Harvey Organ: “There Is NO GOLD At The COMEX…They Cannot Supply ANY Metal”

Harvey Organ says the COMEX is stating that they have no metal. Here’s the details…

by Harvey Organ of Harvey Organ Blog

NOV 28/GOLD RISES BY 55 CENTS BUT SILVER IS CLOBBERED BY 17 CENTS AS OPTIONS EXPIRY ENDS ON THURSDAY/NORTH KOREA LAUNCHES A BALLISTIC MISSILE/JAPAN HAS ANOTHER FAKE DATA SCANDAL WITH MATERIALS GIANT TARAY INDUSTRIES ADMITTING TO FALSIFYING REPORTS/A USA GOVERNMENT SHUTDOWN ON DEC 8 LOOKS INCREASINGLY POSSIBLE/OUR GOOD FRIENDS OVER AT WELLS FARGO ARE BEING INVESTIGATED AGAIN/

GOLD: $1295.40  UP $0.55

Silver: $16.88 DOWN 17 cents

Closing access prices:

Gold $1293.65

silver: $16.85

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1299.89 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1293.15

PREMIUM FIRST FIX: $6.19

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

SECOND SHANGHAI GOLD FIX: $1299.89

NY GOLD PRICE AT THE EXACT SAME TIME: $1293.15

Premium of Shanghai 2nd fix/NY:$6.19

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX: 5:30 am est $1293.90

NY PRICING AT THE EXACT SAME TIME: $1293.90

LONDON SECOND GOLD FIX 10 AM: $1291.85

NY PRICING AT THE EXACT SAME TIME. 1291.85

For comex gold:

NOVEMBER/

 NUMBER OF NOTICES FILED TODAY FOR NOVEMBER CONTRACT:  0 NOTICE(S) FOR nil OZ.

TOTAL NOTICES SO FAR: 1053 FOR 105,300 OZ (3.375 TONNES)

For silver:

NOVEMBER

0 NOTICE(S) FILED TODAY FOR

NIL OZ/

Total number of notices filed so far this month: 886 for 4,430,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $9893/OFFER $9933 up $168 (morning)

BITCOIN : BID $9882 OFFER: $9922 // UP $160 (CLOSING)

end

 

For the past eight years or so I have had a very good relationship with the U.S. Commodity Futures Trading Commission. My desire was always to keep the channels of communication open though I knew that the Comex was manipulated on a daily basis.

Always the CFTC, through Mathew Hunter (Bart Chilton’s hand-picked protege), communicated with me on all issues. My deal was not to repeat anything said. I honored that. After learning about the exchange-for-physicals mechanism on the Comex, I raised with the CFTC some important issues about them and initially Hunter responded. However, my last two letters to him have not been acknowledged.

I would like to point out the huge difference in deliveries between New York and London. November is a non-active delivery month in gold and we generally witness around 1.5 tonnes delivered upon. However, when you note the amount of contracts transferred it is a whole different story:  Last month we had approximately 8,000 contracts of gold open interest transferred to London per day or 180,000 contracts or 1.8 million ounces  (560 tonnes). This month it looks like we will have around 9,500 contracts transferred per day or 2 million ounces transferred (620 tonnes). It certainly shows that Comex has a lack of physical metal.

 Here are my two letters to the CFTC:

 

Dear Mathew:

