http://www.zerohedge.com/news/2012-11-11/chinese-gold-imports-surge-september-ytd-total-surpasses-official-indian-holdings
Submitted by Tyler Durden on 11/11/2012 19:23 -0500
http://jessescrossroadscafe.blogspot.com/2012/11/sprott-physical-silver-trust-prices.html
Press Release
Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units In An Aggregate Amount of US$269,575,000
Nov 9, 2012
TORONTO, Nov. 9, 2012 /CNW/ - Sprott Physical Silver Trust (the "Trust") (NYSE: PSLV / TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 20,500,000 transferable, redeemable units of the Trust ("Units") at a price of US$13.15 per Unit(the "Offering"). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 3,075,000 additional Units. The gross proceeds from the Offering will be US$269,575,000 (US$310,011,250 if the underwriters exercise in full the over-allotment option).
The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.
The Units are listed on NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada...
http://www.silverdoctors.com/silver-cot-report-11912-commercials-cover-20-million-net-short-ounces/
http://www.zerohedge.com/news/2012-11-09/exclusive-bank-england-fed-no-indication-should-course-be-given-bundesbank
( So now there is proof Germany's gold has been ripped off - if this was done before the rehypo / swap games really got going , why should Germany have faith that their gold is either actually present at the BOE and NY Fed in the quantities alleged to be present or that good quality bars are present ? It would explain the refusals to allow Germany to inspect their own alleged gold though.... )
Submitted by Tyler Durden on 11/09/2012 16:31 -0500
and no wonder the Germans want their gold - and the NY Fed keeps saying go away .... So what Germany just needs to do is demand delivery of their gold ....
http://harveyorgan.blogspot.com/2012/11/dexia-needs-new-bailoutgold-and-silver.html
Comex gold figures
Nov 8-.2012
83,873.357 oz of silver was withdrawn from the customer and re enter the dealer at Delaware.
Obama Victory: Increased Gold And Silver Storage In Zurich And Asian Capitals
http://www.silverdoctors.com/max-keiser-with-ned-naylor-leyland-on-germanys-gold-jp-morgans-shorts-and-bart-chiltons-investigation/#more-16948
and......
http://www.caseyresearch.com/gsd/edition/john-hathaway-gold-set-super-surge-new-all-time-highs
Chinese Gold Imports Surge In September, YTD Total Surpasses Official Indian Holdings
Anyone who may have been concerned by the slowdown in Chinese gold imports in August, when the country imported "only" 53.5 tons of gold from Hong Kong (down from 75.8 in July), can breathe a sigh of relief. According to the Hong Kong Census Bureau, in September Chinese gross imports soared by 30% reverting to the long-term trendline of 65 tons in gross imports per month, and rising to a total of 69.7 tons. Net imports were 40% less, although that excludes organic Chinese gold mining and recirculation, which is why for all intents and purposes the gross number is the apples to apples one. And using that, Year-To-Date China has now imported a whopping 582 tons of gold, more than the official holdings of India at 558 tons, and which through November has certainly surpassed the holdings of the Netherlands, and make China's gross imports in just 2012 nominally the equivalent of Top 10 largest sovereign holder of gold.
This way at least we know where China is recycling all that vast trade surplus, which incidentally in October just printed, goalseeked or not, at the highest level - $32 billion - since January of 2009. Too bad China no longer recycles all those excess reserves into US Treasury paper (as we showed previously here).
Where does this put China:
And in historical perspective: the recent surge in demand for gold is quite unmistakeable:
and....
http://jessescrossroadscafe.blogspot.com/2012/11/sprott-physical-silver-trust-prices.html
Press Release
Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units In An Aggregate Amount of US$269,575,000
Nov 9, 2012
TORONTO, Nov. 9, 2012 /CNW/ - Sprott Physical Silver Trust (the "Trust") (NYSE: PSLV / TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 20,500,000 transferable, redeemable units of the Trust ("Units") at a price of US$13.15 per Unit(the "Offering"). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 3,075,000 additional Units. The gross proceeds from the Offering will be US$269,575,000 (US$310,011,250 if the underwriters exercise in full the over-allotment option).
The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.
The Units are listed on NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada...
http://www.silverdoctors.com/silver-cot-report-11912-commercials-cover-20-million-net-short-ounces/
SILVER COT REPORT 11/9/12: COMMERCIALS COVER 20 MILLION NET SHORT OUNCES!
By http://www.zerohedge.com/news/2012-11-09/exclusive-bank-england-fed-no-indication-should-course-be-given-bundesbank
( So now there is proof Germany's gold has been ripped off - if this was done before the rehypo / swap games really got going , why should Germany have faith that their gold is either actually present at the BOE and NY Fed in the quantities alleged to be present or that good quality bars are present ? It would explain the refusals to allow Germany to inspect their own alleged gold though.... )
Exclusive: Bank Of England To The Fed: "No Indication Should, Of Course, Be Given To The Bundesbank..."
