http://www.tfmetalsreport.com/blog/4190/week-was
and.....
http://www.caseyresearch.com/gsd/edition/indian-gold-demand-jumps-jewellers-buy-record-price
Ed's data on gold and silver.....
The CME's Daily Delivery Report showed that only 5 gold contracts were posted for delivery within the Comex-approved depositories on Tuesday. Nothing to see here.
The GLD ETF took in more gold yesterday, as an authorized participant deposited 290,865 troy ounces of the stuff...and it came as no surprise to me that there was no silver deposited in SLV. It boggles the mind as to how much silver must be owed to this particular ETF.
The U.S. Mint had a decent sales report yesterday. They sold 9,500 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and 100,000 silver eagles. Month-to-date the mint has sold 29,500 ounces of gold eagles...4,000 one-ounce 24K gold buffaloes...and 1,139,000 silver eagles. Based on this sales data, silver is outselling gold by a factor of 34 to 1...and I sure do hope that you're getting your share, dear reader.
The Comex-approved depositories reported receiving 617,909 troy ounces of silver on Thursday...and shipped a smallish 34,493 ounces of the stuff out the door. The link to that activity is here.
Yesterday's Commitment of Traders Report, for positions held at the 1:30 p.m. close of Comex trading in New York on Tuesday afternoon, was not happy reading this week, either.
In silver, the Commercial net short position increased by another 2,352 contracts, or 11.8 million ounces. The Commercial net short position now stands at 236.4 million ounces of silver. Ted Butler informed me that the '5 through 8' traders went short an additional 700 contracts, the raptors sold another 200 long contracts at a profit...and the 'Big 4' went short an additional 1,400 contracts...of which, Ted says, about 1,000 were JPMorgan. According to Ted, that puts JPM short about 27,000 Comex silver contracts...or 135 million ounces. A back-of-the-envelope calculation shows that JPMorgan is short [on a net basis] a bit over 27% of the entire Comex futures market in silver all by itself.
As of the cut-off on Tuesday, the 'Big 4' are short 217.9 million ounces...and don't forget that approximately 135 million of that is held by JPM. The '5 through 8' traders are short an additional 44.2 million ounces. In total, the 'Big 8' are short 262.1 million ounces of paper silver.
and...
http://harveyorgan.blogspot.com/2012/09/more-bank-runs-in-spainspanish-housing.html
Good morning Ladies and Gentlemen:
Gold closed up 70 cents to $1769.80. Silver was under pressure all day falling by 12 cents to $34.60.
The banking cartel did not want silver to break into the 35 dollar barrier. The real story is the announcement by Bernanke yesterday of quantitative easing to infinity where the Fed will purchase 40 billion mortgage backed securities plus continue on with operation twist such that 85 billion is purchased per month. He expects that the Fed balance sheet will reach 4 billion usa dollars by 2013 and Bank of America believes it will expand again to 5 trillion usa dollars by 2014. In the USA industrial production fell badly. Consumer prices soared and yet retail sales were flat as the consumer is still lethargic on buying.
Over in Spain, we witnessed more euros leave the Spanish banking system. This is nothing but a bank run.
Housing has contracted again by a further 14.4%. We will go over all of these stories but first.....
Let us now head over to the comex and assess trading on Friday.
The total comex gold open interest continues to ramp higher with our crooked bankers supplying the necessary short paper being cheered on by the regulators who forgot about their duty to the public. The total gold open interest rose by another 5594 contracts rising from 464,281 to 469,875. The rise in OI over these past few weeks have been relentless. The front September (non active) gold month saw it's OI rise by 9 contracts from 48 to 57. We had zero notices filed on Thursday so we actually gained another 9 contracts or 900 additional ounces are standing. The next active delivery month is October and here the OI fell by 1678 contracts as the paper players rolled into December. The weekend level of Oct OI rests at 23,509 which is very small. All eyes are really focused on the big December contract and this month has the makings of a huge Battle Royale. This may be the bankers Waterloo. The December OI rose another 4,957 contracts from 316,831 to rest this weekend at 321,798. The estimated volume at the gold comex on Friday, was extremely good coming in at 197,194. Get a load of the confirmed volume on Thursday, the day QE into infinity was announced: 283,644. Any regulators reading this?The total silver comex OI over the past 6 months behaved differently than gold. However yesterday, the total OI did rise by a huge 3680 contracts from 119,722 up to 123,402 complementing gold's OI rise. The active September contract saw it's OI fall by 73 contracts from 412 to 339. We had only 18 delivery notices on Thursday so we lost another 55 contracts. With silver rising by over 1.50 dollars since Thursday, the chance that these guys rolled without compensation is nil. The non active October silver contract saw its OI fall by 27 contracts to 223. All eyes however will be on the December silver contract and here the OI rose by 2402 contracts from 77,994 to 80,396.
December is the only month of the year that both gold and silver are active in the delivery process.
The Week That Was
I tried to warn you that this week was going to be wild. I expected the pressure and intensity to ramp up with each successive day and it most certainly did. By Friday, everyone was ready for the weekend. That's fine but, come Monday, you'd better be ready.
What a fantastic week we had. Made even more special by the fact that we were set up for a disaster. Recall that I had been warning you for about 10 days that a Cartel Raid seemed on the horizon. They looked like they were once again setting everyone up for a massive beatdown. By the looks of the CoT yesterday, I was exactly right.
The situation, as it turned out, was eerily similar. Let's take a look:
December 2011: The price of gold bottomed late in December 2011 at $1525. The CoT also "bottomed" at a total gross Cartel short position of 325,960 and a net short ratio (gross shorts divided by gross longs) of 1.98:1. The price of silver bottomed at $26.40. The silver CoT bottomed with 55,356 gross shorts and a net short ratio of 1.34:1.
