http://www.silverdoctors.com/jp-morgan-adjusts-90000-ounces-of-silver-out-of-dealer-vaults/
We have 4 silver inventory movements to report from Friday’s trading, with the highlight being a 900,000 ounce adjustment out of the JP Morgan dealer vault.
The total silver comex OI fell by 724 contracts from 123,815 to 123,091 and for once silver followed gold.
Silver also had a good day on Friday so maybe a few bankers are getting a little antsy concerning the fragile state of the economy. The front delivery month of July saw its OI fall from 1711 to 1670 for a loss of 41 contracts. We had 39 delivery notices on Friday so we lost only 2 contracts of silver to probable cash settlements. The August non official delivery month saw its OI fall from 263 to 253 for a loss of 10 contracts. The next big official delivery month for silver is September and here the OI remained relatively constant falling by only 279 contracts to 62,640. The estimated volume today was extremely weak at 25,266. The confirmed volume on Friday was also weak at 29,245. It seems that many paper players have abandoned the comex playing field.
The CME reported today that we had no deposits of any kind today in the silver vaults.
We had the following customer withdrawal:
1. Out of Brinks; 42,032.74 oz
2. Out of Delaware: 986.60 oz
total withdrawal: 43,019.34 oz
we had two adjustments:
1. We had 9875.10 oz adjusted out of the customer and back into the dealer's account at Brinks.
2. A huge 899,470.035 oz adjusted from the dealer and back into the customer account at JPM
in an repayment of a prior liability.
The total registered or dealer inventory rests at 40.4 million oz
The total of all silver rests tonight at 144.64 million oz.
The CME reported that we had 122 notices served today upon our longs for 610,000 oz.
The total number of notices filed so far this month total 826 for 4,130,000 oz. To obtain what is left to be served upon, I take the OI standing for July (1670) and subtract out today's delivery notices (122) which leaves me with 1548 or 7,740,000 oz left to be served upon.
Thus in the month of July, we have the following number of silver ounces standing:
4,130,000 oz (served) + 7,740,000 oz (to be served) = 11,870,000 oz
this is the first time that we have over 1/2 of the month gone and the to be served upon is almost double the number of oz served upon.
Submitted by GoldCore on 07/16/2012 12:08 -0400
We have 4 silver inventory movements to report from Friday’s trading, with the highlight being a 900,000 ounce adjustment out of the JP Morgan dealer vault.
The adjustment was a 13% reduction in JPM registered silver inventories overnight, dropping The Morgue’s dealer inventory to 6.55 million ounces.
* * *
http://harveyorgan.blogspot.com/2012/07/ecb-demands-senior-bondholders-in-spain.html
Good evening Ladies and Gentlemen:
Gold closed down by 40 cents to $1591.20 Silver fell marginally by 4 cents to $27.30 .
Trading today was very lacklustre. During the weekend we learned that the ECB is contemplating that senior bondholders of the big Spanish banks are to receive a haircut. That in turn caused bond yields to rise not only on those bonds but also the sovereigns where today, the 10 year Spanish bond closed at a yield of 6.81%. The Italian 10 yr bond yield finished the day at 6.10% well in the danger area as both of these nations cannot possibly finance their debt at these rates. The ECB also released data showing the net Target 2 balances for the Bundesbank rose to 729 billion euros all at the expense of the 5 PIIGS nations with Spain responsible for over 51% of the balance. If Spain leaves the Euro monetary zone, this debt must be eaten by the Bundesbank. Also the Spanish banks borrowed another massive 50 billion euros from the ECB. Italy only borrowed 9 billion euros. We are now approaching the last two weeks of July and at the end of July, we will finally have our Troika report on Greece and no doubt we will see no more cash ushered to this nation.This will force Greece to leave the monetary EU where they will initiate use of the drachma. It's total 1 trillion euros of debt (corporate and sovereign + derivatives) will play havoc on the derivative world.
