Harvey Organ Should Be An Interesting Read Today

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Fri, Oct 12, 2012 - 1:54am (Reply to #81)
ajwgator
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Excellent post today! 

Excellent post today! DayStar for the tip for setting the "last post first". I did take the link you left at Kitco and made it a favorite in my browser. After close to 3 weeks of not being able to post here, I sent an email to asking why that was and TF got it fixed for me. Needless to say, I had become accustomed to navigating here after trying everything I could think of trying in getting to reply and post. There are a number of Kitco members asking what has happened to the Harvey thread and are wondering where you are. I understand why you moved. I am sure that more and more will come over here to keep up with you. I will continue to spread the word. Thanks again!

Fri, Oct 12, 2012 - 6:21am (Reply to #82)
DayStar
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AJWGator

AJWGator, I am glad you liked the post. It is nice to be able to write without unreasonable constraints on what I say.

As far as Kitco, if the guys that asking where I went would read the last posts on the thread, they would know what happened, where I am, and how to get here. All they have to do is copy and paste a link into a browser. Most people can do that, but not all will. Kitco mods killed the live link I posted. I was kinda surprised they didn't kill the text URL. I guess they did cut me a little slack. Maybe their bosses gave them grief about my articles.

Thanks, though, for spreading the word. There's always 10% that don't get the memo.

DayStar

Sat, Oct 13, 2012 - 11:50pm
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~~Harvey 13 Oct 2012

This is DayStar (DS) with the Friday Harvey Report.

Commitment of Traders Report (COT):

Gold

The COT is getting more bullish for gold price, as the commercials went net long by about 2300 contracts. It must be getting a little scary for our bankers.

Silver:

The COT was neutral with respect to bankers but you can see that the bankers are loathe to supply the necessary paper. Those commercials that have been long in silver added another 396 contracts to their long side. Those commercials that have been short in silver surprised the living daylights out of everyone as they went short by only an additional 440 contracts. DS: If you look at the Kitco charts for last COT week (3-10 Oct), you can see that silver traded sideways a lot. You can see evidence of HFT trading on the charts in what looks like noise after Sidney opens until the time that Comex opens at which time the amplitude of the noise decreases a lot. I wonder if the cartel is able on the average to gradually bleed off a lot of their shorts using the HFT "noise" without affecting the price a lot. It would be sort of a miniature waterfall over a very short time span and it would only be one or two contracts bled off at a time, but it can be done hundreds or thousands of times over a night. If you had free dollars and didn't care about making money on this, I think it could be done. It would also be a way to move the newly printed dollars JPM got through the Fed into the mainstream circulation through fees to the CME or other cartel bourses, and another cartel company profits in the process.

Andy Hoffman (Miles Franklin): Two weeks past, gold completed a "golden cross"; i.e., its 50 DMA crossed above its 200 DMA, negating the technical damage done by a year of Cartel attacks. Throughout the past 12 years, gold's 50 DMA has traded above its 200 DMA nearly all the time - as tends to occur during bull markets. Thus, it was quite the Cartel accomplishment to push it below the 200 DMA after February's "LEAP DAY VIOLATION," where it stayed an incredible five months - care of the most heavy-handed, blatant suppression I can remember. But here we are - with the Presidential election less than four weeks away - and gold is back to its pre-"LEAP DAY VIOLATION" levels; with its 50 DMA above its 200 DMA, on the verge of a MASSIVE "triple-top breakout. And the same for silver, which experienced its own "golden cross" last week. As I've noted countless times, short-term technical analysis is WORTHLESS in a manipulated market. However, long-term "T.A." is MORE VALUABLE than in freely-traded markets, given the immensely bullish formations created by suppressive manipulation.

Michael Krieger (LibertyBlitzkrieg.com): The period ahead I think will be one of increasing social and economic chaos in the United States. Eariler this year I wrote a piece where I said, The assumption that is being made, and to some extent has to be made, is that if they have been able to pull off this total coup of the financial markets for the past seven months why can’t they keep it going until the election? Well if we are to assume this, it means we must assume they can pull it off for six more months, which would bring the total to thirteen months. This would be quite a feat. They know how difficult it will be to keep things “together” in the markets amid a real world that is falling apart. This is why the Fed is pretending there will be no more liquidity added to the system. In their minds, the best strategy is to talk down QE while at the same time attacking commodity markets behind the scenes. In their mind, this will give them the cover to create trillions more for their banker shareholders. I have stated that this would be the plan and as we can see in the markets lately, it has been executed to precision. It was always my contention (and still is) that if they successfully kicked the can until the election then there would be absolute hell to pay afterward. That payment is now due. The best way I can describe what I think the next six months will look like is: Europe. Think the periphery countries. The metals have been officially capped by Central Planners in biblical fashion over the past 12-18 months, and a lot of physical has simply been taken off the market that will not be coming back. We have also seen the Italian and Portuguese populations fleeced of their metal in this year long correction, as well as lower income folks in the United States, when we saw earlier this year when EZCORP Inc. told us that pawn shops were running out of gold. Physical metal will not be available at these prices when people realize how much they need them and any manufactured paper dips will be bought aggressively.

Tyler Durden: Fed Beta Testing QE4 -- Large Amount of $100 Bills Stolen From Federal Reserve. A month ago, just before the launch of QEternity, we caught a rare glimpse of what may be the beta test of one of the Fed's latest ploys in "unconventional monetary easing" when bank robbers decided to throw money out of their car in central LA during a police pursuit. Today, a month later, and 4 weeks after Bernanke's latest open-ended monetary easing, incorrectly reference virtually everywhere as QE3 (as Twist has had more flow impact on the market than QE 1 and 2 combined) has proven to be, at least so far, an absolute failure, we learn what perhaps may be an even more "effective" approach to juicing the monetary supply with quite literally brand new, freshly printed Benjamins (the Franklin varietal; the Bernanke will have one or more separator commas). From AP: "Federal authorities are warning merchants to be on the lookout for stolen $100 bills that aren't supposed to go into circulation until next year. The bills were stolen from an airplane that landed in Philadelphia from Dallas Thursday morning. The plane had been transporting money from the Federal Reserve facility in Dallas."

Zero Hedge: The overhwelming majority of investors seem to believe that some compromise will be reached to resolve the looming fiscal drag, and this fact is more than priced into markets. As Barclays notes however, a big deal that encompasses entitlement and tax reform is very unlikely before year-end. Hence, if the ‘cliff’ is avoided, it will be because Congress extends all expiring provisions for some time while it works on a bigger deal. Such an 'extension/compromise' move would not reduce investor uncertainty if it were only for a few months; bond markets would simply start counting down to the new date. More importantly, the discussion about the fiscal cliff misses a broader point: the US will probably have significant fiscal tightening over the next decade that is a drag on medium-term growth. Yet more investors dismiss last year's reaction to the debt-ceiling debate - a 17% decline in 2 weeks - as any kind of precedent, claiming (falsely) that this was more due to European financial difficulties. We expect fiscal issues to be the defining drivers of the next several quarters and as BofAML notes, Washington's view of this 'process' as a 'slope' combined with the dangerously negative election campaign (which will need a 180-degree reversal for any compromise) means the likelihood of a Wile E. Coyote Moment is considerably higher than most expect.

ZH: The IMF's World Economic Outlook (WEO) provided a plethora of data, trends, and extrapolations for investors to prognosticate upon. One that caught our eye is the rising trend of the 27 Developing Asian economies as a share of World GDP. Bloomberg's Chart of the Day notes that by the end of 2012, Developing Asia will account for 17.9% of World GDP - trumping, for the first time - Europe's 17-nation 16.9% share. The euro-area crisis has merely accelerated a trend that has been ongoing for several years - and we suspect, as former IMF board member Domenico Lombardi notes, makes it clear that euro-area economies need to address their structural reforms rapidly. America should not be too complacent however, as while China will top Europe by 2017 (as a share of global GDP), USA will welcome its own overlords in five short years when Developing Asia will have topped the USA for the first time ever.

Lindsey Williams via Infowars.com: The dollar is already dead. There have been trillions in trade agreements signed in 2012 where nations formed trading partnerships that will not use dollars. These trade agreements free up trillions of dollars. These will be coming back to USA in 6-8 months. This will destroy the dollar as a currency. These repatriated dollars are in addition to the monthly billions of newly printed dollars Berneke is putting into circulation. By the end of 2012 there will be plenty of food in the supermarkets, but people will not be able to afford it. Right now food stamp recipients are struggling to make it through the month on what they get as a result of food price increases that have already happened. In 1966 you could trade a one dollar Federal Reserve Note for one silver dollar. Now a silver dollar requires 40 US dollars. Lindsey says they are trying to scare people so they won't think clearly. A lot of the stuff in the blogosphere is put there to divert people's attention from what they should be noticing, i.e. inflation, death of dollar, and derivatives. The Fed bought mortgages and is going to bundle them and sell them to foreign investors on a fractional reserve basis. The elites have instigaged QEIII that is destroying the dollar, a scheme to give these newly printed dollars to banks who will then buy T Bills (debt). None of this money will help America. They are stealing the money and destroying our currency, and Americans have not risen up in arms about it. The elites are very angry with O 1) about the cross-Canada pipeline permit refusal, 2) the Dodds-Frank bill, 3) the non-production of American oil. O has double crossed the elites on these issues. Romney threw these in O's face during the debate and rattle O because he realized then that the elites had not forgiven him and were coming after him through Romney. If the older elites have their way, O will not be the next prez. The elites must have gold at $3000 and silver at $75 before they introduce the new currency backed by gold. The elites are going to bypass the Amero and go directly to the SDR, a unified one-world currency. Alex Jones says the elites will double cross the older American elites. DS: I believe the elites will double-cross the American elites and start WWIII when Iran launches a preemptive strike against Israel. When that starts there will be a limited exchange of nukes, and they will turn out the lights in America with an EMP. Normalcy bias prevents people from recognizing what is now openly admitted by the elites--they boast they run the world, and they do. The US two party system does the same things no matter who is in power. They put in an unelected technocrat in Italy. They killed the whole government of Poland when they would not cooperate. We are in deep kinche, my friends.

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

Quote:

Gold closed down $10.80 to $1758.00.

Silver fell by 43 cents to $33.63.

Thursday, Oct 4th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/Comex-datamassive-silver-movements-into.html

Total, Oct (Gold), Nov (Silver), Dec (Silver & Gold) Open Interest

In silver

Quote:

The total silver Comex OI rose by an astonishing 1240 contracts to settle at a multi year high of 42,591.

The raid on Friday was no doubt decided upon once the bankers knew the high silver OI. The bankers must get our silver leaves to fall or else we are looking at a possible silver commercial failure.

The non active October contract saw it's OI fall by 20 contracts. We had 18 notices filed on Thursday so we gained 16 contracts or 80,000 oz of silver standing.

The non active November contract saw it's OI fall by 10 contracts down to 53.

The big December contract saw it's OI rose slightly by 397 contracts to 88,228. It is this figure that is driving our bankers bonkers!!

In gold

Quote:

Let us now head over to the Comex and assess the damage yesterday. The total Comex gold OI rose by 3,412 contracts to settle this weekend at 480,287. The Thursday session close came in at 476,874.

The active October contract saw its OI fall by 20 contracts to 315,000. We had 17 delivery notices yesterday so we lost 3 gold contracts standing or 300 oz. The non active November contract saw it's OI fall by 18 contracts to 1072, The big December contract saw it's Oi rise by close to 4,000 contracts to rest this weekend at 351,114, a very lofty amount.

Volume

In silver

Quote:

The estimated volume at the silver Comex on Friday was good at 40,598.

The confirmed volume on Thursday was a touch weaker at 38,857.

In gold

Quote:

The estimated volume on Friday registered 138,287 which was very weak.

The confirmed volume on Thursday was also very weak at 123,248.

Inventory Numbers

In silver:

Quote:

Again, we had huge activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

We had the following customer deposit:

i) Into JPMorgan: 456,057.48oz

ii)Into Scotia: 1,176,937.34 oz

Total deposit: 1,632,994.82 oz

We had the following dealer withdrawal:

i) Out of brinks: 3,600,546.28oz

Total dealer withdrawal: 717,073.26 oz.

