Huge Outside Day Reversal For Both Gold And Silver

by Harvey Organ, Harvey Organ Blog:

GOLD DOWN $12.30 TO $1303.40 AT COMEX CLOSING BUT RECOVER ALL AT ACCESS CLOSING/SILVER DOWN 11 CENTS TO $16.27 COMEX CLOSING AND REBOUNDS TO RECOVER OF THOSE LOSSES AT ACCESS CLOSING/DOW JONES FALLS ANOTHER 420 POINTS/ CHINA GIANT HNA TO LAY OFF 100,000 JOB WORKERS/TRUMP INITIATES HUGE TARIFFS ON STEEL AND ALUMINUM/CHINA , SOUTH KOREA AND EUROPE REACT WITH POSSIBLE TRADE WARS/WPP, LARGEST ADVERTISING COMPANY IN THE WORLD FALTERS 15% ON LOW GROWTH/POOR EARNINGS/POWELL FLIP FLOPS AND DUDLEY STATES THAT THE RATE HIKES WILL BE GRADUAL AND THAT SINKS THE DOW/MORE SWAMP STORIES

GOLD: $1304.40 down $12.30

Silver: $16.27 down11 cents

Closing access prices:

Gold $1317.00

silver: $16.48

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: $1323.53 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1315.140

PREMIUM FIRST FIX: $8.13

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SECOND SHANGHAI GOLD FIX: $1318.13

NY GOLD PRICE AT THE EXACT SAME TIME: $1314.40

PREMIUM SECOND FIX /NY:$3.73

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LONDON FIRST GOLD FIX: 5:30 am est $1311.25

NY PRICING AT THE EXACT SAME TIME: $1311.20

LONDON SECOND GOLD FIX 10 AM: $1307.95

NY PRICING AT THE EXACT SAME TIME. $1307.70

For comex gold:

MARCH/

NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH

351 NOTICE(S) FILED TODAY FOR1,755,000 OZ/

Total number of notices filed so far this month: 3858 for 19,290,000 oz

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Bitcoin: BID $10,634/OFFER $10,713: UP $365(morning)Bitcoin: BID/ $10,965/offer $11,040: UP $695  (CLOSING/5 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 FELL BY A CONSIDERABLE SIZED 1333 contracts from 193,343  FALLING TO 192,010 DESPITE  YESTERDAY’S TINY 5 CENT FALL IN SILVER PRICING.  WE HAD SOME COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  0 EFP’S FOR MARCH AND AND 1849 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 1849 CONTRACTS.  WITH THE TRANSFER OF 1849 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. THE 1849 CONTRACTS TRANSLATES INTO 9.245 MILLION OZ DESPITE  WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

1849 CONTRACTS (FOR 1 TRADING DAYS TOTAL 1849 CONTRACTS OR 9.245 MILLION OZ: AVERAGE PER DAY: 1849 CONTRACTS OR 9.245 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  9.245 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 1.31% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  502.72 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD SOME LOSS  IN COMEX OI SILVER COMEX WITH THE 5 CENT LOSS IN SILVER PRICE.  WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1849 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 1849 EFP’S  FOR  MONTHS MARCH AND MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE GAINED  516 OI CONTRACTS i.e. 1849 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 1333  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 5 CENTS AND A CLOSING PRICE OF $16.38 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR 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. 0.960 BILLION TO BE EXACT or 137% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 351 NOTICE(S) FOR 1,755,000 OZ OF SILVER

In gold, the open interest  FELL BY A CONSIDERABLE 5048 CONTRACTS FALLING TO 527,812 DESPITE THE TINY FALL IN PRICE OF GOLD WITH RESPECT TO YESTERDAY’S TRADING ($0.70).HOWEVER, IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR THURSDAY AND IT TOTALED AN HUGE SIZED  9,903 CONTRACTS OF WHICH  APRIL SAW THE ISSUANCE OF 9903 CONTRACTS AND  JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 527,812. 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. 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 FEBRUARY 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 WE HAVE A GAIN OF 4855  CONTRACTS: 5048 OI CONTRACTS DECREASED AT THE COMEX AND A STRONG SIZED  9903 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(4855 oi gain in CONTRACTS EQUATES TO 15.10TONNES)

YESTERDAY, WE HAD 13581 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 9903 CONTRACTS OR 990,300  OZ OR 30.802 TONNES (1 TRADING DAY AND THUS AVERAGING: 9903EFP CONTRACTS PER TRADING DAY OR 990,300 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 1 TRADING DAY: IN  TONNES: 30.82 TONNES

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

THUS EFP TRANSFERS REPRESENTS 30.82/2200 x 100% TONNES =  1.40% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  1283.01 TONNES

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

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A  STRONG SIZED DECREASE IN OI AT THE COMEX DESPITE THE TINY FALL IN PRICE IN GOLD TRADING YESTERDAY ($0.70).  HOWEVER, WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 9903 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   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 9903 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 4855 contracts ON THE TWO EXCHANGES:

9903 CONTRACTS MOVE TO LONDON AND  5048 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 15.10 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

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

GLD

WITH GOLD DOWN $12.30 : a HUGE  CHANGE IN GOLD INVENTORY AT THE GLD OF GOLD INTO THE GLD/ A DEPOSIT OF 2.96 TONNES

Inventory rests tonight: 833.98 tonnes.

SLV/

WITH SILVER DOWN 11 CENTS TODAY: 

NO CHANGES IN SILVER INVENTORY AT THE SLV

/INVENTORY RESTS AT 316.590 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 1333  contracts from 193,343 DOWN TO 192,010 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE FALL  IN PRICE OF SILVER  (5 CENTS WITH RESPECT TO  YESTERDAY’S TRADING).  OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 0 PRIVATE EFP’S FOR MARCH AND 1849 EFP CONTRACTS OR MAY  (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 CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI LOSS AT THE COMEX OF  1333 CONTRACTS TO THE 1849 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A  GAIN OF 516  OPEN INTEREST CONTRACTS DESPITE THE RAID .  WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES:  2.580 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE TINY  FALL OF 5 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD 1849 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(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 THURSDAY MORNING/WEDNESDAY NIGHT: Shanghai closed UP 14.34 POINTS OR 0.44% /Hang Sang CLOSED UP 199.53 POINTS OR 0.65% / The Nikkei closed DOWN 343.77 POINTS OR 1.56%/Australia’s all ordinaires CLOSED DOWN 0.68%/Chinese yuan (ONSHORE) closed DOWN at 6.3493/Oil DOWN to 61.26 dollars per barrel for WTI and 64.06 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED  .   ONSHORE YUAN CLOSED DOWN AT 6.3493 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3543 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH WEAKER AGAINST THE DOLLAR AND ALL OTHER CURRENCIES. CHINA IS  HAPPY TODAY (WEAK CURRENCY AND GOOD CHINESE MARKETS/ BUT POOR GLOBAL MARKETS) 

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