Harvey Organ: Raid Fails!

cartel raidToday, the bankers got a good look at the real OI for today in both gold and silver, and they decided en masse that it was necessary to orchestrate a raid. 
The problem of course was the fact that many investors were waiting in the wings and they gobbled up many of the huge offerings from our bankers.

 

Harvey Organ

RAID FOILED AGAIN/GOLD AND SILVER ADVANCE/EUROPEAN INVESTORS TOTALLY DISSATISFIED WITH THE DEAL TO RESCUE OUR INSOLVENT ITALIAN BANKS/THE ITALIAN STOCK EXCHANGE HALTED ALL ITALIAN BANK STOCKS FROM TRADING IN MID AFTERNOON/VALEANT GIVEN A NOTICE OF DEFAULT BY ONE COMPANY WHO DID NOT GO ALONG WITH THE DEAL/FUN AND GAMES TOMORROW

Silver Eagle SD Bullion

Good evening Ladies and Gentlemen:

 

Gold:  $1,259.70 up $2.70    (comex closing time)

Silver 16.22  up 25 cents

In the access market 5:15 pm

Gold $1255.00

silver:  16.17

 

Today, the bankers got a good look at the real OI for today in both gold and silver(remember that OI is always reported one day late and this gives the house a huge advantage) and they decided en masse that it was necessary to orchestrate a raid.  The problem of course was the fact that many investors were waiting in the wings and they gobbled up many of the huge offerings from our bankers.

Over on the other side of the pond in London, physical gold and silver are disappearing off the planet and thus it is much harder for the bankers to do their usual and customary  (and criminal) raids. The OI for both gold and silver no doubt will be much higher tomorrow and the bankers will need to burn themidnight oil deciding whether to raid or not.

 

Let us have a look at the data for today

.

At the gold comex today, we had a GOOD delivery day, registering 123 notices for 12300 ounces  for gold,and for silver we had 0 notices for nil oz for the non active April delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 214.39 tonnes for a loss of 85 tonnes over that period.

 

In silver, the open interest rose by a whopping 4,750  contracts UP  to 180,058 as the silver price was UP 59 cents with respect to yesterday’s bullish trading. In ounces, the OI is still represented by .900 billion oz or 128% of annual global silver production (ex Russia ex China). We are now at multi year highs in OI with respect to silver

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

In gold, the total comex gold OI ROSE BY A GIGANTIC  14,345 contracts UP to 498,189 contracts as the price of gold was UP $14.10 with YESTERDAY’S trading.(at comex closing).

We had another big change in the GLD,  a withdrawal of 2.67 tonnes / thus the inventory rests tonight at 815.14 tonnes.  The fact that gold has a huge three days, I rather suspect that the bankers need to get their hands on physical quickly and the thus raided the GLD cookie jar.  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 changes   and thus the Inventory rests at 336.151 million oz.

Silver Rounds SD Bullion

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver RISE by 4750 contracts UP to 180,058 as the price of silver was UP 59 cents with YESTERDAY’S trading.Today, the bankers TRIED TO ATTACK AND AGAIN THEY FAILED. The total OI for gold rose by 14,345 contracts to 498,189 contracts as gold was UP $14.10 in price from yesterday’s level.  THE HIGH OI FOR GOLD WAS THE REASON FOR THE ATTEMPTED RAID TODAY.

(report Harvey)

 

2 a) Gold trading overnight, Goldcore

(Mark OByrne)

b) COT report

(Harvey)

3. ASIAN AFFAIRS

i)Late  MONDAY night/ TUESDAY morning: Shanghai closed down 10.31 POINTS OR 0.34% (even with last hr rescue)  /  Hang Sang closed UP 63.63 OR 0.31%. The Nikkei closed UP 177.66 POINTS OR 1.13% . Australia’s all ordinaires  CLOSED UP 0.89%. Chinese yuan (ONSHORE) closed UP at 6.4606.  Oil ROSE  to 40.66 dollars per barrel for WTI and 43.12 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades  6.4702 yuan to the dollar vs 6.4606 for onshore yuan. LAST WEEK:Japanese INDUSTRIAL PRODUCTION plunges the most in almost 5 years as negative interest rates ARE KILLING BUSINESS./JAPANESE TANKEN CONFIDENCE INDEX PLUMMETS/JAPAN HAS NEVER RECOVERED FROM THOSE BAD DATA RELEASES/TODAY THE USA/YEN CROSS REMAINS AT THE 108 CROSS SETTING OFF GLOBAL TENSIONS WHICH IN TURN IS CAUSING THE SPECIAL MEETING AT THE FED.

