Thursday, July 26, 2012

Silver and Gold news of the day - Harvey blogspot and Silver Doctors

http://harveyorgan.blogspot.com/2012/07/draghi-gooses-all-bourses-higher-with.html


Draghi gooses all bourses higher with hints of shared eurobonds/

Good evening Ladies and Gentlemen:

Gold closed up today by $7.00 to $1615.00. Silver fell by 2 cents to $27.43. With markets heading southbound in Asia and in Europe,  Mario Draghi, the ECB chairman, without confirmation from Germany, commented that the central bank might engage in a joint sovereign issue of eurobonds and purchase struggling sovereign bonds in the secondary markets. Both of these are verboten by Germany. The markets around the world rejoiced.  Only one little problem, nobody could speak to Angela Merkel who went on a holiday no were to be found.   You just do not make these things up.  The announcement had no merit and everything will revert back to normal as soon as Germany will not confirm any of Draghi's statements.  As I pointed out to you on several occasions, it looks like August 20.2012 is the last day for Greece as 3.8 billion euros must be returned to the ECB or else a default is deemed. And that basically was the day.

So without further ado:Let us now head over to the comex and assess trading today.

The total comex gold OI rose by 4944 contracts from 420,296 to 425,237. Gold had a great day yesterday rising by 31 dollars so the increase in OI is quite understandable as demand for gold rose.  The July delivery month for gold fell by 1 contract from 11 to 10.  We had 3 delivery notices filed yesterday so we again gained two contracts or an additional 200 oz of gold standing.  The next big delivery month is August and here the OI contracted by a huge 20,246 contracts from 126,248 to 106,002.  We have two more trading days before first day notice, Friday and Monday.  On Monday we will get first day notice deliveries and on Tuesday we get to see who will stand for delivery in gold.  The estimated volume today was pretty good at 243,361 even with the huge number of rollovers.  The confirmed volume yesterday with the big advance in gold came in at 285,446.


The total silver comex OI again did a complete 180 degree reversal from gold.  It's OI contracted by a huge 2780 contracts.  With silver rising, I guess the temperature got a little too hot for some of our short silver bankers.Maybe our friends at JPMorgan are having some difficulty as suggested today in Lemetropolecafe.com's daily commentary.  The front delivery month of July saw it's OI fall from 220 to 218 for a loss of 2 contracts.  We had only 1 delivery notice filed yesterday so we lost 1 contract or 5000 oz of silver standing.  The next non official delivery month is August and here the OI dropped by 20 contracts, from 233 to 213.  The next big delivery month for silver is September and here the OI fell by 1341 contracts from 61,759 to 60,418.  The estimated volume today was pretty good at 41,506.  Yesterday, the volume was extremely good at 49,107.


and....



 The activity again inside the gold vaults were small.
We had no dealer deposit and no dealer withdrawal.

The only transaction was a withdrawal from the customer at HSBC to the tune of 20,067.89 oz
We had no adjustments.

The total registered gold inventory rests tonight at 2.580 million oz (80.2 tonnes of gold)


The CME notified us that we had 7 notices filed for 700 oz of gold.  The total number
of notices filed so far this month is represented by 732 contracts or 73,200 oz. To obtain what is 
left to be filed upon, I take the OI standing for July (10) and subtract out today's notices
(7) which leaves us with 3 notices or 300 oz left to be served upon our patient longs. 




Thus the total number of gold ounces standing in this non official delivery month of July is as follows:


73,200 oz (served)  +  300 oz (to be served upon)  =  73,500 oz or 2.286 tonnes of gold
A pretty good showing for a non delivery month.


and......

We had a real violent inventory move today on all fronts.


First on the dealer front we had the following deposit


1.  596,365.30 oz into Brinks.


