Today, once gold surpassed the 1300 dollar level, one could guess that the bankers were going to defend their turf and they most assuredly did with a raid this morning.
Surprisingly silver did not follow gold. Silver surpassed the 18.00 dollar level and stayed there for the rest of the day.
Submitted by Harvey Organ:
Good evening Ladies and Gentlemen:
Here are the following closes for gold and silver today:
Gold: $1293.70 down $0.20 (comex closing time)
Silver: $18.18 up 23 cents (comex closing time)
In the access market 5:15 pm
Gold/silver trading: see kitco charts on right side of the commentary.
Today, once gold surpassed the 1300 dollar level, one could guess that the bankers were going to defend their turf and they most assuredly did with a raid this morning. Surprisingly silver did not follow gold. Silver surpassed the 18.00 dollar level and stayed there for the rest of the day.
The gold comex today had a poor delivery day, registering 0 notices served for nil oz. Silver comex registered 10 notices for 50,000 oz.
Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 247.23 tonnes for a loss of 56 tonnes over that period.
In silver, the open interest fell by 1,014 contracts with Tuesday’s silver price being up by 21 cents. The total silver OI continues to remains relatively high with today’s reading at 159,904 contracts. It seems that the bankers are very worried about silver as they covered some of their short position with the rise in the price of silver. The January silver OI contract fell by 17 contracts down to 63.
In gold we had a good increase in OI with the huge rise in price of gold yesterday to the tune of $16.40. The total comex gold OI rests tonight at 430,128 for a gain of 5,742 contracts. The January gold contract rose by 3 contracts up to 90 contracts.
Late Friday night we had a huge addition of gold inventory at the GLD to the tune of 13.74 tonnes/ Last night an additional amount of 11.35 tonnes has been added / Tonight we lost 1.79 tonnes/GLD inventory 740.45 tonnes
In silver, no change in silver inventory so far tonight
SLV’s inventory rests tonight at 325.011 million oz
We have a few important stories to bring to your attention today…
Let’s head immediately to see the major data points for today
First: GOFO rates:
All rates moved in the negative direction except the rarely used 1 year GOFO/ All months are in contango and thus positive in rates.
Sometime in January the LBMA will officially stop providing the GOFO rates.
Jan 21 2015
+.0675% +0775% +.0825% +.095% .135%
Jan 20 2014:
+.075% +.085% +.0925 % +.10% +.1325%
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 today by 5,742 contracts from 424,386 all the way up to 430,128 with gold up by $16.40 yesterday (at the comex close). We are now onto the January contract month. The non active January contract month saw it’s OI contracts rise by 3 contracts up to 90. We had 0 contracts served yesterday. Thus we neither gained 3 gold contracts or an additional 300 oz will stand for delivery in this January contract month. The next big delivery month is February and here the OI fell b only 2,531 contracts to 181,669 contracts with many moving to April. First day notice is Friday Jan 30.2014 or less than two weeks away. The estimated volume today was poor at 111,359. The confirmed volume yesterday was excellent at 278,291 contracts. Today we had 0 notices filed for nil oz .
And now for the wild silver comex results. Silver OI fell by 1014 contracts from 160918 all the way down to 159,904 despite the fact that silver was up by 21 cents yesterday. We thus had considerable shortcovering. The front January contract month saw its OI fall to 63 contracts for a loss of 17 contracts. We had 37 notices filed yesterday, so we gained 20 silver contracts or an additional 100,000 oz will stand for silver in the January contract month. The next big contract month is March and here the OI fell by 1,327 contracts down to 103,918. The estimated volume today was fair at 28,426. The confirmed volume yesterday was excellent at64,131. We had 10 notices filed for 50,000 oz today. The rise in the price of silver is certainly scaring our bankers.
January initial standings
|Withdrawals from Dealers Inventory in oz||nil oz|
|Withdrawals from Customer Inventory in oz||96.46 oz (HSBC) 3 kilobars???|
|Deposits to the Dealer Inventory in oz||nil oz|
|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)||90 contracts (9000 oz)|
|Total monthly oz gold served (contracts) so far this month||8 contracts(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 0 dealer transactions
total dealer withdrawal: nil oz
we had 0 dealer deposit:
total dealer deposit: nil oz
we had 1 customer withdrawal
i) Out of HSBC 96.46 oz (3kilobars???) do they mean 96.45 oz???
total customer withdrawal: 96.46 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 December contract month, we take the total number of notices filed for the month (8) x 100 oz or 800 oz to which we add the difference between the January OI (90) minus the number of notices served upon today (0) x 100 oz = 9800 oz , the amount of gold oz standing for the January contract month. (.2954 tonnes of gold)
Thus the initial standings:
8 (notices filed for the month x 100 oz) +OI for January (90) – 0(no. of notices served upon today) 9500 oz (.304 tonnes).
we gained 300 oz of gold standing for delivery.
Total dealer inventory: 770,487.09 oz or 23.96 tonnes
Total gold inventory (dealer and customer) = 7.948 million oz. (247.23) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 56 tonnes have been net transferred out. We will be watching this closely!
This initializes the month of January for gold.
