http://harveyorgan.blogspot.com/2013/05/japanese-nikkei-halted-last-nightbond.html
Gold closed up $15.40 to $1392.00 (comex closing time). Silver rose by 3 cents to $22.49 (comex closing time)
In the access market at 6:30 pm, gold and silver are trading at the following prices :
Gold was on the defensive early last night until the halting of the Nikkei exchange. Then all of the bourses were massively in the red and only gold stood out. By the time the comex opened, gold was trading around $1390.00. The bankers refused to quit as they knocked gold down again but the physical buying was just too great as gold closed near its highs at $1392.00. Silver was a little more subdued closing up only 3 cents on the day.
At the Comex, the open interest in silver fell by 1,308 contracts to 147,311 contracts with silver's rise in price yesterday by 3 cents. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose by 5,242 contracts to 451,335 . The gold deliveries for May rose a bit today to 9.45 tonnes and this is an off month for gold. The number of silver ounces, standing for delivery in May lowered a bit standing at 17.210 million oz. ( On first day notice: 14.860 million oz.)
Again, at the Comex, gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold remains at 1.668 million oz or 51.88 tonnes. The total of all gold at the comex fell slightly and still well below the 8 million oz at 7.897 million oz or 245.6 tonnes of gold.
The GLD reported another loss in gold inventory of 1.5 tonnes. The SLV inventory of silver lost a gigantic 5.648 million oz. The game will end when the last ounce of gold from the GLD/LBMA leaves London's shores for Chinese waters.
Today we have a great commentary from Bill Holter as he tackles the huge rise in yields on the Japanese 10 yr bonds (now 1%) and the USA (now 2%) and what this means. You do not want to miss this very important commentary.
Today, we have an important commentary from Ted Butler as he approached the GAO to complain that the CFTC was not doing anything with its 5 year investigation on the silver mess. They have responded and seem anxious to tackle this mess. The GAO is only answerable to Congress.
James Turk is now reporting that gold is being delayed at the LBMA due to tightness in the metal.
The big story of today was Japan. Not only did the authorities halt the Japanese bond market for the 3rd time, but they also halted for the first time in many years, the Nikkei as it lost a monstrous 1143 points. From high to low point, the Nikkei lost 1500 points.
We will go over these and other stories but first.....................
Let us now head over to the comex and assess trading over there today.
Here are the details:
The total gold comex open interest rose by 6961 contracts from 446,087 up to 451,335 with gold falling by $1.20 yesterday. The front non active delivery month of May saw its OI fell by 16 contracts down to 1056. However we had 18 delivery notice filed on Wednesday. Thus we gained 2 gold contracts in May or an additional 200 oz will stand. The next active contract month is June and here the OI fell by 14,912 contracts to 159,968 as most of these paper players rolled into August. June is the second biggest delivery month in gold's calender and first day notice is a week today as Friday is a holiday. The estimated volume today was huge at 233,608 contracts. The confirmed volume on Wednesday was extremely good at 397,981 contracts.
The total silver Comex OI completely plays to a different drummer than gold. It fell by 1308 contracts from 148,619 down to 147,311, with silver's slight rise in price of 2 cents yesterday. The front active silver delivery month of May saw it's OI fall by 15 contracts down to 149. We had 10 delivery notices filed on Wednesday so we lost 5 contracts or 25,000 of silver will not stand for delivery in May. The next delivery month for silver is June and here the OI fell by 22 contracts to stand at 372. The next big active contract month is July and here the OI fell by 2711 contracts to rest tonight at 77,863. It looks like we had some short covering as the bankers might be thinking that the silver situation was a little steamy for them. The estimated volume today was good, coming in at 43,080 contracts. The confirmed volume on Wednesday was huge at 80,863.
Thursday, May 23, 2013
Japanese Nikkei halted last night/Bond market also halted. Yields on Japanese 10 year rise to 1%/ USA 10 yr surpasses 2%/gold rises to $1393.00/More gold leaves the GLD/and Comex/Gigantic 5.648 million oz leaves SLV
Gold closed up $15.40 to $1392.00 (comex closing time). Silver rose by 3 cents to $22.49 (comex closing time)
In the access market at 6:30 pm, gold and silver are trading at the following prices :
Gold was on the defensive early last night until the halting of the Nikkei exchange. Then all of the bourses were massively in the red and only gold stood out. By the time the comex opened, gold was trading around $1390.00. The bankers refused to quit as they knocked gold down again but the physical buying was just too great as gold closed near its highs at $1392.00. Silver was a little more subdued closing up only 3 cents on the day.
