Russia Today ....
News of the heist comes on the heels of another scandal for the carrier, when earlier this month a record-breaking 1.3-ton, €200 million worth of cocaine was discovered being transported by Air France from South America.
The flight from Caracas, Venezuela to Paris contained 30 suitcases of narcotics onboard and has led to the arrests of nine suspects, including three Venezuelan security agents and three British nationals following the cargo’s discovery on September 11th. The other three suspects were Italian nationals.
During that scandal Venezuelan Interior Minister was quick to suggest an inside Air France job.
GATA.....
Harvey Organ.....
http://harveyorgan.blogspot.com/2013/09/sept-25cftc-claims-no-manipulationgld.html
( full report at the link... )
Jesse's Crossroads Cafe...
As you most likely have already heard, the CFTC announced today that they have closed their five year investigation into manipulation in the silver market without further comment except that they have seen nothing.
I was disappointed but not surprised, since the regulators and politicians in the US and the UK are deeply wound in a credibility trap. Intraday commentary on that here.
It appears that JP Morgan is embroiled in a settlement over mortgage debt antics that is now rumoured to be in the $11 billion range for this one investigation alone.
As you know, September is considered a non-active delivery month, even though there is the usual delivery schedule as I have posted it below. Can anyone tell me exactly why it is that some months, like August, October, and December are active delivery months and September and November are not? I am quite curious. I doubt it is just custom, and must have some basis in the rules.
I asked several old gold hands today who certainly know more about the gritty details and they could not say, other than that some months are active in the futures, and others are more active in delivery. The exception is December which is active in both. If you know of some specific reason I should like to hear it.
So let's see this last week of September pass, and look forward to October, wherein the rather thin inventory at the COMEX may be in for another run through the gauntlet of real things.
Speaking of real activity in real things, there was little activity in the COMEX bullion warehouses yesterday, with just 30 bars of customer gold leaving the Scotia Mocatta warehouse, and nothing coming back in. It appears that the five tonnes withdrawal from the day before has not shifted to another COMEX domain but has said sayonara, and gone to other climes, perhaps not to return for some time and higher prices.
Have a pleasant evening.
I cannot say that I am surprised, since it was the safer thing to do, career-wise. Pleading ignorance is the last refuge of the craven, be they bureaucrats or CEO's.
One might safely have little confidence in regulatory action in the US or the UK unless it is provoked by an unavoidable whistleblower or a noticeable financial crisis. Or a divergence of interest among white collar crime families.
Although he made a show of action now and then, Gary Gensler is political, and fully a creature of the system. The Republican members of the CFTC are 'free marketeers' who have generally impeded regulation of Big Money at almost every turn.
Principles are not a career enhancing option in times of general cynicism and deceit.
In fairness to the CFTC, the credibility trap is far-reaching. This is not a problem of a 'few bad eggs,' but a system that is largely given over to the corruption of the monied interests from what I have seen and read. Mark Leibovich provides the colour commentary to the state of affairs in his recent book, This Town.
The manipulation of markets seems to be a fairly regular and long-standing occurrence. But it is nice to at least have their decision on the record.
Manipulation is no free lunch, and there are always consequences. And they are usually not confined to one or two asset classes of wealth, but to a growing circle of abuse with much broader effects. I think Martin Niemöller had some insightful words on the subject.
Change will come, but apparently not yet.
On Monday 173,582 ounces, or roughly five tonnes, of customer gold was withdrawn the HSBC warehouse.
This takes the total gold in all of the COMEX warehouses to a new low of 6,860,160 ounces in 100 oz. bars.
The portion of this that is deliverable or 'dealer gold' remains at 672,000 ounces.
While this is adequate for the non-active delivery month of September, these are slim numbers for the upcoming active delivery month of October, and hardly appropriate for the contracts that are held through December, at least at these prices.
I will include additional charts as appropriate later on this evening.
These inventory figures indicate that option expiration shenanigans aside, higher prices will be required to move more gold into the dealer category and clear the markets at the COMEX. The blatant price manipulation in paper has led to a tough situation for the banking cartel which seems to be at the apogee of their power, despite a prominent role in the financial crisis of only five years ago.
Stand and deliver.
