Deutsche Bank Derivatives BLOWING UP! – Harvey Organ

dynamiteDERIVATIVES BLOW UP As Deutsche Bank Bank Run Commences…

 

BANK RUN AT DEUTSCHE BANK/DB STOCK FALTERS BADLY/THE 2ND LARGEST GERMAN BANK COMMERZBANK SUSPENDS DIVIDEND AND FIRES 20% OF WORKFORCE/HUGE LIQUIDITY PROBLEM IN EUROPE DUE TO SCARCITY OF DOLLARS AS DERIVATIVES BLOW UP OVER THERE/USA’S KERRY ISSUES THE RUSSIAN AN ULTIMATUM TO STOP BOMBING ALEPPO OR ELSE../HUGE PROBLEMS IN THE SAUDI KINGDOM AS THE RIYAL COLLAPSES AND SCARCITY OF DOLLARS OVER THERE AS WELL/AT THE COMEX ANOTHER HUGE AMOUNT OF GOLD LEAVES

2016 Silver Eagles Sale

 

Gold $1321.70 up $2.30

Silver 19.12 up 8  cents

In the access market 5:15 pm

 

Gold: 1320.75

Silver: 19.08

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

.

The Shanghai fix is at 10:15 pm est and 2:15 am est

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:

Shanghai morning fix Sept 29 (10:15 pm est last night): $  1329.99

NY ACCESS PRICE: $1324.25 (AT THE EXACT SAME TIME)

Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1326.88

NY ACCESS PRICE: 1322.00 (AT THE EXACT SAME TIME)

HUGE SPREAD TODAY!!

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London Fix: Sept 29: 5:30 am est:  $1320.85   (NY: same time:  $1321.75:    5:30AM)

London Second fix Sept 16: 10 am est:  $1318.10  (NY same time: $1319.60 ,    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:The front September contract month we had 6 notices filed for 600 oz

 

For silver:  the front month of September we have a total of 468 notices filed for 2,340,000 oz

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Let us have a look at the data for today

.

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In silver, the total open interest FELL by 1010 contracts DOWN to 200,476. The open interest ROSE DESPITE THE FACT THAT the silver price was DOWN 5 cents in yesterday’s trading .In ounces, the OI is still represented by just MORE THAN 1 BILLION oz i.e. 1.0002 BILLION TO BE EXACT or 144% of annual global silver production (ex Russia &ex China).

In silver we had 468 notices served upon for 2,340,000 oz

In gold, the total comex gold FELL by 8755 contracts as the price of gold fell BY $6.50 YESTERDAY . The total gold OI stands at 574,406 contracts.

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

GLD

LAST NIGHT WE HAD NO CHANGES OUT OF THE GLD//

Total gold inventory rests tonight at: 949.14 tonnes of gold

SLV

we had no changes at the SLV

THE SLV Inventory rests at: 362.909 million oz

.

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

1. Today, we had the open interest in silver FELL by 1010 contracts down to 200,476 as the price of silver FELL by 5 cents with yesterday’s trading.The gold open interest FELL by 8,755 contracts DOWN to 575,406 as the price of gold fell $6.50 IN 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

 

end

3. ASIAN AFFAIRS

i)Late  WEDNESDAY night/THURSDAY morning: Shanghai closed UP 10.63 POINTS OR .30%/ /Hang Sang closed UP 119.82 POINTS OR 0.51%. The Nikkei closed UP  228.31 POINTS OR 1.39% Australia’s all ordinaires  CLOSED UP 1.09% /Chinese yuan (ONSHORE) closed UP at 6.6672/Oil FELL to 46.91 dollars per barrel for WTI and 48.27 for Brent. Stocks in Europe: ALL IN THE GREEN   Offshore yuan trades  6.6771 yuan to the dollar vs 6.6672 for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE NARROWS A BIT  AS MORE USA DOLLARS ATTEMPT TO  LEAVE CHINA’S SHORES

REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

3a)Korea:

none

b) REPORT ON JAPAN

none today

c) REPORT ON CHINA

i)China’s beige book reveals real problems in the Chinese economy.  We have highlighted to you last week that loan demand is down badly (corporate loans) while house loan demand is up  (and thus the huge housing bubble)

( zero hedge)

ii)As we pointed out to you yesterday, China has a massive housing bubble which will burst at any time.  There is not enough growth to sustain those higher prices

( zero hedge)

4 EUROPEAN AFFAIRS

i)Germany

Germany’s second largest bank Commerzbank this morning scraps its dividend and fires 20% of its workforce.  And this is Germany, the powerhouse of Europe. The  growth in the economy is just not existent.

