Harvey Organ Should Be An Interesting Read Today

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Mon, Nov 24, 2014 - 11:08pm
DayStar
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RE: Vacation

Well, I went back home over the weekend to my 50th high school class reunion, and my car broke down in the rain on the way back Sunday afternoon. The Lord helped me get it fixed on a Sunday night, but I did not get back in town until 12:30 last night, and that caused schedule compression that has run me late all day. Today was a busy day with multiple one-off activities superimposed over a regular work schedule, and I am still playing catch up. :-) Now to hopefully go get some shut eye.

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Tue, Nov 25, 2014 - 10:51pm
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~~Harvey 25 Nov 2014

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










News and Commentary






Mark O'Byrne (GoldCore) on Gillian Tett (FT): “Ordinary people are unnerved about how money works in a bottomless cyber space. Gold seems tangible, clear and timeless” She refers to numerous examples of how finite gold is taking a more prominent place in the public consciousness as a monetary asset and as money. She mentions the Swiss gold referendum which will take place on Sunday and how at least a very large minority of the Swiss population prefer gold-backed currency to fiat. She also mentions Rand Paul of the U.S. Republican party who favours greater use of gold as currency. She makes some important points regarding gold being tangible and finite in a world of trillion dollar central bank experiments and a risky “ethereal” or intangible cyberspace: “Most ordinary people have no idea what central banks are really doing, with their trillion-dollar experiments. They are unnerved about how money works in a bottomless cyber space. But the beauty of gold is that it seems tangible, clear and finite. It also seems timeless, creating an impression of permanent, intrinsic value. Of course, this image is – ironically – also an illusion. You cannot actually do anything practical with gold (as you can, say, with a lump of coal). Its value, like that of fiat currency, depends on social convention. But culture, as Greenspan now recognises, is a very powerful thing – especially in a world of finance that is rushing more deeply into ethereal cyberspace every day.” We have long made the point that owning all your assets - whether they be investments, savings, deposits, crypto currencies or even gold in a digital format with dependency on a single company and its websites, platforms, I.T., applications, the internet and electricity is imprudent. This rise in interest in gold among the public is based on the fact that monetary affairs are completely beyond the control of average citizens. Before the crisis of 2008, it seemed irrelevant to the average working person. Years of austerity are now causing average people to look more closely at the system only to find it incomprehensible and unstable. The growing divide between the super-rich and everybody else is leading them to conclude that the current system is shambolic and simply not working. We find it very encouraging that Tett should put gold back on the agenda of such a widely read financial publication as the Financial Times. It may herald the start of a more balanced discussion of gold.










GoldCore: HSBC, commenting on the Swiss vote, says: “The impact of a ‘yes’ vote could quickly translate into prices and take gold as much as $50/oz higher. The impact on gold of a “yes” vote on the gold market could be notable. On a basic level, a ‘yes’ vote would require the SNB to increase bullion stocks. But it would also be a strong signal in support of the utility of gold and may help galvanize the bullion market, which has seen steep declines since the beginning of 2013. Bullion prices were also lifted by news that China’s net gold imports from conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September, as the world’s largest gold buyer saw strong demand for jewellery and bullion coins and bars.














Harvey: The gold Comex today had a fair delivery day, registering 7 notices served for 400 oz. Silver Comex registered 28 notices for 140,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 247.44 tonnes for a loss of 56 tonnes over that period. In silver, the open interest fell by 10,371 contracts despite Monday’s small fall in price ( 2 cents). For the past year, we have been witnessing liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. The total silver OI still remains relatively high with today’s reading at 164,522 contracts. The big December silver OI contract lowered by 21,258 contracts down to 32,871 contracts which is quite normal. We have 2 more trading days before first day notice and our banker friends are not sleeping well these past couple of days. In gold we had a huge loss in OI even though Monday saw a small drop in price of gold to the tune of $2.00. The total Comex gold OI rests tonight at 439,447 for a loss of 29,301 contracts. The December gold OI rests tonight at 93,395 contracts. We witnessed a huge contraction of 55,860 contracts. Today, we had no changes in tonnage of gold Inventory at the GLD / inventory rests tonight at 720.91 tonnes. In silver there were no changes: SLV’s inventory rests tonight at 347.965 million oz. GOFO is in backwardation and increasing.














Harvey on PM trading: In trading of gold and silver today, our two precious metals were doing nicely in the Asian trading zone last night. Gold hit its high spot right at London’s first fixing of gold (2 am est), with our ancient metal of kings registering a fix of $1202.25. (almost identical to Monday’s fix). Gold then swooned to $1193.40, its nadir for the day at 9 am just after to Comex opening.It then climbed to 1199.50 at the second London fix. It is obvious that this being options expiry week for the OTC had a lot to do with trading today. Gold closed at the Comex at $1197.10 and then proceeded to pierce the 1200 dollar mark in access trading. Silver performed much better than gold during last night’s trading. By London’s first fix the price of silver had already reached $16.57. The bankers did not particularly like the advance of silver and tried to knock it down but to no avail as silver started to rebound. Silver hit its zenith at 5 am in the morning est at $16.72. From there it was one steady fall whereupon silver once again hit $16.54 which seemed a strong support level. (at Comex opening 8: 40 am). Then silver advanced to $16.68, and it was whacked down again only to rebound where it closed at $16.59 (Comex closing time). It then shot up to $1670 in the access market.






Chris Powell (GATA): With his new study, “Bubble-ology,” Hinde Capital CEO Ben Davies describes the “financialization” of the world economy by central banks, their market-destroying interventions and, really, their destruction of basic productivity.




Zero Hedge: First Germany, then the Netherlands, perhaps Switzerland this weekend, and now the French right-wing Front National, which shockingly came first in May’s European parliament elections, and whose leader Marine Le Pen is currently polling in first place in a hypothetical presidential election (in both a first and run off round), ahead of president Hollande, has sent a letter to the governor of the French Central Bank, the Banque de France, demanding that France join the list of nations which have repatriated, or at least tried to, their gold.






DS: Jim Willie on Paul Sandhu's show made a remark about gold sales in Dubai. He said the Voice told him that large (e.g. $20-50 million) sales of gold that were taking delivery of actual bullion were paying a 30-50% premium, i.e. gold is selling in large quantities for $1500-2000 per oz.






Andrew Hoffman (Miles Franklin): Friday's announcement that the Dutch Central bank recently repatriated 122 tonnes of gold from the Federal Reserve was shocking in its content and "coincidental" in its timing. How they were able to do accomplish this whilst the far more powerful German Bundesbank only received 37 of the 300 tonnes it requested two years ago is another story entirely. However, the fact that the Dutch Central bank chose now - just one week before the Swiss referendum - to make this announcement, could not be telling. In other words, just as Yves Marche was flat out screaming to the Swiss that gold is a valuable asset, the Dutch were making them well aware that repatriation is both prudent and timely. And why, you ask, would the ECB and its member nations make such "yes-friendly" statements, mere days before the referendum? Simple because the "final currency war" has gone nuclear; in this case, with Draghi hell-bent on destroying the Euro, utilizing the referendum as a "weapon" to break the Franc/Euro peg. Which, if you haven't noticed, has been bid by speculators to its breaking point anticipating a "yes" vote. Simultaneously, we learn of MASSIVE Chinese and Russian gold purchases; the aforementioned explosion of Indian silver imports; unprecedented negative gold forward rates; and sky-high Comex silver open interest ahead of this Friday's first notice day; atop the recent months' massive drains of Comex gold and silver inventory, as well as the GLD ETF. Without "speculating," or trying to name "conspirators," it appears an awful lot of "coincidental" things are occurring in the world of real money; and this is amidst an environment of "unprecedented skepticism" amidst the PM community. Throw in the "shocking" PM upside reversal of November 14th - which eerily reminded me of November 21st, 2008, when gold rocketed higher from its ultimate bottom - and it doesn't take much imagination to believe "something" may be afoot.












This Will Not End Well (In The Short Term)










Libertarian Investments: The police in Buffalo, New York are planning to pay a visit to the estates of people who die. But this will only apply to a certain class of citizens – pistol permit holders. Unfortunately, the police will not be paying a visit to offer their condolences to family members of the deceased. Instead, the police are starting a program to confiscate firearms. In order to better “serve and protect”, the police department will be running a cross check between the death records and gun permit holders. They are, of course, doing this in the name of public safety. I suppose this shouldn’t come as much of a surprise, particularly out of New York. This is the state that locked up football player Plaxico Burress for shooting himself in the leg. The crime wasn’t public endangerment, but the fact that Burress possessed a gun. Government officials in New York don’t want anyone possessing a gun except for themselves.










Dave Hodges (TheCommonSenseShow): National Guard and police failed to protect businesses targeted by rioters during last night’s chaos, leading to charges that the Obama administration issued a stand down order. Earlier this morning, Missouri Lt. Gov. Peter Kinder made the stunning claim, telling Fox News, “Is the reason that the National Guard was not in there because the Obama Administration and the Holder Justice Department leaned on you to keep them out? I cannot imagine any other reason why the governor who mobilized the National Guard would not have them in there to stop this.” His comments followed Ferguson Mayor James Knowles’ complaint that his request for National Guard assistance was repeatedly ignored by Democrat Governor Jay Nixon last night.










DW.DE: Burial workers in the eastern Sierra Leone city of Kenema were fired on Tuesday after taking Ebola victims from a mortuary and dumping the bodies outside a hospital. The workers were angry over non-payment of their weekly hazard allowance and had been striking. It's understood they took between 12 and 15 bodies, three of those placed at the hospital's entrance to stop people from entering. Other bodies were left outside the offices of hospital managers.










DW.DE: Russian oil giant Rosneft has said it will unilaterally cut its oil output to stem the crude price slide. The move comes after inconclusive talks with other oil producers and two days ahead of a crucial OPEC Meeting. The announcement was made following talks between Russia, Saudi Arabia, Mexico and Venezuela, which failed to find an agreement on how to address a growing oil glut. After the meeting, crude prices turned even lower, with international benchmark North Sea Brent Crude falling more than $1 (0.80 euro) a barrel to about $78.






A Steve Quale Alert: I'm going to relate an incident that occurred with one of my regular customers who told me today of a shopping stop he made a few days ago at a large sporting goods store in Minnesota. He was checking out and included in the items he was purchasing were a couple boxes of 22 rim fire shells. The clerk asked him for his phone number and when he refused to offer one the cash register froze up. The clerk picked up a phone and rang for a manger who upon arriving pulled out what appeared to be a drivers license type card and when the register scanned the card along with the mans name it also showed TSA. My customer asked the man who was dressed to match the outfits worn by other store employees what the TSA was doing in the store and he was informed that he couldn't talk about it. After unlocking the machine he left without speaking. My customer bought his goods and left.






Lyn Leahz (B4IN): Recently, I posted a news story about a Facebook page, Twitter, Commerical, and Website claiming to be the official websites for the Illuminati. You can see that post here (https://beforeitsnews.com/prophecy/2014/11/urgent-shocking-chilling-news...) As I was investigating further on the owners of this website, to my surprise, I discovered that the Jesuits are the people running the ‘Official Illuminati Website’. In fact, the IP address is in Scottsdale, Arizona. As a side note, not too far away is the Lucifer Telescope, owned and run by the Jesuits (see Tom Horn, Cris Putnam, Exo Vaticana). We already know that the Jesuits are Illuminati-Freemasons. But so many people deny it. Why are they just now coming out with this webiste, so brazenly, asking people to join the Illuminati, stating that they want to correct the negative rumors regarding who and what they are? Why does their website list a picture of a pyramid, all-seeing eye, and circle, calling it ‘the mark’? Is something getting ready to happen? We know that Pope Francis is currently working, along with some well-known evangelical false teachers (Kenneth Copeland, Robert Schueller, Rick Warren, etc.) as well as many other false Christians who have been led astray to unite all religions, globally under the one world religion, Chrislam. Just what are they preparing us for? In my opinion, just as God is sending out the watchman to gather the elect around the globe and to warn, Satan, the god of the world, is sending out his watchman to gather his elite around the world. Is that what this is about?




