Jpmorgan Continues To Add To Its Silver Inventory

by Harvey Organ, Harvey Organ Blog:

GLD ADDS: GOLD EFP’S ISSUED BY THE COMEX: 5774/SILVER EFF’S ISSUED: 828 CONTRACTS/BITCOIN COLLAPSES TODAY DOWN OVER $1200.00 /USA SENATE VOTES FOR A 3 WEEK CONTINUING RESOLUTION AND THUS ENDS GOVERNMENT SHUTDOWN

GOLD: $1332.15 DOWN $0.85

Silver: $16.98 DOWN 5 cents

Closing access prices:

Gold $1334.50

silver: $17.01

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: $1339.90 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1331.55

PREMIUM FIRST FIX: $8.45

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SECOND SHANGHAI GOLD FIX: $1340.19

NY GOLD PRICE AT THE EXACT SAME TIME: $1329.90

Premium of Shanghai 2nd fix/NY:$10.29

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1335.80

NY PRICING AT THE EXACT SAME TIME: $1336.10

LONDON SECOND GOLD FIX 10 AM: $1332.60

NY PRICING AT THE EXACT SAME TIME. $1331.85

For comex gold:

JANUARY/

NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 50 NOTICE(S) FOR 5000 OZ.

TOTAL NOTICES SO FAR: 522 FOR 52200 OZ (1.6236 TONNES),

For silver:

jANUARY

19 NOTICE(S) FILED TODAY FOR95,000 OZ/

Total number of notices filed so far this month: 707 for 3,535,000 oz

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Bitcoin: BID $11,260/OFFER $11,360  DOWN $72 (morning) Bitcoin: BID   $10,135/OFFER  $10,229 DOWN $1200.00  (CLOSING/4 PM) 

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Let us have a look at the data for today

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In silver, the total open interest ROSE BY A CONSIDERABLE 2641 contracts from 194,808 RISING TO 197,449 WITH FRIDAY’S SMALL 9 CENT GAIN IN SILVER PRICING.  WE THUS HAVE ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  828 EFP’S FOR MARCH AND ZERO FOR OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 828 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE  MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 828 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. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S.

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

34,252 CONTRACTS (FOR 15 TRADING DAYS TOTAL 34,252 CONTRACTS OR 171.260 MILLION OZ: AVERAGE PER DAY: 2283 CONTRACTS OR 11.417 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  171.3 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 24.42% OF ANNUAL GLOBAL PRODUCTION

RESULT: A GOOD SIZED GAIN IN OI COMEX DESPITE THE TINY 9 CENT GAIN IN SILVER PRICE WHICH USUALLY INDICATES ANOTHER FAILED BANKER SHORT-COVERING. WE ALSO HAD A SMALL SIZED EFP ISSUANCE OF 828 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 828 EFP’S WERE ISSUED FOR TODAY  FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 3469 OI CONTRACTS i.e. 828 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2641  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE SMALL RISE IN PRICE OF SILVER OF 9 CENTS AND A CLOSING PRICE OF $17.03 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. 0.987 BILLION TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 19 NOTICE(S) FOR 95,000 OZ OF SILVER

In gold, the open interest SHOCKINGLY FELL BY A CONSIDERABLE 8623 CONTRACTS DOWN TO586,528 DESPITE THE GOOD SIZED RISE IN PRICE OF GOLD WITH FRIDAY’S TRADING ($6.00). IN GOLD THE LONGS STARTED THEIR MOVEMENT FROM COMEX LONGS OVER TO LONDON BASED FORWARDS THROUGH THE EFP ROUTE.  WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR MONDAY AND IT TOTALED A GOOD SIZED  5774 CONTRACTS OF WHICH THE MONTH OF FEBRUARY SAW 5774 CONTRACTS AND APRIL SAW THE ISSUANCE OF 0 CONTRACTS   The new OI for the gold complex rests at 586,528. ALSO REMEMBER THAT THERE CAN BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. 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 COMEX. 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 TODAY WE HAVE A SMALL LOSS OF 2849  CONTRACTS: 8623 OI CONTRACTS DECREASED AT THE COMEX AND A GOOD SIZED  5774 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. EXPECT HUGE NUMBERS OF EFP’S TO BE ISSUED AS WE APPROACH FIRST DAY NOTICE IN THE GOLD FEB COMEX CONTRACT, WEDNESDAY JAN 31.2018

FRIDAY, WE HAD 5867 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 140,491 CONTRACTS OR 1.40491 MILLION OZ OR 436.98 TONNES(15 TRADING DAYS AND THUS AVERAGING: 9366 EFP CONTRACTS PER TRADING DAY OR 9366 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 15 TRADING DAYS: IN  TONNES: 437 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 437/2200 TONNES =  19.86% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

Result: A SHOCKINGLY STRONG SIZED DECREASE IN OI AT THE COMEX DESPITE THE GOOD SIZED  RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($6.00). WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5774. 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 THE 5774 EFP CONTRACTS ISSUED, WE HAD A NET LOSS IN OPEN INTEREST OF 2849 contracts ON THE TWO EXCHANGES:

5774 CONTRACTS MOVE TO LONDON AND  8623 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the LOSS in total oi equates to 6.10 TONNES).  HOWEVER THE LOSS IN OI IS DUE TO THE DELAY IN THE ISSUANCE OF EFP’S WHICH CAN GENERALLY TAKE UP TO AN ADDITIONAL 48 HRS.

we had: 50 notice(s) filed upon for 5000 oz of gold.

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

GLD

With gold DOWN $0.85, we had  a huge change in gold inventory at the GLD/a monstrous deposit of 5.71 tonnes/

Inventory rests tonight: 840.96 tonnes.

SLV/ 

A BIG CHANGES IN SILVER INVENTORY AT THE SLV/A HUGE WITHDRAWAL OF 1.321 MILLION OZ FROM THE SLV INVENTORY/

INVENTORY RESTS AT 314.179 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 ROSE BY A CONSIDERABLE 2641 contracts from 194,808 UP TO 197,449 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE  THE TINY SIZED RISE IN PRICE OF SILVER TO THE TUNE OF 9 CENTS WITH RESPECT TO  FRIDAY’S TRADING.   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 828 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS .  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF  2641 CONTRACTSTO THE 828 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A BIG GAIN OF 3469 OPEN INTEREST CONTRACTS.  WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 17.345 MILLION OZ!!!

RESULT: A GOOD SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE TINY SIZED RISE OF 9 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER 828 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

3. ASIAN AFFAIRS

i)Late SUNDAY night/MONDAY morning: Shanghai closed UP 13.49 points or 0.39% /Hang Sang CLOSED UP 138.52 pts or 0.43% / The Nikkei closed UP 8.27 POINTS OR 0.03%/Australia’s all ordinaires CLOSED DOWN 0.21%/Chinese yuan (ONSHORE) closed  UP at 6.4032/Oil DOWN to 63.35 dollars per barrel for WTI and 68.47 for Brent. Stocks in Europe OPENED ALL GREEN.   ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4032. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.4069//ONSHORE YUAN STRONGER AGAINST THE DOLLAR/OFF SHORE STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  MUCH WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS VERY  HAPPY TODAY.(GOOD MARKETS )

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