Harvey Organ: Expiration Raid!

silver raidWho would have thunk it- A RAID ON OPTIONS EXPIRATION!!!

 

Harvey Organ
BANKERS ORCHESTRATE A RAID PRIOR TO OPTIONS EXPIRY AT THE LBMA/OTC MARKETS/ SILVER OPEN INTEREST NOW RISES TO 175,000 NEAR MULTI YEAR HIGHS DESPITE A LOW PRICE/JAPANESE INDUSTRIAL PRODUCTION PLUNGES/CHINA FIXES YUAN MUCH HIGHER GIVING THANKS TO YELLEN’S DOVISHNESS
 

570x400_SDWC_TeaParty_Teaser

 

Gold:  $1,226.90 down $8.90    (comex closing time)

Silver 15.21  down 9 cents

 

In the access market 5:15 pm

Gold $1224.50

silver:  15.23

 

Yesterday, I promised you that the bankers would attack today in both gold and silver.  My boys did not disappoint me with their antics.

 

Let us have a look at the data for today.

 

At the gold comex today, we had a good delivery day, registering 20 notices for 2000 ounces and for silver we had 9 notices for 45,000 oz for the active March delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 213.04 tonnes for a loss of 90 tonnes over that period.

In silver, the open interest ROSE by 3373  contracts UP to 175,245 as the silver price was up 4 cents with respect to yesterday’s trading . In ounces, the OI is still represented by .876 billion oz or 125% of annual global silver production (ex Russia ex China).

In silver we had 9 notices served upon for 45,000 oz.

In gold, the total comex gold OI fell slightly by 2195 contracts to 480,441 contracts as the price of gold was UP $15.70 with yesterday’s trading.(at comex closing) which should have caused the OI to rise.  However, we also are entering the new active month of April and that usually causes an obliteration of OI.  The two cancelled each other out and we had a net loss of 2195 contracts.

We had a no changes in the GLD/ thus the inventory rests tonight at 820.47 tonnes. No doubt that will changetomorrow considering Yellen’s dovish comments today with regards to the raising of rates. 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 tonight  and thus the Inventory rests at 330.389 million oz.

Silver Rounds SD Bullion

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

 

1. Today, we had the open interest in silver rose by 3373 contracts up to 175,245 as the price of silver was up  4 cents with yesterday’s trading.Investors flocked into silver on the dovish Yellen speech where she indicated that she is reticent to raise rates. The total OI for gold fell by 2,195 contracts to 480,441 contracts as gold was up $15.70 in price from yesterday’s level and we are now entering a new active delivery month.

(report Harvey)

2 a) Gold trading overnight, Goldcore

(Mark OByrne)

off today

2b COT report/

(Harvey)

2c) FRBNY

Harvey

 

3. ASIAN AFFAIRS

i)Late  TUESDAY night/ WEDNESDAY morning: Shanghai closed UP BY 80.81 POINTS OR 2.77% , /  Hang Sang closed UP 437.09 POINTS OR 2.15% / The Nikkei closed DOWN 224.57 POINTS OR 1.31% . Australia’s all ordinaires was CLOSED UP 0.11%. Chinese yuan (ONSHORE) closed UP at 6.4774.  Oil ROSE  to 38.99 dollars per barrel for WTI and 39.66 for Brent. Stocks in Europe ALL IN THE GREEN . Offshore yuan trades  6.4808 yuan to the dollar vs 6.4774 for onshore yuan. Japanese INDUSTRIAL PRODUCTION plunges the most in almost 5 years as negative interest rates ARE KILLING BUSINESS. (see below)

.

REPORT ON JAPAN

Industrial production collapses by the most in 5 yrs

(zero hedge)

REPORT ON CHINA

POBC responds to Yellen by raising yuan value

(Harvey)

 

EUROPEAN AFFAIRS

i)The unemployment rate in Germany (and the EU) just went up as IBM is laying off 4,000 workers
( zero hedge)
 
ii)(courtesy Bloomberg)

 
The following is very interesting:  the Credit Default Swaps (a bet on their survival) on Credit Suisse are skyrocketing as many players believe that these guys are toast:

GLOBAL ISSUES

Amazing, 1/3 of all sales in Vancouver, Canada came from wealthy Chinese who are desperate to take their yuan and buy assets like homes and gold.  It did not help Alberta as their housing market is dead as can be:

( zero hedge)

OIL MARKETS

i)Oil pops in price as USA production tumbles to 16 month lows:

( zero hedge)

ii)Now that the short squeeze is over and the oil market is hot with enthusiasm, is now the time that the big boys short oil?
( Nick Cunningham/Oil price.com)
 
iii)Boy did that escalate quickly/crude oil crashes into the red from post Yellen speech

( zero hedge)

PHYSICAL MARKETS

i)My goodness these guys are good.  They can buy 846 tonnes of silver (27.1 million oz) in March so far without causing the price to rise.

( zero hedge)

ii)A must read…James Turk describes the gold options manipulation from Europe and the manipulation is even worse than in the uSA

( James turk/Kingworldnews)

 

iii)Quite a good article.  Rickards states that as the world continues to advance the theory and use negative interest rates, the more gold will be used.  Why?  gold does not pay out an interest rate. Rickards states that the Swiss refiners are working 24/7 at great speed to produce kilobars

( James Rickards/GATA)

iv)Very unusual that Chris Powell was granted an interview to talk about gold manipulation on a Toronto radio station

(Chris Powell/GATA/CFMJ ratio station)

 

v)Strange!!:  we now hear that Germany wants 1/2 of its gold back by 2020.  For the past 3 months they got zero from the FRBNY.

We wish Germany all the luck in the world:

( Lawrie on Gold/Lawrie Williams/Sharp’s Pixley)

 

vi)Steve St Angelo compares the purchases of gold eagles vs silver eagles over a 30 yr period and also compares sales of gold/silver eagles vs inventory held at SLV/GLD

 

( Steve St Angelo/SRSRocco report)

USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER

i)Rail traffic volumes tumble greatly as coal is being stockpiled at an alarming and record rate.  The USA economy is faltering!

( zero hedge)

ii)Boeing will terminate 4500 jobs this year.  So much for the uSA recovery.  Any the USA is creating jobs??

( zero hedge)
 
 
iii)No wonder the stock market went up.  Gartman remains bearish on stocks. This clown continues to get clobbered on anything he does:

( zero hedge)
 
iv)Interesting video with former Fed President Richard Fisher.  He states that Yellen’s constant fear of market reaction is no way to manage central bank policy.  Also Leisman again wonders if the Fed has a credibility problem and also wonders if there is dissension amongst Fed members:

 
( zero hedge)
 
v)The ADP report is nothing but fiction:

(ADP/Mark Zandi/ zero hedge)
 
vi)Now we have a second judge who has given the group Judicial Watch the right to discover Clinton’s staff on various aspects of Clinton’s emails.  Her non response to the freedom of information has heightened the curiosity of a second judge,  Judge Royce Lambeth to seek this rare order.  The noose around Clinton tightens!!

( zero hedge)
 
vii)With the Illinois Supreme Court decision whereby the court struck down the city’s plan for pension reform.  It means that they will go bankrupt as they will not have enough to pay retirees.  Fitch then downgrades the city to worse than junk:

( zero hedge)
 

Let us head over to the comex:

The total gold comex open interest fell to 480,441 for a loss of 2195 contracts despite the fact that the price of gold was up $15.70 in price with respect to yesterday’s trading as  we are now entering the active delivery month of April. 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, the OI fell but not nearly as much due to the dovish Yellen speech of yesterday.  The front March contract month is now off the board. After March, the active delivery month of April saw it’s OI fall by 57,994 contracts down to 29,571 which is extremely high for one day to go. The next non active contract month of May saw its OI rise by 349 contracts up to 2585.  The estimated volume today (which is just comex sales during regular business hours of8:20 until 1:30 pm est) was good at 250,358.  However we had considerable rollovers.. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was excellent at 401,093 contracts. The comex is not in backwardation.  First day notice is tomorrow, March 31.  The options for the comex was over on Tuesday. However we still have LBMA options and OTC options which expire March 31.2016.

Today we had 20 notices filed for 2000 oz in gold.