At the Comex, the open interest in silver fell by 1,308 contracts to 147,311 contracts with silver's rise in price yesterday by 3 cents. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose by 5,242 contracts to 451,335 . The gold deliveries for May rose a bit today to 9.45 tonnes and this is an off month for gold. The number of silver ounces, standing for delivery in May lowered a bit standing at 17.210 million oz. ( On first day notice: 14.860 million oz.)
Again, at the Comex, gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold remains at 1.668 million oz or 51.88 tonnes. The total of all gold at the comex fell slightly and still well below the 8 million oz at 7.897 million oz or 245.6 tonnes of gold.
The GLD reported another loss in gold inventory of 1.5 tonnes. The SLV inventory of silver lost a gigantic 5.648 million oz. The game will end when the last ounce of gold from the GLD/LBMA leaves London's shores for Chinese waters.
Today we have a great commentary from Bill Holter as he tackles the huge rise in yields on the Japanese 10 yr bonds (now 1%) and the USA (now 2%) and what this means. You do not want to miss this very important commentary.
Today, we have an important commentary from Ted Butler as he approached the GAO to complain that the CFTC was not doing anything with its 5 year investigation on the silver mess. They have responded and seem anxious to tackle this mess. The GAO is only answerable to Congress.
James Turk is now reporting that gold is being delayed at the LBMA due to tightness in the metal.
The big story of today was Japan. Not only did the authorities halt the Japanese bond market for the 3rd time, but they also halted for the first time in many years, the Nikkei as it lost a monstrous 1143 points. From high to low point, the Nikkei lost 1500 points.
We will go over these and other stories but first.....................
Here are the details:
The total gold comex open interest rose by 6961 contracts from 446,087 up to 451,335 with gold falling by $1.20 yesterday. The front non active delivery month of May saw its OI fell by 16 contracts down to 1056. However we had 18 delivery notice filed on Wednesday. Thus we gained 2 gold contracts in May or an additional 200 oz will stand. The next active contract month is June and here the OI fell by 14,912 contracts to 159,968 as most of these paper players rolled into August. June is the second biggest delivery month in gold's calender and first day notice is a week today as Friday is a holiday. The estimated volume today was huge at 233,608 contracts. The confirmed volume on Wednesday was extremely good at 397,981 contracts.
The total silver Comex OI completely plays to a different drummer than gold. It fell by 1308 contracts from 148,619 down to 147,311, with silver's slight rise in price of 2 cents yesterday. The front active silver delivery month of May saw it's OI fall by 15 contracts down to 149. We had 10 delivery notices filed on Wednesday so we lost 5 contracts or 25,000 of silver will not stand for delivery in May. The next delivery month for silver is June and here the OI fell by 22 contracts to stand at 372. The next big active contract month is July and here the OI fell by 2711 contracts to rest tonight at 77,863. It looks like we had some short covering as the bankers might be thinking that the silver situation was a little steamy for them. The estimated volume today was good, coming in at 43,080 contracts. The confirmed volume on Wednesday was huge at 80,863.
Comex gold/May contract month:
We had 0 customer deposits today:
total customer deposit: nil oz
We had 1 customer withdrawal today:
i) Out of Scotia: 64,136.441 oz
total customer withdrawals: 64,136.441 oz
1982 contracts x 100 oz per contract or 198,200 oz (served) + 1056 notices or 105,600 oz (to be served upon) = 303,800 oz or 9.45 tonnes of gold.
We gained an additional 200 oz of gold standing for the May delivery month.
This is extremely high for a non active month.
It is also interesting that the USA produces around 20 tonnes of gold per month
and thus the amount standing for gold this month represents 47% of that total production.
