THE ASSAULT ON $18.50 SILVER BEGINS!!/AND THEN $1291 GOLD WHICH WILL LEAD TO A BREAKOUT OVER $1300!
DOW PLUMMETS BY 138 POINTS/NASDAQ FALTERS BY 31. PTS/SILVER OPEN INTEREST CLIMBS TO WITHIN 600 CONTRACTS OF A RECORD DESPITE BEING $1.90 OFF WHEN THAT RECORD WAS SET/USA FIRES A HUGE NON NUCLEAR MOAB BOMB WHICH WAS PROBABLY MEANT TO DETER NORTH KOREA/USA GOVERNMENT RECEIPTS FALTER BADLY IN FIRST HALF OF THIS FISCAL YEAR
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Gold: $1285.90 UP $10.60
Silver: $18.49 UP 21 cents
Closing access prices:
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1296.17 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1287.25
PREMIUM FIRST FIX: $8.92
SECOND SHANGHAI GOLD FIX: $1294.82
NY GOLD PRICE AT THE EXACT SAME TIME: 1284.20
Premium of Shanghai 2nd fix/NY:$10.62
LONDON FIRST GOLD FIX: 5:30 am est 1286.10
NY PRICING AT THE EXACT SAME TIME: 1286.90
LONDON SECOND GOLD FIX 10 AM: 1284.15
NY PRICING AT THE EXACT SAME TIME. 1283.90
For comex gold:
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 2 NOTICE(S) FOR 200 OZ.
TOTAL NOTICES SO FAR: 625 FOR 62,500 OZ (1.9440 TONNES)
For silver: APRIL
0 NOTICES FILED TODAY FOR NIL OZ/
Total number of notices filed so far this month: 744 for 3,720,000 oz
The open interest in silver continues to advance with today’s reading just under 224,000 contracts or about 700 contracts below the record set last year. The price of silver is a good $2.00 below the price when the record OI was set.
I wrote the following yesterday:
“Late in the day, three important developments:
- Trump wanted a lower dollar with lower interest rates
- North Korea’s Kim stated that there is going to be a big event
- Talks with the Russia’s Lavrov and Putin did not go off too well
gold shot straight up to $1286.00 with silver trading above $18.50 resistance level. The bankers sure have their work cut out for them. If they cannot contain gold and silver prices their derivatives will blow up!
Since gold and silver made their big move after the comex closed, I do not think that the OI’s for both gold and silver will advance to a higher degree. However I may be wrong. I will know let tonight…”
boy was I wrong.. the open interest in silver climbed by 3591 contracts up to 223,763 setting the stage for another banker resistance at that $18.50 level.
Gold and silver held their own today despite the higher USA dollar. As everyone knows, the modus operandi of the crooks is that they never allow for a follow through rally. So I am happy how our precious metals traded today. Late tonight I will receive the preliminary OI for both gold and silver and with James McShirley’s excellent reading of the tea leaves, he expects that the OI in gold to advance by 12,000 to 16,000 contracts. I would think that silver’s OI will rise 4,000 contracts to about 227,000 contracts.
I will report on the new OI on Monday.
Let us have a look at the data for today
In silver, the total open interest ROSE BY A HUGE 3591 contracts UP to 223,763 DESPITE THE SMALL RISE IN PRICE ( 5 CENTS) WITH RESPECT TO YESTERDAY’S TRADING. THE HEDGE FUNDS (MANAGED MONEY) CONTINUE TO REMAIN STEADFAST WITH THEIR POSITIONS ON DOWNDRAFT DAYS WHILE SLOWLY ADDING TO THEIR LONGS ON GOOD DAYS. THE BANKERS ARE DESPERATELY TRYING TO COVER THEIR EVER BURGEONING SHORTS (OVER 555 MILLION OZ) BUT TO NO AVAIL. IT IS BECOMING ALMOST IMPOSSIBLE FOR THE BANKERS TO SUPPLY THE NECESSARY PAPER. In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.119 BILLION TO BE EXACT or 160% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT MARCH MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER
In gold, the total comex gold ROSE BY GIGANTIC 8,273 contracts WITH THE RISE IN THE PRICE OF GOLD ($4.00 with YESTERDAY’S TRADING). The total gold OI stands at 464,404 contracts.
we had 2 notice(s) filed upon for 200 oz of gold.
With respect to our two criminal funds, the GLD and the SLV:
We had a huge changes in tonnes of gold at the GLD: a deposit of 6.51 tonnes into the GLD
Inventory rests tonight: 848.92 tonnes
We had no changes in silver inventory at the SLV today/
THE SLV Inventory rests at: 328.201 million oz
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY A HUGE 3,591 contracts UP TO 223,763 DESPITE THE SMALL RISE IN SILVER YESTERDAY ( 5 CENTS). We no doubt had some attempted short covering which badly failed as the longs keep piling on making it difficult for them to cover and overpowered the bankers. Our managed money sector (the hedge funds) continue to remain steadfast in their conviction as they added to their positions with yesterday’s attempted raid. This time around, silver found company in gold as it’s OI skyrocketed northbound by 8,273 contracts WITH THE RISE IN THE PRICE OF GOLD ($4.00 YESTERDAY’S TRADING).