 

REPORT ON JAPAN  SOUTH KOREA AND CHINA

a) REPORT ON JAPAN

 

ii)Our famous Mr Yen,  Eisuke Sakakibara now says that Japan’s currency may strengthen to 100 yen to the dollar. He states that intervention will be fruitless.  Although Japanese officials state that the 100 yen to the dollar is no problem for the Japanese economy it will surely wreck havoc on the rest of the world especially with the trillions of yen carry traders getting annihilated.

( zero hedge)

 

iii)An extremely important paper where the former chief IMF economist Olivier Blanchard admits how the end game will be played out.  He discusses that Japan already has 34% of all Japanese issuance of bonds and by next year they will approach 50%.  He then states that there will be a scarcity of sellers which will force Japan to taper buying of bonds.  This will then force yields higher and with that deflation will turn on a dime into hyperinflation

a must read…
 
( zero hedge)

 Cumberland Gap SD Bullion

 
 

b) REPORT ON CHINA

iv)China will still due to stealth devaluation despite the blasting from USA’s Lew.

Even though the yuan/yuan has been stable, take a look at how the yuan is behaving against its currency basket: falling!!

The Japanese yen is out of ammo to cause its currency to falter. The USA has made a decision to lower its currency (thus hurting the yen by causing it to rise as well as causing the Euro to rise) so as not to allow the devaluation of the yuan against it.

( zero hedge)

 

v) a terrific article on the plight of China:

 
( David Stockman/ContraCorner)
 
 

EUROPEAN AFFAIRS

i) Italy announced its long awaited rescue for its troubled banking sector.  They have 360 billion euros of non performing loans.  So they now set up a fund called Atlas or Atlante to buy up the troubled loans.  The problem:  the fund is only 5 billion euros.

( zero hedge)

ii)Confusion is the order of the day, as Schauble met Draghi early this morning.  The meeting was meant to smooth over things that the ECB said and where it was heading.  Schauble was not impressed!
( zero hedge)
 
iii)Late in the European session, we now witness Italian banks are halted and they are also LIMIT DOWN.  The tiny rescue pkg is just not enough.  The USA markets then proceeded to turn south:
( zero hedge)
 
 

GLOBAL ISSUES

WHAT A JOKE:  the IMF has now cut its global growth forecast for 2016 to 3.2% from 3.4%.

These guys have no clue and their forecasting skills are worth zero

( zero hedge)

 

OIL ISSUES

i)Early this morning, Bloomberg oil strategist Julian Lee warns us not to be bullish on the DOHA freeze talks scheduled for April 17.2016:

( zero hedge)

 

ii)This phony headline sends the Dow and Nasdaq skyrocketing.  It was total garbage:

( zero hedge)
 

Crude, Stocks Soar On Russia-Saudi “Production Freeze” Headline

iii)Well that did not last long! Oil falters after a surprisingly large inventory build:

( zero hedge)
 

PHYSICAL MARKETS

i)Silver continues to be the star performer as we have highlighted to you, the commercials seem to be “getting out of Dodge”

( zero hedge)

 

ii)Silver continues to be the star performer as we have highlighted to you, the commercials seem to be “getting out of Dodge”

( zero hedge)

 

iii)Huge Chinese demand for March equal to 183.2 tonnes or 43.6 tonnes per week.They are still importing massive amounts of gold and they are not stopping

( Lawrie Williams/Sharp’s Pixley)
 

iv)John Embry discusses the fact that the prices of gold and silver are rising due to the scarcity of the physical metals.  Also gold/silver equity companies are also recognizing the physical shortage and thus their shares are nicely bid.