( zero hedge)

ibMajor problems with Deutsche bank tonight as hedge funds that deal with DB as counterparties are withdrawing their funds as they fear the worst.  Also there is a huge shortage of dollars similar to what happened with Lehman.European bank have just increased their demand for dollars by 6000%. Short dated CDS (credit default swaps on DB is skyrocketing.

Ladies and Gentlemen: I believe we are having a Lehman moment!

(courtesy zero hedge)

ic) On the same subject as above: he is correct on everything he asserts!

 
( Dave Kranzler/IRD)
 

ii)England

These bozos are planning ZIRP/NIRP in perpetuity!

( zero hedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

i)Russia vs USA

a)

What is wrong with these doorknobs:  John Kerry gives Russia an ultimatum to stop bombing Aleppo or else…

nothing will happen

(courtesy zero hedge)

b)

This caused gold to rise about 4.00 dollars.  Gold never jumps on anything so this was rather strange:

( zero hedge)

ii)Saudi Arabia vs USA

Obama is not a happy camper with the veto overide.

( zero hedge)

iii)Saudi Arabia

Huge problems in the kingdom:  the Saudi Riyal fell badly, Saudi bank shares collapse and yields rise suggesting costs rising.
( zero hedge)

6.GLOBAL ISSUES

none today

7.OIL ISSUES

i)The bickering begins as Iraq disagrees with the OPEC method of oil production estimates:This deal has no chance of happening!

( zero hedge)

ib)Then Iraq claims it cannot accept this deal with the wrong Iraqi oil production. Unless changed the deal is off:

( zero hedge)

ii)Goldman Sachs must be long in oil:  They state that the OPEC deal will add 10 dollars to the price of oil:

( Goldman Sachs/zero hedge)

8.EMERGING MARKETS

none today

9.PHYSICAL STORIES

i)A good paper today from Steve St Angelo on the demand for our 4 precious metals:

( Steve St Angelo/SRSRocco Report)

ii)Gold miner Petropavlovsk (Peter Hambro’s operation) finally turns a profit, its first in 4 years:

( London’s Telegraph)

iii)Shangdong gold is the top bidder from Glencore’s gold property is Kazakhstan

(courtesy Bloomberg/GATA)

10.USA STORIES WHICH MAY INFLUENCE THE PRICE OF GOLD/SILVER

i)Your humour story of the day:

Jobless claims at 40 yr lows:

( zero hedge)

ii)Final Q2 GDP comes in at only 1.4% but slightly higher than the expected 1.3%.This is an extremely slow growth.

( zero hedge)

iii)First it was Samsung phone exploded and now Apple 7 iphone just did the same. Apple’s stock and Nasdaq fell on the news.  Can you imagine how those  central bank’s feel that purchased Apple stock

( zero hedge)

iv) We now have a trifecta:  First new home sales faltered, then existing home sales fell and now pending home sales slump to 7 month lows:

(courtesy NAR/zero hedge)

Let us head over to the comex:

The total gold comex open interest FELL BY AN HUGE 8,755 CONTRACTS to an OI level of 574,406 as price of gold FELL by  $6.50 with YESTERDAY’S trading.We are continuing with the ritual that as soon as we approach the first day notice of an active month, the entire open interest complex obliterates. We are now in the NON active month of SEPTEMBER/

The contract month of Sept saw it’s OI fell by 108 contracts down to 36. We had 12 notices filed yesterday so we LOST 96 gold contracts or an additional 9600 gold ounces will NOT stand for delivery.THIS MAKES NO SENSE AT ALL!! WHY WOULD THEY STAND FOR THE ENTIRE MONTH, PUT UP ALL THE MONEY AND ROLL?. THESE GUYS WERE BOUGHT WITH WITH CASH PLUS A FIAT BONUS. The next delivery month is October and here the OI lost 4,614 contracts DOWN to 9,704. This level is still extremely elevated.  To give you an idea as to its size, I will give you the burn rates for the 3 dates Sept 29 and Sept 30 last yr:

.

