Harvey Organ: Metals Smashed, But PM Shares Rise!

While the banksters were smashing gold & silver again today, the PM shares were busy rising…

Harvey Organ
Submitted by Harvey Organ:

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $1150.70 down $9.40   (comex closing time)
Silver: $15.41  down 27  (comex closing time)

 

 

In the access market 5:15 pm

 

 

Gold $1161.60
silver $15.62

 

The unhedged HUI index rose by 5.16 up to 162.72 despite gold’s fall. This may be the bottom for gold.

 

 

Gold/silver trading:  see Market Data charts here:

 

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

 

 

The gold comex today had a poor delivery day, registering 0 notices served for nil oz.  Silver comex registered 1 notice for 5,000 oz .

 

Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 254.52 tonnes for a loss of 48.5 tonnes over that period. Lately the removals  have been rising!

 

In silver, the open interest rose by an astonishing 1,494 contracts even though yesterday’s silver price was down 14 cents. The total silver OI continues to remain relatively high with today’s reading at 169,125 contracts. The front month of March contracted by 51 contracts.

We had  1 notice served upon for 5,000 oz.

 

In gold we had a fall in OI with gold down by $6.30 yesterday. The total comex gold OI rests tonight at 410,918 for a loss of 2,783 contracts. Today, surprisingly we again had only 0 notices served upon for nil oz.

 

 

 

Today, we had no changes in the  GLD/Inventory rests at 753.04  tonnes

 

In silver, /SLV  we had no change in inventory at the SLV/Inventory, remaining at 327.332 million oz

 

 1/10th oz Gold Freedom Girl
Available Now at SDBullion!

 

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

 

 

1.  The Greece affair.

It looks like the Troika are going to set foot on Greek soil. Greece starts to make noise that they want compensation for Nazi crimes during World War ii

(zero hedge)

 

2.  Euro falters to 1.053 to the dollar. ECB finds it difficult to purchase bonds on their QE program.

3. Venezuela now starting negotiations to swap some of its gold for dollars. (zero hedge)

4. Thailand becomes the 23rd nation to lower interest rates as the global economy falters badly.

 

5. The IMF agree to a 15.4 billion loan agreement with the Ukraine.

 

 

 

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 fell by a wide margin of 2,783 contracts today from 413,701 down to 410,918 as gold was down by $6.30 yesterday (at the comex close). We are now in the contract month of March which saw it’s OI rise by 3 contracts up to  120. We had 0 notices filed on yesterday so we gained 3 gold contract or an additional 300 oz will  stand for delivery in this delivery month of March. The next big active delivery month is April and here the OI fell by 13,037 contracts down to 226,123. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at69,156. The confirmed volume yesterday ( which includes the volume during regular business hours  + access market sales the previous day) was fair at 219,160 contracts  with mucho help from the HFT boys. Today we had 0 notices filed for nil oz.

And now for the wild silver comex results.  Silver OI rose by an extremely high 1494 contracts from 167,631 up to 169,125 with silver down by 14 cents with respect to yesterday’s trading. We are now in the active contract month of March and here the OI fell by 51 contracts down to 884. We had 41 contracts served upon yesterday. Thus we lost 10 contracts or an additional 50,000 oz will not stand in this March delivery month. The estimated volume today was poor at 14,652 contracts  (just comex sales during regular business hours. The confirmed volume on yesterday (regular plus access market) came in  at 41,106 contracts which is fair in volume. We had 1 notice filed for 5,000 oz today.

March initial standings

March 11.2015

Gold

Ounces

Withdrawals from Dealers Inventory in oz  nil
Withdrawals from Customer Inventory in oz   4018.75 oz /125 kilobars (Scotia)
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz nil
No of oz served (contracts) today 0 contracts (nil oz)
No of oz to be served (notices)  120 contracts (12,000 oz)
Total monthly oz gold served (contracts) so far this month 5 contracts(500 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month  114,790.651 oz
Total accumulative withdrawal of gold from the Customer inventory this month  250,625.3 oz

Today, we had 0 dealer transactions

 

 

 

total Dealer withdrawals: nil oz

 

 

 

we had 0 dealer deposit

 

 

 

total dealer deposit: nil oz

 

we had 1 customer withdrawals (and the farce continues)

 

i) Out of Scotia:  4,018.75 oz (125 kilobars)

total customer withdrawal: 4018.75  oz

 

 

we had 0 customer deposits:

 

 

total customer deposits;  nil  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 0 contracts of which 0 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 (5) x 100 oz  or  500 oz , to which we add the difference between the open interest for the front month of March (120) and the number of notices served upon today (0) x 100 oz equals the number of ounces standing.

 

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

 

No of notices served so far (5) x 100 oz  or ounces + {OI for the front month (120) – the number of  notices served upon today (0) x 100 oz} =  12,500 oz or .3888 tonnes

 

we gained 3oo additional gold ounces standing in this March contract month.