John Embry takes note of the IMF warnings of the health of insurance companies.  These guys are having a real tough time in the NIRP world
a great interview…
 
( John Embry/Kingworldnews)
 

v)Chris Powell is interviewed on Bloomberg TV and India TV( GATA/Chris Powell)

 

vi)Very unusual!!  A former Yellen adviser goes against the Fed and proposes sweeping reforms of the Fed system:  i.e. making the Fed transparent and a public vehicle, not a private one

 

( zero hedge)

 

 

USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER

i)We now know that the Fed has 3 meetings this week, the first was held on Monday, the second one, today and one tomorrow.  Dave Kranzler and I are of the same opinion that these meetings were how to save Deutsche Bank with all of their huge amounts of derivatives underwritten.  We differ on the fact that once DB blows up there is nobody on earth that can save them:  they  have now well over 75 trillion dollars worth of derivative underwritten. (They had 75 trillion in 2014)

 
( Dave Kranzler/IRD)
 

ii)It now seems that New York is joining London England where luxury real estate is plummeting in price.( zero hedge)

 

iii)Oh boy!! this ought to be fun.  Centerbridge has notified Valeant after hours that it intends to call a default event as our darling company broke covenants with its reporting requirements.  Valeant had sought a delay and was willing to give a bonus interest for the privilege. Centerbridge said no and this called it a default event.

Let us see what happens tomorrow:
( zero hedge)
 

iv)Jeff Gundlach, of Doubleline is one smart cookie.  He is a bond guru.  He is stating that he remains bullish on gold and that there will be only one Fed hike and it was done in December.  In other words one and done!

( Jeff Gunlach/zero hedge)
 

v)We have Bank of America’s credit card data and it suggest a huge April retail sales plunge!!

( bank of America/zero hedge)
 

Let us head over to the comex:

The total gold comex open interest ROSE to an OI level of 498,189 for a gain of 14,345 contracts as the price of gold was UP $14.10 in price with respect to yesterday’s bullish trading.  We are now entering the active delivery month of April. 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 or for that matter an inactive month, and 2) a continual drop in the amount of gold standing in an active month. We certainly witnessed both parts today . In the front month of April we lost 101 contracts from 3575 contracts down to 3474.  We had 30 notices filed so we lost 71 contracts or an additional 7100 gold ounces that will not stand for delivery. The next non active contract month of May saw its OI rise by 63 contracts up to 2855. The next big active gold contract is June and here the OI ROSE by 11,107 contracts UP to 375,245. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was POOR at 156,787 . The confirmed volume YESTERDAY (which includes the volume during regular business hours + access market sales the previous day was poor at 180,194 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 ROSE by a considerable 4750 contracts from 175,308 UP to 180,058 AS the price of silver was up 59 cents with yesterday’s rise in price.  We are now in the next contract month of April and here the OI ROSE by 2 contracts falling to 64. We had 0 notices filed on yesterday so we  gained 2 silver CONTRACTS  or an additional 10,000 ounces of silver will stand for delivery in this non active month of April.   The next active contract month is May and here the OI rose by 1334 contracts up to 98,575. This level is exceedingly high.  We do have 2 and 1/2 weeks before first day notice on Friday, April 29.The volume on the comex today (just comex) came in at 80,145, which is huge. The confirmed volume yesterday (comex + globex) was humongous at 90,432. Silver is not in backwardation.    In London it is in backwardation for several months.
 
The bankers must be getting very anxious as they attempted a raid again today with the obvious objective to loosen many gold and silver leaves from the silver tree as possible.  They failed miserably!! The record high OI in silver in concert with a very low silver price has not resolved itself after 5 yrs of trading.
 
We had 0 notices filed for nil oz.
 
 

April contract month:

INITIAL standings for APRIL

April 12/2016

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil 1929.0000  ozMANFRA,SCOTIA
Deposits to the Dealer Inventory in oz 65,452.74 OZBRINKS
Deposits to the Customer Inventory, in oz  16,000.00 oz ???
SCOTIA
No of oz served (contracts) today 123 contracts
(12,300 oz)
No of oz to be served (notices) 3351 contracts 335,100 oz/
Total monthly oz gold served (contracts) so far this month 1286 contracts (128,600 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 78,877.4 oz

Today we had 1 dealer deposit

i) Into Brinks:  65,452.74 oz

and that entry I can understand.

