DESPITE THE SHELLACKING OF GOLD, THE GLD SURPRISINGLY ADDS 2.08 TONNES TO ITS INVENTORY/GOLD AND SILVER FALL TODAY/CHINA DEVALUES GREATLY SENDING A STRONG MESSAGE TO THE USA NOT TO RAISE RATES/JAPAN TO INITIATE THE HELICOPTER ROUTE TO SUPPLY FREE CASH TO POOR CITIZENS/30 YR USA BOND YIELD PLUMMETS/ATLANTA FED LOWERS 2ND QUARTER GDP TO ONLY 1.4%
Gold: $1,221.40 down $2.30 (comex closing time)
Silver 15.19 down 7 cents
In the access market 5:15 pm
(pay no attention to this access knockdown/there is nobody to sell to/all left for the Good Friday holiday)
Let us have a look at the data for today.
At the gold comex today, we had a poor delivery day, registering 12 notices for 1200 ounces and for silver we had 0 notices for nil oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 212.17 tonnes for a loss of 91` tonnes over that period.
In silver, the open interest FELL by only 3863 contracts DOWN to 171,913 despite the fact that the silver price was whacked by 61 cents with respect to yesterday’s trading . In ounces, the OI is still represented by .860 billion oz or 123% of annual global silver production (ex Russia ex China).
In silver we had 0 notices served upon for nil oz.
In gold, the total comex gold OI fell by 13,363 contracts to 497,216 contracts as the price of gold was down $24.50 with yesterday’s trading.(at comex closing). I was expecting a larger contraction in OI
This is a huge surprise!!we had a huge deposit of 2.08 tonnes in the GLD despite gold’s drubbing yesterday and today/ thus the inventory rests tonight at 823.74 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 tonight, and thus the Inventory rests at 328.914 million oz
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver fell by 3862 contracts down to 171,913 as the price of silver was down 61 cents with yesterday’s trading. The total OI for gold fell by 13,363 contracts to 497,216 contracts as gold was down $24.50 in price from yesterday’s level.
2 a) Gold trading overnight, Goldcore
i)Late WEDNESDAY night/ THURSDAY morning: Shanghai closed DOWN BY 48.99 POINTS OR 0.63% , / Hang Sang closed DOWN by 269.62 points or 1.31% . The Nikkei closed DOWN 108.65 POINTS OR 0.64% . Australia’s all ordinaires was DOWN 1.13%. Chinese yuan (ONSHORE) closed DOWN at 6.5114. Oil FELL to 38.93 dollars per barrel for WTI and 39.65 for Brent. Stocks in Europe so far ALL IN THE RED . Offshore yuan trades 6.5241 yuan to the dollar vs 6.5114 for onshore yuan. LAST NIGHT CHINA SIGNALS TO THE USA TO STOP ALL RATES INCREASES BY MASSIVELY DEVALUING THEIR YUAN. THE LAST TIME CHINA DID THIS, THE USA LISTENED AS THEY DO NOT WANT DEFLATION TO PERMEATE THE GLOBE
JAPAN DOES FULL KRUGMAN BY USING THE HELICOPTER METHOD OF PROVIDING FREE CASH TO POORER CITIZENS
REPORT ON JAPAN
Japan goes to the helicopter route to give free money to poorer citizens.
Seems that Japan has reached its limit on QE
(courtesy zero hedge)
REPORT ON CHINA
The POBC sends Washington a strong message:
“don’t mess with the Zohan..I mean China!!)
Since 2010, Switzerland has spent the equivalent of 470 billion USA on currency manipulation or 2/3 of its GDP
( zero hedge)
RUSSIAN AND MIDDLE EASTERN AFFAIRS
US Marines enter ground combat in Iraq to defend oil fields as ISIS seems to be getting stronger and willing to attack these fields
( Jason Ditz/Antiwar.com)
i)Dave Kranzler is correct; the entire global system will implode when central bank intervention fails or has no effect on any economy!
( Dave Kranzler/IRD)
ii) John Rubino discusses the devastating effects of NIRP on global economies’
i)Oil is heading southbound as a huge 31 million barrels that have been floating on the seas are coming to shore. Recent hedging activity is now being unwound as the contango on oil is disappearing
( zero hedge)
ii)More USA rigs put out of commission
( zero hedge)
iii)WHAT PRODUCTION FREEZE?
i)We wish the Indian temple all the luck in the world if they think they are going to get their gold back:
ii)Initial and continuing claims drop despite the iSM national mfging and services indices collapsing to 6 yr lows:
( zero hedge)
iii)Core durable goods (ex transporation stuff) tumbles for the 13th straight month: a good indicator that the uSA in in deep recession
iv)The service sector is 70% of GDP/today Markit’s services PMI signals the softest expansion in new business since 2009: March reading 51.0 average reading for 3 months; 51.3
Let us head over to the comex:
The total gold comex open interest fell to497,216 for a loss of 13,363 contracts as the price of gold was down $24.50 in price. As I stated yesterday: “Expect our bankers to undergo relentless attacks on our two precious metals.” They have not disappointed us with their antics. 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, both scenarios were in order. The front March contract month saw its OI fall by 26 contract down to 52.We had 1 notice filed upon yesterday, and as such we lost 25 contracts or an additional 2500 oz will not stand for delivery. .After March, the active delivery month of April saw it’s OI fall by 31,272 contracts down to 152,305. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was 210,068. The confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day was very good at 357,442 contracts. The comex is not in backwardation
Today we had 12 notices filed for 1200 oz in gold.
March contract month:
INITIAL standings for MARCH
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz nil||10,348.485 ozBrinks,HSBC,
|Deposits to the Dealer Inventory in oz||NIL|
|Deposits to the Customer Inventory, in oz||899.008 ozjpm|
|No of oz served (contracts) today||12 contract
|No of oz to be served (notices)||40 contracts(4000 oz)|
|Total monthly oz gold served (contracts) so far this month||696 contracts (69,600 oz)|
|Total accumulative withdrawals of gold from the Dealers inventory this month||nil|
|Total accumulative withdrawal of gold from the Customer inventory this month||192,175.0 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 1 customer deposit:
i) Into JPMorgan: 899.008 oz
total customer deposits: 899.008 oz
Today we had 3 customer withdrawals:
i) Out of Brinks; 8551.900 oz 266 kilobars
ii) Out of HSBC: 899.008 oz
iii) Out of jPMorgan; 897.597 oz
total customer withdrawals; 10,348.485 oz
Today we had 1 adjustment:
i) Out of Manfra: 100.128 oz was adjusted out of the customer and this landed into the dealer account of Manfra.
MARCH INITIAL standings
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||60,555.660. ozScotia|
|Deposits to the Dealer Inventory||nil|
|Deposits to the Customer Inventory||nil|
|No of oz served today (contracts)||0 contractsnil oz|
|No of oz to be served (notices)||187 contracts (935,000, oz)|
|Total monthly oz silver served (contracts)||1199 contracts (5,995,000 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||10,918,307.8 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 0 customer deposits
total customer deposits: nil oz
We had 1 customer withdrawals:
i) Out of Scotia:
total customer withdrawals: 60,555.660 oz
we had 1 adjustment
i) Out of CNT: 171,004.03 oz was adjusted out of the customer account and this landed into the dealer account of CNT
And now the Gold inventory at the GLD
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
March 24.2016: inventory rests at 823.74 tonnes