GOLD: $1197.95 DOWN  $`1.20 (COMEX TO COMEX CLOSINGS)

Silver:   $14.58  DOWN 9 CENTS (COMEX TO COMEX CLOSING)

 

Closing access prices:

Gold :  1199.80

 

silver: $14.61

 

I will try and deliver a commentary tomorrow but it will be light on stories.  I will provide the essential comex data

 

 

 

 

 

 

For comex gold and silver:

OCT

 

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  OCT CONTRACT:  2 NOTICE(S) FOR 200 OZ 

Total number of notices filed so far for OCT:  850 for 100 OZ  (2.6438 TONNES)

 

 

 

 

 

FOR OCTOBER

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

19 NOTICE(S) FILED TODAY FOR

95,000 OZ/

Total number of notices filed so far this month: 295 for 1,475,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE  $6581: UP  $81

 

Bitcoin: FINAL EVENING TRADE: $6571  UP $71 

 

end

First Shanghai gold fix comes at 10 pm est

The second Shanghai gold fix:  2:15 pm

First Shanghai gold fix gold: 10 pm est: $not available

NY price  at the same time:$xxx

 

PREMIUM TO NY SPOT: $xxx

XX

Second gold fix early this morning: $ NOT AVAILABLE

 

 

USA gold at the exact same time:$XXX

 

PREMIUM TO NY SPOT:  $XXX

XXXX

 

China is controlling the gold market

WE WILL NOT PROVIDE LONDON FIXES AS THEY ARE NOT ACCURATE AS TO WHAT IS GOING ON AT THE SAME TIME FRAME.

Let us have a look at the data for today

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In silver, the total OPEN INTEREST FELL BY A TINY SIZED 13 CONTRACTS FROM 200,7481UP TO  200,173 WITH YESTERDAY’S  0 CENT RISE IN SILVER PRICING AT THE COMEX. TODAY WE  MOVED A LITTLE FURTHER FROM TO LAST MONTH’S RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY(WELL OVER 30 MILLION OZ AT THE COMEX FOR JULY , 6 MILLION OZ FOR AUGUST AND NOW JUST LESS THAN 31 MILLION OZ STANDING IN SEPTEMBER. AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

EFP’S FOR OCT.  592 EFP’S FOR DECEMBER AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE: OF 592 CONTRACTS. WITH THE TRANSFER OF 592 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. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 592 EFP CONTRACTS TRANSLATES INTO 2.96 MILLION OZ  ACCOMPANYING:

1.THE 0 CENT RISE IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR THE JUNE/2018 COMEX DELIVERY MONTH. (5.420 MILLION OZ);  30.370 MILLION OZ  STANDING FOR DELIVERY IN JULY, FOR AUGUST: 6.065 MILLION OZ AND  39.505 MILLION  OZ STANDING  IN SEPT. AND 1,375,000 OZ STANDING IN OCTOBER.

 

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF SEPT: 

7627 CONTRACTS (FOR 4 TRADING DAYS TOTAL 7627 CONTRACTS) OR 38.135 MILLION OZ: (AVERAGE PER DAY: 1906 CONTRACTS OR 9.533 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT:  38.135 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.42% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:           2,253.65    MILLION OZ.

ACCUMULATION FOR JAN 2018:                                              236.879     MILLION OZ

ACCUMULATION FOR FEB 2018:                                               244.95       MILLION OZ

ACCUMULATION FOR MARCH 2018:                                        236.67       MILLION OZ

ACCUMULATION FOR APRIL 2018:                                           385.75        MILLION OZ

ACCUMULATION FOR MAY 2018:                                             210.05        MILLION OZ

ACCUMULATION FOR JUNE 2018:                                           345.43         MILLION OZ

ACCUMULATION FOR JULY 2018:                                            172.84          MILLION OZ

ACCUMULATION FOR AUGUST 2018:                                      205.23          MILLION OZ.

ACCUMULATION FOR SEPTEMBER 2018:                                 167,05          MILLION OZ

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 13 DESPITE THE 0 CENT RISE IN SILVER PRICING AT THE COMEX //YESTERDAY. THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 592 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) .

TODAY WE GAINED A GOOD SIZED:580TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 592 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH DECREASE OF 13  OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 0 CENT RISE IN PRICE OF SILVER  AND A CLOSING PRICE OF $14.69 WITH RESPECT TO YESTERDAY’S TRADING. YET WE HAD A GIGANTIC AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THE BIG JULY DELIVERY MONTH OF SLIGHTLY OVER 30 MILLION OZ, IN AUGUST ANOTHER BIG 6.065 MILLION OZ IN A NON ACTIVE MONTH AND IN SEPTEMBER AN FINAL MONSTROUS 39.505 MILLION OZ OF SILVER STANDING FOR DELIVERY… NOBODY IS PAYING ATTENTION TO THE HUGE NUMBER OF PHYSICAL OUNCES STANDING FOR SILVER THESE PAST SEVERAL MONTHS.

 

In ounces AT THE COMEX, the OI is still represented by OVER 1 BILLION oz i.e. 1.002 MILLION OZ TO BE EXACT or 143% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT AUGUST MONTH/ THEY FILED AT THE COMEX: 19NOTICE(S) FOR 95,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.  

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  AN INITIAL HUGE 39.505 MILLION OZ./AND NOW OCTOBER:1,105,000 oz
  2. HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018:  244,196 CONTRACTS,  WITH A SILVER PRICE OF $14.78.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
  4. RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT).

IN GOLD, THE OPEN INTEREST LOST BY A CONSIDERABLE SIZED 3,276CONTRACTS DOWN TO 456,500 DESPITE THE FALL IN THE COMEX GOLD PRICE/YESTERDAY’S TRADING (A LOSS IN PRICE OF $4.05).THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN STRONG SIZED 7,314CONTRACTS: ALWAYS, ON THE WEEK PRIOR TO FIRST DAY NOTICE IN ANY ACTIVE MONTH WHETHER GOLD OR SILVER THE OI COLLAPSES.  IT IS HERE THAT THE MIGRANTS RECEIVE THEIR FIAT BONUS FOR ENGAGING IN THIS EXERCISE. WE HAD THE FOLLOWING EFP ISSUANCE FOR TODAY:

 

OCTOBER HAD EFP’S ISSUED AND, DECEMBER HAD AN ISSUANCE OF 7314 CONTACTS  AND ALL OTHER MONTHS ZERO.  The NEW COMEX OI for the gold complex rests at 456,500. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . 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  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED OI GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4038 CONTRACTS:  3,276 OI CONTRACTS INCREASED AT THE COMEX AND 7314 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN: 4038 CONTRACTS OR  403,800 OZ = 12.55 TONNES. AND ALL OF THIS GOOD DEMAND  OCCURRED WITH A FALL IN THE PRICE OF GOLD/ YESTERDAY TO THE TUNE OF $4.05

 

 

 

YESTERDAY, WE HAD 13122 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 32,054CONTRACTS OR 3,205,400 OZ OR 99.70 TONNES (4 TRADING DAYS AND THUS AVERAGING: 8014 EFP CONTRACTS PER TRADING DAY OR 801,400 OZ/ TRADING DAY),,

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAYS IN  TONNES: 99.70 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 99.70/2550 x 100% TONNES =  3.90% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JULY ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:     5,77.27*  TONNES   *SURPASSED ANNUAL PROD’N

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018:           653.22  TONNES (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018:         649.45 TONNES  (20 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018:             741.89 TONNES  (22 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR APRIL 2018:                 713.84 TONNES  (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP’S FOR MAY 2018:                   693.80 TONNES ( 22 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JUNE 2018                      650.71 TONNES  (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR JULY 2018                       605.5 TONNES     (21 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR AUG. 2018                      488.54  TONNES  (23 TRADING DAYS)

ACCUMULATION OF GOLD EFP FOR SEPT 2018                       470.64 TONNES   (19 TRADING DAYS)

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 3276 WITH THE LOSS IN PRICING ($4,05 THAT GOLD UNDERTOOK YESTERDAY) //. WE ALSO HAD AN GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 7314 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX.  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 7314 EFP CONTRACTS ISSUED, WE HAD A GOOD  GAIN OF 4038CONTRACTS IN TOTAL OPEN INTEREST  ON THE TWO EXCHANGES:

7314 CONTRACTS MOVE TO LONDON AND 3276 CONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 12.55 TONNES). ..AND ALL OF GOOD DEMAND OCCURRED WITH A LOSS OF $4.05 IN YESTERDAY’S TRADING AT THE COMEX.???

