http://silverdoctors.com/jim-willie-next-scandal-to-break-is-leasing-theft-of-20000-tons-of-allocated-gold/
JIM WILLIE: NEXT SCANDAL TO BREAK IS LEASING & THEFT OF 20,000 TONS OF ALLOCATED GOLD!
The Gold manipulation will continue until the Gold market is totally broken, until the big banks that control it are totally broken, or until the USDollar & USTBond structures are totally broken. Personally, I am encouraged by the mid-April events to crash the Gold price. It has resulted in exposure of the criminal element, in exposure of the COMEX & LBMA as being desperately low in Gold inventory, in exposure of the great difference between paper Gold price (futures contracts) and physical Gold price (actual high volume sales), and in tremendous motivation by the very wealthy to reclaim their Gold in Allocated Gold Accounts. The bankers have brought to the table a Prima Facie case that their corrupt Gold market attack was motivated by having no Gold for contract delivery.The Jackass forecast is for the next great scandal to be centered upon the Allocated Gold Account thefts, which my excellent source informs me involves the improper usage, leasing, and theft of over 20,000 metric tons of Gold bullion. The German Government formal request for repatriation is the tip of the iceberg. It is a contest, a race, between the breakdown of the USD/USTBond structure and the COMEX & LMBA Gold market structure. The former is in the process of being rejected by the Eastern nations, now organized. The latter is in the process of being recognized as an empty arena with no Gold in inventory.
“In view of the on-going manipulation in the gold and silver paper markets, I have decided to do a multi-interview with three prominent voices in the precious metal markets, and ask them exactly the same questions about gold and silver manipulation : Chris Powell (GATA), Egon Von Greyerz (Goldswitzerland.com) and Jim Willie (Goldenjackass.com).
Investors (in the know about the manipulation) have a few essential questions, so I tried to focus on some that go straight to the point.
I have already explained, in my latest Market Report, that there is a disconnection going on between the paper and the physical markets but, this time, with these three interviews, I wanted to share the views of three key analysts who do recognize that gold and silver paper prices have been manipulated for years.
After Chris Powell, here is the second interview with Jim Willie of GoldenJackass.com.
The Golden Jackass is designed to inform and instruct in the complex ways of gold, currencies, bonds, interest rates, stocks, commodities, futures, derivatives, and the world economy, with no respect shown for inept bankers and economists, whose policies and practices contribute toward the slow motion degradation, if not destruction, of the financial world.”
Fabrice Drouin Ristori
Fabrice Drouin Ristori: Mr Willie, thanks for accepting this interview. How long can the manipulation of the precious metal markets last ?
Jim Willie: Rather than focusing on the time spectrum, think instead on the event spectrum. Focus not on a sequence of time, but instead on an event schedule in a chain. Systems are sustained by the corrupt players, institutions, and policies. The Gold manipulation will continue until the Gold market is totally broken, until the big banks that control it are totally broken, or until the USDollar & USTBond structures are totally broken. Personally, I am encouraged by the mid-April events to crash the Gold price. It has resulted in exposure of the criminal element, in exposure of the COMEX & LBMA as being desperately low in Gold inventory, in exposure of the great difference between paper Gold price (futures contracts) and physical Gold price (actual high volume sales), and in tremendous motivation by the very wealthy to reclaim their Gold in Allocated Gold Accounts. The bankers have brought to the table a Prima Facie case that their corrupt Gold market attack was motivated by having no Gold for contract delivery. The Jackass forecast is for the next great scandal to be centered upon the Allocated Gold Account thefts, which my excellent source informs me involves the improper usage, leasing, and theft of over 20,000 metric tons of Gold bullion. The German Government formal request for repatriation is the tip of the iceberg. The banks will not break first since far too protected. It is a contest, a race, between the breakdown of the USD/USTBond structure and the COMEX & LMBA Gold market structure. The former is in the process of being rejected by the Eastern nations, now organized. The latter is in the process of being recognized as an empty arena with no Gold in inventory.
FDR: What will put an end to it ? Physical demand ? Geopolitical event (BRICS) ?