Psalms 7:6 ¶Arise, O LORD, in Your anger; Lift up Yourself against the rage of my adversaries, And arouse Yourself for me; You have appointed judgment.
7 Let the assembly of the peoples encompass You, And over them return on high.
8 The LORD judges the peoples; Vindicate me, O LORD, according to my righteousness and my integrity that is in me.
9 O let the evil of the wicked come to an end, but establish the righteous; For the righteous God tries the hearts and minds.
10 My shield is with God, Who saves the upright in heart.
11 God is a righteous judge, And a God who has indignation every day.
12 ¶If a man does not repent, He will sharpen His sword; He has bent His bow and made it ready.
13 He has also prepared for Himself deadly weapons; He makes His arrows fiery shafts.
14 Behold, he travails with wickedness, And he conceives mischief and brings forth falsehood.
15 He has dug a pit and hollowed it out, And has fallen into the hole which he made.
16 His mischief will return upon his own head, And his violence will descend upon his own pate.
17 ¶I will give thanks to the LORD according to His righteousness And will sing praise to the name of the LORD Most High.










****************










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










Quote:



Gold: $1197.10 up $1.60
Silver: $16.55 up 17 cents


In the access market 5:15 pm


Gold $1201.00
Silver $16.68













Monday, Nov 24th Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Nov (Silver), Dec (Gold, Silver), Jan (Silver) Open Interest










In Silver:




Quote:

The total OI fell in sympathy to gold by 10,371 contracts from 176,523 falling to 164,522 even though silver was down by only 2 cents yesterday. It seems to me than the Comex rewards many of these longs to accept cash instead of standing for metal. In just does not make sense when the cost to roll is zero why many cash out of their contracts instead of keeping in the game. In ounces, the total OI represents a total of 822 million oz or 117.4% of annual global supply. We are now in the non active silver contract month of November and here the OI plummeted by 58 contracts down to 30. We had 0 notices filed yesterday so we lost an astounding 58 contracts or 290,000 oz. Owners of these contracts decided not to receive metal and abandon their contracts after waiting the entire month. It just does not make sense. The big December active contract month saw it’s OI fall by a normal 21,258 contracts down to 32,871. The December contract month still remains highly elevated for this time in the delivery cycle. In ounces the December contract is represented by 164 million oz or 23.4% of annual global production (production = 700 million oz – China).





In Gold:




Quote:

The total gold Comex open interest fell dramatically as is the latest custom at the Comex once first notice approaches by 29,301 contracts from 468,051 all the way down to 439,447 with gold down by $2.00 yesterday (at the Comex close). The front delivery month is November and here the OI lowered from 20 contracts down to 11 for a loss of 9. We had 4 delivery notices filed on yesterday so we lost 5 gold contacts or 500 additional ounces will not stand for the November delivery month. The big December contract month saw it’s Oi fall by a huge 55,860 contracts down to 93,395 with the November contract moving off the board yesterday.





Volume




In Silver:




Quote:

The estimated volume today was excellent at 63,563. The confirmed volume yesterday was humongous at 98,155. We also had 28 notices filed today for 140,000 oz. The first day notice for both metals will be on Friday, Nov 28.2014 the day after Thanksgiving. Options expiry as mentioned above was yesterday, but we still have OTC options that will expire on Friday. We thus have 2 more Comex sessions before first day notice.





In Gold:




Quote:

The estimated volume today was fair at 189,482 when you consider many had to roll . The confirmed volume yesterday was good at 243,004. On this 20th day of notices, we had 7 notices filed for 700 oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz.


We had 1 dealer withdrawal:
i ) out of CNT: 621,035.48 oz.
Total dealer withdrawal: 621,035.48 oz.


We had 3 customer withdrawals:
i) Out of Brinks: 75,577.300 oz (one decimal )
ii) Out of HSBC: 600,497.78 oz
iii) Out of Scotia: 60,031.36 oz.
Total customer withdrawal 736,106.44 oz.


We had 2 customer deposits:
i) Into Brinks: 300,002.810 oz
ii) Into Scotia: 643,297.400 oz (one decimal).
Total customer deposits: 96,672.600 oz.
We had 0 adjustment.
Total dealer inventory: 64.278 million oz.
Total of all silver inventory (dealer and customer) 176.933 million oz.





In Gold Inventory:




Quote:

Today, we had 1 dealer transaction.
Total dealer withdrawal: nil oz


We had one dealer deposit:
i) into Brinks: 1299.99 oz.
Total dealer deposit: 1299.99 oz.


We had 2 customer withdrawals:
i) Out of Scotia: 2400.000 oz (we have been witnessing
many of these lately/how could this be possible?
ii) Out of Manfra: 32.15 oz (1 kilobar).
Total withdrawal: 2432.15 oz.


We had 1 customer deposit:
i) Into Scotia: 990.75 oz.
Total customer deposits: 990.75 oz oz.


We had 0 adjustments:
Total Dealer inventory: 870,210.561 oz or 27.06 tonnes.
Total gold inventory (dealer and customer) = 7.954 million oz. (247.44) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 56 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 28 contracts or 140,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 6 notices were issued from their client or customer account. The total of all issuance by all participants equates to 7 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in November, we take the total number of notices filed for the month (184 ) x 5,000 oz to which we add the difference between the total OI for the front month of November (30) minus (the number of notices filed today (28) x 5,000 oz = the total number of silver oz standing so far in November.
Thus: 184 contracts x 5000 oz + (30) OI for the November contract month – 28 (the number of notices filed today) = 930,000 oz of silver that will stand.
We lost an astounding 290,000 oz standing. There is no doubt that these were cash settled.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the November contract month, we take the total number of notices filed for the month (1420) x 100 oz to which we add the difference between the OI for the front month of November (11) – the number of gold notices filed today (7) x 100 oz = the amount of gold oz standing for the November contract month.
Thus the initial standings:
142,000 (notices filed today x 100 oz + (11) OI for November – 7 (no of notices filed today)= 142,400 oz standing for the November contract month.(429 tonnes).
We lost 400 oz of gold standing for the November contract month.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,313.00, down 0.30%. WTI January crude was 73.81 down 1.87. Brent crude was 78.13 down 1.28. The spread between Brent and WTI was 4.32 up 0.59. The 30 year US Treasury bond was down 0.0500 at 2.9700. The 10 year T-Note was down 0.0500 at 2.2600. The dollar was down 0.23 at 87.91. The PPT/Dow was 17814.94 down 2.96. Silver closed at 16.67 up 0.20. The GSR was 72.0576 down 0.6989 oz of silver per oz of gold. CIA's Facebook was 75.63 up 1.62 (2.19%). March wheat was up 8.25 at 557.750. December corn was up 6.75 at 374.25. February lean hogs were down 0.675 at 89.825. January feeder cattle were down 1.975 at 231.375. December copper was down 0.043 at 2.957. January natural gas was up 0.252 at 4.403. February coal was up 0.78 at 53.93.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Wed, Nov 26, 2014 - 9:44pm
DayStar
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~~Harvey 26 Nov 2014

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




FDIC Bank Seizures
The FDIC did not seize any banks this week.








News and Commentary






Mark O'Byrne (GoldCore): Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage in what appears to have been some form of computer glitch. Of note, was the fact that silver and the other precious metals did not see any movement despite the apparent surge in gold. Nor did other markets. We had concerned clients on the phone early this morning wondering if a massive short squeeze had begun. Others wondered whether price manipulation was at play. Understandable concerns given events of recent weeks and months and the increasing lack of trust in large market participants and indeed in financial markets. Having looked at it and spoke to data providers we believe that this was a computer glitch. It was not manipulation, a short squeeze, or a modern Chinese or Russian ‘Goldfinger’ sending a pointed message to Washington. The problem may be related to one of the exchange’s trading engines. This is not the first time that something like this has happened. The CME halted trading for some futures contracts for more than 90 minutes on April 8 this year due to “technical issues.” The nature of the “technical issues” were not disclosed. Such “glitches” are becoming more frequent and larger in size and pose real risks to investors. It underlines the importance of owning physical gold and avoiding paper gold – especially leveraged paper and electronic gold which can be manipulated and subject to such errors. It is also shows, financial markets are increasingly subject to technological vulnerability. Intelligence agencies, governments and internet security experts have warned that a cyber war could see hackers, attempt to disable and take down financial markets and exchanges in a new form of warfare – financial warfare. Security experts say China, Russia, the U.S. and other states are adept at and becoming more sophisticated at cyber espionage, cyber warfare and financial warfare. There is no speculation that this latest glitch was cyber terrorism or war. However, it underlines the risk posed to financial markets and hence the importance of owning physical bullion coins and bars.






India Times News Agency: India imported about 102 tons of gold in the first half of November and the pace of purchase suggests import of the precious metal will surpass October’s record import of about 150 metric tons, a senior finance ministry official said today. Harvey: wow!!!: from India, a massive 102 tonnes of gold was imported during the first 15 days of November. It looks like these guys will import over 200 tonnes of gold metal. And remember this: their 10% tax is still in existence. We also have a massive smuggling operation going on and we have no official records of these transactions. It is now a race between India and China who will have the greatest amount of gold demand. This will bankrupt the west.










Harvey: The gold Comex today had a fair delivery day, registering 4 notices served for 400 oz. Silver Comex registered 2 notices for 10,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 247.44 tonnes for a loss of 56 tonnes over that period. In silver, the open interest fell by 7,540 contracts despite Tuesday’s small rise in price ( 16 cents). For the past year, we have been witnessing liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver these past two days. The total silver OI still remains relatively high with today’s reading at 156,982 contracts. The big December silver OI contract lowered by 19,199 contracts down to 13,672 contracts which is quite normal. We have 1 more trading day which also corresponds to the first day notice. Our banker friends are still not sleeping well. In gold we had a huge loss in OI even though we saw a small rise in price of gold to the tune of $1.60 yesterday. The total Comex gold OI rests tonight at 388,141 for a loss of 51,306 contracts. The December gold OI rests tonight at 37,741 contracts. We witnessed a huge contraction of 55,654 contracts. It looks like we will have a huge number of oz standing in gold and in silver. GOFO is in backwardation and rates continue to move further into the negative territory. Now, all the months of GOFO rates (one, two, three six month GOFO and one year) moved toward the negative with the mostly used 1 to 6 month rates deeper into the negative and thus into backwardation. Even the one year rate is closing in on backwardation.










Harvey on Gold and Silver Trading: In trading of gold and silver today, our two precious metals were doing nicely in the Asian trading zone last night. Gold hit its high spot right at London’s first fixing of gold (2 am est), with our ancient metal of kings registering a fix of $1200.65. Gold then swooned to $1193.40, its nadir for the day at 5 am well before the Comex opening.It then climbed to 1198.50 at the second London fix and stayed around that area for the entire day. It is obvious that this being options expiry week for the OTC had a lot to do with trading today. Gold closed at the Comex at $1196.60 and in the access market it closed at 1198.00. Silver performed much better than gold during last night’s trading. By London’s first fix the price of silver had already reached $16.61. The bankers did not particularly like the advance of silver as they tried to knock it down. At 4 am it hit its nadir at $16.56 and then started to advance. Silver hit its zenith at 10 am in the morning EST (London’s second fix) at $16.68. From there it was one slow fall with silver settling at $16.62 at Comex closing. In the access market it finished at $16.50. Remember that options expiry for OTC gold this Friday. Today, we had a big loss of 2.09 tonnes of gold Inventory at the GLD / inventory rests tonight at 718.82 tonnes. We saw no change in silver inventory. SLV’s inventory rests tonight at 347.954 million oz.






