NY/China Gold Spread Widens to Nearly $20! – Harvey Organ

ChinaGold: HUGE SPREAD 2ND FIX TODAY!!:  $19.36
China rejects NY pricing of gold as a fraud/arbitrage will now commence fully…

GOLD RISES A BIT BUT SILVER SHINES, UP 17 CENTS/BOTH OF TURKISH LIRA AND THE MEXICAN PESO PLUMMET/RUSS AND PAM MARTENS EXPLAINS WHY TRUMP IS PICKING GOLDMAN SACHS ALUMNI TO HELP HIM RUN THE COUNTRY/THE REPEAL OF OBAMACARE IS NOW BACK ON!!!

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Gold at (1:30 am est) $1184.20 UP $0.70

silver  at $16.80:  UP 17 cents

Access market prices:

Gold: $1188.00

Silver: $16.84

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

.

The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning

The fix for London is at 5:30  am est (first fix) and 10 am est (second fix)

Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.

And now the fix recordings:

 
TUESDAY gold fix Shanghai
 

Shanghai morning fix Jan 10/17 (10:15 pm est last night): $  1203.90

NY ACCESS PRICE: $1185.20 (AT THE EXACT SAME TIME)/premium $18.70

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1205.96

NY ACCESS PRICE: $1186.60 (AT THE EXACT SAME TIME/2:15 am)

HUGE SPREAD 2ND FIX TODAY!!:  $19.36

China rejects NY pricing of gold  as a fraud/arbitrage will now commence fully

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

London Fix: Jan 10/2017: 5:30 am est:  $.1183.20   (NY: same time:  $1183.90    5:30AM)

 
 
 sd-bullion-silver-eagle-sale
 
 
 

London Second fix Jan 10.2017: 10 am est:  $1189.50 (NY same time: $1188.90  (10 AM)

It seems that Shanghai pricing is higher than the other  two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.

Also why would mining companies hand in their gold to the comex and receive constantly lower prices.  They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

end

For comex gold: 

NOTICES FILINGS FOR JANUARY CONTRACT MONTH:  23 NOTICE(S) FOR 2300 OZ.  TOTAL NOTICES SO FAR: 1046 FOR 104,600 OZ    (3.2534 TONNES)

 
 
 

For silver:

 NOTICES FOR JANUARY CONTRACT MONTH FOR SILVER: 124 NOTICE(s) FOR 620,000  OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 432 FOR 2,160,000 OZ

 
 

Let us have a look at the data for today

.

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In silver, the total open interest ROSE by 410  contracts UP to 165,347 with respect to YESTERDAY’S TRADING  (short covering by the banks).    In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .828 BILLION TO BE EXACT or 118% of annual global silver production (ex Russia & ex China).

FOR THE JANUARY FRONT MONTH IN SILVER:  124 NOTICES FILED FOR 620,000  OZ.

In gold, the total comex gold ROSE BY 11,098 contracts WITH THE RISE IN  THE PRICE GOLD ($11.60 with YESTERDAY’S trading ). The total gold OI stands at 440,398 contracts.

we had 23 notice(s) filed upon for 2300 oz of gold.

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

GLD:

We had no  change in tonnes of gold at the GLD/

Inventory rests tonight: 805.00 tonnes

.

SLV

we had no changes in silver into the SLV

THE SLV Inventory rests at: 341.199 million oz

.

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

1. Today, we had the open interest in silver ROSE by 410 contracts UP to 165,347 AS SILVER ROSE by  $0.17 with YESTERDAY’S trading. The gold open interest ROSE by 11,098 contracts UP to 440,398 AS THE  PRICE OF GOLD ROSE BY $11.60 WITH YESTERDAY’S TRADING

(report Harvey).