JW: My strong suspicion is that the COMEX & LMBA corrupt schemes will continue ad nauseum, despite the growing recognition of their corruption and empty inventory. Those in control of the Gold market are not subject to regulatory rules or legal prosecution, operating as essential parts of the sprawling fascist system. So they will continue. However, the end will come with the global isolation and then rejection of the USDollar in trade settlement. The recent G20 Meeting in Turkey brought attention to the bypass of the USD/USTBond system. The Eastern nations are working fast to create an alternative system, frustrated and angry at the abuses and corruption in the open. The Jackass forecast is for the new Gold Trade Standard to come, which will arrive within several months. It will not create a standard for banking and currency, as in SWIFT rules and FOREX rules. It will involve a new BRICS Development Fund, which will transform into a USTBond processing plant, converting the toxic USGovt debt into Gold bars. The trade settlement will work toward Gold payments, with an important intermediary function provided by Turkey. When crude oil abolishes the USDollar as the standard payment vehicle, the game is over. The G7 Meeting hastily called in emergency session in the first week of May demonstrated that the Western nations have noticed that time is almost up completely. The death of the Petro-Dollar defacto standard will coincide with the death of the USDollar global reserve currency. The end is being driven by China & Russia working within the BRICS, the G20, and the Shanghai Coop Organization.
FDR: What will be the signs proving that the manipulation is ending ?
JW: When the COMEX & LBMA are turned into an empty arena, with very few players and very little activity and a storm of controversy about contract fraud with growing lists of lawsuit cases. When the COMEX shows no posted Gold price at all, amidst broad controversy as to why, an implicit invitation for lawsuits over contract fraud and cases to recover past losses by investors. When the COMEX official Gold price shows not a small discrepancy with the actual physical Gold price from known publicized transactions at the major trading centers, but rather a gigantic and embarrassing discrepancy. My term is the great price spread between the paper Gold price and the physical Gold price. It is growing, since very tiny supply is available at the paper price, and high premiums are required at the physical price. Shortages will become a major problem, a desired problem for the gold community. When the spread widens further, the Jackass forecast is for the debate to enter the room on whether the COMEX price is an anachronism, an artifact from a corrupt era, a recognized den of thieves under financial press scrutiny, a point in fact as evidence for legal court cases (lawsuit damage or criminal prosecution). Expect court cases long before regulatory action.
FDR: Do you anticipate an overnight ending of the manipulation or a progressive process ?
JW: A progressive degeneration is far more the case, the pathogenesis of a cancerous organism. The Jackass expects the manipulation to continue far beyond what most people anticipate. The manipulation will soon become absurd. Another Gold market ambush attack is likely soon. When the paper Gold price is $600 to $800 per ounce lower in the paper COMEX price, the banking authorities will continue their charade, but have a difficult time maintaining credibility or a straight face before public questioning of Congressional grilling. Remember their motive, which in the Jackass opinion is to escape the clutches of their mountain of short Gold futures contracts by means of a declared Force Majeure. The true Gold price might be several $100s higher than the COMEX price, but the banking cartel does not care. They wish to escape the consequences of the short Gold futures contracts with a legally recognized COMEX Gold price, even though corrupt. If the courts recognize and endorse the corrupt lower paper Gold price presented by the COMEX, then the big bankers can legally escape from catastrophic losses and slither like snakes into the forests of Paraguay. That is their goal, and they do not care if the public laughs at the process, or if the financial analysts harshly criticize them. They care about the legal escape route offered by Force Majeure, then establishment of a fascist police state.
FDR: Is the gold/silver paper spot price still relevant to value physical gold and silver ?
JW: Not at all. It is a guideline which is becoming more and more ignored. Rather the spot price is becoming more understood as the starting point, the reference point, in a negotiated price. That price will vary in different parts of the world, already the case. The remarkable fact to the Jackass is that premiums on physical Gold purchases (whether bars, coins, talens) is coming down from the rising levels seen in mid-April right after the Gold market smash assault attack with a flood of paper rubbish slamming the market. The big challenge to the banker cartel will be to bring Gold to market in order to meet the growing demand. They must avoid grand and even grotesque shortages. The bankers will be drained. Recall back in March through July, the London banks were drained of 5000 metric tons by angry motivated Asian entities. The event was kept out of the news, but not out of the Hat Trick Letter. If price is to be kept stable, then supply must meet the heightened demand. The banker cartel has two choices: to continue to bring supply to market and be drained dry, or to refuse to bring supply to market and watch the physical price premium grow toward $1000 per ounce amidst well advertised shortages and an empty COMEX.
FDR: What direct consequences would a free gold/silver market have on people worldwide — not investors, people in general ?