Jan-Feb 2012: The metals then took off on a two month rally, peaking on Tuesday, February 28. Gold reached $1790 (+17%) and silver made it to $37.50 (+34%). The CoT taken that afternoon showed a complete reversal from December. Now the total gross short position in gold was 390,412 with a net short ratio of 2.69:1. The total gross short position in silver had reached 78,395 and a net short ratio of 2.32:1.
And what happened the next day, 2/29/12? Using The Bernank's Capitol Hill testimony as cover, the bid side of the metals was overwhelmed by Cartel manipulation and a 3-month, short-covering beatdown ensued. http://www.tfmetalsreport.com/blog/3465/csi-comex-gold-and-silver-massacre
Gold bottomed again almost exactly three months later on Wednesday, May 30, 2012 at $1537. Two days later, the employment report for May was released and QE has been on everyone's lips since. On Tuesday, May 29, the CoT once again looked like this:
May 2012: On 5/29/12, the total gross short position of The Gold Cartel stood at 300,917 and the net short ratio had fallen all the way to 1.77:1. In silver, the gross short position was back to 60,151 and the net short ratio had fallen back to 1.31:1.
It had all been a set-up. From the lows in December, spec money flowed into the metals and The Cartels welcomed every dollar. At the peak, The Bernank was rolled out in front of the cameras to put off QE and The Cartels attacked. Over the next 90 days, they covered all of their fresh shorts and then waited all summer to play the game again.
August-September 2011: The final bottom for gold occurred on June 28 at $1552 and silver reached $26.21. The CoT on June 26 was once again at a "bottom", too. On Tuesday, July 10, the total gross short position of The Gold Cartel was 316,165 and the net short ratio was 1.93:1. The total gross silver short position was 62,478 and the ratio was 1.29:1.
As of this past Tuesday, September 11, look how things had changed again. Prices had risen considerably. Gold closed on Tuesday at $1735 (+12%) and silver closed at $33.56 (+28%). The total Gold Cartel gross short position was once again 380,239 and the net short ratio was 2.66:1. The total Cartel gross silver short position was 79,478 and the net short ratio was 2.47:1.
The Cartels had set us up again. The point is this: If the Fed had "disappointed, if The Bernank had put off all new QE until after the election, there can be zero doubt that we would have, once again, seen a massive, manipulative raid on gold and silver.
In hindsight, do you recall the very sharp and brief spike down that occurred about 10 minutes before the Fedlines were released on Thursday? This was almost certainly someone or something with foreknowledge of the raid, attempting to front-run The Cartels. By now, we all know what happened, instead. Rather than being "saved" by The Bernank and using "no QE" as cover to screw everyone once more, QE~ was announced and now The Cartels are trapped!
We'll use the days ahead to go into greater detail on the implications of this but rest assured for today that sharply higher prices are coming. QE~ only serves to increase the global demand for physical metal. This demand will underpin any attempts by The Cartels to start a selloff. Over time, they will be forced to cover at an accelerating pace, similar to April 2011 in silver and August 2011 in gold. There will be panics and you can count on every dirty trick imaginable being thrown at the "markets". This time, however, it's not going to work. With QE~ as a backdrop, every dip will be bought, each successive low will be higher. The overconfident and greedy fools could/should have used this time to draw flat and perhaps even go net long. Instead they arrogantly chose to play their games one more time. This time, however, they will lose. The game is over and the fireworks have begun, even if the players seemingly haven't yet heard the final whistle.
Only one reading assignment this weekend and it's this piece from Brandon Smith at Alt-Market. This is one that you need to read carefully and then print it off and keep for posterity.
and.....
http://www.caseyresearch.com/gsd/edition/indian-gold-demand-jumps-jewellers-buy-record-price
Ed's data on gold and silver.....
The CME's Daily Delivery Report showed that only 5 gold contracts were posted for delivery within the Comex-approved depositories on Tuesday. Nothing to see here.
The GLD ETF took in more gold yesterday, as an authorized participant deposited 290,865 troy ounces of the stuff...and it came as no surprise to me that there was no silver deposited in SLV. It boggles the mind as to how much silver must be owed to this particular ETF.
The U.S. Mint had a decent sales report yesterday. They sold 9,500 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and 100,000 silver eagles. Month-to-date the mint has sold 29,500 ounces of gold eagles...4,000 one-ounce 24K gold buffaloes...and 1,139,000 silver eagles. Based on this sales data, silver is outselling gold by a factor of 34 to 1...and I sure do hope that you're getting your share, dear reader.
The Comex-approved depositories reported receiving 617,909 troy ounces of silver on Thursday...and shipped a smallish 34,493 ounces of the stuff out the door. The link to that activity is here.
Yesterday's Commitment of Traders Report, for positions held at the 1:30 p.m. close of Comex trading in New York on Tuesday afternoon, was not happy reading this week, either.
In silver, the Commercial net short position increased by another 2,352 contracts, or 11.8 million ounces. The Commercial net short position now stands at 236.4 million ounces of silver. Ted Butler informed me that the '5 through 8' traders went short an additional 700 contracts, the raptors sold another 200 long contracts at a profit...and the 'Big 4' went short an additional 1,400 contracts...of which, Ted says, about 1,000 were JPMorgan. According to Ted, that puts JPM short about 27,000 Comex silver contracts...or 135 million ounces. A back-of-the-envelope calculation shows that JPMorgan is short [on a net basis] a bit over 27% of the entire Comex futures market in silver all by itself.
As of the cut-off on Tuesday, the 'Big 4' are short 217.9 million ounces...and don't forget that approximately 135 million of that is held by JPM. The '5 through 8' traders are short an additional 44.2 million ounces. In total, the 'Big 8' are short 262.1 million ounces of paper silver.
As a percentage of the entire Comex futures market in silver on a 'net' basis...the 'Big 4' are short 44.1%...and the '5 through 8' traders add another 8.9 percentage points to that. In total, the 'Big 8' short holders are short 53.0% of the entire Comex silver market. JPMorgan holds half of that position. Is that outrageous, or what???