The big June delivery month will surely be exciting to watch judging by the huge demand for gold in May. We will also see if the boys have any trouble servicing the last 1,056 contracts in the May delivery month We have 4 more trading sessions before first day notice. We will also watch what happens with JPMorgan with respect to its customer gold. It remains now at 9.25 tonnes of gold.
i) Out of Scotia: 60,354.66 oz
total customer withdrawals: 60,354.66 oz
May 23/2013
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
64,136.441 (Scotia)
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| nil |
No of oz served (contracts) today
|
0 (nil oz)
|
No of oz to be served (notices)
|
1056 (105,600)
|
Total monthly oz gold served (contracts) so far this month
|
1982 (198,200)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
10,656.61
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 732,237.45 oz |
We had fair activity at the gold vaults.
The dealer had 0 deposits and 0 dealer withdrawals.
We had 0 customer deposits today:
total customer deposit: nil oz
We had 1 customer withdrawal today:
i) Out of Scotia: 64,136.441 oz
total customer withdrawals: 64,136.441 oz
We had 1 adjustments
Out of Brinks: 600.01 oz was adjusted out of the customer account and back into the dealer account at Brinks.
The JPMorgan customer vault remains at 297,426.75 oz today or 9.25 tonnes
as there were no transactions
Out of Brinks: 600.01 oz was adjusted out of the customer account and back into the dealer account at Brinks.
The JPMorgan customer vault remains at 297,426.75 oz today or 9.25 tonnes
as there were no transactions
Tonight the dealer inventory remains tonight at a low of 1.668 million oz (51.88) tonnes of gold. The total of all gold falls again to its low point at the comex, resting tonight at 7.897 million oz or 245.62 tonnes.
The CME reported that we had 0 notices filed today for nil oz of gold.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (1056) and subtract out today's notices (0) which leaves us with 1056 notices or 105,600 oz left to be served upon our longs.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (1056) and subtract out today's notices (0) which leaves us with 1056 notices or 105,600 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in May:
1982 contracts x 100 oz per contract or 198,200 oz (served) + 1056 notices or 105,600 oz (to be served upon) = 303,800 oz or 9.45 tonnes of gold.
We gained an additional 200 oz of gold standing for the May delivery month.
This is extremely high for a non active month.
It is also interesting that the USA produces around 20 tonnes of gold per month
and thus the amount standing for gold this month represents 47% of that total production.
The big June delivery month will surely be exciting to watch judging by the huge demand for gold in May. We will also see if the boys have any trouble servicing the last 1,056 contracts in the May delivery month We have 4 more trading sessions before first day notice. We will also watch what happens with JPMorgan with respect to its customer gold. It remains now at 9.25 tonnes of gold.
Silver:
May 23.2013: May silver:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 60,354.66 oz (Scotia) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 1,149,707.77 (CNT Scotia) |
| No of oz served (contracts) | 40 (200,000) |
| No of oz to be served (notices) | 109 (545,000 oz) |
| Total monthly oz silver served (contracts) | 3333 (16,665,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 903,273.57 oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 4,750,363.0 oz |
Today, we had good activity inside the silver vaults.
we had 0 dealer deposits and 0 dealer withdrawals.
We had 2 customer deposits:
i) Into CNT: 600,055.70 oz
ii) Into Scotia: 549,652.07 oz
total customer deposit; 1,1149,707.77 oz
We had 1 customer withdrawals:
We had 2 customer deposits:
i) Into CNT: 600,055.70 oz
ii) Into Scotia: 549,652.07 oz
total customer deposit; 1,1149,707.77 oz
We had 1 customer withdrawals:
i) Out of Scotia: 60,354.66 oz
total customer withdrawals: 60,354.66 oz
we had 1 adjustments today
i. Out of the CNT vault: 161,149.10 oz was adjusted out of the customer and back into the dealer account at CNT
i. Out of the CNT vault: 161,149.10 oz was adjusted out of the customer and back into the dealer account at CNT
Registered silver at : 43.716 million oz
total of all silver: 165.338 million oz.
The CME reported that we had 40 notices filed for 200,000 oz. We have a total of 3,333 notices filed so far this month for 16,665,000 oz. To calculate the number of ounces that will stand in silver, I take the OI standing for May (149) and subtract out today's notices (40) which leaves us with 109 notices or 545,000 oz left to be served upon our longs.