We had the following customer withdrawal;

1. Out of Delaware: 1000.00 oz.

2. Out of Scotia: 558,390.278 oz.

Total customer withdrawal: 559,390.278 oz

So together we had over 4.1 million oz of silver removed from registered vaults.

And you do not think there is a problem in silver?

Registered silver tonight: 38.025 million oz

total of all silver: 141.05 million oz.

We had 1 adjustment and it was a removal of silver from the customer into the dealer account at... you guessed right JPMorgan:

a) 511,815.73 oz from the customer into the dealer account at JPM

The dealer or registered inventory rests tonight at 41.625 million oz.

The total of all silver rests at 144.466 million oz.

In gold:

Quote:

Today, we again had tiny activity inside the gold vaults.

The dealer had one dealer deposits at brinks for 2,999.99 oz but no withdrawals.

The customer had no deposits.

The customer had the following withdrawal:

i) Out of HSBC: 3022.1 oz

Total withdrawal: 3022.10 oz

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.565 million oz (79.78 tonnes of gold)

Delivery Notices

In silver:

Quote:

The CME reported that we had another very tiny 1 contract served or 5,000 oz of silver.

In gold:

Quote:

The CME reported that we had only 23 notices filed for 2300 oz of 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:

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

Quote:

The total number of silver notices filed so far this month is represented by 436 contracts or 2,180,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (76) and subtract out today's notices (1) which leaves us with 75 notices or 375,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,180,000 oz (served) + 375,000 oz (to be served upon) = 2,555,000 oz

we gained 16 contracts or 80,000 oz of silver standing

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6862 contracts or 686,200 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (315) and subtract out today's notices (23) which leaves us with 282 notices or 28,200 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

686,200 oz (served) + 28200 oz (to be served upon) = 714,400 oz.(22.19 tonnes)

We lost 300 oz of gold standing.

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.86% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 926 up 2.55%. WTI crude was 91.86 down 0.21 today. Brent closed at 114.21, down 2.44. The spread between Brent and WTI was 22.35 down 2.23. US Treasury 30 year closed at 2.835 down 0.020. The dollar was down 0.12 points at 79.65. The PPT/Dow was up 2.46. The Dow settled above the important level of 13,000 at 13,328.85. FaceBook closed at 19.52 down 0.23 (1.17%) and silver closed at $33.48, a Greek tragicomedy. The November CCI was 576.60, down 5.10. December wheat was down 29.20 at 856.60. December corn was down 20.40 at 752.60. October lean hogs were up 0.425 at 82.750. November feeder cattle were up 0.425 at 144.225. December copper was 3.7030 down 0.0485. November natural gas was up 0.007 to close at 3.611. November coal is 53.75 up 0.32.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Mon, Oct 15, 2012 - 10:04pm
DayStar
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~~Harvey 15 Oct 2012

This is DayStar (DS) with the Monday Harvey Report.

Ben Traynor, BullionVault: "It will not happen that there will be a 'Staatsbankrott' in Greece," Schaeuble told a forum in Singapore Sunday, using a German phrase for state bankruptcy despite delivering the rest of his remarks in English. Sweden's finance minister Anders Borg however predicted Friday that Greece will leave the Euro within six months. Sweden is not a member of the 17-nation single currency. Meanwhile in India gold bullion refiners have seen increased activity this year following the imposition of a higher import duty on refined bars back in January, the Economic Times of India reports. In Africa meantime, 100 Chinese workers have been detained for suspected illegal gold mining, China Daily reports.

Eric King (King World News): Futures market analyst Dan Norcini told King World News Saturday that the usually smart traders in the futures markets are now very short the monetary metals and the usually dumb guys very long and he expects lower prices. these markets definitely have a lot of potential here for some liquidation if the support levels in silver get taken out to the downside. Silver is very close to testing a major support level here now as we begin the week Sunday night and into Monday morning. If silver drops below $33.30 Sunday or Monday morning, we are going to see some additional downside. We’ve got the potential here for some downside action. Doesn’t mean we are going to get it, but we have to watch these support levels in both gold and silver because we do have the firepower necessary now to take this thing down a little bit more sharply if those support levels are taken out.” For investors that already have their positions in physical gold, silver, and the mining shares, do not let consolidations or corrections, which are normal during secular uptrends, shake you out of your positions. Readers have to remember that very few human beings have the ability to hold their positions throughout an entire bull market. The key is to have incredible patience, conviction, and at times, courage. I promise you that all three will be necessary to hold on until the eventual mania.

Bruce Krasting (WSJ): Ben did not go to Japan to defend US monetary policy. He traveled around the world to deliver a very specific message. He was very pushy about the need for Emerging Market economies to allow their currencies to appreciate versus the dollar. Ben’s words that will, no doubt, raise some eyebrows in Beijing. Berneke: "In some emerging markets, policy makers have chosen to systematically resist currency appreciation as a means of promoting exports and domestic growth." Ben did not mention a specific country that was abusing its currencies value, but it was clear he was talking about China. The WSJ’s Jon Hilsenrath confirmed that China was the target of Ben’s ire. Ben was talking trash, but we wonder is ‘trash’ the consequence of manipulation of an FX rate, or is ‘trash’ left behind when there is manipulation of long-term interest rates? That’s a pretty fine line. Bernanke has crossed it.

There are some developments in China that come into play regarding Bernanke’s very public challenge regarding the Chinese management of their currency:

1) The entire government will change hands in a month. No one really knows what will happen. A rise in Chinese nationalism is a likely outcome.

2) The economy is slowing at rate that justifies those who have argued for a hard landing. What does it mean if China is growing at sub – 3%? No one knows the answer to that either. China will not take any steps that would hurt its economy anytime soon as a result. Bernanke's challenge to allow the CNY to float higher fell on deaf ears.

3) The Chinese government recently fostered/sanctioned a domestic uprising against Japan. The result was the destruction of Japanese products and factories. The destruction of property has ended. But the evidence shows there has been long-term damage to trade. China inc. is no longer buying Japan inc.

No one has the slightest idea what the implications of this are. If China can turn its citizens against Japan, they probably can do the same to America.

Andy Hoffman (Miles Franklin): John Williams of shadowstats.com is the pre-eminent expert in calculating REAL economic data; and according to his data – and OUR experience in the REAL WORLD – annual consumer inflation has run 6%-7% higher than reported; far less so, in things we “WANT VERSUS NEED.” Using Williams’ REAL inflation data, the Dow is down a whopping 32% in the past five years; and likely, around 40% when incorporating survivor bias (i.e. the result of failing companies being dropped from the Dow and replaced by government supported companies). The Dow/gold ratio has fallen from about 18 in October 2007 to about 8 at present which is a good measure of real inflation.

Greg McCoach: The latest QE3 is open-ended, allowing the Federal Reserve to create money every month, indefinitely. QE3 was announced just a few weeks ago and already there is talk about QE4. So, in my opinion, this is the death spiral of the U.S. dollar. The same thing is going on in Europe and Japan. It's very troubling and, in my opinion, totally unsustainable. But, trying to predict a timeline for the ultimate demise is almost impossible. This stuff could last another couple of years. Adding in the derivative problems on top of all this debt, it's just sheer insanity. So, where is gold going? It's going way higher because this is the ultimate dynamic that will guide the investment world for the coming years. The days of being able to fix this are long past. I had a chance conversation with a U.S. senator and, when I asked him about the debts and deficit spending, he admitted that everybody in Washington and New York knows that there's no possible way to pay this back. So, essentially all the politicians are hoping it doesn't blow up on their watch. I'm a student of history, which shows that no government that has taken on a fiat currency has gotten past the 41-year mark before it ended in inflationary panic and disaster. The U.S. dollar is now going into its 42nd year as a fiat currency and breaking the record. We're right on the cusp of what history says is totally unsustainable and will eventually collapse. Then there is the derivative problem on top of the debt. There's no historical record of derivatives because they were created in the 1980s for large financial institutions to manage big risks. Unfortunately, the greed in the system overtook them, with everyone trying to make incredibly large returns. Now we have the derivative liability tracking through the world system. DS: How do you make more money than exists? That appears to me what derivatives have done. They have created notional amounts of liability for money that doesn't even exist.

Greg McCoach: The fiscal cliff is coming. John Mauldin and I believe that if we're going to do the right [fiscal] thing, we have to go far beyond what the fiscal cliff is dealing with. The way it's set up right now, only about 5% will be cut from spending next year. That's nothing. We have to do far more than that. Everybody's going to have to pay more taxes and government spending will have to be drastically reduced, or we go into the death spiral.

Greg McCoach: The mainstream media, which has always been slanted against gold, is starting to acknowledge gold as a safe haven. For them to make a positive comment about gold as Merril Lynch did recently is really just a fraction of what's probably coming. At some point I know gold and silver prices are going to go way higher than where they are now. When I tell people that they should be buying precious metals, they say, "Isn't the price too high?" No, it's dirt cheap compared to where it's going. After the elections, I think we'll see gold and silver prices press for a new high. As currencies eventually collapse, it's going to affect the whole world, and metals prices are going to go parabolic. People are always trying to guess how high that could be. The only justifiable rationale that I can give is to take how many ounces exist in the world aboveground today compared to how much fiat currency exists worldwide, and how many ounces of gold would be required to cover all that paper money? Well, my calculation comes out to about $19,750/oz, and that's probably conservative. I think gold could hit at least that number when it goes parabolic, based on all the emotional craziness that would be going on at that point. The rush into precious metals would be one for the record books. You would have oceans of fiat money that were suddenly trying to find some form of safety. Gold, which has always been the safe-haven asset, is a tiny little market and couldn't receive it. That's why it will drive these prices into the stratosphere. I can't tell you when all this is going to happen and I could be wrong, but the precious metals bull market could continue for quite some time before we get to those parabolic moves. We might be at the end of that cycle right now and precious metals prices could start to go parabolic within the next few months or year.

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

Quote:

Gold closed the Comex session down today by a fair $22.00 dollar to close the Comex session at $1636.00.

Silver fell by 92 cents down to $33.80.

Friday, Oct 12th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/good-evening-ladies-and-gentlemen-gold_15.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total silver Comex OI rose by an another astonishing 1240 contracts to settle at a multi year high of 42,591 despite the continual banker antics of consecutive days of raids.

The raid on Friday was no doubt decided upon once the bankers knew the high silver OI. The bankers must get our silver leaves to fall or else we are looking at a possible silver commercial failure. They regrouped on the weekend and made the same decision. The bankers must resolve the silver situation or else we will have our commercial failure. It looks to me that our silver longs are totally impervious to price and thus raids to lower the silver price. This is very ominous for our bankers.

The non active October contract saw it's OI fall by 20 contracts. We had 18 notices filed on Thursday so we gained 16 contracts or 80,000 oz of silver standing. The non active November contract saw it's OI fall by 10 contracts down to 53.

The big December contract saw it's OI rose slightly by 397 contracts to 88,228. It is this figure that is driving our bankers bonkers!!

In gold

Quote:

Let us now head over to the Comex and assess the damage yesterday. The total Comex gold OI fell by 1846 contracts to settle today at 478,441. The Friday session close came in at 480,287.

The active October contract saw its OI fall by 13 contracts to 302. We had 23 delivery notices on Friday, so we gained 10 contracts or 1,000 oz of gold contracts. The non active November contract saw it's OI fall by 99 contracts to 955, The big December contract saw it's OI rise by close to 2800 contracts to rest at 348,354, a very lofty amount.

Volume

In silver

Quote:

The estimated volume at the silver Comex on Friday was good at 40,598.

The confirmed volume on Thursday was a touch weaker at 38,857.

In gold

Quote:

The estimated volume today registered 180,483 which was very strong.

The confirmed volume on Thursday was very weak at 136,871.

