http://www.caseyresearch.com/gsd/edition/do-jpmorgan-chase-and-scotiabankscotia-mocatta-operate-silver-price-fixing-scheme-team
( The entire report is at the link - but the wrap up comment regarding Scotiabank is the reason for this posting here.. )
¤ THE WRAP
If you harbour any ambitions to "change" the system, you are likely to break down into rueful laughter if you think it through. If you are an American, you can go to the polls [today] and "choose" between Barack Obama and Mitt Romney. It is pretty clear that the US financial and political establishment don't much care which one you "choose". Their mutual abhorrence of any political principle is as obvious as it is predictable. Their "platforms" are identical. Their "plans" for the nation they aspire to rule are the same. That is why they are the candidates. It truly doesn't matter who you vote for, and you know it. - Bill Buckler, Gold This Week, 03 November 2012
It was pretty quiet yesterday...both in price action and volume...but I was somewhat mystified by the poor performance of the shares in both silver and gold...and don't know quite know what to make of it.
With today being election day in the U.S.A....I'm uncertain as to what price action we will see during the Tuesday trading day. Whatever is allowed, will show up in Friday's Commitment of Traders Report, as today at the 1:30 p.m. Comex close, is the cut-off for both it and November's Bank Participation Report.
As I mentioned in my Saturday column, I never heard back from anyone at Scotiabank's head office in Toronto...so I must assume that they are the "non-U.S." bank that was "outed" in the CFTC's October Bank Participation Report.
Here, once again, is all the e-mal correspondence between myself and the bank. I sent the letter to Mr. Rick Waugh, the CEO...but it was answered by Dave Shearim. I urge you to e-mail either one, or both of them...and ask them the same question in your own words...are they, or aren't they...yes, or no. Please be polite!
22 October 2012
Scotiabank
44 King Street WestToronto, Ontario M5H 1H1
Attention: Mr. Rick Waugh, CEO
Dear Mr. Waugh,
I'm a keen observer of the financial scene, both here in Canada and abroad...but my main area of expertise is in the precious metal markets. I write a daily blog on this subject for Casey Research out of Stowe, Vermont...and here is the link to my webpage.
Part of my reading material includes two reports that are issued by the U.S. Commodity Futures Trading Commission...the CFTC. The most notable of those are the weekly Commitment of Traders Report and the monthly Bank Participation Report.
If you click on the Bank Participation Report link, you'll note that the CFTC has included a comment about its October figures that took quite a few people who follow this report, completely by surprise...including me.
The comment states... "The October 2012 Bank Participation Report includes COMEX gold and COMEX silver futures and options positions for a newly classified non-U.S. bank, based upon the entity's self-description on its latest CFTC Form 40. Given the methodology of the Bank Participation Report, the entity's most recent Form 40 submission results in all of its futures and options positions now being included within the report. For more information on the methodology used for the Bank Participation Report, see Explanatory Notes" [Emphasis is mine. - Ed]
Looking through the list of market-making members of the LBMA...my first thought was that the bank most likely to fit that description would be The Bank of Nova Scotia - Scotia Mocatta. So I called Andy Montano at your head office about a week ago. We had a pleasant chat...and he said that he knew nothing about it. I asked him who might know...and he had no suggestion.
So I thought I would write directly to you, sir.
All I need to know is if the "non-U.S. bank" that the CFTC is referring to in its comments above...and on its Bank Participation Report home page...is The Bank of Nova Scotia - Scotia Mocatta.
It was pretty quiet yesterday...both in price action and volume...but I was somewhat mystified by the poor performance of the shares in both silver and gold...and don't know quite know what to make of it.
With today being election day in the U.S.A....I'm uncertain as to what price action we will see during the Tuesday trading day. Whatever is allowed, will show up in Friday's Commitment of Traders Report, as today at the 1:30 p.m. Comex close, is the cut-off for both it and November's Bank Participation Report.
As I mentioned in my Saturday column, I never heard back from anyone at Scotiabank's head office in Toronto...so I must assume that they are the "non-U.S." bank that was "outed" in the CFTC's October Bank Participation Report.
