Harvey Organ Should Be An Interesting Read Today

Thanks for the kind words, guys.  I left a note on the front page this morning about the missing hat tips.  I haven't seen anything.  I will follow up if I don't hear soon.

Thanks,

DayStar

This is DayStar (DS) with the Saturday Harvey Report

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Commitment of Traders Report

Gold: The commercials went net short again this week to the tune of 6791 contracts and this must be construed as bearish..yet the long specs seem to be winning.

Silver: Those commercials that have been short in silver added another 2241 contracts to their short side.

DS: Harvey didn't have a comment, but it would be considered bearish by comparing it to what he said about gold.

News and Commentary

Harvey: Friday, the Comex registered or dealer inventory of gold fell badly to well below the 1 million oz mark, at 767,232 oz or 23.86 tonnes. With no gold entering the dealer side it seems almost impossible for the bankers to settle upon longs once the December contract hits. The total of all gold at the Comex (dealer and customer) tonight rests just above the 7 million oz barrier resting at 7.013 million oz or 218.14 tonnes. JPMorgan's customer inventory rises tonight to 177,595.82 oz or 5.52 tonnes. It's dealer inventory remains constant at 286,485.185 oz (8.91 tonnes). The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account saw a huge reduction in gold inventory tonight and its resting inventory for the weekend is 19.14 tonnes of gold. Brinks continues to record a low of only 4.03 tonnes in its dealer account. On Friday, we recorded our 35th consecutive trading day for negative GOFO rates. We gained 6.61 tonnes of gold at the GLD vaults over the past 2 days. We had no gain nor loss of silver at the SLV. Today the total Comex gold rises to 7.013 million oz (218.14 tonnes).

GoldCore: Premiums on the Shanghai gold exchange rose from $21 yesterday to $22.40 (0800 GMT) over London spot showing robust physical demand in China. Demand from the over 2 billion people, rich and poor, in China and India alone this year alone is set to be 1,000 metric tonnes which is worth over $87 billion or roughly what the Federal Reserve is printing every single month. Gold is off almost 20% year to date, but has risen 16% from a 34-month low of $1,180.71/oz on June 28 as lower prices led to physical bullion demand throughout the world.

GoldCore on US Mint gold eagle sales: Sales of U.S. Mint American Eagle gold coins so far in August are down sharply from August last year and from recent months sales as gold coin buyers, particularly in the U.S. ease off their recent gold coin buying spree which has seen record demand in recent months and recent years. The U.S. mint sold 3,500 ounces of gold American Eagles so far this month, down from the near record levels seen in recent months. Demand may have fallen as the relatively small eagle coin buying community, primarily in the U.S., has secured their allocation to bullion in recent months and indeed years and many are now fully allocated. The U.S. mint was cleared out of its gold coin inventory in April after the astonishing 15% two day price plunge saw store of value buyers buy gold coins and bars in volume. This may have brought forward some of the demand that we were likely to see in the summer months this year. There has also been some large liquidations in the secondary market with some high net worth coin buyers choosing to reduce allocations and take profits in recent months.

True Economics: Sales of American Eagle silver coins are on track for a record. Sales are at 31.9 million ounces eight months into this year, compared with 33.7 million in all of 2012. Gold bar and coin purchases reached a record last quarter and jewelry usage rose to the most since 2008, World Gold Council figures showed last week. American Eagle gold coin sales were valued at $1.26 billion last year.

Dr Constantin Gurdgiev: Gold is a hedge against US dollar and British pound risk due to “its monetary asset role."

Simon Black (Sovereign Man): In a world where tax collectors seize people of wealth and accuse them of tax evasion till they prove themselves innocent, is there any good news? Yes, there is. The good news is that this fraudulent system of unchecked, unbacked paper currency is finally coming to an end. Of course, our faux-scientists who have been awarded society’s most esteemed prizes for intellectual achievement tells us that our monetary system is good, solid, and just. But it’s insane to think that four men control over 70% of the world’s money supply. At their sole discretion, they can effectively control the prices of everything, from real estate to rice options to the rates at which governments can borrow. This system is simply not natural. It’s not natural to grant such power and control to a tiny banking elite, no matter what the experts tell us. It’s so unnatural, in fact, it’s about as sensible as hanging out with grizzly bears. Governments and economists are there to tell us that the bears are safe and have been tamed by qualified professionals… that the trainers are the smartest guys in the world, and we should just trust them. It might work for a while… but eventually, people are just going to get mauled. That’s our monetary system. And it doesn’t take a rocket scientist to see that it’s obviously not working. The signs are everywhere, from Japan to Jakarta, India to Italy. And, as uncomfortable and difficult as interim transition period may be, the end of this corrupt fiat experiment is definitely something to celebrate.

SeekingAlpha: According to the WGC, gold demand dropped from 974.6 tonnes in Q2FY12 to 856.3 tonnes in Q2FY13. The drop was primarily due to a decline in ETF gold demand and Central Bank demand, while jewelry and bar and coin demand had large increases during the quarter. The trend has been the same for both quarter of FY2013, with ETF demand going negative to the tune of 579.1 tonnes, while coin and bar demand increased by 885.3 tonnes. An investor can truly see that we may have some serious supply issues in the future if ETF gold sales stop. After all, in the first half of the year ETFs sold a stunning 580 tonnes of gold (over 25% of annual gold mine supply) which kept the gold market supplied with ETF gold as other demand rose due to the fall in the gold price. If this gold was not unloaded by the ETF's, the market would have been short by this amount of gold which would have led to a much higher gold price. We are now beginning to see ETF gold outflows ending - if physical demand keeps up anywhere near to what it was in the first half of the year there may be trouble. If the ETFs start buying, where will they get their gold? We do not know.