As you are aware, we have been conversing for the past few years on the subject of gold (and to a lesser extent silver) open interest contraction once we approached an active delivery month.  You originally offered no apparent reason for this phenomena citing confidentiality to which you were not allowed to divulge to me. You never brought up the use of EFP’s to me as I had no idea that they existed.
When I brought up the “newly discovered”  Exchange for Physical” vehicle, you stated that you were well versed in them and not only that but you monitor the private contracts.  You stated that it was quite legal to offer an EFP to a long in a private deal for cash and a deliverable verifiable physical product  and I have since discovered that almost all of our precious metal EFP’s get transferred over for a London Forward.
I was speaking to James Turk who told me that almost all of these EFP’s remain in London seeking whatever physical they can get a hold of.  He informs me that gold and silver are in deep backwardation in price in London and further to that, it is taking 6 weeks- 10 weeks for actual delivery.  He suggests that it is most likely that further payments are issued due to the length of time it takes to deliver the physical gold to our longs.
It would be quite easy for a long to sell in London and buy back a new comex gold position in NY and start the same operation again.  However this is not happening:.
The average EFP on a daily basis or gold is around 8,000 contracts or so PER DAY. So in one month. one would see 180,000 EFP contracts issued .  Over two years,  the transferred comex OI volume would be enormous.  If these were to come back to NY then the comex OI would be enormous and this is not happening
Thus almost all of these gold EFP longs are staying in London trying to obtain whatever gold/silver is available.
However, while this is going on, the bankers continue to supply massive amounts of paper gold/silver knowing with 100% certainty that there is not any physical to supply.
Obviously we have a huge conflict here coupled with zero transparency.  Why are the bankers knowingly supplying huge amounts of paper shorts, influencing the price southbound, knowing full well that they could never deliver upon longs standing.
Why has the CFTC allowed JPMorgan the right to acquire over 600 million oz of physical silver, knowing full well that they are the biggest short at the comex.
The CFTC has stated that the comex is a price discovery mechanism.  Do you still believe that you are reporting on transparency in the gold/silver market?
Gold and silver have higher prices in Shanghai vs NY at the fixes.  With the fact that bullion bank payments pay our comex longs a fiat bonus, one can suggest that the price of spot comex gold/silver is higher that future prices.  The offering of extra cash in London to delay delivery is also indicative of further backwardation and thus scarcity of metal.
I would like the CFTC to address this major issue:
if EFP’s are being used for emergency use (and that emergency use has morphed in a daily occurrence) how do they explain the massive increase in short supply by the bankers knowing full well that they have no metal to supply longs.  It is also obvious that the traditional mantra of the banker hedging is out the window
can you please address this for us
Sincerely
Harvey Organ BScPhm MBA

end

Here is my second letter to the CFTC where I am reporting late entries:
Dear Mathew:
Following my email to you a few days ago, I have noticed strange readings at the Comex.
For example, on November 22 [????] Comex gold reported a loss of 18,949 contracts with a corresponding gain in price of $10.70.
There was also a CME report of 8,101 contracts for exchange for physicals, which give Comex longs a deliverable product that is no doubt a London-based forward. I have been stressing to you that I have witnessed long delays in the reporting of data. It seems that we are having either:
1) Late reporting of open interest even after an exchange-for-physicals has been issued.
Or 2) late reporting of EFPs after final open interest reporting.
You will see what I mean: Here are the last three confirmed comex/CME data reports:
Nov 22:     Comex loss of OI front Month (Gold)    Nov 22: EFP issued       Price gain(loss)
                   -18,949                                               +8101                             $10.70 gain
Nov 21        -9227                                                   +21,428                         $5.10 gain
Nov 20        +28,707                                               +12,711                       _ $19.70 loss
average:      481 gain                                             42,240 transfer                 net loss $4.20
Now Silver:
Nov 22:       +1919                                                 +1231                             13 cent gain
Nov 21       -7611                                                    +2998                             7 cent gain
Nov 20       +5,388                                                  + 1078                            45 cent loss
average:     309 gain                                                5307                             25 cent net loss
If we take an average of the three days, it makes sense. This would be why they are slow in their reporting
The issuance of EFPs does not exactly correspond to a loss in open interest in the front month as the CME is lazy in  reporting.
But eventually the reporting of each side of the transaction is done.
This is a big issue and that is why I asked if the CFTC would consider writing an article on this so that transparency can rule. You stated that you would take that under advisement.
As of yet there have been no CFTC comments on the EFP issue.
all the best
Harvey B Organ BScPhm MBA
end
We have concluded with the Comex options expiry.  We now have the bigger OTC/London’s LBMA options expiry to deal with and they generally expire at around 11 am Thursday Nov 30/2017 which is also First Day Notice.

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL BY  A CONSIDERABLE 4033 contracts from 195,118 DOWN TO 191,085 WITH RESPECT TO YESTERDAY’S TRADING  WHICH SAW SILVER REMAIN FLAT AND STILL WELL BELOW THE HUGE $17.25 SILVER RESISTANCE.   WE HAD CONSIDERABLE LONG COMEX LIQUIDATION.   HOWEVER WE WERE ALSO NOTIFIED THAT WE HAD ANOTHER LARGE NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE : 618 DECEMBER EFP’S WERE ISSUED ALONG WITH 209 EFP’S FOR MARCH FOR A TOTAL ISSUANCE OF 827 CONTRACTS.   I GUESS WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. FRIDAY WITNESSED  1670 EFP’S FOR SILVER ISSUED.

