Turd Ferguson and Harvey's blogspot pieces - news of the day and data pertaining to silver and gold..... one item to file away , especially after three strong days in a row for gold and silver is the fact that neither saw a Cartel takedown attempt after the Fed Minutes were released at 2 pm..... IS JP Morgan really in deep shit right about now ? Have other banks turned on the big silver short ? BTW , if China did lose 80 tons of gold , who " found " it ?

http://headlines.ransquawk.com/headlines/according-to-the-goldman-sachs-chief-economist-hatzius-the-fed-will-not-implement-qe3-until-late-2012-13-23-08-2012

( While recent trend is the friend of the gold and silver trader , beware a looming Jackson hole disappointment from Bernanke next week. )

(Economic commentary)

According to the Goldman Sachs chief economist Hatzius the Fed will not implement QE3 until late 2012/13

says:

- US economy continues to strengthen.

PrintSource: CNBC

and....

http://usa.chinadaily.com.cn/business/2012-08/23/content_15699375.htm

China dismisses reports of lost gold reserves

Updated: 2012-08-23 02:54

(Xinhua)

Print Mail Large Medium  Small 2

BEIJING  -- The central bank said Wednesday that reports of authorities investigating the loss of 80 tonnes of gold reserves from the national treasury are untrue and "pure rumor."

The remarks came in response to a report carried by a Hong Kong-based magazine stating that the Ministry of Finance, the central bank, the Ministry of Supervision and the National Audit Office had jointly set up special groups to investigate the whereabouts of 80 tonnes of gold reserves that had gone missing from the national treasury.

"The report was made out of thin air. The central bank denounces such practices," said an anonymous official from the bank, adding the bank reserves the right to hold those who spread rumors legally responsible.

http://www.tfmetalsreport.com/blog/4119/feeling-good-louis

Feeling Good, Louis!

Wednesday, August 22, 2012 at 4:19 pm

OK, now that we've got that FOMC nonsense out of the way, the rallies can continue. How much farther and how fast? Those are the questions.

In case you missed it, the FOMC minutes were QE-bullish. Essentially, The Fed stands ready for more "accommodation" if the economy fails to improve "substantially". You and I know that this is all bullshit, anyway, as The Fed is nearly out of ammo for additional Operation Twist measures and rates must be kept low permanently in order to sustain/protect The Great Ponzi. Again, review this if necessary: http://www.tfmetalsreport.com/blog/4112/murmurs-10-year-note. However, nearly everyone should review that post because the CoT comments contained therein are also important for this current thread.

Anyway, from RanSquawk at ZH, here are three of the main headlines:

• FOMC says many FOMC members supported extending the Fed late 2014 interest rate guidance, but agreed to defer decision to September meeting

• • FOMC says many FOMC members favored easing soon if no sustained growth pickup

  • FOMC says many FOMC participants saw new QE as bolstering US recovery

  As you can see, these headlines speak for themselves. More QE is on the way, it's simply a matter of time. The only exception would be renewed, vigorous "growth". Does anyone rally see thathappening anytime soon??
  So where do we go from here? After bottoming in May and June, the metals are currently completing a 100-day consolidation and base. From here, we will rally back to the old all-time highs and beyond. Not that there won't be speedbumps and corrections along the way, there will be. However, prices are now headed higher.
  Particularly silver. As mentioned in my CoT comments last week, it appears that the smaller "hyenas" are preparing to battle The Big Dog for silver supremacy. The hyenas correctly sense weakness and smell blood. The fat and lazy Big Dog continues on with business as usual, not knowing yet that it has been mortally wounded. As hyena confidence grows, they will up the pressure by forcing price higher and higher.
  So here are your updated charts. At 1654, gold has clearly broken through the top end of its range and now looks to head toward its next battle, near 1675.

  
  Silver is still battling to crawl above $30 but it is getting very close. With the FOMC behind us, I expect the hyenas to rage forward tomorrow and press their advantage. This should take silver to and through $30 and serve to draw in some momentum-chasing spec money to aid in the fight.

