http://news.goldseek.com/COT/1367609629.php

( Large specs net longer / commercials net longer small specs net shorter ... )

Gold COT Report - Futures
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
193,310	96,258	20,115	170,211	265,774	383,636	382,147
Change from Prior Reporting Period
-3,878	3,325	-1,772	14,080	5,255	8,430	6,808
Traders
137	96	73	60	52	229	195

	Small Speculators
	Long	Short	Open Interest
	37,451	38,940	421,087
	-2,417	-795	6,013
	non reportable positions		Change from the previous reporting period
COT Gold Report - Positions as of				Tuesday, April 30, 2013

Combining futs / options , picture changes for large specs / commercials , small specs still net shorter )

Gold COT Report - Futures & Options Combined
Large Speculators			Commercial		Total
Long	Short	Spreading	Long	Short	Long	Short
171,901	86,011	226,863	305,597	389,428	704,361	702,303
Change from Prior Reporting Period
-2,695	-4,894	-47,577	-19,823	-22,065	-70,096	-74,536
Traders
154	125	136	66	63	290	260

	Small Speculators
	Long	Short	Open Interest
	45,316	47,374	749,677
	-4,888	-447	-74,983
	non reportable positions		Change from the previous reporting period
COT Gold Report - Positions as of				Tuesday, April 30, 2013

large specs net shorter / Commercials net longer / small specs slightly shorter )

Silver COT Report: Futures
Large Speculators			Commercial
Long	Short	Spreading	Long	Short
35,720	23,530	23,400	65,685	79,915
-3,097	-286	-7,713	-2,573	-5,507
Traders
57	55	45	40	38
Small Speculators		Open Interest		Total
Long	Short	143,477		Long	Short
18,672	16,632			124,805	126,845
-2,110	-1,987	-15,493		-13,383	-13,506
non reportable positions		Positions as of:		123	119
		Tuesday, April 30, 2013		© SilverSeek.com

( futs / options - large specs net shorter / Commercials slightly longer / small specs slightly shorter )

Silver COT Report: Futures & Options Combined
Large Speculators			Commercial
Long	Short	Spreading	Long	Short
33,439	21,832	54,283	86,123	99,988
-1,440	-453	-19,536	-9,593	-10,823
Traders
67	53	65	43	42
Small Speculators		Open Interest		Total
Long	Short	194,361		Long	Short
20,517	18,259			173,844	176,103
-3,138	-2,895	-33,708		-30,570	-30,812
non reportable positions		Positions as of:		139	138
		Tuesday, April 30, 2013		© SilverSeek.com

Friday, May 03, 2013

Gold and Silver Disaggregated COT Report (DCOT) for May 3

Edit 1: Adds charts of interest and short commentary.

HOUSTON -- This week’s Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report was released at 15:30 ET Friday. Our recap of the changes in weekly positioning by the disaggregated trader classes, as compiled by the CFTC, is just below.

(DCOT Table for May 3, for data as of the close on Tuesday, April 30. Source CFTC for COT data, Cash Market for gold and silver.) (More...)

In the DCOT table above a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting “longer” and red figures are traders getting less long or shorter.

All of the trader’s positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report.
Edit 1: If we could only point to one chart out of the 30 or so we track on the COT reports, we would point to the chart below - the net positioning of the traders the CFTC classes as "Non-Reportable" in gold. Non Reportable traders (NRs) are The Little Guys in the futures biz, trading under the number of contracts which require official reporting.

For the first time in DCOT reports history, smaller traders are net short gold. (Disaggregated COT data begins in 2006.)

(Source: CFTC, Cash Market, GGR)

As gold recovered $63.55 or 4.5% Tuesday to Tuesday smaller traders as a group were actually net sellers of 1,622 contracts, so they moved from 133 lots net long to 1,489 contracts net short.

Historically extreme lows in the NR net long positioning often correspond with important turning lows for the price of gold. We have not yet had a condition where the NRs have been net short gold, until now.

One observation we can make with just the chart above and the table at the top of this offering is that the traders generally considered as speculators, the Managed Money, Other Reportables and Non Reportables were all net sellers this week even though gold was moving considerably higher. The Specs were selling into the rally in other words (at least until Tuesday and $1,476 gold).

Meanwhile, the traders generally considered to be commercial and/or hedgers, the Producer, Merchants, Processors, Users, including bullion banks (PMs) and the Swap Dealers (SDs), were actually net buyers of gold futures even though the price of gold was moving materially higher.

For example, the chart below is the net positioning of the PMs:

(Note: Since the net position of the PMs is always a negative number in the graph above a higher blue line is actually a lower net short position and vice versa.)

For much or most of the gold bull market since 2002 it has been very unusual to see the PMs reducing their net short positions as the price of gold rose. One notable period where we did see that was as gold had broken out above all known resistance in July of 2011 and was driving higher through the $1,500s.

This week, as gold was recovering $63.55 or 4.5% the PMs, the traders we call the Big Hedgers, were actually covering or offsetting another 7,110 contracts (14.2%) of their collective net short positioning and ended the COT week with an extremely low 42,952 contracts net short - the lowest PM net short position since September 16, 2008 (27,386 then with $779 gold).

It is crystal clear that the Big Hedgers have taken advantage of this gold sell-down to strongly REDUCE their collecitve net short exposure to gold futures. Indeed, in the three reporting weeks since April 9, the PMs have covered or offset a whopping 33,610 lots or 44% of their already fairly low net short positioning (from 76,562 to 42,952 lots net short) - while gold first careened a net $218.19 or 13.8% lower (to $1,367.06 Tuesday, April 16), but has since recovered $109.27 or 8% to $1,476.33 on April 30.

To "nutshell" the thoughts above what we have is a situation where the largest , best funded and presumably the best informed commercial hedgers using the gold smash to get really, really small in their net short positioning at the same time the trend following Funds and smaller traders are still selling into the nascent gold recovery (albeit at a smaller pace than last week).

There is, of course a lot more to it than just the above and we will have a more for GGR subscribers embedded directly in our technical charts later this weekend.

That is all for now, but there is more to come.

and.....

Jeff Nielson: China's real gold reserves at 4,000 tonnes?

Submitted by cpowell on Fri, 2013-05-03 19:23. Section: Daily Dispatches

3:20p ET Friday, May 3, 2013

Dear Friend of GATA and Gold:

Jeff Nielson of Bullion Bulls Canada writes today that China has probably raised its gold reserves to as much as 4,000 tonnes, far beyond the 1,054 announced in 2008 and reported officially today, and that it is probably talking gold down so it can get more metal inexpensively. Nielson's commentary is headlined "China's Real Gold Reserves at 4,000 Tonnes?" and it's posted at Bullion Bulls Canada here:

http://www.bullionbullscanada.com/gold-commentary/26166-chinas-real-gold...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

FRIDAY, MAY 3, 2013

Plenty Of 400 oz. Gold Bars Available?

A reader alerted me to the fact that Bron Suchecki, one of the proprietors of the Perth Mint - the notoriously untrustworthy and fractional bullion account seller - made the claim that there's plenty of 400 oz. gold bullion bars to be had on the world market. This is contrary to every news report and first-hand accounting of shortages that have been presented over the last week.

So I have this question for Bron: If there's plenty of 400 oz. gold bullion LBMA-standard bars available, how come it's taking the United States Government SEVEN YEARS to send just 300 tonnes of the said 400 oz. gold bars that it owes back to the German Government and its citizens? Tell me Bron, if you can find an ample supply of bars, how come the Federal Reserve and the U.S. Treasury can not? How come the Chinese Gold and Silver Exchange Society is now forced to back-order bars from Switzerland? LINK

I rest my case.

Former US Treasury Official – Today’s Jobs Report A Total Farce

kingworldnews.com / May 3, 2013

Today a former US Treasury Official told King World News that today’s jobs report is a total farce, and any hint that there is an economic recovery is a lie. Dr. Paul Craig Roberts also warned, “the country is being increasingly deceived by disinformation.” Below is what Dr. Roberts had to say in part I of this extraordinary and exclusive series of written interviews that will be released today.

Eric King: “We just had the employment report come out, Dr. Roberts, your thoughts there?”

Dr. Roberts: “Well, it’s not believable, Eric. They claim 185,000 new private service jobs. They are showing jobs in retail trade. Of course the statistics show that retail sales are falling, so why are they having more employment?

They show a tremendous number of jobs in professional and business services, 73,000 (new jobs). This is not believable either. They also have 38,000 jobs in waitresses and bartenders. Now, for an economy that’s not going anywhere, you won’t have people hiring in retail trade and general merchandise stores where a lot of that employment is alleged to be.

READ MORE

FRIDAY, MAY 3, 2013

The Government's Non-Farm Payroll Report Has Taken The Term "Farce" To A Whole New Level

I'm not even sure where to start to with today's April employment report. It was so out of line with all the other economic indicators and with what we know about big banks, big retailers and big manufacturing companies and their numerous announcements of big job-count reductions this year.

Let me give just one example. The Government and Wall Street has been telling us that there a big recovery going on the housing market. And yet, if you go to Table B1 in this report from the BLS -LINK - you see that the construction sector was said to have lost 6,000 jobs in April. That makes no sense. The Birth/Death model (see below) shows construction adding 29,000 jobs. This is completely inconsistent with the story line that housing is improving. Bernanke said so himself on Wednesday.

And on the heels of this rather "robust" employment report, the Commerce Dept releases the factory orders report for March which shows a big decline of 4%, vs an expected decline of -2.8%. Not only that, but prior report of +3% for February was revised to lower to +1.9%. And then the ISM - Institute of Supply Management (formerly the Nat'l Assoc. of Purchasing Managers) releases its "services" report, which shows a decline from March to April and the index level was lower than expected. Someone is lying. I don't think the factories and private businesses reporting data that affects their bottom line are the ones.