RESULT: A SMALL SIZED FALL IN OI COMEX WITH THE FLAT  PRICE.   WE HAD SOME COMEX LONGS  EXITED OUT OF THE SILVER COMEX BUT MOST OF THEM TRANSFERRED THEIR OI TO LONDON THROUGH THE EFP ROUTE:  FROM THE CME DATA 820 EFP’S  WERE ISSUED FOR TUESDAY FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE  DEMAND FOR SILVER PHYSICAL INTENSIFIES GREATLY. WE REALLY ONLY LOST  3213 OI CONTRACTS i.e.  820 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 4033 OI COMEX CONTRACTS.

In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.955 BILLION TO BE EXACT or 136% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER

In gold, the open interest ROSE BY  4425 CONTRACTS WITH THE FAIR SIZED RISE IN PRICE OF GOLD ($6.45) WITH RESPECT TO YESTERDAY’S TRADING.  HOWEVER  THE TOTAL NUMBER OF GOLD EFP’S ISSUED MONDAY FOR TUESDAY  TOTALED ANOTHER 10,304 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 9,579 CONTRACTS AND FEB SAW THE ISSUANCE OF 725 CONTRACTS. ??? (EMERGENCY??)   The new OI for the gold complex rests at 538,796. DEMAND FOR GOLD INTENSIFIES GREATLY. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK  TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD.  THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX  HAVE JUST STATED THAT THEY HAVE NO METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NOT BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND ON TOP OF THAT IT IS TAKING A FURTHER 6 TO 10 WEEKS TO OBTAIN PHYSICAL FROM THE POINT WHEN FORWARDS BECOME DUE. IN ESSENCE WE HAD A NET GAIN OF 14,729 OI CONTRACTS: 4425 OI CONTRACTS GAINED AT THE  COMEX OI  AND 10,304 OI CONTRACTS NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 9547 EFP’S ISSUED.

Result: A HUGE SIZED INCREASE IN OI  WITH THE FAIR SIZED RISE IN PRICE IN GOLD YESTERDAY ($6.45). WE  HAD AN LARGE  NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 10,304. THERE OBVIOUSLY DOES NOT SEEM TO BE ANY PHYSICAL GOLD AT THE COMEX AND YET WE ARE APPROACHING THE HUGE DELIVERY MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS NO GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES.  IF YOU TAKE INTO ACCOUNT THE 10,304 EFP CONTRACTS ISSUED, WE HAD A NET GAIN OPEN INTEREST OF 14,729 contracts:  10,304 CONTRACTS MOVE TO LONDON AND  4425 CONTRACTS ADDED AT  THE COMEX.

we had:  0  notice(s) filed upon for NIL oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD:

Today, no change in gold inventory at the GLD

Inventory rests tonight: 842.21 tonnes.

SLV

TODAY WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVENTORY RESTS AT 317.130 MILLION OZ

Let us head over to the comex:

The total gold comex open interest RISE BY  4425  CONTRACTS UP to an OI level of 538,796 WITH THE  FAIR SIZED RISE IN THE PRICE OF GOLD ($6.45 GAIN WITH RESPECT TO YESTERDAY’S TRADING).   AS YOU WILL SEE WE DID NOT EXPERIENCE ANY GOLD  LIQUIDATION.  WE DID HAVE ANOTHER LARGE COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED  A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. THE CME REPORTS THAT 9579 EFPS WERE ISSUED FOR DECEMBER AND 725 WERE ISSUED FOR MARCH FOR A TOTAL OF 10,304 CONTRACTS. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS.  THE CONSTANT BANKER RAIDS HAVE NOT BEEN TOO SUCCESSFUL IN GETTING  OUR MATHEMATICAL PAPER LONGS IN GOLD TO LIQUIDATE THEIR POSITION. IT SUCCEEDED IN ONLY A TINY FRACTION IN SILVER.

