Looks Like JP Morgan Is Controlling the Silver Market | Harvey Organ
It sure looks like JPMorgan is controlling the silver comex market…
PRESIDENT TRUMP TAKES OFFICE/STATES HE WILL BRING ABOUT 25 MILLION NEW JOBS, 4% GROWTH IN GDP AND LOWER THE TAXES FOR ALL AMERICANS/KEY SOUND BITE: “TRANSFER POWER BACK TO THE PEOPLE”
Gold at (1:30 am est) $1204.30 UP $3.40
silver at $17.00: UP 3 CENTS
Access market prices:
Gold: $1209.30
Silver: $17.10
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
.
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai FIRST morning fix Jan 20/17 (10:15 pm est last night): $ 1219.24
NY ACCESS PRICE: $1207.70 (AT THE EXACT SAME TIME)/premium $11.54
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Shanghai SECOND afternoon fix: 2: 15 am est (second fix/early morning):$ 1215.74
NY ACCESS PRICE: $1201.85 (AT THE EXACT SAME TIME/2:15 am)
THE SPREAD 2ND FIX TODAY!!: $7.61
China rejects NY pricing of gold as a fraud/arbitrage will now commence fully
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Fix: Jan 20/2017: 5:30 am est: $1199.10 (NY: same time: $1199.55 (5:30AM)
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Second fix Jan 20.2017: 10 am est: $1200.55 (NY same time: $1201.30 (10 AM)
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end
For comex gold:
NOTICES FILINGS FOR JANUARY CONTRACT MONTH: 10 NOTICE(S) FOR 1000 OZ. TOTAL NOTICES SO FAR: 1185 FOR 118,500 OZ (3.6858 TONNES)
For silver:
NOTICES FOR JANUARY CONTRACT MONTH FOR SILVER: 2 NOTICE(s) FOR 10,000 OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 559 FOR 2,795,000 OZ
Let us have a look at the data for today
.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
In silver, the total open interest FELL by 1625 contracts DOWN to 172,592 with respect to YESTERDAY’S TRADING. In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .862 BILLION TO BE EXACT or 123% of annual global silver production (ex Russia & ex China).
FOR THE JANUARY FRONT MONTH IN SILVER: 2 NOTICES FILED FOR 10,000 OZ.
In gold, the total comex gold ROSE BY 9,603 contracts DESPITE THE FALL IN THE PRICE GOLD ($10.40 with YESTERDAY’S trading ).The total gold OI stands at 475,227 contracts.
we had 10 notice(s) filed upon for 1000 oz of gold.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
With respect to our two criminal funds, the GLD and the SLV:
GLD:
We had no changes in tonnes of gold at the GLD
Inventory rests tonight: 807.96 tonnes
.
SLV
we had no changes in silver into the SLV:
THE SLV Inventory rests at: 338.356 million oz
.
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver FALL by 1625 contracts DOWN to 172,592 AS SILVER FELL 26 CENTS with YESTERDAY’S trading. The gold open interest ROSE by 9,603 contracts UP to 475,227 DESPITE THE FACT THAT THE PRICE OF GOLD FELL BY $10.40 WITH YESTERDAY’S TRADING
(report Harvey).
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
2c) COT report
Harvey
3. ASIAN AFFAIRS
REPORT ON JAPAN SOUTH KOREA NORTH KOREA AND CHINA
3a)THAILAND/SOUTH KOREA
b) RPORT ON JAPAN
c) REPORT ON CHINA
i)A very important commentary. Even though we know that the data is fudged, China has now released data to suggest that their growth is the slowest in 26 years at 6.8%
( zerohedge)
ii)This is a surprise move: the POBC cuts reserve ratios and then offers temporary funding and support for its largest banks. They wish to avoid a cash crunch!!
(courtesy zerohedge)
4 EUROPEAN AFFAIRS
As you can see, global growth is falling out of bed: today UK retail sales plunge 2% and this caused the Pound to contract but it later recovered a bit:
( zero hedge)
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
none today
6.GLOBAL ISSUES
i)A good commentary on what 5 territorial disputes may influence gold and/or problems for the world authorities: the two biggest of course is the South Chinese Seas and the Israel/Palestine conflict.