William Kaye (via King World News): I’m focused right now on the fact that the gold price has been relatively strong. Generally we see very thin trading in August. In fact, most of the trading that is recorded in the markets is algorithm trading. In other words, it’s Goldman Sachs algorithm trading with JP Morgan, and then they switch roles the next day. This is well known in the industry, but it’s not well known to investors. So most of the liquidity that appears to be present in these markets is in fact nonexistent. It’s phantom liquidity provided by these high frequency trading algorithms. We are in a position where if the powers that be want to suppress things one more time, they probably would have the ability to do it because of the thinness of the markets. I would look for a serious push higher in the first week of September when the battle of true liquidity will be joined once again. There is serious concern at the moment over derivatives exposure because of the move higher in interest rates. So there are probably entities who are screaming right now because of what has taken place in the interest rate markets. And if they had to actually report, as opposed to just papering over in some fashion, the mark-to-market losses that they are experiencing, this would not only be extremely painful, but possibly it would possibly destabilize to the entire financial system.

Yoga Rusmana & Eko Listiyorini (Bloomberg): Gold jewelry demand in Indonesia is set to expand to a four-year high as consumers in Southeast Asia’s biggest buyer join India to China in increasing purchases as prices slump and the middle class expands. Consumption of necklaces, bracelets and rings will probably climb to 40 metric tons this year, according to Iskandar Husin, secretary-general of the Indonesian Goldsmiths and Jewelers Association. That’s a 30 percent increase from 30.8 tons in 2012, and the most since 41 tons in 2009, data from the London-based World Gold Council show.

Eric Sprott (Sprott Asset Management); I think we saw the bottom on June 28th. My way of defining a bull market in a commodity, I always say if a product can go up 20 percent in a reasonably short time, from a declining trend to up 20 percent, you’re in a new bull market. And silver has to go, I think, probably about another 20 cents from where it is at this moment, and we’re in a new bull market. It will have risen 20 percent. We’ve had the silver stocks go up to 37 percent. They’re already in a bull market. Both silver and the silver stocks have broken the 50-day moving averages, and I think gold’s gone through its 50-day moving average. So, it has all the signs of being in a new bull market. If I believe my own analysis that there’s a shortage of physical gold, and there’s a huge fight going on, they lost the fight. The fact is that demand surged for gold and silver, when the price got knocked down. I personally believe we are going to see a very, very dramatic increase in the price of gold and silver. And when I mean dramatic, I mean they could double in a year. In the case of silver, it probably would go up more than that. Of course, the spill off effect to the equities could be gargantuan, because the equities always double or triple the performance of gold. So, I think we have the set up for it. We have all the indications of tightness. We have the technical indicators starting to come together here, and I think it looks very, very exciting for precious metals owners and investors.

Tekoa Da Silva (Bull Market Thinking): Gold is now trading at $1800 oz, and small factories and workshops are shutting down because they can't get bullion gold. But despite the elevated pricing and increasing trade controls, Indian families are still buying gold, I also see gold coming in from illegal channels in the market which is not good. People are buying [In] small quantities every month or maybe every couple of months or alternate months,” Vishal Vyas noted. “They put 20% or 30% of their savings every month into gold…[and] when they get perks or added benefits from their commercial or professional careers…they’ve started investing 20% to 30% of that too.

Egon von Greyerz (via King World News): "The physical market will now take over as the only true market," von Greyerz writes for King World News. "Paper longs will take delivery and paper shorts will panic. This will not happen overnight, but gradually, over time. There will be periods with very high volatility, with gold going up hundreds of dollars in one day and silver tens of dollars a day. But corrections will also be violent, so investors must be careful."

Eric Sprott (Sprott Asset Management via King World News): Eric Sprott warned King World News that the world is in for a massive and frightening collapse. He also startled KWN when he revealed what his biggest fear is when the mega-collapse takes place. Sprott “Well, of course the (coming) collapse always has me worried. I know you’ve had various guests who talk about the derivatives, and it’s a huge concern because we all have no idea what’s going on there. It’s almost frightening to think about $500 trillion of derivatives, of which we all know nothing (about their structure). What happens if the system fails here? I’m talking economics here -- economically what happens? I think I know what happens to the price of gold, but it would be a sad day that we all find out that all of the emperors have no clothes, and the whole system grinds to a halt. So that’s my biggest fear (the collapse of the entire financial system).”

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Harvey's comments on Friday's price action (basis 1:30 PM EST)

Thursday, August 22nd Gold and Silver Action (basis 1:30 PM EST)

http://harveyorgan.blogspot.com/2013/08/august-24scotia-to-rescue-to-jpmorgan.html

Total, Aug (Gold), Sep (Silver), Oct (Gold) Open Interest

In silver

In gold

Volume

In silver

In gold

Inventory Numbers

In silver:

In gold:

Delivery Notices

In silver:

In gold:

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In gold:

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was 1165.0 up 0.60%. WTI August crude was 106.42 up 1.22. Brent closed

at 111.04 up 1.14. The spread between Brent and WTI was 4.62, down 0.08. The 30 year US Treasury bond was

down 0.0870 at 3.7980. The 10 year T-Note was down strongly by 0.0830 at 2.8180. This is the one that is

the dollar killer. GOFO is negative for the 35th day in a row. It still looks like they are running out of

bullion. The dollar was down 0.11 at 81.41. The PPT/Dow was 15,010.51 up 46.77, ABOVE the very key round

number of 15,000. Facebook was 40.55 up a whopping 2.00 (5.19%). Silver also closed up a whopping 0.90 at

24.08. It looks like broke out today. Silver was up, but they drove down interest rates and drove up the

Dow. September wheat was up 4.00 at 634.40. December corn was up 5.40 at 470.00. October lean hogs were

85.10 up 0.700. Hogs are also in backwardation as far out as May 2014. Seems the market is very concerned

about the pork supply. September feeder cattle were down 1.050 at 156.650. September copper was 3.3485 up

0.0185. September natural gas was down 0.060 at 3.485. September coal is down 0.45 at 53.15.

Thank you for reading the Harvey Report. There is much more on Harvey's blog.

http://harveyorgan.blogspot.com

Goooood day!

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There might be a short window of opportunity after the PMs take off and before Ben says he is tapering when the miners go absolutely berserk, but the trick is to accurately forecast when to get out. If you are one minute late selling before Ben says he is tapering and pulls the plug, you will not be able to get out in time and even if you do you will have rapidly becoming worthless dollars in a broker account that's frozen, and you will likely lose everything.  To me, it's not worth the risk.  I sleep well knowing that real money will not go to zero no matter what, as long as God lets me stay alive.  I think that 99% of folks in miners will lose it all, because they will be blindsided by his taper call, just like we were all blindsided by the, "Well, we are thinking about tapering" call.  All paper denominated in dollars will become worthless. 