In gold, the Commercial net short position increased by another chunky amount. This time it was 1.77 million ounces, or 17,705 contracts. The total Commercial net short position is currently 23.71 million ounces. Ted said that the '5 through 8' traders went short another 1,000 contracts...and the raptors increased their net short position to a new all-time record high by going short another 4,000 odd contracts during this reporting week. Reader E.W.F...who provides me with a complete set of COT charts based on the Disaggregated COT report, had this to say..."Butler's Gold Raptors are net short 55,181 contracts, their largest net short position in the data going back to January 15, 1986."
But it was the 'Big 4' that were the big movers in gold, as they went short another 12,000 contracts.
In percentage terms on a 'net' basis, the 'Big 4' are short 29.4% of the entire Comex futures market in gold...and the '5 through 8' traders are short an additional 12.7 percentage points. Adding it up shows that the 'Big 8' are short 42.1% of the entire Comex futures market in gold on a 'net' basis. That's not as grotesque as the 53.0% short position that these same eight traders hold in silver...but it's an eye-watering number nonetheless.
This is Price Management 101...and it's amazing the number of people that can't see it...and if they do, won't acknowledge it...even with the chart posted below staring them in the face.
In gold, the Commercial net short position increased by another chunky amount. This time it was 1.77 million ounces, or 17,705 contracts. The total Commercial net short position is currently 23.71 million ounces. Ted said that the '5 through 8' traders went short another 1,000 contracts...and the raptors increased their net short position to a new all-time record high by going short another 4,000 odd contracts during this reporting week. Reader E.W.F...who provides me with a complete set of COT charts based on the Disaggregated COT report, had this to say..."Butler's Gold Raptors are net short 55,181 contracts, their largest net short position in the data going back to January 15, 1986."
But it was the 'Big 4' that were the big movers in gold, as they went short another 12,000 contracts.
In percentage terms on a 'net' basis, the 'Big 4' are short 29.4% of the entire Comex futures market in gold...and the '5 through 8' traders are short an additional 12.7 percentage points. Adding it up shows that the 'Big 8' are short 42.1% of the entire Comex futures market in gold on a 'net' basis. That's not as grotesque as the 53.0% short position that these same eight traders hold in silver...but it's an eye-watering number nonetheless.
This is Price Management 101...and it's amazing the number of people that can't see it...and if they do, won't acknowledge it...even with the chart posted below staring them in the face.
Here are all the gory details as portrayed by Nick Laird's "Concentration of Traders in the CFTC COTs" chart of all the physical commodities traded on the Comex. Silver is the standout...and it has always been the standout. It has occupied the position on the far right-hand side of this chart for as long as this chart has been around...and that's more than ten years.
(Click on image to enlarge)
Without question the Commitment of Traders Report for next week will show even more deterioration, as the open interest and volume numbers from the CME on Friday morning showed that there was little, if any, short covering on the Thursday rally...unless it was well hidden by spread trades, which is a possibility. There's also an outside chance that JPMorganet al were going long themselves. There are several ways that 'da boyz' can cover what they're doing...and those are two of them. Whatever the scenario was, we won't find out about it until next Friday...and as I said in this space yesterday, that's a lifetime away in a market such as this.
One can only fantasize what the prices of the precious metals would be if JPMorgan et alweren't standing in as short sellers of last resort.
I got an interesting e-mail from reader "Jan in Denmark" yesterday. Here's a lightly edited version of what he had to say..."The attached report [in Danish, of course! Ed] come from one of the major Danish banks, Jyske Bank. They recommend gold, expect it to test USD$1,800 and if broken, then USD$1,900. But also, they anticipate a bumpy ride ahead. This is the first time I have seen a recommendation on gold from a Danish bank." ...or any bank for that matter, Jan!
One can only fantasize what the prices of the precious metals would be if JPMorgan et alweren't standing in as short sellers of last resort.
I got an interesting e-mail from reader "Jan in Denmark" yesterday. Here's a lightly edited version of what he had to say..."The attached report [in Danish, of course! Ed] come from one of the major Danish banks, Jyske Bank. They recommend gold, expect it to test USD$1,800 and if broken, then USD$1,900. But also, they anticipate a bumpy ride ahead. This is the first time I have seen a recommendation on gold from a Danish bank." ...or any bank for that matter, Jan!
Here's an updated "Transparent PM Holdings" chart courtesy of Nick Laird. It's a new all-time high in ounces...and nearly there in dollar terms as well.
(Click on image to enlarge)
and...
http://harveyorgan.blogspot.com/2012/09/more-bank-runs-in-spainspanish-housing.html
Good morning Ladies and Gentlemen:
Gold closed up 70 cents to $1769.80. Silver was under pressure all day falling by 12 cents to $34.60.
The banking cartel did not want silver to break into the 35 dollar barrier. The real story is the announcement by Bernanke yesterday of quantitative easing to infinity where the Fed will purchase 40 billion mortgage backed securities plus continue on with operation twist such that 85 billion is purchased per month. He expects that the Fed balance sheet will reach 4 billion usa dollars by 2013 and Bank of America believes it will expand again to 5 trillion usa dollars by 2014. In the USA industrial production fell badly. Consumer prices soared and yet retail sales were flat as the consumer is still lethargic on buying.
Over in Spain, we witnessed more euros leave the Spanish banking system. This is nothing but a bank run.
Housing has contracted again by a further 14.4%. We will go over all of these stories but first.....
Let us now head over to the comex and assess trading on Friday.
