Comex August Gold Deliveries Heat Up

Wed, Aug 5, 2015 - 11:36am

We watched intently as July Comex silver deliveries spiked to unusually high levels. Now, with August Comex gold in delivery, we're starting to see some of the same demand. No, it's not a "run" or a potential "default". It may, however, be another indicator of extremely tight global wholesale precious metal supply.

For a refresher of the unusual delivery pattern in July silver, click here:

As noted in silver, the number of contracts of gold delivered over the course of a delivery month NEVER exceeds the amount standing at contract "expiration" or on First Notice Day. Never, ever have I seen this happen. Below are the stats for the previous four delivery months so that you can see for yourself how this usually works:

Dec14: 11,507 open at contract "expiration". 3,381 total deliveries for 29.4%

Feb15: 8,455 open. 1,174 total deliveries for 13.9%

Apr15: 7,348 open. 2,801 deliveries for 38.1%

Jun15: 8,380 open. 2,959 deliveries for 35.3%

Aug15: 9,215 open.

And here's where it gets interesting...and it's only August 5. Last evening, the CME posted the delivery totals for yesterday. Here's a screenshot of the cumulative deliveries so far in August:

Note that after a whopping 2,828 deliveries yesterday (more on that below), the total amount of deliveries made so far in just four days is 3,171. If we plug that in versus the total number of contracts still open when the contract went off the board on July 30, we already have a delivery percentage of 34.4%. So, for August to "look like a normal month" of deliveries, gold deliveries would have to stop right about here.

However, they're not going to stop right about here? Why? Because, as of yesterday, there were still 6,593 August gold contracts still open. THIS BRINGS UP ALL SORTS OF INTERESTING ISSUES.

  1. If just half of the remaining 6,593 contracts get delivered, August gold will see something like 6,500 total deliveries versus a standing total of 9,215 for something like 70%. That in itself is noteworthy considering recent history and what happened in July silver.
  2. But that's not the most interesting part. Let's do some math! As noted, there were 9,215 contracts still open at "expiration" and 8,295 still open at the close on First Notice Day last Friday. Today, the CME shows 3,171 total deliveries made and 6,593 contracts still open. If we add those together we get 9,764. Holy smokes! Have we already seen 550 contracts "jump the queue" for immediate August delivery?
  3. And where is this deliverable "gold" coming from? When August deliveries began late last week, the CME Gold Stocks report showed only 351,519 ounces in the registered (available for delivery) category and now we've already seen 317,100 ounces delivered.

And this is where all of the lies, deceit, fraud and warehouse receipts start to unravel. For clarity, let's focus on yesterday alone.

The CME delivery report for yesterday is posted below. Note the primary "issuer" of the deliveries:

Yes, good old JPMorgan allegedly delivered 2,750 contracts of August gold yesterday. Keep in mind that:

  • That's 275,000 troy ounces
  • All from the House or proprietary account
  • The stated position limit for the front/delivery month is 3,000 contracts (
  • And, as you can see below, as of yesterday JPM only showed 98,971 ounces in their entire registered vault.

So are we going to see all sorts of adjustments and other book entries over the next few days? Will several metric tonnes of gold suddenly move from eligible to registered in order for The Banks to make August deliveries?

Or will we see any "gold" move at all? Instead, will the CME simply continue to maintain the charade of physical metal clearance by posting disconnected data and hoping that no one will notice?

What about the House Account of JPMorgan? Will their total deliveries exceed the 3,000 maximum as mandated by Comex position limit rules? And if it's not JPM delivering upon the remaining 6,593 contracts, which Bank will? Will HSBC turn around and deliver back out some of the same "gold" they just stopped yesterday?

CAN'T YOU SEE WHAT A GIGANTIC FREAKING SCAM THIS IS??? And the only reason the paper derivative price can claim any relevance at all is because of the alleged physical delivery that backs the exchange where the price is derived. This delivery fraud then allows the charade to keep going, while price is manipulated lower and the CME collects all of their trading and assorted other fees.