DayStar

This is DayStar (DS) with the Monday Harvey Report

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News and Commentary

• Harvey: The Comex registered or dealer inventory of gold rose marginally. It is still well below the 1 million oz mark, at 768,797 oz or 23.91 tonnes. With no gold entering the dealer side it seems almost impossible for the bankers to settle upon longs once the December contract hits. The total of all gold at the Comex (dealer and customer) tonight rests just above the 7 million oz barrier resting at 7.002 million oz or 217.81 tonnes. JPMorgan's customer inventory falls tonight to 167,056.49 oz or 5.196 tonnes. It's dealer inventory remains constant at 286,485.185 oz (8.91 tonnes). The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account remain constant in gold inventory tonight and its resting inventory is 19.14 tonnes of gold. Brinks continues to record a low of only 4.03 tonnes in its dealer account. The GLD reported no gain in its inventory tonight with a reading of 920.13 tonnes of gold. We had no change in the silver inventory at the SLV and thus the reading of the SLV inventory tonight is 339.373 million oz. DS: They probably just stopped reporting on these low, unchanging numbers. Remember the Comex caveat that the numbers may not be accurate.
• Jeanette Rodrigues and Anoop Agrawal (Bloomberg): Gold in India remains well bid and premiums have risen to $35 per ounce over London spot prices due to a lack of supply and very robust demand. The wisdom of Indian housewives’ belief in gold as a store of value is being seen after the rupee’s rapid depreciation in recent weeks. Gold has risen or rather the rupee has fallen to near record lows against gold (see chart below) at 90,000 rupees per ounce. The rupee has fallen from 70,800/oz on June 28th to nearly 90,000/oz this morning or a fall of 27% in less than two months. Money managers predict the rupee’s slump to an all-time low against the dollar and resurgent inflation will lead to robust demand for gold bullion as a store of value. “We are likely to see a good rebound in demand before Diwali" [Hiren Chandaria]. DS: The press talks about gold being 80% of India's current account deficit, but the capital controls on gold have done nothing to stop the slide of the Rupee. The country is so poorly managed that they have squandered vast amounts of their wealth and printed money to boot, and now the people are trying to protect themselves from an imploding rupee by buying gold. The real reason controls went in on gold was to try to slow the hemorrhaging of gold from the West, and TPTB had rather the gold went to China that is the strong one. Mr. Fix, if you look at India, the price of gold has taken off in terms of rupees, and the elites have not yet pulled the plug. The elites are not perfect, and they may have to fight a dogged retreat, even before the crash as the pressure on gold becomes too great as the supplies dwindle.
• Bull Market Thinking: BMT interviewed Vishal Vyas, head of operations at India’s top bullion dealer, Pushpak Bullions who said small shops are closing down in India, because there are no more gold to process thanks to the government's crackdown: "The trade controls are also pushing the price of gold higher Vishal noted, in that, “Since import duties have risen, the gold price in the Indian market is the same as it was when gold was $1800 oz. When $1800 an oz. gold was in the market, it was 31,500 rupees per 10 grams of gold. Today gold is below $1400 oz., and the price is the same—31,500 rupees per 10 grams of gold.” Based on the latest trade figures in July the country bought $2.9 billion worth of gold – an increase on June figures. With the festival season ahead these numbers are unlikely to drop any time soon.
• Paul Mylchreest (Thunder Road Report): Stability in the gold market for policymakers and regulators implies a stable gold price, preferably at “low” levels (i.e. well below all-time highs), an efficiently functioning gold futures market, ample liquidity in the gold lending (leasing) market and no heightened desire among gold buyers to take possession of physical bullion. A surging gold price, backwardations and shortages of physical bullion are proverbial “canaries in the mine” regarding an overstretched system. When stress emerges in the financial system, the problem with the repo market is its tendency to be (very) “pro-cyclical” on the downside. It also operates pro-cyclically in terms of leverage and asset prices on the upside, which always seems to get forgotten. Looking underneath the bonnet/hood, we are doubtful that either of these markets, repos or gold, can reasonably be described as “stable” right now. There also seems to be a paradox where the current low repo rates and gold prices are, we suspect, fooling people into a false sense of complacency. What’s really piqued our interest, however, is whether there is a similar issue which is increasingly impacting both of these systemically important markets? This issue relates to the unavailability of sufficient collateral.
• Eric Sprott (Sprott Asset Management): Central banks collude to suppress gold. we are in midst of a glaring supply crunch for physical gold, with central banks and institutions with large short books in gold, in his opinion, trying desperately to fight the tide. Eric believes that western central banks formulated a plan at the onset of the gold supply crisis, and decided to take measures to fight demand for the yellow metal. The Fed hasn’t been the only one concerned with the demand for physical gold, says Eric: “All the commercial banks that were short gold and silver have now covered their shorts. While they advised their customers to sell, they were buying.” Eric believes that central banks also did what they could to stop citizens in India from obtaining gold. The fact is that demand surged for gold and silver when the price got knocked down. I personally believe we are going to see a very dramatic increase in the price of gold and silver. And when I mean dramatic, I mean they could double in a year. Silver could do much more than that.
• Chris Powell (GATA): Sprott Asset Management's John Embry tells King World News today that he sees intervention against gold by the Bank for International Settlements and in support of U.S. government bonds. But, he adds, the West's central planners don't have any plan that can avert higher gold and higher interest rates. The obvious alternative to the fiat currency system is gold, and so Embry totally accepts Andrew Maguire’s observation that the BIS’s hand is consistently active in the gold market, sometimes more than others, but the attempt by the BIS to maintain the viability of the fiat currency system will ultimately fail. There is major currency flight in countries such as Brazil and India. Brazil stepped forward with a $60 billion program in a desperate attempt to stabilize their currency. As rates rise in the United States, this is vacuuming money out of these other countries and creating a whole new set of problems. So the problems are just escalating. Meanwhile, as all of this chaos is unfolding, Western central planners are desperately trying to avoid the inevitable collapse that is coming.
• Eric Sprott (via King World News): The shortage of gold got particularly acute late last year and early this year, which I think is what caused the raid. Of course it (the raid on gold) totally backfired as demand just skyrocketed. We see all of these weird things like this gold leaving London to go to Switzerland. I mean that’s a serious amount of gold -- almost 800 tons in six months. 800 tons is about 1/3 of (annual) mine supply, in half a year. If it kept going at that pace it would total 2/3 of (annual) mine supply for a whole year. So there are all of these things going on in the gold market that tell you there is a shortage. Our own analysis of the supply/demand (also) tells us there is a shortage. The GOFO rate being negative, backwardation in gold, Comex inventories going down, shipments from London to Asia, the activity on the Shanghai Gold Exchange, they are all saying the same thing (that there is a shortage of available physical gold). I think everyone has made a very compelling case of the fact that this smack down was engineered. So the snapback could be quite dramatic.
• Bill Holter: The PM price suppression "operation" in April clearly backfired and it is now only a matter of time before we see the failure of one (or all) paper exchanges for metal. As Jim Sinclair has said, Gold will become a 100% cash market with real and full settlement. Armstrong, Edelson and Dent are still warning of a sharp downturn in gold. Are they correct? Time will tell but I personally believe that they are wrong now, were "lucky" to have "timed" the sale of tons upon tons of paper contracts that "made" price action. since the all time highs back in 2011 there is now more debt outstanding, more money supply outstanding, more derivatives and less equity. Put simply, the system is far riskier today to a complete and total crack up than where we were then and the reasons to own Gold and Silver are stronger today than they were then. Each day that you "wait" to buy PMs brings us closer and closer to the day that we go "no offer". I have said for many years now "do not trade" because if the music stops and you do not have your position...you will be out of position for the remainder of your life with no chance of repair. Trying to call a top ANY time before this system resets itself is in my opinion reckless, foolish and can only be dangerous because you have to be correct twice. You have to be correct that a reaction is in fact going to happen AND you must get back in. If you are wrong on either of these...you lose.
• Tyler Durden: This year's Jackson Hole symposium came and went with virtually zero actionable impact, as the key topic was the central bankers' admission that they are all clueless about how to best unwind global QE, and the conclusion that they have cornered themselves as any unwind will mean dramatic risk upheavals. Speaking from Jackson Hole, top officials warned that global financial stability is at risk as central banks draw back from ultra-easy policies, because emerging markets lack defences to prevent potential huge money outflows.
• Nigel Nelson (Daily Mirror): Cameron and Obama agree to a military strike over the use of chemical weapons in Syria [DS: never mind that the main evidence that we have that Syria used them is the ever so trust worthy John Kerry assuring us that he knows the Syrians used the weapons on their own people].
• Ambrose Evans-Pritchard (Telegraph UK): India’s rupee and Turkey’s lira both crashed to record lows on Thursday following the US Federal Reserve releasing minutes which signalled a wind-down of quantitative easing as soon as next month. Dilma Rousseff, Brazil’s president, held an emergency meeting on Thursday with her top economic officials to halt the real’s slide after it hit a five-year low against the dollar. The central bank chief, Alexandre Tombini, cancelled his trip to the Fed’s Jackson Hole conclave in order “to monitor market activity” amid reports Brazil is preparing direct intervention to stem capital flight. The country has so far relied on futures contracts to defend the real – disguising the erosion of Brazil’s $374bn reserves – but this has failed to deter speculators. The Brazilian leaders are moving currency intervention off balance sheet, but the net position is deteriorating all the time. DS: Sounds like Brazil has been a good student of JPM.
• Ellen Brown: If you think [the cash cushion from the unlent portion of deposits] makes the banks less vulnerable to economic shock, think again. Much of this balance sheet cash has been hypothecated in the repo market and laundered through the off-the-books shadow banking system. This allows the proprietary trading desks at these "banks" to use that cash as collateral to take out loans to gamble with. In a process called hyper-hypothecation this pledged collateral gets pyramided, creating a ticking time bomb ready to go kablooey when the next panic comes around. It appears that JPMorgan’s loan-to-deposit ratio is only 31% not because the bank could find no creditworthy borrowers for the other 69% but because it can profit more from buying airports and commodities through its prop trading desk than from making loans to small local businesses. DS: I doubt that the real reason is to make more money elsewhere. JPM does not want the economy to grow, and so they don't make loans to small businesses that create jobs that would stimulate the economy. They buy commodities and businesses in order to gain more control. Money is not the objective at this point. The banking system is now dominated by “global merchants that seek to extract rent from any commercial or financial business activity within their reach.” They represent a return to a feudal landlord economy of unearned profits from rent-seeking.