The total comex gold open interest continues to ramp higher with our crooked bankers supplying the necessary short paper being cheered on by the regulators who forgot about their duty to the public. The total gold open interest rose by another 5594 contracts rising from 464,281 to 469,875. The rise in OI over these past few weeks have been relentless. The front September (non active) gold month saw it's OI rise by 9 contracts from 48 to 57. We had zero notices filed on Thursday so we actually gained another 9 contracts or 900 additional ounces are standing. The next active delivery month is October and here the OI fell by 1678 contracts as the paper players rolled into December. The weekend level of Oct OI rests at 23,509 which is very small. All eyes are really focused on the big December contract and this month has the makings of a huge Battle Royale. This may be the bankers Waterloo. The December OI rose another 4,957 contracts from 316,831 to rest this weekend at 321,798. The estimated volume at the gold comex on Friday, was extremely good coming in at 197,194. Get a load of the confirmed volume on Thursday, the day QE into infinity was announced: 283,644. Any regulators reading this?The total silver comex OI over the past 6 months behaved differently than gold. However yesterday, the total OI did rise by a huge 3680 contracts from 119,722 up to 123,402 complementing gold's OI rise. The active September contract saw it's OI fall by 73 contracts from 412 to 339. We had only 18 delivery notices on Thursday so we lost another 55 contracts. With silver rising by over 1.50 dollars since Thursday, the chance that these guys rolled without compensation is nil. The non active October silver contract saw its OI fall by 27 contracts to 223. All eyes however will be on the December silver contract and here the OI rose by 2402 contracts from 77,994 to 80,396.
December is the only month of the year that both gold and silver are active in the delivery process.
* * *
Activity was quite good today.
We had neither a customer deposit nor a dealer deposit for the second straight day.
We had the following customer withdrawal :
i) Out of HSBC: 96,756.57 oz
ii) out of Manfra; 1028.80 oz
total withdrawal by customer: 97,785.37 oz
we had no adjustments.
Thus the dealer inventory rests this weekend at 2.52 million oz or 78.38 tonnes of gold.
The CME reported that we had only 10 notices filed on Friday for 1000 oz
The total number of notices filed so far this month is represented by 711 notices or 71100 oz of gold. To obtain what is left to be filed upon, I take the OI standing for September (57) and subtract out Friday's notices (10) which leaves us with 47 notices or 4700 oz of gold to be served upon our longs.
Thus the total number of gold ounces standing in this non active delivery month of September is as follows:
71,100 oz (served) + 4700 oz (to be served upon) = 75,800 oz or 2.357 tonnes.
We had neither a customer deposit nor a dealer deposit for the second straight day.
We had the following customer withdrawal :
i) Out of HSBC: 96,756.57 oz
ii) out of Manfra; 1028.80 oz
total withdrawal by customer: 97,785.37 oz
we had no adjustments.
Thus the dealer inventory rests this weekend at 2.52 million oz or 78.38 tonnes of gold.
The CME reported that we had only 10 notices filed on Friday for 1000 oz
The total number of notices filed so far this month is represented by 711 notices or 71100 oz of gold. To obtain what is left to be filed upon, I take the OI standing for September (57) and subtract out Friday's notices (10) which leaves us with 47 notices or 4700 oz of gold to be served upon our longs.
Thus the total number of gold ounces standing in this non active delivery month of September is as follows:
71,100 oz (served) + 4700 oz (to be served upon) = 75,800 oz or 2.357 tonnes.
and....
Activity was fair in the silver vaults on Friday.
We had the following customer deposit:
i) 617,909.70 oz into JPMorgan.
we had the following customer withdrawal:
i) 3,826.70 oz out of Delaware
ii) 30,666.70 oz out of Scotia
total withdrawal by customer: 34,493.4 oz
we had one adjustment of 45,832.35oz at Scotia where the customer leased silver to the dealer.
The dealer or registered silver rests at 39.464 million oz
The total of all silver rests at 141.666 million oz.
The CME reported that we had only 13 notices filed for 65,000 oz.
The total number of notices filed so far this month total 1317 for 6,585,000 oz
To obtain what is left to be filed upon, I take the OI standing for Sept (339) and subtract out Friday's notices (13) which leaves us with 326 notices or 1,630,000 oz
Thus the total number of silver ounces standing in this active month of September is as follows;
6,585,000 oz (served) + 1,630,000 oz (to be served upon) = 8,215,000 oz
We had the following customer deposit:
i) 617,909.70 oz into JPMorgan.
we had the following customer withdrawal:
i) 3,826.70 oz out of Delaware
ii) 30,666.70 oz out of Scotia
total withdrawal by customer: 34,493.4 oz
we had one adjustment of 45,832.35oz at Scotia where the customer leased silver to the dealer.
The dealer or registered silver rests at 39.464 million oz
The total of all silver rests at 141.666 million oz.
The CME reported that we had only 13 notices filed for 65,000 oz.
The total number of notices filed so far this month total 1317 for 6,585,000 oz
To obtain what is left to be filed upon, I take the OI standing for Sept (339) and subtract out Friday's notices (13) which leaves us with 326 notices or 1,630,000 oz
Thus the total number of silver ounces standing in this active month of September is as follows;
6,585,000 oz (served) + 1,630,000 oz (to be served upon) = 8,215,000 oz
* * *
At 3:30 pm the CME releases the COT report which gives position levels of our major players.
Let's see what we can glean from this information:
first the Gold COT:
COT Gold, Silver - September 14, 2012
-- Posted Friday, 14 September 2012 | | Source: GoldSeek.com
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
214,403
32,387
28,067
143,148
380,239
385,618
440,693
Change from Prior Reporting Period
9,458
-2,094
-146
3,402
21,107
12,714
18,867
Traders
207
53
70
43
49
281
152
Small Speculators
Long
Short
Open Interest
74,913
19,838
460,531
3,328
-2,825
16,042
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, September 11, 2012
This was a humdinger of a report.
Our large speculators:
Those large specs that have been long in gold continued to pile it on by adding another 9458 contracts to their long side and this weekend they are celebrating at their local pub.
Those small specs that have been short, saw the tea leaves and covered 2094 contracts from their short side.
Our commercials: (and this is where the fun begins)
Our commercials that have been long in gold and these guys are close to the physical scene added another 3402 contracts to their long side.
