The Comex Silver Longs Are Simply NOT Liquidating Their Positions

Harvey Organ says we’re inching ever closer to that all-time record high level of open interest in silver. Here’s more…

by Harvey Organ of Harvey Organ Blog

NOV 16/2017/GOLD UP 90 CENTS ON THE DAY BUT SILVER, IS THE REAL STAR UP 11 CENTS TO $17.09/IN ZIMBABWE ROBERT MUGABE REFUSES TO RESIGN/THE HOUSE PASSES THE TAX REFORM BILL AND NOW IT GOES TO THE SENATE/

GOLD: $1278.50 up $0.90

Silver: $17.09 UP 11 cents

Closing access prices:

Gold $1278.60

silver: $17.08`

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: $1286.38 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1278.35

PREMIUM FIRST FIX: $8.03

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SECOND SHANGHAI GOLD FIX: $1287.39

NY GOLD PRICE AT THE EXACT SAME TIME: $1276.15

Premium of Shanghai 2nd fix/NY:$11.19

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LONDON FIRST GOLD FIX: 5:30 am est $1277.70

NY PRICING AT THE EXACT SAME TIME: $1277.70

LONDON SECOND GOLD FIX 10 AM: $1280.00

NY PRICING AT THE EXACT SAME TIME. 1280.00

For comex gold:

NOVEMBER/

NOTICES FILINGS TODAY FOR OCT CONTRACT MONTH:11 NOTICE(S) FOR 1100 OZ.

TOTAL NOTICES SO FAR: 1020 FOR 10,200 OZ (3.172TONNES)

For silver:

NOVEMBER

1 NOTICE(S) FILED TODAY FOR

5,000 OZ/

Total number of notices filed so far this month: 876 for 4,380,000 oz

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Bitcoin: BID $7452 OFFER /$7479 up $186.00 (MORNING)

BITCOIN : BID $7756 OFFER: $7781 // UP $490.00 (CLOSING)

end

Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE 1557 contracts from 199,122 UP TO 201,456 EVEN THOUGH YESTERDAY’S TRADING SAW SILVER FALL BY 10 CENTS. WE DID HAVE ZERO LONG LIQUIDATION AND FURTHER WE WERE NOTIFIED THAT WE HAD QUITE A FEW MORE COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE AS WE HAD A HUGE 1312 DECEMBER EFP’S ISSUED ALONG WITH 0 EFP’S FOR MARCH FOR A TOTAL ISSUANCE OF 1312 CONTRACTS. THE ISSUANCE FOR MARCH BOTHERS ME A LOT AS THIS IS SUPPOSE TO BE FOR EMERGENCY IN THE UPCOMING DELIVERY MONTH. I GUESS WHAT THE CME IS STATING IS THAT THERE IS NO SILVER TO BE DELIVERED UPON AT THE COMEX AND THEY MUST EXPORT THEIR OBLIGATION TO LONDON. YESTERDAY WE HAD 1050 TOTAL EFP’S ISSUED.

RESULT: A GOOD SIZED RISE IN OI COMEX DESPITE THE 10 CENT PRICE FALL. COMEX LONGS REFUSED TO EXIT OUT OF THE COMEX AND FROM THE CME DATA 1312 EFP’S WERE ISSUED FOR A DELIVERABLE CONTRACT OVER IN LONDON WITH A FIAT BONUS. IN ESSENCE THE DEMAND FOR SILVER INTENSIFIES

In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.007 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 1 NOTICE(S) FOR 5,000 OZ OF SILVER

In gold, the open interest ROSE BY A LARGER THAN EXPECTED 3244 CONTRACTS DESPITE THE FALL IN PRICE OF GOLD ($5.15) WITH RESPECT TO YESTERDAY’S TRADING IN WHICH WE SAW NO GOLD LEAVES FALL FROM THE COMEX GOLD TREE. THE TOTAL NUMBER OF GOLD EFP’S ISSUED TODAY TOTALED A MONSTROUS: 12,392 CONTRACTS OF WHICH THE MONTH OF DECEMBER SAW 12,352 CONTRACTS AND FEB SAW THE ISSUANCE OF 40 CONTRACTS. The new OI for the gold complex rests at 536,298. DEMAND FOR GOLD INTENSIFIES DESPITE THE RAIDS.