2.a) The Shanghai and London gold fix report
2 b) Gold/silver trading overnight Europe, Goldcore
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)Late WEDNESDAY night/THURSDAY morning: Shanghai closed UP 2.13 POINTS OR 0.07%/ /Hang Sang CLOSED DOWN 51.84 POINTS OR .21% . The Nikkei closed DOWN 125.77 OR 0.68% /Australia’s all ordinaires CLOSED DOWN 0.72%/Chinese yuan (ONSHORE) closed UP at 6.8883/Oil UP to 53.30 dollars per barrel for WTI and 55.90 for Brent. Stocks in Europe ALL DEEPLY IN THE RED ..Offshore yuan trades 6.8856 yuan to the dollar vs 6.8883 for onshore yuan. NOW THE OFFSHORE IS STRONGER TO THE ONSHORE YUAN/ ONSHORE YUAN SLIGHTLY STRONGER AND THE OFFSHORE YUAN STRONGER TO THE ONSHORE AND THIS IS COUPLED WITH THE WEAKER DOLLAR.
3a)THAILAND/SOUTH KOREA/NORTH KOREA
This is scary!! Voice of America claims that North Korea has apparently placed a nuclear device in a tunnel and it could be detonated by Saturday
ii)A good look at the military strength of both sides of the Korean Peninsula:
( zero hedge)
iii)Trump reissues his ultimatum to China to fix the North Korean problem or [email protected]!
iv)And that big North Korean important event: a street opening!!
b) REPORT ON JAPAN
Abe claims that North Korea may be capable of sarin tipped missiles
c) REPORT ON CHINA
i)Not sure why China after 13 days decided to provide a huge liquidity injection but they did. It was either the huge problem with iron ore or in response to the weaker dollar. The offshore yuan rebounds hugely in value as does the onshore yuan.
ii)Chinese exports surge in March but Goldman Sachs warns that it will not continue because of their tightening
( zero hedge/GoldmanSachs)
4. EUROPEAN AFFAIRS
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
A good look at what is going on inside Turkey. All of Erdogan’s barks are basically ignored by the west and Russia
( Bekdil/Gatestone Institute)
Syria claims that the USA led coalition hit an iSIS controlled chemical weapons depot and killed hundreds. It is interesting in that this is exactly what the Russians claimed what happened on an earlier strike last week
( zero hedge)
6 .GLOBAL ISSUES
A terrific commentary by Wolf Richter describing the irrational exuberance in my home city of Toronto. He claims that the government must continue with this game or else face a total collapse
(courtesy Wolf Richter/WolfStreet)
7. OIL ISSUES
Rig counts in the USA surge to a 2 yr high and this will play havoc to our OPEC production cuts. No question about it: the shale boys will kill the oil rally!
(courtesy zero hedge)
8. EMERGING MARKETS
Venezuela continues on a downward spiral. However it did pay 2.6 billion uSA bond payment. It has another 62 billion due in the next two years. Please recall that Russia has lent money to PDVSA and received collateral, its 49% interest in USA CITGO, an integrated oil and gas company with 800 gas stations. If PDVSA defaults then it is inevitable that Russia will control gas stations in the USA
( zero hedge)
9. PHYSICAL MARKETS
i)This may be telling: the CME is to close its derivative CME Europe and CME Clearing Europe at the end of 2017
ii)As we reported to you yesterday India’s gold imports is said to have jumped 582% on wedding demand”
iii)I brought this story to you yesterday in that the London gold fix was 12 dollars off from spot. This story should get to our class action lawyers as there is no answer as to why this happened except that our mining companies suffered.
iv)The big story of yesterday; Trump warns that the USA dollar is getting too strong
v)Technical analysts will be looking to see if gold will break out past the 1290.00 level. Just like $18.50 on silver, this the upper resistance level and if pierced, gold will have clear sailing into the 1300’s
( Ross Norman/Sharp Pixley)
10. USA stories
i)A big story…Government revenues are faltering badly. In March, the USA treasury brought in total receipts of $216 billion well below $228 billion expected. However March recorded a massive 392 billion outlay. Thus a deficit in March of $176 billion instead of $167.For six months the deficit is already$527 billion, and no doubt the deficit for the year will exceed 1 trillion dollars. Also may I remind you that in the deficit totals they do not include student loans and auto loans because they deem them assets!!!
( zero hedge)
ii)Wells Fargo tumbles considerably after Warren Buffet dumps 9 million shares
iii)No wonder Buffet sold his stock in a hurry: Wells Fargo’s mortgage application tumbled by 23 billion dollars to only 59 billion dollars in the 4th quarter. In the prior quarter, alarm bells went off when it plunged by 25 billion dollars down to 75 billion.