  
  And here are two, additional charts for perspective:

  

  I've mentioned how interesting last week's CoT was, well this week's should be a doozy, too. For the reporting week, gold rose every day, for a total of just over $40, and, prior to yesterday, total OI was down for the week. Again, prior to yesterday. I emphasize this because yesterday, while gold rose $20, total OI shot up by 12,000 contracts (over 3%!). This makes gold CoT data interesting because, clearly, some HOT money returned to gold yesterday in anticipation of today's breakout. But just who are these buyers? Cartel banks or specs? We'll get some answers on Friday.
  The silver CoT will be even more interesting. After the big runup in the "hyena" long position last week, I've been looking forward all week to Friday's report. But now, consider this: For the reporting week, silver was UP $1.68 (6%!) but total OI fell by 1200 contracts. Clearly, to get a 6% move on declining OI, you've got quite a bit of short-covering going on. But, by whom? The SpecShortSheep? The Big Dog? Both? And how many contracts did the hyenas add at the same time? The CoT will shed some light on these questions and I can't wait to see it on Friday.
  *****
  
  
  http://harveyorgan.blogspot.com/2012/08/beige-book-release-seems-to-indicate.html
  
  
  Good evening Ladies and Gentlemen:
  
  Gold closed slightly down to the tune of $2.50 to $1637.40.  Silver on the other hand refused to listen to gold and advanced another 13 cents to $29.55. However after the comex close, the Fed released it's beige book and the feeling is that the Fed will have to engage in official QEIII before long.  Gold and silver shot up big time as did the Euro.
  
  Here are the closing access gold and silver closings:
  
  gold; $1654.10 (up now a full $15.50)
  silver: $29.91 (up 58 cents from yesterday's close)
  
  Late last night, Japan released her trade figures and it was awful as this nation saw a rare trade deficit.
  Japan's trade with the EU crumbled 25% year over and year and that set the mood for European trading.
  All bourses in Europe proceeded to head southbound.  The Spanish Ibex finished the day down a huge 2.7%.  We will be going over these and many other stories but first.....
  
  
  Let us head over to the comex and see how trading at the comex fared today as well as movements of silver and gold.
  
  The total comex gold OI rose by 12,339 contracts from 386,408 to 398,747 as gold rose big time yesterday.  The August delivery month saw it's OI fall by 24 contracts from 237 to 213.  We had 40 notices filed yesterday so we actually gained 16 contracts or an additional 1600 oz of gold will stand this month. The September gold month saw its OI fall by 73 contracts to 1267.  The next official delivery month is October and here the OI fell by 977 contracts from 30,275 to 29,298.  It seems that many more rolled from the October month  into December which has a much higher liquidity.  The estimated volume today at the gold comex came it at a very light 95,726.  The confirmed volume yesterday was extremely weak at 82,597.The total silver comex OI fell another tiny 600 contracts from 128,376 to 127,776. No doubt we had some very nervous bankers covering their shortfall in silver yesterday and today.  The August silver month saw it's OI rise by 15 contracts despite zero deliveries yesterday.  So in essence we gained another 15 contracts or 75,000 oz of additional silver is standing for metal.  The next official delivery month is September which is a little over 1 week away.  Here the OI fell marginally from 36,503 to 34,930.  The OI level is quite high for only 1 week so we will just have to see how many will stand in September.  Judging from the gold deliveries, the September standing for delivery should be quite good in a generally  lacklustre month.  The estimated volume today was quite good at 42,503.  The confirmed volume yesterday was even better at 48,746
  
  
  ****
  
  
  Again the gold vaults were very quiet today except for a wild adjustment which I will outline below.
  
  We had no dealer deposit and no dealer withdrawal.
  