Here, once again, is all the e-mal correspondence between myself and the bank. I sent the letter to Mr. Rick Waugh, the CEO...but it was answered by Dave Shearim. I urge you to e-mail either one, or both of them...and ask them the same question in your own words...are they, or aren't they...yes, or no. Please be polite!
22 October 2012
Scotiabank
44 King Street WestToronto, Ontario M5H 1H1
Attention: Mr. Rick Waugh, CEO
Dear Mr. Waugh,
I'm a keen observer of the financial scene, both here in Canada and abroad...but my main area of expertise is in the precious metal markets. I write a daily blog on this subject for Casey Research out of Stowe, Vermont...and here is the link to my webpage.
Part of my reading material includes two reports that are issued by the U.S. Commodity Futures Trading Commission...the CFTC. The most notable of those are the weekly Commitment of Traders Report and the monthly Bank Participation Report.
If you click on the Bank Participation Report link, you'll note that the CFTC has included a comment about its October figures that took quite a few people who follow this report, completely by surprise...including me.
The comment states... "The October 2012 Bank Participation Report includes COMEX gold and COMEX silver futures and options positions for a newly classified non-U.S. bank, based upon the entity's self-description on its latest CFTC Form 40. Given the methodology of the Bank Participation Report, the entity's most recent Form 40 submission results in all of its futures and options positions now being included within the report. For more information on the methodology used for the Bank Participation Report, see Explanatory Notes" [Emphasis is mine. - Ed]
Looking through the list of market-making members of the LBMA...my first thought was that the bank most likely to fit that description would be The Bank of Nova Scotia - Scotia Mocatta. So I called Andy Montano at your head office about a week ago. We had a pleasant chat...and he said that he knew nothing about it. I asked him who might know...and he had no suggestion.
So I thought I would write directly to you, sir.
All I need to know is if the "non-U.S. bank" that the CFTC is referring to in its comments above...and on its Bank Participation Report home page...is The Bank of Nova Scotia - Scotia Mocatta.
A simple 'yes' or 'no' answer will suffice.
Thank you for your attention in this matter...and I remain,
Yours truly,
Edward Steer, Editor
Ed Steer's Gold & Silver Daily
On Tuesday I received this reply...and as you can tell right away, the 'non-answer' avoided my question entirely...
Dear Mr. Steer,
Thank you for your email of October 22nd addressed to Rick Waugh, President & 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.comTelephone: (416) 933-1700 or (877) 700-0043
Fax: (416) 933-1777 or (877) 700-0045
Of course I had to reply...and here it is...
Hello Dave,
This reply I received from you is a 'non answer'...and avoids the question entirely.
Nowhere in my original e-mail did I remotely suggest that Scotiabank Group was involved in the production of any data from the CFTC reports mentioned.
The Form 40 referred to by the CFTC, would have to have been filled out by a very senior member of the Scotiabank Group...either within the bank itself, or within the Scotia Mocatta division.
Here are the pertinent contents of my previous e-mail to Mr. Waugh once again...
"Part of my reading material includes two reports that are issued by the U.S. Commodity Futures Trading Commission...the CFTC. The most notable of those are the weekly Commitment of Traders Report and the monthly Bank Participation Report.
"If you click on the Bank Participation Report link, you'll note that the CFTC has included a comment about its October figures that took quite a few people who follow this report, completely by surprise...including me.
"The comment states... "The October 2012 Bank Participation Report includes COMEX gold and COMEX silver futures and options positions for a newly classified non-U.S. bank, based upon the entity's self-description on its latest CFTC Form 40. Given the methodology of the Bank Participation Report, the entity's most recent Form 40 submission results in all of its futures and options positions now being included within the report. For more information on the methodology used for the Bank Participation Report, see Explanatory Notes" [Emphasis is mine. - Ed]
Thank you for your attention in this matter...and I remain,
Yours truly,
Edward Steer, Editor
Ed Steer's Gold & Silver Daily
On Tuesday I received this reply...and as you can tell right away, the 'non-answer' avoided my question entirely...
Dear Mr. Steer,
Thank you for your email of October 22nd addressed to Rick Waugh, President & 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.comTelephone: (416) 933-1700 or (877) 700-0043
Fax: (416) 933-1777 or (877) 700-0045
Of course I had to reply...and here it is...