JW: The consequences could fill an entire book. But the Jackass would write the chapter headings as follows. People could save in a true sense with a proper legitimate store of value, in instruments which do not represent a counter-party risk like in debt securities or gold certificate holders. People could be protected from central bank actions that exhibit extremely destructive policies toward the debasement of money itself. People could be assured that their life savings could not be leased, assigned, subjugated, hypothecated, or otherwise stolen by banking and government officials. People could build more effective barriers from the ravages of price inflation. People would not have to constantly search for investment vehicles that act as inflation hedges from the endorsed ruin of money. People could be protected from banker thefts, hidden and overt.
FDR: I would like to thanks again Jim Willie for taking the time for this interview.
http://harveyorgan.blogspot.com/2013/06/greece-in-trouble-againrecord-number-of.html
Monday, June 10, 2013
Greece in trouble again/Record number of USA households on foodstamps/Bullard states that inflation low therefore room for more stimulus/India's currency collapses to 58 rupees/dollar/USA 10 yr bond yield climbs to 2.21%
Good evening Ladies and Gentlemen:
Gold closed up by $3.90 to $1386.90 (comex closing time). Silver rose by 18 cents to $21.92 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1386.30
silver: $21.91
At the Comex, the open interest in silver rose by 2274 contracts to 150,828 contracts with silver's fall in price on Friday by 94 cents. The silver OI is holding firm at elevated levels. No doubt the object of the major bullion banks' interest in raiding, was silver as the OI has been remaining stubbornly high for many months. The open interest on the entire gold comex contracts rose by 5096 contracts to 381,144 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. In my weekend commentary I stated the following: "I do not think that the raid on Friday will result in any further OI losses in gold." Not only did the OI not contract but it rose considerably.The number of ounces which is standing for gold in this June delivery month is 942,700 or 29.322 tonnes.The number of silver ounces standing in this non active month of June rose by 40,000 oz to 660,000 oz. No doubt this level will climb as the June month proceeds.
Tonight, the Comex registered or dealer gold remains at 1.475 million oz or 45.87 tonnes. This is getting dangerously low. The total of all gold at the comex fell slightly and now it is just below the 8 million oz at 7.970 million oz or 247.9 tonnes of gold.
The GLD reported for the first time in quite a while a gain gold inventory to the tune of 2.71 tonnes. The SLV inventory of silver also remained firm with no losses or gains in inventory.
We have one Kingworld presentation for you today and this one is the third part of her interview with Eric King. She is Phillipa Malmgre, former assistant to the President Working Group (a.k.a.plunge protection team). She stated in her previous interview that gold is manipulated and if anybody should know, it would be her. Today she talks about how we must prepare ourselves when the bankers confiscate our bank deposits.
We have two Bill Holter commentaries tonight. The topics are:
i) Are we conspiracy theorists?
and the second:
ii) the lack of rule of law inside the USA
you will thoroughly enjoy both of them.
Max Keiser interviews Alasdair Macleod, head of research for Goldmoney.com.
Partly through the interview he claims that he cannot balance any gold out of the comex.
He is having the same problem as myself.
The most important news of the day is the deteriorating conditions inside Greece.
Their GDP fell by a whopping 8.3% year over year this quarter. The Greek government now has a shortfall of 4.3 billion euros. This leads to the question as to who will provide the money as the IMF refuses to folk over any new money unless somebody takes a haircut. Mark Grant and zero hedge give details on the plight of Greece.
In the USA, more families are on foodstamps as another record falls.
Also the staunch conservative, James Bullard, now advocates more spending by the addition of further stimulus from the Federal Reserve. It does not look like the "the tapering movement" has any legs.
We will go over these and many 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 5074 contracts from 376,048 up to 381,144 with gold falling by $29.60 on Friday. That makes a lot of sense!! The front active month of June saw it's OI fall by 266 contracts from 2167 down to 1901. We had 318 contracts served upon our longs on Friday. We thus gained 52 contracts or 5200 additional oz that will stand this month. The next delivery month is the non active July contract and here the OI fell by 33 contracts down to 499. The next active delivery month for gold is August and here the OI rose by 3192 contracts from 216,184 up to 219,376. The estimated volume today was poor at 110,354 contracts. The confirmed volume on Friday was very good at 211,988 contracts.
The total silver Comex OI completely plays to a different drummer than gold. Its OI rose again by a fair sized 2277 contracts to 150,828, with silver's huge fall in price to the tune of 96 cents on Friday. I guess our crooked bankers can no longer shake any silver leaves from the tree. The longs are totally impervious to pain. The front non active June silver contract month shows a gain in OI contracts of 8 contracts. We had 0 notices filed on Friday so in essence we gained 8 contracts or an additional 40,000 silver ounces will stand for metal for the June contract month. The estimated volume today was very good, coming in at 48,791 contracts. The confirmed volume on Friday was enormous at 98,613. I guess the bankers threw everything at the silver longs including the kitchen sink, the bathtub and you name it..but the longs refused to budge.
