Harvey Organ: Gold Bombed!

manipulation smash bombWe are now entering the last week of the month and you all know that it means options expiry:
Expect that the criminal bankers to raid gold/silver again until the first day of March.

 

 

Harvey Organ

GOLD BOMBED IN ACCESS MARKET/USA ECONOMIC DATA AWFUL BUT STILL THE LUNATICS DRIVE UP THE DOW/NASDAQ/BRAZIL HAS ITS OFFICIAL DEBT LOWERED TO JUNK BY ALL 3 RATING AGENCIES/

 

Gold:  $1,238.70 up 16.40    (comex closing time)

Silver 15.29 up 5  cents

In the access market 5:15 pm

Gold $1229.25

silver: $15.23

 

We are now entering the last week of the month and you all know that it means options expiry:

for the Comex:  Wednesday Feb 24   tonight

for OTC and LBMA: Monday, Feb 29.

expect that the criminal bankers to raid gold/silver again until the first day of March.

 

Today’s quote of the day:

 

“As one witty trader remarked, today’s rally is so furious, Oprah lost 10 pounds just watching it”

At the gold comex today, we had a GOOD delivery day, registering 30 notices for 3000 ounces. Silver saw 1 notice for 5,000 oz.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 207.55 tonnes for a loss of 95 tonnes over that period.

In silver, the open interest rose by 3290 contracts up to 174,697. In ounces, the OI is still represented by .874 billion oz or 125% of annual global silver production (ex Russia ex China).

In silver we had 1 notice served upon for 5,000 oz.

In gold, the total comex gold OI rose by a large 8,265 contracts to 445,290 contracts as the price of gold was up $12.80 with yesterday’s trading.(at comex closing)

We had no change in gold inventory at the GLD   / thus the inventory rests tonight at 752.99 tonnes. 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 tune of  and thus the Inventory rests at 311.618 million oz

.

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

1. Today, we had the open interest in silver rose by 3290 contracts up to 174,697 as the price of silver was up 5 cents with yesterday’s trading.   The total OI for gold rose by 8265 contracts to 445,290 contracts as gold rose by $12.80 in price from yesterday’s level.

(report Harvey)

2 a) Gold trading overnight, Goldcore

(Mark OByrne)

3. ASIAN AFFAIRS

i)Late  TUESDAY night/ WEDNESDAY morning: Shanghai closed UP slightly  BY 25.57 POINTS OR 0.88% ON LAST HR INTERVENTON  / Hang Sang closed DOWN by 122.33  points or 1.15% . The Nikkei closed DOWN 136.76 or 0.85%. Australia’s all ordinaires was down 2.10%. Chinese yuan (ONSHORE) closed down at 6.5360.   Oil LOST  to 30.76 dollars per barrel for WTI and 32.96 for Brent. Stocks in Europe so far deeply in the RED . Offshore yuan trades  6.5411 yuan to the dollar vs 6.5360 for onshore yuan/

ii) Just what we need: China sends fighter jets to the Spratly Islands as well as installing radar systems:

( zero hedge)

 

EUROPEAN AFFAIRS

i)The Pound/USA (cable) falls below 1.40 for the first time in 7 years as a BREXIT risks soars as Farage explains that the deal with Cameron and the EU is not binding and not legal.
( zero hedge)
ii)Hungary calls a referendum on refugee quots

( zero hedge)

RUSSIAN AND MIDDLE EASTERN AFFAIRS

i) Direct evidence of transcripts proving the ISIS -Turkey link:

( zero hedge)
GLOBAL ISSUES
i) Jack Lew of the USA dashes hope of a coordinated crisis response needed at the G20 conference this weekend.  If I were to guess, it is my feeling that China and the rest of the nations will devalue their currencies against gold!

( zero hedge)
ii)Many will remember Chairman Guy Hands back in Nov 2007 warning of a looming crash and it said:  “bankers will go back to their baskets like dogs”.  Then our friendly bankers sent him some dog biscuits stating that he was dead wrong.  He wasn’t!

Today we warns again that the markets are very scary!!  Pay attention to what he says.
( zero hedge)
EMERGING MARKETS
i)Brazil now has its official debt cut to junk by all three rating agencies:
( zero hedge)
ii)And now our basket case Venezuela which probably has two months maximum before sovereign default

( zero hedge)
OIL MARKETS

i) It is so bad in the oil patch in Canada that owners of the surface rights have not been paid by the oil companies because of huge losses:

( zero hedge)

ii)Crude spikes on less of a build in inventory at the DOE. However Cushing continues to build in inventory:

( zero hedge)
PHYSICAL MARKETS
i)These guys are total idiots.  They just do not read. South African mining companies Harmony and Acacia lock in profit margins as they start a hedging program( Bloomberg/GATA)

ii) The author is perfectly correct:  Technical analysis in the gold market is being used as a weapon.

