Harvey Organ: Entity Standing For June Gold Delivery DOES NOT WANT FIAT!

tsunami goldThe total number of notices filed in the 7 days is ENORMOUS.
THE ENTITY STANDING DOES NOT WANT FIAT AND IT SURE LOOKS LIKE A SOVEREIGN IS STANDING FOR GOLD.

JUNE 8/GOLD STANDING FOR JUNE RISES TO 49.110 TONNES AND WE ARE NOW BACK TO LEVELS SEEN ON FIRST DAY NOTICE/JAPAN’S LARGEST BANKS EXITS THE PURCHASE OF JAPANESE GOVERNMENT BONDS/RHETORIC BETWEEN CHINA AND THE USA INTENSIFY AS USA PLANES COME CLOSE TO CHINESE TERRITORIAL WATERS/ THE BIG GERMAN COMMERZBANK NOW STATES THAT IT WILL HOARD PHYSICAL EUROS RATHER THAN DEPOSIT THEM AT THE ECB

 

Silver Eagle SD Bullion

Good evening Ladies and Gentlemen:

Gold:  $1,259.80 UP $15.40    (comex closing time)

Silver 16.97  UP 60 cents

In the access market 5:15 pm

Gold $1262.50

silver:  17.03

 

i) the June gold contract is an active contract. Late last night we had a smaller  123 notices filed for 12300 oz.  The total number of notices filed in the 7 days is enormous at 13006 for 1,300,600 oz.  (40.54 tonnes) WHAT IS MORE FASCINATING WAS OUR FRONT JUNE MONTH  INCREASED IN NET OI BY 678  CONTRACTS LAST THURSDAY(67,800 OZ).  ON FRIDAY IT INCREASED BY 78 CONTRACTS OR 7800 OZ, ON MONDAY IT INCREASED BY 264 CONTRACTS OR 26400 OZ. YESTERDAY, IT INCREASED BY 284 CONTRACTS. FOR 28,400 OZ. AND TODAY IT INCREASED BY 38 CONTRACTS OR 3800 OZ. THE ENTITY STANDING DOES NOT WANT FIAT AND IT SURE LOOKS LIKE A SOVEREIGN IS STANDING FOR GOLD.

 
 

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 272.56 tonnes for a loss of 30 tonnes over that period

 

In silver, the total open interest FELL by 989 contracts DOWN to 192,376 DESPITE THE FACT THAT THE PRICE OF SILVER WAS DOWN by only 5 cents with respect to YESTERDAY’S trading. In ounces, the OI is still represented by just under 1 BILLION oz i.e. 0.962 BILLION TO BE EXACT or 137% of annual global silver production (ex Russia &ex China)

In silver we had 0 notices served upon for nil oz.

In gold, the total comex gold OI rose by a CONSIDERABLE 3,682 contracts UP to 496,330 DESPITE THE FACT THAT the price of gold was DOWN BY  $0.20 with YESTERDAY’S trading (at comex closing).

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

WITH RESPECT TO GLD

We had no change  in inventory from the GLD/Inventory rests at  881.15 tonnes.

And now for SLV

We had no change in inventory into the SLV Inventory/Tonight it rests  at 338.725 million oz.

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 FALL by 989 contracts DOWN to 192,376 despite the fact that the price of silver was DOWN BY ONLY 5 cents with YESTERDAY’S trading. The gold open interest ROSE by 3,682 contracts UP to 496,330 DESPITE THE FACT THAT GOLD WAS  DOWN $0.20 YESTERDAY.

(report Harvey).

 

2 a) Gold trading overnight Europe, Goldcore

(Mark OByrne/

2b)  Gold trading earlier this morning USA;

(/zero hedge)

3. ASIAN AFFAIRS

i)Late  TUESDAY night/ WEDNESDAY morning: Shanghai closed DOWN  BY 8.89 PTS OR 0.30% /Hang Sang closed DOWN 30.36 OR 0.14%. The Nikkei closed UP 155.47 POINTS OR 0.93% Australia’s all ordinaires  CLOSED DOWN 0.02% Chinese yuan (ONSHORE) closed DOW at 6.5715 Oil ROSE to 51.12 dollars per barrel for WTI and 52.09 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades  6.5771 yuan to the dollar vs 6.5715 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS) 

REPORT ON JAPAN  SOUTH KOREA AND CHINA

a) REPORT ON JAPAN

The following is a major story and will no doubt have implications going forward for the central bank of Japan.  Today we find that Japan’s biggest bank has quit being a primary dealer for sovereign bonds.  The reason for them leaving is simple:  negative interest rates are killing their balance sheet and they see no reason to buy the bonds.  Actually bank levels of owing sovereign bonds have fallen as the Central Bank gobbles up 100% of new issuance;

( zero hedge)

Buy Silver Coins and Silver Bars at SDBullion

b) REPORT ON CHINA

i)The rhetoric between China and the USA grows louder by the day.  China now states that a USA plane entered South China Seas again and close to China’s air space.  China sent up two planes to intercept the USA plane.  China states that the USA is deliberating hyping up the situation.