- Bank of England
- Bank of New York
- BOE
- Central Banks
- Eurozone
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- New York Fed
- Reserve Currency
Over the past several years, the German people, for a variety of justified reasons, have expressed a pressing desire to have their central bank perform a test, verification, validation or any other assay, of the official German gold inventory, which at 3,395 tonnes is the second highest in the world, second only to the US. We have italicized the word officialbecause this representation is merely on paper: the problem arises because no member of the general population, or even elected individuals, have been given access to observe this gold. The problem is exacerbated when one considers that a majority of the German gold is held offshore, primarily in the vaults of the New York Fed, and at the Bank of England - the two historic centers of central banking activity in the post World War 2 world.
Recently, the topic of German gold resurfaced following the disclosure that early on in the Eurozone creation process, the Bundesbank secretly withdrew two-thirds of its gold, or 940 tons, from London in 2000, leaving just 500 tons with the Bank of England. As we made it very clear, what was most odd about this event, is that the Bundesbank did something it had every right to do fully in the open: i.e., repatriate what belongs to it for any number of its own reasons - after all the German central bank is only accountable to its people (or so the myth goes), in deep secrecy. The question was why it opted for this stealthy transfer.
This immediately prompted rampant speculation within various media outlets, the most fanciful of which, of course, being that the Bundesbank never had any gold to begin with and has been masking the absence all along. The problem with such speculation is that, while it may be 100% correct and accurate, there has been not a shred of hard evidence to prove it.As a result, it is merely relegated to the echo chamber periphery of "serious media" whose inhabitants are already by and large convinced that all gold in the world is tungsten, lack of actual evidence to validate such a claim be damned (just like a chart of gold spiking or plunging is not evidence that a central bank signed the trade ticket, ordering said move), and in the process delegitimizing any fact-based investigations that attempt to debunk, using hard evidence, the traditional central banker narrative that the gold is there and accounted for.
And hard evidence, or better yet a paper trail of inconsistencies, is absolutely paramount when juxtaposing the two most powerful forces of our times: i) the central banking-led status quo (which isde facto the banker-led oligarchy whose primary purpose in the past several centuries has been to accumulate as much as possible of the hard asset-based fruits of people's labor, who toil in exchange for "money" created out of thin air - a process which could be described as not quite voluntary slavery, but the phrase would certainly suffice), and ii) "everyone else", especially when "everyone else" still believes in the supremacy of democratic forces, accountability, and an impartial legal system (three pillars of modern society which over the past 4 years we have experienced time and again have been nothing but mirages). Because without hard evidence, not only is the case of the people against central bankers non-existent, even if conducted in a kangaroo court co-opted by the banker-controlled status quo, it becomes laughable with every iteration of progressively more unsubstantiated accusations against the central banking cartels.
Finally, when it comes to cold, hard facts, which expose central banks in misdeed, even the great central banks have to be silent silent, as otherwise the overt perversion of justice will blow up the mirage that modern society lives in a democratic, laws-based world will be torn upside down.
And while others engage in click-baiting using grotesque hypotheses of grandure without any actual investigation, reporting or error and proof-checking to build up hype and speculation, which promptly fizzles and in the process desensitizes the general public and those actually undecided and/or on the fences about what truly goes on behind the scenes, Zero Hedge travelled (metaphorically) in space - to London, or specifically the Bankof England Archives - and in time, to May 1968 to be precise.
While there we dug up a certain memo,coded C43/323 in the BOE archives, official title "GOLD AND FOREIGN EXCHANGE OFFICE FILE: FEDERAL RESERVE BANK OF NEW YORK (FRBNY) - MISCELLANEOUS", dated May 31, 1968, written by a certain Mr. Robeson addressed to the BOE's Roy Bridge as well as its Chief Cashier, and whose ultimate recipient is Charles Coombs who at the time was the manager of the open market account at the Fed, responsible for Fed operations in the gold and FX markets.
This memo, more than any of the other spurious and speculative accusation about Buba's golden hoard, should disturb German citizens, and of course the Bundesbank (assuming it was not already aware of its contents), as the memo lays out, without any shadow of doubt, that the BOE and the Fed, effectively conspired to feed the Bundesbank due gold bars that were of substantially subpar quality on at least one occasion in the period during the Bretton-Woods semi-gold standard (which ended with Nixon in August 1971).
The facts:
At least two central banks have conspired on at least one occasion to provide the Bundesbank with what both banks knew was "bad delivery" gold -the convertible reserve currency under the Bretton Woods system, or in other words, to defraud - amounting to 172 bars. The "bad delivery" occured even as official gold refiners had warned that the quality of gold emanating from the US Assay Office was consistently below standard, and which both the BOE and the Fed were aware of. Instead of addressing the issue of declining gold quality and purity, the banks merely covered up the refiners' complaints
It is this that the Bundesbank, the German government, and the German people should be focusing on. If in the process this means completely ridiculing the Buba's "she doth protest too much" defense strategy that what is happening in the media is a "phantom debate" as perAndreas Dobret's recent words, so be it. In fact, one may be well advised to ignore anything Buba has said on this matter, because in attempting to hyperbolize the matter out of irrelevancy, the Buba is now cornered and will have no choice now but to explain just what the true gold content of the gold even in its possession is, let alone that which is allocated to the Buba account 50 feet below sea level, underneath the infamous building on Liberty 33.