I could go on all day boring you with the line by line analysis of today's jobs report. But you can peruse through the report linked above if you like. Trust me, there's better things to do with your time. What I will mention, however, is that according the Government - from their nefarious "Birth/Death" model - new business formations by small businesses theoretically added 193,000 thousand jobs to the number that the Government then "seasonally adjusts." I don't really know of anyone who believes that the Birth/Death model has an credibility whatsoever.

The thinking is that people who leave their job for whatever cause - i.e. get "headcount reduced" for cost cutting purposes - decide to all of a sudden take all of the money they haven't saved and start a new business. The theory is that these "businesses" add jobs or subtract, depending on what the BLS's "voo doo black box" decides was the likely number of businesses started vs. closed. Sound credible?

Anyway, when I went through my initial glance at the non-farm payroll report, I noticed a big bulge in the number of "business and professional" jobs that the BLS said were added in April. In fact, it was 73,000 of the 165,000, or nearly 50%. Then I noticed that according to the birth/death model, new businesses in this sector created 63,000 new jobs. Know anyone who started a business consulting business last month? Certainly IBM - probably the largest "professional services" employer in the country was hiring consulting employees, because they just significantly cut hours for that segment of their workforce: LINK

In addition, the Government, despite what we know about the fact that most of the big box retailers are closing something like 10% - 20% of their stores this year, added another 29,300 jobs. No way. Sorry. That number is a complete fabrication. Here's a link this "Alice In Wonderland" fairy tale called "the birth/death model:" LINK

The sad part is that there's 89 million people "not in the labor force," most of whom would probably like to have a job if they could get one. I wonder how what's going through their mind - at the least ones not getting disability, student loans, food stamps, etc - as they see a completely fictitious jobs number and then the stock market rocketing up 155 points (the Dow) on the heels of that fictitious jobs report.

I have a feeling it's going to get very ugly in this country in the second half of this year. That's why there's a record number of people buying up a record amount of gold and silver coins minted by the U.S. mint. In fact, now there's shortages of gold and silver eagles. The mint has not reported any silver eagle sales so far for May, but it's because they don't have the silver required to produce them. I also have a feeling it's why Ben Bernanke is going to leave the Federal Reserve in January. He doesn't want to be left holding the empty bag he inherited from Greenspan and then proceeded to blow up himself with even more helium. Have a good weekend.

http://azstarnet.com/business/local/brewer-nixes-gold-silver-coin-measure/article_1fe2b1cd-0be9-5edb-8e51-fcaa822154b5.html

Brewer nixes gold, silver coin measure

SAYS BILL COULD COST STATE REVENUE, CREATE UNFAIR TAX ADVANTAGE FOR SOME

15 hours ago • Howard Fischer Capitol Media Services

(6) Comments

PHOENIX - Gov. Jan Brewer refused Thursday to make Arizona the second state in the nation to declare privately minted gold and silver coins, bars and ingots to be legal tender in the state.

In vetoing the measure, Brewer said she shares the concerns of proponents that the dollar isn't worth what it used to be. And she said it's likely to get worse "as a result of an unsustainable federal deficit."

But the governor said she's not ready to take the plunge - one that so far only Utah has taken.

The legislation would have put these precious-metal coins and even bullion on the same legal footing in Arizona as dollars printed by the Federal Reserve Board.

Sen. Chester Crandell, R-Heber, said the legislation, by itself, would not have meant Arizonans would start paying for their grocery and utility bills in precious metals.

But he said it would set the stage for a time when he predicts people will want to use these coins rather than the paper currency now being issued by the Federal Reserve, money that some people contend could become worthless because of hyperinflation.

Sen. Steve Farley, D-Tucson, worried about the problems the legislation would create for merchants, if they were stuck trying to figure out the purity of the metal coins and bars presented to them, or even if they were counterfeit.

The proposal would not have required merchants to accept the coins. Conversely, nothing in current law prevents people from trading goods and services for precious metals.

Brewer's concerns appear to be more with the other half of the legislation, which would spell out that gold and silver coins issued at any time by the U.S. government are money and not a commodity.

That difference is crucial.

Someone who invests in gold or silver coins is subject to capital gains taxes if they eventually are sold for a profit. But if those coins are "legal tender," then the exchange of those for dollars - even at a gain - would be tax-exempt.

"This would result in lost revenue to the state, while giving businesses that buy and sell collectible coins or currency originally authorized by Congress an unfair tax advantage," Brewer wrote.

http://jessescrossroadscafe.blogspot.com/2013/05/gold-daily-and-silver-weekly-chart.html

Gold Daily and Silver Weekly Chart - The Metal Bears Advance To Stalingrad

This from UBS:

"On the physical front, strong appetite out of Asia continues. Our index of physical flows to India continues to indicate very strong demand coming in, at least five times the average over the last 12 months.

Premiums in India are now quite high, particularly for the 0.9995 purity kilo bar, the more popular product, amid extremely limited supplies at the moment."

The bullion supply lines for this recent market operation seem a bit overextended and ill equipped for the ferocious waves of physical buying that has been reported, especially in Asia.

The bullion bears are drawing a line in the sand for gold at 1480.   The physical drawdowns are going to eat them alive if they try to hold the easy ground they gained by heavy selling in quiet market periods. Welcome to the winter of your discontent.

I think that level will fall, and the real test will be in the area of 1580 when gold takes on the longer term downtrend.

But let's not get ahead of ourselves, and let the markets show us what is really happening.

Here is a recent chart linked to below that purportedly compares housing and gold as a hedge against inflation.

Gold Versus Housing As An Inflation Hedge

The scales are utterly misleading. If you wish to compare two things over the same period of time a percentage increase is much more effective than splitting it across two unrelated nominal scales on opposite sides of the chart.

Housing on the left scale went up on the chart 2x, and gold on the right has gone up 6x at least.

The chartist *could* be trying to show that housing, as the major measure of inflation, was not closely followed by gold. But that does not come out in the commentary, and is a bit off the wall, since housing was not a major measure of general inflation. Housing was a secular phenomenon, a flat out bubble marked by significant fraud and highly leveraged mispricing of risks.

The central banks were net selling gold into the first part of the chart. As you may recall the period of 1999 to 2002 was the infamous"Brown's Bottom." They turned to net purchasing around 2006, and now there are shortages of bullion.

And I don't see the government subsidizing and promoting the purchase of gold as they had been doing with housing, at least not directly.  However, the US financial system is doing a pretty good job of incenting the world to buy gold by creating negative real interest rates of return on the dollar, and allowing the bullion banks to game the metals markets. But I think that has hardly run its course.

As you may have heard today, JP Morgan and their derivatives diva Blythe Masters are under scrutiny for gaming the energy markets, among other things. I am convinced that the scandals that keep coming out are still just the tip of the iceberg.   As Jeffery Sachs said, Wall Street has become a pathological environment, and it is so 'in your face' that is hard to miss.

The G20 has its conference on Reinventing Bretton Woods next week. I do not expect anything dramatic to come out of it. This process of change is going to move slowly.

http://silverdoctors.com/jim-willie-bank-runs-bullion-bank-runs-to-climax-soon-in-the-us/#more-25970

JIM WILLIE: BANK RUNS & BULLION BANK RUNS TO CLIMAX SOON IN THE US!

MAY 3, 2013 BY THE DOC 30 COMMENTS

Image: Pining, TFMetalsReport

By Jim Willie, GoldenJackass.com

The Western nations really truly sincerely need a wake-up call on reality, and it is coming as a paradigm shift with shock waves.
When the coming dust clears, the evidence is plain that the change to be seen will be dead banks in dissolution with private bank accounts vacated. In other words, razed leveled banks with no functioning operating offices, and bank accounts showing zero balances. The consequence is ugly and powerful, lost client trust in the banking institutions.

Faith is a key ingredient to stable systems. The US account holders will be treated with stock shares in conversion for the dead banks, whose value will converge quickly to zero. Same effect, lost accounts. Expect soon the result to be a climax with bank runs.The bank runs will coincide with bullion bank runs, the fast removal of gold held in inventory vaults at the bullion banks.

The Fascist Business Model came into vogue in 2001. The merger of state with the largest of corporations, primarily the big banks, the big defense contractors, the big news media networks, and the big pharmaceuticals, has created a choke-hold around the neck of the nation, without 5% recognizing the function of the model during the strangulation in progress. The merger with the deeply corrupted corporations in power became standard fixtures following the 911 attacks, an elaborate self-destruction of the fundamental structure of the nation and its priorities by the syndicate. Think a massive elaborate bank heist of gold bars, bearer bonds, and diamonds, but such discussion belongs in other venues. Let it be said that the events of September 2001 were the syndicate coming out party and the Patriot Act their Nazi Manifesto, with painfully little recognition of events by the sheeple masses or the subservient press talking heads. The national socialists are back in force after a 70-year hiatus, with far more toys and devices. Their telltale signals are bank welfare and a flag wrapped in a cross with unending press coverage of terrorism. During the last twelve years, financial treachery and banking criminality have run rampant in a true global spectacle, their stock & trade. However, treachery with permitted bank and bond fraud, rigged financial markets, naked short ambushes, flash crashes, and lawsuits that convert criminal procedures into standard low business costs all have resulted in profound consequences.

