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Harvey Organ: COMEX Bleeding Gold Profusely!!
by Harvey Organ, Silver Doctors.com:
Here are the following closes for gold and silver today:
Gold: $1192.60 up $9.40 (comex closing time)
Silver $16.51 up 21 cents (comex closing time)
In the access market 5:15 pm
Gold $1192.50
Silver: $16.51
Following is a brief outline on gold and silver comex figures for today:
At the gold comex today, we had a poor delivery day, registering 1 notice serviced for 100 oz. Silver comex filed with 166 notices for 830,000 oz
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 242.56 tonnes for a loss of 60 tonnes over that period. Looks to me like the comex is bleeding profusely!!
In silver, the open interest rose by 1072 contracts despite the fact that Monday’s silver price was down by 14 cents The total silver OI continues to remain extremely high with today’s reading at 177,096 contracts maintaining itself near multi-year highs despite a record low price. This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end.
In silver we had 166 notices served upon for 830,000 oz.
In gold, the total comex gold OI rests tonight at 401,480 for a loss of 6,952 contracts as gold was down by $5.90 yesterday. We had 1 notice served upon for 100 oz.
Today, we had no changes in gold Inventory, at the GLD. It rests tonight at 728.32 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold.
In silver, / no changes with respect to silver inventory at the SLV/ and thus the inventory tonight remains at 322.662 million oz
We have a few important stories to bring to your attention today…
1. Today we had the open interest in silver rise by 1072 contracts as silver was down in price yesterday by 14 cents. The OI for gold fell by 6952 contracts down to 401,480 contracts as the price of gold was down by $5.90 yesterday. GLD had no change and SLV, no changes with respect to the inventory levels.
(report Harvey)
2,Today we had 1 major commentaries on Greece today:
(zero hedge/ UKTelegraph)
3.Tensions rise again with respect to Iran and the USA
(zero hedge)
4 Ted Butler on his take as to what is going on in the silver market.
(Ted Butler)
5. Goldcore discusses the huge rise in art prices
/(Goldcore)
6. The USA may use military in its confrontation with China in the South China sea
(zero hedge)
7. Koos Jansen on China’s silk road project and it includes gold
(Koos Jansen)
we have these and other stories for you tonight
Let us now head over to the comex and assess trading over there today.
Here are today’s comex results:
The total gold comex open interest fell by 6952 contracts from 408,432 down to 401,480 as gold was down by $5.90 yesterday (at the comex close). We are in our next non active delivery month of May and here the OI fell by 7 contracts falling to 149. We had 0 notices filed upon yesterday. Thus we lost 7 gold contracts or an additional 700 ounces will not stand for gold in May. The next big active delivery contract month is June and here the OI fell by 13,628 contracts down to 208,032. June is the second biggest delivery month on the comex gold calendar. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est) was poor at 92,862. The confirmed volume yesterday ( which includes the volume during regular business hours + access market sales the previous day) was fair at 164,643 contracts. Today we had 1 notices filed for 100 oz.
And now for the wild silver comex results. Silver OI rose by 1072 contracts from 176,026 up to 177,096 despite the fact that the price of silver was down in price by 14 cents, with respect to yesterday’s trading. We are into the active delivery month of May. In our May delivery month the OI fell by 141 contracts down to 574. We had 8 contracts filed upon with respect yesterday’s trading. So we lost 133 contracts or an additional 655,000 oz will not stand for delivery in this May delivery month. The estimated volume today was extremely poor at 18,168 contracts (just comex sales during regular business hours. The confirmed volume on yesterday (regular plus access market) came in at 36,828 contracts which is fair in volume. We had 166 notices filed for 830,000 oz today.