Full May 1968 memo from the BOE to the NY Fed: highlights ours:
MR. BRIDGETHE CHIEF CASHIERU.S. Assay Office Gold Bars1. We have from time to time had occasion to draw the Americans’ attention of thepoor standards of finish of U.S. Assay Office bars. In addition in 1961 we passed on to them comments from Johnson Matthey to the effect that spectrographic examination did not support the claimed assay on one bar they had so tested(although they would not by normal processes have challenged the assay) and that impurities in the bar included iron which caused some material to be retained on the sides of crucible after pouring.
2. Recently, Johnson Matthey have put 172 “bad delivery” U.S. Assay Office bars into good delivery form for account of the Deutsche Bundesbank. These bars formed part of recent shipments by the Federal Reserve Bank to provide gold in London in repayment of swaps with the Bundesbank.The out-turn of the re-melting showed a loss in fine ounces terms four times greater than the gross weight loss. Asked to comment Johnson Matthey have indicated verbally that:-
(a) the mixing of “melt” bars of differing assays in one “pot” could produce a result which might be a contributing factor to a heavier loss in fine weight but they did not think this would be substantial ;
(b) a variation of .0001 in assay between different assayers is an extremely common phenomenon;
(c) over a long period of years they had had experience of unsatisfactory U.S. assays
3. It is not, however, possible to say that the U.S. assays were at fault because Johnson Matthey did not test any of the individual bars before putting them into the pot.
4. The Federal Reserve Bank have informed the Bundesbank that adjustments for differences in weight and refining charges will be reimbursed by the U.S.Treasury.
5. No indication should, of course, be given to the Bundesbank, or any other central bank holder of U.S. bars, as to the refiner’s views on them. The peculiarity of the out-turn will be known to the Bundesbank:it has so far occasioned no comment.
6. We should draw the attention of the Federal to the discrepancy in this (and any similar subsequent such) result and add simply that the refiners have made no formal comment but have indicate that, although very small differences in assay are not uncommon, their experience with U.S. Assay Office bars has not been satisfactory.
7. We hold 3,909 U.S. Assay Office bars for H.M.T. in London (in addition to the New York holding of 8,630 bars). After the London gold market was reopened in 1954 we test assayed the bars of certain assayers to ensure that pre-war standards were being maintained. It might be premature to set up arrangements now for sample test assays of U.S. Assay Office bars but if it appeared likely that the present discontent of the refiners might crystalise into formal complain we should certainly need to do this. In the meantime I would recommend no further action.
31st May 1968P.W.R.R.
To summarize: Bank of England discovers discrepancies with US Assay Office gold bars, notifies the NY Fed that its gold bars have major "bad delivery" issues, but, and this is the punchline, on this occasion, we'll keep it quiet, because the Bundesbank got these bars. This is merely one documented assay occasion: one can imagine that of the hundreds of thousands of gold bars in official circulation, the "good delivery" quality of bars outside of the US, and perhaps BOE, official holdings has progressively declined over the decades of Bretton Woods. One can also only imagine what has happened to all those "good delivery" bars currently held by the Fed as custodian at the NY Fed. Literally: imagine. Because there is no way to check what the real gold consistency of these gold bars is, and whether the refiners found ongoing future inconsistencies with "good delivery" standards of bars handed off to other "non-core" central banks. And, yes, without further evidence the above is merely speculation.
As to the remaining relevant facts: the US ran out of good delivery gold in March 1968 and only had coin bars remaining. Which is why it closed the gold pool and went to a two-tier price system. The Bundesbank went on to cover some of the outstanding gold debts of the Fed to the gold pool. Subsequently, the US then did several deals with the BOC to get a substantial amount of gold to pay back the Bundesbank which was sent over to England from March until June 1968. One can, again, only speculate on the quality of said gold. The Fed then created unsettled accounts to account for these transfers between itself and the Buba.
In light of the above facts and evidence, one can see why the Buba is doing all in its power to avoid the spotlight being shone on the purity of its gold inventory: after all the last thing the German central banks would want is someone to go through the publicly available archived literature, to put two and two together, and figure out that it does not take one massive "rehypothecation" (see "to Corzine") event for German gold credibility to be impaired: all it takes is death from a thousand micro dilutions over the decades to get the same end result. Because chipping away one ounce here, one ounce there for years and years and years,ultimately adds up to a lot.
We eagerly look forward to the Buba's next iteration of self-defense. We can only hope that this one does not include a reference to a "phantom debate", to "East German terrorist Simon Gruber" or toGoldfinger, as it will merely further destroy any remaining credibility the Bundesbank may have left in this, or any other, matter.
* * *
Look forward to more archive-based disclosure ot what may have happened to Buba's, and not only, gold in the coming days and weeks.
and no wonder the Germans want their gold - and the NY Fed keeps saying go away .... So what Germany just needs to do is demand delivery of their gold ....
http://www.silverdoctors.com/german-calls-for-gold-repatriation-intensify-as-fed-refuses-to-allow-inspection/
GERMAN CALLS FOR GOLD REPATRIATION INTENSIFY AS FED REFUSES TO ALLOW INSPECTION
and....
http://www.silverdoctors.com/new-royal-canadian-mint-silver-etr-is-just-another-fractional-bullion-scam/
NEW ROYAL CANADIAN MINT SILVER ETR IS JUST ANOTHER FRACTIONAL BULLION SCAM!