John Hathaway (Tocqueville Gold Fund): “The modern-day central banker trades with counterparties that are giant commercial banks with derivative books of disturbing scale and complexity. It seems impossible that these commercial exposures could be constructed and maintained without the knowledge and complicity of the official sector. For example, Deutsche Bank, already a defendant in 1,000 lawsuits, claims derivative exposure that is 20 times the GDP of Germany and five times that of the entire eurozone. It is not a great leap to suggest that central-bank traders and their megabank opposites — spawn of the same gene pool, schooled in the same institutions, career paths intertwined, frequenters of the same conferences, and just a speed-dial away — are ideologically indistinguishable and intellectually and morally corrupt in equal proportion. We applaud the efforts of litigators and plaintiffs already in process and those in the wings, and look forward to the depositions and discoveries yet to come.”








Reuters: Some of the biggest price moves in gold since late October have, unusually, occurred in Asian hours and traders more accustomed to following the lead of their Western counterparts suspect a big increase in algorithmic trading may be to blame. Sensitivity to the dollar-yen exchange rate may also help explain the moves, although some traders speculated that the timing looked suspiciously like attempts to catch Chinese traders off-guard during their lunch break. Liquidity in Asia tends to be thin until Europe wakes up but recent weeks have been different: Comex gold futures, the busiest gold contract in the world, have suffered sharp sell-offs in Asia, sometimes sparked by the news flow or currency moves but often for no identifiable reason.
“It is unusual for Asia to be seeing these busy trading sessions,” said David Govett, head of precious metals at broker Marex Spectron in London. “I have spoken to a lot of people about it and the general consensus seems to be that there is a big increase in algorithmic and high-frequency trading in this time zone nowadays as it can be quite easy to push about,” he said. The trend began on Oct. 31, when U.S. gold futures fell through a major technical level of $1,180 an ounce at around 3 p.m. Singapore time. They fell $11 in a minute and nearly 9,000 lots were traded in five minutes, compared with just 535 lots in the five minutes preceding the drop. The simplest explanation for the volatility in Asia remains the rise in the dollar to a seven-year high against the yen. A stronger greenback makes dollar-denominated bullion more expensive for holders of other currencies. “There is definitely more Japanese participation. Gold could be sold off along with the yen so that Japanese investors could put money into the Nikkei,” said Tan Tien Leong, chief investment officer of Singapore-based hedge fund AN Commodity. “We are taking much smaller positions in gold and keeping it very simple because there is lots of uncertainty out there.”




Chris Powell (GATA): Western central banks, Sprott Asset Management’s John said today, are “selling infinitely more paper gold than is being dug out of the ground, and it’s being done specifically to hold down the price,” creating enormous short positions that could spark a strong increase in the price. But, Embry adds, “There aren’t any real markets in anything anymore.” Harvey: John discusses the huge amount of paper gold swamping the West. These shorts have been provided at sub 1200 dollar levels. This is like a powder keg ready to explode, driving the gold /silver price to astronomical levels.










Erik Larson (Bloomberg): Goldman Sachs Group Inc. (GS) and HSBC Holdings Plc (HSBA) were sued in New York over claims they conspired for eight years to manipulate prices for the precious metals platinum and palladium in what plaintiffs’ lawyers say is the first class-action lawsuit of its kind in the U.S. Standard Bank Group Ltd. and a metals unit of BASF SE (BAS), the world’s largest chemical company, were also sued. The four companies used inside information about client purchases and sale orders to profit from price movements for the metals used in products ranging from jewelry to cars, according to a complaint filed today in Manhattan federal court. The lawsuit by Modern Settings LLC, a jeweler that buys precious metals and derivatives set on their prices, claims the companies “were privy to and shared confidential, non-public information about client purchase and sale orders that allowed them to glean information about the direction” of prices. UBS AG (UBSN) co-chief currency dealer Niall O’Riordan is one of 11 individuals the Swiss finance regulator has told are under investigation as part of its currency-rigging case, people with knowledge of the matter said. The Financial Market Supervisory Authority wrote to O’Riordan, Chris Vogelgesang, the bank’s former global co-head of foreign exchange and precious metals, and precious-metals trader Andre Flotron notifying them of possible enforcement action, said two people, who asked not to be identified because the letters are private. The investigation is ongoing and no findings of fault have been made against any of the individuals. Finma said it started proceedings against 11 current and former employees on Nov. 12, when it joined U.K. and U.S. regulators in an $800 million settlement to their foreign-exchange manipulation probes. The regulator is considering measures such as a ban from the industry for as long as five years, as well as “naming and shaming” and profit seizure, according to another person. O’Riordan was suspended last year. Flotron went on leave in early 2014, according to a person at the time. UBS announced in a Nov. 19, 2013, memo that Vogelgesang would step down and look for another role at the Zurich-based bank.






Alasdair Macleod: Following Russia’s recovery from its 1998 financial crisis, China set about developing an Asian trading bloc in partnership with Russia as an eventual replacement for Western export markets, and in 2001 the Shanghai Cooperation Organisation was born. In the following year, her gold policy also changed radically, when Chinese citizens were allowed for the first time to buy gold and the Shanghai Gold Exchange was set up to satisfy anticipated demand. The fact that China permitted its citizens to buy physical gold suggests that it had already acquired a satisfactory holding. Since 2002, it will have continued to add to gold through mine and scrap supplies, which is confirmed by the apparent absence of Chinese-refined 1 kilo bars in the global vaulting system. Furthermore China takes in gold doré from Asian and African mines, which it also refines and probably adds to government stockpiles. Since 2002, the Chinese state has almost certainly acquired by these means a further 5,000 tonnes or more. Allowing the public to buy gold, as well as satisfying the public’s desire for owning it, also reduces the need for currency intervention to stop the renminbi rising. Therefore the Chinese state has probably accumulated between 20,000 and 30,000 tonnes since 1983, and has no need to acquire any more through market purchases, given her own refineries are supplying over 500 tonnes per annum.




Kate Connolly (The Guardian, London): After 11 Swiss referendums in 2013, this Sunday there are three more, but one has attracted more attention than most – because there are fears that if it wins majority support it could trigger a worldwide gold rush. Five million Swiss voters are to decide on a proposal that would force the central bank to triple its gold reserves. The vote is being watched closely by financial markets and governments around the world. “Gold continues to trigger impetuous and irrational reactions in many people,” Sergio Rossi, professor of macroeconomics and monetary economics at Fribourg University, told the Swiss news agency SDA. “The Swiss initiative is merely part of a increasing global scramble toward gold and away from the endless printing of money. Huge movements of gold are going on right now. Recently the Dutch repatriated 122 tons, Germany is bringing home its gold from the US, while the BRIC countries are accumulating large quantities of it for their banks. “While those behind the Swiss initiative have often been portrayed as crazy, they’re merely acting out of fear that their central bank is losing control of its monetary policy, and of the Swiss franc being sucked into this currency war and losing its value,” he said. Switzerland left the gold standard only in 1999, the last country in the world to do so. “They regret what they did and want to get back to the safety of gold, especially in the current environment,” Jansen added.






Zero Hedge: Who could have seen this coming? With oil prices holding at 4-year lows, heavily pressuring around half of US shale production economics, the “secret” US deal (see here and here) with Saudi Arabia to crush Russia via oil over-supply in a slumping demand world appears to be backfiring rapidly for John Kerry and his strategery team. Capable of withstanding considerably lower prices for longer, Saudi Arabia’s oil minister Ali al-Naimi proclaimed “no one should cut production and the market will stabilize itself,” adding rather ominously (for the US economy and HY default rates), “Why should Saudi Arabia cut? The U.S. is a big producer too now. Should they cut?”




Zero Hedge: The S&P 500 has now closed above its 5-day moving-average for 28 days (today will be 29). This has never – ever – happened before in US equity markets.












This Will Not End Well (In The Short Term)






Bloomberg: Do We Achieve World Order Through Chaos or Insight?
SPIEGEL: Dr. Kissinger, when we look at the world today, it seems to be messier than ever — with wars, catastrophes and chaos everywhere. Is the world really in greater disorder than ever before?
Kissinger: It seems that it is. There is chaos threatening us, through the spread of weapons of mass destruction and cross-border terrorism. There is now a phenomenon of ungoverned territories, and we have seen in Libya, for example, that an ungoverned territory can have an enormous impact on disorder in the world. The state as a unit is under attack, not in every part of the world, but in many parts of it. But at the same time, and this seems to be a paradox, this is the first time one can talk about a world order at all.
SPIEGEL: What do you mean by that?
Kissinger: For the greatest part of history until really the very recent time, world order was regional order. This is the first time that different parts of the world can interact with every part of the world. This makes a new order for the globalized world necessary. But there are no universally accepted rules. There is the Chinese view, the Islamic view, the Western view and, to some extent, the Russian view. And they really are not always compatible.
SPIEGEL: In your new book, you frequently point to the Westphalian Peace Treaty of 1648 as a reference system for world order, as a result of the Thirty Years’ War. Why should a treaty dating back more than 350 years still be relevant today?
Kissinger: The Westphalian Peace was made after almost a quarter of the Central European population perished because of wars, disease and hunger. The treaty was based on the necessity to come to an arrangement with each other, not on some sort of superior morality. Independent nations decided not to interfere in the affairs of other states. They created a balance of power which we are missing today.
SPIEGEL: Do we need another Thirty Years’ War to create a new world order?
Kissinger: Well, that’s a very good question. Do we achieve a world order through chaos or through insight? One would think that the proliferation of nuclear weapons, the dangers of climate change and terrorism should create enough of a common agenda. So I would hope that we can be wise enough not to have a Thirty Years’ War.






Bill Holter (Miles Franklin): This past Thursday I was speaking with John Embry regarding the massive 80 ton sale of gold futures the day before in a tight 15 minute window. We talked about how egregious the suppression has become and the “scorched Earth” policy employed over the last couple of months. We both agreed this can only mean we are getting closer to something big (and very bad) happening very soon. The fact there is now no longer even any effort to “hide” the suppressive actions, wreaks of desperation. We both see this as a major “tell” and the further down the rabbit hole the markets are pushed, the closer we are to the system outright breaking. John and I over the years have agreed on so much and disagreed on so little, we seem to be “brothers from two different mothers”. Often times he will write something or vice versa and the other then needs to do a little bit of a re write so it doesn’t come across as plagiarized. I tell you this because when we spoke last Thursday, we almost simultaneously said “I’m going to write Happy Thanksgiving this week because this is probably the very last ‘normal’ one of our lifetimes”. This will only get worse until something breaks. The only questions in my mind are “when, how fast and how severe”? As to the three questions, (when, how fast and how severe?), we both believe the word “soon” is too broad and should be replaced with “on any given day”. How fast? When this thing goes, there is a good chance that because of leverage and computerization, the word “overnight” may apply. If not, a couple of weeks at the very most. The only area we even slightly disagree about is “how severe?”. John still has hope that any financial calamity will not erase the rule of law. He believes what is coming will be worse than anything mankind has ever seen from a financial standpoint but there is a chance we don’t slip into anarchy. I disagree, I personally (and very painfully) believe anarchy is almost a given where it becomes every man (woman) for himself. In my opinion will be seeing Fergusons everywhere. As you know, I am convinced the financial system will come down. This will take many lives with it. There will be unrest and looting for a reason no more complicated than hunger.