Gold shipment disappears from Air France flight to Zurich
Some 44 kilograms of gold bars from an overall cargo of 300 kg of precious metal have mysteriously disappeared from a flight bound to Zurich. An insider operation could be to blame for a €1.5 million heist at Paris’ Charles de Gaulle airport.
France's national aviation police (GTA) is now investigating how and by whom the gold was stolen from the aircraft, after Air France said it had filed a complaint with police.
"We hope the investigations will allow us to quickly determine the sequence of events and identify those responsible," a spokesman for Air France was quoted by the Local.
Only seven of nine cases handled by the American secure transportation company Brink's reached the final destination in Switzerland onboard the Air France flight last Thursday.
“We are investigating the matter, and especially the possibility that this was an inside job,” a source familiar with the investigation told the British Daily Mail.
Brink's, which provided for the cargo’s security, nonetheless denied being responsible, saying "it was not in charge of the transport and the packages were not under its responsibility when they disappeared,"writes the Local.
The firm clarified that their responsibility "was limited to ensure the safety of the consignment during its transit at Charles de Gaulle.”
"We hope the investigations will allow us to quickly determine the sequence of events and identify those responsible," a spokesman for Air France was quoted by the Local.
Only seven of nine cases handled by the American secure transportation company Brink's reached the final destination in Switzerland onboard the Air France flight last Thursday.
“We are investigating the matter, and especially the possibility that this was an inside job,” a source familiar with the investigation told the British Daily Mail.
Brink's, which provided for the cargo’s security, nonetheless denied being responsible, saying "it was not in charge of the transport and the packages were not under its responsibility when they disappeared,"writes the Local.
The firm clarified that their responsibility "was limited to ensure the safety of the consignment during its transit at Charles de Gaulle.”
News of the heist comes on the heels of another scandal for the carrier, when earlier this month a record-breaking 1.3-ton, €200 million worth of cocaine was discovered being transported by Air France from South America.
The flight from Caracas, Venezuela to Paris contained 30 suitcases of narcotics onboard and has led to the arrests of nine suspects, including three Venezuelan security agents and three British nationals following the cargo’s discovery on September 11th. The other three suspects were Italian nationals.
During that scandal Venezuelan Interior Minister was quick to suggest an inside Air France job.
"How can the cocaine shipment reach France and it gets taken out without going through the normal controls?" Miguel Rodriguez asked.
The security firm Brink's had also been in the spotlight earlier this year after approximately €38 million worth of diamonds were stolen in a Brussels airport. Not a single shot was fired during the fifteen minute heist, carried out by eight suspects armed with AK-47s who drove two vehicles straight to the airplane where the gems were being transferred from a Brink's armored van.
The security firm Brink's had also been in the spotlight earlier this year after approximately €38 million worth of diamonds were stolen in a Brussels airport. Not a single shot was fired during the fifteen minute heist, carried out by eight suspects armed with AK-47s who drove two vehicles straight to the airplane where the gems were being transferred from a Brink's armored van.
GATA.....
Paper claims outnumber real ounces by 93 to 1, Kaye tells KWN
Submitted by cpowell on Wed, 2013-09-25 18:39. Section: Daily Dispatches
2:35p ET Tuesday, September 24, 2013
Dear Friend of GATA and Gold:
Hong Kong-based fund manager William Kaye today tells King World News that while paper claims to gold still outnumber real metal in a ratio of 93 to 1 and market manipulation isn't over, a sovereign buyer, likely China, is lurking at the $1,300 level and metal is running out. 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.
Fed suspects reporters in premature gold surge
Submitted by cpowell on Wed, 2013-09-25 12:50. Section: Daily Dispatches
It's as if the Fed's own agents aren't in the market all the time and the Fed couldn't investigate their trading.
* * *
Fed Says It Plans Discussions with Reporters
Following Reports of Early Trading After Meeting
Following Reports of Early Trading After Meeting
By Marcy Gordon
Associated Press
via Minneapolis Star Tribune
Tuesday, September 25, 2013
Associated Press
via Minneapolis Star Tribune
Tuesday, September 25, 2013
Harvey Organ.....
http://harveyorgan.blogspot.com/2013/09/sept-25cftc-claims-no-manipulationgld.html
( full report at the link... )
Wednesday, September 25, 2013
sept 25/CFTC claims no manipulation/GLD remains constant/SLV rises
Good evening Ladies and Gentlemen:
In the access market today at 5:15 pm tonight here are the final prices:
gold: $1334.10
JPMorgan's customer inventory remains constant at 246,327.488 oz or 7.66 tonnes. It's dealer inventory remains constant at 214,144.712 oz or 6.6607 tonnes.
