The Hedge Funds Can’t Be THAT Stupid!

I cannot believe it is the same story as always, the commercials cover on the massive raid over the past 7 days..the hedge funds cannot be that stupid!

 

USA ISSUES A FAIRY TALE JOBS REPORT/HUGE BANK RUNS IN ITALY AS ITS TARGET 2 IMBALANCES BALLOON/RUSSIA, IRAN AND TURKEY BAN USA FLIGHTS OVER SAFE ZONES IN SYRIA/NEW YORK FED LOWERS ITS ESTIMATE FOR 2ND QUARTER GDP TO ONLY 1.8%

Buy Silver Rounds at the Lowest Price Online

Gold: $1226.60  UP $.10

Silver: $16.28  UP 4  cent(s)

Closing access prices:

Gold $1228.50

silver: $16.34!!!

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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: $1238.24 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  1228.35

PREMIUM FIRST FIX:  $9.83

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

SECOND SHANGHAI GOLD FIX: $1242.10

NY GOLD PRICE AT THE EXACT SAME TIME: 1233.75

Premium of Shanghai 2nd fix/NY:$8.95

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX:  5:30 am est  $1239.40 ????

NY PRICING AT THE EXACT SAME TIME: $1233.00

LONDON SECOND GOLD FIX  10 AM: $1228.45

NY PRICING AT THE EXACT SAME TIME. $1228.60

 

For comex gold:

MAY/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH:  27 NOTICE(S) FOR 1700 OZ. 

 TOTAL NOTICES SO FAR: 359 FOR 35900 OZ    (1.1166 TONNES)

 
 
 

For silver:

For silver: MAY

382 NOTICES FILED TODAY FOR 1,910,000  OZ/

Total number of notices filed so far this month: 4008 for 20,040,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

FEDERAL RESERVE EAR MARKED GOLD REPORT for April

In Feb we had $7,841,000 worth of gold housed at the FRBNY valued at 42.21 dollars per oz

Last month: we had the same;  $7,841,000  of gold valued at 42.21

thus 0 oz of gold moved out.

END

 

For 5 consecutive days, the amount standing for physical has risen.  On First day notice 16.8 million oz were standing.  Tonight 21.1 million oz.  It sure looks like a sovereign is after physical silver and the comex is the place being raided.

 

stay tuned on this development..

 

Gold and silver held their own today despite continual pummeling by the bankers. The rise in the gold/silver shares plus the fact that Sprott’s physical silver fund went into positive territory bodes well for silver and gold pricing on Monday

 

 

 

 

 

Let us have a look at the data for today

.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL BY ONLY 1951  contracts DOWN to 188,527 DESPITE THE CONTINUAL PUMMELING IN THE PRICE ( 28 CENTS) THAT SILVER TOOK WITH RESPECT TO YESTERDAY’S TRADING. HARDLY ANYBODY BUDGED!!.  In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.943 BILLION TO BE EXACT or 134% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 382 NOTICE(S) FOR 1,910,000  OZ OF SILVER

In gold, the total comex gold FELL BY ONLY 741 contracts DESPITE THE CONTINUAL FALL IN THE PRICE OF GOLD ($19.90 with YESTERDAY’S TRADING). The total gold OI stands at 458,526 contracts.

we had 27 notice(s) filed upon for 2700 oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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: 853.08 tonnes

.

SLV

Strange!!! We had no changes in silver inventory at the SLV today.

THE SLV Inventory rests at: 334.777 million oz

end

.

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

1. Today, we had the open interest in silver FELL BY ONLY 1951 contracts DOWN TO 188,527, (AND NOW FURTHER FROM  THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21 AT 234,787), DESPITE THE BIG FALL IN PRICE FOR SILVER ON YESTERDAY (28 CENTS).