 

Total dealer inventory: 656,644.474 oz or 20.424 tonnes

Total gold inventory (dealer and customer) = 8.178 million oz. (254.39) tonnes)

 

Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 48.5 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

 

March silver initial standings

March 11 2015:

Silver

Ounces

Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory nil
Deposits to the Dealer Inventory   nil oz
Deposits to the Customer Inventory 997.800 (Delaware)  oz
No of oz served (contracts) 1 contracts  (5,000 oz)
No of oz to be served (notices) 883 contracts (4,415,000)
Total monthly oz silver served (contracts) 1732 contracts (8,670,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
Total accumulative withdrawal  of silver from the Customer inventory this month  2,233,478.9 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 0 customer deposits:

 

 

 

total customer deposit: nil oz

 

We had two customer withdrawals:

 

i) Out of Delaware:  533,211.929 oz

ii) Out of Scotia:  60,258.27 oz

 

total withdrawals;  593,470.199 oz

 

we had 1 adjustment

i) out of Delaware:  9,457.200 oz was adjusted out of the customer and this landed into the dealer account of Delaware;

 

Total dealer inventory: 68.834 million oz

Total of all silver inventory (dealer and customer) 177.443 million oz

.

The total number of notices filed today is represented by 1 contracts for 5,000 oz. To calculate the number of silver ounces that will stand for delivery in March, we take the total number of notices filed for the month so far at (1732) x 5,000 oz    = 8,660,000 oz to which we add the difference between the open interest for the front month of March (884) and the number of notices served upon today (1) x 5000 oz  equals the number of ounces standing.

 

Thus the initial standings for silver for the March contract month:

1732 (notices served so far) + { OI for front month of March( 884) -number of notices served upon today (1} x 5000 oz =  13,075,000 oz standing for the March contract month.

 

we lost 10 contracts or an additional  50,000 oz will not  stand for delivery in March.

 

 

for those wishing to see the rest of data today see:

 

 

Eagle

 

 

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:

 

March 11.2015: no changes in gold inventory at the GLD/Inventory at 753.04 tonnes

 

March 10 no report on the GLD tonight/computer down/inventory remains 753.04 tonnes

 

 

March 9/ we had another huge withdrawal of 3.38 tonnes of gold from the GLD, no doubt heading for Shanghai/Inventory 753.04 tonnes

 

March 6/we had a huge withdrawal of 4.48 tonnes of gold from the GLD/inventory rests tonight at 756.32/Also HSBC is getting out of the gold business in London and is giving up all of its 7 vaults.

 

March 5 no change in gold inventory at the GLD/760.80 tonnnes

 

March 4/ no change/inventory 760.80 tonnes

 

March 3 we had another 2.69 tonnes of gold withdrawn from the GLD. Inventory is now 760.80 tonnes.

 

March 2  we had 7.76 tonnes of withdrawal from the GLD today and this physical gold landed in Shanghai/Inventory 763.49 tonnes

 

 

March 11/2015 /  the GLD tonight has no changes:

inventory: 753.04 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 : 753.04 tonnes.

 

 

 

And now for silver (SLV):

 

 

March 11/no changes in silver inventory/327.332 million oz

 

 

 

March 10/ no change in silver inventory/327.332 million oz

 

 

March 9/ no change in silver inventory at the SLV/327.332 million oz

 

 

March 6: huge addition of 1.34 million oz of silver into the SLV/Inventory 727.332 million oz

 

March 5 no change in inventory/725.992 million oz

 

March 4 a slight reduction of  126,000 oz of silver/SLV inventory at 725.992 (probably to pay for fees)

 

March 3 a small deposit of 328,000 oz of silver into the SLV/Inventory at 726.118 million oz.

 

March 2/ no change in silver inventory tonight; 725.734 million oz

 

 

Feb 27.2015 no change in silver inventory tonight: 725.734 million oz

 

 

Feb 26. no change in silver inventory at the SLV/Inventory at 725.734 million oz

 

 

Feb 25. no changes in silver inventory/SLV inventory at 725.734 million oz

 

 

 

 

March 11/2015 no change in    silver inventory at the SLV/ SLV inventory rests tonight at 327.332 million oz

 

 

 

 

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)

 

Not available tonight

1. Central Fund of Canada: traded at Negative  9.1% percent to NAV in usa funds and Negative 8.7% to NAV for Cdn funds!!!!!!!

Percentage of fund in gold 61.6%

Percentage of fund in silver:38.0%

cash .4%

 

( March 10/2015)

 

Sprott gold fund finally rising in NAV

 

 

 

2. Sprott silver fund (PSLV): Premium to NAV rises to + 2.29%!!!!! NAV (March 11/2015)

3. Sprott gold fund (PHYS): premium to NAV rises to -.24% to NAV(March 11  /2015)

Note: Sprott silver trust back  into positive territory at +2.29%.

Sprott physical gold trust is back into negative territory at -.24%

Central fund of Canada’s is still in jail.