The Royal Canadian Mint Silver ETR is simply absurd. http://harveyorgan.blogspot.com/2012/11/dexia-needs-new-bailoutgold-and-silver.html
THURSDAY, NOVEMBER 8, 2012
Dexia needs a new bailout/gold and silver have second day of an outside day reversal/Greek unemployment rises again/B. and England stops QE
Good evening Ladies and Gentlemen:
Gold closed up again to the tune of $12.20 or 1725.40. Silver also rose by 58 cents closing the comex session at $32.23. Gold and silver trading has been unusual during the past two sessions as the banker raids have been repelled with such force and then on both days, our two precious metals closed at their highs. This is great for us and a bad omen for our bankers who are losing control of the paper game. Thus we have had two outside day reversals in a row and both to the upside. The bankers never like to see an outside day reversal and always attack on the second day. This is also the second day in a row that gold/silver rose and the Dow plummeted on both days.
In the access market late tonight:
gold: $1731.90
silver: $32.31
In early morning news from Europe we were told that Greece saw their unemployment rise again to over 25.4% with youth capable of working having an unemployment rate of 58%. England surprised us all today by announcing that they were suspending their QE because in their words they saw no noticeable effect. QE is nothing but a detriment. Late in the day, Dexia announced a further bailout which will put further pressure on France and Belgium. Spanish bonds retreated in price (rose in yield) as investors start to worry that Spain will not ask for a bailout this year. Japan continues to collapse as it's current account surplus shrinks as did its factory machine orders.
In the USA, initial claims fell in the USA and this was coupled with a better trade figures. The Dow plummeted anyway despite this good news.
We will go over all of these stories but first...........................
Let us now head over to the comex and assess today's trading.
The total comex gold OI rose by 3,239 contracts as newbie longs piled into the metal. The print tonight on the total gold comex rests at 450,393. Last night's OI stood at 447,154. The non active November gold contract month saw it's OI fall by 15 contracts from 44 down to 29. We had 25 delivery notices yesterday so in essence we gained 10 contracts or an additional 1,000 oz of gold will stand for delivery in November.
The big December contract is now 3 weeks away as it's OI rests tonight at 269,950 a fall of 8,933 contracts from yesterday's print of 278,883. The players who left December rolled in February. The estimated volume today at the gold comex came in at a very light 146,212. The volume yesterday was quite large at 306,313. It seems that everybody wanted to jump on the bandwagon in gold yesterday.The total silver comex OI refused to follow in gold's footsteps. It's total OI fell by 1497 contracts from 139,313 down to 137,816 as the bankers got nervous and covered their shortfall. The bankers are becoming quite nervous as they pour over the data for silver. The non active November silver month saw it's OI rise from 23 to 27 for a gain of 4 contracts. We had 3 delivery notices filed yesterday so again we gained 7 additional silver contracts or 35,000 oz of additional silver will stand in November. The big December silver contract month saw it's OI fall by 3686 contracts from 69,758 down to 66,072. Some rolled, while others like the bankers covered their shorts. We probably had some newbie longs take some profits off the table in silver. The estimated volume at the silver comex came in at a very respectable 48,611. The confirmed volume yesterday was humongous at 78,285.
Gold closed up again to the tune of $12.20 or 1725.40. Silver also rose by 58 cents closing the comex session at $32.23. Gold and silver trading has been unusual during the past two sessions as the banker raids have been repelled with such force and then on both days, our two precious metals closed at their highs. This is great for us and a bad omen for our bankers who are losing control of the paper game. Thus we have had two outside day reversals in a row and both to the upside. The bankers never like to see an outside day reversal and always attack on the second day. This is also the second day in a row that gold/silver rose and the Dow plummeted on both days.
In the access market late tonight:
gold: $1731.90
silver: $32.31
In early morning news from Europe we were told that Greece saw their unemployment rise again to over 25.4% with youth capable of working having an unemployment rate of 58%. England surprised us all today by announcing that they were suspending their QE because in their words they saw no noticeable effect. QE is nothing but a detriment. Late in the day, Dexia announced a further bailout which will put further pressure on France and Belgium. Spanish bonds retreated in price (rose in yield) as investors start to worry that Spain will not ask for a bailout this year. Japan continues to collapse as it's current account surplus shrinks as did its factory machine orders.
In the USA, initial claims fell in the USA and this was coupled with a better trade figures. The Dow plummeted anyway despite this good news.
We will go over all of these stories but first...........................
Let us now head over to the comex and assess today's trading.
The total comex gold OI rose by 3,239 contracts as newbie longs piled into the metal. The print tonight on the total gold comex rests at 450,393. Last night's OI stood at 447,154. The non active November gold contract month saw it's OI fall by 15 contracts from 44 down to 29. We had 25 delivery notices yesterday so in essence we gained 10 contracts or an additional 1,000 oz of gold will stand for delivery in November.
