The amount standing for the silver metal again rose in similar fashion to what we witnessed last month and also in April. We certainly have a determined entity trying to get its hands on whatever silver is available.
HORRENDOUS JOBS REPORT SENDS GOLD AND SILVER MUCH HIGHER/GOLD SHARES HOWEVER MUCH SUBDUED/TWO BANKING CRISIS MOMENTS TODAY: ONE FROM ITALY AND ONE FROM SPAIN/GYMBOREE IN THE USA READY TO FILE FOR BANKRUPTCY PROTECTION AS IT MISSES ITS INTEREST PAYMENT
GOLD: $1276.20 up $9.80
Silver: $17.49 up 25 cent(s)
Closing access prices:
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: $127073 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1262.90
PREMIUM FIRST FIX: $7.83
SECOND SHANGHAI GOLD FIX: $1268.01
NY GOLD PRICE AT THE EXACT SAME TIME: 1260.00
Premium of Shanghai 2nd fix/NY:$7.01
LONDON FIRST GOLD FIX: 5:30 am est $1260.95
NY PRICING AT THE EXACT SAME TIME: $1260.50
LONDON SECOND GOLD FIX 10 AM: $1274.95
NY PRICING AT THE EXACT SAME TIME. $1275.20
For comex gold:
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 739 NOTICE(S) FOR 73900 OZ.
TOTAL NOTICES SO FAR: 1855 FOR 185500 OZ (5.7698 TONNES)
For silver: JUNE
392 NOTICES FILED TODAY FOR 1,960,000 OZ/
Total number of notices filed so far this month: 447 for 2,235,000 oz
FEDERAL RESERVE BANK OF NY EAR MARKED GOLD REPORT
LAST MONTH WE HAD 7,841 MILLION DOLLARS WORTH OF GOLD VALUED AT 42.22 DOLLARS PER OZ
THIS MONTH: WE HAVE 7841 MILLION DOLLARS WORTH OF GOLD VALUED AT $42.22 PER OZ
AMOUNT OF GOLD MOVED FROM NY: 0
The jobs report (see below) was horrendous. As soon as it was published gold and silver got caught bids with gold ending higher in the session by $9.80 at 1276.20 and silver was ready to breach $17.50 closing up 25 cents at $17.49. In the access market gold resumed its northerly trajectory with gold finishing at $1279 and silver at $17.57. At the GLD another 3.55 tonnes was added.
Over at the comex, the amount standing for the silver metal again rose in similar fashion to what we witnessed last month and also in April. we certainly have a determined entity trying to get its hands on whatever silver is available.
Let us have a look at the data for today
In silver, the total open interest ROSE BY 1304 contract(s) UP to 205,750 DESPITE THE FALL IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING (DOWN 13 CENT(S). In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.0280 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MAY MONTH/ THEY FILED: 392 NOTICE(S) FOR 1,960,000 OZ OF SILVER
In gold, the total comex gold ROSE BY A STRONG 1,836 contracts DESPITE THE FALL IN THE PRICE OF GOLD ($5.00 with YESTERDAY’S TRADING). The total gold OI stands at 444,814 contracts.
we had 739 notice(s) filed upon for 73,900 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
We had a huge change in tonnes of gold at the GLD: a deposit of 3.55 tonnes into the GLD
Inventory rests tonight: 851.00 tonnes
Today: no changes in inventory
THE SLV Inventory rests at: 340.976 million oz
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY 1,304 contracts UP TO 205,750 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787), WITH THE FALL IN PRICE FOR SILVER WITH YESTERDAY’S TRADING (13 CENTS). NO QUESTION THAT WE HAD FAILED SHORT COVERING BY THE BANKERS ALONG WITH SOME BANKER DELTA HEDGING WITH THE STRONGER PERFORMANCE FROM SILVER OF LATE.