ON A NET BASIS IN OPEN INTEREST WE GAINED: 14,729 OI CONTRACTS IN THAT 10,304 LONGS WERE TRANSFERRED AS LONGS TO LONDON AS A FORWARD AND WE GAINED ANOTHER 4425 COMEX CONTRACTS.  NET GAIN: 14,729 contracts or 1,472,900 oz (45.78 tonnes)

Result: a HUGE INCREASE IN COMEX OPEN INTEREST WITH THE FAIR SIZED GAIN IN THE PRICE OF GOLD ($6.45.)   WE HAD THAT NO REAL GOLD LIQUIDATION. TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES: 14,729 CONTRACTS.

.

We have now entered the NON active contract month of NOVEMBER.HERE WE HAD A LOSS OF 0 CONTRACT(S) REMAINING AT  1. We had 0 notices filed YESTERDAY so WE GAINED 0 contracts or NIL additional oz will stand for delivery AT THE COMEX in this non active month of November.

The very big active December contract month saw it’s OI LOSS OF 34,627 contracts DOWN to 93,032. January saw its open interest GAIN OF 303 contracts UP to 1665. FEBRUARY saw a gain of 37,233 contacts up to 348,899. DEMAND FOR GOLD VERY STRONG

We had 0 notice(s) filed upon today for NIL oz

PRELIMINARY VOLUME TODAY ESTIMATED;  228,760

FINAL NUMBERS CONFIRMED FOR FRIDAY:  473,854

 

comex gold volumes are increasing dramatically

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now for the wild silver comex results.

Total silver OI FELL  BY 4033 CONTRACTS  FROM 195,118 DOWN TO 191,085 WITH YESTERDAY’S 0 CENT LOSS IN PRICE. HOWEVER WE DID HAVE ANOTHER STRONG 618 PRIVATE EFP’S ISSUED FOR DECEMBER AND 209 EFP’S FOR MARCH BY OUR BANKERS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.THE TOTAL EFP’S ISSUED: 827.  IT SURE LOOKS LIKE THE BOYS HAVE STARTED TO MIGRATE TO LONDON FROM THE START OF DELIVERY MONTH AND CONTINUING RIGHT THROUGH UNTIL FIRST DAY NOTICE.  USUALLY WE NOTED THAT CONTRACTION IN OI OCCURRED ONLY DURING THE LAST WEEK OF AN UPCOMING ACTIVE DELIVERY MONTH. THIS PROCESS HAS JUST STARTED IN EARNEST IN SILVER.  HOWEVER, IN GOLD, WE HAVE BEEN WITNESSING THIS FOR THE PAST 2 YEARS.  WE HAD CONSIDERABLE  LONG SILVER COMEX LIQUIDATION YET DEMAND FOR PHYSICAL SILVER REMAINS STRONG AS MANY MORE CONTRACTS MIGRATE OVER TO THE PHYSICAL HUB OF OUR PRECIOUS METALS, LONDON. ON A NET BASIS WE LOST 3213 OPEN INTEREST CONTRACTS:  4033 CONTRACTS LEAVE THE COMEX BUT OF THAT 827NAVIGATE OVER TO LONDON.

The new front month of November saw its OI RISE by 1 contract(s) and thus it stands at 2. We had 1 notice(s) served YESTERDAY so we gained 2 contracts or an additional 10,000 oz will stand in this non active month of November. After November we have the big active delivery month of December and here the OI FELL by 13,643 contracts DOWN to 31,952.   January saw A GAIN OF 29 contracts RISING TO 1656.

We had 0 notice(s) filed for 5,000 oz for the NOV. 2017 contract

INITIAL standings for NOVEMBER

 Nov 28/2017.

 
Today we HAD  1 kilobar trans

WE HAD nil DEALER DEPOSIT:
total dealer deposits: nil oz

We had nil dealer withdrawals:
total dealer withdrawals: nil oz

we had 1 customer deposit(s):

i) Into HSBC:  40,054.496 oz

total customer deposits 40,054.496  oz

We had 1 customer withdrawal(s)

 

i) out of Scotia:  1607.500 oz

Total customer withdrawals: 1607.500 oz

we had 1 adjustment(s)

Out of HSBC: 1,162.798 oz was adjusted out of the dealer account and this landed into the customer account of HSBC