We had no customer deposit 


On the withdrawal side of things:


The dealer registered the following withdrawal from Scotia;


1     216,205.50 oz


The customer had the following withdrawal


1. Out of Brinks:  86,356.80 oz
2. Out of Delaware:  3,100.924 oz
3. Out of Scotia;  620,663.50 oz total withdrawal:  710,151.224 oz


we had the following adjustments where silver left the customer account and entered the dealer:


i)  1,029.72 oz leaves the customer and enters the dealer  Brinks
ii) 43,980.10 oz leaves the customer and enters the dealer Scotia


and another adjustment whereby 20,936.22 oz leaves the dealer at HSBC and enters back into the customer.


The total registered silver inventory rests tonight at 40.505 million oz
The total of all silver rests at 140.232 million oz.



The CME notified us that we had a very chunky 118 notices filed for 590,000 oz of silver.
The total number of silver notices filed so far this month total 1829 for 9,145,000 oz.  To obtain what is 
left to be served upon, I take the OI standing for July (218) and subtract out today's delivery notices
(118) which leaves us with exactly 100 notices or 500,000 oz left to be served upon.  


Thus the total number of silver ounces standing in this official delivery month of July is as follows;9,145,000 oz (served)  +  500,000 (oz to be served upon) =  9,645,000 oz


It is interesting that if you look at the accumulative withdrawals at the dealer or registered level this month we see only 107,639 oz against a total of 9.645 million oz that have been settled upon. Strange things are going on inside the silver comex.

and.......

gold and silver related news items.......

GoldMoney interview with Cheviot's Naylor-Leyland cites gold market manipulation

Submitted by cpowell on Thu, 2012-07-26 02:51. Section: 
10:50p ET Wednesday, July 25, 2012
Dear Friend of GATA and Gold:
GoldMoney's Alasdair Macleod this week interviews Cheviot Asset Management's Ned Naylor-Leyland about the financial markets and elicits concurrence that central banks are likely intervening surreptitiously in the gold market just as they're always intervening in the currency markets. GATA's work is cited. The interview is 22 minutes long and can be heard at the GoldMoney Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

end


John Hathaway discusses gold with Eric King and believes that gold will sharply rise and those people who dumped their gold will be in despair as they will not be able to buy it back.


(courtesy Kingworld news/John Hathaway)


Gold will rise sharply soon, Hathaway tells King World News

Submitted by cpowell on Thu, 2012-07-26 01:34. Section: 
9:31p ET Wednesday, July 25, 2012
Dear Friend of GATA and Gold:
Tocqueville Gold Fund manager John Hathaway today sticks his neck out a little for King World News and predicts that gold will move up sharply soon and people who dumped it in despair will not get back in easily. From Hathaway's lips to the Great Market Manipulator's ear, and we don't mean Bernanke. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Hong Kong Completing 1,000 Ton Gold Vault







From GoldCore


Gold’s Rally Short Term? Long Term Outlook Bullish
Today's AM fix was USD 1,603.00, EUR 1,321.74, and GBP 1,034.26 per ounce.
Yesterday’s AM fix was USD 1,587.50, EUR 1,309.39 and GBP 1,024.86 per ounce.
Silver is trading at $27.79/oz, €22.77/oz and £17.89/oz. Platinum is trading at $1,416.00/oz, palladium at $570.75/oz and rhodium at $1,150/oz.
Gold climbed $22.20 or 1.04% in New York yesterday and closed at $1,604.50/oz. The silver price hit a high of $27.559 and finished the day with a gain of 1.3%.
Gold was trading sideways in Asia with a slight rise and fall before the open in European trading where gold is in a tight range of ($1,601-$1,608/oz).

*   *   *  

There were no major alarm bells in terms of central bank gold purchases in June according to the IMF. The biggest buyer was Russia at 6.2 tons.  Germany sold 0.7 tons.  Mexico sold 0.1 tons.  Guatemala bought 0.2 tons.  June’s net purchases were 5.6 tons versus 57.8 tons in June 2011. This shows a 38% drop in net purchases from central banks for the 1st half of the year in 2012 compared to last year. 
In Hong Kong they are completing work on its largest gold vault due to open in September which can hold 22% of the gold that is in the US facility Fort Knox.  
The new secure storage facility will compete with services set up by the Airport Authority Hong Kong in 2009 that serviced governments, commodity exchanges, bullion banks, refiners, wealthy individuals and exchange-traded funds.
The new facility is within the international airport compound and its capacity is 1,000 metric tons.
This signals the growing interest from China currently the world’s second largest consumer of gold in owning physical gold bullion.  