May initial standings
May 12.2015
| Gold |
Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 192.90 oz Manfra |
| Deposits to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | 80,802.256 oz (Scotia, HSBC) |
| No of oz served (contracts) today | 0 contracts (nil oz) |
| No of oz to be served (notices) | 148 contracts(14,800) oz |
| Total monthly oz gold served (contracts) so far this month | 2 contracts(100 oz) |
| Total accumulative withdrawals of gold from the Dealers inventory this month | 164,151.8 oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | 36,369.5 oz |
Today, we had 0 dealer transactions
total Dealer withdrawals: nil oz
we had 0 dealer deposit
total dealer deposit: nil oz
we had 1 customer withdrawal
i) Out of Manfra; 196.90 oz
total customer withdrawal: 196.90 oz
We had 2 customer deposits:
i) Into HSBC: 32,110.62 oz
ii) Into Scotia: 48,691.636 oz
total customer deposit: 80,802.256 oz
We had 1 minor adjustment:
i) out of Delaware:
503.92 oz was adjusted out of the customer and this landed back into the dealer account at Delaware
Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account
To calculate the total number of gold ounces standing for the May contract month, we take the total number of notices filed so far for the month (2) x 100 oz or 100 oz , to which we add the difference between the open interest for the front month of May (149) and the number of notices served upon today (1) x 100 oz equals the number of ounces standing.
Thus the initial standings for gold for the May contract month:
No of notices served so far (2) x 100 oz or ounces + {OI for the front month (149) – the number of notices served upon today (1) x 100 oz which equals 15,000 oz standing so far in this month of May. (.466 tonnes of gold)
we lost 700 oz that will not stand for delivery
Total dealer inventory: 372,738.572 or 11.59 tonnes
Total gold inventory (dealer and customer) = 7,798,996.04. (242.56) tonnes)
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 242.56 tonnes for a loss of 63 tonnes over that period. Lately the removals have been rising!
end
And now for silver
May silver initial standings
May 12 2015:
| Silver |
Ounces |
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 76,176.67 oz (Brinks, Scotia) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 1,489,490.226 (CNT, Scotia,Delaware,JPM) |
| No of oz served (contracts) | 166 contracts (8300,000 oz) |
| No of oz to be served (notices) | 408 contracts (2,040,000 oz) |
| Total monthly oz silver served (contracts) | 2496 contracts (12,480,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 126,359.680 oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 2,853,067.3 oz |
Today, we had 0 deposits into the dealer account:
total dealer deposit: nil oz
we had 0 dealer withdrawal:
total dealer withdrawal: nil oz
We had 4 customer deposits:
i) Out of CNT 1001.000 oz ???
ii) Out of Scotia: 769,007.265 oz
iii) Out of JPM: 600,814.01 oz
iv) Out of Delaware: 118,667.95 oz
total customer deposits: 1,489,490.226 oz
We had 2 customer withdrawals:
i) Out of Scotia: 50,943.210 oz
ii) Out of Brinks: 25,233.46 oz
total withdrawals; 76,176.67 oz
we had 1 adjustment
i) Out of CNT: 434,855.95 oz was adjusted out of the customer and this landed into the dealer account at CNT
Total dealer inventory: 60.117 million oz
Total of all silver inventory (dealer and customer) 177.723 million oz
So we have both gold and silver being drained from the dealer (registered) side at the comex.
.
The total number of notices filed today is represented by 166 contracts for 830,000 oz. To calculate the number of silver ounces that will stand for delivery in April, we take the total number of notices filed for the month so far at (2496) x 5,000 oz = 12,480,000 oz to which we add the difference between the open interest for the front month of April (574) and the number of notices served upon today (166) x 5000 oz equals the number of ounces standing.
Thus the initial standings for silver for the May contract month:
2496 (notices served so far) + { OI for front month of April (574) -number of notices served upon today (166} x 5000 oz = 14,520,000 oz of silver standing for the May contract month.
we lost 133 contracts or an additional 655,000 oz will not stand for delivery.
The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.
There is now evidence that the GLD and SLV are paper settling on the comex.
***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:
i) demand from paper gold shareholders
ii) demand from the bankers who then redeem for gold to send this gold onto China
vs no sellers of GLD paper.