Result: A HUGE SIZED INCREASE IN OI DESPITE THE FALL IN PRICE IN GOLD ON YESTERDAY ($5.15). WE HAD A HUGE NUMBER OF COMEX LONG TRANSFERS TO LONDON THROUGH THE EFP ROUTE AS (12,392 EFP’S). THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL AT THE COMEX AS WE ARE APPROACHING THE HUGE DELIVERY MONTH OF DECEMBER. WE OBVIOUSLY HAD NO GOLD COMEX OI LEAVE THE COMEX GOLD ARENA.

we had: 11 notice(s) filed upon for 1100 oz of gold.

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

GLD:

A small change in gold inventory at the GLD/ a deposit of .300 tonnes

Inventory rests tonight: 843.39 tonnes.

SLV

TODAY WE HAD NO CHANGE IN SILVER INVENTORY AT THE SLV

INVENTORY RESTS AT 318.074 MILLION OZ

Let us head over to the comex:

The total gold comex open interest SURPRISINGLY ROSE BY 3244 CONTRACTS UP to an OI level of 536,298 DESPITE THE FAIR SIZED FALL IN THE PRICE OF GOLD ($5.15 FALL WITH RESPECT TO YESTERDAY’S TRADING). OBVIOUSLY WE DID NOT HAVE ANY GOLD COMEX LIQUIDATION. HOWEVER WE DID HAVE A MONSTROUS 12,392 COMEX LONGS EXIT THE COMEX ARENA THROUGH THE EFP ROUTE AS THEY RECEIVE A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS. THE CME REPORTS THAT 12,352 EFPS WERE ISSUED FOR DECEMBER AND 40 WERE ISSUED FOR MARCH. THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS.

Result: a HUGE INCREASE IN OPEN INTEREST DESPITE THE FAIR SIZED FALL IN THE PRICE OF GOLD ($5.15.) A HUGE 12,392 EFP’S ISSUED FOR A FIAT BONUS AND A DELIVERABLE FORWARD GOLD CONTRACT IN LONDON AND ZERO COMEX GOLD LIQUIDATION DESPITE THE RAID.

.

We have now entered the NON active contract month of NOVEMBER.HERE WE HAD A LOSS OF 9 CONTRACT(S) FALLING TO 62. We had 18 notices filed YESTERDAY so GAINED 9 contracts or 900 additional oz will stand for delivery in this non active month of November. TO SEE BOTH GOLD AND SILVER RISE IN AMOUNT STANDING (QUEUE JUMPING) IS A GOOD INDICATOR OF PHYSICAL SHORTNESS FOR BOTH OF OUR PRECIOUS METALS.

The very big active December contract month saw it’s OI LOSE 10,236 contracts DOWN to 269,029 (OF WHICH 12,392 WERE EFP TRANSFERS). THUS ALL THE ROLLOVERS ARE TURNING INTO EFP’S. January saw its open interest RISE by 67 contracts up to 911. FEBRUARY saw a gain of 12,241 contacts up to 192,213. DEMAND FOR GOLD INTENSIFIES.

.

We had 11 notice(s) filed upon today for 1100 oz

VOLUME FOR TODAY : 279,714 (PRELIMINARY)

CONFIRMED VOLUME YESTERDAY: 467,777 contracts. (comex volumes are intensifying)

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And now for the wild silver comex results.

Total silver OI UNEXPECTEDLY ROSE BY 1557 CONTRACTS FROM 199,899 UP TO 201,456 DESPITE YESTERDAY’S 10 CENT LOSS IN PRICE . WE HAD 1312 PRIVATE EFP’S ISSUED FOR DECEMBER AND 0 EFP’S FOR MARCH BY OUR BANKERS TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. THIS IS QUITE EARLY FOR THE ISSUANCE. USUALLY WE WITNESS THIS EVENT ONE WEEK PRIOR TO FIRST DAY NOTICE AND IT CONTINUES RIGHT UP TO FDN. WE HAD NO LONG SILVER COMEX LIQUIDATION. THE TOTAL EFP’S ISSUED TODAY TO OUR COMEX LONGS TOTAL 1312 AND THUS DEMAND FOR SILVER INTENSIFIES

The new front month of November saw its OI FALL by 0 contract(s) and thus it stands at 2. We had 1 notice(s) served YESTERDAY so we gained 1 contracts or an additional 5,000 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 ONLY 649 contracts DOWN to 106,594, YET WE HAD 1312 EFP’S ISSUED WHICH MEANS ALL THE ROLLOVERS LANDED INTO EFP’S AND THEN SOME!!. January saw A GAIN OF 9 contracts RISING TO 1055.