I think China will send a message to the USA in the form of a run on gold and silver at the comex

( zerohedge)

ii) Chinese oil imports drop to 4 month lows.  A good indicator that their economy is slowing and thus the global economy is slowing down.

(courtesy zero hedge)
 

4. EUROPEAN AFFAIRS

i)We now witness the growth in euro skeptic parties that wish to leave the Euro.

The 4 star party of Italy headed by Grillo now has the support of the majority in Italy as 48% of citizens want to leave the Euro.Economics is playing a major role here as unemployment in the south of Italy is extremely high.

We have been detailing problems that citizens have in France and England.

However the bigger threat to the European union would be a German-exit. Germany has a a major problem in that it is the major creditor of Europe through target 2 balances and many of individual sovereign European bills have not been paid like Greece.  Because the Euro is weak, Germany has been the net winner as it can export cheaply to China and the USA at the expense of other nations. However the threat in Germany is whether the ECB and the target 2 balances go bust and cannot be paid and thus Germany leaves the EU

( John Mauldin)

 

ii)In March we reported that Munich Re the huge German insurance giant was buying gold and were hoarding cash in order to avoid the “fees” to the ECB as part of the negative interest rate policy.  Now we see another NIRP blowback: the German bank, Commerzbank is also planning to hoard billions of paper Euro notes in vaults in order to avoid the ECB fees..  However the German bank must pay for fire insurance in case billions of notes are put up in flames.  What a complete joke!

( zero hedge)
 

iii)Extremely important:

today the ECB is buying corporate bonds.  They are already buying 2.5 x the issuance of government bonds.  The yields on corporate debt, investment grade are trading at less than 1%, as the ECB sets on buying 5 billion euros worth of corporate per month. The pundits believe that they will not be able to purchase that quantity for long.
 
( zero hedge)
 

iv)We have been highlighting the plight of Banco Popular over the past month.  It now seems that a scandal is brewing.  The rights offering has been underwritten by 10 major banking entities but it does not seem enough money has been raised.  So Banco Popular went to its own customers to loan them money as long as they bought shares in the bank.  That is totally illegal in Spain.

 
( Wolf Street/Don Quijones)
 

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

none today

6.GLOBAL ISSUES

none today

7.OIL ISSUES

i) OIL breaks into the 51 dollar column and oil is now double from its February lows: (zero hedge)

 

ii)Crude all over the map as inventories drop due to the expected increase use as the summer months are upon us.  However production increases:  shale?

( zero hedge)
 

8.EMERGING MARKETS

GMO-Free Long Term Food Storage With Organic Superfoods!

 

9. PHYSICAL STORIES

i)Do not pay any attention to this:  China has stashed huge amounts of gold with China’s banking system.  They decide arbitrarily when to increase their official reserves which now stand at 1808 tonnes of gold.

( Bloomberg/GATA)
 

ii )It now seems that Mervyn King  former Governor of the Bank of England is joining the “younger” Alan Greenspan as a gold advocate!( Mike Kosares/GATA)

 

iii) Interesting!  The UK Mint will now sell pension investors gold.  Strangely they are not allowed to take delivery of their metal nor see it at any time

(London’s Financial Times/GATA)

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

i)Very unusual:  USA bond yield on the 10 yr tumbles below 1.70% and the Dow rises?

( zero hedge)

ii)The following ought to confuse the Fed even more.  Hirings tumble in the JOLTS latest data despite the fact that job openings are rising to record highs. When the market expands, job openings rise.  When the market contracts, job openings fall.  It will be difficult for the Fed to raise rates if they do not understand what is happening on the labour scene

( zero hedge)
 

iii)And the following is going on in DC with respect to the labour scene.  In DC the minimum wage went up from $8.25 to 11.50 per hour a year ago and then today, a new law proclaiming the rate to rise to $15.00 per hour is creating havoc for our employers.  Almost 50% of employers have decided to cut jobs or reduce hours. The CEO of McDonald’s was correct:  by raising the minimum rate , other workers will seek higher rates.  Also the higher rate cuts off thousands of entry level workers.( zero hedge)

 

Let us head over to the comex:

The total gold comex open interest ROSE to an OI level of 496.330  for a GAIN of 3,682 contracts AS THE PRICE OF GOLD WAS UP $0.20 with respect to YESTERDAY’S TRADING.  WE HAVE ENTERED THE SECOND BIGGEST DELIVERY MONTH OF THE YEARTHAT 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 . IN A VERY SURPRISING TURN OF EVENTS  AGAIN TODAY, THE JUNE OPEN INTEREST ROSE WHICH CERTAINLY SUGGESTS A MAJOR ENTITY IS STANDING AND MOSTLY LIKELY A SOVEREIGN LIKE CHINA