(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) Federal Reserve Bank ear marked gold movement

(Harvey)

2d) COT report

(Harvey)

3. ASIAN AFFAIRS

i)Late THURSDAY night/FRIDAY morning: Shanghai closed DOWN 24.33 POINTS OR .78%  OR / /Hang Sang CLOSED DOWN 207.53 POINTS OR .84% .  The Nikkei closed HOLIDAY /Australia’s all ordinaires  CLOSED DOWN .69%/Chinese yuan (ONSHORE) closed DOWN at 6.9016/Oil DOWN to 45.49 dollars per barrel for WTI and 48.35 for Brent. Stocks in Europe OPENED IN THE RED   ..Offshore yuan trades  6.9058 yuan to the dollar vs 6.9016 for onshore yuan. NOW  THE OFFSHORE IS A LOT WEAKER TO THE ONSHORE YUAN/ ONSHORE YUAN WEAKER (TO THE DOLLAR)  AND THE OFFSHORE YUAN:  MUCH WEAKER TO THE DOLLAR AND THIS IS COUPLED WITH THE STRONGER DOLLAR. CHINA IS NOT HAPPY

 

3a)THAILAND/SOUTH KOREA/NORTH KOREA

i)NORTH KOREA/USA

 

North Korea accuses the CIA of attempting a plot to kill Kim Jon un by a biochemical

( zero hedge)

b) REPORT ON JAPAN

c) REPORT ON CHINA

i)The red flags that suggest we are much closer to a Chinese credit event

( zero hedge)

ii)Somebody (Financial Institution) in trouble?

( zero hedge)

4. EUROPEAN AFFAIRS

Italy

Funds are leaving Italy by the bucketful as target 2 imbalances skyrocket.  Foreign investors are also dumping bonds joining in on the capital flight

( Mish Shedlock/Mishtalk)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Oh Oh!! this will go over well.    Russia, Iran, and Turkey bans USA plans above Syrian “safe zones”  I wonder how long that will last?

( zero hedge)

6 .GLOBAL ISSUES

i)Toronto/Canada

Toronto housing is in a huge bubble and it can only end in “tears”

( zero hedge)

ii)Canada/USA

The Canadian dollar skyrocketed on news that Canada will retaliate against the USA on trade.

If British Columbia bans  thermal coal exports to the uSA that would surely hurt them.

( zero hedge)

 

 

7. OIL ISSUES

i)Oil had a flash crash last night from $45.00 to under $43.00.  It subsequently recovered but it is showing a signal that all is not well in commodity land especially in China.

( zero hedge)

ii)One of the world’s largest oil hedge funds just liquidated all of his position  (long) in oil  Based on the huge number of long speculative bets he will not be the only only throwing in the towel

( zero hedge)

iii)Not good for oil bulls:  the rig count rises for the 16th straight week which of courses leads to a rise in USA production.  USA production is now near record highs

(courtesy zero hedge)

 

8. EMERGING MARKETS

9.   PHYSICAL MARKETS

10. USA stories

i)The phony jobs report showed a gain of 211,000 jobs but the February report showed a further loss of 19,000 so the number came largely as expected.  The average hourly earnings however disappointed the street

( zero hedge)

ii)And now the real jobs report:

Where the jobs went:  minimum wage jobs

( zerohedge)

( zero hedge)

iv)The NY Fed has now lowered its 2nd quarter GDP to 1.8% while the Atlanta Fed remains at 4.2%.  They will both lower their estimates once September comes along.

( NYFed/zero hedge)

v)The following will not end well:

Student loans now total 1.44 trillion dollars

Auto loans 1.12 trillion

total  $2.57 trillion

( zero hedge)

vi)And now finally with the last word of the fraudulent jobs report here is Dave Kranzler and it is a must read..

B/D “added” 255,000 jobs and even this number is seasonally adjusted..and all the commentators believe this garbage??

enjoy…

( Dave Kranzler/IRD)

Let us head over to the comex:

The total gold comex open interest FELL BY  ONLY 794 CONTRACTS DOWN to an OI level of 458,526 DESPITE THE FALL IN THE PRICE OF GOLD ( $19.90 with YESTERDAY’S trading).   The longs still continue to remain stoic as they refused to liquidate any of their contracts despite the constant torment.  We are now in the contract month of MAY and it is one of the POORER delivery months  of the year. In this MAY delivery month  we had A LOSS OF 134 contract(s) FALLING TO 84. We had 166 notices filed yesterday so we GAINED 32 contracts or an additional 3200 oz are standing for delivery and no contracts were cash settled through the EFP route where they receive a cash bonus plus a future gold contract.

The next big active month is June/2017 and here the OI LOST 11,537 contracts DOWN to 297,426.  The non active July contract gained another 102 contracts to stand at 246 contracts. The next big active month is August and here the OI gained 9821 contracts up to 72,892.