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

 

3. ASIAN AFFAIRS

 i)Late  MONDAY night/TUESDAY morning: Shanghai closed DOWN 9.57 POINTS OR 0.30%/ /Hang Sang closed UP 186.16 OR 0.83%. The Nikkei closed DOWN 152.89 POINTS OR .79% /Australia’s all ordinaires  CLOSED DOWN 0.76%/Chinese yuan (ONSHORE) closed WELL UP at 6.9255/Oil FELL to 52.10 dollars per barrel for WTI and 55.01 for Brent. Stocks in Europe: ALL MIXED. Offshore yuan trades  6.90200 yuan to the dollar vs 6.9255  for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS AGAIN AS  DOLLARS ATTEMPT TO  LEAVE CHINA’S SHORES /

REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

3a)THAILAND/SOUTH KOREA

none today

b) REPORT ON JAPAN

 none today
 

c) REPORT ON CHINA

none today

4 EUROPEAN AFFAIRS

none today

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

The Turkish lira falters to 3.78 to the dollar.  It even touched 4 to one yesterday. This nation is in trouble financially due to its huge external debts in dollars and the constant militant attacks on its soil by ISIS and/or PKK

( zero hedge)

 

6.GLOBAL ISSUES

After spending 4 billion USA defending the Peso, it is crashing again to record lows:

( zero hedge)

7. OIL ISSUES

i)Iraq is becoming very aggressive in its production output.  It was suppose to cut not increase its production:

( zero hedge)

ii)More inventory builds in crude:

( zero hedge)

8. EMERGING MARKETS

Venezuela hikes the minimum wage by 50% equivalent to 12 dollars USA per month. This nation is in serious trouble despite having the greatest amount of oil reserves in the ground

( zero hedge)

9.   PHYSICAL MARKETS

i)John Embry correctly states that the big problem facing the world is the huge overhanging debt.  Globally total debt is 225 trillion dollars and this can never be repaid.

( John Embry/Kingworldnews)

ii)A terrific commentary from Ronan Manly.  He explains that most sovereign gold is not owned by central banks but by governments which hold the gold for its citizens.  Yet the central banks  do not disclose what is happening to citizens gold through swaps, hypothecation etc.

( Ronan Manly/Bullionstar)

iii)This is just the beginning as we see foreign exchange cartel members face USA rigging charges.  Trust me on this:  it will morph into charges of collusion etc with respect to silver and gold manipulation

( Bloomberg/GATA)

10.USA STORIES

i)The following is a biggy:  we all wondered why Trump hired a huge number of Goldman Sachs former alumni and/or current members of the firm.  Now you will find out why!!!

( Russ and Pam Martens/WallStreet on Parade)

ii)November inventories rise more than expected at 1.00% month over month while sales disappointed at .4%.  Thus the inventories to sales ratio climbed back up again ( 3.38 to one) and we are still stubbornly stuck in recessionary territory

( zero hedge)

iii)Janet’s favourite indicator, the JOLTS, seems to be going in the wrong direction for her:

( zero hedge)

iv)Good news at GM which jumped 5% today on higher 2017 profits and strong China sales.  They announced another 5 billion dollar buyback.  Remember that they laid off huge amount of people in 2016.  Also remember that they count sales the moment if leaves GM and not when it is sold to the consumer;

( zero hedge)

v)This does not look good for the uSA economy:  Wal-Mart to cut hundreds of jobs before the end of January:

( zero hedge)

vi)Activists are planning to turn the Trump inauguration into one of the biggest riots in USA history;
( Michael Snyder/EconomicCollapseBlog)
 
vii) Chaos runs supreme as now Trump has completed backtracked again as the repeal of the Obamacare is on!!
( zero hedge)
 
viii)The following is an accident waiting to happen:( zero hedge)

Let us head over to the comex:

The total gold comex open interest ROSE BY 11,098 CONTRACTS UP to an OI level of 440,398 AS THE  PRICE OF GOLD ROSE $11.60 with YESTERDAY’S trading. We are now in the contract month of JANUARY and it is one of the poorest deliveries of the year.

With the front month of January we had a LOSS of 4 contracts DOWN to 161.  We had 0 notices filed so we LOST 4 contracts or AN ADDITIONAL 400 oz WILL NOT STAND for gold in this non active delivery month of January. For the next big active delivery month of February we had a LOSS of 2,967 contracts DOWN to 263,739. March had a gain of 64 contracts as it’s OI is now 349.

We had 23 notice(s) filed upon today for 2300 oz

 
 
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And now for the wild silver comex results.  Total silver OI ROSE by 410 contracts FROM 164,937 UP TO 165,347 AS the price of silver ROSE BY $0.17 with YESTERDAY’S trading.  We are moving  further from the all time record high for silver open interest set on Wednesday August 3/2016:  (224,540).

