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The total gold comex open interest rose sharply today to the tune of 13,512 as the bankers supplied the necessary short paper. The front September gold month saw its OI fall from 741 contracts to 152 for a loss of 589 contracts. We had 590 delivery notices filed on Friday so we lost just one contract or 100 oz
of gold standing. The next active delivery month for gold is October and here the OI fell by 1806 contracts from 30,679 to 28,873. October is a very poor delivery month so do not expect much once first day notice appears in gold. I will be reporting however on the big December contract which is always the biggest delivery of the year for both gold and silver. In December the OI rose smartly by 14,316 contracts from 279,372 to 293,688. This will be of concern to our bankers. The estimated volume at the gold comex today came in at a very respectable 170,519. The confirmed volume on Friday was excellent for a change at 214,388.
The total silver comex OI rose by 623 contracts from 116,923 to 117,546. The bankers were loathe to supply the paper in silver. The front active month of September saw its OI fall from 2575 to 2103 contracts for a fall of 472 contracts. We had only 292 delivery notices filed on Friday so we lost 180 contracts or 900,000 oz to cash settlements courtesy of Blythe Masters of JPM. The October silver month saw its OI rise by 9 contracts to 183. The big December contract saw its OI rise by a rather large 1133 contracts from 76,146 to 77,279. This month will also be watched carefully by our bankers. The estimated volume at the silver comex today came in at 55,512 compared to the confirmed volume on Friday of 62,087. Both volumes were quite good.
Thus the total number of gold ounces standing in this non active month of September is as follows;
65,000 oz (served) + 9200 oz (to be served upon) = 74,200 oz or 2.30 tonnes of gold.
we lost 100 oz of gold standing today.
end
Thus the total number of silver ounces standing in this active delivery month is as follows:
1,605,000 oz (served) + 10,370,000 (oz left to be served upon) = 11,975,000.
we lost 180 contracts or 900,000 oz to cash settlements. I doubt if any would have rolled as silver was rising quite nicely these past several days.
end
TUESDAY, SEPTEMBER 4, 2012
Another huge run on Spanish banks/Sovereign Spain left with only 23 billion in the kitty/The wars of words between Draghi and the Bundesbank continue/
Good evening Ladies and Gentlemen:
Gold closed at par today at $1693.00 which also includes the gain of 3 dollars from Monday. Silver again had a stellar two days by rising 36 cents today and 10 cents in European trading on Monday. The big story for the past few days have come from Spain. They have released data showing that in July over 74 billion euros left the banking system for greener pastures like Switzerland, Germany or gold. Over 50% of Spain's GDP have left the banking system as only 1.5 trillion remain. Sovereign Spain also announced that it has only 23 billion euros left in the kitty as it had to fork over 4.5 billion euros to cash strapped Bankia.
In the next two months, Spain will need at least 40 billion euros to fund the retirement of previous debt.
Also during the weekend, Andalusia has asked for a bailout loan of 1 billion euros. In another alarming report, we learned that the Spanish banks are now selling the sovereign bonds they acquired through the LTRO as they must balance with cash that which have left the banking system. Thus the selling of these bonds. It will get interesting in 3 years when they must reswap things. We will go over all of these stories but first....Let us now head over to the comex and assess trading today.
Gold closed at par today at $1693.00 which also includes the gain of 3 dollars from Monday. Silver again had a stellar two days by rising 36 cents today and 10 cents in European trading on Monday. The big story for the past few days have come from Spain. They have released data showing that in July over 74 billion euros left the banking system for greener pastures like Switzerland, Germany or gold. Over 50% of Spain's GDP have left the banking system as only 1.5 trillion remain. Sovereign Spain also announced that it has only 23 billion euros left in the kitty as it had to fork over 4.5 billion euros to cash strapped Bankia.
In the next two months, Spain will need at least 40 billion euros to fund the retirement of previous debt.
Also during the weekend, Andalusia has asked for a bailout loan of 1 billion euros. In another alarming report, we learned that the Spanish banks are now selling the sovereign bonds they acquired through the LTRO as they must balance with cash that which have left the banking system. Thus the selling of these bonds. It will get interesting in 3 years when they must reswap things. We will go over all of these stories but first....Let us now head over to the comex and assess trading today.
The total gold comex open interest rose sharply today to the tune of 13,512 as the bankers supplied the necessary short paper. The front September gold month saw its OI fall from 741 contracts to 152 for a loss of 589 contracts. We had 590 delivery notices filed on Friday so we lost just one contract or 100 oz
of gold standing. The next active delivery month for gold is October and here the OI fell by 1806 contracts from 30,679 to 28,873. October is a very poor delivery month so do not expect much once first day notice appears in gold. I will be reporting however on the big December contract which is always the biggest delivery of the year for both gold and silver. In December the OI rose smartly by 14,316 contracts from 279,372 to 293,688. This will be of concern to our bankers. The estimated volume at the gold comex today came in at a very respectable 170,519. The confirmed volume on Friday was excellent for a change at 214,388.