We had 27 notice(s) filed upon today for 2700 oz

 

 
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 
 
And now for the wild silver comex results.  Total silver OI FELL BY ONLY 1951 170 contracts FROM 190,478 DOWN TO 188,527  WITH YESTERDAY’S 28 CENT PRICE FALL. We probably had  some attempted short covering by the banks which did not succeed much.
 
We are in the active delivery month is MAY  Here the open interest LOST 432 contracts FALLING TO 606 contracts. MY GOODNESS!! IT HAPPENED AGAIN!! We had 600 notices filed on today, so we gained another 168 notices or an additional 840,000 oz will stand for delivery. In the last few years, I do not believe I have ever seen an active month increase in amount standing on day 2, day 3  day 4 , day 5 AND now today, day 6 of the delivery cycle. No wonder JPMorgan is getting reading for a physical attack at the comex. I have never seen anything like this!!
 

The non active June contract lost 19 contracts to stand at 912. The next big active month will be July and here the OI lost 2064 contracts down to 145,009.

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)

The line in the sand is $18.50 for silver and again it has been defended by the criminal bankers.  Once this level is pierced, the monstrous billion oz of silver shorts will blow up. The bankers are defending the Alamo with their last stand at the $18.50 mark. THE NEW RECORD HIGH IN OPEN INTEREST WAS SET FRIDAY APRIL 21/2017 AT:  234,787.

 

We had 382 notice(s) filed for 1,910,000 oz for the MAY 2017 contract

 

VOLUMES: for the gold comex

Today the estimated volume was 151,226 contracts which is fair

Yesterday’s confirmed volume was 363,748 contracts  which is excellent.

volumes on gold are STILL HIGHER THAN NORMAL!

 
INITIAL standings for MAY
 May 5/2017.
 
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 oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
 
27 notice(s)
 
2700 OZ
 
 
No of oz to be served (notices)
57 contracts
5700 oz
 
Total monthly oz gold served (contracts) so far this month
 
359 notices
35,900 oz
1.1166tonnes
Total accumulative withdrawals  of gold from the Dealers inventory this month   NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month   41,325.9 oz
 
 
 
Today we HAD  0 kilobar transaction(s)/
 
Today we had 0 deposit(s) into the dealer:
 
 
 
 
total dealer deposits: nil oz
 
We had NIL dealer withdrawals:
 
 
total dealer withdrawals:  NIL oz
 
 
we had 0  customer deposit(s):
 
 
 
 
 
 
 
 
 
 
 
 
total customer deposits; nil  oz
 
We had 0 customer withdrawal(s)
 
 
 
 
 
 
 
total customer withdrawal: nil oz
 
 
 we had 0 adjustments:
 
 
 
For MAY:
 

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 27 contract(s)  of which 0 notices were stopped (received) by jPMorgan dealer and 0 notice(s) was (were) stopped/ Received) by jPMorgan customer account.

 
 
 
 
 
 
 
 
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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 (359) x 100 oz or 35,900 oz, to which we add the difference between the open interest for the front month of MAY (84 contracts) minus the number of notices served upon today (27) x 100 oz per contract equals 41,600 oz, the number of ounces standing in this  active month of MAY.
 
Thus the INITIAL standings for gold for the MAY contract month:
No of notices served so far (359) x 100 oz  or ounces + {(84)OI for the front month  minus the number of  notices served upon today (27) x 100 oz which equals 41,600 oz standing in this non active delivery month of MAY  (1.2939 tonnes).  We gained 32 contracts or an additional 3200 oz are standing for delivery and 0 contracts were cash settled through the EFP route where they received a fiat bonus plus a futures contract in a private deal with the bankers.
 
 
 
 
 
 
 
 
 
 
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 
 
 
I have now gone over all of the final deliveries for this year and it is startling.
 
Here are the final deliveries for all of 2016 and the first 5 months of  2017
Jan 2016:  .5349 tonnes  (Jan is a non delivery month)
Feb 2016:  7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2016: 2.311 tonnes (March is a non delivery month)
April:  12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept:  8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes
Nov.    8.3950 tonnes.
DEC/2016.   29.931 tonnes
JAN/2017     3.9004 tonnes
FEB/ 18.734 tonnes
March: 0.5816 tonnes
April/2017: 2.8678
MAY:2017/  1.2939 TONNES
 
total for the 17 months;  248.907 tonnes
average 14.641 tonnes per month
 
 
 
 
 
 
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 
 
 
 
 
Total dealer inventory 914,233.183 or 28.43 tonnes DEALER RAPIDLY LOSING GOLD
Total gold inventory (dealer and customer) = 8,933,491.160 or 277.86 tonnes 
 
 
 
Over a year ago the comex had 303 tonnes of total gold. Today the total inventory rests at 277.86 tonnes for a  loss of 25  tonnes over that period.  Since August 8/2016 we have lost 76 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
 
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process  and are being used in the raiding of gold!
 