Just as in July Comex silver, we'll continue to closely monitor these developments as we move through August with gold but don't expect any "change" or "bank runs" or "defaults". Unfortunately, you must expect more fraud, lies and deceit as the current fractional reserve bullion banking scheme grinds toward its eventual demise.


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 5, 2015 - 11:38am



Big L
Aug 5, 2015 - 11:42am

Thanks Turd!

You're always on top of the situation. Thanks for all you do.....

Aug 5, 2015 - 11:56am

Coveted Thurd


Aug 5, 2015 - 12:00pm


Thanks Turd

Just an FYI everyone, we are winning converts one client at a time. Yesterday $15,000 was converted to 300+ ounces of silver and 5 1/2 ounces of gold by a long term client of our firm.

People are awakening and aware that something does not smell right

As the owner of the LCS was explaining volatility of the price of silver to my client yesterday, she said " This is being tucked away and I doubt I will be looking at the price, by the way do you think dollar cost averaging is a good idea?"


Aug 5, 2015 - 12:02pm


Having read this, sounds like a good post to make public at some point.

Aug 5, 2015 - 12:03pm

You're probably right

Quite a few of those lately, though. Regardless, maybe sometime later today.

Aug 5, 2015 - 12:04pm

Crude back under $45 and

Crude back under $45 and copper down nearly 1%, too. Definitely swimming upstream here.

Aug 5, 2015 - 12:08pm
Aug 5, 2015 - 12:11pm

Will China Play The ‘Gold

Will China Play The ‘Gold Card’?

by Hugo Salinas Price , Plata:

Alasdair Macleod has posted an article at which I think is important.

(See “Credit deflation and gold”.

The thrust of the article is that China, at some point, will have to revalue gold in China; which means, in other words, that China will decide to devalue the Yuan against gold.

Since “mainstream economics” holds that gold is no longer important in world business, such a measure might be regarded as just an idiosyncrasy of Chinese thinking, and not politically significant, as would be a devaluation against the dollar, which is a no-no amongst the Central Bank community of the world.

However, as I understand the measure, it would be indeed world-shaking.

Here’s how I see it:

Currently, the price of an ounce of gold in Shanghai is roughly 6.20 Yuan x $1084 Dollars = 6,721 Yuan.

Read More @

Aug 5, 2015 - 12:12pm

open interest

Turd, this link supposedly shows the CME final data as of Tuesday, Aug 4:

The table in the link shows 84 deliveries and 6,593 total open interest. Your table showed 84 contracts were delivered on 8/3, so maybe the data in the CME link is off by a day, but the 6,593 of open interest appears to be before the 2,828 deliveries, would you agree? Tomorrow, when the data is final through today, the CME link should show deliveries of 2,828 and open interest of 3,765 for the August contract, assuming the only change in open interest is due to the deliveries.

Aug 5, 2015 - 12:39pm

Wow! Is anyone else listening to Woody?

Remarkably forthright and honest regarding the "Iran Deal".

Paraphrasing here: Said US cannot maintain sanctions without kicking some global banks out of SWIFT. This would limit global buying of our debt and call into question dollar reserve currency status.

Aug 5, 2015 - 12:43pm

Yes I'm aware of the "delay"

Yes I'm aware of the "delay" which is why yesterday's small OI drop caught my eye. It Let's see what today shows but that doesn't impact the other points made in this post.

Aug 5, 2015 - 12:56pm


Maybe I'm not understanding point #2 then. If the actual open interest after the 2,828 deliveries is close to 3,765, then the total August deliveries plus current August open interest is 6,936 (3,765 + 3,171), which is not greater than the 9,215 contracts open at "expiration", which means there was no jumping the queue of 550 contracts. Correct?

silver66 TF
Aug 5, 2015 - 1:07pm

listening to Woody

I try to avoid at all costs

However, that seems important

Would you be able to post a clip of him saying what you paraphrased



Aug 5, 2015 - 1:09pm

Yes we shall see

and if OI falls in the report for today, I will edit the post.

However, the other points remain:

  1. Much greater delivery pace than usual
  2. JPM issuing 275000 oz on 99000 registered
  3. Comex delivering vs only 351000 total registered
Aug 5, 2015 - 1:10pm

I'll scour the MSM sites and

I'll scour the MSM sites and post what I find in the podcast.