Hello Dave,
This reply I received from you is a 'non answer'...and avoids the question entirely.
Nowhere in my original e-mail did I remotely suggest that Scotiabank Group was involved in the production of any data from the CFTC reports mentioned.
The Form 40 referred to by the CFTC, would have to have been filled out by a very senior member of the Scotiabank Group...either within the bank itself, or within the Scotia Mocatta division.
Here are the pertinent contents of my previous e-mail to Mr. Waugh once again...
"Part of my reading material includes two reports that are issued by the U.S. Commodity Futures Trading Commission...the CFTC. The most notable of those are the weekly Commitment of Traders Report and the monthly Bank Participation Report.
"If you click on the Bank Participation Report link, you'll note that the CFTC has included a comment about its October figures that took quite a few people who follow this report, completely by surprise...including me.
"The comment states... "The October 2012 Bank Participation Report includes COMEX gold and COMEX silver futures and options positions for a newly classified non-U.S. bank, based upon the entity's self-description on its latest CFTC Form 40. Given the methodology of the Bank Participation Report, the entity's most recent Form 40 submission results in all of its futures and options positions now being included within the report. For more information on the methodology used for the Bank Participation Report, see Explanatory Notes" [Emphasis is mine. - Ed]
"Looking through the list of market-making members of the LBMA...my first thought was that the bank most likely to fit that description would be The Bank of Nova Scotia - Scotia Mocatta. So I called Andy Montano at your head office about a week ago. We had a pleasant chat...and he said that he knew nothing about it. I asked him who might know...and he had no suggestion.
"So I thought I would write directly to you, sir.
"All I need to know is if the "non-U.S. bank" that the CFTC is referring to in its comments above...and on its Bank Participation Report home page...is The Bank of Nova Scotia - Scotia Mocatta.
"A simple 'yes' or 'no' answer will suffice.
So, Dave, I'll ask the question one more time, which is it...yes, or no?
Sincerely,
Ed
And that's where the matter sits, as I've heard nothing since.
Neither silver or gold did much of anything during the Far East trading session on their Tuesday. Silver was under slight selling pressure, but is now back in the plus column by around 13 cents...and gold is up five bucks, as I hit the 'send' button at 5:20 a.m. Eastern time. The dollar index is flat...and volumes are already decent in silver, but light in gold.
As I said a handful of paragraphs ago, I wouldn't hazard a guess as to what the price action will be like in New York today, so nothing will surprise me when I switch on my computer later this morning.
But, having said that, here's a paragraph from Ted Butler's Weekly Commentary to his paying subscribers on the weekend...
"So I thought I would write directly to you, sir.
"All I need to know is if the "non-U.S. bank" that the CFTC is referring to in its comments above...and on its Bank Participation Report home page...is The Bank of Nova Scotia - Scotia Mocatta.
"A simple 'yes' or 'no' answer will suffice.
So, Dave, I'll ask the question one more time, which is it...yes, or no?
Sincerely,
Ed
And that's where the matter sits, as I've heard nothing since.
Neither silver or gold did much of anything during the Far East trading session on their Tuesday. Silver was under slight selling pressure, but is now back in the plus column by around 13 cents...and gold is up five bucks, as I hit the 'send' button at 5:20 a.m. Eastern time. The dollar index is flat...and volumes are already decent in silver, but light in gold.
As I said a handful of paragraphs ago, I wouldn't hazard a guess as to what the price action will be like in New York today, so nothing will surprise me when I switch on my computer later this morning.
But, having said that, here's a paragraph from Ted Butler's Weekly Commentary to his paying subscribers on the weekend...
"The second standout [in Friday's COT Report] was the relative small number of silver contracts [through Tuesday's cut-off date] that were sold by the technical funds and bought by the commercials. At the cut-off, only 4,100 net contracts had been liquidated from Oct 2nd. The question lately was if the tech funds would hold tight (for the first time ever) and not sell into declining prices since they hadn’t rushed to sell when key moving averages were first violated. Or was it more a case of they hadn’t sold yet, but would? Based upon Friday’s high volume, it would appear that the tech funds are capitulating on lower prices. The good news is that the tech funds may have sold 10,000 net contracts on Friday, greatly reducing the number of contracts that they will ultimately sell. The bad news is there are many more contracts that potentially still could be sold by the technical funds and purchased by JPMorgan and the raptors. Should that turn out to be the case, it will only be accomplished with lower prices." - Silver analyst Ted Butler...03 November 2012
So keep his comments top-of-mind until the current situation resolves itself. And as I said on Saturday, we are much closer to a bottom than a top...but I'm always on the lookout for "in your ear".