The total silver comex OI rose by 623 contracts from 116,923 to 117,546. The bankers were loathe to supply the paper in silver. The front active month of September saw its OI fall from 2575 to 2103 contracts for a fall of 472 contracts. We had only 292 delivery notices filed on Friday so we lost 180 contracts or 900,000 oz to cash settlements courtesy of Blythe Masters of JPM. The October silver month saw its OI rise by 9 contracts to 183. The big December contract saw its OI rise by a rather large 1133 contracts from 76,146 to 77,279. This month will also be watched carefully by our bankers. The estimated volume at the silver comex today came in at 55,512 compared to the confirmed volume on Friday of 62,087. Both volumes were quite good.
******
I think that the CME boys are fooling around again.
Our famous 59,999 oz of gold is circling the globe. It again landed as another withdrawal of 59,867.48 from the dealer at Scotia. We had no customer deposit in gold.
We had the following gold deposit at the customer level:
i) 1,499.86 oz (Brinks)
ii) 20,431.oz (HSBC)
total deposit: 21,931.303.0z
we had the following adjustment:
i) 1499.86 oz of gold leave the customer at Brinks and enter the dealer at Brinks
ii) 6,516.589 oz of gold leave the dealer at HSBC and enter the customer at HSBC
iii) 369.848 oz of gold leave the customer at JPM and enter the dealer at JPM
iv) 200.92 oz of gold leave the customer at Scotia and enter the dealer at Scotia.
The total gold inventory for the dealer rests tonight at 2.646 million oz or 82.3 tonnes of gold.The CME notified us that we had 60 notices filed today for 6,000 oz of gold. The total number of notices filed so far this month total 650 for 65,000 oz. To obtain what is left to be filed upon, I take the OI standing for September (152) and subtract out today's notices (60) which leaves us with 92 notices or 9200 oz left to be served upon our longs.
Our famous 59,999 oz of gold is circling the globe. It again landed as another withdrawal of 59,867.48 from the dealer at Scotia. We had no customer deposit in gold.
We had the following gold deposit at the customer level:
i) 1,499.86 oz (Brinks)
ii) 20,431.oz (HSBC)
total deposit: 21,931.303.0z
we had the following adjustment:
i) 1499.86 oz of gold leave the customer at Brinks and enter the dealer at Brinks
ii) 6,516.589 oz of gold leave the dealer at HSBC and enter the customer at HSBC
iii) 369.848 oz of gold leave the customer at JPM and enter the dealer at JPM
iv) 200.92 oz of gold leave the customer at Scotia and enter the dealer at Scotia.
The total gold inventory for the dealer rests tonight at 2.646 million oz or 82.3 tonnes of gold.The CME notified us that we had 60 notices filed today for 6,000 oz of gold. The total number of notices filed so far this month total 650 for 65,000 oz. To obtain what is left to be filed upon, I take the OI standing for September (152) and subtract out today's notices (60) which leaves us with 92 notices or 9200 oz left to be served upon our longs.
Thus the total number of gold ounces standing in this non active month of September is as follows;
65,000 oz (served) + 9200 oz (to be served upon) = 74,200 oz or 2.30 tonnes of gold.
we lost 100 oz of gold standing today.
end
We again had considerable activity inside the silver vaults today.
We had the following deposit at the customer level:
i) 631,389.00 oz (CNT vault)
ii) 997.70 oz (Delaware)
iii) 615,997.1 (JPMorgan
total 1,248,363.80 oz
We had the following withdrawal at the customer level:
i) 218,529.98 oz from Brinks
ii) 20,788.80 oz form Scotia
total withdrawal: 239,318.78 oz
we had no adjustments.
The total dealer or registered silver rests tonight at 39.358 million oz
The total of all silver rests at 141.959 million oz.
The CME reported that we only had 29 delivery notices filed in silver today. Strange for an active delivery month. For two straight days we had had minor delivery notices in silver which seems to highlight some physical shortage everywhere. The total number of silver ounces filed today is thus 29 notices x 5000 per contract or 145,000 oz. The total number of silver notices filed so far this month total 321 or 1,605,000 ozTo obtain what is left to be served upon, I take the OI standing for September ( 2103) and subtract out today's notices (29) which leaves us with 2074 notices or 10,370,000 oz left to be filed upon.
We had the following deposit at the customer level:
i) 631,389.00 oz (CNT vault)
ii) 997.70 oz (Delaware)
iii) 615,997.1 (JPMorgan
total 1,248,363.80 oz
We had the following withdrawal at the customer level:
i) 218,529.98 oz from Brinks
ii) 20,788.80 oz form Scotia
total withdrawal: 239,318.78 oz
we had no adjustments.
The total dealer or registered silver rests tonight at 39.358 million oz
The total of all silver rests at 141.959 million oz.