 
 
 

 
 
 
The gold comex is an absolute fraud.  The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction.  This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
 
IN THE LAST 11 MONTHS  76 NET TONNES HAS LEFT THE COMEX.
 
end
 
And now for silver
 
AND NOW THE APRIL DELIVERY MONTH
 
MAY INITIAL standings
 May 5. 2017
Silver Ounces
Withdrawals from Dealers Inventory  nil
Withdrawals from Customer Inventory
 
 
 
 
 
 
 
 734,522.335 oz
CNT
415,671.130 oz
Scotia
 
total:
 
1.151,191.465 oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
 
 
 
 
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory 
 
 
 
 
 
 
 
578,098.170 oz
 
Scotia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
total:
 
578,098.170  oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
 382 CONTRACT(S)
(1,910,000 OZ)
No of oz to be served (notices)
224 contracts
( 1,120,000 oz)
Total monthly oz silver served (contracts) 4008 contracts (20,040,000 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  3,752,415.5 oz
 
 
 
today, we had  0 deposit(s) into the dealer account:
 
 
 
 
 
total dealer deposit: nil  oz
 
we had Nil dealer withdrawals:
 
total dealer withdrawals: nil oz
 
 
we had 2 customer withdrawal(s):
i) Out of CNT: 734,522.335 oz
ii) Out of Scotia: 415,671,130 oz
 
 
 
 
 
 
TOTAL CUSTOMER WITHDRAWALS: 1,151,191.465  oz
 
 We had 1 Customer deposits:
 
 i) Into JPMorgan: nil. oz
 
 
 
 
***deposits into JPMorgan have now stopped 
In the month of March and February, JPMorgan stopped (received) almost all of the comex silver contracts.
why is JPMorgan bringing in so much silver??? why is this not criminal in that they are also the massive short in silver
 
 
 
 
 ii) Into Scotia:  578,098.170 oz
 
 
 
 
 
 
 
 
 
total customer deposits  578,098.170 oz
 
 
 we had 2 adjustment(s)
i) out of Brinks:  5225.87 oz was adjusted out of the customer and this landed into the dealer account of Brinks
ii) Out of CNT:  509,568.003 oz was adjusted out of the dealer account and this landed into the customer account of CNT
 
 
 
The total number of notices filed today for the MAY. contract month is represented by 382 contract(s) for 1,910,000 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 4008 x 5,000 oz  = 20,040,000 oz to which we add the difference between the open interest for the front month of MAY (606) and the number of notices served upon today (382) x 5000 oz equals the number of ounces standing
 

 

.
 
Thus the initial standings for silver for the MAY contract month:  4008(notices served so far)x 5000 oz  + OI for front month of APRIL.(606 ) -number of notices served upon today (382)x 5000 oz  equals  21,160,000 oz  of silver standing for the MAY contract month.
 
We actually gained another 168 contracts or an additional 840,000 oz will stand for delivery and again nobody wished to accept an EFP contract for a fiat bonus. It probably means that the entire 21.16 million oz that is standing wants only physical metal and refuses a fiat bonus. This is identical to backwardation where the investor will not accept to roll to a futures month and receive a sure fiat profit (THROUGH THE EFP) but instead that investor holds onto his physical because he is not sure in the future he would receive his metal back if he engages in that future contract.  We have now had on 5 consecutive days, an increase in amount standing for silver.  For the past several years, this has never happened during an active silver delivery month.  Ladies and gentlemen:  the silver comex is being attacked for its physical metal!! 
 
 
 
 
 
 
 
 
 
 
 
Volumes: for silver comex
 
 
 
Today the estimated volume was 50,548 which is excellent
Yesterday’s  confirmed volume was 109,335 contracts which is gigantic
 
(TODAY’S CONFIRMED. VOLUME OF 109,335 CONTRACTS EQUATES TO 545 MILLION OZ OF SILVER OR 78% OF ANNUAL GLOBAL PRODUCTION OF SILVER EX CHINA EX RUSSIA). IN OUR HEARINGS THE COMMISSIONERS STRESSED THAT THE OPEN INTEREST SHOULD BE AROUND 3% OF THE MARKET.  
 
