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Gold Breaks Out As Bankers Engage In Both Gold/silver Short Covering

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by Harvey Organ, Harvey Organ Blog:

GOLD RISES $11.65 TO $1334.45/SILVER ADVANCES 20 CENTS UP TO $17.15/AT THE COMEX WE EXPERIENCED A HUGE 11,170 GOLD EFP TRANSFERS TO LONDON/SILVER COMEX EXPERIENCED 1,316 EFP TRANSFER CONTRACTS TO LONDON/IN THE USA A BIG MISS IN RETAIL SALES/MORE SWAMP STORIES FOR TODAY

GOLD: $1334.45 UP $11.65

Silver: $17.15 UP 20 cents

Closing access prices:

Gold $1338.85

silver: $17.26

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1333.53 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1326.50

PREMIUM FIRST FIX: $7.03

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SECOND SHANGHAI GOLD FIX: $1340.21

NY GOLD PRICE AT THE EXACT SAME TIME: $1329.00

Premium of Shanghai 2nd fix/NY:$11.21

SHANGHAI REJECTS NY /LONDON PRICING OF GOLD

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LONDON FIRST GOLD FIX: 5:30 am est $1332.90

NY PRICING AT THE EXACT SAME TIME: $1331.10

LONDON SECOND GOLD FIX 10 AM: $1326.80

NY PRICING AT THE EXACT SAME TIME. $1327.00

For comex gold:

JANUARY/

NUMBER OF NOTICES FILED TODAY FOR JANUARY CONTRACT: 181 NOTICE(S) FOR 18100 OZ.

TOTAL NOTICES SO FAR: 437 FOR 43700 OZ (1.3592 TONNES),

For silver:

jANUARY

5 NOTICE(S) FILED TODAY FOR25,000 OZ/

Total number of notices filed so far this month: 537 for 2,685,000 oz

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Bitcoin: BID $14,021/OFFER $14,141 UP $807 (morning) Bitcoin: BID   13,837/OFFER  $13,957 UP  $624(CLOSING) 

end

Let us have a look at the data for today

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In silver, the total open interest FELL BY A TINY 216 contracts from 196,660 FALLING TO 196,444 WITH YESTERDAY’S  6 CENT FALL IN SILVER PRICING.  WE HAD MINIMAL COMEX LIQUIDATION BUT WITHOUT A DOUBT WE WITNESSED ANOTHER FAILED MAJOR BANK SHORT- COVERING OPERATION. NOT ONLY THAT , WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: A GOOD 1034 EFP’S FOR MARCH (BUTALSO STRANGELY 282 EFP CONTRACTS FOR THE FRONT FEBRUARY MONTH)  AND THUS TOTAL ISSUANCE OF 1316 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE A MAJOR PLAYER TAKING ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 1316 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. YESTERDAY WITNESSED  EFP’S FOR SILVER ISSUED. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24 HRS IN THE ISSUING OF EFP’S. I BELIEVE THAT WE MUST HAVE HAD SOME MAJOR BANKER SHORT COVERING AGAIN TODAY.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF JANUARY:

23,761 CONTRACTS (FOR 10 TRADING DAYS TOTAL 23,761 CONTRACTS OR 118.805 MILLION OZ: AVERAGE PER DAY: 2376 CONTRACTS OR 11.880 MILLION OZ/DAY)

 

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR  118.805 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 16.8% OF ANNUAL GLOBAL PRODUCTION SO FAR THIS MONTH.

RESULT: A TINY SIZED LOSS IN OI COMEX WITH THE TINY 6 CENT FALL IN SILVER PRICE WHICH USUALLY INDICATES ANOTHER FAILED BANKER SHORT-COVERING. WE ALSO HAD A FAIR SIZED EFP ISSUANCE OF 1316 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS.  FROM THE CME DATA 1316 EFP’S WERE ISSUED FOR TODAY (FOR MARCH EFP’S, THEY ISSUED 1034 CONTRACTS AND A STRANGE 282 EFP CONTRACTS FOR THE FRONT  FEB CONTRACT MONTH) FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY GAINED 1100 OI CONTRACTS i.e. 1316 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 216  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE TINY FALL IN PRICE OF SILVER OF 6 CENTS AND A CLOSING PRICE OF $16.95 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9820 BILLION TO BE EXACT or 140% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 5 NOTICE(S) FOR 25000 OZ OF SILVER