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Harvey's comments on Monday's price action (basis 1:30 PM EST)

Friday, August 23rd Gold and Silver Action (basis 1:30 PM EST)

http://harveyorgan.blogspot.com/2013/08/aug-26.html

Total, Aug (Gold), Sep (Silver), Oct (Gold) Open Interest

In silver

In gold

Volume

In silver

In gold

Inventory Numbers

In silver:

In gold:

Delivery Notices

In silver:

In gold:

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In gold:

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was unchanged (London holiday). WTI August crude was 106.28 down 0.31. Brent closed at 110.73 down 0.31. The spread between Brent and WTI was 4.45, down 0.17. The 30 year US Treasury bond was down 0.0140 at 3.7840. The 10 year T-Note was down 0.0130 at 2.8050. This is the one that is the dollar killer. GOFO is negative for the 36th day in a row. It still looks like they are running out of bullion. The dollar was up 0.05 at 81.46. The PPT/Dow was 14,946.46 down 64.05, BELOW the very key round number of 15,000. Facebook was 41.34 up a 0.79 (1.95%). Silver also closed up 0.25 at 24.33. The GSR was 57.74, down from a high of around 67%. September wheat was up a huge 20.20 at 654.60. December corn was up a huge 30.40 at 500.40. October lean hogs were 86.025 up 0.925. Hogs are also in backwardation as far out as May 2014. Seems the market is very concerned about the pork supply. September feeder cattle were down 0.400 at 156.250. September copper was 3.3195 down 0.0290. September natural gas was up 0.028 at 3.513. September coal is down 0.02 at 53.13.