2.a) The Shanghai and London gold fix report
2 b) Gold/silver trading overnight Europe, Goldcore
and in NY: Bloomberg
2c) Federal Reserve Bank of NY Ear Marked Gold Report
3. ASIAN AFFAIRS
i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 2.91 POINTS OR 0.09% / /Hang Sang CLOSED UP 114.83 POINTS OR 0.44% The Nikkei closed UP 317.25 POINTS OR 1.60%/Australia’s all ordinaires CLOSED UP 0.84%/Chinese yuan (ONSHORE) closed DOWN at 6.8205/Oil DOWN to 47.07 dollars per barrel for WTI and 49.33 for Brent. Stocks in Europe OPENED ALL IN THE GREEN ..Offshore yuan trades 6.7927 yuan to the dollar vs 6.8205 for onshore yuan. NOW THE OFFSHORE IS MUCH WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN WEAKER (TO THE DOLLAR) AND THE OFFSHORE YUAN IS HUGELY WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE SLIGHTLY STRONGER DOLLAR. CHINA NOT HAPPY WITH THE NEWS THAT ITS DEBT HAS BEEN DOWNGRADED
3a)THAILAND/SOUTH KOREA/NORTH KOREA
b) REPORT ON JAPAN
c) REPORT ON CHINA
i)A very important article written by Byron King. It sure looks like the Chinese are anxious to purchase oil from Saudi Arabia only if this country accepts yuan as payment. Saudi Arabia knows that this would be the death knell of the uSA reserve currency and end the one full swoop the petro-dollar scheme
( Byron King/DailyReckoning.com)
ii)A terrific commentary from Jim Rickards as he describes how China has been able to maintain high growth rates but that is leading to a death spiral:
( Jim Rickards/DailyReckoning)
4. EUROPEAN AFFAIRS
The banking crisis in Italy is just not going away. Italy has almost 360 billion euros of non performing loans on banking balance sheets or 18% of total loans. The government is seeking a bailout and not a bail in as huge numbers of moms and pops bought debt/equities because they thought the investments were sound. A bail in would crush huge numbers of Italian citizens. This is why the government is pushing for a bail out but the EU states that a bail in is mandatory. No wonder we are witnessing a huge run on Italian banks
( zero hedge)
OHOh!! Spain’s sixth largest bank, Banco Popular in trouble and needs a huge cash infusion of which nobody is willing. Investors are dumping bonds and stock like crazy because they do not want to be long over the weekend
(courtesy zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6 .GLOBAL ISSUES
For the first time, the balance sheet of the Bank of Japan and the ECB exceed that of the Fed. We know know that the Fed wants to roll off its balance sheet and not repurchase debt with dollars earned. In essence this is tightening and with both the Bank of Japan lessening its purchases along with the ECB, what is going to fuel the global stock markets?
7. OIL ISSUES
WTI holds its value just below $48.00 per barrel and yet USA oil rig counts rise for the 20th consecutive week which should increase production exponentially
( zero hedge)
8. EMERGING MARKET
9. PHYSICAL MARKETS
10. USA stories
i)A bloodbath in the USA auto sector as inventories climb despite the huge incentives given out already in May. The auto sales is the lowest in the past 3 years. The dealers are stuffed to the gills in autos
ib)After reporting on the disaster for the big auto manufacturers, Hyundai has not escaped the damage:
ii)Trump finally asks the Supreme Court to restore his travel ban
( zero hedge)
a)Gold rises on a terrible jobs report where only 138,000 jobs were added in May. April was revised much lower and the most important component: wages also disappointed.
b)Trading right after the jobs report: 10 yr bond rate plunges to 2.156%, the dollar sinks as does the stock market. Gold and silver gain
c)AND NOW THE REAL STORY ON THE JOBS REPORT
THE NUMBER OF PEOPLE NOT IN THE LABOUR FORCE SOAR BY A HUGE 608,000 WHICH EXPLAINS WHY THE UNEMPLOYMENT RATE LOWERED FROM 4.4 DOWN TO 4.3%
(courtesy zero hedge)
d)Here is another metric that Janet will not like: full time jobs tumble by 367,000 the biggest in 3 years: this was offset by a gain of 133,000 part time jobs.
Construction jobs lowered by 1,000 but our good old bartenders and waiters added another 30,000 jobs despite massive closings of restaurants.
( zero hedge)
e)Two thirds of all the gains this month was in the minimum wage jobs such as bartenders and waiters
f)Now where would our job report be unless we report on our job gains for America’s waiters and bartenders.
just look at the graph below and marvel:
g)Hatzius has now commented that the Fed will no doubt push back on the latter rate hikes due to slowing job growth and weak inflation
238,000 jobs. It is easy to explain the Birth Death model. If one loses his job, it is “death”. However the BLS believes that these guys become entrepreneurs and start new businesses and hire more people that are unemployed. This is the “birth”. It is total made up.