We are now in the non active delivery month of January and here the OI ROSE by 3 contracts RISING TO  358. We had 0 notice(s) filed on yesterday so we  GAINED 3   SILVER CONTRACTS or an additional 15,000 oz will stand for delivery.  The next non active month of February saw the OI rise by 4 contract(s) up to 203.

The next big active delivery month is March and here the OI FELL by 321 contracts DOWN to 133,238 contracts.

 

We had 124 notice(s) filed for 620,000 oz for the January contract.

 

VOLUMES: for the gold comex

Today the estimated volume was 243,104  contracts which is good.

Yesterday’s confirmed volume was 213,837 contracts  which is good

Initial standings for january
 Jan 10/2017.
 
Gold Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  
 
 
 
 
 
 
 18,533.36
SCOTIA
DELAWARE
BRINKS
 
INCL 375 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz 2300.01 ozBrinks
Deposits to the Customer Inventory, in oz 
 
 
 
 
 
 
 
 
 1607.500 oz
Brinks
50 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
 
23 notice(s)
2300 oz
 
 
No of oz to be served (notices)
138 contracts
13,800 oz
 
Total monthly oz gold served (contracts) so far this month
 
1046 notices
104,600 oz
3.2534 tonnes
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil oz
Total accumulative withdrawal of gold from the Customer inventory this month     4,574,212.5 oz
 
 
 
 
Today we HAD 2 kilobar transaction(s)/
 
 
Today we had 1 deposit(s) into the dealer:
i) into Brinks:  2300.01 oz   (the xxx.01 oz is to appease me)
 
 
 
 
total dealer deposits:  2300.01  oz
 
We had nil dealer withdrawals:
 
 
total dealer withdrawals:  nil oz
 
 
we had 1  customer deposit(s):
 i) Into Brinks:  1607.500 oz (50 kilobars)
 
 
 
 
 
 
 
 
 
total customer deposits; 1607.500 oz
 
We had 3 customer withdrawal(s)
i) Out of Scotia: 12056.25 oz
(375 kilobars)
ii) Out of Delaware:  100.45 oz
iii) Out of Brinks; 6376.660 oz
 
 
 
 
total customer withdrawal: 18,533.36 oz
 
We had 0  adjustment(s)
 
 
 
 
 
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For January:

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 23 contract(s)  of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account.

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To calculate the initial total number of gold ounces standing for the JANUARY. contract month, we take the total number of notices filed so far for the month (1046) x 100 oz or 104,600 oz, to which we add the difference between the open interest for the front month of JANUARY (161 contracts) minus the number of notices served upon today (23) x 100 oz per contract equals 118,400 oz, the number of ounces standing in this non  active month of JANUARY.
 
Thus the INITIAL standings for gold for the JANUARY contract month:
No of notices served so far (1046) x 100 oz  or ounces + {OI for the front month (161) minus the number of  notices served upon today (23) x 100 oz which equals 118,400 oz standing in this non active delivery month of JANUARY  (3.6827 tonnes)
 
On first day notice for January 2016, we had .9642 tonnes of gold standing. At the conclusion of the month we had only .5349 tonnes standing so you can visualize the increasing demand for physical gold a t the comex.
 
 
 
 
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I have now gone over all of the final deliveries for this year and it is startling.
First of all:  in 2015 for the 13 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month.
Here are the final deliveries for all of 2016 and the first month of January 2017
Jan 2016:  .5349 tonnes  (Jan is a non delivery month)
Feb 2015:  7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2015: 2.311 tonnes (March is a non delivery month)
April:  12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept:  8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes complete.
Nov.    8.3950 tonnes.
DEC.   29.931 tonnes
JAN/     3.6851 tonnes
 
total for the 13 months;  226.073 tonnes
average 17.390 tonnes per month vs last yr  51.534 tonnes total for 13 months or 3.964 tonnes average per month.
 