 

 

we had: notice(s) filed upon for 200 oz of gold at the comex.

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

GLD...

WITH GOLD DOWN $1.20  TODAY: / 

NO CHANGES IN GOLD INVENTORY AT THE GLD:

 

 

 

 

 

 

 

 

 

 

 

/GLD INVENTORY   731.64 TONNES

Inventory rests tonight: 731.64 tonnes.

TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD.  IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY

SLV/

WITH SILVER DOWN 9 CENTS TODAY

 

MORE FRAUD: WE LOST 1.316 MILLION OZ FROM THE SLV INVENTORY

 

 

 

 

 

 

 

 

 

 

/INVENTORY RESTS AT 333.475 MILLION OZ.

 

NOTE THE DIFFERENCE BETWEEN THE GLD AND SLV: THE CROOKS CAN RAID GOLD BECAUSE THEY DO HAVE SOME PHYSICAL.  THEY DO NOT RAID SILVER PROBABLY BECAUSE THERE IS NO REAL SILVER INVENTORIES BEHIND THEM

 

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 SIZED 13 CONTRACTS from 200,173 DOWN TO  200,160  AND MOVING A LITTLE FURTHER NEW COMEX RECORD SET LAST  MONTH AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  1 1/3 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.  AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER  ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..

 

.

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 

 

592 CONTRACTS FOR DECEMBER AND  AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 592 CONTRACTS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  OI LOSS AT THE COMEX OF13CONTRACTS TO THE 592 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOD NET GAIN OF 580 OPEN INTEREST CONTRACTS.  THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 2.90MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 6.065 MILLION OZ FOR AUGUST..  A HUGE 39.505  MILLION OZ  STANDING FOR SILVER IN SEPTEMBER…AND NOW 1.375 million  OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER.

 

 

RESULT: A SMALL SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE 0 CENT PRICING LOSS THAT SILVER UNDERTOOK IN PRICING YESTERDAY.BUT WE ALSO HAD A STRONG SIZED 592 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR SEPTEMBER, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

 

 

(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

SHANGHAI CLOSED FOR A HOLIDAY

 

/Hang Sang CLOSED DOWN 467.39 POINTS OR 1.73% //The Nikkei closed DOWN 135.34 POINTS OR 0.56%/ Australia’s all ordinaires CLOSED UP 0.46%  /Chinese yuan (ONSHORE) closed UP  at 6.8689 AS POBC STOPS  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 75.23dollars per barrel for WTI and 84.7 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8686 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8689: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS STOPPED   : /ONSHORE YUAN TRADING STRONGER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

 

 

 

 

 

 

 

 

 

 

 

3A/NORTH KOREA/SOUTH KOREA

i)North Korea/South Korea/USA/

 

 

 

b) REPORT ON JAPAN

3 C/  CHINA

 

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

 

 

6. GLOBAL ISSUES

 

 

 

 

 

 

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

i)ARGENTINA

 

 

9. PHYSICAL MARKETS

 

 

 

10. USA stories which will influence the price of gold/silver)

 

 

MARKET TRADING

 
ii)Market data

 

iii)USA ECONOMIC/GENERAL STORIES

.

 

 

iv)SWAMP STORIES

i

 

Let us head over to the comex:

 

The total gold comex open interest FELL BY A CONSIDERABLE SIZED 3276 CONTRACTS DOWN to an OI level 456,500 WITH THE FALL IN THE PRICE OF GOLD ($4.05 LOSS YESTERDAY’S COMEX TRADING). FOR TWO YEARS STRAIGHT WE HAVE NOTICED THAT ONE WEEK PRIOR TO FIRST DAY NOTICE OF AN ACTIVE DELIVERY MONTH THE COMEX OPEN INTEREST CONTRACTS AND EFP’S NOTICES EXPONENTIALLY INCREASE AS WELL AS WE WITNESS THE COMEX OPEN INTEREST COLLAPSE. ONCE WE GET TO FIRST DAY NOTICE, THEN THE OPEN INTEREST RISES AND AGAIN THEY DID NOT DISAPPOINT US.

 

 

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF OCT..  THE CME REPORTS THAT THE BANKERS ISSUED AN GOOD SIZED COMEX TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7314 EFP CONTRACTS WERE ISSUED:

OCTOBER: 0 EFP’S AND DECEMBER:  7314 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  7314CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST  48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A 4038 TOTAL CONTRACTS IN THAT 7314 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST 3276 COMEX CONTRACTS.

NET GAIN ON THE TWO EXCHANGES:  4038 contracts OR 403,800 OZ OR 12.55 TONNES.

Result: A CONSIDERABLE SIZED DECREASE IN COMEX OPEN INTEREST WITH THE LOSS IN PRICE/ YESTERDAY (ENDING UP WITH THE FALL IN PRICE OF $4.05). THE  TOTAL OPEN INTEREST GAIN ON THE TWO EXCHANGES:  18230 OI CONTRACTS..

We are now in the active contract month of OCTOBER. For the October contract month, we lost 68 contracts to fall to 2652 contracts.  We had 65 notices yesterday, so we lost only 3 contracts or 300oz will not stand for delivery at the comex and these guys marched over to London as they received London based forwards on top of a fiat bonus for their hard work.

The next delivery month is the non active NOVEMBER contract month and here the OI FELL by 58 contracts down to 603.  The next delivery month after November is the very big December contract month and here the OI FELL by 4063 contracts down to 372,478 contracts.

 

 

 

 

WE HAD 2 NOTICE FILED AT THE COMEX FOR 200 OZ.

 

FOR COMPARISON BETWEEN LAST YR AND TODAY:

 

FOR THE OCTOBER CONTRACT MONTH: OCTOBER IS THE WEAKEST OF ALL DELIVERY MONTHS IN GOLD.

FOR THE COMEX OCT 2017 GOLD CONTRACT MONTH: WE INITIALLY HAD 300,600 OZ STAND FOR DELIVERY OR 9.349 TONNES. (VS 13.695 TONNES OCT 2018)

AT THE CONCLUSION OF THE OCTOBER/2017 TRADING MONTH: 333,300 OZ OR 10.367 TONNES FINALLY STOOD FOR DELIVERY

 

 

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And now for the wild silver comex results.

Total silver OI FELL BY A TINY SIZED 13 CONTRACTS FROM 200,481 DOWN TO 200,160 (AND CLOSER TO  THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018.  (THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S OI COMEX LOSS OCCURRED WITH A 0 CENT RISE IN PRICING.

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCTOBER AND, WE WERE  INFORMED THAT WE HAD A SMALL SIZED 592 EFP CONTRACTS:

 

FOR DECEMBER: 592 CONTRACTS AND ZERO FOR ALL OTHER MONTHS.  THESE EFPS WERE ISSUED TO COMEX LONGS WHO RECEIVED A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  THE TOTAL EFP’S ISSUED: 592.  ON A NET BASIS WE GAINED 580 SILVER OPEN INTEREST CONTRACTS AS WE OBTAINED A 13 CONTRACT LOSS AT THE COMEX COMBINING WITH THE ADDITION OF 592 OI CONTRACTS NAVIGATING OVER TO LONDON.

NET GAIN ON THE TWO EXCHANGES:   580 CONTRACTS…AND ALL OF DEMAND OCCURRED WITH A 0 CENT RISE IN PRICING.

 

 

 

 

We are now in the non active delivery month of October and here we had a loss of 59 contracts to stand at 23 contracts.  We had 72 notices filed YESTERDAY so we gained 13 contracts or 65,000 oz will stand for delivery at the comex as these guys refused to accept a London based forward plus as well as a fiat bonus 

 

After October, is the non active delivery month of November and here we lost 7 contracts down to 438 contracts.  After November, we have a December contract and here we lost 467 contracts down to 168,236.