We had 1 customer deposits today: (very strange for a huge delivery month of June. Also note no gold entering into JPM whether by dealer or by customer accounts)
i) Into HSBC; 64.3 oz
total customer deposit: 64.3 oz
We had 0 customer withdrawals today:
total customer withdrawal: nil oz
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
Last Tuesday, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
In summary on the customer side of things for JPMorgan:
Wednesday we had 333 notices served upon by JPMorgan's customer side.
Thursday morning we received notice that we had 826 notices served upon of which 725 contracts were issued by JPMorgan's customer account and 10 notices from their house or dealer account.
Friday morning, 318 notices were filed and of that total 317 notices were issued by JPMorgan and all of these were on their client or customer account.
7658 contracts x 100 oz per contract or 765,800 oz served upon + 1769 contracts or 176,900 oz (left to be served upon) = 942,700 oz or 29.32 tonnes of gold.
We gained 52 contracts or 5200 additional oz of gold will stand for the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 153.02% of that total production.
now let us head over and see what is new with silver:
i) out of CNT: 24,899.735 oz
ii) out of Scotia: 91,013.75 oz
iii) out of Delaware: 512,105.894 oz
iv) HSBC: 216,214.68
total customer withdrawal : 844,234.059 oz
Gold closed up by $3.90 to $1386.90 (comex closing time). Silver rose by 18 cents to $21.92 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1386.30
silver: $21.91
At the Comex, the open interest in silver rose by 2274 contracts to 150,828 contracts with silver's fall in price on Friday by 94 cents. The silver OI is holding firm at elevated levels. No doubt the object of the major bullion banks' interest in raiding, was silver as the OI has been remaining stubbornly high for many months. The open interest on the entire gold comex contracts rose by 5096 contracts to 381,144 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. In my weekend commentary I stated the following: "I do not think that the raid on Friday will result in any further OI losses in gold." Not only did the OI not contract but it rose considerably.The number of ounces which is standing for gold in this June delivery month is 942,700 or 29.322 tonnes.The number of silver ounces standing in this non active month of June rose by 40,000 oz to 660,000 oz. No doubt this level will climb as the June month proceeds.
Tonight, the Comex registered or dealer gold remains at 1.475 million oz or 45.87 tonnes. This is getting dangerously low. The total of all gold at the comex fell slightly and now it is just below the 8 million oz at 7.970 million oz or 247.9 tonnes of gold.
The GLD reported for the first time in quite a while a gain gold inventory to the tune of 2.71 tonnes. The SLV inventory of silver also remained firm with no losses or gains in inventory.
We have one Kingworld presentation for you today and this one is the third part of her interview with Eric King. She is Phillipa Malmgre, former assistant to the President Working Group (a.k.a.plunge protection team). She stated in her previous interview that gold is manipulated and if anybody should know, it would be her. Today she talks about how we must prepare ourselves when the bankers confiscate our bank deposits.
We have two Bill Holter commentaries tonight. The topics are:
i) Are we conspiracy theorists?
and the second:
ii) the lack of rule of law inside the USA
you will thoroughly enjoy both of them.
Max Keiser interviews Alasdair Macleod, head of research for Goldmoney.com.
Partly through the interview he claims that he cannot balance any gold out of the comex.
He is having the same problem as myself.
The most important news of the day is the deteriorating conditions inside Greece.
Their GDP fell by a whopping 8.3% year over year this quarter. The Greek government now has a shortfall of 4.3 billion euros. This leads to the question as to who will provide the money as the IMF refuses to folk over any new money unless somebody takes a haircut. Mark Grant and zero hedge give details on the plight of Greece.
In the USA, more families are on foodstamps as another record falls.
Also the staunch conservative, James Bullard, now advocates more spending by the addition of further stimulus from the Federal Reserve. It does not look like the "the tapering movement" has any legs.
We will go over these and many other stories but first.....................