The FRONT gold contract month of June saw it’s OI fall to 2906 for a loss of 1080 contracts. We had 1118 notices filed yesterday, so we GAINED AGAIN 38 contracts or 3800 additional oz standing FOR METAL. The next active contract month is July and here we saw it’s OI ROSE by 42 contracts UP to 2382. The next big active contract month is August and here the OI ROSE by 3,330 contracts UP to 358,741. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was FAIR at 185,304. The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was extremely poor at 129,899 contracts. The comex is not in backwardation.

Today we had 123 notices filed for 12,300 oz in gold.

 

And now for the wild silver comex results. Silver OI FELL by 989 contracts from 193,365 DOWN to 192,376 DESPITE THE FACT THAT the price of silver was DOWN BY ONLY 5 cents with YESTERDAY’S TRADING. The front month of June saw it’s OI fall by 0 contracts REMAINING AT 348. We had 0 notices filed yesterday, so we neither lost nor gained any ounces that will stand for delivery. The next big delivery month is July and here the OI fell by 8,611 contracts DOWN to 107,376. The volume on the comex today (just comex) came in at 72,376 which IS EXCELLENT. The confirmed volume YESTERDAY (comex + globex) was excellent at  73,768. Silver is not in backwardation . London is in backwardation for several months.
 
 
 
We had 0 notices filed for nil oz.
 

JUNE contract month:

INITIAL standings for JUNE

 
June 8.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil OZ
Withdrawals from Customer Inventory in oz  nil  1929.000ozscotia

60 KILOBARS

Deposits to the Dealer Inventory in oz 2,600.000.000 OZ?? BRINKS
Deposits to the Customer Inventory, in oz   96,032.150 ozScotia
No of oz served (contracts) today 123 contracts
(12,300 oz)
No of oz to be served (notices) 2783 contracts278,300 oz
Total monthly oz gold served (contracts) so far this month 13,006 contracts (1,300,600 oz)(40.45 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  84,215.4 OZ
STRANGE ACTIVITY AGAIN INSIDE THE GOLD COMEX TODAY

Today we had 1 dealer DEPOSIT

i) into Brinks 2,600.00

total dealer deposit:  2,600.000 0z

THIS IS A PHONY DEPOSIT AS IT IS NOT DIVISIBLE BY 32.15 OZ WHICH IS THE WEIGHT OF 1 KILOBAR

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 1 customer deposit:

i) into Scotia:  96,032.150 oz

 

Total customer deposits;  96,032.150 OZ

Today we had 1 customer withdrawals:

I) OUT OF SCOTIA 1929.000  (60 KILOBARS)

total customer withdrawals:  1929.000  60 kilobars

 
 

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 123 contracts of which 49 notices was stopped (received) by JPMorgan dealer and 55 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 (13,006) x 100 oz  or 1,300,600 oz , to which we  add the difference between the open interest for the front month of JUNE (2906 CONTRACTS) minus the number of notices served upon today (123) x 100 oz   x 100 oz per contract equals 1,578,900 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.  THE BANKERS JUST RECEIVED THEIR MINSKY MOMENT!! 
 
Thus the INITIAL standings for gold for the JUNE. contract month:
No of notices served so far (13006) x 100 oz  or ounces + {OI for the front month (2906) minus the number of  notices served upon today (123) x 100 oz which equals 1,578,900 oz standing in this   active delivery month of JUNE (49.110 tonnes).
 
INTERESTINGLY FIRST DAY NOTICE HAD 49.119 TONNES OF GOLD STANDING FOR DELIVERY SO WE HAVE GAINED BACK SOME OF THE GOLD LOST IN STANDING DUE TO FIAT SETTLEMENTS .
 
WE GAINED 38 CONTRACTS OR AN ADDITIONAL 3800 OZ  IS STANDING FOR THE PHYSICAL GOLD.
 
 
 
 
 
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 49.110 tonnes of gold standing for JUNE and 51.12 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 + 48.836 TONNES FOR JUNE + 12.3917 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery onMarch 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   = 65.813 tonnes still standing against 51.04 tonnes available.
 Total dealer inventor 1,643,563.321 tonnes or 51.12 tonnes
Total gold inventory (dealer and customer) =8,762,934.967 or 272.56 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 272.56 tonnes for a loss of 30 tonnes over that period. 
 
JPMorgan has only 22.79 tonnes of gold total (both dealer and customer)
JPMorgan now has only .900 tonnes left in its dealer account.
 