 
 
Total dealer inventor 1,455,213.516 or 45.263 tonnes DEALER RAPIDLY LOSING GOLD
Total gold inventory (dealer and customer) = 9,089,595.973 or 282.72 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 282.72 tonnes for a  loss of 20  tonnes over that period.  Since August 8/2016 we have lost 71 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
 
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 4 1/2 MONTHS  71 NET TONNES HAS LEFT THE COMEX.
 
end
 
And now for silver
 
AND NOW THE DECEMBER DELIVERY MONTH
 
JANUARY INITIAL standings
 Jan 10. 2017
Silver Ounces
Withdrawals from Dealers Inventory  nil
Withdrawals from Customer Inventory
 
 
 
 
 
 624,100.900 0z
DELAWARE
CNT
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
574,474.570 oz
CNT
 
 
 
 
 
 
Deposits to the Customer Inventory 
 
 
 
1,261,277.240 oz
 
JPM
CNT
Scotia
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
124 CONTRACT(S)
(620,000 OZ)
No of oz to be served (notices)
234 contracts
(1,170,000  oz)
Total monthly oz silver served (contracts) 432 contracts (2,160,000 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  10,480,010.1 oz
 END
 
 
today, we had 1 deposit(s) into the dealer account:
 i) Into CNT:  575,474.570 oz
 
total dealer deposit: 575.474.57 oz
 
we had nil dealer withdrawals:
total dealer withdrawals: nil oz
 
we had 2 customer withdrawal(s):
i) Out of CNT:  613,167.710 oz
ii) Out of DELAWARE:  10,933.200 oz
 
 
 
 
TOTAL CUSTOMER WITHDRAWALS: 624,100.90 oz
 
 
 we had 3 customer deposit(s):
 
i) Into JPMorgan:  602,006.34 oz
ii) into CNT:  25,979.39 oz
iii) Into Scotia:  633,291.510
 
 
 
total customer deposits;  1,261,277.240   oz
TED BUTLER IS CORRECT:  JPMORGAN IS MASSIVELY ACQUIRING SILVER.
 
 
 we had 2  adjustment(s)
i) out of the CNT vault:  45,581.650 oz was adjusted out of the customer and this landed into the dealer account of CNY
ii) 1909.600 oz was removed from JPMorgan customer account as an error.
 
 
The total number of notices filed today for the JANUARY. contract month is represented by 124 contract(s) for 620,000 oz. To calculate the number of silver ounces that will stand for delivery in JANUARY., we take the total number of notices filed for the month so far at  432 x 5,000 oz  = 2,160,000 oz to which we add the difference between the open interest for the front month of JAN (358) and the number of notices served upon today (124) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the JANUARY contract month:  432(notices served so far)x 5000 oz +(358) OI for front month of JAN. ) -number of notices served upon today (124)x 5000 oz  equals  3,330,000 oz  of silver standing for the JAN contract month. This is  STILL huge for a non active delivery month in silver. We  gained 3 silver contracts OR AN ADDITIONAL 15,000 OZ WILL stand for January.
 
At first day notice for the January/2016 silver contract month we had 1,845,000 oz standing for delivery.  By the conclusion of the delivery month we had only 575,000 oz stand.
 
 
Volumes: for silver comex
 
Today the estimated volume was 73,193 which is huge
YESTERDAY’S  confirmed volume was 53,877 contracts  which is very good.
 
 
 
Total dealer silver:  29.202 million (close to record low inventory  
Total number of dealer and customer silver:   181/894 million oz
 
 
 
The total open interest on silver is NOW moving away from  its all time high with the record of 224,540 being set AUGUST 3.2016.
 
 
 
 
 

end

And now the Gold inventory at the GLD

JAN 10/no changes in gold inventory at the GLD/Inventory rests at 805.00 tonnes

JAN 9/A WITHDRAWAL OF 8.87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 805.00 TONNES

Jan 6/no changes in gold inventory at the GLD/inventory rests at 813.87 tonnes
Jan 5/no change in gold inventory at the GLD/inventory rests at 813.87 tonnes
Jan 4/no change in inventory/inventory rests at 813.87 tonnes
Jan 3.2017/a huge 9.49 tonnes of gold leaves the GLD/inventory rests at 813.87 tonnes
DEC 30/no changes in gold inventory at the GLD/Inventory rests at 823.36 tonnes
Dec 29/no changes in gold inventory at the GLD/Inventory rests at  823.36 tonnes
Dec 28/no change in gold tonnage at the GLD/inventory rests at 823.36 tonnes
Dec 27/a withdrawal of 1.18 tonnes from the GLD/Inventory rests at 823.36 tonnes
 