Grant Williams (Things That Make You Go Hmmmm): Whilst in Japan we were told an interesting if not amusing story that supports the contention that China has 30,000 tonnes of gold. A friend of ours has several factories in China and thus knows many senior people in different disciplines, one of which is a senior PLA officer. He was invited down to their HQ for drinks. After a few hours, his friend suggested they take a walk around the compound ending up at the entrance of a large warehouse. The door was opened and to my friend’s astonishment the warehouse was stacked from floor to ceiling with gold bars. One day, when the timing suits Beijing best, the PBOC will link the RMB to gold. The West may dislike gold, or at least some of their central banks [do], preferring to operate with fiat currencies, but Eastern governments have a history of seeing gold as a store of value.




Susan Duclos (AllNewsPipeline): John Moore discusses the Ferguson, MO violence with Professor Doom1 in a report designed to issue a strong warning about the ongoing situation there: police know that ‘communists and Muslims (ISIS?)’ are funding the Ferguson violence. Moore and Doom also talk about Oathkeeper Sgt Major Dan Page, who previously warned 1000 Russian spetsnaz were coming into America daily and who was suspended from his job for his own involvement in a viral incident in Ferguson seen across the world. The Ferguson event is part of a plan to 1) divide the people, 2) create the appearance of popular support, 3) neutralize the opposition, 4) precipitate mob violence, and 5) create a semblance of revolution. DS: Sounds like the same recipe used so successfully in the Ukraine.




Dave Hodges (TheCommonSenseShow): This article demonstrates strong links to terrorist elements between elements of the present administration, including Obama, and known terrorist figures. We now know that it is highly likely that the Justice Department blocked the use of the National Guard on the first night to ferment the violence. We know that the New Black Panthers with clear ties to terrorists and radical Islamic rhetoric are the “boots on the ground” in Ferguson and Melissa Melton has exposed that these actions are taking place in 83 American cities. My fellow Americans, we are being destroyed from within. Reasonable black and white Americans, regardless of their feelings related to the Grand Jury verdict and their refusal to indict officer Wilson, do not want to see this senseless violence. However, we are not dealing with people who are reacting to a local law enforcement matter. We are witnessing an Islamic invasion of our inner cities for the express purpose of undermining the nation to the point of starting a civil war. I have gone to extensive lengths to expose this invasion as having its roots in Middle Eastern terrorist groups. If you are not convinced reread the first part of this article. It is all there. Exposing this insidious plot to the light of day is our best defense. Former Defense Secretary Hagel is not on board and neither are large segments of the military. The next couple of months are going to be highly volatile. IT IS LIKELY TO ASSUME THAT A MILITARY COUP COULD BE FORMING IN THE WINGS. https://www.thecommonsenseshow.com/2014/11/26/the-muslim-invasion-of-the...




Gordon Duff (Veterans Today): Barrister and author, Michael Shrimpton is on trial in London for making “hoax nuclear weapons threats” against the London Olympics, or so it is being reported by the press. The truth is, as usual, somewhat different. Shrimpton, working with reporters from the UK Guardian, a former head of MI 5 and an engineer involved in the mysterious South African nuclear program, had been tracking a series of missing nuclear weapons, built in South Africa, but purchased by Britain through authorization of then Prime Minister Margaret Thatcher. The transaction was negotiated by Dr. David Kelly and his young assistant, David Cameron, now prime minister of Britain. As some will note, Kelly is said to have killed himself in 2003 using over the counter pain relievers. A number of prominent forensic pathologists have declared Kelly’s death murder. Kelly was a strong critic of then British Prime Minister Tony Blair. In 2005, in a Guardian article by Tim Shipman, it was cited that — of the ten nuclear weapons built by South Africa — 1 was tested, 6 were dismantled by America and 3 were bought by Britain and were missing, with one of the missing having made its way to North Korea. Shrimpton’s trial is about a missing nuclear weapon and his prosecution part of a government cover-up. Shrimpton’s claims about a German secret society and weapons recovered from the Kursk may seem farfetched, but an IAEA official cites a US NEST (Nuclear Emergency Security Team) team being dispatched to the UK to recover a nuclear weapon during the Olympics. Secretary of Defense Hagel, however, has much more serious problems. The most serious and the one spoken of least is that of missing weapons inventory. Sources at the highest levels of the IAEA and Department of Energy have confirmed that all records of nuclear warheads “retired from service” under the START (Strategic Arms Limitation Treaties) beginning in 1992 are “missing.” In a leaked portion of the Able Danger documents, it is revealed that the Department of Energy may well have both destroyed records, leading to the theft of 350 nuclear warheads, and supplied thieves with highly classified information as to the technical “specifics” of decaying nuclear pits — information that would allow otherwise useless nuclear weapons to be remanufactured.




Psalms 8:1 O LORD, our Lord, How majestic is Your name in all the earth, Who have displayed Your splendor above the heavens!
2 From the mouth of infants and nursing babes You have established strength Because of Your adversaries, To make the enemy and the revengeful cease.
3 ¶When I consider Your heavens, the work of Your fingers, The moon and the stars, which You have ordained;
4 What is man that You take thought of him, And the son of man that You care for him?
5 Yet You have made him a little lower than God, And You crown him with glory and majesty!
6 You make him to rule over the works of Your hands; You have put all things under his feet,
7 All sheep and oxen, And also the beasts of the field,
8 The birds of the heavens and the fish of the sea, Whatever passes through the paths of the seas.
9 ¶O LORD, our Lord, How majestic is Your name in all the earth!










****************










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










Quote:



Gold: $1196.60 down $0.50
Silver: $16.55 unchanged


In the access market 5:15 pm.


Gold $1198.00
Silver $16.52













Tuesday, Nov 25th Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Nov (Silver), Dec (Gold, Silver), Jan (Silver) Open Interest










In Silver:




Quote:

The total OI fell in sympathy to gold but not nearly as bad. Silver OI fell by 7,540 contracts from 164,522 down to 156,982 as silver was up by 17 cents yesterday. In ounces, the total OI represents a total of 785 million oz or 98.1% of annual global supply. We are now out of the non active silver contract month of November. If you recall we had 2 notices left to be served upon and that is exactly what we received. Therefore we neither gained nor lost any silver oz standing for the November contract month. The big December active contract month saw it’s OI fall by 19,199 contracts down to 13,672. The December contract month still remains highly elevated for this time in the delivery cycle. In ounces the December contract is represented by 68.3 million oz or 9.7% of annual global production (production = 700 million oz – China).





In Gold:




Quote:

The total gold Comex open interest fell dramatically again by 51,306 contracts from 439,447 all the way down to 388,141 with gold up by $1.60 yesterday (at the Comex close). If you would recall we had the front delivery month of November had 4 contracts outstanding. And true to form we did have 4 delivery notices filed today so we neither lost or gained any gold ounces standing for the November contract month. The big December contract month saw it’s Oi fall by a huge 55,654 contracts down to 37,741 . The non active January contract month rose by 180 contracts up to 488. The next big delivery month is February and here the OI remained relatively constant at 224,802 for a gain of only 240 contracts. Nobody rolled???





Volume




In Silver:




Quote:

The estimated volume today was fair at 34,355. The confirmed volume yesterday was humongous at volumes I have never seen: 127,676. We also had 2 notices filed today for 10,000 oz.


The first day notice for both metals will be on Friday, Nov 28.2014 the day after Thanksgiving. Options expiry as mentioned above was yesterday, but we still have OTC options that will expire on Friday. We thus have 1 more Comex sessions before first day notice.





In Gold:




Quote:

The estimated volume today was poor at 117,627 when you consider some had to roll . The confirmed volume yesterday was good at 360,872. On this 21th day of notices, we had 4 notices filed for 400 oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz


We had 0 dealer withdrawals:
Total dealer withdrawal: nil oz


We had 3 customer withdrawals:
i) Out of Scotia: 60,106.400 oz (one decimal )
ii) Out of Delaware: 10,072.235 oz
iii) Out of CNT: 29,946.000 oz ????
Total customer withdrawal 100,124.635 oz


We had 0 customer deposits:
Total customer deposits: nil oz




We had 0 adjustments.
Total dealer inventory: 64.278 million oz
Total of all silver inventory (dealer and customer) 176.832 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions.
Total dealer withdrawal: nil oz.


We had zero dealer deposits:
i) Into Brinks: nil oz.
Total dealer deposit: nil oz.


We had 0 customer withdrawals:
Total withdrawal: nil oz.


We had 0 customer deposits:
i) Into Scotia: nil oz.
Total customer deposits: nil oz.


We had 1 adjustment:
i) Out ofHSBC:
97.39 oz was adjusted out of the customer and this landed into the dealer at HSBC:
Total Dealer inventory: 870,408.04 oz or 27.07 tonnes.
Total gold inventory (dealer and customer) = 7.955 million oz. (247.44) tonnes)


Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 56 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 2 contracts or 10,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 4 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in November, we take the total number of notices filed for the month (186 ) x 5,000 oz to which we add the difference between the total OI for the front month of November (2) minus (the number of notices filed today (2) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 186 contracts x 5000 oz + (2) OI for the November contract month – 2 (the number of notices filed today) = 930,000 oz of silver that will stand.


We neither lost nor gained any silver ounces standing. This concludes the month of November.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the November contract month, we take the total number of notices filed for the month (1424) x 100 oz to which we add the difference between the OI for the front month of November (4) – the number of gold notices filed today (4) x 100 oz = the amount of gold oz standing for the November contract month.
Thus the final standings:
142,400 (notices filed today x 100 oz + (4) OI for November – 4 (no of notices filed today) = 142,400 oz standing for the November contract month.(.429 tonnes).
We neither lost nor gained any gold oz standing for the November contract month.
This concludes the month of November for gold.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,239.00, down 5.64%. WTI January crude was 73.52 down 0.29. Brent crude was 77.75 down 0.38. The spread between Brent and WTI was 4.23 down 0.09. The 30 year US Treasury bond was down 0.0300 at 2.9400. The 10 year T-Note was down 0.0300 at 2.2300. The dollar was down 0.25 at 87.66. The PPT/Dow was 17827.75 up 12.81. Silver closed at 16.54 down 0.13. The GSR was 72.4305 up 0.3729 oz of silver per oz of gold. CIA's Facebook was 77.62 up 1.99 (2.63%). March wheat was up 4.75 at 562.500. December corn was up 4.00 at 378.25. February lean hogs were down 0.275 at 89.550. January feeder cattle were down 0.875 at 230.500. December copper was up 0.003 at 2.960. January natural gas was down 0.048 at 4.355. February coal was up 0.07 at 54.00.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Wed, Nov 26, 2014 - 11:19pm
Mr. Fix
Offline
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Joined: Jun 8, 2012
10801
64421

350 stolen nukes?

BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!BOOM!!!

Happy Thanksgiving Day Star!

"When the student is ready, the teacher will appear."
Fri, Nov 28, 2014 - 8:03pm DayStar
Scramble
Offline
Joined: Oct 2, 2014
50
75

Where is Harvey?

Did he bail at Comex crunch time? His last post on SilverDoctors was Tuesday, the 25th after December silver OI was hammered for 21k contracts down to roughly 32k, putting his predictions/credibility at risk. Nothing since...

I see above he posted Tuesday results Tuesday afternoon and just read today's report from his new blog site...but no comments whatsoever about the squeeze he has predicted for the last two months. Where does he go from here?

