Gold Rebounds From An Early Whacking To Rise $2.50 Up To $319.50/silver Also Recovers To Remain Basically Unchanged

by Harvey Organ, Harvey Organ Blog:

HUGE GOLD EFP TRANSFER BY ALMOST 9,000 CONTRACTS/SILVER EFP’S OVER 3100 CONTRACTS

GOLD: $1319.50 up $2.50

Silver: $17.19 down 1 cent

Closing access prices:

Gold $1322.75

silver: $17.23

For comex gold:

JANUARY/

NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 16 NOTICE(S) FOR 1600 OZ.

TOTAL NOTICES SO FAR: 238 FOR 23800 OZ (0.7402 TONNES),

For silver:

jANUARY

0 NOTICE(S) FILED TODAY FORnil OZ/

Total number of notices filed so far this month: 505 for 2,525,000 oz

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Bitcoin: BID $14,908/OFFER $15,028 DOWN $167(morning) Bitcoin: BID   14,810/OFFER  $14,928 down  $264(CLOSING) 

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Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY FELL BY A SMALL  695 contracts from 192,124 FALLING TO 191,728 DESPITE YESTERDAY’S GOOD 7 CENT RISE IN SILVER PRICING.  WE HAD SMALL  COMEX LIQUIDATION BUT WITHOUT A DOUBT WE WITNESSED ANOTHER MAJOR BANK SHORT- COVERING OPERATION. NOT ONLY THAT , WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: A HUGE 3123 EFP’S FOR MARCH (AND ZERO FOR OTHER MONTHS) AND THUS TOTAL ISSUANCE OF 3123 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE A MAJOR PLAYER TAKING ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 3123 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. YESTERDAY WITNESSED  EFP’S FOR SILVER ISSUED. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. I BELIEVE THAT WE MUST HAVE HAD SOME MAJOR BANKER SHORT COVERING AGAIN TODAY.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

10,316 CONTRACTS (FOR 4 TRADING DAYS TOTAL 10,316 CONTRACTS OR 51.580 MILLION OZ: AVERAGE PER DAY: 2579 CONTRACTS OR 11.988 MILLION OZ/DAY)

RESULT: A SMALL SIZED LOSS IN OI COMEX DESPITE THE STRONG 7 CENT RISE IN SILVER PRICE WHICH USUALLY INDICATES HUGE BANKER SHORT-COVERING. WE ALSO HAD A HUGE SIZED SIZED EFP ISSUANCE OF 3123 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS.  FROM THE CME DATA 3123 EFP’S WERE ISSUED FOR TODAY (FOR MARCH EFP’S AND NONE FOR ALL OTHER MONTHS) FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 2427 OI CONTRACTS i.e. 3123 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 695 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER BY 7 CENTS AND A CLOSING PRICE OF $17.20 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9585 BILLION TO BE EXACT or 137% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 0 NOTICE(S) FOR NIL OZ OF SILVER

In gold, the open interest ROSE BY AN HUMONGOUS SIZED 11,441 CONTRACTS UP TO 512,172 WITH THE SMALL RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($2.00). IN ANOTHER HUGE DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED YESTERDAY FOR TODAY AND IT TOTALED A STRONG SIZED  8798 CONTRACTS OF WHICH THE MONTH OF FEBRUARY SAW 8498 CONTRACTS AND APRIL SAW THE ISSUANCE OF 300 CONTRACTS.  The new OI for the gold complex rests at 512,172. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE ANOTHER STRONG GAIN OF 20,239 OI CONTRACTS: 11,441 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 8798 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 3168 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 34,277 CONTRACTS OR 3.4277 MILLION OZ OR 106.72 TONNES (4 TRADING DAYS AND THUS AVERAGING: 8,569 EFP CONTRACTS PER TRADING DAY OR 856,900 OZ/DAY)

Result: A STRONG SIZED INCREASE IN OI WITH THE SMALL SIZED RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($2.00). WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8798. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE8798 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 20,239 contracts:

8798 CONTRACTS MOVE TO LONDON AND  11,441 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the gain in total oi equates to 62.95 TONNES)

we had: 16 notice(s) filed upon for 1600 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Today, NO CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 836.32 tonnes.

A SLIGHT CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 180,000 OZ TO PAY FOR FEES/

INVENTORY RESTS AT 320.449 MILLION OZ/

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

1. Today, we had the open interest in silver FELL BY A SMALL SIZED 695 contracts from 193,827 DOWN TO 191,728 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE  RISE IN PRICE OF SILVER TO THE TUNE OF 2 CENTS  YESTERDAY.  WE HAD WITHOUT A DOUBT A MAJOR SHORT COVERING FROM OUR BANKERS AS THEY HAVE CAPITULATED. NOT ONLY THAT BUT OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 3123 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM).  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD NO COMEX SILVER COMEX LIQUIDATION. BUT, IF WE TAKE THE SLIGHT OI LOSS AT THE COMEX OF 695 CONTRACTS TO THE 3123 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GAIN OF 2427 OPEN INTEREST CONTRACTS DESPITE THE MAJOR BANKER SHORT COVERING. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ: 12.135MILLION OZ!!!

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE TINY SIZED RISE OF 2 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER 3123 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(report Harvey)

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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

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