Sept 29.2015: 4351 contracts rolled vs  SEPT 2016: 4614. (9704 still remaining)

Sept 30.2015: 1252 contracts rolled leaving 3092 OI standing  or 309,200 oz (9.66 tonnes) standing for delivery. which was pretty good last yr.

We are a good 6,000 contracts ahead of last year. The next contract month of December showed an decrease of 7,478 contracts down to 450,651. The estimated volume today at the comex: 151,136 which is WEAK.  Confirmed volume yesterday: 218,381 which is good.

Today we had  6 notices filed for 600 oz of gold.
 
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And now for the wild silver comex results.  Total silver OI FELL BY 1010 contracts from 201,209 down to 20,476 as the  price of silver fell  to the tune of 5 cents yesterday.  We are moving  FURTHER FROM the all time record high for silver open interest set on Wednesday August 3:  (224,540).  We are now into the next active month of September and here the OI fell by 25 contracts down to 468. We had 30 notices filed upon yesterday so we GAINED 5 contracts or 25,000 additional oz will stand  for delivery in this active month of September. The next non active delivery movement of October lost 1 CONTRACT TO 474 contracts.  The next big delivery month is December and here it FELL by 2370 contracts DOWN to 171,352. The volume on the comex today (just comex) came in at 48,766 which is very good.  The confirmed volume yesterday (comex and globex) was huge at 71,608 . Silver is not in backwardation.  London is in backwardation for several months.

 

today we had 468 notices filed for silver: 2,340,000 oz

 
 
 
 
 
INITIAL standings for SEPTEMBER
 
 SEPT 29.
 
Gold
Ounces
Withdrawals from Dealers Inventory in oz  NIL
Withdrawals from Customer Inventory in oz  nil
 
40,293.327 oz
 
 
Brinks
HSBC
 
 
 
Deposits to the Dealer Inventory in oz 2999.94 ozBrinks
Deposits to the Customer Inventory, in oz 
 
 
 
 
nil
 
 
 
No of oz served (contracts) today
6 notices 
600 oz
No of oz to be served (notices)
30 contracts
(3000 oz)
 
 
Total monthly oz gold served (contracts) so far this month
2676 contracts
267,600 oz
 
8.323 tonnes
 
Total accumulative withdrawals  of gold from the Dealers inventory this month   192.90 oz
Total accumulative withdrawal of gold from the Customer inventory this month   539,307.9 oz
 
 Today; very good activity at the gold comex and 0 kilobar entries and another large amount of gold leaving the comex( and they are real bars)
 
 
We had 1 dealer deposit:
i) Into Brinks: 2999.94 oz
 
 
 
Total dealer deposits; 2999.94 oz
 
 
We had 0 dealer withdrawals:
 
 
 
total dealer withdrawals; NIL oz
 
 
 
we had 0 customer deposit:
 
 
 
 
Total customer deposits: nil oz.
 
 
 We had 2 customer withdrawals:
i) Out of brinks; 1,321.17 oz real physical leaving
ii) out of HSBC: 38,972.157 oz real physical leaving
 
 
 
 
 
total customer withdrawals: 40,293.327 oz
 
 
 
 
 
Today we had 3  adjustments: and all have gold leaving the dealer and entering the customer which is probably a settlement:
i) Out of Brinks:  5700.02 oz leaves the dealer and enters the customer account of Brinks
ii) Out of HSBC: 4536.346 oz leaves the dealer and enters the customer account of HSBC
iii) Out of JPM: 7051.716 oz leaves the dealer account and enters the customer account of JPM
iv) Out of Scotia: 25,264.316 oz leaves the dealer account and enters the customer account
total leaving the dealer: 42,552.398 oz or 1.33 tonnes
 
 
 
 
 
 
 
 
 
Note:
 
If anybody is holding any gold at the comex, you must be out of your mind!!!
since comex gold storage is unallocated , rest assured any gold stored at the comex will be compromised!
 
I also urge all of you do not place any option trades at the comex as these gangsters will gun you down.
 
If you are taking delivery of gold/silver please remove it from comex banks and place it in private vaults
 
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Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued form their client or customer account. The total of all issuance by all participants equates to 6 contract  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 SEPT contract month, we take the total number of notices filed so far for the month (2676) x 100 oz or 267,600 oz, to which we add the difference between the open interest for the front month of SEPT (36 contracts) minus the number of notices served upon today (6) x 100 oz per contract equals 270,600 oz, the number of ounces standing in this  NON active month of September.
 
