http://www.caseyresearch.com/gsd/edition/bundesbank-yields-some-confidentialitybut-still-wont-answer-critical-questions
¤ YESTERDAY IN GOLD AND SILVER
It was pretty quiet during Far East trading on their Monday. The high of the day was in shortly after 2:00 p.m. Hong Kong time...about fifty minutes before the London open...and it was all down hill until fifteen minutes after the Comex open in New York.
The subsequent rally got capped...and then got sold off once the London p.m. gold fix was in at 3:00 p.m. BST...10:00 a.m. in New York..
Gold closed at $1,709.80 spot...down $1.30 from Friday...and volume was anemic at 60,000 contracts, as most traders stayed home in advance of mega-hurricane Sandy.
The silver chart looked identical to the gold chart. Silver's high tick came minutes after 10:00 a.m. Hong Kong time...but after that, silver's price path was a carbon copy of gold's.
The subsequent rally got capped...and then got sold off once the London p.m. gold fix was in at 3:00 p.m. BST...10:00 a.m. in New York..
Gold closed at $1,709.80 spot...down $1.30 from Friday...and volume was anemic at 60,000 contracts, as most traders stayed home in advance of mega-hurricane Sandy.
Silver finished the Monday trading session at $31.76 spot...down 33 cents on the day. Volume was also very light...around 17,500 contracts.
The other two precious metals got sold off as well. It's worth noting that even though the equity markets were closed...the precious metal and currency markets remained open.
The dollar index closed at 79.997 on Friday...and worked its was slowly higher in fits and starts on Monday...closing at 80.23. The high tick...30.31...came during the New York lunch hour.
The dollar index closed at 79.997 on Friday...and worked its was slowly higher in fits and starts on Monday...closing at 80.23. The high tick...30.31...came during the New York lunch hour.
* * *
The CME's Daily Delivery Report showed that 8 gold and 24 silver contracts were posted for delivery within the Comex-approved warehouse system on Wednesday. In silver, it was all the "usual suspects"...and that should just about be it for the October delivery month. Tomorrow evening the CME should post the numbers for the November delivery month...and I'll have that data for you on Wednesday. The link to yesterday's Issuers and Stoppers Report is here.
Not surprisingly, there were no reported changes in either GLD or SLV...and the U.S. Mint had no sales report, either.
The updated short positions for GLD and SLV were posted on the shortsqueeze.comInternet site late last week. In silver, it showed that the short position jumped by 25.45%...from 11.65 million shares/ounces, all the way out to 14.62 million shares/ounces...454.7 tonnes. It's a good bet that an authorized participant shorted the shares rather than deposit real metal...which they didn't have. They could have found it somewhere, I'm sure...but how high would they have had to bid the silver price to get it all?
The short position in GLD actually declined by 6.54%...from 18.18 million shares, down to 16.99 million shares...or 1.70 million ounces...52.9 tonnes.
The Comex-approved depositories reported receiving 596,425 troy ounces of silver on Friday...and didn't ship any out. The link to that activity is here.
Not surprisingly, there were no reported changes in either GLD or SLV...and the U.S. Mint had no sales report, either.
The updated short positions for GLD and SLV were posted on the shortsqueeze.comInternet site late last week. In silver, it showed that the short position jumped by 25.45%...from 11.65 million shares/ounces, all the way out to 14.62 million shares/ounces...454.7 tonnes. It's a good bet that an authorized participant shorted the shares rather than deposit real metal...which they didn't have. They could have found it somewhere, I'm sure...but how high would they have had to bid the silver price to get it all?
The short position in GLD actually declined by 6.54%...from 18.18 million shares, down to 16.99 million shares...or 1.70 million ounces...52.9 tonnes.
The Comex-approved depositories reported receiving 596,425 troy ounces of silver on Friday...and didn't ship any out. The link to that activity is here.
* * *
Sure, there's probably still gold in central bank vaults, but how many claims to it?
In his otherwise spectacularly obtuse commentary the other day about the clamor to audit Germany's gold reserve -- CNBC Senior Editor John Carney stumbled onto a point often made by GATA about the unreliability of central bank claims about gold vaulting. In reference to the foreign gold vaulted at the Federal Reserve Bank of New York, Carney wrote:
"The compartments do not have labels reading 'Germany's gold' and so on. They are instead numbered, and only a few people at the Fed know what numbers correspond to which country. The Fed says it does this to protect the privacy of the depositors. But this also makes actual inspection less reliable. There's no way for Germany to know that the gold it is being shown is Germany's, as opposed to some other depositor's. In an extreme case -- which I have no reason to believe is true -- miscreants at the Fed could just show everyone who came to visit the same pile of gold."
Of course mere "miscreants" at the Fed are hardly the problem; the problem ispolicy throughout Western central banking that, in support of the gold price suppression scheme, facilitates the double-counting (or multiple-counting) of gold reserves.
Chris is off on one of his patented rants once again...and I just love it when he's angry. This GATA release from Saturday is also a must read...and it's posted over at the gata.org Internet site...and the link is here.
"The compartments do not have labels reading 'Germany's gold' and so on. They are instead numbered, and only a few people at the Fed know what numbers correspond to which country. The Fed says it does this to protect the privacy of the depositors. But this also makes actual inspection less reliable. There's no way for Germany to know that the gold it is being shown is Germany's, as opposed to some other depositor's. In an extreme case -- which I have no reason to believe is true -- miscreants at the Fed could just show everyone who came to visit the same pile of gold."
Of course mere "miscreants" at the Fed are hardly the problem; the problem ispolicy throughout Western central banking that, in support of the gold price suppression scheme, facilitates the double-counting (or multiple-counting) of gold reserves.
Chris is off on one of his patented rants once again...and I just love it when he's angry. This GATA release from Saturday is also a must read...and it's posted over at the gata.org Internet site...and the link is here.
Bundesbank yields some confidentiality but still won't answer critical questions
Zero Hedge calls attention to and mocks a statement given by Carl-Ludwig Thiele, a member of the Executive Board of Germany's central bank, the Bundesbank, to the German Press Agency (Deutsche Presse-Agentur), that the Bundesbank's gold reserves are stored securely abroad. Zero Hedge notes that the Bundesbank official's statement fails to explain the recently disclosed withdrawal of German gold from the Bank of England.
The Bundesbank's statement further fails to answer the questions GATA long has raised:
1) Does the Bundesbank have gold swap arrangements with any agency of the United States government or any other government?
2) Have such gold swap arrangements ever been implemented and, if so, how and why?
The Bundesbank's statement further fails to answer the questions GATA long has raised:
1) Does the Bundesbank have gold swap arrangements with any agency of the United States government or any other government?
2) Have such gold swap arrangements ever been implemented and, if so, how and why?
And it gets worse...or better...depending on your point of view! You can read all about it in this GATA release...and the link to that is here.
Seven King World News Blogs/Audio Interviews
1. James Turk #1: 15,000 Tonnes of Western Central Bank Gold is Gone. 2. Michael Pento: Here is What Will Fuel the Move Higher in Hard Assets. 3. Robert Fitzwilson: Here is Why Gold & Silver Are Set to Explode Going Forward. 4. John Embry: Truth Exposed About Missing Central Bank Gold. 5. James Turk #2: Central Banks Now Scrambling for Physical Gold. 6. Gerald Celente audio interview...all about gold. 7. Egon von Greyerz audio interview.
No comments:
Post a Comment