See you tomorrow.
So keep his comments top-of-mind until the current situation resolves itself. And as I said on Saturday, we are much closer to a bottom than a top...but I'm always on the lookout for "in your ear".
See you tomorrow.
http://harveyorgan.blogspot.com/2012/11/gold-and-silver-risegreece-has-one.html
MONDAY, NOVEMBER 5, 2012
Gold and silver rise/Greece has one week's cash left/Spanish unemployment rises again/ECB refuses to take in collateral in loaning Spanish banks money/
Good evening Ladies and Gentlemen:
Gold closed up $7.40 to finish the comex session at $1682.20. Silver finished up 28 cents to $31.11
We are now one day away from the big USA election. The bankers have tried to keep the problems of Europe at bay until after the election.
Today we learned that Greece has only one week's worth of cash left. The ECB must decide whether they are going to kick the can down the alley again and if they decide on this scenario, the next question will be who will foot the bill.
In Spain today we learned that their unemployment rate rose again as 128,000 more souls entered the ranks of the jobless.
Also we learned that the ECB lent money to the Spanish banks inappropriately as they did not take in the prerequisite haircut due to the lowering of the ratings on Spain itself. It seems that the ECB is using the lowly Canadian rating services of DRBS who still gives Spain an A rating as reasons why they did not ask the Spanish banks for more collateral. All of this of course is at the taxpayers risk and expense.
Gold closed up $7.40 to finish the comex session at $1682.20. Silver finished up 28 cents to $31.11
We are now one day away from the big USA election. The bankers have tried to keep the problems of Europe at bay until after the election.
Today we learned that Greece has only one week's worth of cash left. The ECB must decide whether they are going to kick the can down the alley again and if they decide on this scenario, the next question will be who will foot the bill.
In Spain today we learned that their unemployment rate rose again as 128,000 more souls entered the ranks of the jobless.
Also we learned that the ECB lent money to the Spanish banks inappropriately as they did not take in the prerequisite haircut due to the lowering of the ratings on Spain itself. It seems that the ECB is using the lowly Canadian rating services of DRBS who still gives Spain an A rating as reasons why they did not ask the Spanish banks for more collateral. All of this of course is at the taxpayers risk and expense.
* * *
Let us now head over to the comex and assess trading today.
The total gold comex OI declined by a tiny 1358 contracts despite the massive raid on Friday. The bankers were not amused as few gold leaves fell. The non active November gold month saw it's OI fall 88 contracts from 123 down to 35. We had 112 notices filed on Friday so we actually gained 24 contracts or an additional 2400 oz of gold will stand in November. We are still 4 weeks away from first day notice for gold on the December gold contract. The December contract is always the biggest gold deliveries for the year.
The total December gold OI declined by 7201 contracts from 296,816 down to 289,615 as some earlybirds left December for February. The estimated volume today was a very tiny 105,780. The confirmed volume on Friday, the day of the massive raid came in with a reading of 246,203. It kind of shows you the fire power of the bankers when they want to raid as volume rises big time.
The total silver comex OI totally baffled our bankers. Instead of a big drop in OI, the total complex fell by the tiniest of margins only 26 contracts from 139,329 down to 139,303. Over a week ago, the silver price approached $35.00 and the OI was a touch over 140,000 contracts. Silver is down $4.00 and yet the OI hardly budged. The silver longs are resolute and willing to take on our bankers. The non active November contract saw it's OI rise by 6 contracts from 29 up to 35. We had zero delivery notices on Friday so we gained 6 contracts or an additional 30,000 oz of silver will stand. The big December contract for silver saw it's OI fall from 76,071 down to 74,300. The boys who left December went to the March silver contract. The estimated volume today was a very light 32,930. The confirmed volume on Friday was a very heavy, 72,486.
The total gold comex OI declined by a tiny 1358 contracts despite the massive raid on Friday. The bankers were not amused as few gold leaves fell. The non active November gold month saw it's OI fall 88 contracts from 123 down to 35. We had 112 notices filed on Friday so we actually gained 24 contracts or an additional 2400 oz of gold will stand in November. We are still 4 weeks away from first day notice for gold on the December gold contract. The December contract is always the biggest gold deliveries for the year.
The total December gold OI declined by 7201 contracts from 296,816 down to 289,615 as some earlybirds left December for February. The estimated volume today was a very tiny 105,780. The confirmed volume on Friday, the day of the massive raid came in with a reading of 246,203. It kind of shows you the fire power of the bankers when they want to raid as volume rises big time.
The total silver comex OI totally baffled our bankers. Instead of a big drop in OI, the total complex fell by the tiniest of margins only 26 contracts from 139,329 down to 139,303. Over a week ago, the silver price approached $35.00 and the OI was a touch over 140,000 contracts. Silver is down $4.00 and yet the OI hardly budged. The silver longs are resolute and willing to take on our bankers. The non active November contract saw it's OI rise by 6 contracts from 29 up to 35. We had zero delivery notices on Friday so we gained 6 contracts or an additional 30,000 oz of silver will stand. The big December contract for silver saw it's OI fall from 76,071 down to 74,300. The boys who left December went to the March silver contract. The estimated volume today was a very light 32,930. The confirmed volume on Friday was a very heavy, 72,486.
Let us now head over to the comex and assess trading today.
The total gold comex OI declined by a tiny 1358 contracts despite the massive raid on Friday. The bankers were not amused as few gold leaves fell. The non active November gold month saw it's OI fall 88 contracts from 123 down to 35. We had 112 notices filed on Friday so we actually gained 24 contracts or an additional 2400 oz of gold will stand in November. We are still 4 weeks away from first day notice for gold on the December gold contract. The December contract is always the biggest gold deliveries for the year.
The total December gold OI declined by 7201 contracts from 296,816 down to 289,615 as some earlybirds left December for February. The estimated volume today was a very tiny 105,780. The confirmed volume on Friday, the day of the massive raid came in with a reading of 246,203. It kind of shows you the fire power of the bankers when they want to raid as volume rises big time.
The total silver comex OI totally baffled our bankers. Instead of a big drop in OI, the total complex fell by the tiniest of margins only 26 contracts from 139,329 down to 139,303. Over a week ago, the silver price approached $35.00 and the OI was a touch over 140,000 contracts. Silver is down $4.00 and yet the OI hardly budged. The silver longs are resolute and willing to take on our bankers. The non active November contract saw it's OI rise by 6 contracts from 29 up to 35. We had zero delivery notices on Friday so we gained 6 contracts or an additional 30,000 oz of silver will stand. The big December contract for silver saw it's OI fall from 76,071 down to 74,300. The boys who left December went to the March silver contract. The estimated volume today was a very light 32,930. The confirmed volume on Friday was a very heavy, 72,486.
The total gold comex OI declined by a tiny 1358 contracts despite the massive raid on Friday. The bankers were not amused as few gold leaves fell. The non active November gold month saw it's OI fall 88 contracts from 123 down to 35. We had 112 notices filed on Friday so we actually gained 24 contracts or an additional 2400 oz of gold will stand in November. We are still 4 weeks away from first day notice for gold on the December gold contract. The December contract is always the biggest gold deliveries for the year.
The total December gold OI declined by 7201 contracts from 296,816 down to 289,615 as some earlybirds left December for February. The estimated volume today was a very tiny 105,780. The confirmed volume on Friday, the day of the massive raid came in with a reading of 246,203. It kind of shows you the fire power of the bankers when they want to raid as volume rises big time.
The total silver comex OI totally baffled our bankers. Instead of a big drop in OI, the total complex fell by the tiniest of margins only 26 contracts from 139,329 down to 139,303. Over a week ago, the silver price approached $35.00 and the OI was a touch over 140,000 contracts. Silver is down $4.00 and yet the OI hardly budged. The silver longs are resolute and willing to take on our bankers. The non active November contract saw it's OI rise by 6 contracts from 29 up to 35. We had zero delivery notices on Friday so we gained 6 contracts or an additional 30,000 oz of silver will stand. The big December contract for silver saw it's OI fall from 76,071 down to 74,300. The boys who left December went to the March silver contract. The estimated volume today was a very light 32,930. The confirmed volume on Friday was a very heavy, 72,486.