For NOVEMBER:
Today, 0 notice(s) were 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 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the NOVEMBER. contract month, we take the total number of notices filed so far for the month (1064) x 100 oz or 106,400 oz, to which we add the difference between the open interest for the front month of NOV. (1 contracts) minus the number of notices served upon today (0 x 100 oz per contract) equals 106,500 oz, the number of ounces standing in this NON active month of NOV

Thus the INITIAL standings for gold for the NOVEMBER contract month:

No of notices served (1064) x 100 oz or ounces + {(1)OI for the front month minus the number of notices served upon today (0) x 100 oz which equals 106,500 oz standing in this active delivery month of NOVEMBER (3.312 tonnes)

WE GAINED 0 ADDITIONAL CONTRACTS OR NIL OZ OF ADDITIONAL GOLD STANDING FOR METAL AT THE COMEX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

THE COMEX GOLD CONTRACT AT AROUND THE SAME TIME AS LAST YEAR:  (NOV 28) WE HAD 77,556 GOLD CONTRACTS STANDING AND THIS COMPARES TO 93,032 TODAY . THIS YEAR THERE HAPPENS TO BE  2 DAYS LEFT BEFORE FDN.  LAST YEAR THERE WERE 2 DAYS BEFORE FDN WITH THE ABOVE READINGS WERE TAKEN. THE OPEN INTEREST FOR DECEMBER IS EXTREMELY HIGH. ON NOV 29.2016 WE HAD 30,773 CONTRACTS REMAIN WITH ONE TRADING DAY BEFORE FDN. DECEMBER 2017 REMAINS HIGHLY ELEVATED AT THIS TIME IN THE DELIVERY CYCLE.

ON FIRST DAY NOTICE FOR DECEMBER,  THE INITIAL  GOLD STANDING:  39.038 TONNES STANDING

BY THE END OF THE MONTH:  FINAL: 29.791 TONNES STOOD FOR COMEX DELIVERY AS THE REMAINDER HAD TRANSFERRED OVER TO LONDON FORWARDS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Total dealer inventory 512,949.308 or 15.954 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,914,844.991 or 277.28 tonnes

I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process and are being used in the raiding of gold!
The gold comex is an absolute fraud. The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction. This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.

IN THE LAST 14 MONTHS 77 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE NOVEMBER DELIVERY MONTH

NOVEMBER INITIAL standings

today, we had 0 deposit(s) into the dealer account:

total dealer deposit: nil oz

we had nil dealer withdrawals:
total dealer withdrawals: nil oz

we had 0 customer withdrawal(s):

TOTAL CUSTOMER WITHDRAWAL  nil oz

We had 1 Customer deposit(s):

i) Into HSBC: 599,629.400 oz

***deposits into JPMorgan have stopped again
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver

total customer deposits: 599,629.400 oz

we had 1 adjustment(s)

i) From HSBC: 4,079,310.292 oz was adjusted out of the customer account and this landed into the dealer account.

 

The total number of notices filed today for the NOVEMBER. contract month is represented by 0 contract(s) FOR NIL oz. To calculate the number of silver ounces that will stand for delivery in NOVEMBER., we take the total number of notices filed for the month so far at 886 x 5,000 oz = 4,430,0000 oz to which we add the difference between the open interest for the front month of NOV. (2) 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 NOVEMBER contract month: 886 (notices served so far)x 5000 oz + OI for front month of NOVEMBER(2) -number of notices served upon today (0)x 5000 oz equals 4,440,000 oz of silver standing for the NOVEMBER contract month. This is EXCELLENT for this NON active delivery month of November.

We gained 2 contract(s) or an additional 10,000 oz will stand for metal in the non active delivery month of November.

AS I MENTIONED ABOVE, WE HAVE BEEN WITNESSING QUEUE JUMPING IN SILVER FROM MAY 1 2017 ONWARD. IT IS NOW COMFORTING TO SEE CONSIDERABLE QUEUE JUMPING OCCURRING CONTINUALLY IN GOLD FOR THE FIRST TIME SINCE RECORDED TIME AT THE GOLD COMEX!!(1974). QUEUE JUMPING CAN ONLY OCCUR ON PHYSICAL METAL SHORTAGE. THE TRANSFER OF EFP’S TO LONDON FURTHER INTENSIFIES THE DEMAND FOR PHYSICAL METAL!!