The CME reported that we only had 29 delivery notices filed in silver today. Strange for an active delivery month. For two straight days we had had minor delivery notices in silver which seems to highlight some physical shortage everywhere. The total number of silver ounces filed today is thus 29 notices x 5000 per contract or 145,000 oz. The total number of silver notices filed so far this month total 321 or 1,605,000 ozTo obtain what is left to be served upon, I take the OI standing for September ( 2103) and subtract out today's notices (29) which leaves us with 2074 notices or 10,370,000 oz left to be filed upon.
Thus the total number of silver ounces standing in this active delivery month is as follows:
1,605,000 oz (served) + 10,370,000 (oz left to be served upon) = 11,975,000.
we lost 180 contracts or 900,000 oz to cash settlements. I doubt if any would have rolled as silver was rising quite nicely these past several days.
end
****
Courtesy, KingworldNews/Dan Norcini/Von Greyerz)
Von Greyerz on Bernanke, Norcini on gold and silver futures at King World News
Submitted by cpowell on Sun, 2012-09-02 20:38. Section: Daily Dispatches
4:35p ET Sunday, September 2, 2012
Dear Friend of GATA and Gold:
Interviewed by King World News, gold fund manager Egon von Greyerz of Matterhorn Asset Management analyzes Federal Reserve Chairman Ben Bernanke's latest ambiguous remarks and concludes that more "quantitative easing" is indeed coming, but not when everyone expects. Also interviewed at King World News, futures market analyst Dan Norcini says speculative money last week entered the gold and silver markets in a big way, which is how those markets climb. Excerpts from the interviews are posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
end
Ted Butler and Mineweb discuss why silver will rise greater than gold. Because silver is consumed and gold hoarded, the amount of above ground silver is less than gold.
You have find this article extremely interesting:
(courtesy Mineweb/Ted Butler/GATA/Chris Powell/)
Ted Butler and Mineweb discuss why silver will rise greater than gold. Because silver is consumed and gold hoarded, the amount of above ground silver is less than gold.
You have find this article extremely interesting:
(courtesy Mineweb/Ted Butler/GATA/Chris Powell/)
Butler tells MineWeb why he sees silver's potential greater than gold's
Submitted by cpowell on Mon, 2012-09-03 15:45. Section: Daily Dispatches
11:41a ET Monday, September 3, 2012
Dear Friend of GATA and Gold (and Silver):
MineWeb's Lawrence Williams today interviews silver market analyst and market manipulation exposer Ted Butler, who explains why he thinks the white metal's prospects are even better than the yellow metal's. "It is rarer than gold in investment quantities," Butler says, "yet priced as if it were more than 50 times as plentiful." The interview is headlined "Silver Gives You More -- At Least Potentially" and it's posted at MineWeb here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
James Turk talks about the breakout in the gold and silver price and its importance in the destruction of fiat money amid sovereign debt and bank insolvency problems.
(courtesy James Turk/GATA)
(courtesy James Turk/GATA)
GoldMoney's Turk on the historic breakout in gold and silver
Submitted by cpowell on Mon, 2012-09-03 19:18. Section: Daily Dispatches
The Journal's Real Time Economics blog noted that St. Louis Fed President Bullard (not a current FOMC voter) said in an interview with Dow Jones last Friday that he is becoming more sympathetic to the idea that additional monetary stimulus could take the form of negative interest rates on excess reserves.
Bullard noted that negative rates "would definitely change the calculus for banks". He added that while support for this option has waxed and waned inside the Fed, now that other countries have tried this option, the Fed "could do that as well".
The minutes from the July 31-August 1 FOMC meeting contained some discussion about an IOER rate cut. They noted that "Some participants commented on other possible tools for adding policy accommodation, including a reduction in the interest rate paid on required and excess reserve balances. While a couple of participants favored such a reduction, several others raised concerns about possible adverse effects on money markets. It was noted that the ECB’s recent cut in its deposit rate to zero provided an opportunity to learn more about the possible consequences for market functioning of such a move." * * * * *
3:15p ET Monday, September 3, 2012
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk today tells King World News that the breakout of gold and silver is under way and is just as important for signifying the impending destruction of fiat money amid sovereign debt and bank insolvency problems. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
*****
15:02 St. Louis Fed President Bullard more sympathetic to negative interest rate on excess reserves as a policy option - WSJ
The Journal's Real Time Economics blog noted that St. Louis Fed President Bullard (not a current FOMC voter) said in an interview with Dow Jones last Friday that he is becoming more sympathetic to the idea that additional monetary stimulus could take the form of negative interest rates on excess reserves.
Bullard noted that negative rates "would definitely change the calculus for banks". He added that while support for this option has waxed and waned inside the Fed, now that other countries have tried this option, the Fed "could do that as well".
The minutes from the July 31-August 1 FOMC meeting contained some discussion about an IOER rate cut. They noted that "Some participants commented on other possible tools for adding policy accommodation, including a reduction in the interest rate paid on required and excess reserve balances. While a couple of participants favored such a reduction, several others raised concerns about possible adverse effects on money markets. It was noted that the ECB’s recent cut in its deposit rate to zero provided an opportunity to learn more about the possible consequences for market functioning of such a move." * * * * *
*****
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