Today, we again had tiny activity inside the gold vaults.
The dealer had no deposits and no withdrawals.
The customer had no deposit and a tiny withdrawal.
Customer withdrawal:
i) Out of Scotia 32.15 oz
Adjustments: noneThus the dealer inventory rests tonight at 2.587 million oz (80.466) tonnes of gold.
Customer withdrawal:
i) Out of Scotia 32.15 oz
Adjustments: noneThus the dealer inventory rests tonight at 2.587 million oz (80.466) tonnes of gold.
The CME reported that we had 9 notices filed or 900 oz of gold. The total number of notices filed so far this month is thus 261 notices or 26100 oz of gold.
To determine what is left to be served upon, I take the OI standing for November (35) and subtract out today's notices (9) which leaves us with 26 notices or 2600 oz left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in November is as follows:
26,100 oz (served) + 2600 oz (to be served upon) = 28,700 oz (.8926 tonnes of gold). we gained 2,400 oz of additional gold standing for November.
the number of ounces will probably rise as the month progresses.
To determine what is left to be served upon, I take the OI standing for November (35) and subtract out today's notices (9) which leaves us with 26 notices or 2600 oz left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in November is as follows:
26,100 oz (served) + 2600 oz (to be served upon) = 28,700 oz (.8926 tonnes of gold). we gained 2,400 oz of additional gold standing for November.
the number of ounces will probably rise as the month progresses.
Today, we had some activity inside the silver vaults.
we had one dealer deposit and no dealer withdrawal.
i) Dealer deposit: 40,108.000 oz of silver landed into the vault of CNT.
I do not know about you, but I am getting quite suspicious on the CNT deposits of silver. They are always exact like today at 40,108.00000
next question: why didn't they just adjust the 40,108.00 oz out of the customer and back to the dealer which they have been doing regularly?
The customer also had one deposits today:
i) Into Delaware: 1048.90 oz of silver.
we had the following customer withdrawals:
i) our same 40,108.000 oz which landed in CNT arrived courtesy of a withdrawal from the customer at CNT.
ii) Out of Delaware, 998.90 oz was withdrawn
iii) Out of Scotia: a massive 300,029.06 oz was withdrawn.
total customer withdrawal: 342,029.06 oz
we had 0 adjustments
Registered silver remains this weekend at : 36.201 million oz
total of all silver: 142.166 million oz.
The CME reported that we had 8 notices filed for 40,000 oz . The total number of silver notices filed this month is thus 10 contracts or 50,000 oz of silver.
To determine the number of silver ounces standing for November, I take the OI standing for November (35) and subtract out today's notices (8) which leaves us with 27 notices or 135,000 oz ready to be served upon.
Thus the total number of silver ounces standing in this non active month of November is as follows:
50,000 oz (served) + 135,000 oz ( to be served upon) = 185,000 oz
we gained 30,000 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:
50,000 oz (served) + 135,000 oz ( to be served upon) = 185,000 oz
we gained 30,000 oz of additional silver ounces standing in the November delivery month.
* * *
news items of note.....
Fellow Canadian, Ed Steer now believes that Scotia Mocatta is the new manipulative short in silver
(courtesy Gata/Ed Steer)
(courtesy Gata/Ed Steer)
Scotiabank is likely the new manipulative short in silver, Steer writes
Submitted by cpowell on Mon, 2012-11-05 20:10. Section: Daily Dispatches
Chinese gold companies are adding assets as the precious metal rallies for a 12th year and as growth in gold production at home slows.< Posted: Monday , 05 Nov 2012
Shandong Gold Group Co., Zijin Mining Group Co. and Zhaojin Mining Industry Co., China's biggest gold companies, are looking for overseas acquisitions as bullion prices gain, company executives said.
"We aim to have at least one acquisition each year over the next three years," Li Zhongyi, chairman of the international mining unit at Shandong Gold, parent of China's second-biggest gold producer by value, said in an interview at a mining conference in Tianjin. "Mines worth $1 billion would fit our plan. We prefer mines which are already in production."