Inventory Numbers

In silver:

Quote:

Again, we had huge activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

We had the following customer deposit:

i) Into Manfra: 803.75oz

ii)Into Brinks: 3022.1 oz

Total deposit: 3,815.85 oz

We had no dealer withdrawal and no dealer deposit:

We had the following customer withdrawal;

1. Out of Brinks: 693,477.42 oz

Total customer withdrawal 693,477.42 oz

So together we had over 4.8 million oz of silver removed from registered vaults these past two sessions.

And you do not think there is a problem in silver?

There was a tiny counting error on the part of JPMorgan to the tune of an addition of 12,987.87 oz into its customer account.

Registered silver tonight: 38.025 million oz

Total of all silver: 141.61 million oz.

In gold:

Quote:

Today, we again had tiny activity inside the gold vaults.

The dealer had no deposit and no withdrawal.

The customer had the following deposits:

1) Into Brinks: 3022.1 oz

2) Into Manfra: 803.75 oz

Total deposit: 3,815.85 oz

The customer had no withdrawal:

Total withdrawal: zero oz

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.565 million oz (79.78 tonnes of gold)

Delivery Notices

In silver:

Quote:

The CME reported that we had another one of those strange delivery notices in a delivery month for silver: ZERO.

In gold:

Quote:

The CME reported that we had only zero notices filed for zero oz of 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:

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

Quote:

The total number of silver notices filed so far this month remains at 438 contracts or 2,190,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (75) and subtract out today's notices (0) which leaves us with 75 notices or 375,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows:

2,190,000 oz (served) + 375,000 oz (to be served upon) = 2,565,000 oz

We gained 1 contracts or 5,000 oz of silver standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6862 contracts or 686,200 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October

(302) and subtract out today's notices (0) which leaves us with 302 notices or 30,200 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

686,200 oz (served) + 30,20000 oz (to be served upon) = 716,400 oz.(22.35 tonnes)

During these past two sessions we gained 2,000 oz of gold standing.

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.86% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 941 up 1.62%. WTI crude was 91.85 down 0.01 today. Brent closed at 115.80, up 1.59. The spread between Brent and WTI was 22.73 up 1.38. US Treasury 30 year closed at 2.843 up 0.008. The dollar was up 0.09 points at 79.74. The PPT/Dow was up 95.38. The Dow settled above the important level of 13,000 at 13,424.23. FaceBook closed at 19.52 unchanged and silver closed at $32.70, a banker's surprise. The November CCI was 571.85, down 4.75. December wheat was down 8.40 at 848.20. December corn was down 15.40 at 737.20. December lean hogs were up 0.175 at 78.550. November feeder cattle were down 0.175 at 145.375. December copper was 3.7015 down 0.0015. November natural gas was down 0.125 to close at 3.486. November coal is 53.25 down 0.50.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Mon, Oct 15, 2012 - 11:16pm
ajwgator
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Joined: Sep 20, 2012
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Harvey meant....

Harvey missed the 7 key.... Here ya go....fix it for ya... Gold closed at $1736.00.

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

Quote:

Gold closed the Comex session down today by a fair $22.00 dollar to close the Comex session at $1636.00.

Silver fell by 92 cents down to $33.80.

Tue, Oct 16, 2012 - 9:14pm (Reply to #86)
DayStar
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The 7 Key

Thanks, AJWGator. Harvey is under wife duress in a forced anniversary celebration in California. He was hustling to get out what he did get out. I am sorry I missed it too.

DayStar

Tue, Oct 16, 2012 - 9:25pm
DayStar
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Joined: Jun 14, 2011
2586
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~~Harvey 16 Oct 2012

This is DayStar (DS) with the Tuesday Harvey Report.

Steve St. Angelo (GoldSeek.com): In a stunning development over the first seven months of the year, the United States has run up a huge gold deficit as it has exported a record 424 metric tonnes of gold. This is indeed a significant amount when the U.S. exported a total of 488 metric tonnes for the entire year in 2011. if we add up all the domestic gold mine supply plus the gold imports in the first seven months of 2012, the United States ran a large 102 metric tonne gold account deficit. The U.S. produced 134 metric tonnes of gold between January & July of 2012. Of the total 134 metric tonnes of gold produced in the country, Nevada supplied 102 metric tonnes or 76% of the overall amount. Alaska was second by producing 14.8 metric tonnes or 11% of the U.S. production. If we add all the U.S. gold mine supply between Jan-Jul (134 MT), plus all the gold imports (188 MT) we get total of 322 metric tonnes. However, the United States exported 424 metric tonnes of gold during the same period leaving a huge 102 metric tonne deficit. I would imagine these large U.S. gold exports are being used to try and fill the insatiable demand by the Eastern buyers (mostly Asian)... claimed by Jim Willie (goldenjackass.com) in many of his recent interviews. Furthermore, these are only "OFFICIAL FIGURES". We have no idea of the "TRUE UNOFFICIAL AMOUNT" of gold leaving the country from allocated accounts as stated by Jim Willie's source in Europe.

Harvey: Today, emphasis shifted from Greece to Spain as unsourced rumors highlighted the European session that Spain would ask for a bailout. Once this happens, Rajoy would resign and the EU will put one of their own puppets in charge in a fashion similar to Italy where Monti became the unelected technocratic head of that country. Yields on the Spanish bonds fell slightly as many believe that a bailout will result in lower yields as the ECB buys Spanish bonds through the OTM /ESM. DS: I have yet to figure out how an unelected man became PM of Italy. I guess we did it with Gerald Ford. They made Spiro Agnew resign, as I recollect, and replaced him with Gerald Ford as vice president, and then Nixon resigned and Ford became president. He was not elected. I don't know if you could call him a technocrat. The press made fun of him a lot, because he seemed to be accident prone.

Zero Hedge: A second meeting between the heads of the EU-IMF troika mission in Athens and Greek Labour Minister Yiannis Vroutsis on Tuesday afternoon ended abruptly after the two sides hit deadlock for the second time in the same day. Sources in the labour ministry cited "complete disagreement" between the two sides on the issue of three-year wage maturation periods. They said that the labour ministry had been prepared to continue the talks but the representatives of Greece's creditors had departed. DS: Harvey says Greece will run completely out of money sometime in November, and they will either pull the plug (looks likely) or come up with a few more billion to keep Greece running for a few more weeks.

Graham Summers (Phoenix Capital Research): Our economy has become one of Central Planning: an economy in which the primary driver of things is Central Bank intervention. So if if we continue as we are, there will be absolute hell to pay down the road. The recipe for hyperinflation has always been the same: Government monetization of a massive deficit. The US has run $1 trillion+ deficits for four years now. Today, the Fed accounts for over 70% of all US Debt purchases. The only reason we’ve been able to get away from this is that the US has not totally lost credibility in the bond markets (yet). However, to assume that Treasuries will always have a bid is a very dangerous assumption. If we continue down this same path of monetizing the US’s deficit via Fed money printing then at some point we will lose credibility in the markets. At that point the US Dollar will collapse and hyperinflation will hit.

ZH: China continues to shun US Treasuries (TSY) as Japan prepares to become the largest foreign holder of US paper. China, whose total TSY holdings were $1,154 billion, down $12 billion since the beginning of the year, and down a whopping $125 billion from a year ago. Ironically that other massively indebted country, Japan, which has Yen 1 quadrillion in its own public debt to deal with, for a debt/GDP ratio will above 200%, continues to load up on US paper, as the biggest paper ponzi scheme continues going ever higher and nothing possibly can get in the way.

DS: Vikram Pandit is resigning as CEO of Citigroup, and will be replaced by Michael Corbat, previously the bank's CEO of Europe, Middle East and Africa. "Pandit" seems to rhyme with "bandit" for a reason. He walked away with $260 million in compensation while presiding over a 90% stock drop. Pandit was joined in his departure by John Haven, the COO. News of Pandit's resignation comes as a shock to many, since The Wall Street Journal reported only in August that Pandit was expected to stay in the position for the foreseeable future. Many in and around the finance industry have expressed similar surprise, including CNBC host Jim Cramer, who said Tuesday that the news came as "a complete shock."

Zero Hedge: The number in question: $16,190,979,268,766.67, which is the closing number for total US public debt outstanding, which also happens to be a record closing all time high and an increase of $33 billion from yesterday courtesy of the settlement of last week's bond auctions. There is now $242 billion in debt left under the debt ceiling, which at the current recently slowed down pace of debt issuance, which is posed to pick up substantially again, will be exhausted in well under 2 months. We should remember that there is never such a thing as a free lunch. The benefit of this unrepayable debt and ruinous fiscal policy is precisely what the administration is taking the credit for, namely the soaring stock market. The offset, of course, is that as Reinhart and Rogoff never tire of showing, piling up well over 100% in public debt/GDP means that there is only one way out for the host country: either a hard default or inflating the debt away.

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

Quote:

Gold closed up by Comex closing time to the tune of $8.70 to $1744.70.

Silver also rebounded finishing up by 21 cents to $32.92.

Monday, Oct 15th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/spain-denies-bailout-requesttroika.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total silver Comex OI fell by a very tiny 650 contracts to settle at 142,406.

We lost very few silver longs who continue to be impervious to the continual banker antics of consecutive days of raids.

The raid on Monday was no doubt decided upon once the bankers knew the high silver OI. The bankers must get our silver leaves to fall or else we are looking at a possible silver commercial failure. They regrouped on the weekend and made the decision on Monday to raid again. The raid had little effect on our silver longs as we witness the high total silver OI complex!!

The non active October contract saw it's OI remain constant at 75 contracts. We had 0 notices filed on Thursday so we neither gained nor lost any silver standing.

The non active November contract saw it's OI fall by 3 contracts down to 49.

The big December contract saw it's OI fall slightly by 795 contracts to 87,143. It is this figure that is driving our bankers bonkers!!

In gold

Quote:

Let us now head over to the Comex and assess trading today. The total Comex gold OI fell by 15,091 contracts to settle today at 463,350. The Monday session close came in at 478441.

The active October contract saw its OI fall by 7 contracts to 295. We had 0 delivery notices on Monday, so we lost 7 contracts or 700 oz of gold standing . The non active November contract saw it's OI rise by 151 contracts to 1106. The big December contract saw it's Oi fall by 12,618 contracts to rest at

335,736, a very lofty amount. The Monday session had its OI settle at 348,354 contracts.

Volume

In silver

Quote:

The estimated volume at the silver Comex on Friday was anemic at 28,879.

The confirmed volume on Thursday was stronger at 43,289.

Our bankers seem absolutely frightened to supply the non backed silver paper.

In gold

Quote:

The estimated volume today registered 102,698 which was very anemic.

The confirmed volume on Thursday was stronger at 190,073.

Inventory Numbers

In silver:

Quote:

Again, we had good activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

We had the following customer deposit:

i) Into new warehouse CNT: 263,021.000oz

ii)Into Brinks: 300,575.71 oz

iii)into Delaware: 1,957.000 oz

iv) into JPM: 10,425.73 oz

Total deposit: 575,979.44 oz

We had the following customer withdrawal;

1. Out of CNT: 14,035.000 oz

Total customer withdrawal 14,035.0000 oz

Over the past 3 sessions, we have had over 4.8 million oz of silver removed from registered vaults. And you do not think there is a problem in silver?

Registered silver tonight: 38.025 million oz

total of all silver: 142,163 million oz.

In gold:

Quote:

Today, we again had tiny activity inside the gold vaults.

The dealer had no deposit and no withdrawal.

The customer had no deposits

The customer had one withdrawal:

1) out of Manfra 225.05 oz

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.565 million oz (79.78 tonnes of gold).

Delivery Notices

In silver:

Quote:

The CME reported that we had another one of those strange delivery notices in a delivery month for silver: this time only 2.

DS: And the two they delivered were probably to themselves! <g>

In gold:

Quote:

The CME reported that we had only 37 notices filed for 3700 oz of 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:

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

Quote:

The total number of silver notices filed so far this month remains at 440 contracts or 2,220,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (75) and subtract out today's notices (2) which leaves us with 73 notices or 365,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,200,000 oz (served) + 365,000 oz (to be served upon) = 2,565,000 oz

we neither gained nor lost any silver oz standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6899 contracts or 689,900 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (295) and subtract out today's notices (37) which leaves us with 258 notices or 25,800 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

689,900 oz (served) + 25,800 oz (to be served upon) = 715,700 oz (22.29 tonnes).

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.86% of total dealer inventory.

DS: Ranting Andy says he does not believe any statistics that the government gives out and that includes CME and Comex statistics. I would have to say that just from eyeballing the statistics, they look totally bogus, and thus would have to agree with Andy.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 981 up 4.25%. WTI crude was 92.09 up 0.24 today. Brent closed at 115.17, down 0.63. The spread between Brent and WTI was 23.08 down 0.65. US Treasury 30 year closed at 2.915 up 0.072. The dollar was down a whopping 0.58 points at 79.16. The PPT/Dow was up 127.55. The Dow settled above the important level of 13,000 at 13,551.78. FaceBook closed at 19.48 down 0.04 (0.20%) and silver closed at $32.96, capped at the VERY KEY ROUND NUMBER of $33. The November CCI was 575.00, up 3.15. December wheat was down 0.40 at 847.60. December corn was up 1.00 at 738.20. December lean hogs were up 0.050 at 78.600. November feeder cattle were down 0.275 at 147.500. December copper was 3.7000 down 0.0015. November natural gas was down 0.049 to close at 3.437. November coal is 54.25 up 1.00.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Wed, Oct 17, 2012 - 1:04am (Reply to #87)
ajwgator
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Joined: Sep 20, 2012
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DayStar wrote: Thanks,

DayStar wrote:

Thanks, AJWGator. Harvey is under wife duress in a forced anniversary celebration in California. He was hustling to get out what he did get out. I am sorry I missed it too.

DayStar

No problem DayStar and no need to be concerned about missing Harvey's slip. I really respect and appreciate all the work you put into your postings each day. I can't imagine how much time you have to spend to filtering through so much putting together what you do each day. Thanks for your daily "briefings" because they are extremely informing and enlighenting!

Thu, Oct 18, 2012 - 9:50pm
DayStar
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~~Harvey 18 Oct 2012

This is DayStar (DS) with the Thursday Harvey Report.

Ben Traynor (BullionVault): Spot market gold bullion prices fell towards $1740 per ounce by Thursday lunchtime in London, and that puts spot at 0.8% down on the week so far, while most European stock indexes also ticked lower ahead of today's European leaders' summit in Brussels. "While [gold] holds below $1758 the risk is to the downside," says the latest technical analysis report from bullion bank Scotia Mocatta. "The path of least resistance for gold appears to be lower," agrees HSBC analyst James Steel.

China's economy grew by 7.4% in the year to the third quarter – down from 7.6% in Q2 and the seventh successive quarter of slower growth – according to official GDP figures published Thursday. "The economic situation in the third quarter is relatively good and we have the confidence to say that the Chinese economy is showing signs of stabilizing and will continue to show positive changes," Chinese premier Wen Jiabao said Wednesday ahead of the release. Wen warned however that "China still faces considerable difficulty in the fourth quarter." In South Africa, the world's fifth largest gold bullion producer Gold Fields is set to fire 11,000 workers for taking strike action, Reuters reports. Gold Fields said yesterday that a strike at some of its Beatrix shafts has ended, but that other sites are still being affected by industrial action.

Zero Hedge: Greece could hardly wait for yet another Eurozone summit, and to welcome the summit has already launched its latest 24 hour strike against austerity. Yes, this is the same Greece which demands a 2 year, €30 billion extension from Europe to comply with reform, a move which Europe has/has not agreed to (depending on your definition of "agreed") as while the core have said yes to more time, all have refused to fund Greece with any more money, but without more money, the time extension is meaningless.

Beni Emmanuel (EMET Report): Hizballah has begun removing some of the line of rockets and fighting units it has facing Israel from the Litani River of South Lebanon and moving them to the Syrian front line at Homs to strengthen Assad's forces, military sources reveal. The biggie, though, is the Russian move of S-400 missiles up the the Russia-Turkey border. The Russians have warned Turkey that if they or any other NATO nation tries to stop Russian airliner flying to Syria, the the interceptors will be met with force. The S-400s are capable of destroying all types of airplanes, as well as ultra-stratospheric and ballistic missiles. Moscow served notice it will not tolerate aerial intrusion in the Syrian conflict by Turkey or any other NATO member. This warning was directed specifically against the imposition of a no-fly zone over Syria which Turkey is in the process of enforcing.

Mark Grant (Out of the Box): To me, the world is running down a quite slippery slope in its attempt to avoid calamity. The political machines in Europe and the United States and to a real but lesser extent in China have passed the hat to their central banks because either they cannot or will not face up to the severity of their problems. The investment community, so long used to the invincibility of the Fed in particular, recognize the dire straits but continue to rally in equities or compress in bonds based upon their almost dogmatic faith that each central bank can cure the problems by adding liquidity in ever increasing amounts to deal with the solvency issues that won’t go away. I would say that this “faith based initiative” is misplaced based first upon the caveat that the nations in question all have liability for their central banks, that one day, someday, the size of the national liabilities for their central bank will get counted and recognized and finally that the printing of money whether recognized or unrecognized eventually has consequences. I have often heard it asked, and by some of the largest professional money managers in the world, why the markets are behaving in their current fashion. We get bad economic news, poor earnings, fiscal crisis in Greece, Spain, Ireland, Portugal, Cyprus and perhaps in Italy and still the markets rise. The reason for all of this is “intervention” which has resulted not just in liquidity but in the notion that the central banks will do anything/everything to cure the problems so that worse is better, white is black and rational judgment is transformed into lunacy. It is liquidity and faith that are driving the boat and derelict accounting that is providing the fuel. Many countries in Europe have reached the point where they are saying “No” to further bailouts.

Ambrose Evans-Pritchard (TelegraphUK): Germany shocks EU with fiscal overlord demand. Germany has stated its exorbitant price for keeping Greece in the euro and agreeing to mass bond purchases by the European Central Bank. Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia. There must be an EU “currency commissioner” with sweeping powers to strike down national budgets; a “large step towards fiscal union”; and yet another EU treaty. Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia, and apparently had the blessing of Angela Merkel, the chancellor.

Harvey: The French are venting their anger at the socialist Hollande as bankruptcies rise to record levels. The big fury is the tax on the rich and they are voting with their feet by leaving France. France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned. Francois Hollande is tightening fiscal policy by 2pc of GDP next year to meet EU deficit targets. “The pace of bankruptcies has accelerated over the summer. We are seeing a general loss of confidence by investors. Large foreign investors are shunning France altogether. It’s becoming really dramatic.”

Zero Hedge: Homework favors the wealthy. This is the position that the increasingly imbecilic President of France is taking in proposing a ban on homework as part of a series of educational reforms. As ABC reports, Hollande sees "education as a priority" but work should be done during school hours rather than at home "in order to establish equal opportunities." But before the children of France rejoice, Hollande is unlikely to garner their future votes, as his proposal also looks to extend the French school week to nine half-days a week to be spread over four, five, or six days (as opposed to the current four days a week with Wednesdays off).

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

Quote:

Gold closed down by $8.20 to finish the Comex session at $1743.30.

Silver fell by 38 cents to $32.84.

Wednesday, Oct 17th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/spains-bad-loans-increaseraid-on-silver_7908.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total silver Comex OI fell by a very tiny 165 contracts to settle at 141,240.

Again we lost very few silver longs who continue to be impervious to the continual banker antics of consecutive days of banker raids. We probably lost a few bankers along the way as they could not stand the heat. The bankers must get our silver leaves to fall or else we are looking at a possible silver commercial failure. The silver OI is very high and continuous raids are having no effect on our longs. Either this resolves itself or else you will for the first time see a commercial failure in silver.

The non active October contract saw it's OI fall remain constant at 75 contracts. We had 0 notices filed on Wednesday so we neither gained nor lost any silver standing.

The non active November contract saw it's OI fall by 5 contracts to 47.

The big December contract saw it's OI fall marginally by 774 contracts to 84,965. It is this figure that is driving our bankers bonkers as the bankers have to remove as many OI long contracts as possible.

DS: The London trader posted three articles at King World News regarding his view of the state of the PM markets. In them he discussed the extremely tight physical market. He said silver in quantity was not available and the market was tight as a drum. The December silver Comex OI stands tonight at 84,965 contracts. At 5000 oz per contract that is 424,825,000 oz potentially deliverable. Since annual production is roughly 650,000,000 oz, that one month deliverable is about 65% of the total global annual production! Of course, the OI won't all stand through the first day notice, but the total OI has been extraordinarly slow to decline as the delivery day approaches.

In gold

Quote:

Let us now head over to the Comex and assess trading today. The total Comex gold OI rose by 4097 contracts to settle today at 466,873. The Wednesday session close came in at 462,826.

The active October contract saw its OI rise by 18 contracts to 277.

We had 5 delivery notices on Monday, so we gained 23 contracts or 2,300 oz of additional gold standing.

The non active November contract saw it's OI rise by 3 contracts to 1094.

The big December contract saw it's Oi fall by 1,112 contracts to rest at 333,482, a very lofty amount. The Wednesday session had its December OI settle at 334,594 contracts.

Volume

In silver

Quote:

The estimated volume at the silver Comex today was anemic at 33,502.

The confirmed volume yesterday was also weak at 27,867.

Our bankers seem absolutely frightened to supply the non backed silver paper.

In gold

Quote:

The estimated volume today registered 112,552 which was very anemic.

The confirmed volume yesterday was stronger at 126,959.

Inventory Numbers

In silver:

Quote:

Again, we had considerable activity inside the silver vaults today.

However we had no dealer deposit but did have a gigantic dealer withdrawal.

i) Out of the dealer Brinks: 1,175,150.24 oz

We had no customer deposit.

We had the following customer withdrawal:

1. Out of CNT: 14,035.000 oz

2 Out of Scotia vaults: 150,116.07 oz

Over the past 3 sessions we have had over 6.15 million oz of silver removed from registered vaults. And you do not think there is a problem in silver?

Registered silver tonight: 36.847 million oz

Total of all silver: 140.815 million oz.

I guess where there is smoke there is fire, and the massive withdrawal of silver is telling us that the bankers have deep problems as many as are standing for real metal.

In gold:

Quote:

Today, we again had negligible activity inside the gold vaults.

The dealer had no deposit and no withdrawal.

The customer had no deposits.

The customer had one withdrawal:

1) out of Manfra 32.15 oz

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.568 million oz (79.78 tonnes of gold).

Delivery Notices

In silver:

Quote:

The CME reported that we had another one of those strange delivery notices in a delivery month for silver: this time zero and remember this is an active delivery month.

In gold:

Quote:

The CME reported that we had only 37 notices filed for 3700 oz of 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:

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

Quote:

The total number of silver notices filed so far this month remains at 440 contracts or 2,220,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (75) and subtract out today's notices (0) which leaves us with 75 notices or 375,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,200,000 oz (served) + 375,000 oz (to be served upon) = 2,575,000 oz

we gained 2 contracts or 10,000 oz of additional silver oz standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6899 contracts or 689,900 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (295) and subtract out today's notices (37) which leaves us with 258 notices or 25,800 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

689,900 oz (served) + 25,800 oz (to be served upon) = 715,700 oz.(22.29 tonnes)

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.86% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 989 down 1.00%. WTI crude was 92.10 up 0.02 today. Brent closed at 113.37, up 1.80. The spread between Brent and WTI was 21.27 down 2.46. US Treasury 30 year closed at 3.007 up 0.019. The dollar was up 0.35 points at 79.37. The PPT/Dow was down 8.06. The Dow settled above the important level of 13,000 at 13,548.94. FaceBook closed at 18.98 down 0.90 (4.55%) and silver closed at $32.82, capped at the VERY KEY ROUND NUMBER of $33. The November CCI was 579.25, down 0.95. December wheat was up 12.20 at 868.40. December corn was up 16.20 at 760.60. December lean hogs were up 0.325 at 78.850. November feeder cattle were down 0.150 at 148.175. December copper was 3.7430 down 0.0050. November natural gas was up 0.117 to close at 3.587. November coal is 56.25 up 1.65.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Sat, Oct 20, 2012 - 3:20pm
fraxinus
Offline
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Canada
Joined: Oct 11, 2012
95
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Always a must-read!

Couldn't do without your commentaries, DayStar! We haven't seen militarism and tariff wars at these levels since the 1930s. Your example of Turkey hits the mark, as in just the last two years the Turks have rattled their sabres at Israel, Armenia, the Iraqi Kurds, the Syrians, the Iranians and the Russians. You'd think the Turks were desperate to look at the pointy end of Russian missiles, across their border with Armenia. They certainly shouldn't be surprised the Russians obliged.

But we can't limit ourselves to a quick chuckle at "the unspeakable Turk". Almost every major power has taken an adventurous military stance, and is fighting trade wars over solar panels, steel, automobiles or electronics. This can't possibly end well, and physical PMs are looking indispensable as assets of last resort! Keep up the great work!

Sun, Oct 21, 2012 - 5:17pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 21 Oct 2012

This is DayStar (DS) with the Sunday Harvey Report.

The FDIC seized three banks this weekend:

  • Excel Bank, Sedalia, MO
  • First East Side Savings Bank, Tamarac, FL
  • GulfSouth Private Bank, Destin, FL

The Commitment of Traders Report (COT):

Gold: From a bankers or commercial standpoint, it is now more bullish in gold as the commercials this past COT week went net long by 19,605 contracts.

Silver: What do we see?

  1. The bankers are loathe to supply the short paper.
  2. Raids seem to have no effect on our longs, as these silver leaves refuse to leave the tree.
  3. From a commercial standpoint, they went more short but by a very tiny 90 contracts.
  • Call it neutral.

GoldCore: EU leaders committed to establishing a euro-area bank supervisor by year-end, leaving the door open for supplying direct aid to Spanish banks. The EU must now agree on the structure that makes the ECB (European Central Bank) the main supervisor by January 1st. This new system was created to break the link between banks and governments at the root of the zone’s financial crisis and will roll out in the next year and expect to cover all 6,000 eurozone banks by January 2014. Germany and France argued contentiously about the timing. Berlin has insisted the supervisor be effective before the ESM can begin cash injections into Spanish banks, those transactions are not foreseeable to occur until the latter half of the year, around the time of Germany’s national elections. Angela Merkel said it would take more than a few months before the supervisor was fully effective and direct bank recapitalisation could be considered. Dr. Merkel earlier demanded broader authority for the executive European Commission to veto national budgets that breach EU rules. She said a December EU summit would make decisions on these issues of closer euro zone economic governance.

GoldCore: Physical gold buying will pick up in India unless the rupee appreciates significantly. Wedding season will be in full swing with the festivals of Diwali and Dhanteras next month. Gold jewellery is a necessary part of the dowry that Indian parents give their daughters for wedding ceremonies.

Harvey: The Euro summit was a dud with nothing accomplished. However the big story of the day was Google's results which basically killed markets around the globe. Particularly troubling was the drop in top line growth and bottom line profits. General Electric also posted disappointing top and bottom numbers which also shook the financial world.

Bill Gross: Central bank puts will likely cause a 1987 style crash.

Tyler Durden: No one in America or Europe wants to own up to the very serious problems facing both continents and so the central banks are acting not only as lenders of last resort but decision makers of last resort. This has been in play continuously since the American Financial Crisis starting in 2008. We live in a dream state where no one wants to decide anything and so the central banks not only provide liquidity but they have taken over as the government by fiat. Ben Bernanke and Mario Draghi, elected by no one, are effectively in control of the purse strings of the western world. From here you get to two scary questions; “what happens when all of this stops” and then “what happens if it never stops?”

Graham Summers on the Spanish debt crisis:

  1. The Spanish private debt (which includes the banks) is around 300% of Spain's GDP (approx 3.0 trillion USA)
  2. Spanish banks are drawing 400 billion euros per month, as Spain has witnessed massive bank runs. This month they lost a staggering 18% of their entire deposit base.
  3. With all the hoopla of Spanish banks buying sovereign bonds from Spain in December 2011 and Jan 2012, they are now net sellers of the junk.
  4. Twenty percent of Spain total debt of approximately 1.7 trillion is due this coming year.
  5. Total unemployment is over 25%. Youth unemployment is over 50%
  6. Spain for the first time is facing a constitutional crisis in two regions:

To summarize: Spanish regions: broke; Spanish banks: broke: Spain itself: on the verge of being bailed out by Europe. So Spain will suffer a collapse, most likely of its banking system resulting in a sovereign default (barring a bailout). When this happens, some €1 trillion+ worth of collateral (still rated AAA by EU banks) will be sucked out of the system. This in turn will spur margin and collateral calls on tens of trillions of Euros’ worth of derivative trades. And the EU Financial System collapses. This is reality, regardless of who wins the US election. It may take a few months before it hits… but it will hit.

The escalation of the Syria conflict moved into Lebanon. Protesters tried to storm the offices of Prime Minister Najib Mikati, demanding that he quit over the assasination of a top intelligence official. Heavy gunfire erupted as police fired automatic weapons into the air and lobbed tear gas at the rioters. Hundreds of protesters, waving flags from the anti-Syrian opposition Future Movement - a mainly Sunni Muslim party - and Christian Lebanese Forces as well as black Islamist flags, marched on Mikati's offices after the funeral of Wissam al-Hassan.

DS: Looks like another false flag to whip up sentiment about automatic weapons. There was a mass shooting at the Azana Salon and Spa at the Brookfield Square Mall in Milwaukee, Wisconsin. Details still scarce but at least 4 people reported wounded and 3 more patients expected. Emergency responders are on the ground, and the mall has been put on lockdown. The shooting suspect, who is said to have used a machine gun, is still at large.

Israel Freidman: Friedman says silver is the best raw material of all for the investor to hold. He says he held this opinion 30 years ago (when silver was under $5 an ounce) and holds the same view today (at $33), and that for the investor in bullion, silver remains one of the few commodities that the average person can actually hold in his possession (gold is another but the price precludes the ‘average' investor holding all but a tiny amount in comparison). In part he bases this premise on what he sees as the hugely growing demand in the industrial usage of silver - notably in the electrical sector where silver is perhaps the best conductor of all - and with electrical power taking over the world, as Freidman sees it, demand growth for silver will expand dramatically along with global population and GDP growth. For the most part silver demand has been particularly strengthened over the past decade through investment growth - both in terms of physical bullion purchases, purchases from specialists who organise vaulted holdings of allocated metal on an investor's behalf and in the ever growing off take into silver ETFs.

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

Quote:

Gold closed down $20.80 to finish the Comex session at $1722.80.

The price of silver did not fare any better falling by 80 cents down to $32.04.

Thursday, Oct 18th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/googlege-report-disappointing-top-and.html

Total, Oct (Gold), Nov (Silver), Dec (Silver & Gold) Open Interest

In silver

Quote:

The total silver complex OI continues to astound our bankers. Silver has fallen from $35.00 down to $32.50 and yet this caused only a tiny contraction of 2,500 silver contracts.. All the bankers did was to lower the price for newbies entering into the fray plus the added bonus of physical buyers gaining a much cheaper price for the metal. The October silver contract saw it's OI fall from 75 to 73 for a loss of 2 contracts. We had 0 delivery notice on Thursday so we lost a tiny 2 contract or 10,000 oz of silver standing.

The November contract saw it's OI fall from 47 down to 36 for a loss of 11 contracts. The big December contract which seems to be a focal point to many analysts saw it's OI fall by a tiny 820 contracts from 84,965 down to 84,145.

In gold

Quote:

The total Comex gold complex open interest rose on Friday to the tune of 373 contracts despite the raid on Thursday. The bankers were annoyed at seeing a higher OI despite a raid. Generally raids cause the leaves to fall and so, they made the decision on Friday to continue on with another big raid which is nothing but a deliberate, criminal activity right under the watchful eyes of the regulators. The weekend OI close registers 467,246. The Thursday's close was 466,873 and as such these are still very lofty levels. The October gold month contract saw it's OI fall from 1094 to 969 for a loss of 25 contracts. We had 26 notices filed on Thursday so in essence we gained one contract or 100 oz of additional gold will stand in October. The November contract saw it's OI fall from 1094 down to 969 for a loss of 125 contracts. The big December contract which has everybody watching closely saw it's OI fall by 905 contracts from 333,482 to 332,574.

Volume

In silver

Quote:

The estimated volume at the silver Comex was excellent 52,570.

The confirmed volume on Thursday came in at a much weaker 35,391.

In gold

Quote:

The estimated volume on Friday was quite good at 175,491 but that no doubt was due to the raid and the influence it had on our HFT (high frequency traders)

Inventory Numbers

In silver:

Quote:

Again, we had considerable activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

The customer had the following deposit:

i) Into Brinks: 300,617.66 oz

ii) Into Delaware: 186,456.985 oz

iii) Into HSBC: 101,989.22

iv) Into JPMorgan: 640,434.18 oz

Thus the total customer deposit: 1,229,498.047 oz

We had the following customer withdrawal;

1. Out of BRINKS: 191,002.5 oz

2 Out of HSBC vaults: 4005.6 oz

Total customer withdrawal: 195,008.1

Registered silver remains constant this weekend at : 36.853 million oz

total of all silver: 142.52 million oz.

The huge movements in silver certainly suggests that the bankers are having great difficulty in obtaining physical metal. Please note the difference in movements between gold and silver.

The CME reported that we had another one of those strange delivery notices in a delivery month for silver: this time 4 notices for 20,000 oz and remember this is an active delivery month. The total number of silver notices filed so far this month remains at 445 contracts or 2,220,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (73) and subtract out today's notices (4) which leaves us with 69 notices or 345,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,220,000 oz (served) + 345,000 oz (to be served upon) = 2,565,000 oz

we lost 2 contracts or 10,000 oz of silver oz standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

Today, we again had negligible activity inside the gold vaults.

The dealer had no deposits and no withdrawal.

The customer had the following deposits:

i) Into HSBC: 32,026.01 oz

ii) Into Brinks: 160.75 oz

Total deposit: 32,186.76 oz

We had a tiny withdrawal of 160.75 oz out of HSBC and that gold landed into a Brinks warehouse.

There was no adjustments.

Thus the dealer inventory rests this weekend at 2.570 million oz (79.81) tonnes of gold)

Delivery Notices

In silver:

Quote:

The CME reported that we had another one of those strange delivery notices in a delivery month for silver: this time 4 notices for 20,000 oz and remember this is an active delivery month.

In gold:

Quote:

The CME reported that we had zero notices filed for nil oz of 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:

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

Quote:

The total number of silver notices filed so far this month remains at 445 contracts or 2,220,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (73) and subtract out today's notices (4) which leaves us with 69 notices or 345,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,220,000 oz (served) + 345,000 oz (to be served upon) = 2,565,000 oz

We lost 2 contracts or 10,000 oz of silver oz standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6930 contracts or 693,000 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (252) and subtract out today's notices (0) which leaves us with 252 notices or 25,200 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

693,000 oz (served) + 25,200 oz (to be served upon) = 718,200 oz.(22.33) tonnes)

We gained 1 contracts or 100 oz of additional gold standing.

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.97% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 1010 up 2.12%. WTI crude was 90.05 down 2.05 today. Brent closed at 111.17, down 2.20. The spread between Brent and WTI was 21.12 down 0.15. US Treasury 30 year closed at 2.937 down 0.070. The dollar was up 0.25 points at 79.62. The PPT/Dow was down 205.43. The Dow settled above the important level of 13,000 at 13,343.51. FaceBook closed at 19.00 up 0.02 (0.13%) and silver closed at $32.07, capped at the VERY KEY ROUND NUMBER of $32. The November CCI was 577.50, down 1.75. December wheat was up 4.00 at 872.40. December corn was up 0.60 at 761.40. December lean hogs were up 0.625 at 79.625. November feeder cattle were down 0.750 at 148.375. December copper was 3.6375 down 0.1055. November natural gas was up 0.030 to close at 3.617. November coal is 58.33 up 2.08.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Mon, Oct 22, 2012 - 9:34pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 22 Oct 2012

This is DayStar (DS) with the Monday Harvey Report.