Thank you for reading the Harvey Report. There is much more on Harvey's blog.

http://harveyorgan.blogspot.com

Goooood day!

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Thanks, BigNasty.  I am glad Harvey suits your interests. 

I mentioned "pulling the plug" to Mr. Fix and I think that maps into your terminal velocity in a nanosecond.  What I mean by "pulling the plug" is purposely creating an event that causes the whole system to break. The elites have purposely created these behemoth banks that are consuming the world.  They are so big they have been able to impose fiat money on an otherwise unwilling world.  They have systematically acquired the majority of the above ground investment grade PM and are now printing the fiat system into oblivion as one means to loot the wealth of the world.  On top this terminally destructive and purposeful devaluation of our fiat, the banks have erected this impossibly large system of derivatives based mainly on interest rates.  It is sort of like a circle of suiciders strapped with terminator-ware, each of whom has the detonator button for the other guy's vest.  FreeMarketAgent says the plan is to use derivatives to crash the European bond market and in a domino effect 2-3 weeks later crash the US bond market while the elites are massively short the UST in offshore funds.  So, yes, apparently it is a "plug pulling" event where the system reaches terminal velocity in a nanosecond.  Lindsey Williams says the bond markets will tank when Bernanke intentionally stands up and announces tapering, because interest rates will instantly head for the moon.  Lindsey says Bernanke's "well, we are thinking about tapering" was a test of how well the system would react to tapering.  I guess they must be satisfied, because it looks to me like the market nearly got away from them when they were merely musing about tapering.  In any event, when it goes down, it will be planned.  Even the wars are staged events where both sides are working for the same master with the objective to thin the herd and obtain direct control over the whole earth.

FWIW,

DayStar

This is DayStar (DS) with the Tuesday Harvey Report

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News and Commentary

• Harvey: Today was options expiry on the gold and silver contracts. Generally the bankers love to whack gold and silver prior to the expiry to prevent contracts on these precious metals from being purchased. In the wee hours of the morning, they did drive gold and silver down but tensions in Syria mounted and that caused gold and silver to rise were they finished at $1417.90 for gold and $24.65 for silver. Today we saw a huge whack in the gold/silver equity shares and that is a good sign that the bankers are trying to mobilize forces and try another attack for tomorrow. We will see how this plays out. At the Comex, the open interest in silver fell dramatically by 6701 contracts to 124,649 with silver's rise in price by 24 cents (Monday) . We must have had a lot of short covering yesterday.

• Harvey: Tonight, the Comex registered or dealer inventory of gold remains constant. It is still well below the 1 million oz mark, at 768,797 oz or 23.91 tonnes. This is dangerously low especially when we are closing in on the final few days of the August delivery month. With no gold entering the dealer side it seems almost impossible for the bankers to settle upon longs once the December contract hits. The total of all gold at the Comex (dealer and customer) tonight rests just above the 7 million oz barrier resting at 7.002 million oz or 217.81 tonnes. JPMorgan's customer inventory remains constant tonight at 167,056.49 oz or 5.196 tonnes. It's dealer inventory remains constant at 286,485.185 oz (8.91 tonnes). The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account remain constant in gold inventory tonight and its resting inventory is 19.14 tonnes of gold. Brinks continues to record a low of only 4.03 tonnes in its dealer account. DS: IMHO, those inventory values that remain constant are highly questionable. Can you imagine running a business and the inventory never changes? Where is the business if nothing ever happens? I call bogus on this unchanging data.

• Harvey: The GLD reported a gain in its inventory tonight of one tonne with a reading of 921.13 tonnes of gold. We had no change in the silver inventory at the SLV and thus the reading of the SLV inventory tonight is 339.373 million oz. On Friday, we recorded our 36th consecutive trading day for negative GOFO rates. Today we record our 37th consecutive negative trading for GOFO.

• Bloomberg: Technical analysts say that gold's break above $1,400 an ounce on Monday for the first time since June 7, in conjunction with its break above the 100 day moving average and a bullish "cup and handle" chart pattern, suggest more gains are in store for gold which may have bottomed out two months ago on June 28.

• GoldCore: Gold holdings by central banks are keenly watched since they as a group became net buyers in 2010 following two decades of being net sellers. The global economic crisis since 2008 has led to resurgent official sector interest in gold which seems set to continue for the foreseeable future. Central banks are diversifying their assets amid a mounting, long term, concerns about fiat currencies, particularly in emerging markets. Demand from central banks and global coin and bar demand is helping to counter the record outflows from ETF products seen this year. Central banks added 534.6 tons to gold reserves in 2012, the most since 1964, and may buy a similar amount again this year.

• Reuters: Gold futures in India touch record high above 32,500 rupees, but are still expected to go higher. Silver for September delivery on the MCX was 2.54 percent higher at 55,155 rupees per kg.

• Bengt Saelensminde: According to the World Gold Council, a massive 797 tons of gold left London and headed for Switzerland in the first half of this year. To put that into perspective, that’s nearly ten times the 72 tons exported during the whole of last year! Australian bank Macquarie says that bullion is draining out of London’s exchange-traded funds (ETFs), heading to Switzerland where it’s melted down into more manageable coins and smaller bars, before heading off to Asia. That is remarkable. And to my mind, this is the sort of activity that signals the bottom of the latest southbound swing in gold. Large-scale changes of ownership often occur at market extremes. OK – finally having the market bottom in is good news for some, but the problem is, many won’t have participated in the recovery. Like I say, over 700 tons have been shipped out of London over the first half of this year. Again, to put that into perspective, Gordon Brown’s much berated gold sales between 1999 and 2002 amounted to just under 400 tons. So, what we’ve witnessed is a massive outflow of private gold wealth, and remember, that’s just during the first half of this year!