Chinese gold companies are adding assets as the precious metal rallies for a 12th year and as growth in gold production at home slows. The Bloomberg World Mining Index, a capitalization-weighted index of the world's 118 leading mining stocks, has dropped 14 percent the past 12 months amid a slowing global economy.
"Our development would be very limited if we don't expand overseas because China is lacking large gold mines," Chen Jinghe, chairman of Zijin Mining, China's biggest bullion producer by value, said in a separate interview, "Overseas assets should contribute one third of Zijin Mining's revenue and profits in three to five years," Chen said.Zijin is targeting spending of as much as 10 billion yuan ($1.6 billion) annually on acquisitions and expanding mines, Chen said last year.
Zhaojin Mining, China's fourth-biggest gold producer, is studying acquisitions in South America and other regions, Chen He, assistant to the president of the company, said in an interview in Tianjin. The company may announce a deal "in the near future," he said without elaborating.Deal Volume Slumps
Gold has risen 7.4 percent since the beginning of the year, heading for a 12th straight annual gain, the longest winning streak in at least nine decades. Takeovers and stake purchases in the gold mining industry total $8.05 billion so far this year, heading for the lowest level of activity since 2004, data compiled by Bloomberg shows.
Gold output in China, the world's biggest producer, climbed 5.9 percent to 361 metric tons last year, the China Gold Association said on its website. The nation's top 10 producers accounted for 184 tons, the association said. By comparison, Barrick Gold Corp., the world's biggest gold company, expects to produce as much as 233 tons this year.
China National Gold Group Corp., parent of China's third- biggest bullion producer by value, is in talks with Barrick for the possible purchase of a 74 percent stake in African Barrick Gold Plc., Toronto-based Barrick said Aug. 16.
Barrick Talks Continue
The talks are still underway, Wu Zhanming, China National Gold's spokesman on the project, said in a phone interview, without elaborating. Shandong Gold, Zijin and Zhaojin aren't in any acquisition talks with Barrick, the officials said.
Shandong Gold, which scrapped takeover talks with Concord, New Hampshire-based Jaguar Mining Inc. earlier this year, agreed to take a 51 percent stake in Perth-based Focus Minerals Ltd. to add production in Australia in a A$227.5 million ($235 million) deal, the target company said Sept. 20.
The transaction, which has received approval from the Australian government, is expected to get the nod from Chinese regulators this month, Li said.Shandong Gold plans to sell shares in a unit comprised of acquired assets and list the unit in Hong Kong or Australia as part of its three-year plan, Li said. The company also plans to list its nonferrous metals sector in Hong Kong next year, he said.
Zijin has a similar plan, Chen said.
"Internationalization, securitization and large projects are what we are looking for," he said. "We plan to integrate our acquired assets for equity financing at an appropriate time."
The company has received 30 billion yuan in loans from the China Development Bank's Hong Kong and Fujian units for overseas acquisitions, Chen said.
"Money is not a problem," he said.
3p ET Monday, November 4, 2012
Dear Friend of GATA and Gold:
GATA board member Ed Steer writes at his daily newsletter for Casey Research that Scotiabank has been dodging his questions about the bank's involvement in the silver market, so he concludes that Scotiabank is likely the new "non-U.S. bank" joining JPMorganChase as a big manipulative short in silver. Steer's commentary about Scotiabank is posted toward the bottom of his Saturday letter here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Jim Sinclair on the gold manipulation:
Gold Market Overview From An HFT Perspective November 2, 2012, at 7:46 pm
by Jim Sinclair in the category General Editorial
by Jim Sinclair in the category General Editorial
Jim,
Here is an overview of market action for gold longs from a HFT perspective. If you plan to trade on my information, then the trade is: Buy physical gold. Any HFT worth their salt (or silicon) already knows what I have written here.
TAKE HEART GOLD LONGS, THE PAIN IS ALMOST OVER. The next leg of our journey takes us to $1800 and over, probably in time for Christmas. The best advice I ever received in gold is: “Your emotions are always wrong.” This was from a highly skilled trader named Jim Sinclair. Thank you, Jim.
Here is what is going on:
Market releases are important, and NFP is the most important.