Those commercials, like JPMorgan and HSBC and who have been perennially short in gold from the beginning of time, added another monstrous 21,107 contracts to their short side much to the glee of the regulators who seem to not pay much attention to their obvious scandal. The bankers short positions are all non backed.
Our small specs:
The big winners of the week:
Our small specs who have been long in gold bought another 3328 contracts to their long side and these guys are joining their older and wiser brothers the large specs at their favourite watering hole.Those small specs who have been short in gold saw the lay of the land and covered a rather large 2825 contracts.
Conclusion: Terribly bearish as the bankers went net short by another 17,705 contracts. I believe this is the 4 or 5th straight COT report that the bankers have continually gone additionally net short.
and....
silver COT
Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
41,371
9,889
22,212
32,206
79,478
-912
36
696
-91
2,261
Traders
76
40
38
33
42
Small Speculators
Open Interest
Total
Long
Short
121,050
Long
Short
25,261
9,471
95,789
111,579
1,853
-1,447
1,546
-307
2,993
non reportable positions
Positions as of:
132
102
Tuesday, September 11, 2012
©
Our large speculators:
Those large speculators that have been long in silver somehow missed the tea leaves and covered 912 contracts from their long side.
Those large specs that have been short in silver basically stayed put by adding only a tiny 36 contracts to their short side.
Our commercials:
Please note the big difference in the Silver COT against the gold COT with respect to the commercials:
Those commercials who have been long in silver and are close to the physical scene pitched a tiny 91 contracts from their long side.
Those commercials who have been short in silver added another 2261 contracts to their short side but nearly the level as the brethren in gold.
The Small Specs and again the big winner:
The small specs that have been long in silver guessed correctly and added another 1853 contracts to their long side.
The small specs that have been short in silver also guessed correctly and covered another 1447 contracts from their short side.
Conclusion: Our commercials went net short another 2352 contracts. Yet they were loathe to supply the paper as they knew physical demand for silver was strong and prices were rising. This weekend our bankers in both gold and silver are not happy campers.
* * *
One of the great technical analysts out there today is Dan Norcini. On Friday he tells Kingworld news that the bankers are scrambling to cover their massive shortage in the precious metals. He worries about inflation rearing its ugly head as this beast destroys the middle class:
(courtesy Dan Norcini/Kingworldnews)
Violent short covering in metals, Norcini says, predicting much inflation
Submitted by cpowell on Fri, 2012-09-14 03:01. Section: Daily Dispatches
11p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
Futures market analyst Dan Norcini tonight tells King World News that the short covering in the monetary metals was violent today but that the whole commodity complex was on fire as the dollar broke down after the Fed's pledge to keep devaluing it. This, Norcini says, augurs for a lot more inflation and the destruction of the middle class. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
and....
Thursday's Fed plan is not stimulus but deleveraging claims Brodsky.
(courtesy Brodsky/Kingworldnews)
Fed policy isn't stimulus but deleveraging, Brodsky tells King World News
Submitted by cpowell on Fri, 2012-09-14 01:34. Section: Daily Dispatches
9:35p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
If even today's announcement by the Federal Reserve hasn't convinced you of Jim Sinclair's longstanding prediction of "QE to In-fin-i-tee," you may need to hear fund manager Paul Brodsky's interview with King World News. Brodsky says:
"We have been arguing for quite some time now that this really isn't an economic stimulus game that the Fed and other central banks are playing. What they are really trying to do is to de-lever the system. ... We see the $40 billion a month in mortgage-backed securities purchases as being a way to put your thumb in the dyke. We think it's only going to get larger. There is much more of this to come. The frequency of further QE announcements is going to be greater, and it's going to lead to much higher resource and precious metals prices."
An excerpt from the interview is posted at the King World News blog here:
The latest editorial in the New York Sun drives the point home: "Of course we've been easing quantitatively for years now and unemployment is still above 8%, even as an astonishing number of would-be workers drop out of the labor force altogether. Not only is quantitative easing failing to solve the problem it was ostensibly undertaken to solve, but, according to one of our favorite economists, David Malpass, it is actually making things worse: 'In our view Fed bond purchases are weakening the economy's output by misallocating capital -- channeling capital into [mortgage-backed securities], government bonds, gold, and commodities rather than allowing a market-based allocation of capital to job-creating businesses. The stronger the Fed's forward guidance, the more self-fulfilling the economic weakness.'"
The Sun's editorial is headlined "The Missing Element" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
and demand screaming in Indian despite record prices there....
The world's largest consumer for gold sees gold demand jump as jewellers buy despite record gold prices"
(courtesy Reuters)
India gold demand jumps as jewellers buy at record price
MUMBAI, Sept 14 (Reuters) - Gold demand in India, the
world's biggest consumer, rose sharply on Friday despite a
record high price as jewellers and investors scaled up purchases
expecting prices to climb further during the festive season.
* India celebrates Ganesh festival next week, which will be
followed by Dussehra in October and Diwali in November. Buying
gold during festivals is considered auspicious in the country.
* Spot gold price in India hit a record high of 32,558
Indian rupees per 10 grams on Friday, compared to previous
session's close of 32,173 rupees.
* "Buyers were waiting for a correction in prices for a long
period. Now they think the correction is unlikely as the U.S.
Federal Reserve announced stimulus," said a Mumbai based dealer
with a state-run bank importing the yellow metal.
"Some buyers even think price may cross 35,000 rupees."
* Spot gold overseas rose to a six-month high on Friday,
extending the previous session's 2-percent gain, after the
Federal Reserve launched an aggressive economic stimulus program
that could add to the risk of inflation and strengthen bullion's
appeal.
* "Jewellers and jewellery exporters were keeping lower
inventory. They were postponing purchases, hoping prices will
drop from record level," said a Mumbai based dealer with a
private bank.
"Now jewellers are buying at record high price since
festival season is just around the corner. They can't wait
further."
* Investment demand, which plunged 51 percent in the June
quarter to 56.5 tonnes, was also improving due to the price
rally, dealers said.