 
 
 
 end
 
HUGE ACTIVITY INSIDE THE SILVER COMEX AS WELL
 
And now for silver
 

June initial standings

 June 8.2016

Silver
Ounces
Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory  141,069.160 ozScotia
Deposits to the Dealer Inventory NIL
Deposits to the Customer Inventory   nil
No of oz served today (contracts) 0 CONTRACTS nil OZ
No of oz to be served (notices) 348 contracts1,740,000 oz
Total monthly oz silver served (contracts) 202 contracts (1,010,000 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  12,244,141.7 oz

today we had 0 deposit into the dealer account

total dealer deposit:NIL oz

we had 0 dealer withdrawals:

total dealer withdrawals:  nil

we had 0 customer deposit:

Total customer deposits: nil oz.

 

We had 1 customer withdrawals

ii) Out of Scotia:141,068.160  oz

:

total customer withdrawals:  141,068.160 oz

 
 

 

 we had 0 adjustment

 

 

LOOKS LIKE WE ARE HAVING A BANK RUN AT THE SILVER COMEX/today 141,068 z leaves the customer account (eligible acct) 
 
The total number of notices filed today for the JUNE contract month is represented by 0 contracts for nil 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 (202) x 5,000 oz  = 1,010,000 oz to which we add the difference between the open interest for the front month of JUNE (348) 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 JUNE contract month:  202 (notices served so far)x 5000 oz +{348 OI for front month of JUNE ) -number of notices served upon today (0)x 5000 oz  equals  2,750,000 of silver standing for the JUNE contract month.
 
We neither lost nor gained any silver ounces standing for this non delivery month of June.
 
 
 
Total dealer silver:  22.482 million  (RECORD LOW INVENTORY)
 
Total number of dealer and customer silver:   153.023 million oz
 
The total open interest on silver is NOW moving away from an 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 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
 
May 27/no change in gold inventory at the GLD/Inventory rests at 868.66 tonnes
May 26./no change at the GLD/Inventory rests at 868.66 tonnes
May 25./no change in gold inventory at the GLD/Inventory rests at 868.66 tonnes
MAY 24/ a good sized withdrawal of 3.86 tonnes of paper gold from the GLD/Inventory rests at 868.66 tonnes
May 23./this is rather impossible: another huge deposit of 3.26 tonnes into the GLD with the price of gold down again today?/inventory rests at 872.52 tonnes
May 20/what!!!A MONSTER DEPOSIT OF :8.92 TONNES OF GOLD INTO THE GLD INVENTORY/AND WITH GOLD DOWN $2.80??/INVENTORY RESTS AT 869.26
May 19/ANOTHER HUGE DEPOSIT OF 4.46 TONNES OF GOLD INTO THE GLD/iNVENTORY RESTS AT 860.34 TONNES
 
May 18 /no changes in inventory at the GLD/Inventory rests at 855.89 tonnes.
 
May 17/ we had a huge deposit of 4.76 tonnes of gold into the GLD/Inventory rests tonight at 855.89 tonnes/in the last two and 1/2 weeks we have added 50 tonnes of gold and this most likely was all paper gold addition..
 
 
 
 
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June 8.:  inventory rests tonight at 881.15 tonnes

end

Now the SLV Inventory
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
May 27/no change in silver inventory at the SLV/Inventory rests at 335.739 million oz/
 
May 26./ no change in silver inventory at the SLV/Inventory rests at 335.739 million oz
May 25./no change in silver inventory at the SLV/Inventory rests at 335.739
MAY 24/no change in inventory at the SLV/Inventory rests at 335.739 million oz
May 23./we had a small withdrawal of 285,000 oz and that generally means payment of fees.Inventory rests at 335.739 million oz
 
May 20/WE HAD A GOOD SIZED DEPOSIT OF 951,000 OZ INTO THE SLV/INVENTORY RESTS AT 336.024 MILLION OZ
May 19/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz
May 18/no changes in silver inventory at the SLV/Inventory rests at 335.073 million oz/
May 17/no change in silver inventory at the SLV/Inventory rests at 335.073 million oz/
 
 
 
.
June 8.2016: Inventory 338.725 million oz
 
 
end
 
I will update the Sprott and Central Fund of Canada NPV late tonight
 

NPV for Sprott and Central Fund of Canada

 

 
 
1. Central Fund of Canada: traded at Negative 4.1 percent to NAV usa funds and Negative 4.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 61.9%
Percentage of fund in silver:37.7%
cash .+1.4%( June 8/2016). /
2. Sprott silver fund (PSLV): Premium FALLS  to +0.27%!!!! NAV (June 8.2016) 
3. Sprott gold fund (PHYS): premium to NAV  falls TO +0.88% to NAV  ( June 8.2016)
Note: Sprott silver trust back  into POSITIVE territory at +27% /Sprott physical gold trust is back into positive territory at +0.88%/Central fund of Canada’s is still in jail.