( Barton Edgerton/GlobalRiskInsights.
ii)It seems that 22 Mexican pesos per dollar is the line in the sand. Former Mexican commerce secretary Gutierrez comments that Mexico must show a tough stance against trump. With that and intervention, the peso surged
( zero hedge)
7. OIL ISSUES
i)Rig count rises which will mean increase production. Oil after rising in the early part of the day, falters again
( zero hedge)
ii)A good look at the Saudi economy and how it will fare with oil below 60 dollars per barrel. The privatization of Aramco will surely provide enough capital to diversify this nation
( Gregory Brew/OilPrice.com)
8. EMERGING MARKETS
none today
9. PHYSICAL MARKETS
i)As we outlined yesterday, the POBC are investigating the Bitcoin platform which caused the price of Bitcoin to fall. This caused a flood of investors to enter physical gold and GOld ETF’s denominated in physical metal:
( zero hedge)
ii)Gold trading today: higher with the Trump rally faltering: money flowing into gold and bonds!
( zero hedge)
iii)Bill Murphy interviewed by Daily coin
( Bill Murphy/GATA)
iv)This is a good one: John Embry states that we should watch out when the world finally realizes all of the fake news, manipulated (and false data), all hell will break loose. He outlines the most important commentaries of this past week, that which I have also highlighted to you.
( Kingworldnews/John Embry)
v)Alasdair Macleod..why we should own and hold onto gold
( Alasdair Macleod)
vi)The new Sec Treasurer to be Mnuchin states that he believes in the long term the USA dollar is important but he backs boss Trump that the dollar should weaken and help USA exports
( GATA/Bloomberg)
10.USA STORIES
i)Trump is now the 45th President of the USA. His speech sends the Dow down as well as the Peso. The key sound bite: “we’re transferring power from Washington to “the people”
( zero hedge)
ib)Statement from President Trump: He wants to crate 25 million jobs, grow the economy by 4% and lower taxes for all Americans
( President Trump/zero hedge)
ii)Zero hedge comments on the Steve Mnuchin confirmation hearings. He in essence is echoing his boss where he states that the dollar is too high but in the long run he supports a “strong dollar”
( zero hedge)
iii)This should be fun: Trump team is preparing for dramatic cuts to spending and yet they need infrastructure spending. They will try and cut programs that nobody ever heard of:
( zero hedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY 9,603 CONTRACTS UP to an OI level of 475,227 AS THE PRICE OF GOLD FELL $10.40 with YESTERDAY’S trading. We are now in the contract month of JANUARY and it is one of the poorest deliveries of the year.
With the front month of January we had a LOSS of 35 contract(s) DOWN to 72. We had 41 notices filed YESTERDAY so we GAINED 6 contract(s) or AN ADDITIONAL 600 oz WILL STAND for gold in this non active delivery month of January. For the next big active delivery month of February we had a LOSS of 8914 contracts DOWN to 193,356.(feb 2016: 201,000 contracts). March had a LOSS of 80 contracts as it’s OI is now 925. We are on a par with respect to OI when we compare data for open interest re the Feb 2016 contract.
We had 10 notice(s) filed upon today for 1000 oz
And now for the wild silver comex results. Total silver OI FELL by 1625 contracts FROM 174,217 DOWN TO 172,592 AS the price of silver FELL 26 CENTS with YESTERDAY’S trading. We are moving further from the all time record high for silver open interest set on Wednesday August 3/2016: (224,540).
We are now in the non active delivery month of January and here the OI FELL by 121 contract(s) FALLING TO 109. We had 122 notice(s) filed on yesterday so we gained 1 silver contracts or an additional 5,000 oz will stand in this delivery month of January. The next non active month of February saw the OI rise by 7 contract(s) RISING TO 261.
The next big active delivery month is March and here the OI FELL by 2595 contracts DOWN to 132,041 contracts.
We had 2 notice(s) filed for 10,000 oz for the January contract.
VOLUMES: for the gold comex
Today the estimated volume was 228,499 contracts which is good.
Yesterday’s confirmed volume was 283,375 contracts which is very good
volumes on gold are getting higher!