 

And now for the wild silver comex results. Silver OI rose by 3373 contracts from 171,872 up to 175,245 as the price of silver was up 4 cents with yesterday’s trading. The  big active contract month of March is now off the board. The next contract month after March is April and here the OI  fell by 52 contracts down to 266.  The next active contract month is May and here the OI rose by 1895 contracts up to 115,257. This level is exceedingly high. The volume on the comex today (just comex) came in at 35,735 , which is fair. The confirmed volume yesterday (comex + globex) was excellent at 52,740. Silver is now in backwardation until July at the comex.   In London it is in backwardation for several months.
 
 
We had 9 notices filed for 45,000 oz.
 

March contract month:

FINAL standings for MARCH

March 30/2016

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil 128.60 ozBrinks,Manfra
Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz  9596.45 ozBrinks,Delaware

 

No of oz served (contracts) today 20 contracts
(2,000 oz)
No of oz to be served (notices) nil oz/off the board
Total monthly oz gold served (contracts) so far this month  743 contracts (74,300 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 192,421.9 oz

Today we had 0 dealer deposits

Total dealer deposits; nil oz

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

Today we had 2 customer deposits: AND ANOTHER DOOZY

i) Into brinks:  9500.00000 oz  (not divisible by 32.15 and therefore no kilobars!! how is this possible???????)

ii) Into Delaware; 96.45 oz

total customer deposits:  9596.45 oz oz

 

Today we had 2 customer withdrawals:

 

i) Out of Brinks:  32.15 oz (1 kilobar)

ii) Out of Manfra:  96.45 oz

 

 

 

total customer withdrawals; 128.60  oz

Today we had 0 adjustment:

.
Today, 0 notices was 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 20 contracts of which 0 notices was stopped (received) by JPMorgan dealer and 0 notices were stopped (received)  by JPMorgan customer account. 
 
To calculate the initial total number of gold ounces standing for the Mar contract month, we take the total number of notices filed so far for the month (743) x 100 oz  or 72,300 oz , to which we  add the difference between the open interest for the front month of March (20 contracts) minus the number of notices served upon today (20) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the FINAL standings for gold for the March. contract month:
No of notices served so far (743) x 100 oz  or ounces + {OI for the front month (20) minus the number of  notices served upon today (20) x 100 oz which equals 74,300 oz standing in this non  active delivery month of March (2.311 tonnes).  This is a good showing for gold deliveries in this non active month of March.
we may have additional contracts fulfilled by late tomorrow night which would increase the amount standing.
 
 
We thus have 2.311 tonnes of gold standing and 10.38 tonnes of registered gold for sale, waiting to serve upon those standing.  The bankers are still doing their best in cash settling as there is not enough registered gold to satisfy those that are standing.
We now have partial evidence of gold settling for last months deliveries We now have 2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) = 9.2377 tonnes standing against 10.38 tonnes available.  .
 
Total dealer inventor 338,458.211 oz or 10.38 tonnes
Total gold inventory (dealer and customer) =6,849,469.637 or 213.04 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 213.04 tonnes for a loss of 90 tonnes over that period. 
 
JPMorgan has only 21.15 tonnes of gold total (both dealer and customer)
 end
 
And now for silver
 

MARCH FINAL standings

/March 30/2016:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 16,011.16 OZ. BRINKS,CNT,
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 47,112.75 ozbrinks
No of oz served today (contracts) 9 contracts45,000 oz
No of oz to be served (notices)  off the board)
Total monthly oz silver served (contracts) 1355 contracts (6,775,000 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 11,215,705.4 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 1 customer deposits

i) Into Brinks:  47,112.75 oz

total customer deposits: 47,112.75  oz

We had 2 customer withdrawals:

i) Out of Brinks:

8032.810 oz

ii) Out of CNT: 7978.35 oz

:

total customer withdrawals:  16,011.16 oz

 
 

 

 we had 0 adjustments

 

The total number of notices filed today for the March contract month is represented by 61 contracts for 305,000 oz. To calculate the number of silver ounces that will stand for delivery in March., we take the total number of notices filed for the month so far at (1355) x 5,000 oz  = 6,775,000 oz to which we add the difference between the open interest for the front month of March (9) and the number of notices served upon today (9) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the March. contract month:  1355 (notices served so far)x 5000 oz +(9{ OI for front month of March ) -number of notices served upon today (9)x 5000 oz  equals  6,755,000 oz of silver standing for the March contract month.
 
we may get additional contracts fulfilled prior to midnight tomorrow night.
 