Here are the details:
The total gold comex open interest rose by 5074 contracts from 376,048 up to 381,144 with gold falling by $29.60 on Friday. That makes a lot of sense!! The front active month of June saw it's OI fall by 266 contracts from 2167 down to 1901. We had 318 contracts served upon our longs on Friday. We thus gained 52 contracts or 5200 additional oz that will stand this month. The next delivery month is the non active July contract and here the OI fell by 33 contracts down to 499. The next active delivery month for gold is August and here the OI rose by 3192 contracts from 216,184 up to 219,376. The estimated volume today was poor at 110,354 contracts. The confirmed volume on Friday was very good at 211,988 contracts.
The total silver Comex OI completely plays to a different drummer than gold. Its OI rose again by a fair sized 2277 contracts to 150,828, with silver's huge fall in price to the tune of 96 cents on Friday. I guess our crooked bankers can no longer shake any silver leaves from the tree. The longs are totally impervious to pain. The front non active June silver contract month shows a gain in OI contracts of 8 contracts. We had 0 notices filed on Friday so in essence we gained 8 contracts or an additional 40,000 silver ounces will stand for metal for the June contract month. The estimated volume today was very good, coming in at 48,791 contracts. The confirmed volume on Friday was enormous at 98,613. I guess the bankers threw everything at the silver longs including the kitchen sink, the bathtub and you name it..but the longs refused to budge.
Comex gold/May contract month:
June 10/2013
the June contract month:
the June contract month:
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
64.3 (HSBC)
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| nil oz |
No of oz served (contracts) today
|
132 (13,200 oz)
|
No of oz to be served (notices)
|
1769 (176,900 oz
|
Total monthly oz gold served (contracts) so far this month
|
7658 (765,800 oz)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
39,657.389 oz
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 35,388.652 oz |
We again had tiny activity at the gold vaults
The dealer had 0 deposits and 0 dealer withdrawals.
We had 1 customer deposits today: (very strange for a huge delivery month of June. Also note no gold entering into JPM whether by dealer or by customer accounts)
i) Into HSBC; 64.3 oz
total customer deposit: 64.3 oz
We had 0 customer withdrawals today:
total customer withdrawal: nil oz
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
Last Tuesday, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
In summary on the customer side of things for JPMorgan:
Wednesday we had 333 notices served upon by JPMorgan's customer side.
Thursday morning we received notice that we had 826 notices served upon of which 725 contracts were issued by JPMorgan's customer account and 10 notices from their house or dealer account.
Friday morning, 318 notices were filed and of that total 317 notices were issued by JPMorgan and all of these were on their client or customer account.
And now today, 132 notices were filed (all from JPMorgan) of which 131 notices were issued from JPMorgan's customer account and one notice from the dealer side.
I guess JPMorgan's customer account cannot settle because there is no gold inside the customer account to settle upon!!
We had no adjustments.
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account 354,225.571 oz.
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side Thursday we had 10 notices issued on JPMorgan's dealer account.
On Friday: zero
I guess JPMorgan's customer account cannot settle because there is no gold inside the customer account to settle upon!!
We had no adjustments.
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account 354,225.571 oz.
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side Thursday we had 10 notices issued on JPMorgan's dealer account.
On Friday: zero
On Monday: 1
Thus, 4946 contracts have been issued so far for 494,600 oz and these
ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz
somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time.
How will JPMorgan satisfy this shortfall??
Thus, 4946 contracts have been issued so far for 494,600 oz and these
ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz
somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time.
How will JPMorgan satisfy this shortfall??
Tonight the dealer inventory remains tonight at a low of 1.475 million oz (45.87) tonnes of gold. The total of all gold slightly falls, resting tonight at 7.970 million oz or 248.18 tonnes.
Today we had 132 notices served upon our longs for 13,200 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (1901) and subtract out today's notices (132) which leaves us with 1769 contracts or 176,900 oz left to be served upon our longs.
Today we had 132 notices served upon our longs for 13,200 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (1901) and subtract out today's notices (132) which leaves us with 1769 contracts or 176,900 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in June:
7658 contracts x 100 oz per contract or 765,800 oz served upon + 1769 contracts or 176,900 oz (left to be served upon) = 942,700 oz or 29.32 tonnes of gold.
