Harvey Organ- Silver’s ON FIRE As Bankster Raid FAILS!

my-shorts-on-fireThis is the first time in maybe 4 years that the bankers were unsuccessful in manipulating the gold/silver market during options expiry week. 
They lost BIG TIME…

 

Harvey Organ

GOLD AND SILVER OFFER A FULL COURT PRESS AGAINST THE BANKERSAS GOLD RISES ALMOST $24.00 AND SILVER UP $.24/USA/YEN CONTINUES TO FALTER WITH YEN UP ANOTHER 1.74 YEN PER DOLLAR: THIS BREAKS THE BACKS OF THE YEN CARRY TRADERS/THE NATIONAL CHICAGO PMI FALTERS AGAIN THIS MONTH

90 Silver

 

 

Good evening Ladies and Gentlemen:

Gold:  $1,289.40 up $23.60    (comex closing time)

Silver 17.79  up 24 cents

 

In the access market 5:15 pm

Gold $1293.20

silver:  17.86

 

 Today is the first time in maybe 4 years that the bankers were unsuccessful in manipulating the gold/silver market during options expiry week.  They lost big time. The price of gold rose by almost 24 dollars and the bankers supplied the necessary paper to keep gold from going off the charts.
Silver was really on fire rising close to 18 dollars before the bankers dosed the flames, such that they can regroup and decide what to do on Monday.  The OI for gold and silver are at multi year years despite the low price for both metals.On first day notice a rather large 28 million oz of silver is standing and for the first time in over 2 years, the whole silver OI complex did not contract.  In gold, the total amount of tonnes of gold standing, in a non active month total 5.67 tonnes which is huge.We must wait to see if the holders will only accept gold and not fiat as the month progresses.
In currencies, the USA/Yen collapsed again with the yen rising to 106.40 on closing, a yen gain of 1.7 yen per dollar.  Those yen carry traders who have so far not been wiped out will surely feel the mighty stick of margin calls as they must settle by Monday morning.

Let us have a look at the data for today

.

At the gold comex today,on first day notice we had a good delivery day, registering 25 notices for 2500 ounces for gold,and for silver we had 783 notices for 3,915,000 oz for the non active April delivery month.

Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 225.51 tonnes for a loss of 77 tonnes over that period

.

In silver, the open interest rose by a tiny  207 contracts up  to 203,677 despite the fact that the price was silver was way up to the tune of  26 cents with respect to yesterday’s trading. In ounces, the OI is still represented by 1 over BILLLION oz (1.01 BILLION TO BE EXACT or 145% of annual global silver production (exRussia &ex China) We are now within spitting distance of all time highs for OI with respect to silver

In silver we had 783 notices served upon for 3,915,000 oz.

In gold, the total comex gold OI ROSE by a gigantic 23,385 contracts, UP to 525,414 contracts AS  the price of gold was UP $15.90 withTHURSDAY’S TRADING(at comex closing). You can just imagine what the OI for gold and silver will be like on Monday. Remember we are always 24 hours back in OI ( i.e. real OI for Friday will be received on Monday)

We had no change in tonnes of gold inventory at the GLD, thus the inventory rests tonight at 804.14 tonnes.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’s SLV,we had no change in silver inventory.  Thus the inventory rests at 335.580 million oz.

.

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

1. Today, we had the open interest in silver rise by only 207 contracts up to 203,677 despite the fact that the price of silver was UP by a huge 26 cents with THURSDAY’S trading. The gold open interest ROSE by A GIGANTIC 23,385 contracts AS  gold ROSE by $15.90 YESTERDAY. Somebody big is standing FOR SILVER and surrounding the comex with paper longs ready to ponce once called upon to take out physical silver. Also the bankers are resolute in supplying non backed gold paper but they do not want to supply more silver paper.