  The only transaction was a tiny 64.3 oz of gold withdrawn from the customer at Manfra.
  However, we had a dandy adjustment from our great friends over at JPMorgan who adjusted out
  200,121,393 oz from dealer or registered gold into customer or eligible gold. This no doubt paid off a prior liability.
  
  The registered or dealer gold rests tonight at 85.66 tonnes or gold or 2.754 million oz.
  
  
  The CME reported that we had 75 notices filed for a total of 7500 oz of gold.  The total number of notices filed for the month of August totals 9652 for 965,200 oz of gold. To obtain what is left to be served upon, I take the OI standing for August (213) and subtract out today's delivery notices (75) which leaves us with 138 notices or 13800 oz left to be served upon our longs.
  
  Thus the total number of gold ounces standing in this official delivery month of August is as follows;
  
  965,200 oz (served)  + 13,800 oz (to be served upon)  =  979,000 oz or 30.45 tonnes of gold.we gained 1600 oz of gold yesterday.
  we gained 1600 oz of gold yesterday.

*****

We saw a fair amount of action in the silver vaults today.

We had no dealer activity whatsoever.  It was all on the customer or eligible side of things.

The customer received the following deposits:

i) Into Brinks;  300,166.93 oz
ii) Into Delaware:  4927.904 oz
iii) Into HSBC:  402,668.68 oz

total deposit:  707,763.514 oz

we had the following withdrawal:

1.    30,157.30 oz out of Scotia.
we also had a tiny adjustment of 1,014.91 oz added into Delaware as a counting error.

The total registered or dealer inventory of silver rests tonight at 35.479 million oz
The total of all silver rests at 140.076 million oz.


The CME notified us that we had 1 contract filed for 5,000 oz of silver.  The total number of notices filed so far this month register 185 for 925,000 oz.  To obtain what is left to be served upon, I take the OI standing for August (81) and subtract out today's notices (1) which leaves us with 80 contracts or 400,000 oz left to be served upon our longs.Thus the total number of silver ounces standing in this month of August is as follows;

925,000 oz (served)  +  400,000 oz (to be served upon)  =  1,325,000 oz
we gained another 75,000 oz of additional silver

****

BILL MURPHY- ‘JP MORGAN IS FINISHED! JPM SILVER SCANDAL WILL RIVAL LIBOR!’

AUGUST 22, 2012 BY THE DOC 7 COMMENTS

AltInvestors has released an EXPLOSIVE interview with GATA’s Bill Murphy.  Murphy has previously stated several of his best sources have advised him gold and silver will make massive bull moves in August, and will soon set new all-time highs.

Murphy went a step further today stating that ‘JP Morgan and their silver short positions is going to be a scandal rivaling the LIBOR manipulation scandal- it’s so focused, LIBOR involves so many companies, this is JP MORGAN!
They’re in BIG TROUBLE, and when silver takes out $30 it’s probably going to go to $40 or $50 and it could do it fairly quickly‘.

Murphy went on to say ‘the Gold Cartel and JP Morgan are starting to lose control of their manipulation of these low prices.  Morgan’s position is going to be exposed, they don’t have the metal to keep the prices down here!‘

Muphy continued: ‘This thing is gonna blow up.  Whether it’s a Madoff or an Enron, you never know when the thing’s gonna blow.  I stated previously that in August the launch would start.  The launch has started.
There is going to be a JP Morgan silver scandal to rival LIBOR.  They’ve been caught.  There are whistle-blowers that are going to do a Madoff on them.  This thing is going to explode, it’s going to be sensational, and MEGA!‘

Full interview below:

****

The following alert came to us through Max Keiser and Ned Naylor Leyland.  The big news was that two big orders of silver (5 to 10 million oz each) of which the LBMA is refusing to deliver unless it stays in the LBMA system.
It seems to me like London is now out of silver.  Maybe shareholders of SLV should be a little scared with this revelation.  Our naysayers should think what the crooks did to the customer accounts at MFGlobal and PFG Best.