Total dealer deposits; 65,452.74 oz

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

 

Today we had 1 customer deposit:

Into Scotia:  Exactly 16,000.000 oz  ???

how could we have such an entry and this is not divisible by 32.15 so it is not kilobars

they can making a farce of the comex

Total customer deposits:  16,000.0000 oz

Today we had 2 customer withdrawal:

i) Out of MANFRA:  160.75 oz

ii) Out of Scotia:  1768.25 oz (55 kilobars)

total customer withdrawals: 1929.000 oz  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 34 notices was stopped (received) by JPMorgan dealer and 33 notices were stopped (received)  by JPMorgan customer account. 
 
To calculate the initial total number of gold ounces standing for the Mar contract month, we take the total number of notices filed so far for the month (1286) x 100 oz  or 128,600 oz , to which we  add the difference between the open interest for the front month of April (3474 CONTRACTS) minus the number of notices served upon today (123) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the initial standings for gold for the April. contract month:
No of notices served so far (1286) x 100 oz  or ounces + {OI for the front month (3474) minus the number of  notices served upon today (123) x 100 oz which equals 463,700 oz standing in this non  active delivery month of April (14.423 tonnes).
 
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 14.423 tonnes of gold standing for April and 12.871 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 14.423 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) + March 31: 1.2470 and then  April 1,2: – .0006 tonnes   = 22.413 tonnes still standing against 12.871 tonnes available.  .
 
 
Total dealer inventor 413,811.03 oz or 12.871 tonnes
Total gold inventory (dealer and customer) =6,892,738.779 or 214.39 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 214.39 tonnes for a loss of 85 tonnes over that period. 
 
JPMorgan has only 21.15 tonnes of gold total (both dealer and customer)
 
 end

 

 
And now for silver
 

APRIL INITIAL standings

/April 12/2016:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 1,127,825.283 OZ. CNT, DelawareSCOTIA,JPM
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 456,809.400 OZBrinks,Delaware
No of oz served today (contracts) 0 contractsnil  oz
No of oz to be served (notices) 66 contracts)(330,000 oz)
Total monthly oz silver served (contracts) 123 contracts (615,000 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 3,374,818.6 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 2 customer deposits:

i) Into BRINKS:  455,789.300 oz

ii)Into Delaware:  1020.100 oz

total customer deposits: 456,809.400 oz

We had 4 customer withdrawal

i) Out of CNT: 10,057.900 oz

ii) Out of Delaware: 981.600 oz

iii) Out of Scotia: 660,996.483

iv) Out of JPM:  455,789.300 oz

:

total customer withdrawals:  1,127,825.283  oz

 
 

 

 we had 0 adjustments

 

The total number of notices filed today for the April contract month is represented by 2 contracts for 10,000 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 (123) x 5,000 oz  = 615,000 oz to which we add the difference between the open interest for the front month of April (66) 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:  123 (notices served so far)x 5000 oz +(x66{ OI for front month of April ) -number of notices served upon today (0)x 5000 oz  equals 945,000 oz of silver standing for the March contract month.
 
we  gained 2 silver  contracts or an additional 10,000 ounces will stand in this non active delivery month.
 

 

 
 
Total dealer silver:  32.452 million
Total number of dealer and customer silver:   154.596 million oz
 
The open interest on silver is now at multi year highs.  Expect a raid tomorrow.
 
 
 
 
 
end
 
 
 
And now the Gold inventory at the GLD
 
April 12/another huge withdrawal of 2.67 tonnes of gold from the GLD and again despite the rise in gold. The boys must be desperate to get their hands on some physical.
Inventory rests at 815.14 tonnes.
 