(report Harvey)

2 a) Gold trading overnight, Goldcore

(Mark OByrne)

3. ASIAN AFFAIRS

i)Late  THURSDAY night/ FRIDAY morning: Shanghai closed DOWN BY 7.26 POINTS OR 0.25%  /  Hang Sang closed DOWN 320.98 OR 1.50%. The Nikkei closed FOR HOLIDAY  . Australia’s all ordinaires  CLOSED UP 0.51% AS RESOURCE STOCKS DOING WELL. Chinese yuan (ONSHORE) closed DOWN at 6.4855.  Oil ROSE  to 46.45 dollars per barrel for WTI and 48.00 for Brent. Stocks in Europe ALL IN THE RED . Offshore yuan trades  6.4885 yuan to the dollar vs 6.4855 for onshore yuan.

REPORT ON JAPAN  SOUTH KOREA AND CHINA

a) REPORT ON JAPAN

see  trading overnight

 90 Silver

b) REPORT ON CHINA

This is scary!! China in this latest USA-China escalation, Beijing denies a USA aircraft carrier access to a Hong Kong harbour:

( zero hedge)

4.EUROPEAN AFFAIRS

i)The head of Deutsche Bank’s integrity committee, a lawyer, has been fired due to him being overzealous!

( zero hedge)

5.GLOBAL ISSUES

The real issue surrounding the globe:  huge debt, not only at the sovereign level but also the corporate level.  Debt to GDP rises to astronomical heights with respect to sovereigns like Japan,  China,  Greece Italy and the USA.  If we take  China, the total debt to GDP is 350%.  Japan it is 450%.  This is a runaway train ready to crash:

( Guy Hasselman/Scotia Bank)

 ii)This is something to watch.  When the Yen/South SAfrican Rand reaches high levels, it generally means crisis time:  previous shocks where the cross was at all time highs;

9.11, Enron, and Lehman default:
( zero hedge)

6.OIL MARKETS

i)Due to the higher prices for oil, USA shale companies are back in business and pumping out more oil.  Now OPEC in response will also boost exports to near record levels trying to get them out of business

( zero hedge)

ii)And that sends the message to dump oil:

( zero hedge)

iii Rig counts decline and yet crude cannot climb:

(courtesy zero hedge)

7.PHYSICAL MARKETS

i)Gold and silver skyrocket during the night/trading overnight

(zero hedge)

ii)Today’s commentary from Alasdair Macleod: a very important read as Alasdair believes it is in the interest of Saudi Arabia to sell its 5% stake in Aramco to China and in return, China removes a big block of its unwanted dollars.

( Alasdair Macleod)

iii)This will be another dagger into the heart of the USA dollar:  Russia is to price its oil in Roubles:( Bloomberg/GATA)

iv)For your interest…explorers hunting for gold in the Egyptian desert: i.e. ancient sites where gold may be buried:

( NYTimes/GATA)

8.USA STORIES WHICH WILL INFLUENCE THE PRICE OF GOLD/SILVER

i)In the USA the consumer is 70% of GDP.  With the latest results, savings rate rose while spending disappointed again.  The consumer has reached peak debt!! and cannot spend anymore

( zero hedge)

 

ii)the all important Chicago National manufacturing PMI tumbles again due to lack of orders.  This is a very significant index as it measures manufacturing at the national level and mfg is collapsing!

( zero hedge)
iii)At first blush, the Atlanta Fed reveals Q2 GDP at 1.8% which is 1/2% below Wall Street consensus.  This number will be lowered in the next few months as the financial scene inside the USA deteriorates:
( zero hedge)

iv)The Fed just found its next excuse not to raise rates:  BREXIT.

For the first time, BREXIT takes a lead over staying in the EMU:
( zero hedge)

v)I have highlighted this to you on countless occasions but it is worth repeating;

all of the net corporate debt has gone to buy up stock not to foster growth:
( zero hedge)

vi)The following is interesting:  The USA treasury, the biggest manipulator of them all, gives explicit warnings to China, Japan,South Korea, Taiwan and Germany not to devalue their currencies: I understand the first 4 countries but Germany?  It does not have a currency, it is part of the EME  (Euro).  The key country named , of course is China.  Actually it was China that warned the USA that if the Americans raised their interest rate, then China would devalue!

