Today, we had a huge withdrawal in inventory at the GLD. of 2.1 tonnes.
On the 22nd the LBMA stated that they will no longer publish GOFO rates.
It looks to me like these rates are now fully manipulated.
Submitted by Harvey Organ:
In the access market 5:15 pm:
The gold comex again today had another good noticy day registering 154 notices served.
Today we had no withdrawals of gold from the comex vaults. A few months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 276 for a loss of 27 tonnes.
In silver, the open interest continues to remain high at 170,192 contracts.
To boot, the December silver OI remains extremely high at 118,707.
Today, we had a huge withdrawal in inventory at the GLD. of 2.1 tonnes. Tonnage tonight at 749.87 tonnes.
SLV’s inventory remains unchanged and rests at 343.415 million oz.
Today, the big story is the terror attack on Canada’s capital, Ottawa which set the tone for the North American bourses today.
Finally, Bill Holter continues where he left off yesterday talking about the insolvent Fed and the insolvent USA
with its massive 1.4 quadrillion derivatives.
We have many stories to bring to your attention today…
Let’s head immediately to see the major data points for today.
First: GOFO rates/
All months basically moved slightly in the positive directions with the various GOFO months. On the 22nd of September the LBMA stated that they will not publish GOFO rates. However today we still received today’s GOFO rates.
It looks to me like these rates are now fully manipulated.
London good delivery bars are still quite scarce.
Oct 22 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
+.10% +.11% +.135% +.155% + .1925%
Oct 21 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
+.0775% +.095% +.11% +.1275 +.1775%
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 a large margin of 3,598 contracts from 407,459 up to 411,057 with gold up $7.00 yesterday. We are now in the active delivery month of October and generally this is a very poor month for deliveries. The October contract month actually fell by 219 contracts down to 388. We had 220 notices filed on yesterday we gained 1 gold contract or an additional 100 oz will stand for the October contract month. The November contract month saw its OI rise by 6 contracts up to 361. The December contract fell slightly by3,951 contracts down to 287,118. The estimated volume today was poor at 110,030 contracts. The confirmed volume yesterday was fair at 173,618.
The total silver Comex OI rose by a tiny 37 contracts as silver was down yesterday to the tune of 20 cents. It seems that the shorts are reticent to supply for silver contracts and they are starting to cover for fear of major entities taking delivery. Tonight the silver OI complex rests at 170,192 contracts. In ounces, this represents 851 million oz or 121.60% of silver annual production (annual production of 700 million oz ex China). In commodity law generally the OI is represented by 3 to 5% of annual production. These silver contracts are in very strong hands and as I have indicated to you on countless occasions, this will continue to bring nightmares to our bankers. Probably this is as good a reason as ever for the bankers to raid on a continual basis trying to force those longs to puke their interests.
We are in the non active silver contract of October and here the OI fell by 3 contracts down to 102 contracts. We had 5 notices served upon yesterday so we gained 2 silver contracts or an additional 10,000 oz of silver will be standing for the October contract month. November is also a non active delivery month and here the OI remained constant at 124 contracts.
The December silver contract is a biggy contract month and tonight it fell slightly to 118,707 contracts for a loss of 396 contracts. No doubt the December contract month may provide all the fireworks if our major entity tries to take delivery of much of the comex silver. In ounces, the December contract equates to 593.5 million oz or 84.79% of annual global production (ex China). The estimated volume today was fair at 34,366. The confirmed volume yesterday was also fair at 36,629 contracts. Bill Holter and I strongly believe that only one entity could possibly behind the majority of these longs and that entity is the sovereign Chinese government.
Data for the October delivery month.