Aden Sisters Forecast – Bubble Phase In Gold To Begin In 2013 And Possibly Reach? gold-speculator.com
JULY 26, 2012
Gold has been moving within a mega upchannel since 1970 and still has a ways to go before reaching the top side of this mega uptrend. How high is anyone’s guess but*were gold’s price rise to match the 2300% rise realized in the 1970s (and our research suggests we could see the start of the bubble phase by next year) we’d see a $6000 gold price, which would blow the gold price well above the mega upchannel. [Let us explain our conclusions with the use of 2 charts.
So say Mary Anne and Pamela Aden (Www.adenforecast.com)
The Adens go on to say, in part:
If gold breaks above $1650 and stays there, the worst will be behind us. Then $1700, $1800 and $1900 will be the next stepping stones in the renewed rise. Record high territory would confirm the making of a strong leg upward.
How High?
How high is anyone’s guess. It all depends on the explosive stage in the bull market. That phase is still to come and Chart 1 provides a good example of this.
clip_image001
As you can see, gold has been moving within a mega upchannel since 1970. The gold rise since 2001 still has a ways to go before reaching the top side of this mega uptrend.
Note on the top chart that gold moved into the upper side of the mega channel when it burst into record territory in September 2009. This was just six months after QE first started in March 2009.
When gold reached the $1900 record level last September, the leading indicator (below) rose to the normal high area and it’s been declining since then, now approaching the uptrend and zero line.


and from Silver Doctors.....

The Slaughter Continues in the Gold Mining Sector: Huge Miss for Goldcorp & Barrick

Submitted by SD Contributor SRSrocco:
WOW… the Q2 Financial Results for GOLDCORP & BARRICK are atrocious:
As I have previously mentioned, I believed gold miners would suffer less than silver or base metal mining companies this quarter due to the fact that the price of gold topped in Q3 2011.  However, it seems like the SLAUGHTER CONTINUES even in the gold sector. 
Barrick and Goldcorp are in the top 5 gold mining companies in the world… Barrick is number 1.
Here is the results from GOLDCORP:
Even though Goldcorp’s revenues are down we have to consider they sold less gold this past quarter.  However, it wasn’t much less than the previous quarter.  If we compare the two, we see that NET EARNINGS DECLINED 44% since the last quarter.  This is more than I would have thought.  Costs are increasing and the price paid for the metal declined.
Furthermore, if we look across all the different past quarters we can see that Goldcorp made a great deal more earnings even though the price of gold was much less than it is currently.  This proves that COSTS ARE INCREASING RAPIDLY.
I did not make a chart for Barrick as their report was not easy to reproduce here.  I can say this, their Q2 gold production is down and their earnings were as follows:
2011 Q2 Results
REVENUES = $3.4 BILLION
NET EARNINGS = $1.2 BILLION
2012 Q2 Results:
REVENUES = $3.3 BILLION
NET EARNINGS = $750 MILLION
————————–
Here we can see that even though revenues are about the same, net earnings have fallen 35% compared to the same time last year.  So… I am proven wrong. 
The gold miners profit margins are getting hammered even though the price they are getting for gold is higher than it was in the same period last year.
PASCUA LAMA…. A THORN IN THE SIDE OF BARRICK???
I believe Barrick has huge problems with its Pascua Lama mine that is located in the Ande Mountains in a glacier field.  Here is their update on the mine:
Due to lower than expected productivity and persistent inflationary and other cost pressures, as previously disclosed, the company initiated a detailed review of the cost and schedule estimates for Pascua-Lama in the second quarter. Preliminary results currently indicate an approximate 50-60 percent increase in capital costs from the top end of the previously announced estimate of $4.7-$5.0 billion, with first production expected in mid-2014. The company will provide a further progress update with third quarter results.
Again… we see that there is COST INCREASES as well as problems with getting work done on schedule.  Barrick was supposed to produce gold by the first quarter of 2013, now it has moved to the middle of 2014.
IS BARRICK HIDING THE FACT THAT THEY REALLY HAVE BIG PROBLEMS??