Fri, Nov 28, 2014 - 10:32pm Scramble
DayStar
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Joined: Jun 14, 2011
2586
14106

RE: PM Squeeze

Scramble, Harvey has for years analyzed the PM markets from the perspective of supply and demand, honest reporting, and the laws of economics. Since the markets have ceased to exist as a result of the efforts of the elites, and lies are the order of the day in economics, his analysis, like that of Bill Holter, is often premature. The elites have a schedule, and they will pull the plug when it suits them. Since they now control most of the world's wealth, they can shift massive assets quickly in order to keep things going. However, from the perspective of us peons in the trenches, it is difficult to predict what they are going to do. My best guess is that because of the massive shortages of gold and silver, unless the elites are willing to dishorde some of their vast stashes of gold and silver, there will be a realignment of the gold and silver markets after the first of the year. Jim Willie sees the new dollar coming in the next few months. That will mean a 30% drop in the value of a dollar and most likely a 30% jump in the price of gold and silver. Since the elites that are destroying the dollar also make the commodity markets, what they will do is unpredictable. All I can do, and Harvey too, is look at the law of supply and demand and predict that real metal supply will disappear if they do not release their paper stranglehold on the PM markets. Probably "disappear" is the desired outcome of metal availability to us peons, but "when" is a question that I can only answer with "soon".

DayStar

Fri, Nov 28, 2014 - 10:37pm
DayStar
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Joined: Jun 14, 2011
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14106

~~Harvey 28 Nov 2014

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




FDIC Bank Seizures
The FDIC did not seize any banks this week.








News and Commentary


Mark O'Byrne (GoldCore): The Dutch and German governments were preparing emergency plans for a return to their national currencies at the height of the euro crisis it has emerged. These plans remain in place. The Dutch finance ministry prepared for a scenario in which the Netherlands could return to its former currency – the guilder. They hosted meetings with a team of legal, economic and foreign affairs experts to discuss the possibility of returning to the Dutch guilder in early 2012. The Dutch finance minister during the period has confirmed that Germany also discussed such scenarios. At the time the Euro was in crisis, Greece was on the verge of leaving or being pushed out of the Euro and the debt crisis was hitting Spain and Italy hard. The Greek prime minister Georgios Papandreou and his Italian counterpart Silvio Berlusconi had resigned and there were concerns that the eurozone debt crisis was spinning out of control – leading to contagion and the risk of a systemic collapse. A TV documentary broke the story last Tuesday. The rumours were confirmed on Thursday by the current Dutch minister of finance, Jeroen Dijsselbloem, and the current President of the Eurogroup of finance ministers in a television interview which was covered by EU Observer and Bloomberg. “It is true that [the ministry of] finance and the then government had also prepared themselves for the worst scenario”, said Dijsselbloem. De Jager also states that other countries found the prospect of a Euro break-up frightening. So much so that they buried their heads in the sand rather than deal with the situation facing them. It appears that no emergency contingency plans were made in the unfortunately named PIIGS nations – Portugal, Ireland, Italy, Greece and Spain. One has to wonder if the plans would have been made public had a TV documentary not forced the Dutch government to confirm the claim. DS: The elites are not burying their heads in the sand. They are purposely destroying western Europe. They want to eradicate nations and nationalism and set up a world government and reduce world population. Destroying national economies by destroying the currency is the favored way to end a nation. Remember, Europe goes, and 2-3 weeks later America's economy goes. Jim Willie says America has less than a year left. I don't know when Japan goes, but as weak as it looks, it could go first. As far as the documentary goes, it would never have seen the light of day had not it been approved by the elites. They have this sick ethic that they have to tell you before they kill you. I guess it raises the fear factor and enables the elites to enjoy the sufferings of their marks.



GoldCore on PM demand in India and China: India’s gold imports could climb to around 100 tonnes for a third straight month in November as dealers buy heavily for fear of curbs on overseas purchases, especially as the wedding season gets going. China’s net gold imports from main conduit Hong Kong rose to 77.628 tonnes in October from 68.641 tonnes in September as the world’s biggest gold buyer saw strong demand for jewellery and bars. Total imports from Hong Kong to the mainland rose to 111.409 tonnes last month from 91.745 tonnes in September. China is again heading for gold demand of some 2,000 metric tonnes in 2014 as seen in the Shanghai Gold Exchange (SGE) data year to date. The Dutch Central statement this week regarding the importance of their gold reserves is worth noting: “In addition to a more balanced division of the gold reserves…this may alsocontribute to a positive confidence effect with the public.” An economist working in a bank argues with the reality of human nature, physical nature and 6,000 years of history and calls gold a 6,000 year bubble. Of course the real bubble is in banks, stocks, bonds and our modern Ponzi financial and monetary system. Gold will still be around and likely still protecting people when many of the banks of today have gone the way of the dodo. We are surprised that gold is lower this week given the backdrop of the Swiss goldreferendum on Sunday, the Dutch repatriation of 122 tonnes of their gold this week and continuing very strong Russian, Indian and Chinese gold demand.








Zero Hedge: The present gold shortage, the worst in the 21st Century, has sent 1 year GOFO to its lowest value every, and now India has removed import curbs and has made a very bad situation even worse. In short, we have a gold shortage at the institutional, read commercial and central bank, level. It's not just a shortage, but the biggest shortage in history, judging by today’s latest plunge in the 1 Month GOFO which just dropped to -0.5%. Even worse, 1 Year GOFO just hit its lowest print in the 21st century, and is also about to go negative: something that has never happened before. A negative one year GOFO suggests the gold shortage could go on for a long, long time! How is it possible that there is a shortage of gold when gold prices keep tumbling day after day, the skeptics will ask? Simple: the shortage involves gold “available” in the repo market, i.e., gold that already has been rehypothecated one ore more times. Keep in mind that central banks rarely if ever purchase gold outright in the open market, unlike Russia of course (and perhaps China), which has been engaging in an unprecedented gold buying spree over the past year. The rest of the commercial and central banks merely rely on shadow banking conduits and other repo channels to satisfy their gold needs, all of which merely demand the “presence” of synthetic, if not actual physical gold. It is this synthetic “shadow” gold that is now actively disappearing from the system.Of course, if and when central banks were to tip their hand and reveal the unprecedented synthetic shortage to the physical market, the actual cleared market may well go bid only.






Zero Hedge: In a stunning announcement, India just scrapped the 80:20 rule. As Reuters reports, “along with a record duty of 10 percent, India introduced the so-called 80:20 import rule tying imports to exports of jewellery last year to bring down inbound shipments and narrow the current account deficit that had hit a record. “It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold,” the Reserve Bank of India (RBI) said on Friday, without giving a reason for the change in the rule. The reason today’s announcement was stunning is that only days ago there were talks between officials of the Mumbai-based central bank and the finance ministry in New Delhi to bring back curbs on some trading houses following a surge in imports over the past few months. Traders said before the decision on Friday that India’s gold imports could climb to around 100 tonnes for a third straight month in November as dealers bought heavily on fears of curbs on overseas purchases, especially as the wedding season picks up. The government’s latest move came as a surprise even to some officials. Following the disbanding of the 80:20 rule, the government may place a monthly or yearly quota for traders, said Sudheesh Nambiath, a senior analyst at consultancy Thomson Reuters GFMS. “Quota is a more logical and simple way of monitoring and limiting gold imports,” Nambiath said. And then there is of course the wildcard of the Swiss gold referendum on Sunday, where a “Yes” vote would lead to the immediate collapse of the gold price suppression mechanism as the swap-based gold shortage breaks through merely shadow conduits and finally makes its way to the real market. Which, of course, is why it will never be allowed to happen.








Harvey: The gold Comex today had a poor delivery day, registering only 582 notices served for 58,200 oz. Silver Comex registered 1614 notices for 8070,000 oz. Both are first day notices. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 246.59 tonnes for a loss of 57 tonnes over that period. In silver, the open interest fell by 3,106 contracts despite Wednesday’s no gain or loss in price. For the past year, we have been witnessing liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver these past three days. The total silver OI still remains relatively high with today’s reading at 153,876 contracts. The big December silver OI contract lowered by 9722 contracts down to 3,950 contracts. Today is first day notice. In gold we had a huge loss in OI even though we saw a small fall in price of gold to the tune of $0.50 on Wednesday. The total Comex gold OI rests tonight at 376,878 for a loss of 11,313 contracts. The December gold OI rests tonight at 11,313 contracts. We witnessed a huge contraction of 26,234 contracts. However we do have a huge number of gold contracts standing for delivery. Today, we had a big loss of 1.19 tonnes of gold Inventory at the GLD / inventory rests tonight at 717.63 tonnes. In silver, we no change in silver inventory. SLV’s inventory rests tonight at 347.954 million oz. GOFO is in record backwardation and moving even more negatively. Even though the USA had a holiday yesterday, LBMA provided data from London and that is included in your report for today.





Harvey on PM trading: In trading of gold and silver today, our two precious metals had a tough time in the Asian and European trading zones last night. Gold hit its high spot right at London’s first fixing of gold (2 am est), with our ancient metal of kings registering a fix of $1189.00. Gold then swooned to $1175.20 by Comex closing time, its nadir for the day( at Comex closing) and falling a further 8 dollars to finish at 1167.60 It is obvious that this being options expiry week for the OTC had a lot to do with trading today. Silver followed gold to a T. By London’s first fix the price of silver had already reached it zenith at $16.17. From there it was all downhill with silver finishing the Comex session at 15.49. In the access market it finished at $15.47.





Debbie Carlson (The Guardian, London): Goldbugs say restricting the power of the central banks is what the Swiss referendum is about. “It is about time that the power of central banks is contained and regulated. The Swiss gold initiative, while not ideal, would be a starting point,” said Marc Faber, editor of the Gloom, Boom, Doom Report, a newsletter. Guillermo Barba, a Mexican independent analyst and blogger at Inteligencia Financiera Global, or Global Financial Intelligence, says the negative sentiment from politicians is influencing voters. Barba said, “It’s bad propaganda’s fault. Opponents are scaring voters. Swiss bureaucrats are acting like lackeys of the American establishment,” he said. “The current economic, financial and monetary situation in the world is terrible. Debts keep growing and growing, all major central banks including the Fed are still printing money like crazy and keeping artificially low interest rates,” Barba said. He predicts “a global mess. When that happens, believe me, you will want to have your gold as close to you as possible”.










Andy Hoffman (Miles Franklin): 10,000 KGs of silver (tonnes) were withdrawn from Shanghai silver vaults two days ago (10+ tonnes), and 15,447 yesterday (15.5 tonnes) https://srsroccoreport.com/wp-content/uploads/Shanghai-Silver-Stocks-201.... Since this chart was published, stocks had risen from 81 tonnes to 118. Now, inventory is back down to 93 tonnes, worth a measly $48 million, after 21% of total stock was taken out in just two days. Hence, my https://blog.milesfranklin.com/just-50-million-of-silver-left-thats-it article from 10/08 is back in play. What a joke.