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
3333 contracts x 5000 oz per contract (served) = 16,665,000 + 109 contracts x 5000 oz = 545,000 oz ( to be served) = 17,210,000 oz.
we lost 5 contracts or 25,000 of silver which will not stand for May today. The total standing for silver is still superb for May.
The total amount standing for May in silver represents 51.22% of ANNUAL silver production from the USA
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
3333 contracts x 5000 oz per contract (served) = 16,665,000 + 109 contracts x 5000 oz = 545,000 oz ( to be served) = 17,210,000 oz.
we lost 5 contracts or 25,000 of silver which will not stand for May today. The total standing for silver is still superb for May.
The total amount standing for May in silver represents 51.22% of ANNUAL silver production from the USA
Now let us check on gold inventories at the GLD first: 1.5 tons leave the door today
May 23.2013:
May 22.2013:
May 23.2013:
Tonnes1,018.57
Ounces32,747,937.28
Value US$45.192 billion
May 22.2013:
Tonnes1,020.07
Ounces32,796,277.52
Value US$46.177 billion
* * *
selected news and views.....
A must read for today. Normally at the London fix, there is a delay of 2 days before gold is transferred to the buyer. This is referred to as T plus 2. Due to the shortage of metal, delays are now 5 days or greater, known as T plus 5.
(courtesy James Turk/Kingworld News)
(courtesy James Turk/Kingworld News)
Gold deliveries delayed in London, Turk tells King World News
Submitted by cpowell on Thu, 2013-05-23 17:58. Section: Daily Dispatches
1:55p ET Thursday, May 23, 2013
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk today tells King World News of delivery delays in the London gold market, adding to evidence of strain in the gold market around the world, and predicts that the paper shorts are about to be overrun. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Gene Arensberg discusses the COT report and how the big silver shorts are covering like mad:
(courtesy gotgoldreport/GATA)
(courtesy gotgoldreport/GATA)
Gene Arensberg's Got Gold Report: Big silver shorts cover madly
Submitted by cpowell on Thu, 2013-05-23 05:15. Section: Daily Dispatches
1:13a ET Thursday, May 23, 2013
Dear Friend of GATA and Gold:
Gene Arensberg's latest edition of the Got Gold Report has been posted in video format and it finds the big commercial traders unloading their short positions in silver to the lowest point in 13 years:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
From Ted Butler this evening;
In the last paragraph of the January 5 Weekly Review; I made reference to something I was working on that I preferred not to disclose at that time. I’d like to do so now and ask for your assistance. A little over a year ago, a subscriber sent me a constructive suggestion for how to force the CFTC to do their job and end the silver manipulation. Since I had promised myself that I would never leave any stone unturned in the attempt to end the manipulation, I followed Jeff’s suggestion, although I admit to doing so with as close to zero expectation for success as was possible. The suggestion was to complain to the Government Accountability Office (GAO) about the CFTC. I filed a complaint on their web site hotline www.gao.gov and promptly forgot about the matter. After all, over the years I had complained to every government agency possible and never heard back from anyone.
In December, I got a follow up call from the GAO that caught me so much by surprise that I didn’t know why they were calling me at first. They requested additional information (which I provided) and I have had several conference calls with the agency concerning my allegations of malfeasance by the CFTC in matters related to the silver manipulation. It was only after the first phone call from the agency that I took the time to find out what this agency was all about and I suggest you do the same.
I thought I knew it as the General Accounting Office, but the name was changed in 2004. What I also learned was that this was a unique government agency, separate and distinct from all the other federal agencies, including the CFTC. The GAO reports only to Congress and exists to ensure that all the other federal agencies stay on the up and up. In a practical sense, the GAO is the Inspector General of all the federal agencies. As such (and you can verify this on your own), this agency seems tailor-made to investigate why the CFTC won’t do its job when it comes to the silver manipulation.
Generally, the GAO audits and investigates as directed by law or congressional mandate, ideally at the request of the leadership of the congressional committee that has requisite jurisdiction. However, they can take some cases on their own initiative and that is the approach by which things have advanced to date. I took this approach and stayed quiet about it because I was concerned that as soon as JPMorgan learned of this initiative, they would call in their political favors and make sure any review by the GAO of the CFTC was squashed. That may still turn out to be the case, but that fear is not enough so as to not try at all.