The rhetoric coming from the libor scandal is incessant and we now are starting to see reports where criminal charges will be laid. It is interesting that they are going after the banks on this issue when central banks do their manipulation of interest rates for a living. It is now becoming more difficult for the press to avoid the main issue of gold and silver manipulation by the banks when they were being charged on just about every conceivable manipulation on the financial front. We will go over many important stories for you to mull over tonight so without further ado, let us head over to the comex and assess trading today.The total comex OI fell by 1771 contracts despite the rise in gold on Friday. I guess the financial scene may be bothering some bankers. The non official delivery month of July saw its OI fall one contract from 25 to 24 despite 7 delivery notices on Friday. We thus gained 6 notices or 600 oz of additional gold standing.
The next big delivery month for gold is August and here the OI fell by 5334 contracts from 184,334 to 179,000 as many of those moved into both October and December. The estimated volume today was very anemic at 106,202 and this is with many of the rollovers. The confirmed volume on Friday was also quite weak at 147,372.Gold closed down by 40 cents to $1591.20 Silver fell marginally by 4 cents to $27.30 .
Trading today was very lacklustre. During the weekend we learned that the ECB is contemplating that senior bondholders of the big Spanish banks are to receive a haircut. That in turn caused bond yields to rise not only on those bonds but also the sovereigns where today, the 10 year Spanish bond closed at a yield of 6.81%. The Italian 10 yr bond yield finished the day at 6.10% well in the danger area as both of these nations cannot possibly finance their debt at these rates. The ECB also released data showing the net Target 2 balances for the Bundesbank rose to 729 billion euros all at the expense of the 5 PIIGS nations with Spain responsible for over 51% of the balance. If Spain leaves the Euro monetary zone, this debt must be eaten by the Bundesbank. Also the Spanish banks borrowed another massive 50 billion euros from the ECB. Italy only borrowed 9 billion euros. We are now approaching the last two weeks of July and at the end of July, we will finally have our Troika report on Greece and no doubt we will see no more cash ushered to this nation.This will force Greece to leave the monetary EU where they will initiate use of the drachma. It's total 1 trillion euros of debt (corporate and sovereign + derivatives) will play havoc on the derivative world.
The rhetoric coming from the libor scandal is incessant and we now are starting to see reports where criminal charges will be laid. It is interesting that they are going after the banks on this issue when central banks do their manipulation of interest rates for a living. It is now becoming more difficult for the press to avoid the main issue of gold and silver manipulation by the banks when they were being charged on just about every conceivable manipulation on the financial front. We will go over many important stories for you to mull over tonight so without further ado, let us head over to the comex and assess trading today.The total comex OI fell by 1771 contracts despite the rise in gold on Friday. I guess the financial scene may be bothering some bankers. The non official delivery month of July saw its OI fall one contract from 25 to 24 despite 7 delivery notices on Friday. We thus gained 6 notices or 600 oz of additional gold standing.
The total silver comex OI fell by 724 contracts from 123,815 to 123,091 and for once silver followed gold.
Silver also had a good day on Friday so maybe a few bankers are getting a little antsy concerning the fragile state of the economy. The front delivery month of July saw its OI fall from 1711 to 1670 for a loss of 41 contracts. We had 39 delivery notices on Friday so we lost only 2 contracts of silver to probable cash settlements. The August non official delivery month saw its OI fall from 263 to 253 for a loss of 10 contracts. The next big official delivery month for silver is September and here the OI remained relatively constant falling by only 279 contracts to 62,640. The estimated volume today was extremely weak at 25,266. The confirmed volume on Friday was also weak at 29,245. It seems that many paper players have abandoned the comex playing field.
* * *
and now for silver:
July 16.2012:
July 16.2012:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 423,019.34 (Brinks Delaware,) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | nil |
| No of oz served (contracts) | 122 (610,000) |
| No of oz to be served (notices) | 1548 (7,740,000) |
| Total monthly oz silver served (contracts) | 826 (4,130,000) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | nil |
| Total accumulative withdrawal of silver from the Customer inventory this month | 2,744,646. |
The CME reported today that we had no deposits of any kind today in the silver vaults.