The big December contract is now 3 weeks away as it's OI rests tonight at 269,950 a fall of 8,933 contracts from yesterday's print of 278,883. The players who left December rolled in February. The estimated volume today at the gold comex came in at a very light 146,212. The volume yesterday was quite large at 306,313. It seems that everybody wanted to jump on the bandwagon in gold yesterday.The total silver comex OI refused to follow in gold's footsteps. It's total OI fell by 1497 contracts from 139,313 down to 137,816 as the bankers got nervous and covered their shortfall. The bankers are becoming quite nervous as they pour over the data for silver. The non active November silver month saw it's OI rise from 23 to 27 for a gain of 4 contracts. We had 3 delivery notices filed yesterday so again we gained 7 additional silver contracts or 35,000 oz of additional silver will stand in November. The big December silver contract month saw it's OI fall by 3686 contracts from 69,758 down to 66,072. Some rolled, while others like the bankers covered their shorts. We probably had some newbie longs take some profits off the table in silver. The estimated volume at the silver comex came in at a very respectable 48,611. The confirmed volume yesterday was humongous at 78,285.
Comex gold figures
Nov 8-.2012
Today, we again had tiny activity inside the gold vaults.
The dealer had no deposits and no withdrawals.
The customer had one deposit and no withdrawals:
Customer deposit:
i) Into Scotia 1478.90 oz
Adjustments: none
Customer deposit:
i) Into Scotia 1478.90 oz
Adjustments: none
Thus the dealer inventory rests tonight at 2.587 million oz (80.466) tonnes of gold.
The CME reported that we had 4 notices filed or 400 oz of gold. The total number of notices filed so far this month is thus 291 notices or 29,100 oz of gold.
To determine what is left to be served upon, I take the OI standing for November (29) and subtract out today's notices (4) which leaves us with 25 notices or 2,500 oz left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in November is as follows:
29,100 oz (served) + 2,500 oz (to be served upon) = 31,600 oz (.9828 tonnes of gold). we gained 1000 oz of additional gold standing for November.
To determine what is left to be served upon, I take the OI standing for November (29) and subtract out today's notices (4) which leaves us with 25 notices or 2,500 oz left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in November is as follows:
29,100 oz (served) + 2,500 oz (to be served upon) = 31,600 oz (.9828 tonnes of gold). we gained 1000 oz of additional gold standing for November.
Silver:
Nov 8.2012:
Today, we had some activity inside the silver vaults.
we had no dealer deposit and no dealer withdrawal.
The customer had no deposits today:
we had the following customer withdrawals:
i) Out of Scotia: 309,750.3 oz
total customer withdrawal: 309,750.30 oz
we had 2 adjustments:
Out of the CNT vault:
62,047.000 oz was withdrawn from the customer account at CNT and re enter the dealer at CNTii) Out of the Delaware vault
Out of the CNT vault:
62,047.000 oz was withdrawn from the customer account at CNT and re enter the dealer at CNTii) Out of the Delaware vault
83,873.357 oz of silver was withdrawn from the customer and re enter the dealer at Delaware.
Registered silver remains this weekend at : 36.408 million oz
total of all silver: 142.625 million oz.
The CME reported that we had 10 notices filed for 50,000 oz . The total number of silver notices filed this month is thus 36 contracts or 180,000 oz of silver.
To determine the number of silver ounces standing for November, I take the OI standing for November (27) and subtract out today's notices (10) which leaves us with 17 notices or 85,000 oz ready to be served upon.
Thus the total number of silver ounces standing in this non active month of November is as follows:
180,000 oz (served) + 85,000 oz ( to be served upon) = 265,000 oz
we gained 35,000 oz of additional silver ounces standing in the November delivery month.
Thus the total number of silver ounces standing in this non active month of November is as follows:
180,000 oz (served) + 85,000 oz ( to be served upon) = 265,000 oz
we gained 35,000 oz of additional silver ounces standing in the November delivery month.
* * *
* * *
Gold rose for a third day yesterday after confirmation that President Barack Obama won re- election, while stock markets fell sharply and treasuries headed for the biggest advance in 11 weeks.
Robust investment demand continues and may intensify after the election and exchange traded products backed by gold attracted $2.5 billion of inflows in October alone.
Total inflows in commodities ETPs were $3.1 billion last month, taking assets under management to $201.6 billion for Blackrock Inc alone according to Bloomberg.
Many analysts believe that President Obama’s re-election is the “best- case” scenario for precious metals due to implications for monetary and fiscal policy. Obama faces chronic high unemployment, weak economic growth and the upcoming fiscal cliff, not too mention very difficult geopolitical challenges in the form of Israel, Iran, Russia and China.Today, The European Central Bank has its rate decision at 1245 GMT and they are expected to leave rates unchanged.
Investors are now again focussing on the US fiscal cliff which will enact $600 billion in tax hikes and severe budget cuts, if no action is taken by the US Congress, than the US will fall deeper into its recession.
* * *
Gold bullion is not only supported by the uncertainty of the “fiscal cliff” but the Eurozone debt crisis is set to deepen again.
There remains the real risk of an exit from the single currency by one or more members and of course the risk of a global recession and Depression which will be responded to by more loose monetary policies by various central governments.
There remains the real risk of an exit from the single currency by one or more members and of course the risk of a global recession and Depression which will be responded to by more loose monetary policies by various central governments.
More of the world's rich are moving their gold, silver and other valuables away from the economic turmoil in the West to the Asian capitals of Singapore and Hong Kong according to Reuters (see commentary).
This is prompting vaulting and storage specialists in the increasingly prosperous region to increase their capacity by creating extra vaulting space.