• John Rubino (Dollar Collapse): One of the reasons that the developed world seems relatively stable while our debt, currency creation and unfunded liabilities go crazy is that we have a safety valve. When the Fed or ECB or Bank of Japan lowers interest rates to zero or buys up trillions of dollars of bonds with newly-created currency, a lot of that potentially-destabilizing liquidity flows elsewhere, mostly to emerging markets like Brazil, China and India – where it frequently causes booms and busts that, in relative terms, can dwarf those of the developed world. [DS: The currency instability causes a local demand for gold, which is counter to what the elites desire.] This is a seriously sweet deal for the US. When we’re liquefying the banking system to manage our excessive debts, those helpful emerging markets bear the destabilizing brunt of our exported inflation. When we decide to stop flooding the system with dollars, the emerging markets return the hot money to us to prop up our stocks and bonds. All the gain from easy money with little or none of the pain. “Emerging markets are in the eye of the storm,” said Stephen Jen at SLJ Macro Partners. “Their currencies are in grave danger. These things always overshoot.” Fears of Fed tightening have pushed borrowing costs worldwide to levels that could threaten global recovery. DS: It appears Bernanke's, "Well, we are thinking about tapering" comment is still reverberating around the world.

• Bill Holter (Miles Franklin): Investors are now wondering "where is the Gold?" and they don't like the answers they are getting. They are "voting" with their financial transactions. Investors are going to "cash and carry" on their own. They are buying physical metal and asking for delivery, they are also either buying less or outright selling "paper" Gold products. This is creating a "two tier" market where the price of REAL Gold is higher than "paper" which represents Gold. THIS in essence is backwardation in itself and "premiums" paid for physical metal was an early warning. Investors want Gold NOW and in hand because they either do not trust or believe that promises of future Gold can or will be kept. This by the way is a self fulfilling prophecy because there is only so much Gold that can be had. The higher that current demand goes, the more that inventories will be depleted. The more that inventories are depleted the faster new demand to get it "now" becomes. Basically the recipe for a buying panic is evolving.

• Bill Holter: If there was no Gold to be had at the mint or from refineries, if the mines just sat on and held their production, if your coin dealer could not source metal and no one was offering Gold for sale either privately or over the internet, what would an ounce of Gold be worth? The answer is "a lot". How much exactly no one knows but during a reset of price there will be no trading...until a new price balances out and coaxes enough sellers out of hiding to meet the buyers. You MUST be in position before this happens. 5 years, 6 months or even 1 second too late will equate to the rest of your lifetime!

• Lawrence Williams (MineWeb): Over the weekend gold broke back up through the $1400 level and somehow the sentiment towards it seems to have changed. People are getting nervous about the general stock market, which has had a good run while gold had been falling. Now there is a realisation that the rising stock market may have vulnerabilities, despite the amount of money still being pumped into the economy through easing programmes – and talk of tapering now seems to be depressing the general stock market as much as gold – if not more so. How quickly attitudes can change in the markets. Momentum seems to be building in the gold and silver space. The East is still buying, and the West may have ceased its big gold ETF sell-off. Where is the gold and silver coming from to meet this big, and seemingly rapid, change in the market with demand for physical metal outstripping new supplies? Are the ‘wise men’ truly in the East still today? People at last seem to be coming to the realisation that paper gold is just paper and they need to get the real thing in their hands.

• Peter Cooper (Arabian Money): Chinese imports of gold from Hong Kong shows an exponential curve. This is China taking advantage of the stupid manipulation of gold prices by central banks to accumulate more real assets at low prices. Why are the wise Chinese doing this? Simple really, they note that money printing by central banks is going to blow up the global monetary system and want to be invested in the one money that these guys cannot print. The 30-year bull market in US treasuries is history and now heading in the opposite direction. It makes excellent sense to be out of bonds in a falling market, and that is what the Chinese have been doing by buying gold. Now the rest of the world will begin to follow them. But really it is too late, the massive transfer of real money from West to East, or China at least not Japan, has already happened.

• Tyler Durden: Asian Foreign Exchange bloodbath reignited with both stocks and bonds falling while gold rose. After a brief and hopeful respite, the Indonesian Rupiah has collapsed by 3.9% in the evening's session - the biggest drop in 5 years. A close second is the Indian Rupee which has colapsed back from its best day in 11 months with a 1.5% plunge. EM bonds are being sold with India and Indonesia leading the way along with Thailand which just joined the bear-market crowd in equity land as its stock market is down 20% from May highs (down 9 days in a row - the most since 1998). Stock markets are all lower with India (banks -2.5% today and 35% from highs) and Philippines worst. Gold remains 'held' under $1400 as the USD (Asian Index) jumps to its highest in 14 months.

• Tyler Durden: The total amount of Greek government debt outstanding has grown so much over the last 15 months that it has retraced over 60% of the 'haircut'-based reduction and has jumped a stunning 14.5% in that period. As KeepTalkingGreece notes, this is despite three years of strict austerity measures, incredible taxes and a debt haircut of 53% (~100 billion Euros in March 2012).

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Harvey's comments on Tuesday's price action (basis 1:30 PM EST)

Monday, August 26th Gold and Silver Action (basis 1:30 PM EST)

http://harveyorgan.blogspot.com/2013/08/august-27gld-increases-gold.html

Total, Aug (Gold), Sep (Silver), Oct (Gold) Open Interest

In silver

In gold

Volume

In silver

In gold

Inventory Numbers

In silver:

In gold:

Delivery Notices

In silver:

In gold:

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In gold:

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was unchanged (London holiday). WTI August crude was 109.07 up a large 2.79. Brent closed at 115.08 up a ridiculous 4.35. The spread between Brent and WTI was 6.01, up 1.56. The 30 year US Treasury bond was down 0.0810 at 3.7030. The 10 year T-Note was down 0.0840 at 2.7210. This is the one that is the dollar killer. GOFO is negative for the 37th day in a row. It still looks like they are running out of bullion. The dollar was down 0.32 at 81.14. The PPT/Dow was 14,776.13 down 170.33, BELOW the very key round number of 15,000. Facebook was 39.64 down a large 1.70 (4.11%). Silver also closed up 0.19 at 24.52. The GSR was 57.75, down from a high of around 67. September wheat was down 4.00 at 650.60. December corn was down 14.20 at 486.20. October lean hogs were 86.600 up 0.575. Hogs are also in backwardation as far out as April 2014. September feeder cattle were down 0.800 at 155.450. September copper was 3.3285 up 0.0090. September natural gas was up 0.021 at 3.534. September coal is down 0.12 at 53.01.

