http://www.silverdoctors.com/jim-sinclair-the-system-is-totally-broken/
The legendary Jim Sinclair sent the following missive to email subscribers today, warning that the system is totally broken, that anyone trading with any securities/commodities clearinghouse is risking their own financial life, and those with‘fancy special tax treatment retirement accounts are sitting ducks‘.
Regards,
The next big delivery month is August and here the OI contracted by 8499 contracts from 134,747 to 126,248. This is understandable as we are only 3 trading days left until first day notice which is this coming Tuesday, July 31.2012. The estimated volume today was quite large coming it at 267,017 compared to the confirmed volume yesterday of 207,627. However we did have considerable rollovers.
The total silver comex OI rose by 934 contracts from 122,727 to 123,661. The front delivery month of July saw it's OI mysteriously rise from 163 to 220 despite only 4 notices filed yesterday. We thus gained 61 notices or an additional 305,000 oz of silver. Someone was badly in need of silver which so far was not rendered. The next non official delivery month for silver is August and here the OI rose by one contract to 233. The next big delivery month for silver is September and here the OI rose by 306 contracts from 61,453 to 61,759. The estimated volume today was quite good at 46,224. The confirmed volume yesterday was lighter at 43,933.
We had no dealer activity, i.e. no dealer deposit and no dealer withdrawal.
The customer at Brinks received 289.35 oz of gold
The customer at Manfra withdrew 3 kilo bars at 96.45 oz.
We had had one adjustment of 97.38 oz from a dealer to a customer at HSBC.
The dealer inventory rests tonight at 2.580 million oz or 80.2 tonnes of gold.
Jim Sinclair: THE SYSTEM IS TOTALLY BROKEN!!
The legendary Jim Sinclair sent the following missive to email subscribers today, warning that the system is totally broken, that anyone trading with any securities/commodities clearinghouse is risking their own financial life, and those with‘fancy special tax treatment retirement accounts are sitting ducks‘.
Sinclair recommends PHYSICAL PRECIOUS METALS IN YOUR OWN PERSONAL POSSESSION as the only financial safety from what is coming here and now.
Got PHYZZ??
How anyone can put any money in a securities/commodities clearinghouse is beyond me. You risk your financial life to win trading then end up with practically nothing whatsoever.
The system is totally broken. Governments are busted. The securities insurance programs are wildly over extended by the fact that their capitalization cannot guarantee what they are supposed to be guaranteeing
QE invents money out of thin air, and because of that is the only central bank tool and will have to run at full speed to infinity. How the Fed and Treasury utilize QE is totally up to them. They could buy MS or PFG bonds if they wanted to.
Right now in a busted clearinghouse you have no financial relief from anyone because of bankruptcy laws. If you think any industry organization of government regulator is going to give you a cent you are really stupid. You have to assume that if it was not for funds that have to trade commodities, the commodities market volume would be finished. The commodity market of the future has to be guaranteed by the US Treasury and Fed like they guaranteed OTC derivatives, or it will not exist.
You want to see an explosion watch when the clearinghouses in grains implode. Clearinghouse risk exists in shares as well as commodities, so how the hell can you sit back so comfortably, trusting the typical sociopath Wall Streeter to put your money ahead of his/hers?
Those of you with your fancy special tax treatment retirement accounts are sitting ducks dependent on your clearing house broker and/or the will of the government.
Gold is the only asset on the planet without a liability attached to it. Gold is going to and through $3500 without any question in my mind.
9 tries to break $1525 have now failed. The manipulators are put of aces. The proof was a recent email from gold’s father of $1100 calling me a fool three days in a row.
If you own gold in futures or ETFs (they own their gold in paper) take delivery or end up with absolutely nothing whatsoever.
Regards,
Jim
and........
http://harveyorgan.blogspot.com/2012/07/egan-jones-lowers-credit-rating-on.html
Good evening Ladies and Gentlemen:
Gold closed up today as the risk on trade was orchestrated throughout the globe. Gold finished the comex session up $32.00 to $1608.00. Silver also joined the party rising by 66 cents to $27.45.
Today, the news was all about the Hilsenrath article yesterday at 3:55 pm est where he expects the Fed to engage in some round of QEIII. That lit a fire under the Dow at yesterday's closing time and the bullishness continued northbound again today.
In the news today, after the European bourses closed, Egan Jones lowered the boom on Italy another 3 notches to junk (CCC plus). In Spain, the second largest company the utility Telefonica suspended all dividends and buybacks. That will go over real well tomorrow when the Spanish ibex opens. Britain is now officially in recession with two straight quarters of negative growth. Today, they reported second quarter growth of minus .7%. In the USA home sales were down the most in 20 months. We will go over all of these stories but first let us head over to the comex and assess trading today.
Also remember that tomorrow is options expiry for the gold and silver contracts. Expect the crooks to whack until first day notice which is their modus operandi. First day notice is Tuesday, July 31.The total gold comex OI rose by 2788 contracts today from 417,508 to our resting level of 420,296. Always remember that OI is 24 hours back in trading so in reality we are looking at a final OI of last night.