We had 1 notice(s) filed for 5,000 oz for the NOV. 2017 contract

INITIAL standings for NOVEMBER

Nov 16/2017.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil
oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
65,829.761 oz
HSBC
Scotia
No of oz served (contracts) today

11 notice(s)
1100 OZ
No of oz to be served (notices)
51 contracts
(5100 oz)
Total monthly oz gold served (contracts) so far this month
1020 notices
102,000 oz
3.172 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 xxx oz

Today we HAD 0 kilobar trans
WE HAD nil DEALER DEPOSIT:
total dealer deposits: nil oz

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

we had 2 customer deposit(s):

i) into HSBC: 56,056.956 oz

ii) into Scotia: 9,772.805 oz
total customer deposits 65,829.761 oz

We had 0 customer withdrawal(s)

Total customer withdrawals: nil

we had 1 adjustment(s)

i) Out of Delaware: 2341.534 oz was adjusted out of the customer account and this landed into the dealer account

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 11 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

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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 (1020) x 100 oz or 102,000 oz, to which we add the difference between the open interest for the front month of NOV. (62 contracts) minus the number of notices served upon today (11 x 100 oz per contract) equals 107,100 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 (1020) x 100 oz or ounces + {(62)OI for the front month minus the number of notices served upon today (11) x 100 oz which equals 107,100 oz standing in this active delivery month of NOVEMBER (3.303 tonnes)

WE GAINED 9 ADDITIONAL CONTRACTS OR 900 OZ OF ADDITIONAL GOLD STANDING FOR METAL AT THE COMEX

THIS IS THE FIRST TIME EVER THAT WE HAVE WITNESSED CONSIDERABLE QUEUE JUMPING IN GOLD AT THE COMEX. SILVER’S QUEUE JUMPING STARTED IN MAY 2017 AND HAS NOT LET UP ONCE COMMENCED.
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Total dealer inventory 529,409.586 or 16.406 tonnes (dealer gold continues to disappear)
Total gold inventory (dealer and customer) = 8,732,195.729 or 271.60 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 83 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE NOVEMBER DELIVERY MONTH

NOVEMBER INITIAL standings

AND NOW THE NOVEMBER DELIVERY MONTH

Nov 16/ 2017

Silver Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory
3000.08 oz
Delaware
Deposits to the Dealer Inventory
nil oz
Brinks
Deposits to the Customer Inventory
22,251.620
oz
HSBC
No of oz served today (contracts)
1 CONTRACT(S)
(5,000,OZ)
No of oz to be served (notices)
1 contract
(5,000 oz)
Total monthly oz silver served (contracts) 876 contracts(4,380,000 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

Nov 13/ 2017

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 1 customer withdrawal(s):
i) Out of Delaware: 3000.08 oz

TOTAL CUSTOMER WITHDRAWAL 3000.08 oz

We had 1 Customer deposit(s):
i) Into HSBC: 22,251.620 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: 22,251.620 oz

we had 0 adjustment(s)

The total number of notices filed today for the NOVEMBER. contract month is represented by 1 contracts FOR 5,000 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 876 x 5,000 oz = 4,380,0000 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 (1 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the NOVEMBER contract month: 876 (notices served so far)x 5000 oz + OI for front month of NOVEMBER(2) -number of notices served upon today (1)x 5000 oz equals 4,385,000 oz of silver standing for the NOVEMBER contract month. This is EXCELLENT for this NON active delivery month of November.

We gained 1 contract(s) or an additional 5,000 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.

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ESTIMATED VOLUME FOR TODAY: 90,208
CONFIRMED VOLUME FOR YESTERDAY: 121,980 CONTRACTS

YESTERDAY’S CONFIRMED VOLUME OF 121,980 CONTRACTS EQUATES TO 610 MILLION OZ OR 87.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

Total dealer silver: 43.817 million
Total number of dealer and customer silver: 231.665 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

And now the Gold inventory at the GLD

Nov 16./NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 843.09 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

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Nov 16/2017/ Inventory rests tonight at 843.39 tonnes

*IN LAST 273 TRADING DAYS: 97.56 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 208 TRADING DAYS: A NET 59,72 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET 28.61 TONNES HAVE BEEN ADDED.

end

Now the SLV Inventory

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 16/2017:

Inventory 318.074 million oz

end

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

+ 1.60%
12 Month MM GOFO
+ 1.79%
30 day trend

end