Thank you for reading the Harvey Report. There is much more on Harvey's blog.

http://harveyorgan.blogspot.com

Goooood day!

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This is DayStar (DS) with the Thursday Harvey Report

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News and Commentary

Deviant Investor: The world has been living with unbacked paper currencies since Nixon’s default in August of 1971. Since then we have clear evidence that:

1. Governments do not maintain the value of their unbacked paper currencies.
2. Purchasing power declines.
3. Debts and unfunded liabilities increase much more rapidly than the underlying economy which must support those debts.
4. Expensive wars and social programs accelerate the process.
5. Political promises to balance the budget, put the fiscal house in order, and live within our means are good theater, but little more.

• Harvey: The Comex registered or dealer inventory of gold falls slightly. It is now well below the 1 million oz mark, at 724,934.269 oz or 22.54 tonnes. JPMorgan's customer inventory remains constant tonight to 210,631.771 oz or 6.55 tonnes. It's dealer inventory also remains constant at 242,909.905 oz (7.55 tonnes). The total of the 3 major gold bullion dealers( Scotia , HSBC and JPMorgan) in its Comex gold dealer account again falls slightly in gold inventory tonight and its resting inventory is 18.054 tonnes of gold. Brinks continues to record a low of only 4.03 tonnes in its dealer account.

• Mark O'Byrne (Goldcore): Gold fell from a three month high, its first fall in six days on profit taking after the likelihood of U.S. military strikes on Syria, at least in the short term, diminished. Geopolitical risk, emanating from the Middle East in particular, has been underestimated for some time. Since the alleged chemical weapons attack on August 21, oil has risen sharply and gold has received a safe haven bid.

• Tom Fitzpatrick (Citigroup): "Silver is in a strong uptrend and will likely outperform gold as the gold silver ratio will drop from its current level at 58.1" and “As the gold/silver ratio plummets near 30, this would also suggest a silver price above $US100” and “So we believe we are back into that track where gold is the hard currency of choice, and we expect for this trend to accelerate going forward. We still believe that in the next couple of years we will be looking at a gold price of around $US3,500.“ DS: That was my thinking too. Gold reacted the way it's supposed to for this crisis.

• GoldCore: Despite the recent gains, gold remains down 16% this year and this is leading to contrarian buyers buying gold at what they still see as discount prices. Gold appears to have bottomed in June and is rising due primarily to strong physical demand for jewelry, coins and bars globally. Gold is heading for a second monthly gain which is very important technically and from a momentum perspective.

• GoldCore: Muenze Oesterreich AG, the Austrian mint that makes Philharmonic coins, increased sales this year after tumbling gold prices fueled demand. Sales of gold coins from January to July rose 79 percent from a year earlier to 383,500 ounces, according to data e-mailed by the Vienna-based mint, almost matching those for the whole of last year of 400,000 ounces. Mints saw sales jump after the price of gold, 15 percent lower this year, plunged into a bear market in April. Surging demand for jewelry, coins and bars in Asia helped prices rally as much as 21 percent since the end of June. “As soon as the gold price went down, many individual buyers thought: ‘Now it’s the best time for us to get into the gold market,’” Andrea Lang, the mint’s marketing and sales director, said by phone yesterday. “As soon as there’s a movement in the gold price, people are interested in the gold market.”

• GoldCore: Another positive factor for the gold market is the very delicate situation regarding peak gold and supply from South Africa. In what could be described as a provocative move, gold mining companies in South Africa are considering locking out workers. The aggressive move is being considered if labour unions fail to accept a revised pay offer. The four unions in the gold industry have until 12 p.m. local time today to accept an offer from the chamber, which represents gold mining companies, to increase the wages of some categories of workers by 6.5%. Workers in the automotive, construction and aviation industries are already on strike to demand pay increases in excess of the considerable inflation rate of 6.3% in July.

• The chance of a South African gold strike is ‘highly likely’ said Solidarity Union General Secretary Gideon du Plessis, in a speech in Johannesburg.

• Liam Vaughan & Gavin Finch (Bloomberg) In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move in a month. Within an hour, two-thirds of that gain had melted away. The same pattern -- a sudden surge minutes before 4 p.m. in London on the last trading day of the month, followed by a quick reversal -- occurred 31 percent of the time across 14 currency pairs over two years, according to data compiled by Bloomberg. For the most frequently traded pairs, such as euro-dollar, it happened about half the time, the data show. The recurring spikes take place at the same time financial benchmarks known as the WM/Reuters (TRI) rates are set based on those trades. Now fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.

• James Turk (via King World News): Both gold and silver have been showing tremendous strength, Eric. With each passing day, the odds improve that a major low was made in June. Therefore, we have to set our sights on much higher gold and silver prices in the weeks and months ahead. What continues to amaze me is that gold is still in backwardation. It is truly stunning considering that gold has remained in backwardation even though the price has jumped from $1,200, when the backwardation started, to $1420 today. That's an 18% jump in price, and it occurred in only 37 trading days. I have no other way to express this development other than to say that it is truly historic, Eric. The fact that gold remains in backwardation is remarkable. Everybody needs to be paying attention to this because the jump in price has not induced enough holders of physical metal to sell. This shows that people are afraid of paper. They want a tangible asset because they know and understand the protection provided by physical gold and silver.

• Grant Williams (via King World News): We have seen some real weakness (in stock markets) in Asia. We have a lot of the smaller markets in Asia really getting pounded. So far this year, the Bombay indices are down almost 30% in currency-adjusted terms, with the fall in the rupee. We also have the Indonesian stock market down 24%, and Thailand down 14%. In dollar terms we are seeing some real plunges. Thailand has fallen 20% in the last month. This is all capital flight out of Asia. Asian governments are very, very concerned about this. This is how the Asian currency crisis started in 1998. Unless they can get a handle on this fairly quickly, these 2% falls will become 5% plunges, and then 8% nosedives. Pretty soon they will have a real crisis on their hands.