( zero hedge)
iv) Soft data University of Michigan Confidence index rebounds
( zero hedge)
v) Well that sure ended fast: The Donald has now flipped on five key campaign promises in 24 hours:
1.Goodbye to the strong USA dollar
2.China is not a currency manipulator
3.NATO is needed
4. Yellen may be invited back to the Fed in 2018
5. He now supports to the IMPORT-EXPORT back to which he was opposed during the election
( zero hedge)
vi)A terrific commentary by Ryan McMaken of the Mises Institute. He correctly states that Trump has abandoned all economic reforms and seems to embrace war spending
( Ryan McMaken/Mises Institute)
vii) This no doubt will send a strong message to North Korea; the MOAB bomb strikes Afghanistan
(courtesy zero hedge)
Let us head over to the comex:
The total gold comex open interest ROSE BY 8,273 CONTRACTS UP to an OI level of 464,404 WITH THE RISE IN THE PRICE OF GOLD ( $4.00 with YESTERDAY’S trading). The bankers again were certainly not shy in supplying the necessary paper to our newbie longs. We are now in the contract month of APRIL and it is one of the BETTER delivery months of the year. In this APRIL delivery month we had A LOSS OF 123 contract(s) FALLING TO 1,799. We had 2 notices served yesterday so we LOST 121 contracts or 12,100 oz will NOT stand for delivery in the active delivery month of April AND THESE GUYS NO DOUBT WERE CASH SETTLED THROUGH THE OBSCURE EFT ROUTE DESCRIBED BY JAMES TURK LAST WEEK.
At the end of April/2016 only 12.3917 tonnes stood for physical delivery, although 21.306 tonnes stood initially at the beginning of April 2016.
The non active May contract month LOST 153 contract(s) and thus its OI is 2380 contracts. The next big active month is June and here the OI ROSE by 7,278 contracts UP to 336,135.
We had 2 notice(s) filed upon today for 200 oz
We are in the NON active delivery month is APRIL Here the open interest GAINED 134 contracts up to 199 contracts. We had 0 notices filed yesterday so we GAINED ANOTHER 134 contracts or an additional 670,000 oz will stand for delivery.
The next active contract month is May and here the open interest LOST ONLY 2,966 contracts DOWN to 133,630 contracts which is astonishingly high. It is this front month that the crooked bankers are targeting as they must be frightened to see such a mammoth amount of contracts still standing for metal. Also remember that Good Friday was much earlier last year: after today, we have only 10 trading days before first day notice. The non active June contract LOST 105 contracts to stand at 207. The next big active month will be July and here the OI gained 6716 contracts up to 59,549.
FOR COMPARISON SAKE, ON APRIL 13/2016 WE HAD 98,575 CONTRACTS STANDING FOR DELIVERY. SO YOU CAN VISUALIZE FOR YOURSELF THE HUGE DIFFERENCE BETWEEN 2016 AND THIS YEAR.
For those keeping score, the initial amount of silver oz that stood for delivery for the May 2016 contract month: 28.01 million oz. By conclusion of the month only 13.58 million oz stood and the rest was cash settled.(EFP ROUTE)
We had 0 notice(s) filed for NIL oz for the APRIL 2017 contract
VOLUMES: for the gold comex
Today the estimated volume was 226,132 contracts which is good.
Yesterday’s confirmed volume was 257,756 contracts which is good.
volumes on gold are STILL HIGHER THAN NORMAL!
|Withdrawals from Dealers Inventory in oz||nil|
|Withdrawals from Customer Inventory in oz||
|Deposits to the Dealer Inventory in oz||nil oz|
|Deposits to the Customer Inventory, in oz||
|No of oz served (contracts) today||
|No of oz to be served (notices)||
|Total monthly oz gold served (contracts) so far this month||
|Total accumulative withdrawals of gold from the Dealers inventory this month||NIL oz|
|Total accumulative withdrawal of gold from the Customer inventory this month||443,448.1 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 2 contract(s) of which 0 notices were stopped (received) by jPMorgan dealer and 1 notice(s) was (were) stopped/ Received) by jPMorgan customer account.
March 2016: 2.311 tonnes (March is a non delivery month)
|Withdrawals from Dealers Inventory||nil|
|Withdrawals from Customer Inventory||
|Deposits to the Dealer Inventory||
|Deposits to the Customer Inventory||
|No of oz served today (contracts)||
|No of oz to be served (notices)||
|Total monthly oz silver served (contracts)||744 contracts (3,720,000 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||7,729,601.3 oz|
Initially for the April 2016 contract, 1,180,000 oz stood for delivery. At the end of April 2016: 6,775,000 oz stood as bankers needed much silver to fill major holes elsewhere.
NPV for Sprott and Central Fund of Canada
will update later tonight the central fund of Canada figures
Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada