ANOTHER 9 TONNES OF GOLD ENTER THE GLD/GOLD AND SILVER ADVANCE TODAY DESPITE BANKER SHORTS TO QUELL ITS RISE/MOODYS DOWNGRADES CHINA’S DEBT/ USA FIRES FIRST SALVO IN THE CURRENCY WARS BY PLACING A HUGE 266% TARIFF ON CHINESE COLD ROLLED STEEL/RUSSIA PURCHASES ANOTHER HUGE (FOR THEM) 21.3 TONNES OF GOLD LAST MONTH/SPORTS AUTHORITY GOES BELLY UP/EXXON SLASHES ITS CAP-EX BY A HUGE 25%/THE OIL INDUSTRY EXPECTS 100 BILLION DOLLARS OF CAP EX IS TO BE SUSPENDED
Gold: $1,241.40 up $10.80 (comex closing time)
Silver 15.00 up 27 cents
In the access market 5:15 pm
At the gold comex today, we had a strong delivery day, registering 390 notices for 3900 ounces and for Silver surprisingly saw only 10 notices for 50,000 oz for the active March delivery month. They must have problems sourcing silver!
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 210.79 tonnes for a loss of 92 tonnes over that period.
In silver, the open interest rose by 88 contracts up to 162,293. In ounces, the OI is still represented by .811 billion oz or 116% of annual global silver production (ex Russia ex China). Generally as we go into an active delivery month the liquidation is much bigger.
In silver we had 10 notices served upon for 50,000 oz.
In gold, the total comex gold OI rose by a tiny 89 contracts to 450,555 contracts despite the fact that the price of gold was down $3.60 with yesterday’s trading.(at comex closing)
We had another huge change in gold inventory at the GLD, a mammoth sized deposit of 9.83 tonnes and gold goes down early this morning? and rises only slightly? / thus the inventory rests tonight at 786.20 tonnes. 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 in inventory tune of and thus the Inventory rests at 311.618 million oz
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver rose by 88 contracts up to 162,293 despite the fact that the price of silver was down 16 cents with yesterday’s trading. The total OI for gold rose by 89 contracts to 450,555 contracts as gold despite being down $3.60 in price from yesterday’s level.
2 a) Gold trading overnight, Goldcore
3. ASIAN AFFAIRS
i)Late TUESDAY night/ WEDNESDAY morning: Shanghai closed UP BY 116.51 POINTS OR 4.20%, / Hang Sang closed UP by 596.03 points or 3.07% . The Nikkei closed UP 661.04 or 4.11%. Australia’s all ordinaires was UP 2.01%. Chinese yuan (ONSHORE) closed UP at 6.5512. Oil LOST to 33.69 dollars per barrel for WTI and 36.37 for Brent. Stocks in Europe so far deeply in the GREEN EXCEPT LONDON . Offshore yuan trades 6.5541 yuan to the dollar vs 6.5512 for onshore yuan/MOODYS DOWNGRADES CHINA’S CREDIT FROM STABLE TO NEGATIVE (SEE BELOW)
ii) Moody’s downgrades sovereign debt
iii)POBC weakens yuan to one month lows on both onshore and offshore yuan;
iii)Then late in the day, the uSA fired the first shot in the currency wars by putting a massive 266% tariff on cold rolled steel. Now the next move will be China’s move. They will no doubt devalue big time:
i)Art Berman believes that oil is heading to 16 dollars
( Art Berman/Oil Price.com)
ii)Huge buildup in inventories reported by the DOE: storage conditions becoming extreme!
i)Turd Ferguson seeks a stock market collapse.//Moolman expects huge currency devaluations due to its incessant desire for more debt
( TFMetals/Craig Hemke/Moolman/GATA)
ii)Why on earth would a gold mining executive want lower gold prices? So he could buy gold mines on the cheap in Africa
( Chris Powell/GATA)
iii)Nanex’s Hunsader wins a big whistleblower price from the SEC.