We had the following customer withdrawal:
1. Out of Brinks; 42,032.74 oz
2. Out of Delaware: 986.60 oz
total withdrawal: 43,019.34 oz
we had two adjustments:
1. We had 9875.10 oz adjusted out of the customer and back into the dealer's account at Brinks.
2. A huge 899,470.035 oz adjusted from the dealer and back into the customer account at JPM
in an repayment of a prior liability.
The total registered or dealer inventory rests at 40.4 million oz
The total of all silver rests tonight at 144.64 million oz.
The CME reported that we had 122 notices served today upon our longs for 610,000 oz.
The total number of notices filed so far this month total 826 for 4,130,000 oz. To obtain what is left to be served upon, I take the OI standing for July (1670) and subtract out today's delivery notices (122) which leaves me with 1548 or 7,740,000 oz left to be served upon.
Thus in the month of July, we have the following number of silver ounces standing:
4,130,000 oz (served) + 7,740,000 oz (to be served) = 11,870,000 oz
this is the first time that we have over 1/2 of the month gone and the to be served upon is almost double the number of oz served upon.
and gold and silver news of note....
Gold Swap Dealers Go Net Long For Only Third Time
- Ben Bernanke
- China
- Commodity Futures Trading Commission
- Copper
- Exchange Traded Fund
- Gold Bugs
- Goldman Sachs
- goldman sachs
- India
- Reuters
- Swiss Franc
- Testimony
The sharp losses in the gold mining sector Friday and last week could presage further weakness today but the higher weekly closes for gold and silver were constructive from a technical perspective.
After initial gains in Asia, gold fell early in Asian trading prior to recovering and then weakening again bang on 0800 GMT as Europe opened (see chart below).
Gold is higher in euro and Swiss franc terms but slightly lower in dollars and pounds.
Gold’s technicals in euro terms are not bad and gold remains just 6.5% below the record nominal high from last August. Gold has been higher than €1,300/oz for more days in 2012 so far than in all of 2011 – 20 trading days in 2011 and 25 in 2012 so far.
Another bullish indicator is the CFTC data last week. While COMEX gold market participants in total reduced their net long positions - the swap dealers, relatively larger traders and big banks, went net long for just the third time.
Gene Arensberg of the Got Gold Report (see Commentary) reports that “as of Tuesday, July 10, as gold closed on the Cash Market in New York at $1,567.16, Swap Dealer commercial traders reported holding 54,038 gold contracts long and 53,239 short for a combined net long position of 799 lots according to data released by the CFTC on July 13.”
This is a bullish development as there has been a long period of accumulation by the swap dealers in recent months and this change of ownership may mean that COMEX gold has now transferred to stronger hands on the long side who are getting into position for gold’s next leg higher in this secular bull market.
and.....
James Turk explains that food inflation is set to roar which will set the precious metals flying:
(courtesy James Turk/kingworld news)
(courtesy James Turk/kingworld news)
Food inflation, European crackup to explode metals prices, Turk says
Submitted by cpowell on Mon, 2012-07-16 19:59. Section: Daily Dispatches
and....
3:55p ET Monday, July 16, 2012
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk tells King World News today that the world financial system, particularly in Europe, continues to crack up even as food price inflation seems about to soar. So Turk expects the monetary metals to have a rally that "will take our breath away." 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.
Why would governments ever stop trying to rig the gold market?
Submitted by cpowell on Mon, 2012-07-16 11:36. Section: Daily Dispatches
7:40a ET Monday, July 16, 2012
Dear Friend of GATA and Gold:
Our friend E.W. writes: "I am a recent subscriber to your dispatches and I thank you for the information you share. But if governments and their agents in investment banks can and do manipulate the gold market, why would they ever stop? And if they don't stop, how does the price of gold ever go up?"
Yes, as gold is a determinant and measure of the value of currencies, interest rates, and government bonds, governments will always have an incentive to rig the gold market and other important markets. It's a matter of power and it's unlikely that governments would ever want to relinquish power to free markets.