 
 
 
Thus the INITIAL standings for gold for the SEPT contract month:
No of notices served so far (2676) x 100 oz  or ounces + {OI for the front month (36) minus the number of  notices served upon today (6) x 100 oz which equals 270,600 oz standing in this non active delivery month of SEPT  (8.4167 tonnes).
 
 
 
 
We lost a monstrous 9600 oz that will not stand.  We have surpassed  our original standings on first day notice. (ON FIRST DAY NOTICE 7.5561 TONNES STOOD FOR DELIVERY) as well as surpassing the 8 tonne mark and heading for the 9 tonnes.  This is without a doubt a record level of gold ounces standing for September.
 
 
 
 
 
 
Total dealer inventor 2,106,348.626 or 65.516 tonnes
Total gold inventory (dealer and customer) =10,538,630.254 or 327.79 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 328.95 tonnes for a  gain of 25  tonnes over that period. However since August 8 we have lost 26 tonnes leaving the comex.(corrected total from yesterday and today)
 
Ladies and Gentlemen:  the comex is beginning to lose some of its gold as no doubt the Shanghai fix is having its effect.
 
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.ALSO TODAY THE LIQUIDATION OF 96 CONTRACTS HAVING STOOD FOR THE ENTIRE MONTH AND THEN ROLLING MAKES ABSOLUTELY NO SENSE
 
 
IN THE LAST MONTH and one half , 26 NET TONNES HAS LEFT THE COMEX.
 
Ladies and Gentlemen:  We are now having our old fashioned run on the bank: the comex as gold is leaving by the buckets.

 

 

 
end
 
 
 
 
And now for silver
 
SEPT INITIAL standings
 SEPT29. 2016
 
 
Silver
Ounces
Withdrawals from Dealers Inventory NIL
Withdrawals from Customer Inventory
 
 
 
 
249,832.45 oz
Brinks
 
 
 
 
 
CNT, Scotia
 
 
 
Deposits to the Dealer Inventory
 
 
 nil OZ
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory 
 
 
 
nil oz
 
 
 
 
 
 
 
 
No of oz served today (contracts)
468 CONTRACTS
(2,340,000 OZ)
No of oz to be served (notices)
5 contracts
(25,000 oz)
Total monthly oz silver served (contracts) 3215 contracts (16,075,000 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  8,674,337.6 oz
today, we had 0 deposit into the dealer account:
 
 
 
 
total dealer deposit: nil oz
 
we had 0 dealer withdrawals:
 
 total dealer withdrawals: NIL oz
 
 
 
 we had 1 customer withdrawals:
i) Out of Brinks: 249,832.45 oz
 
 
 
 
 
 
 
 
 
 
Total customer withdrawals: 249,832.45  oz
 
We had 0 customer deposit:
 
 
 
 
 
 
total customer deposits: nil oz
 
 
 
 
 
 
 
 
 
 we had 2 adjustments and all probable settlements;
i) Out of Brinks:  188,725.15 oz was adjusted out of the dealer and this entered the customer account of Brinks
ii) Out of CNT: 828,139.36 oz was adjusted out of the dealer account and this landed into the customer account of CNT
 
 
 
 
 
The total number of notices filed today for the SEPT contract month is represented by 468 contracts for 2,240,000 oz. To calculate the number of silver ounces that will stand for delivery in SEPT., we take the total number of notices filed for the month so far at (3215) x 5,000 oz  = 16,075,000 oz to which we add the difference between the open interest for the front month of SEPT (468) and the number of notices served upon today (468) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the SEPT contract month:  3215(notices served so far)x 5000 oz +(468 OI for front month of SEPT ) -number of notices served upon today (468)x 5000 oz  equals  16,075,000 oz  of silver standing for the SEPT contract month.
 
we GAINED 5  contracts or an additional 25,000 oz will stand FOR DELIVERY IN THIS  ACTIVE MONTH OF SEPTEMBER. 
 