The entire world has reacted, with some significant momentum having been generated in the last year. Back in 2009, repeated in 2010, the Jackass had stated that the nations who are first to move toward a non-USDollar system will thrust themselves into a global leadership position while at the same time permit a recovery from the cancerous fiat currency system led by the USDollar as reserve currency flagship. A basic tenet, the security forces are given more power when security is undermined, even if violent events are perpetrated by the security agencies themselves in great spectacles. The Western nations really truly sincerely need a wake-up call on reality, and it is coming as a paradigm shift with shock waves. But consequences have a way of developing out of natural systems in reaction. Some scientific types call it Newton’s Law. Others call it the order of natural systems. The Jackass preference is to call it a defensive maneuver motivated by the survival instinct, whereby the cancer or pathology is isolated, trapped, then suffocated and extinguished, left to die on the vine or shed like bad skin.

TREACHERY, FRAUD, PROTECTION

The collection of treacherous practices, most of which emanate from the myriad USGovt offices, have invited stern reaction by the global players. These diverse treacherous practices, often implemented by the Wall Street banks and their ring leader the US Federal Reserve, have invited stern reaction by the global players. The broad cover for treacherous practices, provided protective cover by the USGovt regulatory agencies, have invited stern reaction by foreign nations in a powerful response. The disintegration of the financial foundation built of USDollar steel beams and USTreasury Bond cement blocks has been crumbling and collapsing for the last four years, ever since the Lehman Brothers failure and the integration of Fannie Mae & AIG under the USGovt roof, where their $trillion frauds are kept deeply hidden in the shadows and basement. While the Manhattan Made Men continue to attempt to hold things together, they struggle mightily, lacking sufficient fingers and toes to plug the vast leaky dikes. In response to predation and treachery, the rest of the world has not only been undergoing reaction, they have also been developing the reaction into organized structures.The main victim has been trust and security, for money, bonds, and bank accounts. All property not nailed down is at deep risk. The current wave of treachery and fraud follows the last wave, where most Americans saw their home equity vanish, many foreclosed and jettisoned from the homestead. The public should harbor no trust, while clinging to suspicion toward the leadership crew that undermined security with its own hands.

The list of acts steeped in treachery is long. The reactions are impressive. When viewed as the mosaic for actions coming to pass, the global response is indeed formidable. The micro events are important in their own right, as each hilltop must be retaken and restored. The macro events are what will en masse change the world, as a Paradigm Shift is underway. The United States and its fascist allies are not in control. They will not find a path to retain or regain control. They have no solutions. The most powerful element of the shift has been the movement of gold wealth from Western locations (New York, London, Switzerland) to Eastern locations (China, Russia, Singapore, Taiwan, Hong Kong). Most residents of the United States, the United Kingdom, and Western Europe are in shock, constantly distracted by the sweeping disruptive events led by a) unstoppable government deficits, b) the powerful crumble of sovereign bonds, c) the ruinous insolvency of the banking systems, d) the relentless reign of tax terror, and e) the tragic decline of the underlying economies. The West is sinking in a sea of fecal soup, stirred with the toxic paper spew, infected by the rot of acidic corrosion, weighed down by absent legitimate solutions, exploited by criminal activity in high offices. The treachery has brought on powerful consequences. The Western lords are being deposed. They can appeal for squire posts to the East, or else they can wreck the globe. The biggest question is whether new trade devices will win out over the chosen Western fascist predilection toward wider war, release of more virulent viruses, more obvious slavery pens, and louder propaganda.

MEGA-ACTION & MEGA-CONSEQUENCE

Break the Gold Standard of Bretton Woods Accord: The action has wrecked the entire global financial system, the destruction a slow burn. The banking leaders are caught in a monetary vise where monetary policy is stuck with ZIRP (0% forever) and QE to Infinity (endless bond monetization purchases). A constant wrecking ball has been applied to the capital structures. Deep damage has come to the financial markets from lost trust, vanished integrity, and no semblance of proper value. The world reacts by searching for a USDollar alternative, since the removal of the Gold Standard has crippled the world and permitted widespread fraud. The new standard will usher in the new Gold Trade Standard. Many are its forces. Many are its motives. Many are its devices. A picture says 1000 words. Observe the Concentric Rings of Death, the great implosion of the USDollar and fiat currency. The rebirth of the Gold Standard will be based in trade settlement, not the banking and currency systems. A grand sidestep is being undertaken under heavy risk. The West controls the banks and FOREX mart. The East has been controlling trade, the emerging economies who finally stand up to demand a voice, even a hand in architecture. They are learning new ways, building new roads, forging new paths.

ACTION & CONSEQUENCE

Quantitative Easing which is bond monetization: The action has unleashed hyper monetary inflation, known better as hyper monetary inflation by another less euphemistic name. The action constitutes a systematic undermine of assets held in reserve by angry foreign governments in the macro sense. The action debases the USDollar currency, in effect all currencies since they defend by competitive devaluations. Central banks around the world must debase their currencies, or else face economic hardship from lost export trade. The reserves held by governments, including sovereign wealth funds managed by government ministries, all lose value from the inflation effect by the USFed actions in debasement. The consequence is immediate. Eastern nations make decisions to diversify out of the USTBonds, the main US$-based vehicle. They have stepped up their accumulation of Gold bullion in reserves and wealth funds. They seek to discharge the USTBonds, and return them to sender. The owners of PIIGS sovereign debt can simply issue a sell order. But foreign nations must send USTBond back to their criminal underwriters and destructive central bank overlords. They must deploy more elaborate plans, like the Russians & Chinese building the Eurasian Trade Zone, who finance its infrastructure with USTBonds, sending the toxic bonds to London for digestion, then burial.

QE bond monetization which is pure inflation: The action is hyper monetary inflation, which works efficiently to cause rising prices in the broad micro sense. The design is to raise asset prices in a beneficial way by naive desperate hack architects. The reality is that the capital structures face severe threats. The deeply felt effects have been engrained in rising cost structure, shrinking profit margins, widespread job cuts, and powerful recession pressures within local economies. The stupidity is compounded by austerity measures, which would have had a positive effect 20 years ago, or even 10 years ago. Now they are a death spiral assurance. The consequence is simple survival. The world reacts by searching for and developing a USDollar alternative, a new standard upon which to build viable strong enduring systems with the requisite price stability. The Eastern nations work toward a new trade settlement system which will no longer see USTBonds paper chit exchanged for real goods, either bulk commodity and finished products.

Western central banks talk in empty terms about an Exit Strategy: The action is constant 0% in place (ZIRP forever) and endless bond monetization in redemption (QE to Infinity). No lessons have been learned by the Japanese monetary corner suffered for 22 years. In summer 2009, the Jackass called the Bernanke Fed a liar, after the pervasive deceptive talk of an exit strategy. They have none, proved each year. The consequence is that Eastern nations band together for a bonafide real Exit Strategy, as the vast array of nations, many led by the emerging economies giants, will depart the USDollar since the American toxic merchants and fraud kings cannot. The banking and FOREX standard out of the West has been the USDollar, steeped in longstanding hegemony. The trade settlement standard out of the East will be Gold, steeped in rebellion. The two fronts will clash for a monetary nuclear war.

Iran sanctions within the banking system: The story is such poppycock of Iran developing nuclear weapons. They have no weaponized plutonium. They have no missile delivery systems. What they did that was so objectionable was to sell energy products (crude oil & natural gas) outside the USDollar system. Such actions are considered usage of financial devices of mass destruction. The Saddam Hussein regime in Iraq committed the same banker sin. The sanctions are coupled by pressures against the UAE trade artery toward Iran, and pressures against the Turkish gold market working as intermediary to keep the Iranian supply chain filled. The usage of bank SWIFT code bans and lost credentials for Western banks that cooperate with Iran have backfired in a grand way. The resulting reaction inconsequence is astonishing. The Iran sanctions have done more to galvanize the entire Eastern nations into workaround devices and elaborate platforms which are coalescing into promising emerging global systems. The Eastern reaction has brought about a global initiative to develop a workable USDollar alternative, but centered in trade. The Gold Trade settlement is the center piece. Its device platforms include the BRICS Development Fund. Its proving ground is the Eurasian Trade Zone.

LIBOR price fixing revealed, bank derivative fraud made public: The action has permitted the world to observe how the foundation of the entire Western banking system is a deep fraud. Worse, the world is able to observe how no prosecution, no justice, and no remedy will be pursued for banker crimes. The LIBOR and derivative frauds are the next to final exposure to happen. The effect is a stench, a vast distrust across the entire banking system and bank derivative product pricing. The big bank profits are all an illusion based on lies and price rigging. The reaction in consequence is a pervasive perception of a corrupt system in need of replacement, and a willingness to work toward legal avenues. The reaction will be distrust of all asset prices and profound confusion. The reaction will be a vast writedown of wealth in bank failures and financial firm failures.

Allocated Gold Account theft and malicious usage: In order to make bilateral trade account settlement easier, the New York and London banking centers encouraged settlement to be done on a net basis. They went further, to encourage holding Gold bullion in trust at the New York Fed and at the Bank of England, held on account as special untouchable elite accounts serving as treasury emissary substitutes. They were touched. They were stolen. They were replaced with Gold Certificates of dubious value, without permission. The reaction in consequence has begun as a strong wind, but now a powerful storm. The reaction has been defiance in stated demands for repatriation of Gold Accounts, a return to home locations. Germany is the leader in the movement, a respected nation with deep wealth, sturdy prestige, and a no-nonsense attitude. The extension of the consequence is that a gaggle of private Allocated Gold Accounts are under scrutiny. They were also touched, stolen, replaced with worthless paper certificates. The gathering storm is building force and power. It is the final bank fraud to reveal how over 40,000 metric tons of gold have been stolen, in need of replacement in the open market. The true Gold price will reflect the acute supply shortage. A $7000/oz Gold price might not bring the Demand versus Supply imbalance into proper equilibrium. The price might have to be higher, to offset the gargantuan growth of money supply. The missing gold from supposedly guarded sacred accounts exceeds the central bank holdings in reserve on a global basis.