Dec 23/NO CHANGES IN GOLD INVENTORY AT THE GLD/RESTS TONIGHT AT 824.54 TONNES
 
Dec 22/no change in inventory at the GLD/Inventory rests at 824.54 tonnes
DEC 21/another massive 3.56 tonnes leaves the GLD/Inventory rests at 824.54 tonnes
Dec 20/no changes in gold inventory at the GLD/Inventory rests at 828.10 tonnes
Dec 19/A MASSIVE WITHDRAWAL OF 14.23 TONNES OF GOLD FROM THE GLD (WITH GOLD UP THESE PAST TWO TRADING SESSIONS)/INVENTORY RESTS TONIGHT AT 828.10 TONNES
 
Dec 16/no changes at the GLD/Inventory rests at 842.33 tonnes
Dec 15/ANOTHER HUGE WITHDRAWAL OF 7.11 TONNES OF GOLD/INVENTORY RESTS AT 842.33 TONNES
DEC 14/another huge withdrawal of 6.82 tonnes from the GLD/Inventory rests at 849.44 tonnes/
DEC 13/no changes in gold inventory at the GLD/Inventory rests at 856.26 tonnes
Dec 12/a withdrawal of 1.19 tonnes of gold from the GLD/Inventory rests at 856.26 tonnes
 
 
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Jan 10/2017/ Inventory rests tonight at 805.00 tonnes
 
*IN LAST 66 TRADING DAYS: 144.81 TONNES REMOVED FROM THE GLD
*LAST 13 TRADING DAYS: 19.54 TONNES HAVE LEFT
 

end

 
 
Now the SLV Inventory
JAN 10/no changes in inventory at the SLV/Inventory rests at 341.199 million oz
JAN 9/no changes in inventory at the SLV/Inventory rests at 341.199 million oz/
jan 6/no changes in inventory at the SLV/Inventory rests at 341.199 million oz
Jan 5/no changes in inventory at the SLV/Inventory rests at 341.199 million oz
Jan 4/a small withdrawal of 149,000 oz (probably to pay for fees/inventory rests at 341.199 million oz
Jan 3.2017/no changes in silver inventory at the SLV/Inventory rests at 341.348 million oz/
DEC 30/no changes in silver inventory at the SLV/inventory rests at 341.348 million oz/
Dec 29/no changes in silver inventory at the SLV/Inventory rests at 341.348 million oz
Dec 28/no changes in silver inventory at the SLV/Inventory at 341.348 million oz/
Dec 27/a big deposit of 1.138 million oz/Inventory rests at 341.348 million oz
Dec 23/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 340.210 MILLION OZ/
Dec 22/WE HAD A SMALL DEPOSIT OF 948,000 OZ INTO THE SLV/INVENTORY RESTS AT 340.210 MILLION OZ/
DEC 21/no change in silver inventory at the SLV/Inventory rests at 339.262 million oz
Dec 20/a small withdrawal of 758,000 oz/inventory rests at 339.262 tonnes
Dec 19A HUGE DEPOSIT OF 1.327 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 340.020 MILLION OZ
Dec 16/A HUGE WITHDRAWAL OF 2.37 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 338.693 MILLION OZ/
Dec 15/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 341.063 MILLION OZ/
Dec 14.no change in inventory at the SLV/Inventory rests at 341.063 million oz/
DEC 13/ a huge withdrawal of 1.802 million oz from the SLV/Inventory rests at 341.063 million oz
Dec 12/no change in silver inventory/inventory rests at 342.865 million oz/
 
 
 
.
Jan 10.2017: Inventory 341.199  million oz
 
 end
 

 

 

NPV for Sprott and Central Fund of Canada

 
1. Central Fund of Canada: traded at Negative 7.4 percent to NAV usa funds and Negative 7.2% to NAV for Cdn funds!!!! 
Percentage of fund in gold 61.1%
Percentage of fund in silver:38.7%
cash .+0.2%( jan 10/2017) 
 
 
 
 
.
 
2. Sprott silver fund (PSLV): Premium FALLS to +.12%!!!! NAV (Jan 10/2017) 
3. Sprott gold fund (PHYS): premium to NAV FALLS TO – 0.54% to NAV  ( Jan 10/2017)
Note: Sprott silver trust back  into POSITIVE territory at +0.12% /Sprott physical gold trust is back into NEGATIVE territory at -0.54%/Central fund of Canada’s is still in jail.