http://harveyorgan.blogspot.com/2012/08/a-huge-bank-run-in-spaincatalonia.html
The total comex gold open interest fell by 534 contracts from 417,156 to 416602. The raid
did not commence until the access market, so those figures will be in tomorrow's data. The fall in OI was marginal. The August gold month saw its OI fall by 14 contracts from 99 to 85. We had only 7 notices filed yesterday so we lost 7 contracts or 700 oz of gold standing for delivery. The Sept gold contract saw its OI fall by 132 contracts down to 912. The active delivery month of October saw its OI fall by a tiny 164 contracts from 28,379 to 28,215. The estimated volume at the gold comex today was weak at 105,327 as the bankers could not put much emphasis behind their raiding tactics. The confirmed volume yesterday was also extremely weak at 82,424.
The total silver comex OI continues to play havoc to our bankers. The total OI fell marginally by 650 contracts from 127,108 contracts to 126,458. Silver had a good day yesterday so it is reasonable to assume that we lost a few banker shorts. We are now 3 days away from first day notice this Friday. The September silver OI fell from 26,191 to 21,386 with almost all of our paper players rolling into the big December contract. The estimated volume today was quite good at 72,771. The confirmed volume yesterday was superb at 100,019. It seems that we have some very determined investors wishing to tackle the likes of JPMorgan and company.
Now comes the fun part:
you will recall yesterday I reported that JPMorgan deposited into their customer account the following;
192,900.000 oz which works out to exactly 6,000 kilo bars. To me the entry is suspicious.
It gets better:
JPM also reported, yesterday, a withdrawal from the customer account of the following:
59,848.629 oz
And now today: JPM reported an addition back to the customer account of the following;
59,958.167 oz. What happened with all of those kilo bars which are exactly 32.15 oz?
I think JPMorgan is fooling around with multiple pieces of hypothecated and re-hypothecated paper gold.
TUESDAY, AUGUST 28, 2012
A huge bank run in Spain/Catalonia official asks for a bailout/USA confidence numbers plummet/
Good evening Ladies and Gentlemen:
The raid was on as I promised you yesterday. Gold finished the session at $1665.50 down $5.50 on the day. Silver which is the object of great interest to our bankers closed down 22 cents at $30.82. Also today, options on silver contracts expire today. I guess for the rest of the week we will see continual pounding in silver as the bums try to convince longs not to take delivery on their contracts. The raid on gold stopped in its tracks the moment the USA announced its confidence numbers.
The big news today came from Spain which saw a massive run on their banks as their deposit base dropped a gigantic 5% month over month. Not only are they experiencing massive unemployment but also a huge run on their banks. The total drop in deposits for the year equates to 56% which just about wipes out all equity of every single bank in Spain. Also today, Catalonia officially asks for 5 billion euros but also demanded no conditionality to those demands. Good luck to them. Draghi announced that he would not attend Jackson Hole conference so as to not spoil the fun for Bernanke. USA confidence numbers came out and it was pretty bad. The poor confidence numbers halted the raid on gold/silver in its tracks. We will be going over all of these stories but first....Let us now head over to the comex and assess trading today.
The raid was on as I promised you yesterday. Gold finished the session at $1665.50 down $5.50 on the day. Silver which is the object of great interest to our bankers closed down 22 cents at $30.82. Also today, options on silver contracts expire today. I guess for the rest of the week we will see continual pounding in silver as the bums try to convince longs not to take delivery on their contracts. The raid on gold stopped in its tracks the moment the USA announced its confidence numbers.
The big news today came from Spain which saw a massive run on their banks as their deposit base dropped a gigantic 5% month over month. Not only are they experiencing massive unemployment but also a huge run on their banks. The total drop in deposits for the year equates to 56% which just about wipes out all equity of every single bank in Spain. Also today, Catalonia officially asks for 5 billion euros but also demanded no conditionality to those demands. Good luck to them. Draghi announced that he would not attend Jackson Hole conference so as to not spoil the fun for Bernanke. USA confidence numbers came out and it was pretty bad. The poor confidence numbers halted the raid on gold/silver in its tracks. We will be going over all of these stories but first....Let us now head over to the comex and assess trading today.
The total comex gold open interest fell by 534 contracts from 417,156 to 416602. The raid
did not commence until the access market, so those figures will be in tomorrow's data. The fall in OI was marginal. The August gold month saw its OI fall by 14 contracts from 99 to 85. We had only 7 notices filed yesterday so we lost 7 contracts or 700 oz of gold standing for delivery. The Sept gold contract saw its OI fall by 132 contracts down to 912. The active delivery month of October saw its OI fall by a tiny 164 contracts from 28,379 to 28,215. The estimated volume at the gold comex today was weak at 105,327 as the bankers could not put much emphasis behind their raiding tactics. The confirmed volume yesterday was also extremely weak at 82,424.
The total silver comex OI continues to play havoc to our bankers. The total OI fell marginally by 650 contracts from 127,108 contracts to 126,458. Silver had a good day yesterday so it is reasonable to assume that we lost a few banker shorts. We are now 3 days away from first day notice this Friday. The September silver OI fell from 26,191 to 21,386 with almost all of our paper players rolling into the big December contract. The estimated volume today was quite good at 72,771. The confirmed volume yesterday was superb at 100,019. It seems that we have some very determined investors wishing to tackle the likes of JPMorgan and company.