Phony USGovt citation of gold reserves in form of Deep Storage Gold: The USGovt takes the public for fools in a global sweeping sense. After leasing and selling all 8500 metric tons from Fort Knox, the Clinton Admin began to put phony entries on the official statements. The arrival of Deep Storage Gold should evoke laughter, even deep guffaws. They are nothing but mountain ore deposits, with a hope of becoming gold bullion some day. If truth be known, the grand misfortunes experienced at Barrick Gold, with shutdown of their Pascua Lama mine on the Argentine Andes, will interrupt the process of bringing the deep storage gold to the COMEX. Also, whatever portion of the Kennecott Utah mine output was due to see the COMEX vaults, it will not arrive anytime soon either. The landslide will curtail delivery for at least a year. The reaction in consequence by Eastern nations is to build gold reserves. They realize the United States, the Canadians, and the British are liars on almost all matters of gold accounting in reserves. The USDollar, the Canadian Dollar, and the British Pound have no collateral. Neither does the Euro currency. The Eastern nations will accumulate much faster than they claim. The Chinese and Russians have an order of magnitude more Gold bullion held in reserves than they admit. They feel no urge to share the truthful proper count.

Big US bank gold & silver naked short positions: The practice of naked shorting (sales with no intention of ever delivering the metal bars on the loading ramps) is plain illegal and corrupt beyond description. Imagine selling Mercedes Benz cars to push the price down, never to deliver the cars. The incredible sham takes place every day in the COMEX market, supported by the LBMA in London. The so-called paper gold price has no bearing or connection anymore to the physical Gold price. The consequence has been a profound shortage of gold bullion, gold bars, gold coins, and gold talents, even gold jewelry. The Eastern nations have responded by building gold reserves in much greater volume, sensing massive shortage of precisely what would stabilize the monetary system, namely Gold. The global market for various gold products has responded by imposing a premium on the official gold price, since it has become a forced cocktail of meaningless rubbish with a slimy foam head. The other more heart felt consequence is the return removal of Eligible gold in COMEX within the JPMorguen vaults. They have fallen by a reported 65% in just two days of vacated metal. The JPMorguen crew have handled a reported 99% of all gold delivery requests in the last three months time. A bank run is occurring, not in the commercial banks, but in the JPMorgen vaults where Chased out are the gold bars.

Wide distribution of tungsten fake gold bars in the 1990 decade: The action was largely directed at Hong Kong, the port for China. The volume according to my sources is beyond a thousand fake gold bars sent to Hong Kong banks during the Clinton-Rubin era. The reaction is an unspeakable anger and resentment. The remedy pursued in order to keep the lid on the scandal appears to be a secretive drain of US gold sent East by refiners (not central bank). Doing so enables it to be classified as Industrial Gold Supplies in the official trade data. The big red thumb in the data is the arrival of an outlier of exports to Hong Kong that did not exist last year. The more profound consequence is the intense scrutiny over Allocated Gold Accounts and their demanded repatriation. The bars are being assayed, verified, even recast. The distrust of the vile New York and London bankers has reached high pitch on the global stage.

Slug US coins in usage since 1965, making official coins mere plated tokens: The action has revealed the shell game deployed by government officials in their management of money. In ancient times, money was metal held in hand. The sophisticated criminal bankers have been unable to conceal the duplicity in money beyond coins as bonded securities became the standard. In past Roman times, the practice was called sovereignty, whereby the leaders would skim small amounts of gold from coins for personal accounts and family wealth tucked away. The American trend setters have gone far beyond what ancient Romans did. They have removed over 90% of the precious metal in circulated coins. They went the rest of the way to 100% by making paper the recognized legal tender, with zero gold backing to the USDollar. By breaking the Gold Standard in 1971, the USDollar has no gold in support. The coins are a mere side show. The consequence is an exercise in Gresham Law. Good forms of money are removed from circulation, removed from the risk that others might recognize their higher value than the worthless slugs circulating among hands. The coin market has seen fit to call the pre-1965 silver coins a strange name, Junk Silver. Their value is multiples greater than face value, a great embarrassment and signal flare of corruption.

Raids against the GLD & SLV exchange traded funds: The entire design of these sham deceptive ETFunds is brilliant. The Wall Street and London City designers deserve credit for building a Trojan Horse that has been ridden for almost ten years by absolute morons and lazy dolts, the greatest dupes ever to walk within the gold community gates. The dupes include meatheads like Adam Hamilton and other supposed wise men. The consequence in this case is not a retaliatory deed, but rather a drainage of the inventory at a rapid rate. Officially known as the SPDR Gold Trust, the GLD gold inventory is enjoying a half-life of destruction. Spare the engineering details. Note that on or about April 22nd, a whopping 18.3 tons were removed. An acceleration is plainly evident over the last few months. The first 50 tons took 75 days to depart the vaults. The next 100 tons took 48 days to be loaded off and depart. The next 100 tons took a mere 13 days to vanish. The most recent 100 tons took under 7 days, as the acceleration continues apace. At the current rate of departure, the SPDR Gold Trust will be vacant in around two months time. The refill replenishment will be required by the Swiss castles and Roman catacombs, but not the Tower of London (since nearly bone dry). Forget the embarrassing negative premium inherent to the ETFund over the last three years. Zero inventory is far more an embarrassment. The big questions are whether the indescribably stupid investors will notice, and whether lawsuits will hit the scene to bite hard.

Bail-in solution for bank failure, Cyprus style: The action is devious and destructive, whereby banks will talk of recapitalizing within elaborate restructure events. However, when the dust clears, the evidence is plain that the change to be seen will be dead banks in dissolution with private bank accounts vacated. In other words, razed leveled banks with no functioning operating offices, and bank accounts showing zero balances. The consequence is ugly and powerful, lost client trust in the banking institutions. Faith is a key ingredient to stable systems. The US account holders will be treated with stock shares in conversion for the dead banks, whose value will converge quickly to zero. Same effect, lost accounts. Expect soon the result to be a climax with bank runs. The bank runs will coincide with bullion bank runs, the fast removal of gold held in inventory vaults at the bullion banks, including JPMorguen and the GLD exchange traded fund.

Phony big US bank accounting with FASB blessing: In April 2009 a seminal event occurred, whereby the big financial institutions were given permission legally to declare any value they wish for their assets held on balance sheets. What an incredible travesty, like giving children the authority to grade their own school exams. Or like giving Al Capone the authority to approve his own tax returns. Naturally, almost all the big US banks pass the Street Tests, those shams to put a second layer of phony legitimacy on balance sheet wreckage. The consequence is multi-sided. The big US banks have grown dependent upon the USTBond carry trade for rebuilding their balance sheets. They borrow for free and invest in 10-year or 30-year USTreasurys. They tend to have no profitable business segments, not from commercial lending, not from investment bank functions like bond and stock issuance, not from credit cards. The banks have in the process lost their commercial credit function within the USEconomy. They have become casinos for carry trade, derivatives, even money laundering.
Most Favored Nation status granted to China, with a Golden twist: The pact was secret but its ugly features finally became known. The Wall Street bankers shepherded a curious pact in 1999, whereby China would lease to the syndicate bankers a sizeable portion of the Mao Tse-Tung era gold. China would benefit from a wave of foreign direct investment starting in 2002, to build a critical mass of factories, enough to industrialize the nation. With trade profits, they would recycle the surpluses into USTreasury Bonds, just like the Saudis agreed to do, beginning in the 1970 decade. The Wall Street bankers were thus able to continue their gold leasing game. They had gutted Fort Knox and its ample tonnage. They continued with the Chinese gold, leasing it to support the price suppression. The Wall Street Boyz did not honor the pact, did not return the Chinese gold in 2007, thus the trade war heated up fiercely. The consequence has been a multi-lateral trade war, culminating in a deadly conflict that has the Beijing leaders motivated to kill the USDollar as global reserve currency on numerous grounds. It is not worthy, the object of monetary inflation decided upon unilaterally by the USFed central bank. It is the common denominator of wrecked banking systems. It is the credit card for consumption, even foreign aggressive wars. It compensates for what the United States lacks in industry. The ultimate consequence will be the United States losing its privileged global reserve currency USDollar, suffering imported price inflation, contending with supply shortages, and entering chaos. The Third World will be the death sentence, complete with a vast police state and utter brutality.

Reliance upon asset bubbles in USEconomy, dependence upon housing bubble: The decision to dispatch the bulk of US industry to China from 2001 to 2004 was a critical turning point in the USEconomy. It convinced the Jackass immediately of political and corporate sabotage of the nation. To forfeit industry and the legitimate income was to put the nation at systemic risk. Any dependence upon the housing and mortgage gigantic asset bubbles for the USEconomy consumption spending was a perilous step to lock in. At the time, the Jackass expectation was for the twin bubbles to bust around 2006 or 2007, sending the nation into an uncontrollable tailspin. The actual years were 2007 with the subprime mortgage bust and 2008 for the Lehman bust. The Wall Street mavens attempted to sell the clean industry plan of financial engineering within an advanced system and sophisticated economy. They failed, as did the phony offset risk structures. The consequence is the nation approaching systemic failure amidst unstoppable central bank hyper monetary inflation, with the Weimar nameplate on the overheated printing press. The consequence is the collapse of Europe in tandem, and a revolt among Eastern nations which seek a USDollar alternative for both trade settlement and banking reserves management.