Harvey on Koos Jansen: Koos Jansen strongly believes that the Dutch already set in motion their plan to repatriate their gold in 2012 by strengthening their building which houses the gold. We learn from July’s figures of gold leaving the FRBNY showing that a total of 59.5 tonnes of gold left their vaults for the year including the 5 tonnes of gold that Germany already announced that she has received (new bars that had to be further refined). Koos believes that this additional gold (54.5 tonnes) also is part of the German repatriation and all other stories that Germany has stopped asking for her gold is nonsense. Koos also believes that the 122.5 tonnes of gold shipped from the USA was by plane and not boat and that all of it was sent in October. In August and September a further 22.7 tonnes of gold leaves the FRBNY. Thus we have 77 tonnes (including the 5 tonnes) seems to belong to Germany and her repatriation edict to the USA. We will know in 2 weeks once we get the figures from the FRBNY for October. If Koos is right, and October registers a loss of 122.5 tonnes from the FRBNY, then we know for sure that Germany is also trying desperately to repatriate her gold and Holland jumped queue probably due to favours owed (maybe the commercial airline disaster whereby Holland has the black box and refuses to release the results?? )






Ambrose Evans-Pritchard (International Business Editor, The Telegraph): Five million Swiss voters will decide on Sunday whether to force the Swiss National Bank to repatriate all its gold from vaults in Britain and Canada, boost its holdings of bullion to 20pc of foreign reserves and then keep the metal forever. The referendum is a primordial scream against a quantitative easing and money creation a l’outrance by the leading central banks. Yet there is a snag. The Swiss National Bank (SNB) is the biggest printer of them all in relative terms, far outstripping the Bank of Japan, let alone the US Federal Reserve or the Bank of England – mere amateurs at this game. The SNB has boosted its balance sheet to a colossal 83pc of GDP in a maniacal – but fully justified – effort to stop the Swiss franc appreciating beyond 1.20 to the euro, and to head off deflation. It vowed to print whatever is necessary to buy foreign bonds and defend the exchange rate. It has been true to its word since 2011. At one stage it was mopping up half of the entire sovereign bond issuance of the eurozone each month, a scale of action that the European Central Bank’s Mario Draghi can only dream of. During the eurozone debt crisis, Standard & Poor’s even accused the SNB of becoming a conduit for capital flight, via Switzerland, to German, Dutch and French bonds, and therefore indirectly exacerbating Euroland’s North-South rift.




Mike Kosares (GATA): Oil’s price decline can’t be welcomed by central banks trying to engineer inflation, USAGold’s Mike Kosares writes today, and it even threatens to trigger another credit crisis. Kosares writes: “Those who are driving gold down today on the commodities exchanges forget that gold’s rise over the last several years (despite its interim downside correction) has been in response to disinflation, not inflation — and demand remains strong due to concerns about the stability of the financial system itself.”




Lawrence Williams (MineWeb): On the negative side the Swiss gold referendum looks to be going to come up with a No vote after unprecedented lobbying and scaremongering from the Swiss establishment. Even so the fact that this referendum is even taking place reflects the obvious unease which is running through sectors of the European financial community regarding the true levels of physical gold held on their behalf in the US in particular. This suggests the beginnings of a growing lack of trust in the political and financial establishment. If this trust evaporates much further then government attempts to prop up their fiat currencies, which might otherwise be failing, will be called further into question as will government statistics purporting to show things are getting better the whole time while most of the people are not seeing the fruits of the so-called financial recovery. Of the world’s largest holders of gold after the U.S.A. as far as official IMF statistics show, there are/have been moves, or calls, to bring home gold held in U.S. vaults by the No. 2 national holder, Germany, in France the no.4, Switzerland (No. 7) and The Netherlands (No.9) which has already quietly repatriated 122 tonnes from the U.S. while Venezuela (No.15) has also already succeeded in repatriating all its foreign-held gold holdings. A number of smaller nations have also been expressing disquiet. Meanwhile No. 5 (Russia) is increasing its gold reserves (held at home) month on month and China (No.6) is widely believed to have been expanding its gold reserves (also held at home) to a figure well above its official 1,054 tonnes level, but not reporting the increase to the IMF with the likely justification that this is being held in a separate account from its foreign reserve holdings. Indeed it is thought that China is targeting matching, or exceeding, the U.S.A.’s official 8,133.5 tonnes. Something is definitely going on!










This Will Not End Well (In The Short Term)










Jim Willie (Hat Trick Letter): “The Japanese are going to cause a currency war in Asia. We’re not gonna get a year! They are going to win an acceleration in the end game, an acceleration in the Asian’s decision to get rid of the dollar and move with China and Russia and Germany into the gold standard. Most of what’s going on in the world has a gold subtitle story. The US is causing problems around the world because they insist on using military force to defend the dollar. The world is concluding that the dollar must die, and must be replaced by the gold standard. And we have to do it very quickly, before the entire global economy is dead! The dollar croaked in 2008 and this is all aftermath. We’ve got a huge IV of QE trying to revive a dead economy. QE not only kills capital, it kills capitalism! The dollar is being kicked to the curb in global trade. When it’s not used in global trade, the global major banking systems will discharge their Treasury Bonds. They could pick up gold...Interestingly, the US dollar index has risen in the past few weeks, up from 80 in September to 88 now. Economists and statisticians say that there are no fundamental improvements in the US economy to support the rising dollar. The reason it is rising is that because the Euro is weakening, and countries around the world see the dollar as the safest in comparison to other countries, especially after we announced we would stop money printing in October. So they are putting their money in US dollars, causing it to rise in value. Little do they know that we really didn’t stop QE but instead imported it to Japan. Willie calls it “stealth QE...Because of it’s deleterious effect on import prices, it’s going to cause deep fury between China and Korea and Japan. Then Europe is going to respond by driving down the Euro from 123, maybe to 110.”










Jim Willie on the New Dollar: "When these global nations get rid of more of their Treasury Bonds …is when the US launches a new currency. ..which will immediately have a 30% devaluation, and then in 6 months have another 30% devaluation...It will be heavily devaluated, and cause significant price inflation on the import side . It will set a sequence in motion, that will result in the US economy having to rely on a different currency besides the dollar. They will introduce a new dollar, which will immediately have a 30% devaluation, and then in 6 months have another 30% devaluation. That will cause a 150% price inflation on the import side alone."
"What I think is going to happen is a giant default across the entire Western world. I think we will quickly see a lot of banks going down in the next year, the dollar is going to be defaulted upon and replaced ."
"A tremendous amount of US dollar-based wealth is going to endure write-downs, sovereign debt is going to default all over the place. In the next couple of years we will see a giant debt default."








Askousen (UK Register): A public autopsy of sophisticated intelligence-gathering spyware Regin is causing waves today in the computer security world. But here's a question no one's answering: given this super-malware first popped up in 2008, why has everyone in the antivirus industry kept quiet about it until now? Has it really taken them years to reverse engineer it? On Sunday, Symantec published a detailed dissection of the Regin malware, and it looks to be one of the most advanced pieces of spyware code yet found....It appears to target people working in telecommunications, including internet backbone providers and cellular networks, plus the energy sector – where Yahoo! Messenger is apparently popular. All in all, it seems to be the handiwork of an intelligence agency rather than a run-of-the-mill malware writer, infosec bods have concluded.










Steve Quayle on Egon Von Greyerz: We are closing in on absolute panic in the gold market.






Dane Wigington (GeoEngineeringWatch): Geoengineering via stratospheric aerosol geoengineering (SAG) and solar radiation management (SRM) is having a major effect on the global ecosystem. Ozone layer damage is a known consequence of geoengineering the atmosphere. Other recent studies now note a “shrinking atmosphere” which is very possibly also linked to the ongoing geoengineering programs. The “hydrological cycle” of the planet is being completely disrupted by the geoengineering aerosol saturation of the atmosphere. Fungal proliferation is yet another inevitable crisis when the atmosphere is filled with particulates, soils are contaminated with the geoengineering fallout, and waters are polluted with the same. Already, countless species are feeling the effects. The current “species extinction rate” should be absolutely shocking to all. At the present time the “extinction rate is 10,000 times “natural variability”. This is 1,000,000% of “normal background rates”. Though main stream media would never discuss this, we are currently in the sixth mass extinction on planet Earth. Is geoengineering responsible for all of this? Of course not all, but if the available science and data is considered, geoengineering is likely by far the single most significant cause of environmental and climate devastation on the planet today. If all available information is considered, geoengineering appears to be the greatest and most immediate threat to all life on Earth short of nuclear catastrophe. Drought, Deluge, And Hazy Toxic Skies, Welcome To Geoengineering








Theodore Shoebat (Shoebat.com): Muslims in Nigeria, all members of Boko Haram, have slaughtered 8000 Christian members of the Church of the Brethren, within a very short span of time and ITS HAPPENING IN OUR TIME. As we read in one report: The Ekkilisiyan Yan’uwa A Nigeria, Church of the Brethren EYN, has disclosed in Jos that over 8,000 of its members were murdered by Boko Haram insurgency with 700,000 displaced and scattered in Jos, Benue, Kaduna and Abuja. According to Daniel Kadzair while addressing newsmen at the premises of EYN in Jos, 270 branches of the church have been destroyed completely, saying 45 out of the 50 district councils DCC have been affected. According to him, it was obvious that the Federal Government lacks the political will to protect and defend the people of Northern Nigeria from the Boko Haram insurgency and attacks by Fulani militia. “Federal Government seems to be toying with the lives of the Christians in Northern Nigeria for political gains; while Boko Haram and the Fulani militias and their sponsors are killing innocent Nigerian citizens, the government seems not to care and has abdicated its responsibility to protecting lives.” He further stressed that “there have been protracted attacks by Fulani and other ethnic militia in Nassarawa, Benue, Plateau and many other states in the North, and the government seems not to employ lasting solution”.




National Report (B4IN): Normally when you file your taxes whatever money is owed back to you is quickly repaid. The process of getting your money back has been made even quicker in recent years through the use of E-file and direct deposit of Federal tax rebates. But starting in 2015 Federal tax refunds for the 2014 fiscal year are going to take longer for Americans to receive. A lot longer. The deadline to have your Federal taxes filed will remain April 15th, but under new directives issued to the IRS no refunds are to be issued before October 15th, 2015. This means that early filers who normally receive their refunds around the beginning of February will have to wait an additional 7 months longer than normal to get the money owed to them.




All Gov (via BLN): Cyberwarriors are at it again, this time with a malicious program called Regin that has infected computers in Russia, Saudi Arabia and other countries and is so complex that security experts say it probably came from the United States, Britain or another Western government. A Belgian cryptographer, Jean Jacques Quisquater, was one victim of a Regin attack, according to computer security firm Kapersky Lab. Another victim was an unnamed Middle Eastern country. “In this specific country, all the victims we identified communicate with each other, forming a peer-to-peer network. The P2P network includes the president’s office, a research center, educational institution network and a bank,” Kapersky reported on its blog.




Psalms 9:1 I will give thanks to the LORD with all my heart; I will tell of all Your wonders.
2 I will be glad and exult in You; I will sing praise to Your name, O Most High.
3 ¶When my enemies turn back, They stumble and perish before You.
4 For You have maintained my just cause; You have sat on the throne judging righteously.
5 You have rebuked the nations, You have destroyed the wicked; You have blotted out their name forever and ever.
6 The enemy has come to an end in perpetual ruins, And You have uprooted the cities; The very memory of them has perished.
7 ¶But the LORD abides forever; He has established His throne for judgment,
8 And He will judge the world in righteousness; He will execute judgment for the peoples with equity.
9 The LORD also will be a stronghold for the oppressed, A stronghold in times of trouble;
10 And those who know Your name will put their trust in You, For You, O LORD, have not forsaken those who seek You.












****************










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










Quote:



Gold: $1175.20 down $21.40
Silver: $15.49 down $1.06


In the access market 5:15 pm


Gold: $1167.60
Silver: $15.47













Thursday, Nov 27th Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Nov (Silver), Dec (Gold, Silver), Jan (Silver) Open Interest










In Silver:




Quote:

Silver OI fell by 3,106 contracts from 156,982 down to 153,876 as silver was unchanged on Wednesday. The big December active contract month saw it’s OI fall by 9,722 contracts down to 3,950 contracts. Thus on first day notice 19,750,000 oz of silver are standing for delivery in this big delivery month of December.





In Gold:




Quote:

The total gold Comex open interest fell dramatically again by 11,313 contracts from 388,141 down to 376,828 with gold down by $0.50 on Wednesday (at the Comex close). We are now into the big December contract month where on first day notice, the number of contracts standing for the gold metal registers 11,507 contracts or 1,150,700 oz . In tonnage this represents 35.79 tonnes which is extremely high. The non active January contract month rose by 116 contracts up to 604. The next big delivery month is February and here the OI rose to 236,754 contracts for a gain of 11,952 contracts.