In gold, the open interest FELL BY 3379 CONTRACTS DOWN TO 564,056 DESPITE THE  RISE IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($4.15). IT LOOKS LIKE OUR BANKERS STARTED TO COVER THEIR GOLD SHORTS IN A SIMILAR FASHION TO WHAT WE ARE WITNESSING IN SILVER. IN ANOTHER HUGE DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED YESTERDAY FOR TODAY AND IT TOTALED A GOOD SIZED  11,170 CONTRACTS OF WHICH THE MONTH OF FEBRUARY SAW 8533 CONTRACTS , APRIL SAW THE ISSUANCE OF 2537 CONTRACTS WITH DECEMBER ADDING ANOTHER 100 CONTRACTS.  The new OI for the gold complex rests at 565,497. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE ANOTHER GOOD GAIN OF 7791 OI CONTRACTS: 3379 OI CONTRACTS DECREASED AT THE COMEX AND A GOOD SIZED 11,170 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 7571 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JANUARY STARTING WITH FIRST DAY NOTICE: 91,602 CONTRACTS OR 9.1602 MILLION OZ OR 284.91 TONNES(10 TRADING DAYS AND THUS AVERAGING: 9,160 EFP CONTRACTS PER TRADING DAY OR 916,020 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 10 TRADING DAYS: IN  TONNES: 284 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 284/2200 TONNES =  12.90% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

 

 

 

Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX DESPITE THE  RISE IN PRICE IN GOLD TRADING ON YESTERDAY ($4.15). WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 11,170. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 11,170 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 7,791 contracts:

11140 CONTRACTS MOVE TO LONDON AND  3379 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the gain in total oi equates to 24.23 TONNES)

we had: 181 notice(s) filed upon for 18100 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

With gold up again today, we had no changes in inventory from the GLD:

Inventory rests tonight: 828.96 tonnes.

SLV/ 

NO CHANGES IN SILVER INVENTORY AT THE SLV/

INVENTORY RESTS AT 316.348 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A TINY 216 contracts from 196,660 DOWN TO 196,444 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE  THE FALL IN PRICE OF SILVER TO THE TUNE OF 6 CENTSWITH  YESTERDAY’S TRADING.  WE HAD WITHOUT A DOUBT ANOTHER FAILED  SHORT COVERING FROM OUR BANKERS AS THEY HAVE CAPITULATED.HOWEVER THIS TIME THEY WERE JOINED BY GOLD. NOT ONLY THAT BUT OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 834 PRIVATE EFP’S FOR MARCH (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 200 EFP’S FOR THE FRONT FEBRUARY MONTH AS SOMEBODY WAS IN URGENT NEED OF SILVER METAL.  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD NO COMEX SILVER COMEX LIQUIDATION. BUT, IF WE TAKE THE  OI LOSS AT THE COMEX OF 216 CONTRACTS TO THE 1316 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A GAIN OF 1100 OPEN INTEREST CONTRACTS IN CONJUNCTION WITH ANOTHER FAILED  BANKER SHORT COVERING. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET GAIN TODAY IN OZ: 6.05 MILLION OZ!!!

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE TINY FALL OF 6 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER 1316 EFP’S ISSUEDTRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR JANUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)Late WEDNESDAY night/THURSDAY morning: Shanghai closed UP 3.51 points or 0.10% /Hang Sang CLOSED UP 46.67 pts or 0.15% / The Nikkei closed DOWN 77.77 POINTS OR 0.33%/Australia’s all ordinaires CLOSED DOWN 0.48%/Chinese yuan (ONSHORE) closed DOWN at 6.5080/Oil UP to 63.97 dollars per barrel for WTI and 69.42 for Brent. Stocks in Europe OPENED MOSTLY MIXED LEANING TO RED.   ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5080. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.5130 //ONSHORE YUAN  WEAKER AGAINST THE DOLLAR/OFF SHORE STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  STRONGER AGAINST ALL MAJOR CURRENCIES. CHINA IS STILL  HAPPY TODAY.(GOOD MARKETS )

Read More @ HarveyOrganBlog.com



Source: https://www.sgtreport.com/articles/2018/1/13/gold-breaks-out-as-bankers-engage-in-both-goldsilver-short-covering
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