The TARP Fund following the Lehman/ Fannie Mae/ AIG bust: A major turning point for the public to wise up to Wall Street criminality was the $700 billion TARP Fund designed for the big US bank system rescue. The USCongress and the public were told that $700 billion was urgently needed to keep the lending channels flush with cash, so as to avoid a systemic seizure in the entire credit system. The arrogant megalomaniac vile bankers instead funded preferred stock for the big US banks, and made sure executive bonuses were funded as well. The largest US banks quickly became giant hollow reeds without hope of remedy. The bankers in firm control of the USGovt realized that directing funds to the credit lending pipelines would not have avoided insolvency and ruin. So they filled their pockets. The consequence was the lost trust by the public of big US banks, which slowly they realize are crime syndicates immune from law. The Too Big To Fail banks are widely regarded as now Too Big To Jail, a big shift in perceptions. The popular movements began, alongside the scattered lawsuits.

Abuse of Petro-Dollar arrangement with accomplice OPEC Saudi leader: Claiming that the USTBond was our debt but your problem, stated to foreigners, was arrogant and callous. It invited a response. The many energy importing nations have been forced to pay for crude oil with USDollars for over four decades. They resent the stricture, since it means they must arrange for USTBonds to serve as the reserve foundation within their banking systems. Numerous fronts have been engaged with non-USDollar alternatives in response. However, Russia has a unique strategy asconsequence, sure to weaken the OPEC cartel and possibly to force its crumbled path. The Russian energy giant Gazprom is working avidly to create a NatGas Cartel. Several large natural gas producers are already onboard, like Iran and Qatar. Their devices are pipelines and liquefied natural gas terminals. The zinger in the NatGas new coalition is Qatar, already a key OPEC crude oil player. The coffin nail in the new coalition could be Israel, whose Tamar floating natgas rig in the Mediterranean has promised to send surplus output through the Gazprom system to European customers. Add Cyprus to the Med mix, and Gazprom has captured Europe with its new cartel.

Criminal banking activity, with collusion and protected by USGovt ministries and agencies: Since the 1990 decade, the criminality has become deeply rooted. The gutting of Fort Knox by the Clinton-Rubin Admin was the main seminal event. It climaxed in the 911 false flag event that still confuses half the nation of sleepy dopey types. The 2000 decade featured the mortgage finance bubbles, laced with massive fraud. Its primary clearing house was Fannie Mae, which proved useful for several other fraud rings run by the USGovt, thus requiring its formal adoption and certainly not liquidation with prying eyes. Fannie Mae is the multi-$trillion fraud store that is linked to most every scummy seamy slimy game run by the USGovt. The consequence of the permitted and impervious banking sector criminality can be seen from the inside and from the outside. The domestic front saw the rise of Occupy Wall Street, which federal police and local police conspired to label as terrorist. The movement has been disbanded easily. The more powerful threat might be the secession movement combined with states pursuing gold for usage as legal tender, even applied for debt satisfaction. Those are critical points cited in the Constitution when defining MONEY. The US States have begun to exercise their independence via the Tenth Amendment with secession movements. The foreign response is more toward isolation of the United States, both for its governing bodies and its currency, which means the USTreasury Bond flagship will lose its reserve status. Numerous reports hit my desk of foreign corporations and even government ministries not returning phone calls in a grand global shun of US offices. They object to the arrogance and practiced hegemony on financial matters in a queer global kingdom manifestation. The USGovt acts like a global emperor, and foreign nations resent it. The recent FACTA test is worth watching for reaction. Generally the East ignores it, while the West dislikes it. Switzerland will not deal with US citizens in banks any longer, a cheaper alternative. The isolation has parallels in seeking non-USDollar alternatives.

The confusion of money, ordained debt backed money used as legal tender: The floating currency system used by the United States and the West has a pernicious undercurrent, whereby by default the Western currencies are deemed essentially as denominated debt coupons, designated for usage as money for managing transactions and settling debts public and private. The West thereby has confused money with legal tender for several decades. The Western money is not money, but rather denominated debt. The foundation of the monetary system is sovereign debt, in deed, in reality. Not 1% of the American public comprehends this subtle but highly important point. The super abundance of debt has reached crisis levels, and has been in writedown phase for over four years, since the Lehman Brother signal flare event. The phony debt based money has persisted. For decades the wealth accumulation process has been laced with the cancer of phony money. As the debt correction occurs in accelerated speed, the sovereign debt of the West undergoes deep losses. In the process, the nasty consequence is that entire national wealth vanishes as part of a debt writedown. It can be seen in the planned failures of systemically important financial institutions (SIFI), as the Bail-In features wipe out private accounts. The private accounts for savings, stock accounts, futures accounts, even pensions, are merely badly defined debt markers within the vast cockeyed skewed misaligned perverted system. Much of the US private wealth will vanish in the debt writedown and financial firm failures, one decade after phony home equity wealth vanished in a similar manner.

Ambush of the gold market in mid-April, reported as a massive selloff: The gold market selloff was as shocking an event as it was pathetic. It was as destructive an event as it was hilarious to observe. The bankers committed suicide on the global stage. Rather than permit a London and New York gold market default, they committed a grand illegal act by selling $20 billion in gold through paper certificates in two days. The grand sale was executed without benefit of any metal changing hands, without promise of any metal changing hands, with full protection by the USGovt for its criminal actions. The ambush attack did not net more than a handful of gold bars from margin calls, themselves mere paper entries. Theconsequence is vast and has brought huge changes to the entire monetary stage. A tremendous increase has been seen in gold demand, from Turkey to India to Mexico to the United States to Japan to China to Thailand to Singapore. The corrupt bankers avoided a default, but they assured a more unavoidable future default by lighting a fire of global gold demand, on the physical side with bars, coins, and jewelry. Gold contract defaults will spring up everywhere, lately even for the Chairman of the CME Group on his own contracts held. They exposed the paper gold sham based upon gold futures contracts. The most powerful consequence is that the banker syndicate has revealed the absent link between price discovery and gold delivery. They have therefore ruined the essence of the COMEX & LBMA gold market, rendering it a perverse playground for criminals. It has no gold in inventory sufficient to handle the delivery demands. The COMEX will soon be totally ignored, its price considered a meaningless sideshow that only lacks criminal prosecution.

QUICK CONCLUSION

Miscellaneous other deep dark deceptions have occurred, far too numerous to delineate in complete fashion. A general effect must be cited, since so pervasive and insidious. Gold and USTBonds aint a market. Their so-called official trading arenas are empty rooms with USGovt and USFed devices filling the empty space, creating a phony price.The false Gold price has no real supply. The false Bond price has no real demand. The claimed price is not where Supply meets Demand to clear the table on the market. Therefore the claimed price is not the real price. Neither Gold more the USTBonds are a real market. Witness pure heresy.

Spot the manipulations.......

Glossary

Lot of action around 8am EST for both gold and silver , right ?

Glossary

http://www.caseyresearch.com/gsd/edition/bill-bucklers-farewell-denying-gold-market-manipulation-is-silly

Bill Buckler’s Farewell: Denying Gold Market Manipulation Is Silly

May
3

"I have no idea what will happen from here...but I do know what should happen..."

¤ YESTERDAY IN GOLD & SILVER

Gold got sold down about ten bucks [down to around $1,449 spot] in early Far East trading on their Thursday...and didn't get back to unchanged until minutes before the Comex open in New York...and it got there on the back of a rally that began shortly after the noon London silver fix.

That rally attempt ran into resistance almost immediately...and the high of the day [$1,475.20 spot] came around 9:15 a.m. Eastern time...and then every subsequent rally attempt got sold off before it could get anywhere. After the 1:30 p.m. EDT Comex close, the gold price traded sideways for the rest of the Thursday session in New York.

Gold closed at $1,467.40 spot...up $9.30 on the day. Net volume wasn't terribly high...around 142,000 contracts.

Here's the New York Spot Gold [Bid] chart...and you can see from the saw-tooth pattern that there was a not-for-profit seller at every turn during the Comex session.

Silver's price action was pretty similar to gold's...with silver's high tick coming at the same moment as gold's as well. And, like Wednesday, silver got sold off far more aggressively after its New York high was in.

Silver's low on Thursday was around $23.40 spot in Far East trading....and the 9:15 a.m. high tick was $24.33 spot. With the market being as illiquid as it is, it was obvious that there were no legitimate sellers prepared to go short against the longs that were coming into the market...a 'no ask' market...so JPMorgan et al had to step in as short sellers of last resort, as the silver price was about to go vertical.

Silver closed at $27.83 spot...down 50 cents from its high tick. Net volume was pretty chunky at around 44,000 contracts.

Here's the New York Spot Silver [Bid] chart...complete with the NASA space launches that the silver price was about to become in a couple of spots in early Comex trading if "da boyz" hadn't shown up.

The dollar index closed on Wednesday at 81.65...and then didn't do much until shortly before 8:00 a.m. in New York where it spiked down to its 81.56 low of the day. Then away it went to the upside...which may or may not have been on the back of the interest rate news out of Europe...and the index peaked out at 82.33 shortly after 11:00 a.m. EDT. It backed off a hair from there before trading virtually ruler flat into the close...finishing the day at 82.20...up 55 basis points from Wednesday's close.

It was obvious to me that the dollar index was allowed to trade 'normally' on whatever news drove it...and the associated rallies in the precious metals were capped as they attempted to respond in a like manner.