 

 

 

 

 

 

 

 

We had 19 notice(s) filed for 95,000 OZ for the SEPTEMBER 2018 COMEX contract for silver

 

Trading Volumes on the COMEX

 

PRELIMINARY COMEX VOLUME FOR TODAY: 261,976 contracts,

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  260,128 contracts

 

 

 

 

 

 

AND NOW COMPARISON FOR OCTOBER:

 

FOR THE OCTOBER 2017 CONTRACT MONTH WE HAD 4.205,000 OZ OF SILVER INITIALLY STAND FOR DELIVERY.

BY MONTH’S END WE HAD 5,475,000 OZ FINALLY STAND AS QUEUE JUMPING IN SILVER WAS ALREADY IN THE NORM.

OCTOBER IS A NON ACTIVE DELIVERY MONTH FOR SILVER BUT AS YOU CAN SEE OCT 2017 DELIVERIES WERE PRETTY

GOOD.

 

 

 

 

 

INITIAL standings for  OCT/GOLD

OCT 4-/2018.

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 xxxx oz
Deposits to the Dealer Inventory in oz xxx oz

 

Deposits to the Customer Inventory, in oz  

xxxx

 

oz

 

 

 

 

 

No of oz served (contracts) today
2 notice(s)
 200 OZ
No of oz to be served (notices)
2650 contracts
(265,000 oz)
Total monthly oz gold served (contracts) so far this month
850 notices
85000 OZ
2.6438TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

we had xxx dealer entry:

 

total gold entering dealer:  xxx oz

total gold withdrawing from the dealer; xxxoz

 

we had 0 kilobar transaction/
we had xx withdrawal out of the customer account:
i) Out of Brinks:  xxx oz
total customer withdrawals:  xxx oz
we had xx customer deposit
i) Into xxx: xxx oz
total customer deposits: xxx oz
we had xx adjustments
i

FOR THE OCTOBER 2018 CONTRACT MONTH)

Today, 0 notice(s) were issued from JPMorgan dealer account and 1 notices were issued from their client or customer account. The total of all issuance by all participants equates to 10 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the OCT/2018. contract month, we take the total number of notices filed so far for the month (850) x 100 oz or 100 oz, to which we add the difference between the open interest for the front month of OCT. (2720 contracts) minus the number of notices served upon today (2 x 100 oz per contract) equals 350,000 OZ OR 10.886 TONNES) the number of ounces standing in this non active month of OCT

 

Thus the INITIAL standings for gold for the OCT/2018 contract month:

No of notices served (850 x 100 oz)  + {2720)OI for the front month minus the number of notices served upon today (2x 100 oz )which equals 355,800 oz standing OR 10.886 TONNES in this active delivery month of OCTOBER.

 

 

 

 

 

THERE ARE ONLY 4.544 TONNES OF REGISTERED COMEX GOLD AVAILABLE FOR DELIVERY AGAINST 10.886 TONNES STANDING FOR OCTOBER  

 

 

 

total registered or dealer gold:  145,041.066 oz or   4.544 tonnes
total registered and eligible (customer) gold;   8,331,574.891 oz 259.14 tonnes

IN THE LAST 25 MONTHS 96 NET TONNES HAS LEFT THE COMEX.

end

And now for silver

AND NOW THE AUGUST DELIVERY MONTH

OCTOBER INITIAL standings/SILVER

OCT 4 2018
Silver Ounces
Withdrawals from Dealers Inventory xxx oz
Withdrawals from Customer Inventory
 xxx oz

 

 

Deposits to the Dealer Inventory
nxxx
oz
Deposits to the Customer Inventory
xxx
oz
No of oz served today (contracts)
19
CONTRACT(S)
95,000 OZ)
No of oz to be served (notices)
4 contract
(20,000 oz)
Total monthly oz silver served (contracts) 314 contracts

(1,570,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

we had 0 inventory movement at the dealer side of things

 

total dealer deposits: nil oz

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into JPMorgan: nil oz

*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 142.435 million oz of  total silver inventory or 48.9% of all official comex silver. (142 million/291 million)

ii) Into  xxx

 

 

 

 

 

 

 

 

 

 

 

 

 

total customer deposits today: XXXX  oz

we had  xxx withdrawals from the customer account;

 

 

 

 

 

 

 

 

 

 

 

 

total dealer silver:  xxx million

total dealer + customer silver:  xxx million oz

The total number of notices filed today for the OCTOBER 2018. contract month is represented by 72 contract(s) FOR 360,000 oz. To calculate the number of silver ounces that will stand for delivery in OCT., we take the total number of notices filed for the month so far at 314 x 5,000 oz = 1,570,000 oz to which we add the difference between the open interest for the front month of OCT. (23) and the number of notices served upon today (19 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the OCT/2018 contract month: 314(notices served so far)x 5000 oz + OI for front month of OCT (23) -number of notices served upon today (19)x 5000 oz equals 1,590,000 oz of silver standing for the OCT contract month.  This is a huge number of oz standing for an off delivery month.

We gained 13 contracts oran additional 65,000 oz will  be standing at the Comex as these guys refused to morph into London based forwards on top of not receiving a fiat bonus .

 

 

 

 

 

 

 

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ESTIMATED VOLUME FOR TODAY: 76,110 CONTRACTS   

 

 

CONFIRMED VOLUME FOR YESTERDAY: 68,727CONTRACTS..

 

 

YESTERDAY’S CONFIRMED VOLUME OF 109388 CONTRACTS EQUATES TO 546 million OZ  OR 78.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott 

1. Sprott silver fund (PSLV): NAV RISES TO -3.82% (SEPT.28/2018)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.88% to NAV (SEPT 28/2018 )
Note: Sprott silver trust back into NEGATIVE territory at -3.82%-/Sprott physical gold trust is back into NEGATIVE/

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 12.22/TRADING 11.68/DISCOUNT 4.47.

END

And now the Gold inventory at the GLD/

OCT 4/WITH GOLD DOWN $1.90/WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/731.64 TONNES

OCT 3/WITH GOLD DOWN $4.05, ANOTHER HUGE REMOVAL OF 6.18 TONNES

OCT 2WITH GOLD UP $15.80 TODAY A HUGE WITHDRAWAL OF 8.35 TONNES

OCT 1…GOLD ADDS 3.94 TONNES TO THE GLDINVENTORY RESTS AT 746.17 TONNES

SEPT 28/WITH GOLD UP $8.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 27/WITH GOLD DOWN $10.90: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 26/WITH GOLD DOWN $6.05: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 25/WITH GOLD UP 0.75: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 24/WITH GOLD UP $3.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 21/WITH GOLD DOWN $9.90/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.23 TONNES

SEPT 20/WITH GOLD DOWN $2.80/A SMALL WITHDRAWAL OF .3 TONNES AND THIS IS TO PAY FOR FEES/742.23 TONNES

SEPT 18/WITH GOLD DOWN $3.00: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.53 TONNES

SEPT 17/WITH GOLD UP $5.20: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 742.53 TONNES

SEPT 14/WITH GOLD DOWN $6.95 TODAY, ANOTHER HUGE 2.65 TONNES OF GOLD WAS REMOVED FROM INVENTORY AT THE GLD..PRETTY SOON WE WILL HAVE ZERO INVENTORY/INVENTORY RESTS AT 742.53 TONNES

SEPT 13/WITH GOLD DOWN $2.65:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 745.18 TONNES

SEPT 12/WITH GOLD UP $8.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 745.18 TONNES

SEPT 11/WITH GOLD UP $3.00 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF .26 TONNES/INVENTORY RESTS AT 745.18 TONNES

SEPT 10/WITH GOLD DOWN 80 CENTS/ANOTHER HUGE 1.44 TONNES OF WITHDRAWAL FROM THE GLD/INVENTORY RESTS AT 745.44 TONNES

SEPT 7/WITH GOLD DOWN $3.75: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 746.92 TONNES

SEPT 6/WITH GOLD UP $3.05 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY REMAINS AT 746.92

SEPT 5/WITH GOLD UP $2.30 TODAY, WE HAD ANOTHER WHOPPER OF A WITHDRAWAL:  6.24 TONNES/INVENTORY RESTS AT 746.92 TONNES

SEPT 4/WITH GOLD DOWN $2.65: ANOTHER 2.65 TONNES OF GOLD LEAVE THE GLD/INVENTORY RESTS AT 755.16 TONNES/

AUGUST 31/WITH GOLD UP $2.15:ANOTHER WITHDRAWAL OF 2.06 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 757.81 TONNES

AUGUST 30/WITH GOLD DOWN $6.90: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 759.87 TONNES

AUGUST 29/WITH GOLD DOWN $2.90 (COMEX TO COMEX BUT UP 6.00 DOLLARS FROM ACCESS CLOSING) THE CROOKS RAIDED THE COOKIE JAR ONCE AGAIN TO THE TUNE OF 4.71 TONNES/INVENTORY RESTS AT 759.87 TONNES AFTER THE WITHDRAWAL.