AT THIS TIME LAST YEAR WE HAD 27,148 NOTICES STANDING FOR DELIVERY FOR SILVER(NOV 28).  THIS YEAR 29,917 BUT WITH ONE EXTRA TRADING DAYS LEFT.  ON NOV 29/2016 WE HAD 11,855CONTRACTS STANDING WITH ONE DAY LEFT IN TRADING.

ON FIRST DAY NOTICE FOR THE DECEMBER 2016 CONTRACT WE HAD 15.282 MILLION OZ STAND.

THE FINAL STANDING: 19.900 MILLION OZ AS QUEUE JUMPING INTENSIFIED.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 77,556
CONFIRMED VOLUME FOR YESTERDAY: 126,738 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 126,738 CONTRACTS EQUATES TO 634 MILLION OZ OR 90.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER

THE COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION.  THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

Total dealer silver: 48.233 million
Total number of dealer and customer silver: 233.685 million oz

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott and Central Fund of Canada

1. Central Fund of Canada: traded at Negative 2.4 percent to NAV usa funds and Negative 2.3% to NAV for Cdn funds!!!!
Percentage of fund in gold 62.4%
Percentage of fund in silver:37.3%
cash .+.3%( Nov 28/2017)

WILL UPDATE LATER TONIGHT

2. Sprott silver fund (PSLV): NAV RISES TO -0.77% (Nov 28 /2017)
3. Sprott gold fund (PHYS): premium to NAV RISES TO -0.63% to NAV (Nov 28/2017 )
Note: Sprott silver trust back into NEGATIVE territory at -0.77%-/Sprott physical gold trust is back into NEGATIVE/ territory at -0.63%/Central fund of Canada’s is still in jail but being rescued by Sprott.
Sprott WINS hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

END

And now the Gold inventory at the GLD

NOV 28

Nov 27 Strange!! we gold up by $6.40 today, we had a good sized withdrawal of 1.18 tonnes from the GLD. Here is something that is also strange: we have had exactly 1.18 tonnes of gold withdrawn from the comex on 5 separate occasions in the past 30 days..explanation?

Nov 24/no change in gold inventory at the GLD/Inventory rests at 843.09 tonnes

Nov 22/no change in gold inventory at the GLD/Inventory rests at 843.39 tonnes

Nov 21/no change in gold inventory at the GLD/inventory rests at 843.39 tonnes

NOV 20/no change in gold inventory at the GLD/Inventory rests at 843.39 tonnes

Nov 17/no change in gold inventory at the GLD/inventory rests at 843.39 tonnes

Nov 16./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 843.39 TONNES

Nov 15./no change in gold inventory at the GLD/inventory rests at 843.09 tonnes

NOV 14/a small deposit of .300 tonnes into the GLD inventory/Inventory rests at 843.39 tonnes

Nov 13/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 843.09 TONNES

Nov 10/no change in gold inventory at the GLD/Inventory rests at 843.09 tonnes

Nov 9/no changes in inventory at the GLD/Inventory rests at 843.09 tonnes

NOV 8/ANOTHER HUGE WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD DESPITE GOLD’S RISE TODAY. INVENTORY RESTS AT 843.09

Nov 7/a huge withdrawal of 1.48 tonnes of gold from the GLD/Inventory rests at 844.27 tonnes

NOV 6/ a tiny withdrawal of .29 tonnes to pay for fees etc/inventory rests at 845.75 tonnes

Nov 3/no change in gold inventory at the GLD/Inventory rests at 846.04 tonnes

NOV 2/STRANGE!!! WE HAD ANOTHER WITHDRAWAL OF 3.55 TONNES FROM THE GLD DESPITE GOLD’S RISE OF $6.60 YESTERDAY AND $1.55 TODAY/INVENTORY RESTS AT 846.04 TONNES

Nov 1/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 849.59 tonnes

OCT 31/no change in gold inventory at the GLD/Inventory rests at 850.77 tonnes

Oct 30/STRANGE WITH GOLD UP THESE PAST TWO TRADING DAYS, THE GLD HAS A WITHDRAWAL OF 1.18 TONNES FROM ITS INVENTORY/INVENTORY RESTS AT 850.77 TONES