• Grant Williasm (KWN): Also the old price-suppression trick of bashing the gold price at option expiration is getting harder as the supply of real metal gets tighter. There is such a tight supply of physical gold that any kind of ‘gaming of the system’ you can play around options expiry is very limited now. This is a big change in the gold market. The reasons for this is there are plenty of people who understand the tightness in supply, and these people will buy into any weakness and stand for delivery. This will force the shorts into sending them physical gold. So, suddenly this little game that’s been going on around Non-Farm Payrolls and option expiries, those games are very, very difficult to play now. You’ve got to be very nimble now if you are shorting. If you miscalculate there is going to be h*** to pay.

• Keith Barron (via King World News): Despite some pullbacks, overall both the gold and silver markets have been moving up quite nicely. All of your guests on KWN predicted this would happen because we knew the precious metals markets were deeply oversold. We also knew the cost to buy both gold and silver had declined below the median cost of production. You can never have this situation going on for very long (metal below cost of production) because it puts the producers out of business. But what we have really seen over the last couple of months is a massive amount of physical gold moving out of the Comex and LBMA systems, out of the ETFs, and this gold has migrated to the strong hands in the East. The rupee hit an all-time low against the U.S. dollar. But nobody wants to hold dollars in India either, so as I said they are buying as much gold and silver as they can get their hands on. We have also spoken about the thriving black market in India because of the enormous smuggling of gold that is taking place into the country.

• John Hathaway: The more suspicion there is of the Comex, the LBMA, and banks with structured notes, this lack of trust on the part of entities with paper claims means that owners of gold want to get their hands on their physical gold and get it out of the system. In other words, trust is breaking down in the system. And because you have this huge pyramid of credit, which is based on a very small amount of physical gold, this run on physical gold can spread very quickly. In a way it can be like a run on the gold bank. We have seen a very slow version of this throughout the summer, but if that should pick up steam for any reason, these are the exact mechanics of why gold could spike to the upside far more than anyone is betting on right now. The bottom line is that the situation in the gold market is so precarious right now that if entities demand their physical gold be delivered, and they put additional pressure on these intermediaries (Comex, the LBMA and various banks), we will see some extraordinary fireworks to the upside in the gold market.

• Mike Kosares (USAGold.com): Currency and debt collapses are probably bigger threats to the world economy than anything involving Syria. Problems with emerging nations and especially derivatives could cause havoc to the west and thus a bigger threat than even Syria.

• Suvashree Dey Choudhury (Reuters): We will start a pilot project among some banks where we will allow them to buy back gold from individual households," the source, an official familiar with the central bank's gold policymaking, said. "This will start soon, we have discussed (it) with banks." The RBI will ask the banks to buy back jewellery, bars and coins for rupees. Lenders will have to offer better rates than pawn shops and jewellers to lure sellers. Any talk of using the country's gold to help meet India's international obligations revives memories of a 1991 balance of payments crisis - when India flew 67 tonnes of gold to Europe as collateral for a loan to avoid a sovereign debt default.

• Bill Holter (Miles Franklin): We also watched the price of oil break through $100 to the upside amidst decent supply and demand that was surely not even close to off the charts. Now it has breached $110 on the upside based on the fears of a Syrian conflict. Both of these, higher interest rates and higher oil prices will hit the common man harder than anything except maybe food prices. The Brazilian Real, Indian Rupee, South African Rand, Indonesian Rupiah and others have outright cratered in purchasing power over (and from before) this last 60 days. So the "squeeze" for the common man is already on and has been in the emerging economies, now as interest rates and oil go higher, the squeeze will intensify...and spread to those of us in the "leading economies". Higher interest rates and higher oil from here will only deepen the recession and turn it into a full blown DEPRESSION! In any case, Syrian conflict or no, interest rates and oil have already risen here in the U.S.. $5+ per gallon of gasoline and 5% mortgage rates will bite into our standard of living hard no matter how sugar coated or outright lied about the "official" economic numbers are that are reported. If you think that the last 5 years have felt like a "squeeze", get ready to tighten your belts some more because even without a disastrous World War our standard of living is about shrink!

• Jim Willie: Syria is about the last gasp for the Petro-Dollar. The focus is Pipeline politics and the eclipse of OPEC. Coming to a world near you — the NatGas Coop led by Gazprom blackmail to Europe and Great Britain. the key to the future (the margin of new power) is NatGas Coop example: Israeli Tamar floating platform from which the Izzys committed surplus natgas to Gazprom for the Western Europe market. not 5% of Americans comprehend the defacto Petro-Dollar standard. The fall of the Saudi regime is guaranteed eventually for the Saudis cannot play both sides (US & Russia) successfully. Syria is the last line of defense for the USDollar.

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Harvey's comments on Thursday's price action (basis 1:30 PM EST)

Wednesday, August 28th Gold and Silver Action (basis 1:30 PM EST)

http://harveyorgan.blogspot.com/2013/08/august-292013gld-remains-constantComex.html

Total, Aug (Gold), Sep (Silver), Oct (Gold) Open Interest

In silver

In gold

Volume

In silver

In gold

Inventory Numbers

In silver:

In gold:

Delivery Notices

In silver:

In gold:

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In gold:

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was down 0.87% at 1136.00. WTI August crude was 108.20 down 1.33. Brent closed at 114.59 down 2.02. The spread between Brent and WTI was 6.39, down 0.69. The 30 year US Treasury bond was down 0.0510 at 3.7030. The 10 year T-Note was down 0.0310 at 2.7510. This is the one that is the dollar killer. GOFO is negative for the 39th day in a row. It still looks like they are running out of bullion. The dollar was up 0.32 at 81.46. The PPT/Dow was 14,840.95 up 16.44, BELOW the very key round number of 15,000. Facebook was 41.28 up 0.73 (1.81%). Silver closed down 0.52 at 23.87. The GSR was 58.95 up 0.82 silvers-to-gold, but down from a high of around 68. September wheat was down 5.20 at 641.20. December corn was up 0.60 at 481.40. October lean hogs were 87.250 up 1.200. Hogs are also in backwardation as far out as April 2014. September feeder cattle were up 0.450 at 156.450. September copper was 3.2440 down 0.0575. September natural gas was up 0.036 at 3.618. October coal is down 0.27 at 51.58.

Thank you for reading the Harvey Report. There is much more on Harvey's blog.

http://harveyorgan.blogspot.com

Goooood day!

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