 
 
 
 
 
 
 
 
 
 
 
Total dealer silver:  33.541 million (close to record low inventory  
Total number of dealer and customer silver:   196.963 million oz
 
 
 
The record level of silver open interest is 234,787 contracts set on April 21./2017  with the price at that day at  $18.42
 
The previous record was 224,540 contracts with the price at that time of $20.44
 
 
 
 
 
end
 
 
 
 
 
 
 
 
 

NPV for Sprott and Central Fund of Canada

 
1. Central Fund of Canada: traded at Negative 6.6 percent to NAV usa funds and Negative 6.8% to NAV for Cdn funds!!!! 
Percentage of fund in gold 62.5%
Percentage of fund in silver:37.4%
cash .+0.1%( May 5/2017) 
 
 
 
 
 
2. Sprott silver fund (PSLV): Premium RISES TO   +.57%!!!! NAV (May 5/2017) 
3. Sprott gold fund (PHYS): premium to NAV RISES to -0.06% to NAV  ( May 5 /2017)
Note: Sprott silver trust back  into POSITIVE territory at +.57% /Sprott physical gold trust is back into NEGATIVE/ territory at -0.06%/Central fund of Canada’s is still in jail  but being rescued by Sprott.
 

Sprott’s hostile 3.1 billion bid to take over Central Fund of Canada

(courtesy Sprott/GATA)

Sprott makes hostile $3.1 billion bid for Central Fund of Canada

 Section: Daily Dispatches

From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017

http://www.cbc.ca/news/canada/calgary/sprott-takeover-bid-central-fund-c…

Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.

The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.

The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.

“They weren’t interested in having those discussions,” Williams said.

 Sprott is using the courts to try to give holders of the 252 million non-voting class A shares a say in takeover bids, which Central Fund explicitly states they have no right to participate in. That voting right is reserved for the 40,000 common shares outstanding, which the family of J.C. Stefan Spicer, chairman and CEO of Central Fund, control.

If successful through the courts, Sprott would then need the support of two-thirds of shareholder votes to close the takeover deal, but there’s no guarantee they will make it that far.

“It is unusual to go this route,” said Williams. “There’s no specific precedent where this has worked.”

Sprott did have success last year in taking over Central GoldTrust, a similar fund that was controlled by the Spicer family, after securing support from more than 96 percent of shareholder votes cast.

The firm says Central Fund’s shares are trading at a discount to net asset value and a takeover by Sprott could unlock US$304 million in shareholder value.

Central Fund did not have any immediate comment on the unsolicited offer. Williams said Sprott had not yet heard from Central Fund on the proposal but that some shareholders had already contacted them to voice their support.

Sprott’s existing precious metal holding companies are designed to allow investors to own gold and other metals without having to worry about taking care of the physical bullion.

end

And now the Gold inventory at the GLD

May 5/no changes in inventory at the LD/Inventory rests at 853.08 tonnes

May 4/A tiny change in inventory at the GLD /a withdrawal of .28 tonnes to pay for fees/inventory rests at 853.08 tonnes

May 3/no change in inventory at the GLD/Inventory rest at 853.36 tonnes

May 2/no change in inventory at the GLD/Inventory rests at 853.36 tonnes

May 1/ no changes in inventory at the GLD/inventory rests at 853.36 tonnes

April 28/no changes in inventory at the GLD/Inventory rests at 853.36 tonnes

April 27/a small withdrawal of .89 tonnes/Inventory is now at 853.36 tonnes

APRIL 26/we had no changes at the GLD/Inventory rests at 854.25 tonnes

April 25/2017/A WITHDRAWAL OF 5.92 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 854.25 TONNES

April 24/a deposit of 1.48 tonnes of gold into the GLD/inventory rests at 860.17 tonnes

April 21/A DEPOSIT OF 4.44 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 858.69 TONNES