Volume




In Silver:




Quote:

The estimated volume today was fair at 48,265. The confirmed volume on Wednesday was huge at 61,740. We also had 1614 notices filed today for 8,070,000 oz on first day notice.





In Gold:




Quote:

The estimated volume today was fair at 190,487 . The confirmed volume on Wednesday was fair at 208,846 considering the rolls. On this 1st day of notice in the December contract, we had only 582 notices filed for 58,200 oz despite the massive number of OI contracts standing.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz


We had 0 dealer withdrawals:
Total dealer withdrawals: nil oz


We had 0 customer withdrawals:
Total customer withdrawals: nil oz.


We had 2 customer deposits:
i) Into Delaware: 4,852.900 oz
ii) Into Scotia: 170,308.72 oz.
Total customer deposits: 175,161.620 oz.


We had 2 adjustments
i) Out of CNT: 939,346.600 oz was adjusted out of the customer account and this landed into the dealer account at CNT
ii) Out of HSBC: 20,403.29 oz was adjusted out of the dealer and this landed into the customer account at HSBC


Total dealer inventory: 65.197 million oz.
Total of all silver inventory (dealer and customer) 177.008 million oz.





In Gold Inventory:




Quote:

Today, we had 1 dealer transaction.
Total dealer withdrawals: nil oz


We had 1 dealer deposit:
i) into Brinks: 199.90 oz
Total dealer deposits: 199.90 oz


We had 2 customer withdrawals: (and strange accounting)
i) Out of Brinks: 396.410 oz
ii) Out of Scotia; 28,935.900 oz (900.02 kilobars???)
Total withdrawal: 29,332.310 oz


We had 1 customer deposit:
i) Into Scotia: 2732.75 oz
Total customer deposits: 2732.75 oz


We had 2 adjustments:
i) Out of HSBC: 37,791.984 oz was adjusted out of the dealer and this landed into the customer at HSBC.
ii) Out of JPMorgan: 19,901.587 oz was adjusted out of the dealer and this landed into the customer account of JPMorgan.
Total Dealer inventory: 812,914.37 oz or 25.28 tonnes


Total gold inventory (dealer and customer) = 7.928 million oz. (246.59) tonnes)


Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period, 57 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 1614 contracts or 8,070,000 oz. To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (1614) x 5,000 oz to which we add the difference between the total OI for the front month of December (3950) minus (the number of notices filed today (1614) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 1614 contracts x 5000 oz + 3950) OI for the November contract month – 1614 (the number of notices filed today) = 19,750,000 oz of silver that will stand on this first day notice.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 582 contracts of which 101 notices were stopped (received) by JPMorgan dealer and 22 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

The total number of notices filed today is represented by 1614 contracts or 8,070,000 oz. To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (1614 ) x 5,000 oz to which we add the difference between the total OI for the front month of December (3950) minus (the number of notices filed today (1614) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 1614 contracts x 5000 oz + 3950 OI for the November contract month – 1614 (the number of notices filed today) = 19,750,000 oz of silver that will stand on this first day notice.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (582) x 100 oz to which we add the difference between the OI for the front month of December (10,925) – the number of gold notices filed today (582) x 100 oz = the amount of gold oz standing for the December contract month.


Thus the initial standings:
582 (notices filed for the month) x 100 oz + 10,925 OI for November – 582 (no of notices filed today) = 1,150,700 oz standing for the December contract month.35.79 tonnes)
This initiates the month of December for gold.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,153.00, down 2.86%. WTI January crude was 66.15 down 7.37. Brent crude was 70.15 down 7.60. The spread between Brent and WTI was 4.00 down 0.23. The 30 year US Treasury bond was down 0.0300 at 2.9100. The 10 year T-Note was down 0.0400 at 2.1900. The dollar was up 0.56 at 88.22. The PPT/Dow was 17828.24 up 0.49. Silver closed at 15.58 down 0.96. The GSR was 75.0000 up 2.5695 oz of silver per oz of gold. CIA's Facebook was 77.70 up 0.08 (0.10%). March wheat was up 16.00 at 578.500. March corn was up 10.50 at 388.75. February lean hogs were down 1.325 at 88.225. January feeder cattle were up 0.575 at 231.075. March copper was down 0.114 at 2.846. January natural gas was down 0.267 at 4.088. February coal was up 0.00 at 54.00.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Mon, Dec 1, 2014 - 10:38pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 1 Dec 2014

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










News and Commentary


Mark O'Byrne (GoldCore): Switzerland’s ‘Save our Swiss Gold’ referendum was convincingly rejected yesterday by the Swiss electorate following an aggressive anti-gold campaign in recent weeks that had been closely watched both in Switzerland and abroad. Unusually, it involved the Swiss National Bank (SNB) very actively, and ultimately successfully, trying to convince the electorate along with the main political parties to return a ‘no’ vote. The weakening of the ‘yes’ vote in the final two weeks of the campaign was most likely influenced by more effective campaigning by the no side, as well as the continued intervention of the Swiss National Bank through various media appearances. The fact that none of the main political parties in Switzerland had backed the initiative also looks to have made an impact with the electorate. DS: The 'yes' people were restricted in their access to the media and the 'no' people including the SNB did a full court press. Unlimited money and press will win nearly every time, and if that's not enough, there's always the establishment that counts the votes. I am sure the price of gold plunging to $1168 (30.1 euros/gm) on Friday afternoon had no effect on the Swiss electorate. Today, after the referendum, the price of both gold and silver were up substantially.






GoldCore: Moody’s cut Japan’s sovereign rating, plummeting the Japanese yen to a seven-year low against the euro, also created a demand for gold, traders told Reuters. Premiums in China remained steady near $1-$2 and demand in China remains very robust with withdrawals on the Shanghai Gold Exchange (SGE) at 52 tonnes last week. This means that total Chinese demand for gold is headed for 2,000 tonnes in 2014. Sales of gold American Eagle coins from the U.S. Mint reached 60,000 oz in November down 11% month on month but up 25% on November 2013. Silver Eagles sales in November reached 3.426 million oz, down 41% month-on-month but up nearly 50% year-on-year.






Harvey: The gold Comex today had another poor delivery day, registering only 109 notices served for 10,900 oz. Silver Comex registered 517 notices for 2,585,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 246.59 tonnes for a loss of 57 tonnes over that period. In silver, the open interest rose by 1232 contracts despite Friday’s huge loss in price of $1.06 . For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver these past 4 days. The total silver OI still remains relatively high with today’s reading at 155,108 contracts. The big December silver OI contract lowered by 2215 contracts down to 1735 contracts. In gold we had a tame loss in OI despite the huge loss in price of gold on Friday to the tune of $21.60 The total Comex gold OI rests tonight at 372,859 for a loss of 3,969 contracts. The December gold OI rests tonight at 4,536 contracts. We witnessed a huge contraction of 6,971 contracts despite the fact that it costs nothing to roll.










Harvey on PM trading: In trading of gold and silver today, our two precious metals had a roller coaster time in the Asian, European and then USA trading zone last night. Early Sunday evening, as I was watching the screen, gold hit its low point at around 8 pm with a price of $1142.50. From there it was one huge climb. At the first fix, gold hit $1157.50 upon which the bankers threw a soft punch knocking a few dollars off gold where at 3 am gold was trading at $1155.00 . At about 6 am it reached $1180.00. By 7 am the bankers threw a tantrum and knocked 8 dollars off gold to $1172.00. Not to be undone, gold hit its second plateau at the 2nd London fix at $1196.50. Then gold straddled the 1200 dollar barrier until just before noon, when it broke through, hitting its zenith at $1219.50. In the access market it is trading around $1210.00. Silver followed gold to a T, but percentage wise was much better. Silver hit its low point at about the same time as gold at around $14.63. From there it was one steady climb: First London fix--$15.01 (2 am). First plateau--$16.08 at (5 am). Second trough was at 7 am when it was $15.53. It then resumed one steady climb to its zenith at $16.71. In the access market now it is trading at $16.45. All the months of GOFO rates (one, two, three six month GOFO and one year) moved deeper into the negative with the mostly used 1 to 6 month rates severely deep into the negative and thus in backwardation. Even the one year rate is within a hair-fraction of negativity. When the one year goes negative, we will have complete backwardation for one year out.





Harvey on NY Fed gold: On Friday we commented to you that 77 tonnes of gold has left the FRBNY this year (and 5 tonnes last year which was Germany’s lone repatriation.) When I reported this to you, these figures were as of Sept 2014 withdrawals. Saturday afternoon, the USA Federal Reserve Bank of NY announced a further 42 tonnes of gold removed. If we do the math, that means 119.5 tonnes of gold has been removed this year and it seemingly belongs to the Netherlands. A cargo Boeing 747 can carry 123 tonnes of gold. Why would the Netherlands need multiple flights and thus increase in costs to carry their gold from the USA to Holland?. Why would they leave the last 3 tonnes for November. There is no doubt that Holland got its 122.5 tonnes near the end of November and once they received their metal they made their announcement. We do not know the quantity of gold shipped in November, and that will be a key discovery point. If the shipments are greater than 3 tonnes then Germany is also in the mood to repatriate. If the November figure is 122.5 tonnes then the entire 119.5 tonnes belongs to Germany and then we will have central bankers not trusting one another as another country secretly wishes to repatriate its gold and does not trust the USA. On the other hand if it is only 3 tonnes of gold coming in the November figures, then it would suggest that the gold is not earmarked and the USA is obtaining this gold from current purchases. In other words the present gold at the FRBNY would now be suspect as it could not be earmarked (original bars that cannot be touched). In essence the USA would thus be stealing foreign gold and hypothecating and rehypothecating the stuff to the Comex and other places keeping the gold fraud game alive. Zero Hedge: So with the 119 tonnes of gold withdrawn so far in 2014, it is now abundantly clear that the “logistical complications” excuse used by Germany to halt its own gold repatriation program was nothing but a lie to cover up what, as Deutsche Bank explained earlier this month, was an escalation of “diplomatic difficulties” between the US and Germany, one in which Germany has folded, if only for now.






Chris Powell (GATA): Securities lawyer Avery Goodman writes today that the important development for gold is not the defeat of the Swiss Gold Initiative but rather than India has removed its restrictions on gold imports. Goodman adds: “Indian gold buying will be at record-breaking levels this year if oil prices stay low, and no amount of statist/bankster cartel intervention is likely to be sufficient to overcome the heavy physical demand that will inevitably come.”






Bill Holter (Miles Franklin): It looks like we had the hoped for “outside reversal day”. This one will look funny on the charts because it actually encompasses 2 1/2 days trading. Wednesday was a weakish day and gave up the $1,200 level while Friday was a washout down $26. Overnight Sunday, gold opened down and traded well below $1,150. This action was blamed on the “no” Swiss vote and brought out all of the doomsayers. The sentiment last night was “gold is over”! I wrote the short note at the bottom of my piece this morning as I saw gold quoted on Kitco down $6 (which was really up close to $20 from Friday’s close). I believe the confusing quotation by Kitco was because of the shortened day in N.Y.on Friday. In any case, we have now rallied another $35 from where I wrote the note this morning. Silver has had a wilder ride up 17% off the early morning lows. Recall, we had two previous Fridays with outside reversal days, this makes a 3rd, though not a Friday. I view today’s action as much more important for several reasons. First, this actually encompassed 3 trading days where the previous two “engulfed” only the previous day. This one is occurring with a close above what had been a very sticky area $1,200 and actually broke briefly above another line in the sand $1,220. Any and all shorts placed in the last week are now under water with the momentum now higher. The GOFO rates went further into negative territory with the 1 year rate at virtually zero, this should never be. Logically there should be arbitrage to take this condition away but the “trust” (that you will get metal in the future) is apparently waning. Something behind the scenes has changed drastically to have seen these three outside days within such a tight timeframe. This of course has been accompanied with record backwardation. The danger now as I see it could be “supply” or the ability to procure metal. I have postulated several times before, the danger is going to bed and something financial “breaking” while you sleep. The result could be gold and silver going no offer and you being stuck in place with whatever your positions are. Is this it? Will it happen immediately? I have no idea though I personally am not willing to bet against it. For now I will only say, “something has drastically changed” behind the scenes and along with it, “sentiment”! If you are still waiting to back up your truck, it may be that the “loading dock” is now moving away.