According to my read on the situation, the GAO is interested in pursuing the matter, but a request to investigate from the right committee or representative would seal the deal. I can tell you that in my conversations with them to date, this agency sounds fiercely independent and interested in doing the right thing. What is the right thing in my view? The right thing would be an impartial and objective review for why the CFTC won’t conclude a more than 4.5 year formal silver investigation or make any comment about the unusually large price takedowns that are unique to silver. You know the CFTC would not tolerate such price volatility in any other market, only silver. Can you imagine the uproar if it was the stock market that fell 10% in thin Sunday evening dealings?
I believe that an impartial review of the CFTC by the GAO could end the silver manipulation. At the very least, it would be most welcome to hear from an objective government source which is not tainted by the conflict of having denied a silver manipulation has existed on countless past occasions over decades. If you agree, here’s what I would ask you to do. First, please check and see if your elected representatives are on any of the following committees that have jurisdiction over the CFTC. Don’t let that stop you from contacting the appropriate chairmen directly or your own representatives even if they are not on the appropriate committees.
In the last paragraph of the January 5 Weekly Review; I made reference to something I was working on that I preferred not to disclose at that time. I’d like to do so now and ask for your assistance. A little over a year ago, a subscriber sent me a constructive suggestion for how to force the CFTC to do their job and end the silver manipulation. Since I had promised myself that I would never leave any stone unturned in the attempt to end the manipulation, I followed Jeff’s suggestion, although I admit to doing so with as close to zero expectation for success as was possible. The suggestion was to complain to the Government Accountability Office (GAO) about the CFTC. I filed a complaint on their web site hotline www.gao.gov and promptly forgot about the matter. After all, over the years I had complained to every government agency possible and never heard back from anyone.
In December, I got a follow up call from the GAO that caught me so much by surprise that I didn’t know why they were calling me at first. They requested additional information (which I provided) and I have had several conference calls with the agency concerning my allegations of malfeasance by the CFTC in matters related to the silver manipulation. It was only after the first phone call from the agency that I took the time to find out what this agency was all about and I suggest you do the same.
I thought I knew it as the General Accounting Office, but the name was changed in 2004. What I also learned was that this was a unique government agency, separate and distinct from all the other federal agencies, including the CFTC. The GAO reports only to Congress and exists to ensure that all the other federal agencies stay on the up and up. In a practical sense, the GAO is the Inspector General of all the federal agencies. As such (and you can verify this on your own), this agency seems tailor-made to investigate why the CFTC won’t do its job when it comes to the silver manipulation.
Generally, the GAO audits and investigates as directed by law or congressional mandate, ideally at the request of the leadership of the congressional committee that has requisite jurisdiction. However, they can take some cases on their own initiative and that is the approach by which things have advanced to date. I took this approach and stayed quiet about it because I was concerned that as soon as JPMorgan learned of this initiative, they would call in their political favors and make sure any review by the GAO of the CFTC was squashed. That may still turn out to be the case, but that fear is not enough so as to not try at all.
According to my read on the situation, the GAO is interested in pursuing the matter, but a request to investigate from the right committee or representative would seal the deal. I can tell you that in my conversations with them to date, this agency sounds fiercely independent and interested in doing the right thing. What is the right thing in my view? The right thing would be an impartial and objective review for why the CFTC won’t conclude a more than 4.5 year formal silver investigation or make any comment about the unusually large price takedowns that are unique to silver. You know the CFTC would not tolerate such price volatility in any other market, only silver. Can you imagine the uproar if it was the stock market that fell 10% in thin Sunday evening dealings?
I believe that an impartial review of the CFTC by the GAO could end the silver manipulation. At the very least, it would be most welcome to hear from an objective government source which is not tainted by the conflict of having denied a silver manipulation has existed on countless past occasions over decades. If you agree, here’s what I would ask you to do. First, please check and see if your elected representatives are on any of the following committees that have jurisdiction over the CFTC. Don’t let that stop you from contacting the appropriate chairmen directly or your own representatives even if they are not on the appropriate committees.
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