Nov 10/huge Addition Of 5.34 Tonnes Added To The Gld/huge 949,000 Oz Added To The Slv, Yet Silver Rises But Gold Whacked/sprott Funds In Gold And In Silver Negative In Nav For First Time In Quite Some Time/huge Devaluation In The Chinese Off Shore Yuan Today As Huge Amounts Of Usa Dollars Leave China’s Shores/huge Increase In Bond Yields Around The Globe From The Usa To Emerging Markets

harveyorganblog.com / by harveyorgan / November 10, 2016

Gold closed at $1265.60 down $7.10

silver closed at $18.72:  UP 36 cents.

Access market prices:

Gold: 1277.40

Silver: 18.47

The boys raided gold today but not silver. I honestly thought that the raids would stop once the election was over but I am wrong. It sure seems that the powers to be are very worried about the financial system as bond yields skyrocket across the globe. Underwriting banks loathe to see huge volatility in yields and no doubt we will see huge smoke stacks shortly.

The boys may be worried about the huge number of gold contracts standing at the comex.  It is extremely elevated vs what we witnessed on the exact same day last year.

It probably is both of these facts that are bothering them greatly and thus the need to raid.

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

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The Shanghai fix is at 10:15 pm est and 2:15 am est

The fix for London is at 5:30  am est (first fix) and 10 am est (second fix)

Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.

And now the fix recordings:

Shanghai morning fix Nov 10 (10:15 pm est last night): $  1293.59

NY ACCESS PRICE: $1287.75 (AT THE EXACT SAME TIME)

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Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1293.51

NY ACCESS PRICE: 1287.25 (AT THE EXACT SAME TIME/2:15 am)

HUGE SPREAD TODAY!!  6.00 dollars

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London Fix: Nov 10: 5:30 am est:  $1281.40   (NY: same time:  $1282.35    5:30AM)???

London Second fix Nov 10: 10 am est:  $1267.50 (NY same time: $1267.00 ,    10 AM)

It seems that Shanghai pricing is higher than the other  two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.

Also why would mining companies hand in their gold to the comex and receive constantly lower prices.  They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

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The post NOV 10/HUGE ADDITION OF 5.34 TONNES ADDED TO THE GLD/HUGE 949,000 OZ ADDED TO THE SLV, YET SILVER RISES BUT GOLD WHACKED/SPROTT FUNDS IN GOLD AND IN SILVER NEGATIVE IN NAV FOR FIRST TIME IN QUITE SOME TIME/HUGE DEVALUATION IN THE CHINESE OFF SHORE YUAN TODAY AS HUGE AMOUNTS OF USA DOLLARS LEAVE CHINA’S SHORES/HUGE INCREASE IN BOND YIELDS AROUND THE GLOBE FROM THE USA TO EMERGING MARKETS appeared first on Silver For The People.