Harvey: China announced that they have imported a monstrous 512 tonnes of gold for the first 8 months of the year. At this rate they will import close to 768 tonnes of gold this year. The appetite for gold from Chinese is insatiable. The latest figures suggest that for 8 months, China has imported 512 tonnes. At this pace their yearly imports if started in August would yield 768 tonnes of importation of gold in the upcoming year. If we exclude China and Russia production (as these two nations always keep every single ounce that they produce) we would have global production of around 2000 tonnes. Thus China alone imports 38.4% of global production. Chinese gold imports through August surpassed the total ECB holdings, and imports to China from Australia surged 900%. Gold consumption is likely to climb again in the fourth quarter as it is a traditionally peak season when Chinese people buy gold jewellery for weddings and presents. At this pace, the above ground gold will surely vanish soon, as the appetite for gold by China seems relentless! And I might add, that all of China's purchases are physical gold not the paper kind!

Harvey: Also in another stunner, the German court has demanded that the Bundesbank audit the gold reserves for Germany and included in the draft ruling, actual assays. They have also ordered the audit of foreign held German gold. The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years. Popcorn anyone? DS: How many years will it take to ship 3,400 tonnes back to Germany at 50 tonnes a year? Good luck with that!

Chris Powell (GATA): A global collapse of paper money, which is inevitable if current monetary policies are not reversed, will give Asians considerable wealth relative to the rest of us. History will surely judge the central bankers' promotion of ephemeral paper at the expense of gold in the harshest terms. Of course one might argue that the gold price suppression scheme of the Western central banks is their "Plan B" and that it has more or less been working, cushioning the decline of Western currencies, and that the Western central banks will need "Plan C" when the gold run out. DS: Plan C, the one almost no one is willing to admit, is the total collapse of western currency and western economies followed by the herd thinning actions of WWIII. The banks end up with title to everything that was mortgaged and they, or their presently covert overlord will rule the world.

Chris Powell (GATA): The gold vaulted by the German central bank, the Bundesbank, with the Bank of England "has fallen 'below 500 tons' due to recent sales and repatriations. ..." So despite the lack of official announcement, Germany lately has been selling gold from London -- perhaps as part of the secret "strategic activities" grudgingly acknowledged two years ago by the Bundesbank to GATA's friend, the German financial journalist Lars Schall. The lack of announcement of the sale of the German gold in London suggests that the sale was actually part of a gold swap with another central bank -- like the New York Fed. That is, the powerful implication here is that German gold in London was sold at the behest of the United States and in exchange Germany took title to United States gold vaulted in the United States -- or title to goldsupposedly vaulted in the United States. This way the Bundesbank could continue to claim ownership of the same amount of gold without lying, at least not technically.

As for the Federal Reserve and the U.S. Treasury Department, when you rig every market you can't worry so much about lying.

Peter Cooper (Arabian Money) on Jim Sinclair's article about what the banks will soon do with their spreads. What Mr. Sinclair foretells is an upcoming move by the bullion banks to dump their short positions and go fully long, remembering how it worked for him at the top of the 70s’ bull market. At that time he instructed his team: ‘Take every short off the spread making us naked long. This was when the gold price broke $400 the second time over, running like a bunny to $887.75. Right now the preoccupation in the bullion market is over a short-term correction, and the more alarming potential for a repeat of the 30 per cent price crash of 2008-9. Mr. Sinclair seems to be hinting that this will provide precisely the environment for the shedding of shorts and the creation of long-only positions in the market. As Sincliar explains: ‘Here comes the Golden Truth. When the gold banks perceive that the gold market is about to go ballistic, just like any bull market does, they need only reverse the strategy in place from $248 called ‘The Weak Gold Policy’ in how they handle the 75 per cent risk-less spread. Now when gold falls you take off the short aside of the spread with gusto and let the long run.’ That would set gold up for a spectacular rebound. A bounce from say around $1,600 to $3,500 would indeed by very much like the top of the 70’s gold market. That said, Mr. Sinclair is also on the record as stating that the ascent of the gold price would be far more permanent than it was then as a result of gold becoming a part of the global currency system again. Let’s give Sinclair the final word: ‘Soon all that is required is a change in spread management by the gold banks and you will have whatever price the gold banks want from $3,500 to $12,400.’

Reuters: Gold demand in India, the world's biggest buyer of the precious metal, rose significantly on Monday as a rebound in rupee slashed prices 1 percent ahead of the peak festival season. "Buyers are active. They were not expecting correction in prices due to firmness in overseas prices, but strong rupee made it possible. Jewellers are restocking for Diwali," said a Mumbai-based dealer with a state-run bank dealing in bullion. "Demand will remain healthy if prices stay at current level for some more days," the dealer said. The festival season, traditionally a time to buy gold, is underway in India and will peak with Dhanteras and Diwali next month. Weddings also take place during this period.

Azerbaijan’s State Oil Fund, known as Sofaz, started investing in gold in the first quarter and bought 10.9 tons of the bullion as of Oct. 1. The value of the fund’s assets grew 11.4 percent since the start of the year through the first nine months to $33.2 billion, Sofaz said in a statement e-mailed today. Sofaz had 815.7 million Turkish lira and A$201.3 million purchased at the end of September, according to the statement. The fund was established in 1999 to manage the Caspian Sea nation’s state income from oil and natural gas sales. DS: So, just in tonight's news we have China buying all the gold it can lay its hands on, and projections show that their demand will increase in the 4th quarter. Germany is repatriating its gold at 50 tonnes a year. Sinclair says the banks are poised to take of the shorts on gold and let it run. The Indians are buying gold at sale prices for Diwali and the wedding season. Harvey says the above ground gold will disappear. Do like the Indians, and get gold while it is available and on sale. As ranting Andy says, "Protect yourself, and do it now!"

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

Quote:

The price of gold rose as expected up $2.30 to finish the Comex session at $1725.10.

Silver also had a stellar day rising 19 cents to $32.23.

Friday, Oct 19th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/german-courts-demand-gold-auditlooks.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total silver OI complex has now completely blown out the brains of our bankers. The raid on Friday was ferocious and instead of the OI falling like gold, it rose by 508 contracts from 140,783 to finish the Monday session at 141,181. So much for the CFTC mantra that the futures exchange is a price discovery mechanism. Open interest should rise with a price rise and fall as the commodity falls in price.

The non active October month saw OI fall by 9 contracts from 73 to 64. We had 4 delivery notices on Friday so in essence we lost 5 contracts or 25,000 oz of silver standing.

The non active November contract month saw it's OI rise by 16 contracts to 52.

The big December contract which certainly has many eyes focused upon, saw it's OI fall by 1143 contracts from 84,145 to 83,002. Some weaker longes were demolished only to replaced by stronger longs at lower prices. This is something that the bankers did not wish for.

In gold

Quote:

The total gold open interest complex fell by a considerable margin of 2868 contracts, falling from Friday's level of 467,246 to Monday night's level of 464,378. Remember that all OI readings are one day back so in essence we are now receiving officially Friday night's closing OI number.

The active month of November saw it's OI rise by 19 contracts to settle at 271. We had zero notices on Friday so we gained the full 19 contracts or an additional 1900 oz of gold will stand in October.

The non active contract month of November saw it's OI fall by 133 contracts from 969 to 836.

The big December contract for gold saw it's OI fall by 4,643 contracts to settle with Monday's reading of 327,931 still at very lofty levels.

Volume

In silver

Quote:

The estimated volume at the silver Comex today came in at a very anemic 27,957.

The confirmed volume on Friday was better at 82,370. The bankers are still loathe to supply the necessary paper.

In gold

Quote:

The estimated volume today was rather weakish at 104,689.

The confirmed volume on Friday, the day of the big raid was much better at 175,491.

Inventory Numbers

In silver:

Quote:

Again, we had considerable activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

The customer had the following deposit:

i) Into Delaware: 1009.5 oz

iii) Into CNT: 49,167.000 oz

iv) Into Scotia: 74,763.18 oz

Thus the total customer deposit: 124,939.680 oz

We had the following customer withdrawal;

1. Out of Delaware: 1975.30 oz

2 Out of HSBC vaults: 491,209.48 oz

3. Out of Scotia: 316,177.89 oz

Total customer withdrawal: 809,362.67 oz

We had another strange adjustment, this one out of the Delaware vault:

The dealer receives by adjustment 30,114.973 oz of silver.

The customer is debited 30,130.405 oz.

The remainder in silver 15.432 evaporates into thin air and leaves the Comex.

Registered silver remains constant this weekend at: 36.883 million oz.

Total of all silver: 141.856 million oz.

The huge movements in silver certainly suggests that the bankers are having great difficulty in obtaining physical metal. Please note the difference in movements between gold and silver.

In gold:

Quote:

Today, we again had negligible activity inside the gold vaults.

The dealer had no deposits and no withdrawals.

The customer had the following deposits

i) Into Brinks: 160.75 oz

Total deposit: 160.75 oz

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.570 million oz (79.93) tonnes of gold)

Delivery Notices

In silver:

Quote:

The CME reported that we had only 7 notices filed for 35,000 oz.

In gold:

Quote:

The CME reported that we had 51 notices filed for 5100 oz of 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:

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

Quote:

The total number of silver notices filed so far this month remains at 452 contracts or 2,260,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (64) and subtract out today's notices (7) which leaves us with 57 notices or 285,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows;

2,260,000 oz (served) + 285,000 oz (to be served upon) = 2,545,000 oz

we lost 5 contracts or 25,000 oz of silver oz standing.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6981 contracts or 698,100 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (271) and subtract out today's notices (51) which leaves us with 220 notices or 22,000 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

698,100 oz (served) + 22,000 oz (to be served upon) = 720,100 oz.(22.39 tonnes).

We gained 19 contracts or 1900 oz of additional gold standing.

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 28.01% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 1037 up 2.67%. WTI crude was 88.73 down 1.72 today. Brent closed at 110.74, down 2.63. The spread between Brent and WTI was 22.01 up 0.74. US Treasury 30 year closed at 2.947 up 0.010. The dollar was up 0.03 points at 79.65. The PPT/Dow was up 2.38. The Dow settled above the important level of 13,000 at 13,345.89. FaceBook closed at 19.32 up 0.32 (1.69%) and silver closed at $32.45. The November CCI was 574.0, down 3.50. December wheat was up 5.60 at 878.20. December corn was down 0.20 at 761.20. December lean hogs were up 0.950 at 78.675. November feeder cattle were up 0.050 at 147.80. December copper was 3.6220 down 0.0155. November natural gas was down 0.165 to close at 3.452. November coal is 58.17 down 0.16.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Tue, Oct 23, 2012 - 9:47pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 23 Oct 2012

This is DayStar (DS) with the Tuesday Harvey Report.

GoldCore: Investors await the policy statement from the US Federal Reserve meeting to be released on Wednesday at 14:15 EDT. No major announcements are expected to come out of the meeting. Last month the Fed committed to hold rates low even after the economic recovery has strengthened. This was the signal that indicated it will continue intervening until the economy grows fast enough to decrease US unemployment sharply.

GoldCore: The Euro remained firm against the dollar as the market expects Spain to apply for a bailout within the next month. Now that Spain’s regional elections are complete and with Spain’s Prime Minister Rajoy’s People’s Party winning 41 out of 75 seats in the Galician assembly this affirmed the approval of financial austerity measures and paves the way for a formal bailout from the EU.

GoldCore: In India, demand for the yellow metal climbed overnight after a rebound in the rupee discounted prices by 1%.

Folker Hellmeyer, chief economist at the German Bremer Landesbank, "With gold reserves, direct access is crucial," and the precious metal is an "ultima ratio" of monetary policy. Thorsten Polleit, chief economist at Degussa Goldhandel gold trading has similar views. "In a time of unbacked fiat currency the storage of gold at exchanges abroad is becoming an economic and political risk," Polleit says. DS: There is a lot of public pressure and pressure from economists in Germany to repatriate their gold and bring it home.

