fall this past yr: It is not just a supply issue. It is also a downfall in demand:( zero hedge)
ii)Two key ramps causes the USA stocks and Europe to rise:
a) USA//Yen rise to 12.90 or so
c) the algo driven rise in oil (for the phony reason of the production cut)
( zero hedge)
i)A very interesting discussion from Koos Jansen as he hints that it is quite possible that London is out of gold to supply China. With gold still in backwardation in London, he is no doubt correct
ii)A super commentary from Craig Hemke as he states that the central banks are losing the confidence game and that is why gold is rising! He notes that Japan has lost confidence with the introduction of NIRP and the uSA has lost confidence with their policy failure on an increase in their rates:
iii)Ambrose Evans Pritchard discusses Japan and how their introduction of negative rates has caused the yen to rise in value instead of falling. This has caused the world to lose confidence as they basically do not know what they are doing.
v) A story on the manipulation of the equities:
( King Report/GATA)
vi)The major reason for gold to be “under the weather” today. The crooked CME raised margins on gold futures at the close of trading:
vii Lawrie on Gold
GLD increases its holdings up to 716 tonnes
(lawrie williams/sharps pixley)
8.USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER
Let us head over to the comex:
The total gold comex open interest rose to 424,537 for a gain of 13,180 contracts as the price of gold was up $53.20 in price with respect to yesterday’s trading. For the past two years, we have strangely witnessed two interesting developments with respect to the gold open interest: 1) total gold comex collapse in OI as we enter an active delivery month, and 2) a continual drop in the amount of gold standing in an active month. Today, both scenarios were in order. In February the OI fell by 225 contracts down to 736. We had 200 notices filed on yesterday, so we lost 25 contracts or an additional 2500 oz will not stand for delivery as they were cash settled. The next non active delivery month of March saw its OI rise by 269 contracts up to 2144. After March, the active delivery month of April saw it’s OI rise by 8,269 contracts up to 302,342. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 209,633 which is fair. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was huge at 393,502 contracts. The comex is in backwardation until June.
Feb contract month:
INITIAL standings for FEBRUARY
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz nil||nil oz|
|Deposits to the Dealer Inventory in oz||nil|
|Deposits to the Customer Inventory, in oz|| 643.000 ozmanfra
|No of oz served (contracts) today||44 contracts
|No of oz to be served (notices)||692 contracts (69,200 oz )|
|Total monthly oz gold served (contracts) so far this month||1962 contracts (196,200 oz)|
|Total accumulative withdrawals of gold from the Dealers inventory this month||nil|
|Total accumulative withdrawal of gold from the Customer inventory this month||503,410.8 oz|
we had 2 adjustments.
i) Out of HSBC:
289.35 oz was adjusted out of the customer and this landed into the dealer of HSBC
ii) Out of Delaware:
482.25 0z was adjusted out of the customer and this landed into the dealer of Delaware
Here are the number of oz held by JPMorgan:
FEBRUARY INITIAL standings/
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory|| 2,113,588.813 ozBrinks,Scotia
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||2,400,949.966 oz,
|No of oz served today (contracts)||41 contracts 205,000 oz|
|No of oz to be served (notices)||6 contracts (30,000 oz)|
|Total monthly oz silver served (contracts)||161 contracts (805,000 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||8,584,838.8 oz|
Today, we had 0 deposits 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 JPM: 586,514.460 oz
ii) Into CNT: 1,208,620.08 oz
iii) Into HSBC: 605,815.466 oz
total customer deposits: 2,400,949.966 oz
total withdrawals from customer account 2,123,588.813 oz
we had 1 adjustment:
Out of Delaware:
4,971.21 oz was adjusted out of the customer and this landed into the dealer account of Delaware
|Gold COT Report – Futures|
|Change from Prior Reporting Period|
|non reportable positions||Change from the previous reporting period|
|COT Gold Report – Positions as of||Tuesday, February 09, 2016|
|Silver COT Report: Futures|
|Small Speculators||Open Interest||Total|
|non reportable positions||Positions as of:||152||127|
|Tuesday, February 09, 2016||© Silv|
And now the Gold inventory at the GLD:
fEB 12/ a huge deposit of 11.98 tonnes/inventory rests at 716.01 tonnes. With gold in severe backwardation in London, I really believe that the gold added was paper gold and not real pbhysical/
Feb 11/no change in inventory/inventory rests at 702.03 tonnes
Feb 10/ a withdrawal of 1.49 tonnes of gold from the GLD/Inventory rests at 702.03 tonnes
Feb 9./a huge addition of 5.06 tonnes of gold into the GLD/Inventory rests at 703.52 tonnes/ (no doubt that this addition is paper gold/not physical/
Feb 8/no change in inventory/inventory rests at 698.46 tonnes
FEB 5/another massive 4.84 tonnes added to the GLD/Inventory rests at 698.46 tonnes/this is a paper gold addition and this vehicle is nothing but a fraud. There is no metal behind it.
FEB 4/another massive 8.03 tonnes added to the GLD/Inventory rests at 693.62 tonnes.
in a little over a week we have had 29.43 tonnes added to the GLD. Judging from the backwardation of gold in London, it would be impossible to bring that quantity into the GLD. No doubt that the entry is a “paper” gold deposit.
Feb 3.2016: a massive 4.16 tonnes deposit of gold at the GLD/Inventory rests at 685.59 tonnes.. In a little over a week, we have had 21.42 tonnes enter the GLD. Without a doubt that this entry is paper gold. It would be impossible to find 21 tonnes of physical gold and load the GLD.
Feb 2.2016: no changes in inventory at the GLD/inventory rests at 681.43 tonnes
Feb 1/a massive deposit of 12.20 tonnes of gold inventory/Inventory rests at 681.43
JAN 29/2016/no change in gold inventory at the GLD/Inventory rests at 669.23 tonnes
jAN 28/no changes in gold inventory at the GLD/Inventory rests at 669.23
jan 27/another huge addition of 5.06 tonnes of gold to GLD/Inventory rests at 669.23 tonnes /most likely the addition is a paper deposit and not real physical,especially with gold in backwardation in both London and the comex.
Jan 26.no change in gold inventory at the GLD/Inventory rests at 664.17 tonnes
Feb 12.2016: inventory rests at 716.01 tonnes