( zero hedge)

Let us head over to the comex:

The total gold comex open interest ROSE THROUGH THE ATMOSPHERE,  to an OI level of 525,414 for a GAIN of 23,395 contracts AS the price of gold UP $15.90 with respect to THURSDAY’S TRADING. We are now entering the NON active delivery month of MAY. For the past two years, we have strangely witnessed two interesting developments and we have generally seen two phenomena happen respect to the gold open interest:  1) total gold comex collapses in OI as we enter any delivery month  and 2) a continual drop in the amount of gold standing in that month as that month progresses . The month of May saw its OI fall by 200 contracts down to 1823. The next big active gold contract is June and here the OI rose by 19,431 contracts up to 390,097. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was good at 254,687. The confirmed volume  yesterday (which includes the volume during regular business hours + access market sales the previous day was good at 242,254 contracts. The comex is not in backwardation.

Today we had 25 notices filed for 2500 oz in gold.

 

And now for the wild silver comex results. Silver OI ROSE by a tiny 207 contracts from 203,470 up to 203,677 DESPITE THE FACT THAT the price of silver was UP quite nicely by 26 cents with THURSDAY’S TRADING. For the first time in over 2 years, we have not witnessed a liquidation of open interest as we enter first day notice .  The next active contract month is May and here the OI FELL by only 5887 contracts DOWN to 5603. This level is exceedingly high and thus we have 2 million oz standing for the May active contract month  . The volume on the comex today (just comex) came in at73,488 which is extremely high with minimal rollovers. The confirmed volume yesterday (comex + globex) was AGAIN HUGE AT 100,941. Silver is not in backwardation. London is in backwardation for several months.
THE HIGH OPEN INTEREST FOR THE ENTIRE COMPLEX PLUS THE HIGH OI FOR THE FRONT MAY CONTRACT MUST BE SCARING OUR BANKERS TO NO END.
 
We had  783 notices filed for 3,915,000 oz.
 

MAY contract month:

INITIAL standings for MAY

Initial Standings for MAY
April 29.
Gold
Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  nil  100.01 OZSCOTIA
Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz  NIL
No of oz served (contracts) today 25 contracts
(2500 oz)
No of oz to be served (notices) 1798 contracts179800 oz
Total monthly oz gold served (contracts) so far this month 25 contracts (2500 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil
Total accumulative withdrawal of gold from the Customer inventory this month  100.01 OZ

Today we had 0 dealer deposits

Today we had 0 dealer withdrawals:

total dealer withdrawals:  nil oz

total dealer deposits: 0

Today we had 0 customer deposits:

 

total customer deposit:  NIL oz

Today we had 0 customer withdrawals:

Total customer withdrawals:  nil

 

Today we had 2 adjustments:

i) Out of JPMorgan:  542.37 oz of gold was removed from the dealer and this landed into the customer account of JPM and will be deemed a settlement

ii) Out of Scotia: 1183.317 oz of gold was removed from the dealer Scotia and this landed into the customer account of Scotia: and this is deemed a settlment

in tonnage: .205 tonnes settled.

 

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 25 contracts of which 0 notices was stopped (received) by JPMorgan dealer and 8 notices were stopped (received)  by JPMorgan customer account. 
To calculate the initial total number of gold ounces standing for the MAY contract month, we take the total number of notices filed so far for the month (25) x 100 oz  or 2500 oz , to which we  add the difference between the open interest for the front month of MAY (1823 CONTRACTS) minus the number of notices served upon today (25) x 100 oz   x 100 oz per contract equals 182,300 oz, the number of ounces standing in this non active month.  This number is huge for May. Let us see if this number remains constant throughout themonth
 
Thus the initial standings for gold for the MAY. contract month:
No of notices served so far (25) x 100 oz  or ounces + {OI for the front month (1823) minus the number of  notices served upon today (25) x 100 oz which equals 182,300 oz standing in this non  active delivery month of MAY(5.6702 tonnes).
Since the comex allows GLD shares to be used for settling, it may take quite a while for the physical gold to enter the comex vaults.  So far I have seen little evidence of any settling of contracts but I will continue to monitor it for you. 
 