( Chris Powell/GATA)
iv)Russian quietly purchases 21.3 tonnes of gold last month as they are gradually increasing their totals each month. Pravda claims that Russia aims to overthrow the dollar and the West with their gold purchases:
v) tonight’s commentary from Bill Holter in entitled:
”We are all in the same boat?”
vi)Lawrie Williams on how gold will rise from this point in time onward:
( Lawrie Williams/Sharp’s Pixley)
vii) Dave Kranzler comments on the large amount of silver leaving the comex vaults, the small amount of notices filed for delivery which is very unusual for a big delivery month. Kranzler questions whether the dealer silver amounts are really there!
USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER
i)The totally inept and fictitious ADP report surprisingly shows an upbeat in jobs:
ii)Sports Authority files for bankruptcy protection and will close 1/3 of its stores
Let us head over to the comex:
The total gold comex open interest rose to 450,555 for a tiny gain of 89 contracts despite the fact that the price of gold was down $3.60 in price with respect to yesterday’s trading. 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. Today, both scenarios were in order as initially the total OI complex fell only to see it revive once March 1 was upon us. The front March contract month saw its OI fall by 23 contracts down to 490.We had 8 notices filed yesterday, and as such we lost 15 contracts or 1500 oz will not stand for delivery. After March, the active delivery month of April saw it’s OI fall by 2842 contracts down to 299,756. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 171,760 which is fair. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was good at 242,886 contracts. The comex is not in backwardation.
March contract month:
INITIAL standings for MARCH
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz nil||55,943.374 ozScotia
|Deposits to the Dealer Inventory in oz||26,355.72 ozBrinks|
|Deposits to the Customer Inventory, in oz||48,199.960 ozHSBC|
|No of oz served (contracts) today||390 contracts
|No of oz to be served (notices)||100 contracts(10,000 oz)|
|Total monthly oz gold served (contracts) so far this month||418 contracts (41,800 oz)|
|Total accumulative withdrawals of gold from the Dealers inventory this month||nil|
|Total accumulative withdrawal of gold from the Customer inventory this month||82,393.5 oz|
we had 0 adjustment
MARCH INITIAL standings/
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||219,927.64 oz(CNT,Delaware,HSBC,Scotia)|
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||nil
|No of oz served today (contracts)||10 contracts 50,000 oz|
|No of oz to be served (notices)||3430 contract (17,150,000 oz)|
|Total monthly oz silver served (contracts)||32 contracts (160,000 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||2,882,073.7 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 0 customer deposits
total customer deposits: nil oz
total withdrawals from customer account 219,927.640 oz
we had 0 adjustments
And now the Gold inventory at the GLD:
MAR 2/another mammoth paper gold addition of 8.93 tonnes of gold into the GLD/Inventory rests at 786.20 tonnes.
March 1/a mammoth 14.87 tonnes of gold deposit into the GLD/inventory rests at 770.27 tonnes
FEB 29/another deposit of 2.08 tonnes of gold into the GLD/Inventory rests at 762.40 tonnes
Feb 26./no change in gold inventory at the GLD/Inventory rests at 760.32 tonnes
Feb 25./we had a huge deposit of 7.33 tonnes of gold into the GLD/Inventory rests at 760.32 tonnes. No doubt that this is a paper gold deposit/not real as the price of gold hardly moved on that huge amount of deposit.
FEB 24/no change in gold inventory at the GLD/Inventory rests at 752.29 tonnes
FEB 23./another huge addition of 19.3 tonnes of gold into its inventory/Inventory rests at 752.29 tonnes. Again how could they accumulate this quantity of gold with backwardation in London/this vehicle is nothing but a fraud
Feb 22/A huge addition of 19.33 tonnes of gold to its inventory/Inventory rests at 732.96 tonnes/ How could this happen: a huge addition of gold coupled with a huge downfall of 20 dollars in gold.
FEB 19/a huge deposit of 2.68 tonnes of gold into the GLD/Inventory rests at 713.63 tonnes
fEB 18/no change in gold inventory at the GLD/Inventory rests at 710.95 tonnes
fEB 17/no change in gold inventory at the GLD/Inventory rests at 710.95 tonnes
March 2.2016: inventory rests at 786.20 tonnes
In two weeks we have added 75 tonnes of gold. On Feb 17 the price of gold was 1199.50 so we advanced only $42.00 per oz on that huge gold buying?