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz |
nil OZ
|
| Deposits to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz |
nil
|
| No of oz served (contracts) today |
10 notice(s)
1000 oz
|
| No of oz to be served (notices) |
62 contracts
6200 oz
|
| Total monthly oz gold served (contracts) so far this month |
1185 notices
118,500 oz
3.68584 tonnes
|
| Total accumulative withdrawals of gold from the Dealers inventory this month | 3000.000 oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | 4,806,084.1 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 10 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
March 2015: 2.311 tonnes (March is a non delivery month)
| Silver | Ounces |
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory |
839,313.699 0z
Brinks
Delaware
Scotia
|
| Deposits to the Dealer Inventory |
nil oz
|
| Deposits to the Customer Inventory |
750,960.974 oz
JPM
|
| No of oz served today (contracts) |
2 CONTRACT(S)
(10,000 OZ)
|
| No of oz to be served (notices) |
107 contracts
(545,000 oz)
|
| Total monthly oz silver served (contracts) | 559 contracts (2,795,000 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 | 19,182,617.0 oz |
end
And now the Gold inventory at the GLD
Jan 20/no changes in gold inventory a the GLD/Inventory rests at 807.96 tonnes
Jan 19/no changes in gold inventory at the GLD/Inventory rests at 807.96 tonnes
Jan 18/no changes in gold inventory at the GLD/Inventory rests at 807.96 tonnes
Jan 17/17/a deposit of 2.96 tonnes of gold/inventory at the GLD rests at 807.96 tonnes. I guess there is no more gold inventory to sent to C+Shanghai
Jan 13/17/there were no changes in gold inventory at the GLD/Inventory rests at 805.00 tonnes
Jan 12/2017/no change in gold inventory at the GLD/Inventory rests at 805.00 tonnes
Jan 11/no change in gold inventory at the GLD/Inventory rests at 805.00 tonnes
JAN 10/no changes in gold inventory at the GLD/Inventory rests at 805.00 tonnes
JAN 9/A WITHDRAWAL OF 8.87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 805.00 TONNES
end
NPV for Sprott and Central Fund of Canada
end
At 3:30 pm est we receive the COT report which gives position levels of our major players. For several weeks, the commercials were goading the specs to go short. That change last week and the commercials went net short and the specs net long.
Let us see what today brings:
First the gold COT
| Gold COT Report – Futures | ||||||
| Large Speculators | Commercial | Total | ||||
| Long | Short | Spreading | Long | Short | Long | Short |
| 218,144 | 111,103 | 104,399 | 101,399 | 224,510 | 423,942 | 440,012 |
| Change from Prior Reporting Period | ||||||
| 4,144 | 6,585 | 15,238 | 4,636 | 1,931 | 24,018 | 23,754 |
| Traders | ||||||
| 157 | 96 | 85 | 53 | 51 | 249 | 202 |
| Small Speculators | ||||||
| Long | Short | Open Interest | ||||
| 43,995 | 27,925 | 467,937 | ||||
| -82 | 182 | 23,936 | ||||
| non reportable positions | Change from the previous reporting period | |||||
| COT Gold Report – Positions as of | Tuesday, January 17, 2017 | |||||
Our large specs:
Interesting:
those large specs that have been long in gold added 4144 contracts to their long side those large specs that have been short in gold added 6585 contracts to their short side.
Our commercials
those large specs that have been long in gold added 4636 contracts to their long side.
those large specs that have been short in gold added a tiny 1931 contracts to their short side.
Our small specs:
those small specs that have been long in gold pitched a tiny 82 contracts from their long side.
those small specs that have been short in gold added a tiny 182 contracts.
Conclusions: commercials go net long changing direction from last week. They went net long by 2705 contracts. The large specs went net short by 2441 contracts and that is very bullish for gold.
And now for our silver COT
| Silver COT Report: Futures | |||||
| Large Speculators | Commercial | ||||
| Long | Short | Spreading | Long | Short | |
| 90,838 | 21,356 | 12,618 | 45,028 | 126,764 | |
| 2,408 | -2,473 | 2,082 | 3,603 | 6,402 | |
| Traders | |||||
| 95 | 36 | 39 | 32 | 38 | |
| Small Speculators | Open Interest | Total | |||
| Long | Short | 172,056 | Long | Short | |
| 23,572 | 11,318 | 148,484 | 160,738 | ||
| -1,077 | 1,005 | 7,016 | 8,093 | 6,011 | |
| non reportable positions | Positions as of: | 143 | 100 | ||
| Tuesday, January 17, 2017 | © SilverSeek.com | ||||
Our large specs:
Those large specs that have been long in silver added 2408 contracts to their long side
those large specs that have been short in silver pitched 2473 contracts from their short side.
Our commercials;
those commercials that have been long in silver added 3603 contracts to their long side.
those commercials that have been short in silver added 6402 contracts to their short side.
Our small specs;
Those small specs that have been long in silver pitched 1077 contracts from their long side.
those small specs that have been short in silver added 1005 contracts to their short side.
Conclusions:
large specs go net long by 4800 contracts; commercials go net short by 2799 contracts.
It sure looks like JPMorgan is controlling the silver comex market.