GATA Files Freedom of Information Act Requests with State Dept, Treasury, Fed, and FOMC for GOLD SWAPS

GATA has filed new Freedom of Information Act requests with the State Department, Federal Reserve, FOMC, and the Treasury Department for records involving gold swaps.
Surely we can count on at least Mr. Geithner to gladly hand over the Treasury Department’s gold swap records to GATA since Geithner is (in his own words)
‘the most f***ing transparent secretary of the Treasury in this country’s entire f***ing history!‘

From BusinessWire:

DALLAS–(BUSINESS WIRE)– Through its lawyer, William J. Olson P.C. of Vienna, Virginia (http://www.lawandfreedom.com/), GATA today filed federal Freedom of Information Act requests with the U.S. State Department, Treasury Department, Federal Reserve Board, and Federal Open Market Committee, greatly expanding upon GATA’s 2009 FOIA request to the Fed, which sought access to records involving gold swaps.

The 2009 FOIA action elicited a revealing admission from the Fed that it has secret and highly sensitive gold swap agreements with foreign banks — an admission that the Fed, despite its many previous denials, is indeed active in the gold market. That FOIA action led to GATA’s lawsuit against the Fed in U.S. District Court for the District of Columbia, which last year produced both a judicial finding that the Fed has many gold-related secrets and a verdict enough in GATA’s favor that the Fed was required to pay court costs to GATA:

http://www.gata.org/node/9917

GATA’s new FOIA requests seek access not just to records involving gold swaps but essentially to all records held by the targeted agencies that involve gold — for example, in the case of the State Department, records of all international agreements involving the United States and gold.

We’re hopeful that these FOIA requests will liberate material as telling as the confession the Fed was forced to make about secret gold swap agreements in GATA’s first FOIA case. But of course contending with the likely resistance of the targeted agencies and then taking them to federal court will involve much effort and expense. If you’re inclined to help, information about donating to GATA is here:

http://www.gata.org/node/16

GATA’s new FOIA request to the State Department is here:

http://www.gata.org/files/GATA-FOI-Letter-StateDept-07-24-2012.pdf

GATA’s new FOIA request to the Treasury Department is here:

http://www.gata.org/files/GATA-FOI-Letter-Treasury-07-24-2012.pdf

GATA’s new FOIA request to the Federal Reserve Board is here:

http://www.gata.org/files/GATA-FOI-Letter-Fed-07-24-2012.pdf

And GATA’s new FOIA request to the Federal Open Market Committee is here:

http://www.gata.org/files/GATA-FOI-Letter-FOMC-07-24-2012.pdf

GATA this week received inquiries from two more reporters for major news agencies seeking information about the rigging of the gold market, inquiries that seem to have been prompted by GATA secretary/treasurer Chris Powell’s appearance on CNBC Asia last month (http://www.gata.org/node/11490) and the LIBOR interest rate rigging scandal. We gave the reporters the basic background about gold market rigging (http://www.gata.org/node/11507) and suggested specific questions they might put to major central banks, questions that are almost certain to prompt refusals to answer and thus to confirm that the central banks are active in the gold market.

“We’re increasingly hopeful that something will come of this terribly tentative if laughably obvious journalism over the next few years,” said Chris Powell.

Contacts

Gold Anti-Trust Action Committee, Dallas
Bill Murphy, 214-522-3411




Bill Murphy: The Cartel Is Getting Desperate

In this excellent interview, GATA’s Bill Murphy tells AltInvestors that the cartel is now getting desperate to extricate themselves from their naked short gold and silver positions.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)