( Dave Kranzler/IRD)
iii)As expected, Gymboree misses their interest payment and they will now prepare for bankruptcy filings.
( zero hedge)
iv)Craig Wilson comments on Stockman’s Fox interview with Stuart Varney where he reiterates that the USA has no chance of reaching 4% growth with the mountain of debt incurred
( Wilson/Stockman/Daily Reckoning)
v)Michael Snyder offers us his 12 signs that shows that we are now experiencing an economic slowdown
( Michael Snyder/EconomicCollapseBlog)
Let us head over to the comex:
The total gold comex open interest ROSE BY A STRONG 1,836 CONTRACTS UP to an OI level of 444,814 WITH THE RISE IN THE PRICE OF GOLD (($5.00 with YESTERDAY’S trading).
We are now in the contract month of JUNE and it is one of the BETTER delivery months of the year. In this JUNE delivery month we had A HUGE LOSS OF 784 contract(s) FALLING TO 3744. We had 308 notices filed upon yesterday so we LOST 476 contracts or an additional 47,600 oz will NOT stand for delivery in this very active delivery month of June AND WITHOUT A SHADOW OF DOUBT THESE 476 CONTRACTS RECEIVED AN EFP CONTRACT WHICH ENTITLES THEM TO A FIAT BONUS PLUS A FUTURE GOLD CONTRACT/OR A LONG CALL OR MOST LIKELY A LONDON BASED FORWARD GOLD CONTRACT. THESE EFP’S ARE PRIVATE OFF COMEX TRANSACTIONS. THE REMAINING LONGS ARE REMAINING STOIC AND ARE REFUSING THAT FIAT BONUS
The non active July contract GAINED 19 contracts to stand at 2166 contracts. The next big active month is August and here the OI gained 2,021 contracts up to 322,225.
We had 739 notice(s) filed upon today for 73900 oz
The next big active month will be July and here the OI LOST 561 contracts DOWN to 136,090. the month of August, a non active month picked up its first contract to stand at one. The next big active delivery month for silver will be September and here the OI already jumped by another 514 contracts up to 32,392.
The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers. Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT: 234,787.
We had 392 notice(s) filed for 1,960,000 oz for the June 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 165,426 contracts which is FAIR
Yesterday’s confirmed volume was 216,891 contracts which is GOOD
volumes on gold are STILL HIGHER THAN NORMAL!
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz||
|Deposits to the Dealer Inventory in oz||nil oz
|Deposits to the Customer Inventory, in oz||
|No of oz served (contracts) today||
|No of oz to be served (notices)||
|Total monthly oz gold served (contracts) so far this month||
|Total accumulative withdrawals of gold from the Dealers inventory this month||NIL oz|
|Total accumulative withdrawal of gold from the Customer inventory this month||65,073.4 oz|
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 739 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 303 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||
|Deposits to the Dealer Inventory||
|Deposits to the Customer Inventory||
|No of oz served today (contracts)||
|No of oz to be served (notices)||
( 35,000 oz)
|Total monthly oz silver served (contracts)||447 contracts (2,235,000 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||1,945,630.6 oz|
|Gold COT Report – Futures|
|Change from Prior Reporting Period|
|non reportable positions||Change from the previous reporting period|
|COT Gold Report – Positions as of||Tuesday, May 30, 2017|
|Silver COT Report: Futures|
|Small Speculators||Open Interest||Total|
|non reportable positions||Positions as of:||152||117|
|Tuesday, May 30, 2017|
NPV for Sprott and Central Fund of Canada
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada
Sprott makes hostile $3.1 billion bid for Central Fund of Canada
Submitted by cpowell on Thu, 2017-03-09 01:19. Section: Daily Dispatches
From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017
Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.
Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.
If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.
“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”
Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.
The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.
Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.
Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.