APRIL 20/A WITHDRAWAL OF 6.51 TONNES FROM THE GLD/INVENTORY RESTS AT 854.25 TONNES

April 19/ A DEPOSIT OF 11.84 TONNES INTO THE GLD/INVENTORY RESTS AT 860.76 TONNES

April 18/no changes at the GLD/Inventory remains at 848.92 tonnes

April 17/no changes at the GLD/Inventory remains at 848.92 tonnes

April 13/a deposit of 6.51 tonnes into the GLD/Inventory rests at 848.92 tonnes

this no doubt is a paper deposit/

APRIL 12/no changes in gold inventory at the GLD/Inventory rests at 842.41 tonnes

April 11/a huge deposit of 4.12 tonnes into inventory/Inventory rests at 842.41 tonnes

this would no doubt be a paper gold entry. It would be difficult to find that amount of physical gold.

April 10/1.77 tonnes added into inventory at the GLD/inventory rests at 838.29 tonnes

April 7/a small withdrawal of .28 tonnes from the GLD/Inventory rests at 836.49 tonnes

April 6/no change in gold tonnage at the GLD/Inventory rests at 836.77 tonnes

April 5/no change in gold tonnage at the GLD/Inventory rests at 836.77 tonnes

April 4/no change in gold tonnage at the GLD/Inventory rests at 836.77 tonnes

April 3.2017: a huge deposit of 4.45 tonnes of gold into the GLD/Inventory rests at 836.77 tonnnes

March 31/another withdrawal of 1.19 tonnes of gold inventory fro the GLD/this inventory would no doubt be heading for Shanghai/GLD inventory: 822.32 tonnes

March 30/no changes in gold inventory at the GLD/Inventory rests at 833.51 tonnes

March 29/a withdrawal of 1.78 tonnes of gold out of the GLD/Inventory rests tongith at 833.51 tonnes

March 28/this is good!! A deposit of 2.67 tonnes of gold into the GLD/Inventory rests at 835.29 tonnes.

March 27/no changes in gold inventory at the GLD/Inventory rests at 832.62 tonnes

March 24/another withdrawal of 1.78 tonnes from the GLD/Inventory rests at 832.62 tonnes

March 23/no change in gold inventory at the GLD/Inventory rests at 834.40 tonnes

March 22/no changes in gold inventory at the GLD/Inventory rests at 834.40 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 
May 5 /2017/ Inventory rests tonight at 853.08 tonnes
 
*IN LAST 145 TRADING DAYS: 95.05 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 88 TRADING DAYS: A NET  32,38 TONNES HAVE NOW BEEN ADDED INTO GLD INVENTORY.
*FROM FEB 1/2017: A NET  57,72 TONNES HAVE BEEN ADDED.
 

end

 
 

Now the SLV Inventory

May 5/Strange!! no change in silver inventory at the SLV/Inventory rests tonight at 334.777 million oz

May 4/a very tiny withdrawal of 144,000 oz to pay for fees/inventory rests tonight at 334.777 million oz/

May 3/strange!! with the drop in price of silver we had no change in inventory at the SLV/inventory rests at 334.921 million oz

May 2/extremely strange again/a huge 3.502 million oz deposit into the SLV despite silver being in the toilet for the past several trading days.Inventory 334.921 million oz

may 1/extremely strange/with silver being walloped these past several days, the inventory rises again by a huge 1.136 million oz/(maybe someone can explain this phenomena??)

April 28/Strange again!! no change in inventory at the SLV/Inventory remains at 330.283 million oz  (no liquidation with a drop in silver price??)

April 27.2017/Strange!! no change in inventory at the SLV/Inventory remains at 330.283 million oz  (no liquidation???)

APRIL 26/2017/another huge deposit of 2.934 million oz into the SLV/Inventory rests at 330.283 million oz

April 25/a huge deposit of 1.98 million of into inventory/inventory rests at 327.349 million oz/

April 24/no changes in inventory at the SLV/Inventory rests at 325.361 million oz/

April 21/A WITHDRAWAL OF 719,000 OZ OF SILVER AT THE SLV/INVENTORY RESTS AT 325.361 MILLION OZ/

APRIL 20/NO CHANGES IN INVENTORY AT THE SLV/INVENTORY RESTS AT 326.308 MILLION OZ

April 19/a withdrawal of 1.893 million oz/inventory rests at 326.308 million oz/

April 18/no changes in inventory at the SLV/Inventory rests at 328.201 million oz

April 17/no changes in inventory at the SLV/Inventory rests at 328.201 million oz

April 13/no changes in inventory at the SLV/Inventory rests at 328.201 million oz

April 12/no changes in inventory at the SLV/Inventory rests at 328.201 million oz/

April 11/a paper deposit of 11.131 million oz into the SLV/no doubt yesterday’s entry of a withdrawal of 11.231 million oz was in error/328.201 million oz

April 10/ a paper withdrawal of 11.231 million oz of silver from the SLV and this silver was used in the raid today. Inventory rests at 317.231 million oz

April 7./ a withdrawal of 947,000 oz of silver from the SLV/Inventory rests at 328.201 million oz.

