Turmoil On Wall Street/memo Released/gold Down $10.50 To $1334.40/silver Falls By 43 Cents To $16.77/huge Number Of Swamp Stories Tonight

by Harvey Organ, Harvey Organ Blog:

GOLD: $1334.40 DOWN $10.50

Silver: $16.77 down 43 cents

Closing access prices:

Gold $1333.20

silver: $16.60

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: $1356.09 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1348.00

PREMIUM FIRST FIX: $8.09

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SECOND SHANGHAI GOLD FIX: $1354.87

NY GOLD PRICE AT THE EXACT SAME TIME: $1348.70

Premium of Shanghai 2nd fix/NY:$6.17

SHANGHAI REJECTS  NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1345.00

NY PRICING AT THE EXACT SAME TIME: $1345.65

LONDON SECOND GOLD FIX 10 AM: $1331.15

NY PRICING AT THE EXACT SAME TIME. $1330.75

For comex gold:

FEBRUARY/

NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 196 NOTICE(S) FOR 19600 OZ.

TOTAL NOTICES SO FAR: 871 FOR 87100 OZ (2.709 TONNES),

For silver:

jANUARY

0 NOTICE(S) FILED TODAY FORnil OZ/

Total number of notices filed so far this month: 124 for 620,000 oz

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Bitcoin: BID $7,598/OFFER $7,695:DOWN $1424(morning)Bitcoin: BID/ $8528/offer $8,628: down $490  (CLOSING/5 PM) 

end

In case you missed this yesterday:

From the CBO:

it now looks like Congress will run out of money by the first half of March instead of late March or April

the way that the Democrats are acting, it does not look good for them to raise the debt ceiling!!

CBO>>

“Congress urged to take action on debt ceiling ahead of deadline: A Bloomberg report notes on Wednesday the CBO revised its estimate on when the Treasury Department will exhaust extraordinary measures to avoid debt default, with the expected deadline now in the first half of March (vs prior estimate for late March/early April). The Treasury Department separately urged Congress to “act promptly” amid its own estimated deadline at the end of February. According to the memo released by the CBO, the passage of tax reform legislation was a primary driver of the revised deadline amid changes to tax revenue projections. The updated timelines from the CBO and Treasury come as Congress continues to negotiate a government funding agreement following last month’s short- term stopgap bill.”

Let us have a look at the data for today

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In silver, the total open interest ROSE BY HUGE 4770 contracts from 198,036 RISING TO 202,806 DESPITE YESTERDAY’S 7 CENT FALL IN SILVER PRICING.  WE OBVIOUSLY HAD NO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  1884 EFP’S FOR MARCH AND AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 1884 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 1884 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 FEBRUARY:

6546 CONTRACTS (FOR 3 TRADING DAYS TOTAL 6546 CONTRACTS OR 32.73 MILLION OZ: AVERAGE PER DAY: 2182 CONTRACTS OR 10.010 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  32.73 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.67% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  267.7 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

RESULT: A HUGE SIZED GAIN IN OI COMEX DESPITE THE 7 CENT FALL IN SILVER PRICE.  WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 1884 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 1884 EFP’S  FOR MARCH WERE ISSUED FOR TODAY  FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 6654 OI CONTRACTS i.e. 1884 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 4770  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 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 OVER 1 BILLION oz i.e. 1.0040 BILLION TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

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

In gold, the open interest FELL  BY 1427 CONTRACTS DOWN TO 550,608 DESPITE THE GOOD SIZED RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($8.00). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TODAY AND IT TOTALED A GOOD SIZED  6579 CONTRACTS OF WHICH  APRIL SAW THE ISSUANCE OF 6579 CONTRACTS AND ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 550,608. ALSO REMEMBER THAT THERE WILL 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. DUE TO THE DELAY IN THE RELEASE OF YESTERDAY’S DATA YOU CAN BET THE FARM THAT THEY HAVE DELAYED THE RELEASE OF MANY EFPS. 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 GAIN OF 5152 CONTRACTS: 1427 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED  6579 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 8262 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 29,212 CONTRACTS OR 2,921,200  OZ OR 90.86 TONNES (3 TRADING DAYS AND THUS AVERAGING: 9,737 EFP CONTRACTS PER TRADING DAY OR 973,700 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 2 TRADING DAYS: IN  TONNES: 90.86 TONNES

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

THUS EFP TRANSFERS REPRESENTS 90.86/2200 x 100% TONNES =  4.13% OF GLOBAL ANNUAL PRODUCTION SO FAR IN FEBRUARY ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  743.17 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22  TONNES

Result: A  FAIR SIZED DECREASE IN OI AT THE COMEX DESPITE THE GOOD SIZED RISE IN PRICE IN GOLD TRADING YESTERDAY ($8.00). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS ARE WAITING TO RECEIVE A PRIVATE EFP CONTRACT FOR EITHER FEBRUARY OR APRIL AND THESE GUYS ARE STILL NEGOTIATING THEIR DEAL. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 6579 AS THESE HAVE ALREADY BEEN NEGOTIATED.   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 6579 EFPCONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 95152 contracts ON THE TWO EXCHANGES:

6579 CONTRACTS MOVE TO LONDON AND  1427 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 16.02 TONNES).

we had: 196 notice(s) filed upon for 19600 oz of gold.

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

GLD

No change in gold inventory at the GLD/

Inventory rests tonight: 841.35 tonnes.

SLV/

HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 982,000 OZ INVENTORY RESTS AT 312.914 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 HUGE 4770 contracts from 198,036 UP TO 202,806 (AND now A LITTLE FURTHER FROM  THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE  THE FALL  IN PRICE OF SILVER  (7 CENTS WITH RESPECT TO  YESTERDAY’S TRADING).   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 1884 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 MINIMAL COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI GAIN AT THE COMEX OF  4770 CONTRACTS TO THE 1884 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GAIN OF 6546 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: 32.73 MILLION OZ!!!

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE SMALL SIZED FALL  OF 7 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER GOOD 1884 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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

3. ASIAN AFFAIRS

i)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 15.10 points or 0.44% /Hang Sang CLOSED DOWN 40.31 or 0.12% / The Nikkei closed DOWN 2111.58 POINTS OR 0.90%/Australia’s all ordinaires CLOSED UP 0.50%/Chinese yuan (ONSHORE) closed UP at 6.2870/Oil UP to 65.76 dollars per barrel for WTI and 69.31 for Brent. Stocks in Europe OPENED RED .   ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.2870. OFFSHORE YUAN CLOSED UP AGAINST  THE ONSHORE YUAN AT 6.2922//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGEER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  MUCH STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS  HAPPY TODAY.(WEAKER CURRENCY BUT  STRONG MARKETS )

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