And now the Gold inventory at the GLD
June 2/2017/a huge deposit of 3.55 tonnes of gold into the GLD/Inventory rests at 851.00 tonnes
June 1/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 847.45 TONNES
May 31./ no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 30/no change in gold inventory at the GLD/Inventory rests at 847.45 tonnes
May 26./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 25./no change in inventory at the GLD/Inventory rests at 847.45 tonnes
May 24/no change in inventory at the GLD/inventory rests at 847.45 tonnes
May 23/a paper withdrawal of 5.03 tonnes of gold from the GLD/Inventory rests at 847.45 tonnes
May 22/A DEPOSIT OF 1.77 TONNES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 852.48 TONNES
May 19/NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 850.71 TONNES
May 18/a withdrawal of 1.18 tonnes of gold from the GLD/Inventory rests at 850.71
May 17/no change in the GLD inventory/inventory rests at 851.89 tonnes
May 16./ no change in the GLD inventory/inventory rests at 851.89 tonnes
May 15/no change in the GLD inventory/inventory rests at 851.89 tonnes
May 12/no changes in GLD/inventory rests at 851.89 tonnes
may 11/no changes in GLD inventory/inventory rests at 851.89 tonnes
May 10/no changes in GLD inventory/inventory rests at 851.89 tonnes/
May 9/a withdrawal of 1.19 tonnes from the GLD/Inventory rests tonight at 851.89 tonnes
May 8/no change in inventory at the GLD/Inventory rests at 853.08 tonnes
May 5/no changes in inventory at the GLD/Inventory rests at 853.08 tonnes
May 4/A tiny change in inventory at the GLD /a withdrawal of .28 tonnes to pay for fees/inventory rests at 853.08 tonnes
May 3/no change in inventory at the GLD/Inventory rest at 853.36 tonnes
May 2/no change in inventory at the GLD/Inventory rests at 853.36 tonnes
May 1/ no changes in inventory at the GLD/inventory rests at 853.36 tonnes
Now the SLV Inventory
June 2/no change in silver inventory at the SLV/Inventory rests at 340.976 million oz/
June 1/NO CHANGE IN INVENTORY AT THE SLV/INVENTORY RESTS AT 340.976 MILLION OZ
May 31./ no change in silver inventory at the SLV/inventory rests at 340.976 million oz/
May 30/no change in silver inventory at the SLV/inventory rests at 340.976 million oz
May 26/another paper withdrawal of 946,000 oz of silver from the SLV with silver rising/inventory rests at 340.976 million oz
May 25/no change in silver inventory at the SLV/Inventory rests at 341.922 million oz
May 24./a “paper” withdrawal of 1.893 million oz from the SLV/inventory rests tonight at 341.922 million oz
May 23/no change in silver inventory at the SLV/inventory rests at 343.815 million oz
May 19/no change in silver inventory at the SLV/Inventory rests at 343.815 million oz.
may 18/2017/another big deposit of 1.42 million oz added to the SLV/inventory rests at 343.815 million oz.
may 17/no change in silver inventory at the SLV/Inventory rests at 342.395 million oz/
May 16./we had a huge addition of 1.416 million oz of silver into the SLV/inventory rests at 342.395 million oz
May 15/no changes in silver inventory/inventory rests at 340.979 million oz/
May 12/a huge change in silver: a deposit of 2.369 million oz/inventory rests at 340.979 million oz
May 11/no changes in silver inventory at the SLV/Inventory rests at 338.610 million oz
May 10/ a gigantic 3.833 million oz of silver added to the SLV and this occurred with the constant whacking of silver for the past 17 trading sessions/inventory rests at 338.610 million oz
may 9Again, no movement of inventory at the SLV. Inventory rests at 334.777 million oz
May 8/no change in silver inventory at the SLV/inventory rests at 334.777 million oz/
May 5/Strange!! no change in silver inventory at the SLV/Inventory rests tonight at 334.777 million oz
May 4/a very tiny withdrawal of 144,000 oz to pay for fees/inventory rests tonight at 334.777 million oz/
May 3/strange!! with the drop in price of silver we had no change in inventory at the SLV/inventory rests at 334.921 million oz
May 2/extremely strange again/a huge 3.502 million oz deposit into the SLV despite silver being in the toilet for the past several trading days.Inventory 334.921 million oz
may 1/extremely strange/with silver being walloped these past several days, the inventory rises again by a huge 1.136 million oz/(maybe someone can explain this phenomena??)