Aug 5, 2015 - 1:17pm

First Majestic/Silvercrest Arbitrage

Today, Silvercrest is trading at a premium to the acquisition price of First Majestic Silver. The conversion factor is .2769 shares of AG for each share of SVLC. That means that AG is at a 5 cent discount. Maybe that's what the market thinks the shares of the Silvercrest spinoff will be worth.

Edit: SVLC just dropped below $.80. Looks like someone did the arbitrage.

Aug 5, 2015 - 1:26pm

High gold bar premiums explained v. paper contracts

Peter Schiff post on Facebook:

Video unavailable
Aug 5, 2015 - 1:37pm

Delivery notice rubish

Maybe I'm missing something here with delivery. If contracts can be paper settled, who cares? Is the COMEX vault nothing more that a file cabinet and check book? How many times have we seen perfect round numbers? I don't believe there are "ounces" or "tonnes" involved, only entries on a ledger.

Show us the metal or lines of trucks loaded down. Oh, there they are, next to the unicorns.


Aug 5, 2015 - 1:38pm

Craig, can you post..

the yen gold daily chart today please?

Aug 5, 2015 - 1:46pm

S&P craziness

Current price 2099.75

9 day EMA 2098.90

50 day SMA 2097.95

100 day SMA 2097.57

Current price and the three above indices are within a 2 point range!

Can a range get any narrower? I am relatively new to technical analysis, but when averages are converging into a narrow range, that usually means a big move one way or another.

Overhead resistance at 2130 has served as a triple top. Three years of QE that has pushed the market to these highs, and the economy is rolling over on basically every measured statistic (despite triple seasonal adjustments).

Which way do you think it will go? To the moon, of course, how silly of you to think otherwise.

Gold to $950 and S&P to 3000; Yeller demands it, so it will be so.

Aug 5, 2015 - 1:58pm


The ad at the bottom of this page is for a pest control company "They aren't going to leave on their own."

For some odd reason, I think if of parasite bankers when I see that ad, and I wish that there was someone with a white hardhat and grim expression who would drive their filthy banking practices out of the markets and restore true market-making. But alas, the CFTC and SEC and all the other regulatory agencies work for the parasites. They will not leave on their own. It will take a collapse, or war, and probably a defeat placing the West under the control of the East to root out the parasites. Then we have no guarantee that we are not controlled by a different bunch.

The fellows in NC who were just arrested were on a fool's errand. If a social movement arises that has any chance of re-establishing justice and constitutional principles, I'll join and support it. Change will have to come through more peaceful means, using Ghandian principles, changing ideologies, educating sheep on economics and money, a free press that exposes corruption at all levels.

Those of you out there who are patiently educating friends, relatives, and clients about money are on the front lines of this struggle. It is perhaps the most powerful thing we can do at this point.

I'm not so worried abut myself. My 56 years have been mostly pleasant and I don't mind the thought of a simpler life, if I can retain possession of my home and be allowed to garden. I am concerned for the future of my children, who are now entering adulthood with dismal career prospects facing them. Good thing they are both aware of hte truth about the economy.

Just nibbled on miners a bit, with a tight stop. chart looking weak, but I am encouraged that gold has not broken down through this tenuous support level, even with crude and copper falling further.

Chiron: You may indeed be right. The manipulators have a long track record of success...

I better get back to grading essays for my summer class.

Aug 5, 2015 - 2:00pm

Trying to make sense of this

I came across this article from Kitco "How Comex's Warehouse, Delivery System Actually Works: Clearing Up Confusion":

This is probably the most important quote from the article:

If short positions holders seek to make delivery using warehouse stocks, they produce a numbered receipt. Smith said these receipts are what are usually delivered, rather than the physical gold. Long holders can take possession of physical gold if they choose.

The whole thing seems to be set up to make fraud easier.

Aug 5, 2015 - 2:18pm

Is China (PBOC) devaluing RMB or revaluing Gold UP?

There is a difference, and like incest- it's all relative.

If the price of Gold and everything else in the Chinese economy instantly costs 100 times more, then you have devalued the currency.