( Robert Appel/GATA/Profit Confidential)

iii)Negative interest rates will hasten our commercial signal failure

( John Embry/Kingworldnews)

iv) Avery Goodman on gold

( Avery Goodman/GATA)

v)Bill Murphy of GATA interviewed by Bernie Lo of CNBC ASIA

( GATA/CNBC)

vi) A very important commentary tonight from Bill Holter

His piece is entitled:

“Are they tired enough?”

USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER

i) Now it is Markit’s turn to report a huge crash in the services sector along with the Markit PMI;  the USA is now in contraction mode:

( Markit/zero hedge)
ii)New home sales collapse by a monstrous 9.2% in January.  It seems that the USA economy stopped on a dime from Dec 2105 onward:

( zero hedge)

Let us head over to the comex:

 

The total gold comex open interest rose to 445,290  for a gain of 8,265 contracts as the price of gold was up $12.80 in price with respect to yesterday’s trading.   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, and 2) a continual drop in the amount of gold standing in an active month.   Today, only the first scenarios was in order as we actually gained in ounces standing.   In February  the OI fell by 11 contracts down to 137. We had 57 notices filed on yesterday, so we gained 46 contracts or an additional 4600 oz will stand for delivery. The next non active delivery month of March saw its OI fall by 326 contracts down to 1202. After March, the active delivery month of April saw it’s OI rise by 6167 contracts up to 308,792. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 260,388 which is good.  The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was poor at 200,877 contracts. The comex is  in backwardation until March.

 

Today we had 30 notices filed for 3000 oz.
And now for the wild silver comex results. Silver OI rose by 3290 contracts from 171407 up to 174,697 as the price of silver was up by 5 cents with respect to yesterday’s trading. The next non active delivery month of February saw its OI fall by 0 contracts remaining at 1. We had 0 notices filed yesterday, so we neither lost nor gained any  silver contracts that will stand in this non active month of February. The next big active contract month is March and here the OI fell by 9,600 contracts down to 33,887.  The volume on the comex today (just comex) came in at 99,014 , which is huge. The confirmed volume yesterday (comex + globex) was also huge  at 88,088. Silver is not in backwardation at the comex but is in backwardation in London. First day notice is on Monday,  the 29th of February.
 
We had 1 notice filed for 5,000 oz.
 

Feb contract month:

INITIAL standings for FEBRUARY

Feb 24/2016

Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil 257.200 oz brinks8 kilobars
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz    96,482.150 ozScotia: 2,000 kilobars)

Brinks

No of oz served (contracts) today 30 contracts
(3000 oz)
No of oz to be served (notices) 107 contracts  (10,700 oz )
Total monthly oz gold served (contracts) so far this month  2497 contracts (249,700 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month 532,238.5 oz
Today, we had 0 dealer transactions
i
total dealer deposit; nil oz
total dealer withdrawals nil.
We had 1  customer withdrawals:
i) Out of Brinks: 257.200 oz
total customer withdrawal: 257.200 oz
we had 2 customer deposits: and another of those phony paper kilobar deposits
i) Into Scotia:  96,450.000 oz (2,000 kilobars)
ii) Into Brinks: 323.15 oz  (1 kilobars)
total:  96,482.150 oz or 2001 kilobars

we had 1 adjustment

Out of JPMorgan

26,355.676 oz leaves the dealer and this enters the customer side of JPMorgan

.

 JPMorgan has a total of 46,083.778 oz or 1.4333 tonnes in its dealer or registered account.
***JPMorgan now has 660,712.204 or 20.5509 tonnes in its customer account.
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 30 contracts of which 0 notice 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 Jan contract month, we take the total number of notices filed so far for the month (2497) x 100 oz  or 249,700 oz , to which we  add the difference between the open interest for the front month of February (137 contracts) minus the number of notices served upon today (30) x 100 oz   x 100 oz per contract equals the number of ounces standing.
 
Thus the initial standings for gold for the February. contract month:
No of notices served so far (2497) x 100 oz  or ounces + {OI for the front month (137) minus the number of  notices served upon today (30) x 100 oz which equals 260,400 oz standing in this active delivery month of February (8.0995 tonnes)
 
we gained 46 contracts  or an additional 4600 oz will stand for delivery
We thus have 8.0995 tonnes of gold standing and 8.2283 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.
 
Total dealer inventor 290,898.134 oz or 9.048 tonnes
Total gold inventory (dealer and customer) =6,672,850.053 or 207.55 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 207.55 tonnes for a loss of 95 tonnes over that period. 
 