* The most-traded gold for October delivery was 0.2
percent lower at 32,261 rupees per 10 grams, after hitting a
record high of 32,421 rupees late on Thursday.
* A rise in rupee, which determines the landed cost of
dollar quoted metal, weighed on sentiments, dealers said.
* Following were the prices in rupees at 1:15 p.m., quoted
by HDFC Bank in the spot market :
Friday Thursday
=============================================
Gold .999/10 grams 32,485 32,173
Silver .999/kg 66,685 64,240
At 1:28 p.m., following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0>:
Contract Current price Net change
=================================================
Oct gold 32,261 -65
Dec silver 65,125 -167
(Reporting by Rajendra Jadhav; Editing by Anand Basu)
http://in.reuters.com/article/2012/09/14/markets-india-precious-idINL3E8KE2QY20120914
and....
Embry: Today's manipulations will prove to be bigger blunder than London Gold Pool
Submitted by cpowell on Fri, 2012-09-14 20:05. Section: Daily Dispatches
4:04p ET Friday, September 13, 2012
Dear Friend of GATA and Gold:
Sprott Asset Management's John Embry couldn't be more bullish about the monetary metals and their miners -- nor more aggravated about the continuing manipulation of all markets by central banks.
"All the manipulation is doing," Embry tells King World News today, "is creating wonderful buying opportunities for the Chinese, the Russians, and the rest of the central banks that know full well what's going on. In the fullness of time, this group of manipulators will be seen to have eclipsed the blunders and the folly of the original London Gold Pool."
For a good report on the original London Gold Pool, visit Wikipedia here:
http://en.wikipedia.org/wiki/London_Gold_Pool
For a good report on the current London Gold Pool, see GATA board member Adrian Douglas' 2010 study here:
http://www.gata.org/node/8918
An excerpt from the latest King World News interview with Embry is posted at the KWN blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/9/14_Em...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
At 3:30 pm the CME releases the COT report which gives position levels of our major players.
Let's see what we can glean from this information:
first the Gold COT:
Let's see what we can glean from this information:
first the Gold COT:
COT Gold, Silver - September 14, 2012
-- Posted Friday, 14 September 2012 | | Source: GoldSeek.com
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
214,403
32,387
28,067
143,148
380,239
385,618
440,693
Change from Prior Reporting Period
9,458
-2,094
-146
3,402
21,107
12,714
18,867
Traders
207
53
70
43
49
281
152
Small Speculators
Long
Short
Open Interest
74,913
19,838
460,531
3,328
-2,825
16,042
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, September 11, 2012
This was a humdinger of a report.
Our large speculators:
Those large specs that have been long in gold continued to pile it on by adding another 9458 contracts to their long side and this weekend they are celebrating at their local pub.
Those small specs that have been short, saw the tea leaves and covered 2094 contracts from their short side.
Our commercials: (and this is where the fun begins)
Our commercials that have been long in gold and these guys are close to the physical scene added another 3402 contracts to their long side.
Those commercials, like JPMorgan and HSBC and who have been perennially short in gold from the beginning of time, added another monstrous 21,107 contracts to their short side much to the glee of the regulators who seem to not pay much attention to their obvious scandal. The bankers short positions are all non backed.
Our small specs:
The big winners of the week:
Our small specs who have been long in gold bought another 3328 contracts to their long side and these guys are joining their older and wiser brothers the large specs at their favourite watering hole.Those small specs who have been short in gold saw the lay of the land and covered a rather large 2825 contracts.
-- Posted Friday, 14 September 2012 | | Source: GoldSeek.com
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conclusion: Terribly bearish as the bankers went net short by another 17,705 contracts. I believe this is the 4 or 5th straight COT report that the bankers have continually gone additionally net short.
and....
silver COT
The Small Specs and again the big winner:
The small specs that have been long in silver guessed correctly and added another 1853 contracts to their long side.
The small specs that have been short in silver also guessed correctly and covered another 1447 contracts from their short side.
Conclusion: Our commercials went net short another 2352 contracts. Yet they were loathe to supply the paper as they knew physical demand for silver was strong and prices were rising. This weekend our bankers in both gold and silver are not happy campers.
Silver COT Report: Futures
| |||||
Large Speculators
|
Commercial
| ||||
Long
|
Short
|
Spreading
|
Long
|
Short
| |
41,371
|
9,889
|
22,212
|
32,206
|
79,478
| |
-912
|
36
|
696
|
-91
|
2,261
| |
Traders
| |||||
76
|
40
|
38
|
33
|
42
| |
Small Speculators
|
Open Interest
|
Total
| |||
Long
|
Short
|
121,050
|
Long
|
Short
| |
25,261
|
9,471
|
95,789
|
111,579
| ||
1,853
|
-1,447
|
1,546
|
-307
|
2,993
| |
non reportable positions
|
Positions as of:
|
132
|
102
| ||
Tuesday, September 11, 2012
|
©
| ||||
Our large speculators:
Those large speculators that have been long in silver somehow missed the tea leaves and covered 912 contracts from their long side.
Those large specs that have been short in silver basically stayed put by adding only a tiny 36 contracts to their short side.
Our commercials:
Please note the big difference in the Silver COT against the gold COT with respect to the commercials:
Those commercials who have been long in silver and are close to the physical scene pitched a tiny 91 contracts from their long side.
Those commercials who have been short in silver added another 2261 contracts to their short side but nearly the level as the brethren in gold.
The small specs that have been long in silver guessed correctly and added another 1853 contracts to their long side.
The small specs that have been short in silver also guessed correctly and covered another 1447 contracts from their short side.
Conclusion: Our commercials went net short another 2352 contracts. Yet they were loathe to supply the paper as they knew physical demand for silver was strong and prices were rising. This weekend our bankers in both gold and silver are not happy campers.