This is prompting vaulting and storage specialists in the increasingly prosperous region to increase their capacity by creating extra vaulting space.
Depositories in Asia report that there are a lot of enquiries from European banks, not because the banks themselves necessarily want to move the assets to Asia, but because their clients are asking them to.
These clients include rich Asians who want their valuables closer to home as well as Westerners.
Singapore and Hong Kong are two of the favoured destinations. Both have seen a significant increase in gold importations in 2012.
With Chinese demand for gold and silver surging depositories are looking to cater to the huge growing swathe of wealthy Chinese and this is leading to increasing vaulting services being offered in Singapore, Hong Kong and now even Shanghai.
China is on its way to overtake India as the world's biggest gold consumer this year, as India's gold demand has taken a blow on record rupee prices and higher import tax while Chinese consumers' appetite for gold remains resilient.
We have firsthand experience of this increasing preference for secure bullion storage as we have seen an increased preference for storage in Zurich and Hong Kong.
Zurich remains the preferred destination for most western investors and of investors internationally but we and other bullion providers are seeing some western clients opt for secure storage in Asia.
There is a definite sense amongst some of our American and European clients that storing gold in Zurich and Asia is safer than in London, New York, Delaware or elsewhere in U.S. and this trend is set to continue.
Throughout history capital has flowed to where it is most favourably treated and today there is a definite move to own capital and assets outside of massively indebted and near insolvent western democracies.
Obama’s second term is likely to see Ben Bernanke continue to devalue and debase the dollar which will lead to increased investment demand and store of wealth demand for gold and to investors seeking storage in Zurich, Singapore and Hong Kong.
We have firsthand experience of this increasing preference for secure bullion storage as we have seen an increased preference for storage in Zurich and Hong Kong.
Zurich remains the preferred destination for most western investors and of investors internationally but we and other bullion providers are seeing some western clients opt for secure storage in Asia.
There is a definite sense amongst some of our American and European clients that storing gold in Zurich and Asia is safer than in London, New York, Delaware or elsewhere in U.S. and this trend is set to continue.
Throughout history capital has flowed to where it is most favourably treated and today there is a definite move to own capital and assets outside of massively indebted and near insolvent western democracies.
Obama’s second term is likely to see Ben Bernanke continue to devalue and debase the dollar which will lead to increased investment demand and store of wealth demand for gold and to investors seeking storage in Zurich, Singapore and Hong Kong.
http://www.silverdoctors.com/max-keiser-with-ned-naylor-leyland-on-germanys-gold-jp-morgans-shorts-and-bart-chiltons-investigation/#more-16948
MAX KEISER WITH NED NAYLOR-LEYLAND ON GERMANY’S GOLD, JP MORGAN’S SHORTS AND BART CHILTON’S ‘INVESTIGATION’
and......
http://www.caseyresearch.com/gsd/edition/john-hathaway-gold-set-super-surge-new-all-time-highs
John Hathaway: Gold Set to Super-Surge to New All-Time Highs
Nov
8
¤ YESTERDAY IN GOLD AND SILVER
What little gains that had accrued during the Far East and London trading session had all but disappeared by the time that New York opened on Wednesday morning. The rally that began shortly after trading began on the Comex, wasn't allowed to go far...and from that point, the gold price got sold down to its low of the day, which was $1,702.30 spot.
The low tick came at 11:00 a.m. virtually right on the button...and the subsequent rally ran out of gas about 2:45 p.m. in the New York electronic market. From there it got sold down a few dollars into the 5:15 p.m. close.
Gold finished the Wednesday trading day at $1,717.30 spot...up 40 cents on the day. Net volume in early London trading, which I had mentioned in 'The Wrap' in yesterday's column, was an off-the-charts 65,000+ contracts when I hit the 'send' button on Wednesday's column at 5:20 a.m. Eastern time yesterday morning. The closing gross volume for Wednesday was an astonishing 306,070 contracts...with net volume checking in around 225,000 contracts. Under no circumstance would one consider this to be normal trading volume...especially considering the small intraday price changes. I'll have more on this in 'The Wrap'.
The low tick came at 11:00 a.m. virtually right on the button...and the subsequent rally ran out of gas about 2:45 p.m. in the New York electronic market. From there it got sold down a few dollars into the 5:15 p.m. close.
Gold finished the Wednesday trading day at $1,717.30 spot...up 40 cents on the day. Net volume in early London trading, which I had mentioned in 'The Wrap' in yesterday's column, was an off-the-charts 65,000+ contracts when I hit the 'send' button on Wednesday's column at 5:20 a.m. Eastern time yesterday morning. The closing gross volume for Wednesday was an astonishing 306,070 contracts...with net volume checking in around 225,000 contracts. Under no circumstance would one consider this to be normal trading volume...especially considering the small intraday price changes. I'll have more on this in 'The Wrap'.
What I said about the gold price action above, could be directly applied to the silver price action on Wednesday as well. The gold and silver charts are virtual carbon copies of each other.
Silver closed at $31.84 spot...down 18 cents from Tuesday's close. Silver's volume was sky high as well during the entire Wednesday trading session all over Planet Earth. Gross volume was an astonishing 77,047 contracts...and net volume was very chunky at 53,603 contracts. This wasn't normal price/volume action either. Like gold, I have my suspicions about what may be happening...and I'll talk about it 'The Wrap' as well.