If the price of Gold is the only thing in the Chinese economy that instantly costs 100 times more, then you have only revalued Gold UP.

- - - -

they haven't done anything yet, but-

a PBOC Gold reval would have the effect of, or at least need to be accompanied by, removing the RMB from the world's USD Standard of valuation. unpegging. as expected.

big picture- the silver chart is stuck between two narrowing system-killing thresholds. the system is trying to save itself by reflagging the world's usd silver and gold charts. this situation was identified in 2013. that the RMB looked to be the system's intended new flag for the pm charts... 2014.

is it just me or does it seem like all this stuff is finally starting to happen??

Aug 5, 2015 - 2:36pm

in defense of the bankers...

there is no fraud in the paper markets

they are privately owned markets in which manipulation is legal.

We could set up our own online TFMR paper metals market game and trade contracts based on the programmed TFMR chart that zigzags up and down throughout the day. It would be legal, and no different than the game ran by the bankers.

"but the banker's game is what controls the price of silver and gold" you say.

"why is that?" i say

"because the system's usd/silver and usd/gold charts are the price reference for the world's physical Silver and Gold transactions" Reality says.

"Precisely. Therefore THAT is what will end." Silver and Gold says.

Aug 5, 2015 - 2:41pm

Relevant section of Woody's speech

From the transcript:

OBAMA: Neither the Iranian government, or the Iranian opposition, or the Iranian people would agree to what they would view as a total surrender of their sovereignty.

Moreover, our closest allies in Europe or in Asia, much less China or Russia, certainly are not going to enforce existing sanctions for another five, 10, 15 years according to the dictates of the U.S. Congress because their willingness to support sanctions in the first place was based on Iran ending its pursuit of nuclear weapons. It was not based on the belief that Iran cannot have peaceful nuclear power, and it certainly wasn't based on a desire for regime change in Iran.

As a result, those who say we can just walk away from this deal and maintain sanctions are selling a fantasy. Instead of strengthening our position, as some have suggested, Congress' rejection would almost certainly result in multi-lateral sanctions unraveling.

If, as has also been suggested, we tried to maintain unilateral sanctions, beefing them up, we would be standing alone. We cannot dictate the foreign, economic and energy policies of every major power in the world. In order to even try to do that, we would have to sanction, for example, some of the world's largest banks. We'd have to cut off countries like China from the American financial system. And since they happen to be major purchasers of our debt, such actions could trigger severe disruptions in our own economy, and, by way, raise questions internationally about the dollar's role as the world's reserve currency. That's part of the reason why many of the previous unilateral sanctions were waived.

Aug 5, 2015 - 2:41pm


Let's be honest, "legal" or "illegal" doesn't mean shit anymore.

Free Jon Corzine!

The poor go to jail for smoking pot or stealing twinkies at the mini-mart. The real criminals abscond with billions and nothing happens ever. Why is Hitlery not in prison for this email mess? You or I sure as hell already would be. She's still campaigning!

Aug 5, 2015 - 2:46pm

Apple determines future of the Market

So goes Apple, so goes the secular market. Do not believe this? Put up a chart of Apple and of SPY. Trace out the highs and lows. Exactly equal.

The most efficient way for the PPT to prop up the market is to directly buy Apple stock. (Give EU "cash", ECB directly buys Apple stock? That would explain why the latest "rallies" in the market have faded after the European market closing.)

In absence of a huge rally into the close (current rally is fading), Apple will close for the third day below the 200 day SMA. A fall lower will certainly accelerate and make the 200 more solid resistance.

Apple in bear market = US economy in a bear market.

Who really cares? This is a gold site, nothing more.

The gold market will not turn around until the secular market turns into a bear. This latest smash in gold can only be explained by the precarious situation the secular market is in right now. Desperation; and the foot prints are so obvious. We are so close!

Aug 5, 2015 - 3:01pm

New low for GDX

As expected. Prepare for the big dump in the coming 24 hours. Ready to buy tomorrow. Come on bastards.

Aug 5, 2015 - 3:03pm

Live stream of active

Live stream of active shooting incident at Nashville theater found here:


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Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
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