Harvey: Last month roughly 36 tonnes of gold moved into Iran from Dubai who in turn received the gold from Turkey. I want to point out if this continues then Iran will be importing close to 432 tonnes of gold 22% of global production ex China ex Russia. Where are the jewellers going to obtain their needed supply of gold? Please note that yesterday we witnessed Hong Kong import close to 768 tonnes of gold or 38.4%. If we take both Iran and China imports then we have:

432 tonnes Iran (a guess at yearly importation of gold) + 768 tonnes of China yearly importation = 1200 tonnes of gold/2000 global tonnes (ex China ex Russia) means Iran and China between them are buying up 60% of global production. As you can see, the amounts of physical are disappearing rapidly. The bankers are holding nothing but hot air.

To see one of Iran's financial lifelines at work, pay a visit to Istanbul's Ataturk International Airport and find a gate for a flight to Dubai. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, according to industry sources with knowledge of the business. In March this year, as the banking sanctions began to bite, Tehran sharply increased its purchases of gold bullion from Turkey, according to the Turkish government's trade data. Direct gold exports to Iran from Turkey, long a major consumer and stockpiler of gold, hit $1.8 billion in July -- equivalent to over a fifth of Turkey's entire trade deficit in that month. In August, however, a sudden plunge in Turkey's direct gold exports to Iran coincided with a leap in its sales of the precious metal to the UAE. Turkey exported a total $2.3 billion worth of gold in August, of which $2.1 billion was gold bullion. Just over $1.9 billion, about 36 metric tons, was sent to the UAE, latest available data from Turkey's Statistics Office shows. In July Turkey exported only $7 million of gold to the UAE. At the same time Turkey's direct gold exports to Iran, which had been fluctuating between $1.2 billion and about $1.8 billion each month since April, slumped to just $180 million in August. The Dubai-based trader said that from August, direct shipments to Iran were largely replaced by indirect ones through Dubai, apparently because Tehran wanted to avoid publicity. "The trade from Turkey directly to Iran has stopped because there was just too much publicity around it," said the trader. Dealers, jewelers, and analysts in Dubai said they had not noticed any large, sudden increase of supply in the local gold market during August. They suggested the increased shipments to the UAE were sent straight on to Iran. It is not clear how the gold is moved from Dubai to Iran, but there is substantial trade between the two economies, much of it conducted by wooden dhows and other ships crossing the Gulf, a distance of only about 150 kilometers (100 miles) at its narrowest point.

DS: Do you see what is going on here? Turkey pretends to threaten Syria, a major ally of Iran. This focuses Israel's attention on the turmoil in Syria and retards Israeli action against Israel due to the possibility of things getting hotter close to Israel. Meanwhile, Turkey serves as vital conduit for the life blood of the Iranian economy. The White House and the State Department know what is going on, and they turn a blind eye to it, while they twist Netanyahu's arm to keep him from attacking. Everything must go according to the schedule. Meanwhile, here in the States, there was a report today that there is intense HAARP activity over the East Coast that strangely corresponds to a forecast mega-storm:

https://www.climatecentral.org/blogs/tropical-storm-could-threaten-east-coast-in-an-unusual-way-15145

https://www.climatecentral.org/blogs/will-tropical-storm-sandy-threaten-u.s.-east-coast-15149

https://beforeitsnews.com/weather/2012/10/east-coast-haarp-mega-storm-brewing-for-next-week-2437254.html

Could this be the "October surprise"?

Fund manager Stephen Leeb today tells King World News that people are scared, "everything is being liquidated," and that "somebody is holding gold back," but the monetary metals are still doing better than other asset classes. Efforts to suppress the price of gold have become pervasive. "There is tremendous vested interest in promoting paper money," Leeb says. "When you have that kind of vested interest, people aren't going to go down without a fight, and I think all year long you have seen desperation at play in the gold market. When you step back, with all of the desperation, with all of the manipulation, gold is still up year-to-date. They've been unable to hold it back."

Nigel Farage: Forget black swans, Nigel Farage is rapidly turning himself into the black sheep of the EU Parliament with his constant stream of truthiness and honest pragmatism. It seems the broadly nodding-donkeys that fill the chamber remain cognitively dissonant to any and everything in the real world - hanging instead on the next soundbite from Van Rompuy or Barroso on how well things are going, or how the crisis is 'almost' over. If only the Germans would bless them all with their money. In one his plainest-speaking rants, Farage provides clarity to his 'peers' on just exactly what the bailouts of Greece, Portugal, Ireland, and soon to be Spain and Italy are actually about - the "total subjugation of the states to a completely undemocratic structure in Brussels." Is it any wonder Samaras and crew - while happy to accept cash and make promises - are pulling away from yet another (this time is the last time) Troika-driven austerity push? "The euro-zone is in a very dark place; economically, socially, and politically."

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

Quote:

Gold closed down today to the tune of $16.80 to $1708.30.

The price of silver also fell 46 cents to $31.77.

Monday, Oct 22nd Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/moodys-downgrades-catalonia-4-other.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total OI for the silver complex fell by a very tiny 359 contracts from 141,190 down to 140,831. The elevated level of OI is causing nightmares for our banker shorts.

The non active October contract for silver saw it's OI fall from 64 to 62 for a loss of 2 contracts. We had 7 delivery notices so we gained 5 contracts or 25,000 oz of silver standing.

The non active November contract saw it's OI fall 13 contracts down to 39.

The big December contract saw its OI fall from 83,002 down to 82,443 for a loss of 559 contracts.

In gold

Quote:

The total gold Comex OI fell by a rather large 4,128 contracts today with the level at 460,250 from Monday's 464,378.

The active October contract month saw it's OI fall by 51 contracts. We had 51 delivery notices filed on Monday so we neither gained nor lost any gold ounces standing.

The non active November contract month saw it's OI fall by 49 contracts from 836 down to 787.

The big December contract saw it's OI fall from 327,931 down to 324,100 for a loss of 3,831 contracts.

Volume

In silver

Quote:

The estimated volume today came in at 34,810 contracts, up from the confirmed volume yesterday at 32,271.

In gold

Quote:

The estimated volume today registered 149,777 contracts which is a fair day.

The confirmed volume yesterday was anemic at 116,920.

Inventory Numbers

In silver:

Quote:

Again, we had little activity inside the silver vaults today.

However we had no dealer deposit and no dealer withdrawal.

The customer had no customer deposit.

We had the following customer withdrawal;

1. Out of Delaware: 2017.26 oz

2. Out of Scotia: 30,839,00 oz

Total customer withdrawal: 32.856.26 oz

Registered silver remains at : 36,926 million oz

total of all silver: 141.823 million oz.

The huge movements in silver certainly suggests that the bankers are having great difficulty in obtaining physical metal. Please note the difference in movements between gold and silver.

In gold:

Quote:

The dealer had no deposits and no withdrawals.

The customer had no deposits and no withdrawals.

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.570 million oz (79.93) tonnes of gold)

Delivery Notices

In silver:

Quote:

The CME reported that we had only 15 notices filed for 75,000 oz.

In gold:

Quote:

The CME reported that we had 0 notices filed for zero oz of 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:

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

Quote:

The total number of silver notices filed so far this month rises to 467 contracts or 2,335,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (62) and subtract out today's notices (15) which leaves us with 47 notices or 235,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows:

2,335,000 oz (served) + 235,000 oz (to be served upon) = 2,570,000 oz.

We gained back 5 contracts. Thus we have an additional 25,000 oz of silver oz is standing for October.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6981 contracts or 698,100 oz of gold.

To obtain what is left to be served upon, I take the OI standing for October (220) and subtract out today's notices (0) which leaves us with 220 notices or 22,000 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

698,100 oz (served) + 22,000 oz (to be served upon) = 720,100 oz.(22.39) tonnes)

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 28.01% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 1109 up 6.94%. WTI crude was 86.32 down 2.41 today. Brent closed at 109.11, down 1.63. The spread between Brent and WTI was 22.79 up 0.78. US Treasury 30 year closed at 2.916 down 0.031. The dollar was up 0.32 points at 79.98. The PPT/Dow was down big time at 243.36. The Dow settled above the important level of 13,000 at 13,102.53. FaceBook closed at 19.50 up 0.18 (0.93%) and silver closed at $31.67. The November CCI was 568.0, down 6.00. December wheat was down 9.40 at 868.60. December corn was down 5.20 at 756.00. December lean hogs were down 0.550 at 78.125. November feeder cattle were up 0.250 at 147.30. December copper was 3.5695 down 0.0525. November natural gas was down 0.083 to close at 3.535. November coal is 59.28 up 1.11.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Tue, Oct 23, 2012 - 9:51pm
Mr. Fix
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@ DS

Dear DayStar, your analysis is much appreciated. Keep up the great job, and I will continue reading. Mr. Fix.

"When the student is ready, the teacher will appear."
Wed, Oct 24, 2012 - 12:03am (Reply to #94)
ajwgator
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Pressure Building

With all the reports of physical gold movements in the Middle East and the efforts to not making them evident is proof enough that pressure for physical bullion is building and is going to reach the limiter in this pressure cooker. Now Germany is taking the position that it needs to gets its physical home. When the limiter starts to release the pressure in this cooker it will cause every CB in the world to call its gold holdings home and real fast. This will not be a pretty sight at all and I doubt that anything can be done to hold or manipulate the price down what so ever. If one doesn't have a core position in gold or at the least in silver... IMO time is running out. Don't get caught in the stamped! I would say to buy whatever you can afford now. Got Gold or Silver?

Thanks DayStar!

Wed, Oct 24, 2012 - 8:23am (Reply to #95)
DayStar
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Mr. Fix

Thanks for the kudos. Lindsey Williams says the dollar will be destroyed with the announcement of QEIV. From the looks of the earnings reports that "salvation" cannot be far off.

DayStar

Wed, Oct 24, 2012 - 8:31am (Reply to #96)
DayStar
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ajwgator wrote: With all the

ajwgator wrote:

With all the reports of physical gold movements in the Middle East and the efforts to not making them evident is proof enough that pressure for physical bullion is building and is going to reach the limiter in this pressure cooker. Now Germany is taking the position that it needs to gets its physical home. When the limiter starts to release the pressure in this cooker it will cause every CB in the world to call its gold holdings home and real fast. This will not be a pretty sight at all and I doubt that anything can be done to hold or manipulate the price down what so ever. If one doesn't have a core position in gold or at the least in silver... IMO time is running out. Don't get caught in the stamped! I would say to buy whatever you can afford now. Got Gold or Silver?

Thanks DayStar!

AJWGator, I agree time is running out. The western central banks are about out of gold and have just about completed the planned transfer to the East ("China is the strong one"). We are getting very close to the take down. The derivatives market is showing cracks. There are currency wars and trade wars. Soon Berneke will announce QEIV and the dollar will be done. They will short Europe while the Euro crashes. They will short Japan while they crash the yen. Then they will short the dollar while they crash the dollar. I don't know what they will use their gain to acquire. Perhaps they will buy mortgage backed securities and own all of that real estate when the debtors are unable to pay their mortgages. There certainly is not enough gold and silver for them to purchase. The available above ground is just about gone. China is purchasing gold in the ground in Australia by buying up all the mines. The mines in South Africa are still shut down and this is hurting global supply. Iran and China are buying 60% of the global production, just among themselves. This thing is going to Hades in a hand basket. Got God, guns, grub and gold? You will need them all.

DayStar

Wed, Oct 24, 2012 - 10:41pm
DayStar
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~~Harvey 24 Oct 2012

This is DayStar (DS) with the Wednesday Harvey Report.