As I mentioned in 'The Wrap' in yesterday's column, the dollar index tanked by 40 basis points on the Obama election news in late morning Far East trading on their Wednesday...but began to recover strongly from that low about 3:30 p.m. Hong Kong time...about thirty minutes before the London open.
Silver closed at $31.84 spot...down 18 cents from Tuesday's close. Silver's volume was sky high as well during the entire Wednesday trading session all over Planet Earth. Gross volume was an astonishing 77,047 contracts...and net volume was very chunky at 53,603 contracts. This wasn't normal price/volume action either. Like gold, I have my suspicions about what may be happening...and I'll talk about it 'The Wrap' as well.
By 8:00 a.m. in New York, the dollar index had gained 60 basis points from its low tick in the Far East. From its 8:00 a.m. 80.90 high tick, the index got sold down 10 basis points...and then traded almost ruler flat going into the close. The index closed at 80.81...up 18 basis points from Tuesday's close.
Even a cursory glance indicates that there was absolutely no relationship between the dollar index and the precious metal prices yesterday...especially during the Comex trading session.
The gold shares pretty much followed the gold price in the early going...with the low in the shares coming just a minute or two before 11:00 a.m. Eastern time...the low price tick for gold yesterday. After that, the shares chopped higher...and moved back into positive territory. Then, starting at 2:00 p.m. in New York, a strong buyer showed up...and the shares moved solidly higher from there, right into the close...almost without a break. Despite the fact that the general equity markets got killed, the HUI finished up 1.83%...almost on its high tick of the day.
Even a cursory glance indicates that there was absolutely no relationship between the dollar index and the precious metal prices yesterday...especially during the Comex trading session.
***
The CME's Daily Delivery Report showed that only 4 gold and 10 silver contracts were posted for delivery within the Comex-approved depositories on Friday.
An authorized participant added 87,207 troy ounces of gold to GLD yesterday...and there were no reported changes to SLV. Based on this information, it's pretty obvious that last Friday's price smash in both gold and silver was a 100% paper affair on the Comex...as it almost always is.
The U.S. Mint had a tiny sales report. They sold another 50,000 silver eagles...and that was it.
The Comex-approved depositories reported receiving 1,203,658 troy ounces of silver on Tuesday...and also shipped 283,338 ounces of the stuff out the door. Virtually all of the activity involved the Brink's, Inc. depository...and the link to the action is here.
Three readers that I know of [Marvin Wieler, Eric Gould, Normand Bedard and Cave Caron] were kind enough to e-mail the CEO of Scotiabank, Mr. Rick Waugh...and they got the same non-answer canned response from Mr. Dave Shearim that I got, namely...
Dear Mr. Wieler,
Thank you for your email of November 6th addressed to Rick Waugh, CEO of Scotiabank. I have been asked to review your inquiry and provide a response to you on behalf of the Scotiabank Group.
We have determined from our review, the Scotiabank Group is not involved in the research or publication of the Commitment of Traders Report and as a result we are unable to comment on the data provided in the report. We respectfully recommend you consider making direct contact with the Commodity Futures Trading Commission (CFTC) as we understand they are the source of the report and would be better positioned to respond to you with answers to any inquiries you may have about the report.
Once again, thank you for writing, giving us an opportunity to review and respond to your inquiry.
Sincerely,
Dave Shearim
Senior Manager - Office of the President
Scotiabank - Executive Offices
e-mail: mail.president@scotiabank.com
Telephone: (416) 933-1700 or (877) 700-0043
Fax: (416) 933-1777 or (877) 700-0045
Although it's obvious that the truth won't be forthcoming from the Bank of Nova Scotia/Scotia Mocatta any time soon...if at all...at least they are aware of the fact that large numbers of people are now on to them. I thank everyone who took the time to write in and make their opinions known.
****
news of note.....
An authorized participant added 87,207 troy ounces of gold to GLD yesterday...and there were no reported changes to SLV. Based on this information, it's pretty obvious that last Friday's price smash in both gold and silver was a 100% paper affair on the Comex...as it almost always is.
The U.S. Mint had a tiny sales report. They sold another 50,000 silver eagles...and that was it.
The Comex-approved depositories reported receiving 1,203,658 troy ounces of silver on Tuesday...and also shipped 283,338 ounces of the stuff out the door. Virtually all of the activity involved the Brink's, Inc. depository...and the link to the action is here.
Three readers that I know of [Marvin Wieler, Eric Gould, Normand Bedard and Cave Caron] were kind enough to e-mail the CEO of Scotiabank, Mr. Rick Waugh...and they got the same non-answer canned response from Mr. Dave Shearim that I got, namely...
Dear Mr. Wieler,
Thank you for your email of November 6th addressed to Rick Waugh, CEO of Scotiabank. I have been asked to review your inquiry and provide a response to you on behalf of the Scotiabank Group.
We have determined from our review, the Scotiabank Group is not involved in the research or publication of the Commitment of Traders Report and as a result we are unable to comment on the data provided in the report. We respectfully recommend you consider making direct contact with the Commodity Futures Trading Commission (CFTC) as we understand they are the source of the report and would be better positioned to respond to you with answers to any inquiries you may have about the report.