And now the Gold inventory at the GLD:
May 12/no change in inventory at the GLD/inventory rests at 728.32 tonnes
May 11/ no changes at the GLD/Inventory rests at 728.32 tonnes
May 8/ they should call in the Serious Fraud squad as the owners of the GLD just saw 13.43 tonnes of gold leave its vaults heading for China:
Inventory tonight: 728.32 tonnes
May 7. no change in gold inventory at the GLD/741.75 tonnes
May 6/no change in gold inventory at the GLD/741.75 tonnes
may 5/no change in gold inventory at the GLD/741.75 tonnes
may 4/no change in gold inventory at the GLD./741.75 tonnes
May 1/ we had a huge addition of 2.69 tonnes of gold into the GLD/Inventory rests tonight at 741.75 tonnes
April 30/ no change in gold inventory/739.06 tonnes of gold at the GLD
April 29/no change in gold inventory/739.06 tonnes of gold at the GLD
April 28/ no change in inventory/739.06 tonnes of gold at the GLD
April 27. we lost 3.29 tonnes of gold inventory at the GLD/Inventory rests tonight at 739.06 tonnes
April 24. no changes in gold inventory at the GLD/Inventory at 742.35 tonnes
April 23. no changes in gold inventory at the GLD/inventory at 742.35 tonnes
April 22. no changes in gold inventory at the GLD/inventory at 742.35 tonnes
April 21.2015: a huge addition of 3.26 tonnes of gold inventory at the GLD/Inventory rests at 742.35 tonnes
April 20.2015: no change in gold inventory at the GLD/Inventory rests at 739.06 tonnes
April 17.2015/ we had a huge addition of 3.01 tonnes of gold inventory at the GLD. It looks like the raids at the GLD have stopped.
April 16.2015: no change in inventory at the GLD/total inventory at 736.08 tonnes
The registered vaults at the GLD will eventually become a crime scene as real physical gold departs for eastern shores leaving behind paper obligations to the remaining shareholders. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks).
May 12 GLD : 728.32 tonnes.
end
And now for silver (SLV)
May 12/no changes at the SLV/Inventory rests at 322.662 million oz
May 11/no changes at the SLV/Inventory rest at 322.662 million oz
May 8/ today we lost a huge 2.87 million oz of silver from the SLV/Inventory 322.662
May 7/no change in silver inventory/325.53 million oz
May 6/we had a huge withdrawal of 2.143 million oz of silver from the SLV/325.53 million oz
May 5/no change in silver inventory at the SLV/327.673 million oz
May 4/ no change in silver inventory at the SLV/327.673 million oz
May 1/no change in silver inventory at the SLV/327.673 million oz
April 30/no change in silver inventory at the SLV/327.673 million oz
April 29/ we lost 2.963 million oz of silver inventory from the SLV/inventory tonight 327.673 million oz
April 28/another huge addition of 1.434 million oz to the SLV/Inventory stands tonight at 330.636 million oz
April 27.we had a huge addition of 2.976 million oz to the SLV/Inventory stands tonight at 329.202 million oz
April 24/ we had a small withdrawal of 88,000 oz of silver at the SLV/326.226 million oz
April 23.no changes in silver inventory at the SLV/326.334 million oz of inventory
April 22/no changes in silver inventory at the SLV/326.334 million oz of inventory
April 21.2015/we had another huge addition of 1.434 million oz of silver into the SLV
April 20/ no change in silver inventory tonight/SLV 324.900 million oz.
May 12/2015 no changes at the SLV / inventory rests at 322.662 million oz
end
And now for our premiums to NAV for the funds I follow:
Central fund of Canada data not available today/
Note: Sprott silver fund now for the first time into the negative to NAV
Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)
1. Central Fund of Canada: traded at Negative 7.0% percent to NAV in usa funds and Negative 6.7% to NAV for Cdn funds!!!!!!!
Percentage of fund in gold 61.2%
Percentage of fund in silver:38.4%
cash .4%
( May 12/2015)
2. Sprott silver fund (PSLV): Premium to NAV rises to-0.51%!!!!! NAV (May 12/2015)
3. Sprott gold fund (PHYS): premium to NAV falls to -.39% to NAV(May 12/2015
Note: Sprott silver trust back into negative territory at -0.51%.
Sprott physical gold trust is back into negative territory at -.39%
Central fund of Canada’s is still in jail.
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