April 6/a tiny withdrawal of 136,000 oz of silver from the SLV/Inventory rests at 329.148 million oz

April 5/ a withdrawal of 1.042 million oz from the SLV/Inventory rests at 329.284 million oz

April 4/no change in inventory at the SLV/Inventory rests at 330.326 million oz/

April 3.2017; a withdrawal of 568,000 oz from the SLV/Inventory rests at 330.326

million oz/

March 31/no change in inventory at the SLV/Inventory rests at the SLV/Inventory rests at 330.894 million oz/
March 30/a huge withdrawal of 2.746 million oz from the SLV/inventory rests at 330.894 million oz/
March 29/a deposit of 1.136 million oz into the SLV/Inventory rests at 333.640 million oz
March 28/no changes in inventory at the SLV/Inventory rests at 332.504 million oz/
March 27/no changes in inventory at the SLV/Inventory rests at 332.504 million oz/
March 24/no change in inventory at the SLV/Inventory rests at 332.504 million oz/
March 23/no change in inventory at the SLV/Inventory rests at 332.504 million oz
March 22/no change in inventory at the SLV/Inventory rests at 332.504 million oz
 
 
 
May 5.2017: Inventory 334.777  million oz
 
 end
 
At 3:30 pm we receive the COT report which gives us positions of our major players
 
First the Gold COT
 
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
276,032 86,398 42,037 99,054 303,040 417,123 431,475
Change from Prior Reporting Period
-11,436 -393 -1,476 -1,281 -11,875 -14,193 -13,744
Traders
160 96 78 46 58 241 201
 
Small Speculators  
Long Short Open Interest  
44,782 30,430 461,905  
113 -336 -14,080  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 02, 2017

Our large speculators:

those large specs that have been long in gold were fleeced for 11,436 from their long side.

those large specs  that have been short in gold covered 393 contracts from their short side.

 

Our commercials:

our commercials who are long in gold pitched 1281 contracts from their long side

our commercials who are short in gold covered as expected 11875 contracts from their short side.

Our small speculators

those small specs that have been long in gold added 113 contracts to their long side

those small specs that have been short in gold covered 336 contracts from their short side.

Managed money (hedge funds) 

those hedge funds which were long in gold pitched 12063 contracts while those being short added 4706 contracts

thus managed money went net short by 16769 which is huge!

Conclusion

I cannot believe it is the same story as always, the commercials cover on the massive raid over the past 7 days..

the hedge funds cannot be that stupid.

commercials go net long by 21,515 which is bullish

 

And now our silver COT

Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
101,538 30,171 16,458 43,731 130,305
-19,480 2,766 -8,565 316 -21,199
Traders
97 38 40 38 35
Small Speculators Open Interest Total
Long Short 189,240 Long Short
27,513 12,306 161,727 176,934
2,187 1,456 -25,542 -27,729 -26,998
non reportable positions Positions as of: 149 102

Our large speculators: 

Those large specs that have been long in silver pitched a huge 19,480 contracts from their long side

those large specs that have been short in silver added 2766 contracts to their short side

 

Our commercials:

those commercials that have been long in silver added 316 contracts to their long side

those commercials that have been short in silver covered 21199 contracts from their short side

Our small speculators

those small specs that have been long in silver added 2187 contracts to their long side

those small specs that have been short in silver added 1456 contract to their short side.

Managed money (hedge funds)

those hedge funds that have been long pitched 12063 contracts and added 4706 short contracts as they went net short by 16,763  contracts.

or did they roll into EFP’s were they received calls in the money on future contracts?

Conclusion

I cannot believe it is the same story as always, the commercials cover on the massive raid over the past 7 days..

the hedge funds cannot be that stupid

commercials go net long by 20,883 contracts..which is bullish