Withdrawals from Dealers Inventory in oz
Withdrawals from Customer Inventory in oz
Deposits to the Dealer Inventory in oz
Deposits to the Customer Inventory, in oz
No of oz served (contracts) today
154 contracts( 15,400 oz)
No of oz to be served (notices)
234 contracts (23,400 oz)
Total monthly oz gold served (contracts) so far this month
1088 contracts (108,800 oz)
Total accumulative withdrawals of gold from the Dealers inventory this month
Total accumulative withdrawal of gold from the Customer inventory this month
Today, we had zero dealer transactions
total dealer withdrawal: nil oz
total dealer deposit: nil oz
we had 0 customer withdrawals:
total customer withdrawals:nil oz
we had 0 customer deposits:
total customer deposit: nil oz
We had 0 adjustment:
Total Dealer inventory: 921,376.368 oz or 28.65 tonnes
Total gold inventory (dealer and customer) = 8.898 million oz. (276.71) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 27 tonnes have been transferred out. We will be watching this closely!
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 154 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices stopped by JPMorgan customer account.
We had 154 notices served upon our longs for 15,400 oz of gold. In order to calculate what will be standing for delivery in September, I take the number of contracts served so far this month at 1088 x 100 oz = 108,800 oz,to which I add the difference between the open interest for the front month of October(388) minus the number of notices served upon today (154) x 100 oz = 132,200 oz or 4.11 tonnes.
We gained 100 gold ounces standing for the October contract month.
Thus: October standings:
1088 contracts x 100 oz = 108,800 oz + (388 ) – (154)x 100 = 132,200 oz or 4.11 tonnes
October silver: Initial standings
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||446,684.42 oz
|Deposits to the Dealer Inventory||98,007.800 (CNT)|
|Deposits to the Customer Inventory||687,325.30 oz (CNT)|
|No of oz served (contracts)||100 contracts (500,000 oz)|
|No of oz to be served (notices)||2 contracts (10,000 oz)|
|Total monthly oz silver served (contracts)||754 contracts (3,770,000 oz)|
|Total accumulative withdrawal of silver from the Dealers inventory this month||1,880,719.0|
|Total accumulative withdrawal of silver from the Customer inventory this month||6,921,472.3 oz|
Today, we had 1 deposits into the dealer account:
i) Into CNT: 487,325.30 oz
total dealer deposit: 487,325.30 oz
we had 0 dealer withdrawal:
total dealer withdrawal: nil oz
We had 3 customer withdrawals:
i) Out of Brinks: 407,554.80 oz
ii) Out of Delaware: 20,821.41 oz
iii) Out of CNT: 18,308.20 oz
total customer withdrawal 446,684.42 oz
We had 1 customer deposit:
i) Into CNT: 487,325.30 oz
total customer deposits: 487,325.30 oz
we had 0 adjustments:
Total dealer inventory: 67.327 million oz
Total of all silver inventory (dealer and customer) 179.586 million oz.
The CME reported that we had 100 notices filed for 500,000 oz today. To calculate what will stand for this active delivery month of October, I take the number of contracts served for the entire month at 754 x 5,000 oz per contract or 3,770,000 ounces upon which I add the difference between the open interest for the front month of October (102) – the number of notices served upon today (100) x 5000 oz per contract
Thus Oct. standings for silver: 754 notices x 5,000 oz per notice or 3,770,000 oz + (102) – (100) x 5,000 oz = 3,780,000 oz,
we thus gained 10,000 additional ounces of silver standing in the October contract month.
this level should continue to rise as the month progresses.
It looks like China is still in a holding pattern ready to pounce when needed.
The open interest on silver is still highly elevated. Gold has a low OI with a low gold price. Silver has a high OI with a low silver price. Something has got to give!!
As far as the silver inventory, it looks compromised as well. Shanghai is in complete silver backwardation and yet comex seems to import huge amounts of silver.
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:
Oct 22.2014: we lost another 2.1 tonnes of gold at the GLD. Inventory rests at 749.87 tonnes. This tonnage no doubt is off to Shanghai.
Oct 21.2014: no change in inventory/GLD inventory rests tonight at 751.96 tonnes.