*****
Strange day at the gold vaults.
We had a tiny deposit of 511.60 oz into Brinks.
We also had a tiny withdrawal by the dealer at Brinks to the tune of 100.14 oz
you will recall yesterday I reported that JPMorgan deposited into their customer account the following;
192,900.000 oz which works out to exactly 6,000 kilo bars. To me the entry is suspicious.
It gets better:
JPM also reported, yesterday, a withdrawal from the customer account of the following:
59,848.629 oz
And now today: JPM reported an addition back to the customer account of the following;
59,958.167 oz. What happened with all of those kilo bars which are exactly 32.15 oz?
I think JPMorgan is fooling around with multiple pieces of hypothecated and re-hypothecated paper gold.
We had an adjustment of 1398.958 oz of gold removed from the dealer at:
you guessed right: JPMorgan, and this gold re enters back to the customer's account.
The registered or dealer inventory rests tonight at 2.752 million oz or 85.5 tonnes of gold.
you guessed right: JPMorgan, and this gold re enters back to the customer's account.
The registered or dealer inventory rests tonight at 2.752 million oz or 85.5 tonnes of gold.
The CME reported that we had 18 notices filed for 1800 oz of gold. The total number of notices filed
so far this month is represented by 9734 contracts or 973,400 oz of gold. To obtain what is left to be filed upon, I take the OI standing for August (85) and subtract out today's notices (18) which leaves us with 67 notices or 6700 oz left to be served upon our longs.
Thus the total number of gold ounces standing in this month of August is as follows:
973400 oz (served) + 6700 oz (to be served upon) = 980,100 oz (30.48 tonnes of gold)
we lost 700 oz of gold standing.
*****
We had quite a day over at the silver vaults.
The dealer at Brinks received the following:
i) Into Brinks dealer: 296,186.72 oz
We had the following customer deposit:
i) Into Brinks; 604,463.87 oz
ii) Into HSBC: 644,110.87 oz
total deposit: 1,248,574.74 oz
somebody must be expecting huge silver delivery notices.
We had the following silver withdrawal:
i) 10,032.000 oz
I always suspect something is fishy when you have exactly 10,032.000 oz
most silver bricks are odd weights.
we had no adjustments.
The dealer inventory rests tonight at 36.453 million oz
The total of all silver inventory rests at 140,505 million oz.
The CME reported that we had a huge 83 notices filed upon our longs. You will recall yesterday that we had exactly 83 notices ready to be filed upon, so it looks like the month of August is complete. We still can have some notices filed in the next few days. If I see that, then we know that bankers need some badly needed silver. The total number of notices filed so far this month total 387 for 1,935,000 oz. We have completed the month of August for the silver contract.
Thus the total number of silver ounces standing in August is as follows:
1,935,000 oz (served) + zero oz to be served upon = 1,935,000 oz
we gained a huge 210,000 of additional silver standing.
Thus the total number of silver ounces standing in August is as follows:
1,935,000 oz (served) + zero oz to be served upon = 1,935,000 oz
we gained a huge 210,000 of additional silver standing.
and.....
http://www.tfmetalsreport.com/blog/4142/keeping-faith
Keeping The Faith
We've had a tremendous rally. We're due to consolidate. Can we extend higher?
It has been a busy morning so I'm sorry for the late start. I'll have to keep this post brief, too. But be confident and happy. We are winning and vindication is right around the corner.
It's Tuesday so you know what to expect. Right now, The Cartels are busily adjusting their public-facing positions in order to "paint" this week's CoT in whichever light they choose. With the likely addition of so many fresh shorts late last week, I was expecting a somewhat "Happy Tuesday" today as The Cartels cover a few of their tracks with buy orders. So far, this is exactly what we've seen.
Yesterday's Globex raid provided them a lower platform from which to launch today's buying program. Gold traded as low as $1659 overnight but I have a last of $1673. The Cartel will be careful not to cover too many more here as they risk tripping buy-stops above 1680. Therefore, I suspect that the current range will hold today. The Globex will likely see active Cartel selling again today as shorts are put back on post-survey. Let's hope the bottom of the range holds again. It likely will and we'll probably stay within this 1660-1680 range until The Bernank speaks on Friday. Only a fool would expect a repeat performance of JacksonHole2010 where The Bernank signaled the QE2 program which was to begin in November. He's held off everything all year, why would he change now? It would be logical to then expect a Cartel-inspired selloff post-JacksonHole. How deep and for how long are the two questions. But, who cares? Just btfd.
Silver seems a little tired after a 10% rally in eight days and some follow-on buying yesterday. However, support between 30.25 and 30.75 held overnight and I still think that 31.50-32.00 looks like a more logical staging zone for EE resistance. But you know what...it doesn't matter. Just keep buying it. Please don't use margin or anything with a tight time limit that might force you to take losses based upon shenanigans. Just keep buying the dips and taking delivery. If attempting to trade , do not over-extend yourself and be sure you allow for plenty of time. Historic shifts in market dynamics can sometimes take slightly longer to play out than anticipated and you do not want to be caught without your oars in the water.
No comments:
Post a Comment