NFP (non-farm payrolls) is the most volatile of all data releases. Every HFT (algo and human) trade it. The high risk trade is to short bonds or long S&P prior to the release. The HFT method is to close your position pre-release and have your finger on the mouse ready to pounce. Failing that, the human method is to fade the spike and profit from mean reversion.
On a ladder, you can see 1 min before a data release that orders are pulled and volume is barren. As the data is released, algos get it first. They slam orders into the market. A second (or less) later, humans add to these orders at market and the algos sweep their profits. This drives the price as stops are crossed and slow traders enter.
For this NFP release, everyone knew the data release would be the same as October. It’s an election year. The number may be revised in a week or 2, but that won’t matter after the election.
I was waiting for the following. Chinese mining companies going after mining operations in the west.
In Canada we had CNOOC making a bid for Nexen. It won't be long for the following Chinese miners to take over other mining operations;
(courtesy Bloomberg)
Shandong Gold, Zijin, Zhaojin looking for overseas acquisitions
Chinese gold companies are adding assets as the precious metal rallies for a 12th year and as growth in gold production at home slows.< Posted: Monday , 05 Nov 2012
(Bloomberg) -
"We aim to have at least one acquisition each year over the next three years," Li Zhongyi, chairman of the international mining unit at Shandong Gold, parent of China's second-biggest gold producer by value, said in an interview at a mining conference in Tianjin. "Mines worth $1 billion would fit our plan. We prefer mines which are already in production."
Chinese gold companies are adding assets as the precious metal rallies for a 12th year and as growth in gold production at home slows. The Bloomberg World Mining Index, a capitalization-weighted index of the world's 118 leading mining stocks, has dropped 14 percent the past 12 months amid a slowing global economy.
"Our development would be very limited if we don't expand overseas because China is lacking large gold mines," Chen Jinghe, chairman of Zijin Mining, China's biggest bullion producer by value, said in a separate interview, "Overseas assets should contribute one third of Zijin Mining's revenue and profits in three to five years," Chen said.Zijin is targeting spending of as much as 10 billion yuan ($1.6 billion) annually on acquisitions and expanding mines, Chen said last year.
Gold has risen 7.4 percent since the beginning of the year, heading for a 12th straight annual gain, the longest winning streak in at least nine decades. Takeovers and stake purchases in the gold mining industry total $8.05 billion so far this year, heading for the lowest level of activity since 2004, data compiled by Bloomberg shows.
Gold output in China, the world's biggest producer, climbed 5.9 percent to 361 metric tons last year, the China Gold Association said on its website. The nation's top 10 producers accounted for 184 tons, the association said. By comparison, Barrick Gold Corp., the world's biggest gold company, expects to produce as much as 233 tons this year.
China National Gold Group Corp., parent of China's third- biggest bullion producer by value, is in talks with Barrick for the possible purchase of a 74 percent stake in African Barrick Gold Plc., Toronto-based Barrick said Aug. 16.
Barrick Talks Continue
The talks are still underway, Wu Zhanming, China National Gold's spokesman on the project, said in a phone interview, without elaborating. Shandong Gold, Zijin and Zhaojin aren't in any acquisition talks with Barrick, the officials said.
Shandong Gold, which scrapped takeover talks with Concord, New Hampshire-based Jaguar Mining Inc. earlier this year, agreed to take a 51 percent stake in Perth-based Focus Minerals Ltd. to add production in Australia in a A$227.5 million ($235 million) deal, the target company said Sept. 20.
The transaction, which has received approval from the Australian government, is expected to get the nod from Chinese regulators this month, Li said.Shandong Gold plans to sell shares in a unit comprised of acquired assets and list the unit in Hong Kong or Australia as part of its three-year plan, Li said. The company also plans to list its nonferrous metals sector in Hong Kong next year, he said.
"Internationalization, securitization and large projects are what we are looking for," he said. "We plan to integrate our acquired assets for equity financing at an appropriate time."
The company has received 30 billion yuan in loans from the China Development Bank's Hong Kong and Fujian units for overseas acquisitions, Chen said.
"Money is not a problem," he said.
It is extremely interesting for me to read this blog. Thanks for it. I like such themes and everything that is connected commodity & stock market. Thanks with Regards
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