We thus have 5.6702 tonnes of gold standing for MAY and 20.000 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 5.6702 TONNES FOR MAY + 12.3917 tonnes (April) +2.2311 tonnes (March) + 7.99 (total Feb)- .940 (probable delivery on March 1) tonnes -.0434 tonnes (March 11,12,17,18) + March 31: 1.2470 and then  April 1,2: – .0006 tonnes  and last week April 16 .3203 and April 22 .(0009 tonnes) + april 29  .205 tonnes  = 24.5652 tonnes still standing against 20.000 tonnes available.  .
 
Total dealer inventor 636,503.508 oz or 19.7979 tonnes
Total gold inventory (dealer and customer) =7,250,269.882 or 225.51 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 225.51 tonnes for a loss of 77 tonnes over that period. 
 
JPMorgan has only 21.15 tonnes of gold total (both dealer and customer)
 end
And now for silver
 

MAY INITIAL standings

 april 29.2016

Silver
Ounces
Withdrawals from Dealers Inventory nil
Withdrawals from Customer Inventory 647,973.598 ozDelaware,JPM
Deposits to the Dealer Inventory nil
Deposits to the Customer Inventory 743,657.855 ozCNT,Brinks

Scotia

No of oz served today (contracts) 783 contracts3,915,000  oz
No of oz to be served (notices) 4820 contracts24,100,000
Total monthly oz silver served (contracts) 783 contracts (3,915,000 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  647,973.598 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 3 customer deposits:

i) Into CNT: 300,980.275 oz

ii) Into Brinks: 300,139.750 oz

Into Scotia; 142,537.830 oz

Total customer deposits: 743,657.855 oz.

We had 2 customer withdrawals

i) Out of Delaware; 47,974.298 oz

ii) Out of JPMorgan: 599,99.300 oz

:

total customer withdrawals:  647,973.598  oz

 
 

 

 we had 0 adjustments

The total number of notices filed today for the MAY contract month is represented by 783 contracts for 3,915,000 oz. To calculate the number of silver ounces that will stand for delivery in May., we take the total number of notices filed for the month so far at (783) x 5,000 oz  = 3,915,000 oz to which we add the difference between the open interest for the front month of MAY (5603) and the number of notices served upon today (783) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the MAY contract month:  783 (notices served so far)x 5000 oz +(5603{ OI for front month of April ) -number of notices served upon today (783)x 5000 oz  equals 28,015,000 oz of silver standing for the MaY contract month.
 
Total dealer silver:  31.957 million
Total number of dealer and customer silver:   151.779 million oz
The open interest on silver is now close an all time high with the record of 206,748 being set in the last week of April. 
The total dealer amount of silver remains at multi year low of 31.957 million oz.
end
At 3:30 pm we get the COT report which gives position levels of our major players.
This week will no doubt be a dandy.  Let us see what it brings:
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
288,173 67,316 46,236 116,445 356,553 450,854 470,105
Change from Prior Reporting Period
-2,970 -6,990 1,996 -1,298 -1,311 -2,272 -6,305
Traders
172 96 86 42 57 256 201
 