Once again, thank you for writing, giving us an opportunity to review and respond to your inquiry.
Sincerely,
Dave Shearim
Senior Manager - Office of the President
Scotiabank - Executive Offices
e-mail: mail.president@scotiabank.com
Telephone: (416) 933-1700 or (877) 700-0043
Fax: (416) 933-1777 or (877) 700-0045
Although it's obvious that the truth won't be forthcoming from the Bank of Nova Scotia/Scotia Mocatta any time soon...if at all...at least they are aware of the fact that large numbers of people are now on to them. I thank everyone who took the time to write in and make their opinions known.
****
news of note.....
Dr. Marc Faber: Obama Is A Disaster, The Stock Market Should Have Fallen 50 Percent
“I am surprised with the re-election of Mr. Obama. The S&P is only down like 30 points. I would have thought that the market on his reelection should be down at least 50%...I think Mr. Obama is a disaster for business and a disaster for the United States. Not that Mr. Romney would be much better, but the Republicans understand the problem of excessive debt better than Mr. Obama who basically doesn't care about piling up debt. You also have in the background Mr. Bernanke, who with artificially low interest rates enables the debt to essentially escalate endlessly.”
No shades of grey in this Bloomberg TV "Street Smart" interview yesterday. It runs for 10:42 minutes...and I thank Roy Stephens for our first story of the day. The link is here.
No shades of grey in this Bloomberg TV "Street Smart" interview yesterday. It runs for 10:42 minutes...and I thank Roy Stephens for our first story of the day. The link is here.
Jim Rogers: Get Ready for Cheap Money 'Run Amok'
Investors should prepare for rising prices and more expansionary monetary policy now that President Barack Obama has won re-election, investor Jim Rogers told CNBC on Tuesday.
Just moments before Obama was projected to prevail in his bid for a second term against Republican challenger Mitt Romney, Rogers sharply repudiated both candidates, calling them both “evil”.
“If Obama wins, it’s going to be more inflation, more money printing, more debt, more spending.” Rogers told CNBC, saying he expected to sell U.S. government debt and buy precious metals, such as gold. “It’s not going to be good for you me or anybody else.”
This CNBC story was posted on their website in the wee hours of Wednesday morning...and I thank Roy Stephens for his second offering in a row. The link is here.
Just moments before Obama was projected to prevail in his bid for a second term against Republican challenger Mitt Romney, Rogers sharply repudiated both candidates, calling them both “evil”.
“If Obama wins, it’s going to be more inflation, more money printing, more debt, more spending.” Rogers told CNBC, saying he expected to sell U.S. government debt and buy precious metals, such as gold. “It’s not going to be good for you me or anybody else.”
This CNBC story was posted on their website in the wee hours of Wednesday morning...and I thank Roy Stephens for his second offering in a row. The link is here.
Treasury Quietly Warns: 'Expect Debt Limit to Be Reached Near End of 2012'
The U.S. Treasury quietly warned at the end of a statement issued last Wednesday that it expects the federal government to hit its legal debt limit before the end of this year--which means before the new Congress is seated--and that "extraordinary measures" will be needed before then to keep the government fully funded into the early part of 2013.
On Aug. 2, 2011, President Obama signed a deal he had negotiated with congressional leaders to increase the debt limit of the federal government by $2.4 trillion. But, now, after only 15 months, almost all of that additional borrowing authority has been exhausted.
This must read story was posted on the cnsnews.com Internet site on Tuesday...and I thank reader Bruce McLean for sending it to me. The link ishere.
On Aug. 2, 2011, President Obama signed a deal he had negotiated with congressional leaders to increase the debt limit of the federal government by $2.4 trillion. But, now, after only 15 months, almost all of that additional borrowing authority has been exhausted.
This must read story was posted on the cnsnews.com Internet site on Tuesday...and I thank reader Bruce McLean for sending it to me. The link ishere.
Fear of 'catastrophic event' holding back global recovery, Harper says
“If I were to go back and look ahead, I would say one of the things that most surprises me is that four years after this crisis, we’re still in it to some degree,” Canadian Prime Minister Stephen Harper told a moderator at a global business meeting in India yesterday.
He said the U.S. governments debt and deficit problems are one thing, but a bigger more potentially imminent concern for world leaders is the risk of another economic crash.
“I do believe is that what worries big actors in the global economy, is that there will be some kind of catastrophic event as happened in late 2008 that will send everything into a tail spin,” Mr. Harper said.
Stephen has a keen grasp of the obvious...but one of the few world leaders to actually say the magic words in public. This story was posted in Canada's Globe and Mail newspaper yesterday...and it's Roy Stephens last offering in today's column. The link is here.
He said the U.S. governments debt and deficit problems are one thing, but a bigger more potentially imminent concern for world leaders is the risk of another economic crash.
“I do believe is that what worries big actors in the global economy, is that there will be some kind of catastrophic event as happened in late 2008 that will send everything into a tail spin,” Mr. Harper said.
Stephen has a keen grasp of the obvious...but one of the few world leaders to actually say the magic words in public. This story was posted in Canada's Globe and Mail newspaper yesterday...and it's Roy Stephens last offering in today's column. The link is here.
No comments:
Post a Comment