The CME's Daily Delivery Report showed that 48 gold and 241 silver contracts were posted for delivery on Monday within the Comex-approved depositories. It was virtually all JPM and Scotiabank in gold...but in silver the two big short/issuers were Credit Suisse and ABN Amro, with 132 and 88 contracts respectively. JPMorgan and Canada's Scotia bank were the biggest long/stoppers with 120 and 76 contracts respectively. The link to yesterday's Issuers and Stoppers Report is here.

GLD continues to cough up gold. This time an authorized participant removed 193,410 troy ounces. It's obvious that these continuing withdrawals are not linked to the current gold price action...and as I've stated before on this issue, one has to wonder what is really going on behind the scenes and who is ending up with all this gold. And as of 10:33 p.m. Eastern time, there were no reported changes in SLV. But when I checked the website again at 3:45 a.m. Eastern Daylight Time as I was editing today's missive, I noted that they had finally updated it...and an authorized participant had withdrawn 678,877 troy ounces.

The U.S. Mint did not have a sales report yesterday.

Over at the Comex-approved depositories on Wednesday, they didn't report receiving anysilver, but shipped 358,244 troy ounces of the stuff out the door. The link to that activity is here.

In gold on Wednesday, the Comex-approved depositories reported receiving 128,099 troy ounces of gold...and shipped 29,994 troy ounces out the door as well. The link to that activity ishere.

Selected news and views.....

JPMorgan Caught in Swirl of Regulatory Woes

Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath.

The findings appear in a confidential government document, reviewed by The New York Times, that was sent to the bank in March, warning of a potential crackdown by the regulator of the nation’s energy markets.

The possible action comes amid showdowns with other agencies. One of the bank’s chief regulators, the Office of the Comptroller of the Currency, is weighing new enforcement actions against JPMorgan over the way the bank collected credit card debt and its possible failure to alert authorities to suspicions about Bernard L. Madoff, according to people who were not authorized to discuss the cases publicly.

Mr. Dimon acknowledged in a recent letter to shareholders that “unfortunately, we expect we will have more” enforcement actions in “the coming months.” He apologized for letting “our regulators down” and vowed to “do all the work necessary to complete the needed improvements.”

One has to wonder if the rigging of the precious metals market, silver in particular, is one of the many that Jamie may be referring to. Here's hoping! This story showed up on The New York Times website late yesterday evening...and I thank Roy Stephens for today's first story.

Albert Edwards: The Party is Over, the US is Just One Recession Away From Japan-Style Doom

Here's your happy thought of the day from SocGen strategist Albert Edwards:

Over the last 15 years most investors have refused to contemplate that events in the West are playing out in a similar fashion to Japan in the 1990s. But the latest inflation data out of both the US and eurozone should ram home the fact that we are now only one short recession away from Japanese-style outright deflation. Similarly, investors refuse to believe that equities can fall in an environment of rampant QE. They are wrong.

Basically, we're so close to deflation, that all it will take is another downturn, and we'll be toast.

This short piece, along with a couple of excellent charts, was posted on thebusinessinsider.com Internet site yesterday...and the story is courtesy of Roy Stephens as well.

German bond yields hit record low after ECB rate cut falls short

The European Central Bank cut interest rates a quarter point to a record low of 0.5pc and threatened to punish banks for hoarding funds, but was faulted for doing too little to pull Europe out of deep recession.

Yields on 10-year German Bunds fell to an all-time low of 1.16pc, signalling the risk of a deflationary crisis and a slide towards outright depression.

Mario Draghi, the ECB’s chief, said the bank “stands ready to act” with further stimulus if needed but insisted that the economy would recover “later this year”.

“They are a long way behind the curve. A quarter point cut is a drop in the ocean at this stage and nothing that Draghi said will turn things around,” said David Owen from Jefferies Fixed Income.

This commentary was written by Ambrose Evans-Pritchard and was posted on the telegraph.co.uk Internet site early yesterday evening BST...and I thank Manitoba Ulrike Marx for sending it our way.

Turkey becomes partner of China, Russia-led security bloc

NATO member Turkey signed up on Friday to became a "dialogue partner" of a security bloc dominated by China and Russia, and declared that its destiny is in Asia.

"This is really a historic day for us," Turkish Foreign Minister Ahmet Davutoglusaid in Kazakhstan's commercial capital Almaty after signing a memorandum of understanding with Shanghai Cooperation Organisation Secretary General Dmitry Mezentsev.

"Now, with this choice, Turkey is declaring that our destiny is the same as the destiny of the Shanghai Cooperation Organisation (SCO) countries."

China, Russia and four Central Asian nations - Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan - formed the SCO in 2001 as a regional security bloc to fight threats posed by radical Islam and drug trafficking from neighboring Afghanistan.

Turkey has displayed interest in closer ties with the SCO at a time when it is upset by the slow progress of accession talks with the European Union.

One has to wonder if this is a ploy to get the E.U. interested again...or is the real deal? Time will tell. This is a must read for all students of the "New Great Game"...and this Reuters piece from a week ago was picked up by the news.yahoo.com Internet site...and I thank reader 'David in California' for sharing it with us.

Pepe Escobar: The Syria-Iran red line show

This eminently Bushist Obama "red line" business, applied to Syria, Iran or both, is becoming a tad ridiculous.

Take Pentagon head Chuck Hagel's tour of Israel and the "friendly" GCC (the de facto Gulf Counter-revolution Club) last week. US defense contractors had the Moet flowing as Hagel merrily congregated with that prodigy of democracy - United Arab Emirates (UAE) Crown Prince Mohammed bin Zayed - to celebrate the sale of 25 F-16 fighter jets.

The weaponizing free fest to Israel and the Gulf petro-monarchies - missile defense, fighter jets, mega-bombs - could not but be duly hailed as the proverbial "message" to "counter Iran's nuclear ambitions", or "the air and missile threat posed by Iran", or the general "worry about Iran's pursuit of a nuclear weapon" or "Washington's determination to stop Iran from acquiring nuclear weapons."

There's no "red line" here; just hardcore weaponizing of Israel and the GCC. Any doubts, blame it on Iran. And this while Saudi-controlled media in the Middle East - roughly everything except al-Jazeera - was breathlessly spinning that Tel Aviv is pursuing a deal to use Turkish soil for an attack on Iran.

Pepe is at it again...and is another must read for students of the "New Great Game". It was posted on the Asia Times website yesterday...and I thank Roy Stephens for sending it our way.

Chinese Soldiers March Into Indian Territory, Pitch Tents, Declare Land For China

China and India are once again at each other’s throats over an unmarked border in the Himalayas.

But this time, oddly, nobody seems to know why.

In mid-April, around 30 Chinese troops marched across the de facto border between China and India and pitched tents 19 kilometers inside Indian territory, just when relations between the two were going so well. The Indian government, which has so far exercised relative restraint, was accused by opposition politicians as being “weak, cowardly and incompetent” for not driving the troops off. The Chinese, on the other hand, deny that their soldiers ever crossed into Indian territory.

China and India haven’t been able to agree on how to carve up the Himalayas since they fought over the border in 1962, but this latest development has baffled experts. As recently as March, Chinese leader Xi Jinping met with the Indian prime minister at a summit in South Africa, calling for India and China to deepen military ties and come to a border solution “as soon as possible.”

This very interesting news item, which I would normally save for the weekend, was posted on the businessinsider.com Internet site yesterday...and is another must read for all serious students of the New Great Game. It's also another offering from Roy Stephens, for which I thank him.

THree King World News Blogs

The first interview is with Jean-Marie Eveillard...and it's headlined "The Man Who Oversees $65 Billion Discusses Action in Gold". Next comes Rick Rule...and it bears the title "What Investors Should Do With Their Money Right Now". The last blog is with John Hathaway...and it's entitled "This is the Truth About Where the Gold Market Is".

Chris Powell commented on Hathaway'sKWN interview thusly..."Interviewed by King World News yesterday, Tocqueville Gold Fund manager John Hathaway gets closer than ever to acknowledging gold market manipulation. Hathaway observes that someone -- "whoever" -- "is sitting on the gold price." Maybe in his next interview with King World NewsHathaway will be emboldened to speculate on that someone's initials. Maybe "B.B."? And not the "Big Brother" of George Orwell's novel "1984" but the "B.B." who in testimony to Congress in July 2011 affected to believe that central banks hold gold only as "tradition".

Hong Kong gold retailers overwhelmed by mainland shoppers

Hong Kong retailers report they were swamped over the three-day May Day holiday by tens of thousands of mainlanders in search of one thing: cheap gold.

After the recent slump in gold prices, Hong Kong's already healthy community of gold shops, mainly in its traditional tourist areas, has increased, with a flurry of new openings. But traders report they have been overwhelmed by the mainland shoppers.

Gold prices in Hong Kong are lower than in the mainland.

On Wednesday in Causeway Bay there were long queues outside shops, which blocked the popular shopping area's narrow streets and sidewalks.

"It's cheap, so what else do you need to know?" said Wang Zhongxin, a shopper from Shanghai as he left one Chow Tai Fook outlet.

This much more substantial story was posted on the chinadaily.com.cn Internet site yesterday...and I consider it a must read. I thank Roy Stephens for sending it.

Krugerrand sales soar following gold price slump

The Scoin Shop, the UK and the world’s only gold coin retail chain, has reported a 468 percent increase in Krugerrand sales, above average weekly sales of the bullion coins, directly linked to the fall in international gold prices.

Alan Demby, an international bullion expert since 1978, founder of the Scoin Shop and chairman of the South African Gold Coin Exchange, commented, “Since the gold price has dropped we have seen an enormous interest in buying gold at what is seen as a competitive rate – many of our existing clients in both the UK and South Africa see it as a tremendous buying opportunity they would otherwise not have.