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex dealer account again remains constant in gold inventory tonight and its resting inventory is 16.686 tonnes of gold. Brinks continues to record a low of only 3.76 tonnes in its dealer account.
Today, GOFO numbers are in the positive for all months
Here are today's readings with Tuesday's comparison: GOFO slightly greater in positivity .
i) One Month: .11167 vs Yesterday: .09333
ii Two Months: .11833. vs Yesterday: .10500
iii) Three Months: .12667 vs Yesterday: .11333
iv) Six months: .15333 vs Yesterday: .13333
We have 2 great commentaries tonight from Bill Holter, with one dealing with the CFTC announcement that they could not find any evidence of manipulation in the silver market. In his second paper, he discusses what might happen if the USA does not come to an agreement with the debt ceiling. I again have provided ( in case you missed yesterday's commentary) the great video with Andrew Maguire and Max Keiser on the two whistleblowers from JPMorgan who reported their findings to the CFTC.
Gold closed up $19.90 cents to $1335.90 (comex closing time ). Silver was up 30 cents to $21.84
In the access market today at 5:15 pm tonight here are the final prices:
gold: $1334.10
silver: $21.81
The big story today is the CFTC's finding that there is no manipulation in the silver markets. We will discuss this at length.
At the Comex, the open interest in silver rose by 535 contracts to 112,317.
The open interest on the entire gold comex contracts fell by 1227 contracts to 378,216.
The open interest on the entire gold comex contracts fell by 1227 contracts to 378,216.
Tonight, the Comex registered or dealer inventory of gold remains constant. It is now well below the 1 million oz mark, and also is well below the 700,000 oz level recording at 672,042. oz or 20.90 tonnes . With no gold entering the dealer side it seems almost impossible for the bankers to settle upon longs once the December contract hits. The total of all gold at the comex (dealer and customer) falls again tonight and below the 7 million oz barrier resting at 6.863 million oz or 213.47 tonnes.
JPMorgan's customer inventory remains constant at 246,327.488 oz or 7.66 tonnes. It's dealer inventory remains constant at 214,144.712 oz or 6.6607 tonnes.
The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex dealer account again remains constant in gold inventory tonight and its resting inventory is 16.686 tonnes of gold. Brinks continues to record a low of only 3.76 tonnes in its dealer account.
Today, GOFO numbers are in the positive for all months
Here are today's readings with Tuesday's comparison: GOFO slightly greater in positivity .
i) One Month: .11167 vs Yesterday: .09333
ii Two Months: .11833. vs Yesterday: .10500
iii) Three Months: .12667 vs Yesterday: .11333
iv) Six months: .15333 vs Yesterday: .13333
We have 2 great commentaries tonight from Bill Holter, with one dealing with the CFTC announcement that they could not find any evidence of manipulation in the silver market. In his second paper, he discusses what might happen if the USA does not come to an agreement with the debt ceiling. I again have provided ( in case you missed yesterday's commentary) the great video with Andrew Maguire and Max Keiser on the two whistleblowers from JPMorgan who reported their findings to the CFTC.
We have 2 Kingworld commentaries with Eric King and the following personalities:
i) John Ing
ii) Bill Kaye
Chris Powell also weighs in on the CFTC verdict of no manipulation in the silver Comex markets.
Alasdair Macleod discusses the abandonment of bonds by many investors due to risk of default. This causes interest rates to rise and then goods to inflate in price. A very important commentary for you tonight.
Finally, we have German journalist, Lars Schall interview Eric Sprott.
Jesse's Crossroads Cafe...
25 SEPTEMBER 2013
Gold Daily and Silver Weekly Charts - CFTC Sees Nothing and Moves Along
As you most likely have already heard, the CFTC announced today that they have closed their five year investigation into manipulation in the silver market without further comment except that they have seen nothing.