We gained 52 contracts or 5200 additional oz of gold will stand for the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 153.02% of that total production.
now let us head over and see what is new with silver:
Silver:
June 10.2013: June silver contract month:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | 281,653.84 (CNT) |
| Withdrawals from Customer Inventory | 844,234.059 oz (CNT, Scotia,Delaware,HSBC) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 622,560.75 (Scotia) |
| No of oz served (contracts) | 0 (nil oz) |
| No of oz to be served (notices) | 99 (495,000 oz) |
| Total monthly oz silver served (contracts) | 33 (165,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 982,955.47oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 2,849,721.6 oz |
Today, we had good activity inside the silver vaults.
we had 0 dealer deposits and 1 dealer withdrawals.
i) Out of the dealer CNT 622,560.75 oz was withdrawn.
total dealer withdrawal: 622,560.75 oz
We had 1 customer deposits:
i) Into CNT: 622,560.75 oz
total customer deposit; 622,560.75 oz
We had 4 customer withdrawals:
i) Out of the dealer CNT 622,560.75 oz was withdrawn.
total dealer withdrawal: 622,560.75 oz
We had 1 customer deposits:
i) Into CNT: 622,560.75 oz
total customer deposit; 622,560.75 oz
We had 4 customer withdrawals:
i) out of CNT: 24,899.735 oz
ii) out of Scotia: 91,013.75 oz
iii) out of Delaware: 512,105.894 oz
iv) HSBC: 216,214.68
total customer withdrawal : 844,234.059 oz
we had 1 adjustments today
Today 5026.20 oz was adjusted out of the customer and into the dealer at Brinks
Today 5026.20 oz was adjusted out of the customer and into the dealer at Brinks
Registered silver at : 41.758 million oz
total of all silver: 164.147 million oz.
The CME reported that we had nil notices filed for zero oz today. In order to calculate what we believe will stand in the month of June, I take the Oi standing for June (99) and subtract out today's notices (0) which leaves us with 99 notices or 495,000 oz.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
33 contracts x 5000 oz per contract (served) = 110,000 oz + 99 contracts x 5000 oz or 495,000 oz left to be served upon = 660,000 oz
we gained 40,000 additional silver ounces today at the Comex silver.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
33 contracts x 5000 oz per contract (served) = 110,000 oz + 99 contracts x 5000 oz or 495,000 oz left to be served upon = 660,000 oz
we gained 40,000 additional silver ounces today at the Comex silver.
Now let us check on gold inventories at the GLD first: inventory increases 2.7 tons today from Friday !
June 10.2013:
June 7.2013:
June 6.2013:
June 10.2013:
Tonnes1,009.85
Ounces32,467,579.48
Value US$44.885 billion
June 7.2013:
Tonnes1,007.14
Ounces32,380,584.27
Value US$44.855 billion
June 6.2013:
Tonnes1,007.74
Ounces32,399,917.19
Value US$45.334 billion
and......
June 10th, 2013 | Category: Uncategorized | Leave a comment
jessescrossroadscafe.blogspot.com / By JESSE / June 10, 2013, 4:14 PM
In this video interview Jim Rickards comments on Roubini’s Recent Comments on Gold.
Jim takes down Roubini’s comments point by point and very well. I thought he was a bit easy on Roubini, but he may have missed the mark on interest rates.
I think the 10 year rate is completely inappropriate in deriving real interest rates against short term inflation. And the official and even ‘market-based’ measures of inflation are distorted in ways that can be easily demonstrated by John Williams for example. So I thought that was a bit disingenuous on James Rickard’s part. Short term rates are very negative and this is an easily observed phenomenon and result of QE. They are merely expanding that effect along the yield curve.
Gold is not correlated to inflation per se. It is correlated to negative interest rates and expectations of inflation, two concepts which are related. Negative rates are the result of expansive monetary policy.
And most importantly, in the final analysis gold is correlated to the perception of all monetary risks as a negative effect on wealth, whether that be from inflation, or any other forms of the use of money and the terms of the financial system as a means of expropriation of wealth.
zerohedge.com / By Tyler Durden / June 10, 2013, 18:35 -0400
From the inside of the Federal Reserve’s gold vault (where we are told one quarter of the world’s bullion resides) to NYC’s diamond district and the gold-dealers on the streets, this NatGeo documentary is a fascinating walk through the reality of trust, money, and gold. As the narrator notes, “the Fed’s discretion is so trusted that few depositors have ever asked to see if their gold is still here,” except of course Germany now that is, adding (from the exact opposite perspective to the man that runs the building) that, “for thousands of years people used gold as money… it’s the perfect recyclable money….” The must-watch video then progresses to the reality of our financial world where he explains, the trillions in money that is transacted every day “used to be backed gold, but is now supported by the promise of our government… The fact that it all works based on trust alone is simply taken for granted,” leaving the ominous question of “who is in charge” of that ‘trust’? Cue Ben Bernanke – who answers the question of what the world would look like without a Fed… bank runs, stock market crashes, and financial chaos.
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