“Having closely monitored gold’s performance over 40 years I can safely say that the media and gold skeptics have got it wrong on this occasion: it is not bad news. Gold is smart money at a time when currencies have never been so volatile. We only have to look at the Eurozone or America’s $16 trillion dollar debt to know that gold is the one tangible currency which can be used against depleted cash reserves which are liable to devalue further.

This story was posted on thesouthafrican.com Internet site late yesterday afternoon local time in Johannesburg...and it's courtesy of Matthew Nel.

Italy should use its gold reserves to force a change in EMU policy

The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of EMU austerity dictates.

By using the reserves – the world's fourth largest – to collateralise the first chunk of any losses for bondholders, Italy could raise €400bn or so on the capital markets and determine its own future for a while.

Italy did this in 1974 when it borrowed $2bn from the Bundesbank, using gold as collateral.

Portugal did the same thing to borrow $1bn from the BIS in the 1975-1977, and India used its gold to borrow from Japan in 1991.

The WGC advising Italy on financial policy??? That's fine, I suppose...but this idea is a dead duck at current prices for gold. But at five or ten times today's price, then it's an idea whose time has come. This interesting blog byAmbrose Evans-Pritchard showed up on The Telegraph's website yesterday...and is worth reading. The first person through the door with this story yesterday was Marshall Angeles.

Bill Buckler's farewell: Denying gold market manipulation is silly

Bill Buckler, editor of the incisive The Privateer market letter, closed it down the other day after 29 years, sounding not just worn out from the work and needing a break but also a bit depressed by the world's increasing illiteracy in economics and maybe by the recent attack on gold as well.

From the start Buckler had documented much of the war waged against gold by Western central banks -- and maybe that's why in recent years he declined to mention efforts to document more of that war and agitate against it. He considered it a given.

In fact, of course, obvious as the war against gold was to Buckler and a few others who have thought deeply about gold's function as money, the war still cannot be acknowledged and discussed by 99 percent of monetary metals mining companies and the financial news media. And so the war continues to be waged largely surreptitiously at the expense of not only the monetary metals markets but also markets everywhere that are no longer free.

But as Buckler retires, free gold marketeers and advocates of transparency in government can claim him as their own and salute him, as by quoting from his final letter...

Buckler's most eloquent commentary was posted in the clear in this GATA release yesterday evening...and if I had to pick just one must read story for you out of today's column...this would be it.

¤ THE WRAP

The most notable feature of the recent dive in the "price" of gold on the global futures markets is that the lower the "paper price" went, the higher the demand grew for the physical metal. This is the most dangerous event to have hit the overseers of the financial system since the credit freeze of 2008. And there is no "cure" for this one because physical gold cannot be created out of thin air. - Bill Buckler, The Privateer...28 April 2013

It was another day where all four precious metals made rally attempts...and all four rallies were turned back. After yesterday's small rise in the gold price, it's now back knocking on the door of its 20-day moving average.

I have no idea what will happen from here...but I do know what should happen...and whether it does or not is entirely in the hands of JPMorgan Chase et al.

As silver analyst Ted Butler said in this space yesterday..."This current set up seems to have my entire wish-list in place. A super-bullish COT structure, following an epic sell-off...amid indications that physical silver conditions, both retail and wholesale, are as tight as a drum...and public sentiment on gold and silver in the gutter. I wish the crooks at JPMorgan were less short, but it’s not a perfect world. As it stands, this is the best silver set up I think I’ve seen."

And as Bill Buckler said in his quote above, this world-wide demand for precious metals on the engineered price decline in mid-April was..."the most dangerous event to have hit the overseers of the financial system since the credit freeze of 2008."

As I said several days ago, I would think we'll find out pretty quick how the powers-that-be are going to react to this shocking [at least to them] turn of events which, in their sociopathic arrogance, they misjudged badly. One has to wonder if their answer to that will turn out just as badly.

If they're looking for advice, I've already given it on many occasions in this column over the years...but here it is again. They need to print shockingly high prices for both metals that will cut off all physical demand and turn the world into net sellers of precious metals, instead of bargain hunters.

Either that, or it's death by a thousand cuts. It's their call.

All four precious metals made rally attempts in the Friday morning hours of Far East trading...and haven't done much since. London has been open about an hour as I type this paragraph...and except for minor hiccups, the prices haven't moved much their either. Volumes are about 'normal' for this time of day...and the dollar index is down 11 basis points.

Nothing much has changed as I hit the 'send' button at 5:15 a.m. Eastern time...gold is up about nine bucks, silver is up two bits...and the dollar index is now down 20 basis points. Volumes are only slightly higher than they were ninety minutes ago...and mostly of the high-frequency trading variety.

With today being Friday, nothing will surprise me when I switch my computer on later this morning...and I'll be looking forward to today's Commitment of Traders Report with some interest.

I hope you have a good weekend...or enjoy what's left of it if you live west of the International Date Line...and I'll see you here tomorrow.

and......

http://harveyorgan.blogspot.com/2013/05/comex-gold-declinesgld-inventory.html

Thursday, May 2, 2013

Comex gold declines/GLD inventory declines by 6 tonnes again/gold and silver rise/ECB lowers interest rate signaling gold /silver to rocket northbound

Good evening Ladies and Gentlemen:

Gold closed up $21.40 to $1467.70 (comex closing time). Silver rose by 49 cents to $23.79 (comex closing time).

In the access market at 5 pm gold and silver are the following :

gold: $1467.40.
silver: $23.86

Gold and silver got a little boost this afternoon after the release of the ECB report where the ECB cut lending rates by 1/4% down to 0.50%. They also cut the marginal lending rate by 1/2%. Initially the euro rose but then cooler heads prevailed and the Euro fell and gold and silver skyrocketed. We now have the entire globe in a recession as the need for stimulus through government purchases will remain of prime importance.

At the comex, the open interest in silver rose 2259 contracts to 145.736 contracts as we had new players entering the silver arena taking on the bankers. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose by 2800 contracts to 423,887. It is interesting that the gold deliveries for May has now exceeded 5 tonnes at 5.766 tonnes and this is an off month for gold.

Today, physical gold continues to leave London with 6.02 tonnes of gold departing the GLD for the shores of China/and or Russia. The game ends when the last physical ounce held at the GLD departs.

In paper stories China announced another drop in their PMI. Europe also reported poor PMI numbers with Germany recording a drop well below 50.00 at 48.1. The rest of Europe remains well below the magical 50 barrier where above 50 means growth and below 50 recession.

The USA reported a drop in jobless claims which stimulated the USA markets.
It also recorded a lower trade deficit but that was due to lower imports and that is not good for the USA economy.
We will go over these and other stories but first.........................

Let us now head over to the comex and assess trading over there today:

The total gold comex open interest rose by 2800 contracts today from 421,087 up to 423,887, with gold falling by $25.90 on Wednesday. The front non active delivery month of May saw its OI fall by 392 contracts. However we had 394 delivery notices filed for yesterday. Thus we actually gained 2 contracts or an additional 200 oz will stand for May's delivery. The next active contract month is June and here the OI rose by 1488 contracts to 246,433. June is the second biggest delivery month in gold's calender. The estimated volume today was fair at 149.074. The confirmed volume on Wednesday was a little better at 184,676 contracts.

The total silver comex OI rose by a hefty 2259 contracts from 143,477 up to 145,736 despite silver's fall in price of 88 cents yesterday. It seems that one big raid days, we have some new players entering the arena willing to play with the crooked bankers, and the older longs refuse to buckle under the weight of the attack. The front active silver delivery month of May saw it's OI fall by 32 contracts. We had 357 delivery notices filed yesterday so we gained 325 contracts or 1.625 million additional oz will stand. The next delivery month for silver is June and here the OI fell by 65 contracts to stand at 422. The next big active contract month is July and here the OI rose by 1508 contracts to rest tonight at 80,256. The estimated volume today was very good, coming in at 50,620 contracts. The confirmed volume yesterday was extremely good at 65,964.

Comex gold/May contract month:

May 2/2013

Gold

Ounces

Withdrawals from Dealers Inventory in oz

nil

Withdrawals from Customer Inventory in oz

29,994.181 oz (HSBC.JPM)

Deposits to the Dealer Inventory in oz

nil

Deposits to the Customer Inventory, in oz

128,099.009 (HSBC)

No of oz served (contracts) today

23 (2300 oz)

No of oz to be served (notices)

149 (14,900)

Total monthly oz gold served (contracts) so far this month

1705 (170,500)

Total accumulative withdrawal of gold from the Dealers inventory this month

nil

Total accumulative withdrawal of gold from the Customer inventory this month

347,415.47 oz

We had good activity at the gold vaults.

The dealer had 0 deposits and 0 dealer withdrawals.

We had 1 customer deposits today:

Into HSBC: 128,099.009 oz (this arrived as a withdrawal form HSBC yesterday)
thus no new gold entering.

total customer deposit: 128,099.009 oz

We had 2 customer withdrawals:

i) Out of HSBC: 5,966.51 oz
ii) Out of JPM: 24,027.671 oz

total withdrawal: 29,994.181 oz oz

We had 2 big adjustments

1.From the HSBC vault: 63,838.832 oz is adjusted out of the dealer account into the customer account

2. From JPMorgan: 57,860.329 oz is adjusted out of the dealer and back into the customer account.

JPMorgan's eligible account (customer account) slightly rises to 195,338.61 or only 6 tonnes of gold.