April 11. We had a huge withdrawal of 1.79 tonnes of gold despite the rise in gold. No doubt whatever physical gold the GLD had just went over to China/inventory rests tonight at 817.81 tonnes
 
 

APRIL 8/no changes in tonnage of gold/rests tonight at 819.60 tonnes

APRIL 7/ a huge deposit of 4.17 tonnes of “paper” gold was added to our GLD/Inventory rests tonight at 819.60 tonnes

APRIL 6/a withdrawal of .29 tonnes of gold and probably this was to pay for fees for the custodian and insurance/inventory rests at 815.43 tones

April 5/ a withdrawal of 2.37 tonnes of gold from the GLD/Inventory rests at 815.72 tonnes

APRIL 4/a withdrawal of 1.19 tonnes from the GLD/Inventory rests at 818.09 tonnes of gold

April 1/no changes in gold inventory at the GLD/Inventory rests at 819.28 tonnes

MARCH 31/a small withdrawal of 1.19 tonnes/inventory rests tonight at 819.28 tonnes

MARCH 30/no changes in inventory/inventory rests tonight at 820,47 tonnes

March 29/a withdrawal of 3.27 tonnes of gold from the GLD/Inventory rests at 820.47 tonnes.  (No doubt we will see a rise in gold inventory with tomorrow’s reading)

March 28/no change in inventory at the GLD/Inventory rests at 823.74 tonnes

March 24.2016: a deposit of 2.08 tonnes of gold into its inventory/and this after a big drubbing these past two days??/Inventory rests at 823.74 tones

March 23/no changes at the GLD today despite the gold drubbing. Inventory rests at 821.66 tonnes

March 22./no changes in inventory at the GLD/Inventory rests at 821.66 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

April 12.2016:  inventory rests at 815.14 tonnes

 

end

 

Now the SLV Inventory
April 12.no change in silver inventory/rests tonight at 336.151 million oz
 
April 11.2016; a huge addition of 1.427 million oz of “paper” silver entered the SLV/Inventory rests at 336.151 million oz
 
 
APRIL 8/no changes in silver inventory/rests tonight at 334.724 million oz
 
APRIL 7/no change in silver inventory/rests tonight at 334.724 million  oz
 
April 6/no change in silver inventory/Inventory rests at 334.724 million oz
 
 
April 5/ a deposit of 2.146 million oz of silver into the SLV/Inventory rests at 334.724 million oz/
 
APRIL 4/no change in silver inventory tonight/inventory rests at 332.578 million oz
 
 
Apri 1: we had a huge deposit of 2.189 million oz of silver into the SLV (with silver badly down?)/.Inventory rests tonight at 332.578 million oz
MARCH 31/ no change in silver inventory at the SLV tonight/inventory rests at 330.389 million oz
MARCH 30/no change in inventory/inventory rests at 330.389 million oz
March 29.2016: a huge deposit of 1.475 million oz of silver into the SLV/Inventory rests at 330.389 million oz
March 28/no change in silver inventory at the SLV/Inventory rests at 328.914 million oz
March 24.2016/no change in inventory/rests tonight at 328.914 million oz/
March 23/we lost 1.428 million oz as a withdrawal today/SLV inventory rests at 328.914 million oz
 
 
 
.
April 12.2016: Inventory 336.151 million oz
 
.end
 
 
1. Central Fund of Canada: traded at Negative 4.9 percent to NAV usa funds and Negative 5.3% to NAV for Cdn funds!!!!
Percentage of fund in gold 63.4%
Percentage of fund in silver:36.6%
cash .0%( April 12.2016).
2. Sprott silver fund (PSLV): Premium to NAV falls to -.82%%!!!! NAV (April12.2016) 
3. Sprott gold fund (PHYS): premium to NAV rises  to +16% to NAV  ( April12.2016)
Note: Sprott silver trust back  into negative territory at -.82%% due to purchase of 75 million dollars worth of silver/Sprott physical gold trust is back into positive territory at +.16%/Central fund of Canada’s is still in jail.
 
It looks like Eric Sprott got on the nerves of our bankers as they lowered the premium in silver to -.82%.  Remember that Eric is to get 75 million dollars worth of silver. Please note that for the first time in quite a while, Eric’s gold fund went positive in premium.
Kraken SDBullion