AUGUST 28/WITH GOLD DOWN $1.60: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 764.58 TONNES

AUGUST 27/WITH GOLD UP ANOTHER $3.00: ANOTHER SURPRISE WITHDRAWAL OF 2.65 TONNES FROM THE GLD/SHAREHOLDERS OF GLD ARE DUMB OWING THIS CRAP/INVENTORY RESTS AT 764.58 TONNES

AUGUST 24/WITH GOLD UP $18.65 TODAY/A SURPRISE WITHDRAWAL OF 1.53 TONNES FROM THE GLD/INVENTORY RESTS AT 767.23 TONNES

AUGUST 23/WITH GOLD DOWN $9.20: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 768.70 TONNES

AUGUST 22/WITH GOLD UP $3.45: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 768.70 TONNES

AUGUST 21: WITH GOLD UP $5.75/A  BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.54 TONNES/INVENTORY RESTS AT 768.70 TONNES

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

OCT 4.2018/ Inventory rests tonight at 731.64 tonnes

*IN LAST 470 TRADING DAYS: 203.01 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 370 TRADING DAYS: A NET 46.48 TONNES HAVE NOW BEEN REMOVED FROM GLD INVENTORY.

 

end

 

Now the SLV Inventory/

OCT 4/WITH SILVER DOWN 9 CENTS/A WITHDRAWAL OF 1.316 MILLION OZ

OCT 3WITH SILVER FLAT, A GOOD INCREASE OF 1.879 MILLION OZ INTO INVENTORY

OCT 2 A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/INVENTOR RESTS AT 332.912

OCT 1.NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.046 MILLION  OZ.

SEPT 28/WITH SILVER UP 41 CENTS, STRANGELY WE HAD A WITHDRAWAL OF .517 MILLION OZ AT THE SLV.INVENTORY RESTS AT 333.046 MILLION OZ/

SEPT 27/WITH SILVER DOWN 10 CENTS: A HUGE WITHDRAWAL OF 1.457 MILLION OZ AT THE SLV/INVENTORY RESTS AT 333.563 MILLION OZ/

SEPT 26/WITH SILVER DOWN 9 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 335.020 MILLION OZ/

SEPT 25/WITH SILVER UP 16 CENTS: STRANGE!! A BIG CHANGE IN SILVER INVENTORY AT THE SVL: A WITHDRAWAL OF 1.645 MILLION OZ/.INVENTORY RESTS AT 335.020 MILLION OZ/

WITH SILVER DOWN ONE CENT TODAY: A HUGE DEPOSIT OF 1.692 MILLION OZ INTO THE INVENTORY OF THE SLV

INVENTORY RESTS AT 336.665 MILLION OZ/

SEPT 21/WITH SILVER UP 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 20/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 18/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 17/WITH SILVER UP 8 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 14/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 13/WITH SILVER DOWN 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.316 MILLION OZ OF SILVER ENTERS SLV INVENTORY/INVENTORY RESTS AT 334.973 MILLION OZ/

SEPT 12/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 11./WITH SILVER DOWN ONE CENT TODAY/WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 10.WITH SILVER DOWN 2 CENTS TODAY, WE HAD ANOTHER DEPOSIT OF 940,000 OZ/INVENTORY RESTS AT 333.657 MILLION OZ/

SEPT 7/WITH SILVER DOWN 2 CENTS (AND DOWN 48 CENTS FOR THE WEEK): WE HAD A HUGE DEPOSIT OF 3.008 MILLION OZ INTO THE SLV/

SEPT 6/WITH SILVER DOWN 4 CENTS TO: A SLIGHT CHANGE, A WITHDRAWAL OF 147,000 OZ AND THIS IS TO PAY FOR FEES/INVENTORY RESTS AT 329.709 MILLION OZ/

 

SEPT 5./WITH SILVER UP 4 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

SEPT 4/WITH SILVER DOWN 37 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 31/WITH SILVER DOWN ONE CENT TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 30/WITH SILVER DOWN 20 CENTS TODAY, A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 742,000 AT THE SLV/  .INVENTORY RESTS AT 329.856 MILLION OZ/

AUGUST 29/WITH SILVER DOWN 10 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 28/WITH SILVER DOWN 5 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 27/WITH SILVER UP 6 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 24./WITH SILVER UP 26 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 23/WITH SILVER DOWN 20 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

AUGUST 22/WITH SILVER DOWN 1 CENT/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 329.104 MILLION OZ/

 

 

 

OCT 4/2018:

Inventory 333.475 MILLION OZ

 

6 Month MM GOFO 2.17/ and libor 6 month duration 2.41

Indicative gold forward offer rate for a 6 month duration/calculation:

G0FO+ 2.17

 

libor 2.41 FOR 6 MONTHS/

GOLD LENDING RATE: .24%

XXXXXXXX

12 Month MM GOFO
+ 2.56%

LIBOR FOR 12 MONTH DURATION: 2.93

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = +.37

end

 

Major gold/silver trading /commentaries for THURSDAY

GOLDCORE/BLOG/MARK O’BYRNE.

Perth Mi

 

 
ANDREW MAGUIRE’S KINESIS WHICH IS A”BITCOIN’ BACKED 100% BY ALLOCATED GOLD AND SILVER

Andrew Maguire’s Kinesis money which is a “bitcoin” but backed 100% by allocated gold and silver is set to go.

it think it would be a great idea to look at this!

please read at:  https://kinesis.money/#/

(Andrew Maguire)

 Dear Harvey Organ,

Thank you for your participation in our webinar on June 7th with our host and CEO of Kinesis, Thomas Coughlin.

The response we received has been incredible, we appreciate you taking the time to join us and hope you found it to be beneficial.

Due to such a high influx of questions we received we were unable to have them all answered. Nevertheless, if there was anything which requires more clarification, or you have a query which needs to be rectified, we invite you to join our telegram group:

https://t.me/kinesismoney

We apologize for the technical issues we incurred during the webinar which resulted in it running a little over schedule, we hope that the next one we host will run seamlessly.

A video has been put together and uploaded onto our YouTube channel which can be found here:

Kinesis Webinar

Please share and subscribe to our YouTube channel to be notified of all the latest videos as they become available.

The rapid growth that we are currently experiencing has been incredible and with your support, is only going to get better.

We are working behind the scenes very hard to create a better experience for everyone involved! Stay tuned in as we have many more announcements to be released in the upcoming days.

Kind Regards,

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a:C/O ILS Fiduciaries (IOM) Limited, First Floor,Millennium House, Victoria Road, Douglas, Isle of Man IM2 4RW
    
END

 

The following is self explanatory

(courtesy GATA/Chris Powell and Harvey Organ)

GATA asks bank regulator to check risks of gold futures maneuver

 

 Section: 

12:21p ET Sunday, June 10, 2018

Dear Friend of GATA and Gold:

GATA has appealed to the U.S. comptroller of the currency, who has regulatory authority over banks, to review financial risks certain banks may have incurred through derivatives in the monetary metals markets, particularly through the recent heavy use of the “exchange for physicals” mechanism of settling gold and silver futures contracts on the New York Commodities Exchange.