And now for silver
Jan 21 2015:
January silver: initial standings
|Withdrawals from Dealers Inventory||nil oz|
|Withdrawals from Customer Inventory||148,096.910 oz (Brinks,CNT, Delaware,HSBC) oz|
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||717,077.38 oz (CNT,Brinks)|
|No of oz served (contracts)||10 contracts (50,000 oz)|
|No of oz to be served (notices)||53 contracts (265,,000 oz)|
|Total monthly oz silver served (contracts)||401 contracts (2,005,000 oz)|
|Total accumulative withdrawal of silver from the Dealers inventory this month|
|Total accumulative withdrawal of silver from the Customer inventory this month||6,044,031.3 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 2 customer deposits:
i) Into CNT: 116,880.700 oz (one decimal)
ii) Into Brinks: 600,196.68 oz
total customer deposit 717,077.38 oz
We had 4 customer withdrawals:
i) Out of Brinks: 106,395.47 oz
ii) Out of CNT: 10,472.400 oz
iii) Out of Delaware: 992.800 oz
iv) Out of HSBC: 30,136.24 oz
total customer withdrawal: 148,096.910 oz
we had 1 adjustment
i) out of Delaware: 50,359.611 oz was adjusted out of the customer and this landed into the dealer account of Delaware
Total dealer inventory: 66.464 million oz
Total of all silver inventory (dealer and customer) 175.636 million oz.
The total number of notices filed today is represented by 10 contracts for 50,000 oz. To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (401) x 5,000 oz to which we add the difference between the OI for the front month of January (63) – the Number of notices served upon today (10) x 5,000 oz = 2,270,000 oz the number of ounces standing so far for the January delivery month.
Initial standings for silver for the January contract month:
401 contracts x 5000 oz= 2,005,000 oz +OI standing so far in January (63)- no. of notices served upon today(10) x 5,000 oz equals 2,270,000 ounces standing for the January contract month.
we gained 100,000 ounces of silver standing for delivery in this January contract month.
for those wishing to see the rest of data today see:
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:
Jan 21.2015: Tonight, we lost 1.79 tonnes of gold from the GLD/Inventory 740.45 tonnes
Late Friday night, we had another addition of 13.74 tonnes of gold on top of the earlier amount of 9.56 tonnes which were added to inventory.
Tonight another 11.45 tonnes was added to inventory
Thus so far inventory rests at 742.24 tonnes of gold.
There is no chance that these guys could have assembled 34.65 tonnes over the weekend. The addition is nothing but a paper entry!! No real physical has been received.
Jan 16.2015 we had a huge addition of 9.56 tonnes of gold into the GLD/New inventory 717.15 tonnes. (where on earth did they obtain that quantity of physical gold??)
Jan 15/ no change in inventory at the GLD today/inventory 707.59 tonnes
Jan 14.2015 we had a small withdrawal of .23 tonnes of gold from the GLD/inventory 707.59 tonnes
Jan 13.2015 no change in gold inventory/GLD inventory tonight at 707.82 tonnes
Jan 12 no change in gold inventory/GLD inventory tonight at 707.82 tonnes
January 9.2015: an addition of 2.99 tonnes of gold/Inventory 707.82 tonnes
Jan 8.2015: no change/inventory 704.83 tonnes
Jan 7.2015: we lost another exact 2.99 tonnes of gold inventory at the GLD/Inventory at 704.83 tonnes
Jan 6.2015: we lost 2.99 tonnes of gold inventory at the GLD//inventory 707.82 tonnes
, Jan 21/2015 / a lost 1.79 tonnes of gold inventory from the GLD tonight.
inventory: 740.45 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 : 740.45 tonnes.
And now for silver (SLV):
Jan 21 no change in silver inventory/Inventory at 325.011 million oz
Jan 20.2015: no change in silver inventory so far tonight/Inventory at 325.011 million oz
Jan 16.2015: we had another withdrawal of 1.34 million oz of silver inventory/Inventory 325.011 million oz
(something is up!!)
Jan 15.2015 we had a huge withdrawal of 1.628 million oz/Inventory 326.391 million oz
Jan 15.2015: no change in silver inventory/327.979 million oz
Jan 13.2015 no change in silver inventory/327.979 million oz/
Jan 12.2015 we had a huge withdrawal of 1.915 million at the SLV/inventory at 327.979 million oz.
Jan 9.2015: we had a huge addition of 1.437 million oz at the SLV/Inventory 329.894 million oz
Jan 8.2015: no change in silver inventory/inventory at 328.457 million oz.
Jan 7.2015: we had another loss of 958,000 oz of silver from the SLV/Inventory 328.457 million oz
jAN 6.2015: we had a small loss of 149,000 oz/inventory 329.415 million oz
Jan 21/2015 /no change in silver inventory at the SLV
registers: 325.011 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)
1. Central Fund of Canada: traded at Negative 4.4% percent to NAV in usa funds and Negative 4.8 % to NAV for Cdn funds!!!!!!!
Percentage of fund in gold 60.7%
Percentage of fund in silver:38.8%
( Jan 21/2015)
2. Sprott silver fund (PSLV): Premium to NAV rises to + 3.59%!!!!! NAV (Jan 21/2015)
3. Sprott gold fund (PHYS): premium to NAV rises to +.06% to NAV(Jan 21/2015)
Note: Sprott silver trust back into positive territory at +3.59%.
Sprott physical gold trust is back in positive territory at +.06%
Central fund of Canada’s is still in jail.