 
 
 
 
 
 
 
 
Total dealer silver:  30.442 million (close to record low inventory  
 
Total number of dealer and customer silver:   173.146 million oz (close to a record low)
 
The total open interest on silver is NOW close to its all time high with the record of 224,540 being set AUGUST 3.2016.  The registered silver (dealer silver) is NOW NEAR  multi year lows as silver is being drawn out at both dealer and customer levels and heading to China and other destinations. The shear movement of silver into and out of the vaults signify that something is going on in silver.
 
 
end
 
And now the Gold inventory at the GLD
SEPT 29/no changes at the GLD/Inventory rests at 949.14 tonnes
SEPT 28/ NO CHANGES AT THE GLD/INVENTORY RESTS AT 949.14 TONNES
SEPT 27/A huge withdrawal of 2.08 tonnes from the GLD/Inventory rests at 949.14 tonnes/
 
SEPT 26./no changes in gold inventory at the GLD/Inventory rests at 951.22 tonnes
 
SEPT 23/A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .3 TONNES/INVENTORY RESTS AT 951.22 TONNES
Sept 22/a huge deposit of 6.53 tonnes of gold into the GLD/Inventory rests at 950.92 tonnes/this would be a paper deposit entry/
SEPT 21/ A HUGE DEPOSIT OF 5.69 TONNES INTO THE GLD/INVENTORY RESTS AT 944.39 TONNES
SEPT 20/A HUGE CHANGES IN INVENTORY AT THE GLD/: A WITHDRAWAL OF 3.86 TONNES/INVENTORY RESTS AT 938.75 TONNES
SEPT 19/2016: 10.39 TONNES WERE ADDED INTO THE GLD/THIS WOULD BE A “PAPER DEPOSIT”/INVENTORY RESTS AT 942.61 TONNES
 
Sept 16./no change in gold inventory at the GLD/Inventory rests at 932.22 tonnes
SEPT 15/another paper withdrawal of 3.27 tonnes of “gold” inentory leaves the GLD/Inventory rests at 932.22 tonnes
SEPT 14./A  withdrawal of 4.45 tonnes of gold inventory from the GLD/Inventory rests at 935.49 tonnes
SEPT 13/no changes in gold inventory at the GLD/Inventory rests at 939.94 tonnes
Sept 12/no changes in gold inventory at the GLD/inventory rests at 939.94 tonnes
 
 
 
 
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SEPT 29/ Inventory rests tonight at 949.14 tonnes
 

end

 
 
Now the SLV Inventory
SEPT 29/we had no changes at the SLV/Inventory rests at 362.909 million oz/
SEPT 28/ WE HAD A HUGE WITHDRAWAL OF 1.614 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 362.909 MILLION OZ/
SEPT 27./no change in silver inventory at the SLV/Inventory rests at 364.523 million oz/
SEPT 26./no changes in silver inventory at the SLV./Inventory rests at 364.523 million oz/
 
SEPT 23./A HUGE CHANGE IN INVENTORY AT THE SLV: AN ADDITION OF 1.044 MILLION OZ INTO INVENTORY/INVENTORY RESTS AT 364.523 MILLION OZ/
Sept 22/no change in inventory at the SLV/Inventory rests at 363.479  million oz/
SEPT 21/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ/
SEPT 20/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ
SEPT 19/A HUGE ADDITION OF 1.045 MILLION OZ WAS ADDED INTO THE SLV/INVENTORY RESTS AT 363.479 MILLION OZ/
Sept 16/no changes in silver inventory/inventory rests at 362.434 million oz/
SEPT 15/no change in silver inventory/inventory rests at 362.434 million oz.
SEPT 14/no change in silver inventory at the SLV/Inventory rests at 362.434 million oz
sept 13/2016: a huge deposit of 1.329 million oz into the SLV/Inventory rests at 362.434 million oz/
Sept 12/a huge withdrawal of 1.614 million oz from the SLV/Inventory rests at 361.105 million oz
 
 
 
 
 
 
 
.
SEPT 29.2016: Inventory 362.909 million oz
 
 end

NPV for Sprott and Central Fund of Canada

 
1. Central Fund of Canada: traded at Negative 4.5 percent to NAV usa funds and Negative 4.4% to NAV for Cdn funds!!!! 
Percentage of fund in gold 59.8%
Percentage of fund in silver:39.0%
cash .+1.2%( SEPT 29/2016).
 
2. Sprott silver fund (PSLV): Premium RISES to +1.17%!!!! NAV (SEPT 29/2016) 
3. Sprott gold fund (PHYS): premium to NAV  RISES TO  1.06% to NAV  ( SEPT 29/2016)
Note: Sprott silver trust back  into POSITIVE territory at 1.17% /Sprott physical gold trust is back into positive territory at 1.06%/Central fund of Canada’s is still in jail.