Small Speculators  
Long Short Open Interest  
47,030 27,779 497,884  
-3,175 858 -5,447  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, April 26, 2016
Our large specs:
Those large specs which have been long in gold strangely pitched a large 2970 contract from their long side.
Those small specs that have been short in gold correctly covered 6990 contracts from their short side.
Our Commercials
Those commercials that have been long in gold pitched 1,298 contracts from their long side.
Those commercials that have been short in gold covered 1,311 contracts from their short side ??
Our Small Specs:
Those small specs that have been long in gold pitched 3175 contracts from their long side
Those small specs that have been short in gold added 858 contracts to their short side.
The commercials go net short by a tiny:13 contracts
I believe the figures are a little far fetched.
And now for our silver COT:
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
99,774 21,001 20,826 56,700 148,002
4,786 -2,559 5,054 2,748 9,966
Traders
109 59 45 33 43
Small Speculators Open Interest Total
Long Short 206,748 Long Short
29,448 16,919 177,300 189,829
-350 -223 12,238 12,588 12,461
non reportable positions Positions as of: 167 130
Tuesday, April 26, 2016   © SilverSeek.com
These figures are a little more believable
Our large specs:
Those large specs that have been long in silver added 4786 contracts to their long side
Those large specs that have been short in silver covered 2559 contracts from their short side.
Our commercials
Those commercials that have been long in silver added 2748 contracts to their long side
Those commercials that have been short in silver added a whopping 9966 contracts to their short side.
Our small specs:
Those small specs that have been long in silver added 1263 contracts to their long side
Those small specs that have been short in silver covered 929 contracts from their short side.
Commercials go net short by 7,218 contracts and that means the bankers are ready to raid. Remember that these figures are up to Tuesday, April 26.2016.  The OI went nuts these past 3 days so I would wager that the commercials went on a continued rampage of supplying non backed paper short.
And now the Gold inventory at the GLD
April 29/no change in gold inventory at the GLD/Inventory rests at 804.14 tonnes
April 28/we gained 1.49 tonnes of gold at the GL/Inventory rests at 804.14
April 27/no change in gold inventory at the GLD/rests at 802.65 tonnes
aPRIL 26/ a withdrawal of 2.38 tonnes of gold/inventory rests at 802.65 tonnes
April 25.2016: no change in gold inventory/rests tonight at 805.03 tonnes
April 22/ no changes in gold inventory/rests tonight at 805.03 tonnes
April 21/no change in gold inventory/rests tonight at 805.03 tonnes
April 20/no change in gold inventory/rests tonight at 805.03 tonnes
April 19./we had a huge withdrawal of 7.43 tonnes from the GLD/Inventory rests tonight at 805.03 tonnes
April 18.2016/a huge addition of 6.38 tonnes of gold  in gold inventory at the GLD/Inventory rests at 812.46
April 14/another big change in gold inventory at the GLD/, a withdrawal of 3.26 tonnes/Inventory rests at 806.82 tonnes
April 13./another withdrawal of 5.06 tonnes of gold from the GLD/no doubt this gold was used in the raid/Inventory rests at 810.08 tonnes
April 12/another huge withdrawal of 2.67 tonnes of gold from the GLD and again despite the rise in gold. The boys must be desperate to get their hands on some physical.
Inventory rests at 815.14 tonnes.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

April 29.2016:  inventory rests at 804.14 tonnes

end

 

Now the SLV Inventory
April 29.2016/no change in silver inventory at the SLV/Inventory rests at 335.580
April 28/no change in silver inventory at the SLV/Inventory rests at 335.580 million oz
April 27/we had another addition of 856,000 oz into the SLV/Inventory rests at 335.580
aPRIL 26/no change in silver inventory at the SLV/Inventory rests at 334.724 million oz.
April 25.2016/ No change in silver inventory/rests tonight at 334.724 million oz.
April 22/ no changes in silver inventory/rests tonight at 334.724 million oz
April 21/no change in silver inventory/rests at 334.724 million oz/
April 20/no change in inventory/rests at 334.724 million oz
April 19./we had a huge inventory deposit of 1.437 million oz/inventory rests at 334.724
April 18./no change in inventory at the SLV. Inventory rests at 333.297 million oz
April 15./we had a withdrawal of 951,000 oz of silver from the SLV/Inventory rests at 333.297
April 14./no change in inventory at the SLV/Inventory rests at 334.248 million oz
April 13/a strange withdrawal of 1.903 million oz with silver rising in price??/Inventory rests at 334.248 million oz
April 12.no change in silver inventory/rests tonight at 336.151 million oz
.
April 29.2016: Inventory 335.580 million oz
.end
 
 
1. Central Fund of Canada: traded at Negative 5.5 percent to NAV usa funds and Negative 5.4% to NAV for Cdn funds!!!!
Percentage of fund in gold 60.7%
Percentage of fund in silver:37.9%
cash .+1.4%( April 29.2016).
2. Sprott silver fund (PSLV): Premium to  RISES to +60%!!!! NAV (April29.2016) 
3. Sprott gold fund (PHYS): premium to NAV  falls.0.85% to NAV  ( April29.2016)
Note: Sprott silver trust back  into positive territory at +.60%% /Sprott physical gold trust is back into positive territory at +0.85%/Central fund of Canada’s is still in jail.
It looks like Eric Sprott got on the nerves of our bankers as they lowered the premium in silver to +.60%.  Remember that Eric is to get 75 million dollars worth of silver in a new offering.