(courtesy Max Keiser/Ned Naylor Leyland (from London England/www.harveyorgan.blogspot.com) 


To all:

you must watch Ned on the Max Keiser show:

NED NAYLOR-LEYLAND: GOLD & SILVER PARMANENT BACKWARDATION OMEN OF TOTAL MELTDOWN

AUGUST 21, 2012 BY THE DOC 10 COMMENTS 

Our friend Ned Naylor-Leyland of Cheviot Asset Management (who advised SD readers in June of the imminent launch of an ALLOCATED physical silver exchange in Asia) was on the Keiser Report today discussing unallocated versus allocated gold and silver bullion, and how permanent backwardation could be an omen of a total meltdown in the precious metals market.
Naylor-Leyland discusses MASSIVE physical strains in the silver market, as evidenced by 2 large silver purchases in London (5-10 million oz range) which the LBMA is REFUSING TO DELIVER OUTSIDE OF THE LBMA SYSTEM!

!

****

Egon von Greyerz: Gold and silver off to the races

Submitted by cpowell on Wed, 2012-08-22 19:22. Section: Daily Dispatches

3:15p ET Wednesday, August 22, 2012

Dear Friend of GATA and Gold:

Egon von Greyerz of Matterhorn Asset Management in Switzerland today celebrates the breakout of gold and silver prices and predicts that current prices will soon be left in the dust. Von Greyerz cautions again that investors must buy real metal, not paper promises, and store it outside the banking system. His commentary is headlined "Gold and Silver Off to the Races" and it's posted at Matterhorn's Internet site, GoldSwitzerland, here:

http://goldswitzerland.com/gold-silver-off-to-the-races/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

end
With the temporary closure of the big Hecla mine (Lucky Friday), silver production in the USA dropped considerably in May by 14%.  Also please note the last sentence which shows the USA importing silver from various countries including Canada  Peru, Mexico and Chile.  The USA produces 40 million oz of silver per year which is all used in the minting of silver coins.  In 5 months the USA imported 77 million oz.  It looks like they are on tap to import a huge 185 million oz of silver or approximately 26% of annual global silver production ex China.  Where are our naysayers on silver demand?  Am I missing something?
(courtesy Mineweb)

U.S. silver output plunges between January and May-U.S.G.S.

The temporary closure of Hecla's Lucky Friday Mine, complicated by ground support rehabilitation work at the company's Greens Creek Mine, negatively impacted U.S. silver production earlier this year.

RELATED STORIES

Author: Dorothy Kosich
Posted: Wednesday , 22 Aug 2012 

RENO (MINEWEB) - 

UPDATED: The U.S. GeologicalSurvey reported Tuesday that U.S. silver production dropped 14% in May.

U.S. mines produced 84,900 kilograms of silver (2,729,600 troy ounces) in May 2012, a 14% drop from the 99,300 kg (3,192,570 ounces) of silver output reported during May 2011. The average daily production rate in May of this year was 2,740 kg (88,903 oz.).

The average Handy and Harman silver price for May was $29.79 per ounce, a 22% drop from the previous year. The average London spot price for May was $28.67 per ounce.

Coeur d'Alene Mines produced 151 metric tons in the first quarter of 2012, up 19% from the same period a year. Hecla Mining's first quarter silver production of 41 tonnes plunged 46% from the first quarter of last year. U.S. Silver Corp. produced 17 tonnes of silver during the same period, an 11% increase compared with the 15 tonnes of silver mined in the first quarter of 2011.

Domestic silver production for the period from January to May of this year totaled 411,000 kg (13,214,000 oz.).

U.S. Geological Survey figures show the United States imported 2.4 million kg (77,161,800 oz.) of silver with a value of $2.58 billion from January to May of this year. The U.S. imported silver bullion, silver dore, silver ores and concentrates, and silver ash and residues from Argentina, Belgium, Canada, Chile, Columbia, the Dominican Republic, Ecuador, Italy, Jamaica, Mexico, Morocco, Nicaragua, Panama and Peru.