The appeal was made in a letter sent May 5 to the comptroller, Joseph M. Otting, whose office is part of the U.S. Treasury Department, by your secretary/treasurer and GATA futures market consultant Harvey Organ.

“Exchange for physical” settlements of futures contracts long were considered emergency procedures when a seller was not able to deliver metal from an exchange-approved warehouse and wanted to settle with delivery elsewhere. But now such settlements appear to constitute most gold and silver futures settlements on the Comex. It is a strange development that appears to have been necessitated by the increasing difficulties of central banking’s gold and silver price suppression policy.

GATA has received no acknowledgment of the letter. Its text is below and a PDF copy of it is here:

http://www.gata.org/files/ComptrollerOfCurrencyLetter.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

May 5, 2018

Joseph M. Otting, Comptroller of the Currency
U.S. Treasury Department
400 7th Street, SW
Washington DC 20219

Dear Comptroller Otting:

Please let us bring to your attention financial risks to major banks involving their possibly unreported exposure to derivatives in the monetary metals markets.

In recent months gold and silver future contracts issued by U.S. banks on the New York Commodities Exchange have been moved off-exchange for delivery through a mechanism known as “exchange for physical” (EFP) contracts. Until recently use of this mechanism was considered an emergency procedure when a seller did not have access to metal for delivery through Comex warehouses. Now the mechanism seems to be in use for a large share of front-month contracts for which delivery is sought.

Here is an example that is happening at the Comex in the front active month of April for gold and the inactive delivery month of April for silver.

In gold, there were 229,436 EFP contracts for 713.64 tonnes, an average of 10,925 contracts and 1,092,500 ounces per trading day.

In silver, there were 77,150 EFP contracts for 385,750,000 ounces, an average of 3,673 contracts and 18,369,000 ounces per trading day.

London Bullion Market Association rules suggest that these contracts may not be reported to regulators. The LBMA’s bylaws say:

“Figures above exclude any contracts not subject to risk-based capital requirements, such as FX contracts with an original maturity of 14 days or less, futures contracts, written options, and basis swaps. Therefore, the total notional amount of derivatives by maturity will not add to the total derivatives figure in this table.”

We are told that these EFP contracts are transferred from the Comex to London as what are called “serial forwards” and their duration is always less than 14 days, which exempts them from being reported.

It is our understanding that in each quarter your office prepares a report detailing risk undertaken by the banks under the comptroller’s supervision.

These risks include derivatives undertaken by U.S. banks and other obligations that may cause a bank to fail. Our concern is that your office may not be aware of large unreported derivative exposure by banks.

Could you review this matter and let us know your conclusions?

Sincerely,

CHRIS POWELL
Secretary/Treasurer

HARVEY ORGAN
Consultant

Gold Anti-Trust Action Committee Inc.
7 Villa Louisa Road
Manchester, Connecticut 06043-7541

end

Finally, they replied and it was a complete brush off

(courtesy zerohedge)

Currency comptroller brushes off GATA’s inquiry on gold, silver EFPs

 Section: 

11:35a ET Friday, August 10, 2018

Dear Friend of GATA and Gold:

The U.S. comptroller of the currency, a bank regulator, has declined GATA’s request to inquire into the strange explosion of the use of the emergency procedure of “exchange for physicals” in the settlement by banks of the gold and silver futures contracts they have sold on the New York Commodities Exchange.

Your secretary/treasurer and GATA’s consultant about the Comex, Harvey Organ, wrote to the comptroller, James M. Otting, on May 5, calling attention to the recent enormous use of EFPs, which implies derivatives risks being undertaken by U.S. banks that could cause the banks to fail:

http://www.gata.org/node/18303

“Our concern is that your office may not be aware of large unreported derivative exposure by banks,” GATA wrote.

As months passed without any acknowledgment from the comptroller’s office, your secretary/treasurer appealed to his U.S. representative, John B. Larson, D-Connecticut, to ask the comptroller’s office to reply. The congressman’s office made a second inquiry on Monday this week and today the comptroller’s office provided Larson with a copy of a reply written and mailed Wednesday.

The comptroller’s reply, signed by the deputy comptroller for public affairs, Bryan Hubbard, said only that the comptroller’s office has “dedicated examiners” at the largest banks who “continuously evaluate the credit, market, operational, reputation, and compliance risks of bank trading and derivative activities.”

The reply did not say anything about the use of the “exchange for physicals” procedure for settling futures contracts. That is, the reply was a begrudged brushoff and GATA’s letter would have been ignored completely if not for Representative Larson’s repeated intervention.

Of course GATA hardly expected a conscientious reply to its letter, the comptroller’s office being not an independent regulator but part of the Treasury Department, whose mandate includes administration of the Gold Reserve Act of 1934, which, as amended in the 1970s, authorizes the department’s Exchange Stabilization Fund to secretly intervene in and rig any market in the world, directly or through intermediaries:

https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind…

But there’s always value in demonstrating government’s lack of candor about what it is doing, especially in regard to the monetary metals.

A PDF copy of the reply from the comptroller’s office is posted at GATA’s internet site here:

http://www.gata.org/files/ComptrollerOfCurrencyReply-08-08-2018.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

 

 

end______________________________________________________________________________________________________________________________________________________

Your early THURSDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/9 AM EST

i) Chinese yuan vs USA dollar/CLOSED UP TO 6.8689/HUGE DEVALUATION FOR THE PAST FOUR WEEKS STOPS/CHINESE COMING TO USA FOR TRADE TALKS IN NOVEMBER CANCELLED //OFFSHORE YUAN:  6.8841   /shanghai bourse CLOSED HOLIDAY

. HANG SANG CLOSED DOWN 467.39 POINTS OR 1.73%

 

2. Nikkei closed DOWN 135.34 POINTS OR 0.56%/USA: YEN RISES TO 114.02/

3. Europe stocks OPENED  IN THE RED 

 

 

 

/USA dollar index RISES TO 95.73/Euro FALLS TO 1.1526

3b Japan 10 year bond yield: RISES TO. +.16/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113.86/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 75.70 and Brent: 85.52

3f Gold UP/JAPANESE Yen DOWN/ CHINESE YUAN:   ON SHORE UP/OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.52%/Italian 10 yr bond yield UP to 3.37% /SPAIN 10 YR BOND YIELD UP TO 1.56%

3j Greek 10 year bond yield RISES TO : 4.50

3k Gold at $1203.40 silver at:14.70   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 20/100 in roubles/dollar) 66.75

3m oil into the 75 dollar handle for WTI and 84 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 114.02DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning 0.9881 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1397 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now POSITIVE territory with the 10 year RISING to +0.52%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 3.19% early this morning. Thirty year rate at 3.35%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 6.1485

 

 

 

3. ASIAN AFFAIRS

i) THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED FOR A HOLIDAY

 

/Hang Sang CLOSED DOWN 467.39 POINTS OR 1.73% //The Nikkei closed DOWN 135.34 POINTS OR 0.56%/ Australia’s all ordinaires CLOSED UP 0.46%  /Chinese yuan (ONSHORE) closed UP  at 6.8689 AS POBC STOPS  ITS HUGE DEVALUATION  /DELEGATION COMING TO THE USA TO SEE TRUMP IN NOVEMBER CANCELLED/Oil UP to 75.23dollars per barrel for WTI and 84.7 for Brent. Stocks in Europe OPENED RED//.  ONSHORE YUAN CLOSED DOWN AT 6.8686 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8689: HUGE DEVALUATION/PAST SEVERAL DAYS STOPS// TRADE TALKS STOPPED   : /ONSHORE YUAN TRADING STRONGER  AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW A FULL TRADE WAR COMMENCED

 

3 a NORTH KOREA/USA

 

North Korea/South Korea/USA/China

3 b JAPAN AFFAIRS

 
END

3C CHINA

China enters golden week and thus we should expect gold to be whacked each and every day.  The yuan tumbles Wednesday night.