Thus the dealer inventory rests tonight at 1.981 million oz (61.61) tonnes of gold.
The total of all gold declines again at the comex and this time breaking below 8 million oz as it rests at 8.099 million oz or 251.1 tonnes.

Ladies and Gentlemen: gold is leaving the comex vaults.

The CME reported that we had 23 notices filed today for 2300 oz of gold today.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (172) and subtract out today's notices (23) which leaves us with 149 notices or 14,900 oz left to be served upon our longs.

Thus we have the following gold ounces standing for metal in May:

1705 contracts x 100 oz per contract or 170,500 oz (served) + 149 notices or 14,900 oz (to be served upon) = 185,400 oz or 5.766 tonnes of gold.
This is extremely high for a non active month. We gained an extra 200 oz standing for May today.

May 1.2013: May silver:

Silver
Ounces

Withdrawals from Dealers Inventory nil

Withdrawals from Customer Inventory 358,244.711(Delaware ,CNT )

Deposits to the Dealer Inventory nil

Deposits to the Customer Inventory nil

No of oz served (contracts) 219 contracts ( 1,095,000 oz)

No of oz to be served (notices) 915 (4,575,000 oz)

Total monthly oz silver served (contracts) 2082 (10,410,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month

Total accumulative withdrawal of silver from the Customer inventory this month 640,820.4

Today, we had good activity inside the silver vaults.

we had 0 dealer deposits and 0 dealer withdrawals.

We had 0 customer deposits:

Total deposits: nil oz

We had 2 customer withdrawals:

1) Out of Delaware: 349,682.821 oz

ii) Out of CNT: 8561.89

total withdrawal: 358,244.711 oz

we had 1 adjustments:

i) Out of CNT: 719,687.83 oz was adjusted out of the customer and back into the customer account

Registered silver at : 45.466 million oz

total of all silver: 166.081 million oz.

The CME reported that we had a small 219 notices filed for 1,095,000. To calculate the number of ounces that will stand in silver, I take the OI standing for May (1134) and subtract out today's notices (219) which leaves us with 915 notices or 4,575,000 oz

Thus the total number of silver ounces standing in this active delivery month of May is as follows:

2082 contracts x 5000 oz per contract (served) = 10,410,000 + 915 contracts x 5000 oz = 4,575,000 oz ( to be served) = 14,985,000 oz.

Two important points today:

1. we gained 1.625 million oz of silver standing.
2. We have now surpassed what was outstanding on first day notice 14,860,000 oz. It looks like Blythe's paper fiat does not interest our longs.

Six more tons of gold leave the GLD ETF today - the beat goes on but let's see what goes down when this goes flatline !

May 2.2013:

Tonnes1,069.21

Ounces34,376,316.61

Value US$50.482 billion

May 1.2013:

Tonnes1,075.23

Ounces34,569,726.95

Value US$50.265 billion

Selected news and views......

The following story states that Italy should use its gold reserves to force a change in EMU policy.
Only one problem I would suppose:

Italy probably has leased out all of its gold and cannot get it back

Anyway, here is Ambrose Evans Pritchard discussing the gold reserves at the Bank of Italy:

(courtesy Ambrose Evans Pritchard)

Italy should use its gold reserves to force a change in EMU policy

By Ambrose Evans-Pritchard

Economics

Last updated: May 2nd, 2013

Telegraph UK

The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of EMU austerity dictates.

By using the reserves – the world's fourth largest – to collateralise the first chunk of any losses for bondholders, Italy could raise €400bn or so on the capital markets and determine its own future for a while.

Italy did this in 1974 when it borrowed $2bn from the Bundesbank, using gold as collateral.

Portugal did the same thing to borrow $1bn from the BIS in the 1975-1977, and India used its gold to borrow from Japan in 1991.

A joint WGC-Ipsos survey found that 61pc of Italian business leaders, and 52pc of the general public would support the idea, with only a small minority opposed.

The report said:

With Italy still facing significant financial challenges, national assets – such as gold reserves – present an opportunity to buy some vital breathing space.

Gold-backed sovereign debt, or ‘gold-backed bonds’, is issued debt that is underpinned by gold collateral. By using a portion of their gold reserves in this way, sovereign states could borrow more cheaply, without selling an ounce.

This use of gold would help sovereign governments to regain the confidence of the bond markets and lower funding costs. Nations could raise between four and five times the value of their gold reserves – a bond 20% collateralised by gold could raise around 80% of Italy’s two year refinancing needs.

This would buy time for growth to take hold. It would lower sovereign debt yields without increasing inflation and would give Italy time and resources to work on economic reform and recovery. Using gold for the purposes of sovereign debt issuance would allow greater flexibility beyond austerity.

This is exactly the sort of thinking that is needed in the occupied EMU states, and Italy has been under occupation since the ECB effectively toppled the elected the government in the coup d'etat of November 2011 – with the active collusion of President Napolitano, a former Stalinist who later transferred his ideological mania to the EU Project.

Such a plan has been proposed by Alessandro di Carpegna Brivio at Camperio Sim.

However, it would require the new premier Enrico Letta to tell Europe to jump in the lake, since "reflation in one country" would violate the EMU club rules.

Mr Letta is highly unlikely to do so. He is a child of the EU Project – literally, since he grew up in Strasbourg. He formed his views in the entourage of Prodi and Andreotti.

His drive for growth is as meaningless as Hollande's vow to relaunch growth in France. Hollande in fact did the opposite. He is tightening fiscal policy by 2pc of GDP this year in a counter-cyclical fashion, during a recession, because he is so steeped in EU insiderism that he cannot bring himself to say boo to the pedants in Brussels and Frankfurt (though some members of the Socialist Party clearly can).

My worry is that the World Gold Council plan would merely prop up the unworkable EMU structure for longer, and then leave Italy even more vulnerable having played its last card.

It would not resolve the fundamental problem, which is that Italy has lost unit labour competitiveness steadily for fifteen years. To try to claw this back with an "internal devaluation" is very destructive and would test social cohesion to breaking point.

What Italy should do is to tell Germany that it will no longer participate in EMU unless the North reflates with an "internal revaluation" to close part of the gap. It should deploy its gold reserves to make this threat more credible.

Germany would know that Italy has the means to stabilise the Italian bond market after liberation. Italy is perfectly capable of doing this – and in my opinion would benefit – since it has a primary budget surplus of 2.5pc of GDP and would not face a funding crisis.

It would then be a matter of whether Germany has more to gain or lose by allowing such an even unfold.

Let the Holy Roman Emperor come to Canossa.

Read more by Ambrose Evans-Pritchard on Telegraph Blogs

Catharsis Ours

Friday, May 3, 2013

http://news.goldseek.com/COT/1367609629.php

Friday, May 03, 2013

Gold and Silver Disaggregated COT Report (DCOT) for May 3

and.....

Jeff Nielson: China's real gold reserves at 4,000 tonnes?

FRIDAY, MAY 3, 2013

Plenty Of 400 oz. Gold Bars Available?

Former US Treasury Official – Today’s Jobs Report A Total Farce

FRIDAY, MAY 3, 2013

The Government's Non-Farm Payroll Report Has Taken The Term "Farce" To A Whole New Level

Brewer nixes gold, silver coin measure

SAYS BILL COULD COST STATE REVENUE, CREATE UNFAIR TAX ADVANTAGE FOR SOME

Gold Daily and Silver Weekly Chart - The Metal Bears Advance To Stalingrad

JIM WILLIE: BANK RUNS & BULLION BANK RUNS TO CLIMAX SOON IN THE US!

Bill Buckler’s Farewell: Denying Gold Market Manipulation Is Silly

¤ YESTERDAY IN GOLD & SILVER

JPMorgan Caught in Swirl of Regulatory Woes

Albert Edwards: The Party is Over, the US is Just One Recession Away From Japan-Style Doom

German bond yields hit record low after ECB rate cut falls short

Turkey becomes partner of China, Russia-led security bloc

Pepe Escobar: The Syria-Iran red line show

Chinese Soldiers March Into Indian Territory, Pitch Tents, Declare Land For China

THree King World News Blogs

Hong Kong gold retailers overwhelmed by mainland shoppers

Krugerrand sales soar following gold price slump

Italy should use its gold reserves to force a change in EMU policy

Bill Buckler's farewell: Denying gold market manipulation is silly

¤ THE WRAP

Thursday, May 2, 2013

Comex gold declines/GLD inventory declines by 6 tonnes again/gold and silver rise/ECB lowers interest rate signaling gold /silver to rocket northbound

Tonnes1,069.21

Ounces34,376,316.61

Value US$50.482 billion

Tonnes1,075.23

Ounces34,569,726.95

Value US$50.265 billion

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Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	29,994.181 oz (HSBC.JPM)
Deposits to the Dealer Inventory in oz	nil
Deposits to the Customer Inventory, in oz	128,099.009 (HSBC)
No of oz served (contracts) today	23 (2300 oz)
No of oz to be served (notices)	149 (14,900)
Total monthly oz gold served (contracts) so far this month	1705 (170,500)
Total accumulative withdrawal of gold from the Dealers inventory this month	nil
Total accumulative withdrawal of gold from the Customer inventory this month	347,415.47 oz

Silver	Ounces
Withdrawals from Dealers Inventory	nil
Withdrawals from Customer Inventory	358,244.711(Delaware ,CNT )
Deposits to the Dealer Inventory	nil
Deposits to the Customer Inventory	nil
No of oz served (contracts)	219 contracts ( 1,095,000 oz)
No of oz to be served (notices)	915 (4,575,000 oz)
Total monthly oz silver served (contracts)	2082 (10,410,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
Total accumulative withdrawal of silver from the Customer inventory this month	640,820.4