But people can put pressure on governments to stop rigging markets, and in any case exposure will discourage people from participating in rigged markets and prevent them from being deceived by market rigging, which will defeat the purpose of the manipulation. That is, it can't work if it's generally understood. Further, exposure of the rigging of the gold market and the mechanisms of that manipulation may encourage claims for delivery of real metal and its removal from the futures markets and banking system and thereby exhaust the gold available to the market manipulators, as happened in 1968 with the London Gold Pool, a very public mechanism of gold market rigging:
For a decade now, in part because of GATA's work, understanding of the new and largely surreptitious rigging of the gold market has been growing, gold increasingly has been withdrawn from the banking system, and gold's price has been rising, though the gold market remains far from free. So GATA plans to keep working on it.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
and....
P.M. Kitco Metals Roundup: Comex Gold Ends Near Steady as Bernanke Remarks Awaited
Thursday July 16 2012 2:29 PM
Comex gold futures prices ended the U.S. day session near unchanged Monday in subdued trading. Traders are awaiting Fed Chairman Ben Bernanke’s comments to the U.S. Senate on Tuesday morning. The key “outside markets” were in a modestly bullish posture for the precious metals by the end the trading session Monday, as the U.S. dollar index was weaker and crude oil prices were firmer. That did limit the downside for gold and silver. August gold last traded up $0.20 at $1,592.20 an ounce. Spot gold was last quoted up $3.40 an ounce at $1,593.25. September Comex silver last traded down $0.01 at $27.36 an ounce.
The big news of the week for the market place will very likely be Fed Chairman Bernanke’s speech before the U.S. Senate on Tuesday morning. Traders and investors will be closely scrutinizing Bernanke’s remarks for any fresh clues on easing of U.S. monetary policy forthcoming. Many believe the U.S. central bank will embark on another round of quantitative easing of monetary policy in the near future—QE3. Those notions were bolstered Monday when a weaker-than-expected U.S. retail sales report was issued.
Most markets, including precious metals, would likely react in a bearish way if the Fed chief offers no fresh hints on QE3 forthcoming on Tuesday.
Most markets, including precious metals, would likely react in a bearish way if the Fed chief offers no fresh hints on QE3 forthcoming on Tuesday.
It was a mild a “risk-off” trading day in the market place in Monday. In overnight news, China’s chief central bank official said China’s economic recovery is not yet stable and sluggish growth could continue for a while. That is a bearish underlying factor for the precious metals markets, as well as other raw commodity markets. Also, the International Monetary Fund on Monday reduced its world economic growth forecast by 0.1%, to its lowest expected world growth pace since 2009.
Reports overnight said the European Central Bank has recently shifted its stance on how to work to rescue troubled European banks. The ECB reportedly now wants to allow senior bank bond-holders to be the first to absorb losses. The ECB reports did push up Spanish and Italian bond yields Monday.
In other news, reports said Goldman Sachs has reaffirmed that it is bullish the gold market in the coming months. Its six-month forecast for gold is reportedly $1,840.00 a n ounce.
The London P.M. gold fix is $1,589.75 versus the previous London P.M. fixing of $1,595.50.
Technically, August gold futures prices closed nearer the session high Monday. Trading remains choppy and sideways on the daily bar chart. Bulls and bears are back on a level near-term technical playing field. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the July high of $1,625.70. Bears' next near-term downside price objective is closing prices below solid technical support at $1,547.60. First resistance is seen at Friday’s high of $1,596.50 and then at $1,600.00. First support is seen at Monday’s low of $1,577.20 and then at $1,565.00. Wyckoff’s Market Rating: 5.0
September silver futures prices closed nearer the session high Monday. Silver bears still have the overall near-term technical advantage and trading has been choppy recently. Prices are in a 4.5-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $26.105. First resistance is seen at last week’s high of $27.58 and then at $28.00. Next support is seen at $27.00 and then at Monday’s low of $26.86. Wyckoff's Market Rating: 3.5.
September N.Y. copper closed down 25 points 350.15 cents Monday. Prices closed nearer the session high. Copper bulls have the slight near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 355.65 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 338.20 cents. First resistance is seen at Monday’s high of 350.80 cents and then at 352.50 cents. First support is seen at Monday’s low of 346.55 cents and then at 345.00 cents. Wyckoff's Market Rating: 5.5.
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