* * *
One of the great technical analysts out there today is Dan Norcini. On Friday he tells Kingworld news that the bankers are scrambling to cover their massive shortage in the precious metals. He worries about inflation rearing its ugly head as this beast destroys the middle class:
(courtesy Dan Norcini/Kingworldnews)
Violent short covering in metals, Norcini says, predicting much inflation
Submitted by cpowell on Fri, 2012-09-14 03:01. Section: Daily Dispatches
11p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
Futures market analyst Dan Norcini tonight tells King World News that the short covering in the monetary metals was violent today but that the whole commodity complex was on fire as the dollar broke down after the Fed's pledge to keep devaluing it. This, Norcini says, augurs for a lot more inflation and the destruction of the middle class. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
and....
Thursday's Fed plan is not stimulus but deleveraging claims Brodsky.
(courtesy Brodsky/Kingworldnews)
Fed policy isn't stimulus but deleveraging, Brodsky tells King World News
Submitted by cpowell on Fri, 2012-09-14 01:34. Section: Daily Dispatches
9:35p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
If even today's announcement by the Federal Reserve hasn't convinced you of Jim Sinclair's longstanding prediction of "QE to In-fin-i-tee," you may need to hear fund manager Paul Brodsky's interview with King World News. Brodsky says:
"We have been arguing for quite some time now that this really isn't an economic stimulus game that the Fed and other central banks are playing. What they are really trying to do is to de-lever the system. ... We see the $40 billion a month in mortgage-backed securities purchases as being a way to put your thumb in the dyke. We think it's only going to get larger. There is much more of this to come. The frequency of further QE announcements is going to be greater, and it's going to lead to much higher resource and precious metals prices."
An excerpt from the interview is posted at the King World News blog here:
The latest editorial in the New York Sun drives the point home: "Of course we've been easing quantitatively for years now and unemployment is still above 8%, even as an astonishing number of would-be workers drop out of the labor force altogether. Not only is quantitative easing failing to solve the problem it was ostensibly undertaken to solve, but, according to one of our favorite economists, David Malpass, it is actually making things worse: 'In our view Fed bond purchases are weakening the economy's output by misallocating capital -- channeling capital into [mortgage-backed securities], government bonds, gold, and commodities rather than allowing a market-based allocation of capital to job-creating businesses. The stronger the Fed's forward guidance, the more self-fulfilling the economic weakness.'"
The Sun's editorial is headlined "The Missing Element" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
and demand screaming in Indian despite record prices there....
The world's largest consumer for gold sees gold demand jump as jewellers buy despite record gold prices"
(courtesy Reuters)
India gold demand jumps as jewellers buy at record price
MUMBAI, Sept 14 (Reuters) - Gold demand in India, the
world's biggest consumer, rose sharply on Friday despite a
record high price as jewellers and investors scaled up purchases
expecting prices to climb further during the festive season.
* India celebrates Ganesh festival next week, which will be
followed by Dussehra in October and Diwali in November. Buying
gold during festivals is considered auspicious in the country.
* Spot gold price in India hit a record high of 32,558
Indian rupees per 10 grams on Friday, compared to previous
session's close of 32,173 rupees.
* "Buyers were waiting for a correction in prices for a long
period. Now they think the correction is unlikely as the U.S.
Federal Reserve announced stimulus," said a Mumbai based dealer
with a state-run bank importing the yellow metal.
"Some buyers even think price may cross 35,000 rupees."
* Spot gold overseas rose to a six-month high on Friday,
extending the previous session's 2-percent gain, after the
Federal Reserve launched an aggressive economic stimulus program
that could add to the risk of inflation and strengthen bullion's
appeal.
* "Jewellers and jewellery exporters were keeping lower
inventory. They were postponing purchases, hoping prices will
drop from record level," said a Mumbai based dealer with a
private bank.
"Now jewellers are buying at record high price since
festival season is just around the corner. They can't wait
further."
* Investment demand, which plunged 51 percent in the June
quarter to 56.5 tonnes, was also improving due to the price
rally, dealers said.
* The most-traded gold for October delivery was 0.2
percent lower at 32,261 rupees per 10 grams, after hitting a
record high of 32,421 rupees late on Thursday.
* A rise in rupee, which determines the landed cost of
dollar quoted metal, weighed on sentiments, dealers said.
* Following were the prices in rupees at 1:15 p.m., quoted
by HDFC Bank in the spot market :
Friday Thursday
=============================================
Gold .999/10 grams 32,485 32,173
Silver .999/kg 66,685 64,240
At 1:28 p.m., following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0>:
Contract Current price Net change
=================================================
Oct gold 32,261 -65
Dec silver 65,125 -167
(Reporting by Rajendra Jadhav; Editing by Anand Basu)
http://in.reuters.com/article/2012/09/14/markets-india-precious-idINL3E8KE2QY20120914
and....
Embry: Today's manipulations will prove to be bigger blunder than London Gold Pool
Submitted by cpowell on Fri, 2012-09-14 20:05. Section: Daily Dispatches
4:04p ET Friday, September 13, 2012
Dear Friend of GATA and Gold:
Sprott Asset Management's John Embry couldn't be more bullish about the monetary metals and their miners -- nor more aggravated about the continuing manipulation of all markets by central banks.
"All the manipulation is doing," Embry tells King World News today, "is creating wonderful buying opportunities for the Chinese, the Russians, and the rest of the central banks that know full well what's going on. In the fullness of time, this group of manipulators will be seen to have eclipsed the blunders and the folly of the original London Gold Pool."