Harvey: This is perhaps your most important physical story of the day. Germany is now reporting less than 500 tonnes of gold in situ within the confines of the Bank of England under the Thames river. Germany will always announce a sale in gold. For example during the past several years, gold sales of 1 tonne or so have been continually announced, as these were for specific gold coinage. Therefore the only explanation that we can think of for Germany having only 500 tonnes in London is that Germany has engaged in another gold swap with the USA whereby Germany took possession of gold at the Federal Research Bank of NY and the USA took possession of gold in London. Once the Fed was in possession of the German gold, the Fed would then sell that gold keeping the suppression of the gold price alive! I thought that the Germans learned their lesson with the first swap they did in the year 2000 whereby the US gold at West Point went to the Germans and the USA took possession of German gold at the B. of E and probably promptly sold it. No wonder the Germans are clamoring for their gold back!!

GoldCore: Gold trimmed gains Wednesday amid worries about the global economy grew and demand from the world’s largest consumer, India helped support prices. DS: This comment makes no sense. We know from King World News that Europe is liquidating everything and buying gold. Turkey, Dubai, Iran, Russia, China, Kazakhstan, and others are buying gold amidst the economic malaise of the world. If all these countries are buying major quantities of gold, it means demand for gold is up. If demand is rising, the price should be rising, not going down. That is a fundmental principal of free markets. Hence, GoldCore's comment is nonsense. Gold was not worried about the global economy, but the people that bought it were, and they bought it because the world economy is tanking. Hence, the price should have gone up, because the bad world economy brought in new worried buyers wanting the safety of gold.

GoldCore: Mario Draghi travels to Berlin today to meet with key German parliament members involved in the eurozone crisis policy. This private meeting is the ECB president’s effort to defend his new bond buying plan as a legitimate instrument in its monetary policy arsenal. Germany’s legislative backing is critical for Draghi’s plan to buy up Spanish and other eurozone area government bonds. The Bundesbank president, Jens Weidmann, says the program is tantamount to financing governments by printing money, which is prohibited by the ECB’s founding treaty. ECB presidents normally give evidence to the European parliament but rarely if ever address national legislatures especially behind closed doors. This journey is highly unusual but a critical sell for Draghi. The main goal will be to convince lawmakers that the ECB is committed to keeping inflation low. Draghi’s plan outlines that the ECB will only buy a government’s bonds on the secondary market after it has agreed to economic reform measures set out by the single currency zone’s finance ministers and the IMF. The decisive question is whether the ECB is conducting monetary policy or fiscal policy," said Carsten Schneider, a financial-policy expert for the main opposition Social Democrats. "If this is financing state budgets, then the Bundestag and the European Parliament will have to decide on it."

Chris Powell (GATA): Much gold has been sold that doesn't exist because the Western central banks and their bullion bank agents have created a fractional-reserve gold banking system, a system that has worked because most big buyers of gold have not taken possession of their purchases but rather have left them on deposit with the bullion bank sellers. Since most buyers don't take delivery of their gold, the bullion banks know that they can sell more gold than they have, confident that Western central banks will rescue them in the emergency of a short squeeze. The Western central bank gold leasing and supposed gold sales of the last decade were about covering a gold short position that could not be covered from ordinary mine production. The gold in those supposed Western central bank sales had actually hit the market many years earlier, and the gold was not actually hitting the market when the sales were announced. Upon the announcement of the sales the gold was actually just being written off and surrendered as the Western central banks staged a controlled retreat with the gold price. The central bank actions to this point still leave a huge naked short position in gold in the bullion banking system and in the futures markets around the world. The remaining naked short position is starting to get squeezed as Eastern and developing-world central banks figure out the gold price suppression scheme and strive to hedge their U.S. dollar reserves.

DS: Harvey reports we are beginning to see more and more of this as gold bars are really tungsten bars coated with some gold, as there was a case of counterfeit Australian gold being sold in China. An Australian mint has called in the Federal Police after being shown evidence that its gold bars are being counterfeited. The investigation uncovered Chinese 'forgery factories' that will churn out fake bullion and even Australian coins, for a fraction of their face value. As we have noted in previous articles, these fake bullion incidents begin to appear right when the PMs appear to be on the verge of a breakout. These counterfeit items strike fear into the hearts of the unwashed masses and make them extremely reluctant to buy gold, because they know they don't know much about it, and they are fearful they could be fleeced with counterfeit gold. If the professionals can be fooled, it obviously is very unsafe for a novice to try it, so it scares people away, and that is the objective. The elites are doing their best to forestall the mania phase in the PMs that the metal seem poised to enter, and with good reason, as the world's currencies are racing one another to see who can make their currency worthless first.

AngloGold Ashanti Ltd. (AGL) and Gold Fields (GFI) Ltd., the world’s third- and fourth-largest gold producers, are firing more than 20,000 workers in South Africa as ultimatums on unauthorized walkouts passed. “The dismissal process begins” for 12,000 workers as talks continue with their representatives and the company, Alan Fine, an AngloGold spokesman, said by phone from Johannesburg after today’s noon deadline for miners to report for work. Gold Fields, the country’s second-biggest miner of the metal, fired 8,500 workers at its KDC East mine yesterday and gave them 24 hours to dispute their dismissals. Harmony Gold Mining Co. has lost about 20 days of production, or about 13,000 ounces of the metal. AngloGold, which gets about a third of its output in South Africa, has been losing about 32,000 ounces a week. “A large majority, more than two-thirds of the workers, have registered to appeal,” with more expected to by the end of the day, Gold Fields spokesman Sven Lunsche said in a phone interview. Harmony (HAR) workers also striking for higher pay must choose whether to give in to ultimatums from employers to report for duty. Harmony told 5,400 at its Kusasalethu mine to return by 6 a.m. tomorrow. Anglo American Platinum Ltd. (AMS) fired 12,000 employees on Oct. 5.

Mark Grant (Out of the Box): Grant stated, quite some time ago, that the recession in Europe would proceed to the United States. It was just a matter of time before the austerity demanded on the Continent began to have its affects in America. We are in earnings season and the numbers have not been pretty. China is in a slow-down, you may append what terminology that you like, but the reality of it is staring you in the face. Exports by all of Asia to Europe are not only in decline but the waterfall is a steep cascade as denoted by China whose exports to Italy are off almost thirty-seven percent. France had to inject $9 billion into Peugeot today as VW reported out profits that declined nineteen percent. Grant projects that by the first quarter of next year that America will also be in a recession as the spillover from Europe darkens our shores. The equity markets went up, bonds compressed, as the never ending printing presses rolled on in Europe, in China, in Britain and in America. Printing trumped the European recession until the spigots were either turned off or became ineffective. What else is that you can promise the markets after “limitless” and “uncapped” play out? The world’s financial markets have lived off of the largesse of the world’s central banks while the financial projections of each nation in Europe and the IMF churned out numbers, relied upon by many, that were absolute fantasies as proven by the subsequent quarters when real numbers appeared to the gasps of those in the various marketplaces that had expected something else entirely. With short term interest rates at just above zero, with everything promised now except the kitchen sink and with the economies in a major part of Europe falling into the abyss, where is it that you think we are going besides down?

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

Quote:

Gold closed down today to the tune of $9.50 to $1698.80 while silver fell 17 cents to $31.60.

Tuesday, Oct 23rd Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2012/10/another-gold-and-silver-raidopen.html

Total, Oct (Gold), Nov (Silver), Dec (Silver and Gold) Open Interest

In silver

Quote:

The total silver Comex complex saw it's OI fall by a very tiny margin of 188 contracts.

The non active month of October saw it's OI fall from 62 to 46 for a loss of 16 contracts. We had 15 delivery notices yesterday so in essence we lost 1 contract of 5,000 oz of silver standing.

The non active month of November saw its OI rise by 3 contracts to 42.

The big December contract saw it's OI fall 1115 contracts from 82,443 down to 81,328. These are still very lofty numbers. The bankers continue to pull their hair out as they try desperately to get the silver leaves to fall from its tree. They tried today and probably again will be totally unsuccessful. We will have to wait until tomorrow to see the official OI for tonight, tomorrow evening.

In gold

Quote:

The gold Comex fell by a rather large 4414 contracts from 460,250 down to 455,836 as the banker raids seem to scare away some speculative longs.

The active month of October saw it's OI fall by 19 contracts down to 201 from 220. We had zero delivery notices yesterday so in essence we lost 19 contracts or 1900 oz of gold standing.

The non active November gold month saw it's OI fall by a rather large 78 contracts down to 705.

The big December contract saw it's OI fall 5,388 contracts from 324,100 down to 318,712.

Volume

In silver

Quote:

The estimated volume today came in at a rather tame 37,223.

The confirmed volume yesterday was much better at 44,381.

In gold

Quote:

The estimated volume today came in at 124,890 which is rather low.

The confirmed volume yesterday was much better at 164,117.

Inventory Numbers

In silver:

Quote:

Again, we had little activity inside the silver vaults today.

We had no dealer deposit and no dealer withdrawal.

The customer had no customer deposit

We had the following customer withdrawal;

1. Out of Scotia: 25,714.99 oz

Total customer withdrawal: 25,714.99 oz.

We had one adjustment of 45,555 oz at the vault CNT where the customer leased back silver to the dealer.

Registered silver remains at: 36,972 million oz

Total of all silver: 141.797 million oz.

The huge movements in silver certainly suggest that the bankers are having great difficulty in obtaining physical metal. Please note the difference in movements between gold and silver.

In gold:

Quote:

Today, we again had no activity inside the gold vaults.

The dealer had no deposits and no withdrawals.

The customer had no deposits but did have 1 withdrawal:

i) customer withdrawal from Brinks: 64.30 oz.

There were no adjustments.

Thus the dealer inventory rests this weekend at 2.570 million oz (79.93) tonnes of gold.

Delivery Notices

In silver:

Quote:

The CME reported that we had only 13 notices filed for 65,000 oz.

In gold:

Quote:

The CME reported that we had 0 notices filed for zero oz of 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:

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

Quote:

The total number of silver notices filed so far this month rises to 480 contracts or 2,440,000 oz of silver. To obtain what is left to be served upon, I take the OI standing for October (46) and subtract out today's notices (13) which leaves us with 33 notices or 165,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing in this non active delivery month of October is as follows:

2,440,000 oz (served) + 165,000 oz (to be served upon) = 2,565,000 oz.

We lost 1 contract or 5,000 oz of silver.

The amount standing is still very high for a non active month.

In gold:

Quote:

The total number of notices filed so far this month is represented by 6981 contracts or 698,100 oz of gold. To obtain what is left to be served upon, I take the OI standing for October (201) and subtract out today's notices (0) which leaves us with 201 notices or 20,100 oz left to be served upon our longs.

Thus the total number of gold ounces standing in October is as follows:

698,100 oz (served) + 20,100 oz (to be served upon) = 718,200 oz.(22.33) tonnes)

The total physical amount of gold standing in October is awesome for what is generally perceived to be a very tiny delivery month. The amount standing equates to 27.93% of total dealer inventory.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) closed at 1088 down 1.89%. WTI crude was 85.33 down 0.99 today. Brent closed at 108.85, down 0.26. The spread between Brent and WTI was 23.52 up 0.73. US Treasury 30 year closed at 2.933 down 0.017. The dollar was down 0.06 points at 79.91. The PPT/Dow was down 25.19. The Dow settled above the important level of 13,000 at 13,077.34. FaceBook closed at 23.23 up a gigantic 3.73 (19.13%) and silver closed at $31.83. The November CCI was 567.30, down 0.70. December wheat was up 8.84 at 884.00. December corn was down 1.40 at 754.40. December lean hogs were up 0.125 at 78.250. November feeder cattle were up 0.075 at 147.10. December copper was 3.5680 down 0.0015. November natural gas was down 0.085 to close at 3.450. November coal is 59.50 up 0.22.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

Wed, Oct 24, 2012 - 11:22pm
Mr. Fix
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Thanks again.

At least it's still fun to watch.

I remember "The Paul Harvey Report" well.

I miss him.

"Gooooood day"

(The voice of an old friend.)

"When the student is ready, the teacher will appear."
Thu, Oct 25, 2012 - 1:16am (Reply to #99)
Boswell
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Joined: Jun 23, 2011
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DS: Comments...

Hi,

You need to show where your comment ends somehow?

Is kind of runs into the rest of the paragraph.

<DS: Blah, blah blah.> maybe?/or? bold/italics? etc.

randomness