 
Total dealer silver:  32.323 million
Total number of dealer and customer silver:   155.592 million oz
 
 
 
 
The open interest on silver continues to rise despite the low price of silver. It looks like we are heading for a commercial failure.
 
 
 
end
.

And now the Gold inventory at the GLD

MARCH 30/no changes in inventory/inventory rests tonight at 820,47 tonnes

March 29/a withdrawal of 3.27 tonnes of gold from the GLD/Inventory rests at 820.47 tonnes.  (No doubt we will see a rise in gold inventory with tomorrow’s reading)

March 28/no change in inventory at the GLD/Inventory rests at 823.74 tonnes

March 24.2016: a deposit of 2.08 tonnes of gold into its inventory/and this after a big drubbing these past two days??/Inventory rests at 823.74 tones

March 23/no changes at the GLD today despite the gold drubbing. Inventory rests at 821.66 tonnes

March 22./no changes in inventory at the GLD/Inventory rests at 821.66 tonnes

MARCH 21/another big deposit of 2.68 tonnes/inventory rests tonight at 821.66 tonnes

(and this was done with gold down $10.00 today!!)

March 18.I GIVE UP!! WITH GOLD DOWN TODAY, THE CROOKS OVER AT GLD ADDED ANOTHER IDENTICAL 11.89 TONNES OF PAPER GOLD INTO THEIR INVENTORY.

INVENTORY RESTS THIS WEEKEND AT 818.98 TONNES. IF I WAS A SHAREHOLDER OF THIS ENTITY I WOULD BE VERY WORRIED.

March 17/we had a whopper of a deposit tonight: 11.89 tonnes/with London in backwardation this is nothing but a paper addition/inventory rests tonight at 807.09 tonnes

March 16.2016:/we had a deposit of 2.09 + 2.97(last in the evening)  tonnes of gold into the GLD/Inventory rests at 795.20 tonnes

March 15/ no changes in gold inventory at the GLD/Inventory rests at 790.14 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

March 30.2016:  inventory rests at 820.47 tonnes

 

end

 

Now the SLV Inventory
 
MARCH 30/no change in inventory/inventory rests at 330.389 million oz
March 29.2016: a huge deposit of 1.475 million oz of silver into the SLV/Inventory rests at 330.389 million oz
March 28/no change in silver inventory at the SLV/Inventory rests at 328.914 million oz
March 24.2016/no change in inventory/rests tonight at 328.914 million oz/
March 23/we lost 1.428 million oz as a withdrawal today/SLV inventory rests at 328.914 million oz
March 22./ a huge deposit of 1.809 million oz of a silver deposit into the SLV/inventory rests at 330.342 million oz.
MARCH 21/no change in silver inventory/inventory rests tonight at 328.533 million oz
March 18/ANOTHER WHOPPING DEPOSIT OF 2.665 MILLION OZ/INVENTORY RESTS AT 328.533 MILLION OZ
March 17/no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz
March 16./no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz
March 15/ no changes in silver inventory at the SLV/Inventory rests at 325.868 million oz/
.
March 30.2016: Inventory 330.389 million oz
.end
 
1. Central Fund of Canada: traded at Negative 7.2 percent to NAV usa funds and Negative 7.2% to NAV for Cdn funds!!!!
Percentage of fund in gold 63.9%
Percentage of fund in silver:36.1%
cash .0%( Mar 30.2016).
2. Sprott silver fund (PSLV): Premium to NAV rises to  4.17%!!!! NAV (Mar 30.2016) 
3. Sprott gold fund (PHYS): premium to NAV rises  to -0.23% to NAV Mar 30.2016)
Note: Sprott silver trust back  into positive territory at +4.17%/Sprott physical gold trust is back into negative territory at -0.23%/Central fund of Canada’s is still in jail.
 
 
 end
 
Federal Reserve Bank of New York report on gold leaving NY shores:
Today, the FRBNY reports no change in gold inventory and thus no gold is leaving for Germany’s Bundesbank .
FRBNY gold in Feb 2016:  7995 million dollars worth of gold at $42.22
FRBNY gold for March 2016: 7995 million dollars worth of gold at $42.22
total gold departing:  zer0