I was disappointed but not surprised, since the regulators and politicians in the US and the UK are deeply wound in a credibility trap. Intraday commentary on that here.
It appears that JP Morgan is embroiled in a settlement over mortgage debt antics that is now rumoured to be in the $11 billion range for this one investigation alone.
As you know, September is considered a non-active delivery month, even though there is the usual delivery schedule as I have posted it below. Can anyone tell me exactly why it is that some months, like August, October, and December are active delivery months and September and November are not? I am quite curious. I doubt it is just custom, and must have some basis in the rules.
I asked several old gold hands today who certainly know more about the gritty details and they could not say, other than that some months are active in the futures, and others are more active in delivery. The exception is December which is active in both. If you know of some specific reason I should like to hear it.
So let's see this last week of September pass, and look forward to October, wherein the rather thin inventory at the COMEX may be in for another run through the gauntlet of real things.
Speaking of real activity in real things, there was little activity in the COMEX bullion warehouses yesterday, with just 30 bars of customer gold leaving the Scotia Mocatta warehouse, and nothing coming back in. It appears that the five tonnes withdrawal from the day before has not shifted to another COMEX domain but has said sayonara, and gone to other climes, perhaps not to return for some time and higher prices.
Have a pleasant evening.
CFTC Drops Probe of Silver Manipulation Takes No Action - Credibility Trap
I cannot say that I am surprised, since it was the safer thing to do, career-wise. Pleading ignorance is the last refuge of the craven, be they bureaucrats or CEO's.
One might safely have little confidence in regulatory action in the US or the UK unless it is provoked by an unavoidable whistleblower or a noticeable financial crisis. Or a divergence of interest among white collar crime families.
Although he made a show of action now and then, Gary Gensler is political, and fully a creature of the system. The Republican members of the CFTC are 'free marketeers' who have generally impeded regulation of Big Money at almost every turn.
Principles are not a career enhancing option in times of general cynicism and deceit.
In fairness to the CFTC, the credibility trap is far-reaching. This is not a problem of a 'few bad eggs,' but a system that is largely given over to the corruption of the monied interests from what I have seen and read. Mark Leibovich provides the colour commentary to the state of affairs in his recent book, This Town.
The manipulation of markets seems to be a fairly regular and long-standing occurrence. But it is nice to at least have their decision on the record.
Manipulation is no free lunch, and there are always consequences. And they are usually not confined to one or two asset classes of wealth, but to a growing circle of abuse with much broader effects. I think Martin Niemöller had some insightful words on the subject.
Change will come, but apparently not yet.
Reuters
U.S. CFTC ends probe of silver markets, takes no action
(Reuters) - The U.S. Commodity Futures Trading Commission said on Wednesday it has closed its long-running investigation into complaints about manipulation in the silver markets, and is not recommending any charges.
The CFTC publicly confirmed the probe in September 2008. At the time, the agency had received complaints about whether the silver futures contracts traded on the Commodity Exchange Inc (COMEX) were being manipulated.
"Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets," the CFTC said in a statement on Wednesday.
Silver has featured prominently in modern commodity market scandals. In the most memorable case, the Hunt brothers of Texas hoarded the precious metal, aiming to corner the market and control global prices starting in the late 1970s...
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24 SEPTEMBER 2013
Fives Tonnes of Customer Gold Leave the HSBC Vault
This takes the total gold in all of the COMEX warehouses to a new low of 6,860,160 ounces in 100 oz. bars.
The portion of this that is deliverable or 'dealer gold' remains at 672,000 ounces.
While this is adequate for the non-active delivery month of September, these are slim numbers for the upcoming active delivery month of October, and hardly appropriate for the contracts that are held through December, at least at these prices.
I will include additional charts as appropriate later on this evening.
These inventory figures indicate that option expiration shenanigans aside, higher prices will be required to move more gold into the dealer category and clear the markets at the COMEX. The blatant price manipulation in paper has led to a tough situation for the banking cartel which seems to be at the apogee of their power, despite a prominent role in the financial crisis of only five years ago.
"When I despair, I remember that all through history the ways of truth and love have always won. There have been tyrants, and murderers, and for a time they can seem invincible, but in the end they always fall. Think of it--always."Weighed, and found wanting.
Mohandas K. Gandhi
Stand and deliver.
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