The non official delivery month of July saw its OI rise by 4 contracts from 7 to 11 despite zero delivery notices yesterday. We thus gained another 4 contracts or 400 additional ounces of gold standing.Gold closed up today as the risk on trade was orchestrated throughout the globe. Gold finished the comex session up $32.00 to $1608.00. Silver also joined the party rising by 66 cents to $27.45.
Today, the news was all about the Hilsenrath article yesterday at 3:55 pm est where he expects the Fed to engage in some round of QEIII. That lit a fire under the Dow at yesterday's closing time and the bullishness continued northbound again today.
In the news today, after the European bourses closed, Egan Jones lowered the boom on Italy another 3 notches to junk (CCC plus). In Spain, the second largest company the utility Telefonica suspended all dividends and buybacks. That will go over real well tomorrow when the Spanish ibex opens. Britain is now officially in recession with two straight quarters of negative growth. Today, they reported second quarter growth of minus .7%. In the USA home sales were down the most in 20 months. We will go over all of these stories but first let us head over to the comex and assess trading today.
Also remember that tomorrow is options expiry for the gold and silver contracts. Expect the crooks to whack until first day notice which is their modus operandi. First day notice is Tuesday, July 31.The total gold comex OI rose by 2788 contracts today from 417,508 to our resting level of 420,296. Always remember that OI is 24 hours back in trading so in reality we are looking at a final OI of last night.
The next big delivery month is August and here the OI contracted by 8499 contracts from 134,747 to 126,248. This is understandable as we are only 3 trading days left until first day notice which is this coming Tuesday, July 31.2012. The estimated volume today was quite large coming it at 267,017 compared to the confirmed volume yesterday of 207,627. However we did have considerable rollovers.
The total silver comex OI rose by 934 contracts from 122,727 to 123,661. The front delivery month of July saw it's OI mysteriously rise from 163 to 220 despite only 4 notices filed yesterday. We thus gained 61 notices or an additional 305,000 oz of silver. Someone was badly in need of silver which so far was not rendered. The next non official delivery month for silver is August and here the OI rose by one contract to 233. The next big delivery month for silver is September and here the OI rose by 306 contracts from 61,453 to 61,759. The estimated volume today was quite good at 46,224. The confirmed volume yesterday was lighter at 43,933.
and......
Considering the fact that we have first day notice this coming Tuesday, the lack of action inside the gold vaults is quite stunning.
The customer at Brinks received 289.35 oz of gold
The customer at Manfra withdrew 3 kilo bars at 96.45 oz.
We had had one adjustment of 97.38 oz from a dealer to a customer at HSBC.
The dealer inventory rests tonight at 2.580 million oz or 80.2 tonnes of gold.
The CME announced today that we had only 3 notices filed for 300 oz of gold. The total number of notices
filed so far this month total 725 for 72500 oz. To obtain what is left to be filed upon, I take the OI standing
for July (11) and subtract out today's notices (3) which leaves us with 8 notices or 800 oz left to be served upon our longs.
Thus the total number of gold ounces standing in this non official delivery month of July is as follows:
72500 oz (served) + 800 oz (to be served upon) = 73,300 oz or 2.28 tonnes of gold.
(not a bad showing for a non delivery month).
and......
Again the silver vaults were quite active today. However we still did not have any dealer deposit or dealer withdrawal.
The customer received the following silver deposit at Delaware;
3,128.29 oz
The customer had one withdrawal and that was quite big at Scotia:
670,704.483 oz
We had 3 adjustments and all were transfers from the dealer back to the customer:
i) 26,185.528 oz (dealer to customer at Delaware)
ii) 67,879.65 oz (dealer to customer at HSBC)
iii) 89,842.24 oz (dealer to customer at JPMorgan)
total adjustments: 183,907. oz
The total registered silver inventory rests tonight at 40.10 million oz
The total of all silver rests at 140.56 million oz.
The CME notified us that we had only 1 notice filed for 5000 oz. The total number of notices filed
so far this month total 1711 for 8,555,000 oz. To obtain what is left to be served upon, I take the OI
standing for July (220) and subtract out today's notices (1) which leaves us with 219 or 1,095,000 oz left to be served upon our patient longs.
Thus the total number of silver ounces standing in this delivery month of July is as follows:
8,555,000 oz (served) + 1,095,000 oz (to be served upon) = 9,645,000 oz
we gained 61 contracts or an additional 305,000 oz of silver standing.
I also believe that this is the largest amount of silver left to be served upon with only 3 days before first day notice. It looks to me like there is a lot of hanky panky going on inside the silver vaults.
so far this month total 1711 for 8,555,000 oz. To obtain what is left to be served upon, I take the OI
standing for July (220) and subtract out today's notices (1) which leaves us with 219 or 1,095,000 oz left to be served upon our patient longs.
Thus the total number of silver ounces standing in this delivery month of July is as follows:
8,555,000 oz (served) + 1,095,000 oz (to be served upon) = 9,645,000 oz
we gained 61 contracts or an additional 305,000 oz of silver standing.
I also believe that this is the largest amount of silver left to be served upon with only 3 days before first day notice. It looks to me like there is a lot of hanky panky going on inside the silver vaults.
and......
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