For a good report on the original London Gold Pool, visit Wikipedia here:
http://en.wikipedia.org/wiki/London_Gold_Pool
For a good report on the current London Gold Pool, see GATA board member Adrian Douglas' 2010 study here:
http://www.gata.org/node/8918
An excerpt from the latest King World News interview with Embry is posted at the KWN blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/9/14_Em...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
One of the great technical analysts out there today is Dan Norcini. On Friday he tells Kingworld news that the bankers are scrambling to cover their massive shortage in the precious metals. He worries about inflation rearing its ugly head as this beast destroys the middle class:
(courtesy Dan Norcini/Kingworldnews)
(courtesy Dan Norcini/Kingworldnews)
Violent short covering in metals, Norcini says, predicting much inflation
Submitted by cpowell on Fri, 2012-09-14 03:01. Section: Daily Dispatches
11p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
Futures market analyst Dan Norcini tonight tells King World News that the short covering in the monetary metals was violent today but that the whole commodity complex was on fire as the dollar broke down after the Fed's pledge to keep devaluing it. This, Norcini says, augurs for a lot more inflation and the destruction of the middle class. 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.
and....
Thursday's Fed plan is not stimulus but deleveraging claims Brodsky.
(courtesy Brodsky/Kingworldnews)
(courtesy Brodsky/Kingworldnews)
Fed policy isn't stimulus but deleveraging, Brodsky tells King World News
Submitted by cpowell on Fri, 2012-09-14 01:34. Section: Daily Dispatches
http://in.reuters.com/article/2012/09/14/markets-india-precious-idINL3E8KE2QY20120914
9:35p ET Thursday, September 13, 2012
Dear Friend of GATA and Gold:
If even today's announcement by the Federal Reserve hasn't convinced you of Jim Sinclair's longstanding prediction of "QE to In-fin-i-tee," you may need to hear fund manager Paul Brodsky's interview with King World News. Brodsky says:
"We have been arguing for quite some time now that this really isn't an economic stimulus game that the Fed and other central banks are playing. What they are really trying to do is to de-lever the system. ... We see the $40 billion a month in mortgage-backed securities purchases as being a way to put your thumb in the dyke. We think it's only going to get larger. There is much more of this to come. The frequency of further QE announcements is going to be greater, and it's going to lead to much higher resource and precious metals prices."
An excerpt from the interview is posted at the King World News blog here:
The latest editorial in the New York Sun drives the point home: "Of course we've been easing quantitatively for years now and unemployment is still above 8%, even as an astonishing number of would-be workers drop out of the labor force altogether. Not only is quantitative easing failing to solve the problem it was ostensibly undertaken to solve, but, according to one of our favorite economists, David Malpass, it is actually making things worse: 'In our view Fed bond purchases are weakening the economy's output by misallocating capital -- channeling capital into [mortgage-backed securities], government bonds, gold, and commodities rather than allowing a market-based allocation of capital to job-creating businesses. The stronger the Fed's forward guidance, the more self-fulfilling the economic weakness.'"
The Sun's editorial is headlined "The Missing Element" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
and demand screaming in Indian despite record prices there....
The world's largest consumer for gold sees gold demand jump as jewellers buy despite record gold prices"
(courtesy Reuters)
India gold demand jumps as jewellers buy at record price
MUMBAI, Sept 14 (Reuters) - Gold demand in India, the
world's biggest consumer, rose sharply on Friday despite a
record high price as jewellers and investors scaled up purchases
expecting prices to climb further during the festive season.
* India celebrates Ganesh festival next week, which will be
followed by Dussehra in October and Diwali in November. Buying
gold during festivals is considered auspicious in the country.
* Spot gold price in India hit a record high of 32,558
Indian rupees per 10 grams on Friday, compared to previous
session's close of 32,173 rupees.
* "Buyers were waiting for a correction in prices for a long
period. Now they think the correction is unlikely as the U.S.
Federal Reserve announced stimulus," said a Mumbai based dealer
with a state-run bank importing the yellow metal.
"Some buyers even think price may cross 35,000 rupees."
* Spot gold overseas rose to a six-month high on Friday,
extending the previous session's 2-percent gain, after the
Federal Reserve launched an aggressive economic stimulus program
that could add to the risk of inflation and strengthen bullion's
appeal.
* "Jewellers and jewellery exporters were keeping lower
inventory. They were postponing purchases, hoping prices will
drop from record level," said a Mumbai based dealer with a
private bank.
"Now jewellers are buying at record high price since
festival season is just around the corner. They can't wait
further."
* Investment demand, which plunged 51 percent in the June
quarter to 56.5 tonnes, was also improving due to the price
rally, dealers said.
* The most-traded gold for October delivery was 0.2
percent lower at 32,261 rupees per 10 grams, after hitting a
record high of 32,421 rupees late on Thursday.
* A rise in rupee, which determines the landed cost of
dollar quoted metal, weighed on sentiments, dealers said.
* Following were the prices in rupees at 1:15 p.m., quoted
by HDFC Bank in the spot market :
Friday Thursday
=============================================
Gold .999/10 grams 32,485 32,173
Silver .999/kg 66,685 64,240
At 1:28 p.m., following were the prices in rupees on the
Multi Commodity Exchange of India Ltd <0>:
Contract Current price Net change
=================================================
Oct gold 32,261 -65
Dec silver 65,125 -167
(Reporting by Rajendra Jadhav; Editing by Anand Basu)
and....
Embry: Today's manipulations will prove to be bigger blunder than London Gold Pool
Submitted by cpowell on Fri, 2012-09-14 20:05. Section: Daily Dispatches
4:04p ET Friday, September 13, 2012
Dear Friend of GATA and Gold:
Sprott Asset Management's John Embry couldn't be more bullish about the monetary metals and their miners -- nor more aggravated about the continuing manipulation of all markets by central banks.
"All the manipulation is doing," Embry tells King World News today, "is creating wonderful buying opportunities for the Chinese, the Russians, and the rest of the central banks that know full well what's going on. In the fullness of time, this group of manipulators will be seen to have eclipsed the blunders and the folly of the original London Gold Pool."
For a good report on the original London Gold Pool, visit Wikipedia here:
http://en.wikipedia.org/wiki/London_Gold_Pool
For a good report on the current London Gold Pool, see GATA board member Adrian Douglas' 2010 study here:
http://www.gata.org/node/8918
An excerpt from the latest King World News interview with Embry is posted at the KWN blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/9/14_Em...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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