Yuan Tumbles, Tests Critical Support As

Gold’s Golden Week Pattern Repeats

With most of China on holiday as Golden Week is in full swing, offshore yuan is plunging tonight – back near yesterday’s mini-flash-crash lows…

Testing critical support levels above the cycle lows from August…

Obviously there has been no fix this week by the PBOC but one wonders, amid the dollar strength and panic-selling of UST bonds, if The National Team will step in to support the yuan’s slide, or is this another subtle message for President Trump?

And while yuan is tumbling, as a reminder, Golden Week has a very predictable pattern in the precious metals markets. Here is what it did in 2017…

 

Who could have seen this coming?

Are traders front-running it this year?

in Yuan is bouncing back notably…

end
this is going to be interesting: how are they going to handle the huge amount of gold heading to  China courtesy of the USA
(courtesy zerohedge)

Step Aside Russia: Pence Accuses China Of “Meddling In American Democracy”

Update: Highlights from Pence’s speech (via Bloomberg):

  • *PENCE SAYS TRUMP HAS MADE RELATIONSHIP WITH CHINA `A PRIORITY’
  • *PENCE: CHINA USING WHOLE-OF-GOVT APPROACH TO INFLUENCE U.S.
  • *PENCE: HOPE THAT FREEDOM IN CHINA WOULD EXPAND WENT UNFULFILLED
  • *PENCE: CHINA USING STOLEN TECH TO TURN PLOWSHARES INTO SWORDS
  • *PENCE: CHINA POLICY HAS USED CURRENCY MANIPULATION, IP THEFT
  • *PENCE: CHINA USES `DEBT DIPLOMACY’ TO EXPAND ITS INFLUENCE
  • *PENCE: CHINA EXTENDED LIFELINE TO `CORRUPT’ MADURO REGIME
  • *PENCE SAYS CHINA IS MEDDLING IN AMERICAN DEMOCRACY
  • *PENCE SAYS WHAT RUSSIANS DOING `PALES’ IN COMPARISON TO CHINA
  • *PENCE: U.S. WILL ASSERT AMERICAN INTERESTS ACROSS INDO-PACIFIC
  • *PENCE CALLS FOR GOOGLE TO END DRAGONFLY APP DEVELOPMENT

So that confirms it – China is the new enemy number 1. Xi is the new Putin!

*  *  *

The White House is about to ratchet up tensions possibly far beyond what they already are amidst the ongoing US trade war with China.

At 11 a.m. eastern time Vice President Mike Pence will deliver at address at the neoconservative Hudson Institute where he’s expected to call China out on a number of explosive issues around the globe where Beijing’s increasingly aggressive actions are seen as a threat to the US, but will especially focus on the Sunday incident involving the USS Decatur which was dangerously intercepted by a Chinese naval vessel in the South China Sea. 

The Chinese ship reportedly came within a mere 45 yards of the American warship in international waters; however, it’s but the latest in a string of such threatening incidents intended by Beijing to lay claim to vast swathes of the South China Sea on the basis of its man-made island chains.

According to Reuters, which has previewed the speech, Pence will say Beijing’s actions were dangerously provocative toward the USS Decatur “as it conducted freedom-of-navigation operations in the South China Sea, forcing our ship to quickly maneuver to avoid collision.”

“Despite such reckless harassment, the United States Navy will continue to fly, sail and operate wherever international law allows and our national interests demand. We will not be intimidated. We will not stand down,” Pence will say.

Pence is also expected to address the issue of the Chinese Communist Party of recently convincing three Latin American nations to sever ties with Taiwan and recognize China.

Pence will address the issue in the following: “These actions threaten the stability of the Taiwan Strait – and the United States of America condemns them. And while our administration will continue to respect our One China Policy, as reflected in the three joint communiques and the Taiwan Relations Act, let me also say that Taiwan’s embrace of democracy shows a better path for all the Chinese people,” he will say.

Meanwhile President Trump signaled recently the he hopes to cool tensions by calling Chinese President Xi Jinping a friend even after he hit china with tariffs on $200 billion in goods. However, at a news conference last week in New York Trump said, “Maybe he’s not any more, I’ll be honest with you.” During a UN General Assembly meeting Trump had shocked diplomats and heads of state by leveling the charge of election meddling in November’s mid-term elections, a charge which Beijing rejected.

Pence will further address China’s expanding economic influence world wide, which the White House accuses of using “debt diplomacy” to pressure countries to conform to Beijing’s policies: “Today, that country is offering hundreds of billions of dollars in infrastructure loans to governments from Asia to Africa to Europe to even Latin America. Yet the terms of those loans are opaque at best, and the benefits flow overwhelmingly to Beijing,” he is expected say.

This includes China extending up to $5 billion in loans to the “the corrupt and incompetent Maduro regime in Venezuela,” which can be repaid with oil. Globally, Pence will say, “It’s using wedge issues, like trade tariffs, to advance Beijing’s political influence.”

Concerning recent charges of a massive uptick in Chinese spying on American soil, Pence will outline the goal of covert influence operations as shifting Americans’ perception of China by mobilizing “covert actors, front groups, and propaganda outlets.”

“As a senior career member of our intelligence community recently told me, what the Russians are doing pales in comparison to what China is doing across this country,” Pence will say. This will include specific accusations of unprecedented economic involving “leveraging their desire to maintain their operations in China.”

“In one recent example, they threatened to deny a business license for a major U.S. corporation if it refused to speak out against our administration’s policies,” Pence will say. However, it’s not expected that the particular corporation will be named.

It appears that the White House is set to make the case Russia will now step aside as American “enemy #1” and will focus efforts on deterring the new more pervasive China threat.

4.EUROPEAN AFFAIRS

this is huge/this may bring down Danske bank (Denmark’s largest bank)

(courtesy zerohedge)

Estonian Central Bank Exposed As $1 Trillion

Money-Laundering Nexus

The fallout from the Danske Bank money laundering scandal has rattled the European financial system as $235 billion that flowed through the bank’s tiny Estonian branch – an amount that dwarfs the Baltic nation’s GDP – has been deemed by the bank’s auditors to be suspicious.

Danske

And while that might seem like a staggering sum and raise questions about how regulators on the Continent managed to overlook this, the full scale of the money laundering that took place in the Baltics is even more staggering. According to data provided to Bloomberg by the Estonian central bank in Tallinn, Estonian banks handled about 900 billion euros, or $1.04 trillion, in cross-border transactions – a figure that includes the highly suspect non-resident flows – between 2008 and 2015. The central bank added that it wouldn’t be fair to say that all – or even the majority – of these non-resident flows would constitute money laundering. But then again, the notion that these foreign individuals and investors would choose to run such a large sum of their money through Estonia for explicitly legitimate purposes is difficult to swallow.

“The fact that other banks may be conducting their business in a similar way hardly detracts from Danske’s guilt,” said Mark Galeotti, an organized crime expert and senior researcher at the Prague-based Institute of International Relations.

With the echoes of the liquidation of ABLV, formerly the third largest bank in Latvia, still reverberating through the Baltics (the bank collapsed after it was caught laundering money for North Korea, eliciting a “death penalty” sanction from the US Treasury), Bloomberg published a story on Wednesday highlighting the fact that money laundering by non-residents isn’t just endemic to Estonia – it has endemic to the entire Baltic region (and possibly all of Europe).

One sign that illicit banking has been on the rise in the Baltics is that the share of dollar-denominated flows as a portion of all non-resident flows has been on the rise. The problem with handling dollars is that they require a third-party correspondent bank to become a party to the transaction. Because these banks can also be found liable for facilitating illicit transactions – and AML controls in the US banking system, while imperfect, are widely considered the strongest in the world – criminals often prefer to transact in euros (or better yet, Swiss francs). Indeed, several US banks raised the issue of non-resident flows through Danske’s Estonian branch, and, when they were ignored, refused to continue clearing these transactions for Danske.

Down

Given the deluge of embarrassing headlines that have been generated by the Danske scandal, there’s little doubt that the regulatory scrutiny from regulators in Europe, London and the US will make it virtually impossible to launder dirty money through Baltic Banks. But anybody who thinks this will ultimately put a stop to money laundering in Europe is being naive. Because as one compliance expert told Bloomberg, these regulatory holes exist throughout Europe.