Oct 27/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 851.95 TONNES

Oct 26./A WITHDRAWAL OF 1.18 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 851.95 TONNES

Oct 25/NO CHANGE (SO FAR) IN GOLD INVENTORY/INVENTORY RESTS AT 853.13 TONNES

Oct 24./no change in gold inventory at the GLD/inventory rests at 853.13 tonnes

OCT 23./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 853.13 TONNES

OCT 20/NO CHANGE IN GOLD INVENTORY AT THE GLD/ INVENTORY REMAINS AT 853.13 TONNES

oCT 19/NO CHANGE/853.13 TONNES

Oct 18 /no change in gold inventory at the GLD/ inventory rests at 853.13 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Nov 28/2017/ Inventory rests tonight at 842.21 tonnes

*IN LAST 281 TRADING DAYS: 98.74 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 216 TRADING DAYS: A NET 58.54 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 27.43 TONNES HAVE BEEN ADDED.

end

Now the SLV Inventory

 

Nov 28/no change in silver inventory at the SLV/Inventory rests at 317.130 million oz.

Nov 27/NO CHANGE IN SILVER INVENTORY DESPITE A ZERO GAIN IN PRICE /QUITE OPPOSITE TO GOLD WHICH SAW 1.18 TONNES OF GOLD WITHDRAWN DESPITE A RISE IN PRICE OF $6.40

Nov 24/A WITHDRAWAL OF 944,000 OZ OF SILVER FROM THE SLV//INVENTORY RESTS AT 317.130 MILLION OZ

Nov 22/no change in silver inventory at the SLV/Inventory rests at 318.074 million oz.

Nov 21/no change in silver inventory at the SLV/inventory rests at 318.074 million oz/

NOV 20/no change in silver inventory at the SLV/inventory rests at 318.074 million oz

Nov 17/no change in silver inventory at the SLV/inventory rests at 318.074 million oz/

Nov 16./NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.074 MILLION OZ/

Nov 15./no change in silver inventory at the SLV/inventory rests at 318.074 tones

NOV 14/no change in silver inventory at the SLV/Inventory rests at 318.074 tonnes

Nov 13/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.074 MILLION OZ

Nov 10/no change in silver inventory at the SLV/Inventory rests at 318.074 million oz/

Nov 9/no change in silver inventory at the SLV/inventory rests at 318.074 million oz.

NOV 8/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 318.074 MILLION OZ

Nov 7/a huge withdrawal of 944,000 oz from the SLV/inventory rests at 318.074 million oz/

NOV 6/no change in silver inventory at the SLV/Inventory rests at 319.018 million oz/

Nov 3/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS TONIGHT AT 319.018 MILLION OZ.

NOV 2/A TINY LOSS OF 137,000 OZ BUT THAT WAS TO PAY FOR FEES LIKE INSURANCE AND STORAGE/INVENTORY RESTS AT 319.018 MILLION OZ/

Nov 1/STRANGE! WITH SILVER’S HUGE 48 CENT GAIN WE HAD NO GAIN IN INVENTORY AT THE SLV/INVENTORY RESTS AT 319.155 MILLION OZ/

Oct 31/no change in silver inventory at the SLV/Inventory rests at 319.155 million oz

Oct 30/STRANGE!WITH SILVER UP THESE PAST TWO TRADING DAYS, WE HAD A HUGE WITHDRAWAL OF 1.133 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 319.155 MILLION OZ/

Oct 27/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.288 MILLION OZ

Oct 26/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.288 MILLION OZ/

Oct 25/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 320.288 MILLION OZ

Oct 24/no change in inventory at the SLV/inventory rests at 320.288 million oz/

oCT 23./STRANGE!!WITH SILVER RISING TODAY WE HAD A HUGE WITHDRAWAL OF 1.039 MILLION OZ/inventory rests at 320.288 million oz/

OCT 20NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 321.327 MILLION OZ

oCT 19/INVENTORY LOWERS TO 321.327 MILLION OZ

Oct 18 no change in silver inventory at the SLV/inventory rest at 322.271 million oz

Nov 28/2017:

Inventory 317.130 million oz

end

6 Month MM GOFO
Indicative gold forward offer rate for a 6 month duration

+ 1.63%
12 Month MM GOFO
+ 1.84%
30 day trend

end