JPMorgan has only 21.99 tonnes of gold total (both dealer and customer)
end
 
 
And now for silver
 

FEBRUARY INITIAL standings/

feb 24/2016:

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory  1,251,806.118 ozCNT,Brinks

Delaware,JPM

Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 1,014,251.3 ozHSBC /JPM
No of oz served today (contracts) 1 contract 5,000 oz
No of oz to be served (notices) 1  contract (5,000 oz)
Total monthly oz silver served (contracts) 166 contracts (830,000 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 17,380,772.1 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  customer deposits:

i) Into HSBC: 440,050.49 oz

ii) Into JPM:  614,200.810

total customer deposits: 1,014,251.300  oz

We had 4 customer withdrawals:
i) Out of CNT: 636,574.265 oz
ii) Out of Brinks: 14,217.29 oz
iii) Out of Delaware: 1014.163 oz
iv) Out of JPMorgan; 600,000.400 oz
 
 

total withdrawals from customer account 1,251,806.118   oz

 

 we had 3 adjustments: and they were doozies

i) Out of CNT:

374,493.900 oz was adjusted out of the dealer and this landed into the customer account of CNT

ii) Out of Delaware:

1,492,945.955 oz was adjusted out of the dealer and this landed into the customer account of Delaware

iii) Out of JPMorgan:

1,742,050.13 oz was adjusted out of the dealer and this landed into the customer account of JPMorgan

total adjusted oz out of dealers: 3,609.489 oz

 

 

The total number of notices filed today for the February contract month is represented by 1 contracts for 5,000 oz. To calculate the number of silver ounces that will stand for delivery in February., we take the total number of notices filed for the month so far at (166) x 5,000 oz  = 830,000 oz to which we add the difference between the open interest for the front month of February (1) and the number of notices served upon today (1) x 5000 oz equals the number of ounces standing (830,000 oz)
 
Thus the initial standings for silver for the February. contract month:
166 (notices served so far)x 5000 oz +(1{ OI for front month of February ) -number of notices served upon today (1)x 5000 oz   equals  830,000 oz of silver standing for the February. contract month.
 
we neither lost nor gained any silver contracts that will  stand in this non active delivery month of February.
Total dealer silver:  25.295 million  (near all time recorded low level)
Total number of dealer and customer silver:   155.262 million oz
Question: in a non active month again why so much activity in the silver comex?
 
 
end
The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.There is now evidence that the GLD and SLV are paper settling on the comex.***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:i) demand from paper gold shareholders ii) demand from the bankers who then redeem for gold to send this gold onto China

And now the Gold inventory at the GLD:

FEB 24/no change in gold inventory at the GLD/Inventory rests at 752.29 tonnes

FEB 23./another huge addition of 19.3 tonnes of gold into its inventory/Inventory rests at 752.29 tonnes.  Again how could they accumulate this quantity of gold with backwardation in London/this vehicle is nothing but a fraud

Feb 22/A huge addition of 19.33 tonnes of gold to its inventory/Inventory rests at 732.96 tonnes/ How could this happen: a huge addition of gold coupled with a huge downfall of 20 dollars in gold.

FEB 19/a huge deposit of 2.68 tonnes of gold into the GLD/Inventory rests at 713.63 tonnes

fEB 18/no change in gold inventory at the GLD/Inventory rests at 710.95 tonnes

fEB 17/no change in gold inventory at the GLD/Inventory rests at 710.95 tonnes

Feb 16.a huge withdrawal of 5.06 tonnes from the GLD/the loss was probably a paper loss/inventory at 710.95 tonnes

fEB 12/ a huge deposit of 11.98 tonnes/inventory rests at 716.01 tonnes.  With gold in severe backwardation in London, I really believe that the gold added was paper gold and not real physical/

Feb 11/no change in inventory/inventory rests at 702.03 tonnes

 

Feb 24.2016:  inventory rests at 752.29 tonnes

end

Now the SLV
FEB 24/no change/inventory rests at 311.618 million oz
FEB 23/no changes in inventory at the SLV/Inventory rests at 311.618 million oz
Feb 22/ we have a good addition of 666,000 oz into inventory/Inventory rests at 311.618 million oz
FEB 19/no change in inventory/inventory rests at 310.952 million oz
FEB 18/no change in inventory/inventory rests at 310.952 million oz
fEB 17/ a huge withdrawal of 1.237 million oz of silver removed from the SLV/Inventory rests at 310.952 million oz.
Feb 16.2016: a huge deposit of 3.809 million oz of silver added to the SLV/Inventory rests at 312.189
FEB 12 no change in silver inventory/inventory rests this weekend at 308.380 million oz
feb 11/ a withdrawal of 619,000 oz/inventory rests at 308.380 million oz/
Feb 10/no change in inventory at the SLV/rests at 308.999 million oz/
Feb 24.2016: Inventory 311.618 million oz.
1. Central Fund of Canada: traded at Negative 7.8 percent to NAV usa funds and Negative 7.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 64.3%
Percentage of fund in silver:35.7%
cash .0%( feb 24.2016).
2. Sprott silver fund (PSLV): Premium to NAV rises to  +2.45%!!!! NAV (feb 24.2016) 
3. Sprott gold fund (PHYS): premium to NAV rises to -.18% to NAV feb 24/2016)
Note: Sprott silver trust back  into positive territory at +2.45%/Sprott physical gold trust is back into negative territory at -.18%/Central fund of Canada’s is still in jail.