John Horan, senior associate at Maze Investigation, Compliance and Training Ltd. in Belfast, says money laundering is a Europe-wide problem. “I’ve worked on AML in the Baltic states, and I haven’t seen anything worse there than I’ve seen elsewhere,” he said.

While it might be briefly disruptive, dark money will almost certainly continue to flow through the European banking system like sand through a sieve.

end

Greece is planning a bad debt bailout for its banks after the market crashes

(courtesy zerohedge)

Greece Planning Bad Debt Bailout For Its

Banks After Market Crash

It seems like it was just yesterday that Greek banks, which carry some €89BN of bad loans on their balance sheets, passed the ECB’s latest confidence building exercise, known as the “stress test.”

In retrospect that may have been premature, because as Bloomberg reports, over 8 years after its first bailout Greece is finally considering a plan to help its banks become viable, and speed up their bad-loan disposals in a bid to restore confidence in the crushed sector.

At its core, the Greek plan is the now familiar “bad bank” structure, in which banks get to spin off their NPLs into a separate, government-guaranteed SPV (although in the case of Greece, it is not clear if a government guarantee is all that valuable). The SPV would then be funded by selling bonds to the market.

While the details are still being worked out, an asset protection plan would see lenders unload some bad loans into special purpose vehicles, taking them off banks’ balance sheets. The SPVs would issue bonds, some guaranteed by the state, and sell them to investors, the people said, asking not to be named as the information isn’t public.

The move came after a furious selloff in Greek stocks, and especially banks, which was the culmination of a YTD plunge which has seen Greek banks lose more than 40% this year amid doubts they can clean up their balance sheets fast enough. The banks, which amusingly all cleared the ECB’s stress test earlier this year despite being saddled with tens of billions of NPLs, have been under mounting pressure from supervisors to cut their bad-debt holdings.

According to Bloomberg, the plan appears to have been borrowed from Italy, which conducted a similar exercise to stabilize its own banking sector.

One person said that it could reduce the load of bad loans in Greek banks by up to 15 billion euros ($17.2 billion) from an overall burden of 88.6 billion euros reported by the four systemic lenders as of the end of June.

“The state guarantee proposed for Greece looks quite similar to the one successfully applied in Italy,” said Massimo Famularo, a board member at bad-loan secialist Frontis NPL. And “even though this measure may prove very helpful for banks that need to offload their non-performing loans, it will necessarily involve the placement of junior tranches to private investors, which at the moment may be the most relevant challenge.”

Still, these challenges will have to be overcome as the whole point of the plan is to shift the liability from the banks, to the government, and ultimately, to the buyers of this exposure in the open market.

The bonds would be traded, helping deepen the market for soured loans in Greece, the people said. The state-owned Hellenic Financial Stability Fund, which owns stakes in all four of the major lenders, is in talks with the European Commission to address potential state aid issues, as well as with the ECB’s Single Supervisory Mechanism, the people said.

With all other NPL-reducing paths now blocked, Greece may have no choice but to pursue the bad bank approach if it hopes to shrink bank NPL ratios to 2021 projections.

After the news, Piraeus Bank SA jumped as much as 13% and was up 9% around noon in Athens trading. Alpha Bank also jumped 7.3% while Eurobank Ergasias SA climbed 9%. The FTSE/Athex Bank Index gained as much as 10%, largely wiping out its Wednesday losses.

The plan is far from a done deal; on previous occasions, the creation of a Greek bad bank had been considered and rejected by Greece’s European creditors in the past, even as various similar arrangements have been put in place in Italy, Spain and Cyprus.

Under Italy’s program, which was agreed with the European Union in 2016, banks can bundle their bad loans into securities for sale and buy state guarantees for the least-risky portions, provided they have an investment-grade credit rating. The guarantee has helped Italy’s lenders offload a substantial amount of their non-performing loans. It was used in Banca Monte dei Paschi di Siena SpA’s jumbo deal to remove about 24 billion euros of bad loans from its books.

The renewed push for an NPL bailout envisages the use of funds from Greece’s post-bailout cash buffer and from private investors to address concerns about state aid, the people said.

The Greek government said in a statement on Wednesday that it is in constant touch with the financial stability fund and the Hellenic Bank Association and is promoting “a specific plan of actions which includes — among others — the further reduction of bad loans.”

Leery of being rejected by its offshore creditors, Athens has been mum about the proposal, and a financial stability fund official declined to comment on the asset protection plan, saying that the HFSF exchanges plans and ideas with European authorities on a regular basis according to Bloomberg. Understandably, a finance ministry official said he has no knowledge of such plans.

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

end

 

 

6. GLOBAL ISSUES

 

 

 

end

7  OIL ISSUES 

8. EMERGING MARKETS

SOUTH AFRICA

 

 

end

 

 

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY morning 7:00 am

Euro/USA 1.1526 DOWN .0049 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems + USA election:///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES  IN THE  RED 

 

 

 

USA/JAPAN YEN 114.02   UP 0.486  (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL

GBP/USA 1.30304 UP   0.0091  (Brexit March 29/ 2017/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED

USA/CAN 1.2875  UP .0006 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS THURSDAY morning in Europe, the Euro FELL by 49 basis point, trading now ABOVE the important 1.08 level FALLING to 1.1526; / Last night Shanghai composite CLOSED FOR A HOLIDAY 

 

//Hang Sang CLOSED DOWN 467.39 POINTS OR 1.73%

 

/AUSTRALIA CLOSED UP  0.46% / EUROPEAN BOURSES ALL RED

 

The NIKKEI: this THURSDAY morning CLOSED DOWN 135.34 POINTS OR 0.56% 

 

 

 

Trading from Europe and Asia

1/EUROPE OPENED ALL RED

 

 

 

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 467.39 POINTS OR 1.73%

 

/SHANGHAI CLOSED HOLIDAY

 

 

 

Australia BOURSE CLOSED UP 0.46%

Nikkei (Japan) CLOSED DOWN 135.34 POINTS OR 0.56% 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1203.40

silver:$14.70

Early THURSDAY morning USA 10 year bond yield: 3.19% !!! UP 11 IN POINTS from WEDNESDAYS night in basis points and it is trading WELL ABOVE resistance at 2.27-2.32%. (POLICY FED ERROR)/

The 30 yr bond yield 3.35 UP 11  IN BASIS POINTS from WEDNESDAY night. (POLICY FED ERROR)/

USA dollar index early THURSDAY morning: 95.73 DOWN 3  CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS \1: 00 PM

 

Portuguese 10 year bond yield: 1.91% UP 2    in basis point(s) yield from WEDNESDAY/

JAPANESE BOND YIELD: +.16%  UP 2 BASIS POINTS from WEDNESDAY/JAPAN losing control of its yield curve/EXTREMELY VOLATILE YESTERDAY…DANGEROUS!!

SPANISH 10 YR BOND YIELD: 1.53% DOWN 0 IN basis point yield from WEDNESDAY/

ITALIAN 10 YR BOND YIELD: 3.33 UP 2   POINTS in basis point yield from WEDNESDAY/

 

 

the Italian 10 yr bond yield is trading 180 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: RISES UP TO +.53%   IN BASIS POINTS ON THE DAY//

 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

Closing currency crosses for THURSDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA XXXX

 

 

USA/Japan: XXXX down XXX basis points/

Great Britain/USA XXX DOWN .XXX( POUND DOWN XX BASIS POINTS)

USA/Canada XXX  Canadian dollarXXXBasis points AS OILXXX

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This afternoon, the Euro was FELL BY XXX BASIS POINTS  to trade at XXX

The Yen rose to XXX for a gain of XX Basis points as NIRP is STILL a big failure for the Japanese central bank/HELICOPTER MONEY IS NOW DELAYED/BANK OF JAPAN NOW WORRIED AS AS THEY ARE RUNNING OUT OF BONDS TO BUY AS BOND YIELDS RISE

The POUND LOST XXXbasis points, trading at XXX/

The Canadian dollar GAINED XXX basis points to XXX WITH WTI RISING TO XXX

 

The USA/Yuan,CNY closed DOWN AT 6.8688-  ON SHORE  (YUAN UP)