Oct 20.2014: wow!! a massive 8.97 tonnes of gold leaves the GLD heading to the friendly shores of Shanghai./Inventory 751.96
Oct 17.2014: No change in gold inventory at the GLD/Inventory 760.93 tonnes
Oct 16.2015: GLD gained back 1.79 tonnes of gold/inventory 760.93 tonnes
Oct 15.2014 GLD lost back the gold it gained yesterday to the tune of 2.09 tonnes/Inventory back to 759.14 tonnes
Oct 14. GLD inventory/stays the same at 761.23 tonnes
Oct 13.2014: this is good/it is quite possible that the gold has finally hit empty (due to gold near backwardation)
GLD 761.23 tonnes up 1.79 tonnes today.
Oct 10.2014: we lost 2.64 tonnes of gold from the GLD and this gold will head to Shanghai/inventory 759.44 tonnes
Oct 8.2014: we lost 5.39 tonnes of gold today and this gold will be heading to the friendly confines of Shanghai, China /New inventory 762.08 tonnes
oct 7.2014: as of 6 pm est, no change in gold inventory/767.47 tonnes
oct 6.2014: as of 6 pm est no change in inventory/767.47 tonnes
Oct 3.2014: as of 5 pm est no change in inventory/767.47 tonnes
Oct 2.2014: we lost another 1.19 tonnes of gold inventory heading towards Shanghai. (inventory 767.47 tonnes)
Oct 1.2014: we lost another 1.20 tonnes of gold inventory heading towards Shanghai. (inventory: 768.66 tonnes)
sept 30.2014: we lost another 2.39 tonnes of gold inventory heading towards Shanghai. (inventory 769.86 tonnes)
Today we lost 2.1 tonnes of gold inventory at the GLD
inventory: 749.87 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 gold: 749.87 tonnes.
And now for silver:
Oct 22.2014: no change in silver inventory at the SLV ( as of 6 pm est)
Oct 21.2014; no change in silver inventory at the SLV (as of 6 pm est)
Oct 20.2014: we lost 1.15 million oz of silver inventory at the SLV/inventory 343.415 million oz
Oct 17.2014: no change in silver inventory/344.565 million oz
Oct 16.2014: no change in silver inventory/344.565 million oz
Oct 15.2014 no change in silver inventory/344.565 million oz
Oct 14.2014 today we had a loss of 1.201 million oz/SLV inventory rests at 344.565 million oz
Oct 13.2014: no change in silver inventory so far:
345.766 million oz
oct 10.2014: we lost a massive 3.25 million oz of silver leaving the SLV. Inventory 345.766 million oz
Oct.8/2014 no change in silver inventory 349.071 million oz
Oct 7.2014: a reduction of silver inventory to the tune of 863,000 oz/new inventory at SLV 349.071 million oz
Oct 6.2014: no change in inventory/349.934 million oz.
Oct 3.2014/ we had a minor loss of 152,000 oz and this is usually to pay for fees./Inventory 349.934
oct 2.2014: no change in silver inventory/350.086 million oz.
Oct 1 late last night at 11 pm I was notified by Fred that they added a remarkably high 4.075 million oz of silver inventory at the SLV.
new inventory: 350.086 million oz.
sept 30.2104: no change in inventory/inventory 346.011 million oz
Today, Oct 22.2014
Inventory tonight no change in silver inventory /silver inventory rests tonight at 343.415 million oz
And now for our premiums to NAV for the funds I follow:
Note: Sprott silver fund now deeply into the positive 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 8.1% percent to NAV in usa funds and Negativee 7% 7.9% to NAV for Cdn funds
Percentage of fund in gold 60.80%
Percentage of fund in silver:38.60%
.( Oct 22/2014)
2. Sprott silver fund (PSLV): Premium to NAV rises to positive 4.42% NAV (Oct 22/2014)
3. Sprott gold fund (PHYS): premium to NAV falls to negative -0.66% to NAV(Oct 22/2014)
Note: Sprott silver trust back hugely into positive territory at 4.39%.
Sprott physical gold trust is back in negative territory at -0.57%
Central fund of Canada’s is still in jail.