THE USA/YUAN OFFSHORE:  6.8827 (  YUAN DOWN)

TURKISH LIRA:  6.1756

the 10 yr Japanese bond yield closed at +.16%   UP 2 BASIS POINT FROM YESTERDAY

 

 

Your closing 10 yr USA bond yield up 1 IN basis points from WEDNESDAY at 3.19 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 3.35 up 1 in basis points on the day /

THE RISE IN BOTH THE 10 YR AND THE 30 YR ARE VERY PROBLEMATIC FOR VALUATIONS

Your closing USA dollar index, 95.76 UP  2 CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for THURSDAY: 1:00 PM 

London: CLOSED DOWN 91.94 POINTS OR 1.22%

German Dax : CLOSED DOWN 43.44 POINTS  OR 0.35%
Paris Cac CLOSED DOWN 23.51 POINTS OR 0.43%
Spain IBEX CLOSED DOWN 80.55 POINTS OR 1.47%

Italian MIB: CLOSED DOWN:  123.08 POINTS OR 0.59%/

 

 

WTI Oil price; 75.70 1:00 pm;

Brent Oil: 85.52 1:00 EST

USA /RUSSIAN /   ROUBLE CROSS:    66.87  THE CROSS LOWER BY  5 ROUBLES/DOLLAR (ROUBLE higher by 5 BASIS PTS)

USA DOLLAR VS TURKISH LIRA:  6.1756 PER ONE USA DOLLAR.

TODAY THE GERMAN YIELD RISES +.53FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM:$75.70

BRENT: $85.52

USA 10 YR BOND YIELD: 3.19%

USA 30 YR BOND YIELD: 3.35%/

EURO/USA DOLLAR CROSS: XXXX ( DOWN XX BASIS POINTS)

USA/JAPANESE YEN:XXX UP XXX(YEN up XXX BASIS POINTS/ .

USA DOLLAR INDEX: 95.73 DOWN 3 cent(s)/

The British pound at 5 pm: Great Britain Pound/USA: XXX down XXPOINTS FROM YESTERDAY

the Turkish lira close: 6.1756

the Russian rouble:  66.87 DOWN 0.05 roubles against the uSA dollar.(down 5 BASIS POINTS)

 

Canadian dollar: XXX UP XX BASIS pts

USA/CHINESE YUAN (CNY) : 6.8688  (ONSHORE)

USA/CHINESE YUAN(CNH):  6.8827 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,0.53%

 

The Dow closed  DOWN  200.91 POINTS OR 0.75%

NASDAQ closed DOWN 145.57  points or 1.81% 4.00 PM EST


VOLATILITY INDEX:  14.22  CLOSED UP  2.61

LIBOR 3 MONTH DURATION: 2.407%  .LIBOR  RATES ARE RISING/big jump today

And now your more important USA stories which will influence the price of gold/silver

TRADING IN GRAPH FORM FOR THE DAY

Stocks P

market data

 

END
USA economic/general stories

 

.

SWAMP STORIES

The FBI is set to release the Kavanaugh background check.  There is only one copy and each senator is to review the document for only 1 hr only

(courtesy zerohedge)

FBI Report Near Completion; Senators To Access Single

Copy In Senate Safe

The FBI is nearly finished with their supplemental report on sexual misconduct allegations against Supreme Court nominee Brett Kavanaugh, after which they will send a single copy to Capitol Hill where it will be held in a Senate Judiciary Committee safe, two senior Senate sources told Fox News on Wednesday.

Senate Democratic Whip Dick Durbin (Il), a member of the Judiciary Committee, said that preparations are underway to review the report on Thursday, while Republicans are putting strict limits on the viewing.

According to Durbin, the one copy will be taken from the safe and made available to senators – with each party taking turns viewing it in one-hour increments.

“Get this — one copy! For the United States Senate,” he said. “That’s what we were told. And we were also that we would be given one hour for the Dems, one hour for the Republicans. Alternating.

“We tried to reserve some time to read it. That is ridiculous,” he said. “One copy?!”

“Bizarre, it doesn’t make any sense,” he added. –The Hill

A senior Democratic aide confirmed the restrictive viewing conditions to The Hill, which notes that if all 100 senators decide to review the document and it takes each senator 30 minutes to read it, it could take up to 50 hours for the entire chamber to examine it.

“Do the math,” said Durbin. “That’s a lot of time.”

Senator Bob Corker (R-TN) says that Senators will be able to view the FBI report in the “secure compartmented information facility” in the Capitol Visitor Center, which is large enough to hold a large group of senators. Corker has urged Senate Judiciary Committee Chairman Chuck Grassley (R-IA) to make several copies.

Republican aides, however, say that alternating a single copy of an FBI background report between parties is typical practice for judicial nominees.

Judiciary Committee Republicans on Tuesday tweeted out a 2009 memorandum of understanding stating that photocopying or other reproduction of the FBI background reports is prohibited.

It also states that notes and memoranda derived from the contents of the FBI background investigation reports may be made and shall be destroyed or secured in the same manner as the reports themselves.

Reports are considered confidential Senate Judiciary Committee documents and unauthorized disclosure of them is subject to punishment under the Senate rules. –The Hill

It is unclear whether any of the FBI report will be made public, however Senator John Thune (R-SD), the third-ranking Republican in the Senate, told Fox News that “some of it will probably make its way out into the public and into the mainstream.”

“But most importantly, at least right now, is that all senators who are going to have the responsibility to vote on this nomination have an opportunity to review it, assess it and come to their own conclusions about what’s in there.”

And regardless of what the FBI concludes, we anticipate it won’t satisfy Democrats, who are already up in arms over the fact that the agency didn’t interview Kavanaugh accuser, Christine Blasey Ford or Kavanaugh as part of the probe, with sources saying that their congressional testimony last week was sufficient.

 


END

Collins is the key and she will vote for Kavanaugh
(courtesy zero hedge)

Flake, Collins Say FBI Report “Thorough”, Fails To Corroborate Claims By Kavanaugh Accuser

The confirmation of Judge Brett Kavanaugh to the US Supreme Court now appears to be a foregone conclusion, after two key GOP swing votes backed an FBI report they called for before committing to voting ‘yes’ for the nominee.

Sen. Jeff Flake of Arizona backed fellow GOP Sen. Susan Collins of Maine, calling the FBI’s reopened background investigation of sexual harassment claims against Kavanaugh thorough, and noting that it failed to back salacious claims made by accuser Christine Blasey Ford.

“I think Susan Collins was quoted saying it was very thorough but no new corroborative information came out of it. That’s accurate,” Flake told reporters after viewing the FBI report in the Capitol Visitor Center’s secure compartmentalized information facility (SCIF) on Thursday.

“I wanted this pause, we’ve had this pause. We’ve had the professionals, the FBI, determine — given the scope that we gave them, current credible allegations — to go and do their review which they’ve done,” said Flake, adding “Thus far we’ve seen no new credible corroboration, no new corroboration at all.

Also undecided was GOP Senator Lisa Murkowski of Alaska, who pushed for the FBI report delay just one day after Dianne Feinstein cornered her in a hallway for an apparent “talking to.”

So with the FBI report done, and two out of three key GOP swing voters reporting that the FBI report they pushed for is “thorough” and does not corroborate Ford’s claims, it appears that Kavanaugh is mere days away from becoming the next Supreme Court justice.

And while Kavanaugh is supposed to rule impartially during his lifetime appointment on the bench of the highest court in the land, we somehow doubt he’ll ever forget what the Democrats did to he and his family during what should have been one of their proudest moments.

WE WILL SEE YOU ON  FRIDAY NIGHT.

AS A LITTLE HEADS UP, I WILL NOT BE DOING  MY USUAL LENGTHY COMMENTARIES NEXT WEEK AS I WILL TAKE A LITTLE BREAK. I WILL NOT DO INVENTORY DATA CHANGES FOR GOLD/SILVER

HOWEVER, I WILL DO THE COMEX DATA AND PUT IN THE MAJOR STORIES OF THE DAY.

 

 

 

ALL THE BEST

 

HARVEY