Zero Hedge: It started with the shocking NRF announcement that US holiday sales cratered 11% over the extended Thanksgiving weekend (which the NRF [National Retail Federation] blamed on an “improving economy”, to which even Goebbels bows down his head), but also China’s latest manufacturing print miss expectations for the 2nd month in a row and drop to 8 month low, and moments thereafter, Eurozone releasing a downward revision to its October PMI data, with the all-important German PMI now openly in contraction, revised down from 50.0 to 49.5. And the punchline: the basket case that is Japan was finally downgraded by Moody’s to A1 from Aa3 by Moody’s which sent the USDJPY first to a new 7-year high at 119.14, only for USD/JPY to fall to new session low at 118.08 as everyone now realizes the Japanese endgame is just around the corner. Perhaps that is why after sliding 2% overnight, gold and silver have retraced all losses and are now higher from the Friday close, which however is more than can be said for copper down over 3% (thanks China) and of course crude, with both Brent and WTI declines continuing this morning as concerns of a sweeping global recession will sink future energy demand.




Tyler Durden: It’s not just Shale oil stocks in the US that are hurting. Following the OPEC decision to not cut production and squeeze US producers, Saudi Arabia’s major stock market index has tumbled into a bear market, giving up all the year’s gains. As one analyst noted,“investors are afraid if oil stays where it is, it will negatively impact the government revenues, thus creating potential headwinds on government spending.” Dubai stocks – our long-time favorite bubble index – has also been hammered, down over 7% intraday at its worst.




Zero Hedge: From exuberant credit-fueled cycle highs in July, China’s official Manufacturing PMI has done nothing but drop as the hangover-effect from the credit-impulse weighs once again on the now commodity-collateral crushed nation. At 50.3 (missing expectations of 50.5 for the 2nd month in a row), this is the lowest print since March. All 5 components dropped led by notable weakness is outout and new orders (new export orders biggest MoM drop in 17 months) with medium- and small-enterprises heading deeper into contraction (at 48.4 and 47.6 respectively) as the Steel industry PMI craters to 43.3. Japan’s PMI dropped marginally to 52 and thenHSBC’s China Manufacturing confirmed the government data and flash reading with a 50 print – the lowest since May as New Export Orders growth slowed for the 2nd month.




Tyler Durden: The entire commodity complex is seeing major contagion-like price declines in early trading. WTI Crude is back below $65 for the first time since May 2010 – now down 16% since the initial leaks of OPEC’s decision last Wednesday. Gold and Silver are getting whacked and copper has plunged below 300 – back at its lowest since June 2010. The news over the weekend that Brevan Howard is liquidating its $630 million commodity hedge fund following recent poor performance is also likely not helping as what looked like late-Friday margin call liquidations are extending notably this evening. Brevan Howard is among Europe’s largest hedge fund managers with about $37 billion in assets. For the Russian ruble, free float means going from emerging markets second best- to worst-performing currency in a week, with plunging oil prices signaling more losses. The ruble’s 9.3 percent slump last week to 50.4085 per dollar, the worst drop among 24 emerging markets tracked by Bloomberg, followed its biggest weekly gain in more than two years. Options trading show greater than 50 percent odds the currency will weaken another 10 percent by March 1. Russian bonds fell for a fourth month in five in November. Central bank Governor Elvira Nabiullina’s decision last month to create a free-floating ruble rattled short-sellers, sparking a week-long surge. The change tied the currency’s fortunes to the price of oil, Russia’s main source of export revenue, which plunged last week after OPEC kept its output ceiling unchanged. The drop in crude is adding to headwinds for an economy on the brink of a recession because of sanctions. “The outlook for ruble assets is pretty bleak because everything is against them,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by e-mail from London Nov. 28. Nabiullina’s “resolve to let the currency float will be tested and because this is a new policy, it will keep a lot of investors on edge,” he said.








This Will Not End Well (In The Short Term)




DailyMail.UK: The origin of the mysterious bangs heard across the UK and New York at the weekend are yet to be officially identified. But a leading theory is that they were created by an aircraft possibly travelling at supersonic or hypersonic speeds above the Atlantic at perhaps 6 times the speed of sound. This has led conspiracy theorists to attribute the booms to a spy plane rumoured to be under development by the US military, under the codename Aurora. Dr Bhupendra Khandelwal, an engineering research associate from Sheffield, claims the loud bangs were created by a type of experimental jet engine called a pulse detonation engine. Extreme reports claim the Aurora could hit up to Mach 11.8. These claims originated in Aviation Week and Space Technology magazine, which ran an article in 1989 about a mysterious entry in the 1985 US budget. The entry said $445 million was attributed to 'black aircraft production' under the name Aurora. These reports did not reference a single craft, instead they discussed a series of planes. Other reports suggest the Aurora programme kicked off at Lockheed Martin's Skunkworks in 1987. The firm was said to be looking into replacing its SR-71 Blackbird, which was later retired in 1998. However, the former head of Lockheed's Skunkworks division, Ben Rich, said Aurora was a codename for the stealth project which eventually led to the B-2 Spirit. But, in November 2013, Lockheed Martin announced it was developing a spy plane with similar technologies called SR-72. The firm said the plane can accelerate up to Mach 6, or 4,567mph (7,349km/h) - three times faster than Concorde.




DS: James Turk says the Dutch got their gold back so they can lend it out and help keep the price of gold down.




Daisy Luther (The Organic Prepper): How do you stay safe in the aftermath of a disaster? A few simple strategies can help you to stay safer. 1.) Don’t be where other people are. A lot of danger can be avoided by simply staying home, and here’s where your preps come in. If you have supplies, you have absolutely no need to go where the hordes are to line up and get more. Trust me when I tell you, it won’t be an orderly line for long. The doors will open and everyone will want to be first. Someone will cut in front of someone else. The food will run out before they get to everyone who is waiting for a handout. It doesn’t take much to incite a crowd of stressed-out, waiting people into a ravening mob. 2.) Keep your home secure at all times. So, you’re staying home, as per the above advice. Make your home look like the one on the street that would be the most difficult to breach. 3.) 911 is not a viable option. When disorder is widespread, don’t depend on a call to 911 to save you – you must be prepared to save yourself. 4.) Be ready to defend your home. If, despite your best efforts, your property draws the attention of people with ill intent, you must be ready to defend your family and your home. You’ve done all you can. You’ve stayed home, you’ve tried to avoid attracting undue attention, you’re minding your own business. If trouble bursts through your door, you must meet force with force. In this situation, the lives of your family depend on your ability and willingness to protect them. Have a plan. Be armed and know how to use your weapon of choice. Have a safe room established. Plan an escape route. 5.) Be armed. Find a weapon you are comfortable with. Teach everyone who is old enough to use weapons. Practice, practice, practice.




RT: Russia is launching a new national defense facility, which is meant to monitor threats to national security in peacetime, but would take control of the entire country in case of war. The new top-security, fortified facility in Moscow includes several large war rooms, a brand new supercomputer in the heart of a state-of-the-art data processing center, underground facilities, secret transport routes for emergency evacuation and a helicopter pad, which was deployed for the first time on Nov. 24 on the Moscow River. The Defense Ministry won’t disclose the price tag for the site, but it is estimated at the equivalent of several billion dollars. The new National Defense Control Center (NDCC) is a major upgrade on what was previously called the Central Command of the General Staff, a unit tasked with round-the-clock monitoring of military threats against Russia, particularly ballistic missile launches, and deployment of strategic nuclear weapons. It was roughly a counterpart to the US National Military Command Center, the Pentagon’s principal command and control site.




InfoWars: Breitbart Texas has released a leaked FBI Bulletin that was sent out to law enforcement in the US, which issues a dire warning about potential attacks against US Military personnel, past and present, and law enforcement in the United States, by the Islamic State aka ISIS. According to the bulletin, which is dated October 11, 2014 and titled “UNCLASSIFIED/FOR OFFICIAL USE ONLY” and was not to be released to the public, homegrown supporters and/or members of ISIS, called “lone offenders,” in the West to attack “soldiers, patrons, and troops… their police security and intelligence members,” and the bulletin warns law enforcement to remain vigilant and monitor what is being said on social media that could put a target on their own back or that of their families.




The Watchman Report: This is jaw dropping news. As we know the elite hide their schemes in movies and other media to condition us for what is coming. Watchman’s Report exposes that the movie Shadow Recruit shows a scene with a similar headline to what is in the news today! “Dollar stays buoyant despite recent fall in oil” flashes across the screen in the movie, and then it flashes a picture of a pipeline to Turkey. Watch the whole clip to get a better understanding. Shadow Recruit lays out a perfect scenario of how Russia could take down the petrodollar. By looking at today’s headline, “RT: Gazprom to build new 63 bcm Black Sea pipeline to Turkey” the movie seems more realistic than not. It looks like we have uncovered another secret Illuminati plan that was hidden once again in plain sight. www.youtube.com/watch?v=sweHMZ7jzT4&list=PLrbPYqisq4tn8jBri5VaOsf-6p0oswQvj




DS: Weather wars continue (from Triforce Weather): A very strong upper level low well west of the United States will bring in sub-tropical moisture through California on Tuesday. This storm system will be strong, lasting into Wednesday for much of the area, especially across the Northern California zones. Read on for details. A massive storm system capable of major flooding is going to hit California Tuesday and Wednesday. This storm system has no thunderstorm dynamics for Southern California, however flooding rains are going to hit there. Website SouthernCaliforniaWeatherForce.com has issued flood watches for all metro areas for Southern California. As for Northern California, we have issued a Flood Watch on our site to the email/app system for this next storm. This storm system is a capable of flooding rains and possibly some severe weather activity, where we cannot rule out damaging wind gusts and/or tornado potential in the San Francisco Bay area and surrounding zones due to the low level jet.










John Moore: From: John Moore WWW.THELIBERTYMAN.COM Re: Ferguson/St. Louis Civil Disorder. A week ago this evening, Mr. Robert McCullogh made his statement concerning the decision of the St. Louis Grand Jury to issue a "No True Bill" finding in the matter of Ferguson Police Officer Darren Wilson shooting Michael Brown 9 August 2014. It's been a long week! In my speaking with a number of men working in Ferguson these past 7 days, I can only conclude that we are seeing a well-orchestrated, well-funded, carefully planned event taking place. Essentially, what's taking place is a coalition of various Communist front groups and Muslim groups. Each are competing for a piece of the pie for recruits, money and TV airtime. Today, I visited the St. Louis County Government Center. These are four buildings in downtown Clayton, MO housing County Administrative offices, Courts, Police Headquarters and the County Jail. Crowd-control barricades are in place surrounding all these buildings. I saw no police, MO National Guard, or protesters. Traffic was moving normally for a Monday afternoon. I was told this AM that the Oath Keepers have handed out 1,500 cards to Ferguson residents with information as to who they are and their mission statement. Just now I spoke to Mr. Sam Andrews, Tactical Commander of the Oath Keepers Ferguson Team. Sam has still had no communication with the Ferguson Unified Command Post. He is openly offering to have a police officer embedded with his team to act as liaison. He hopes that when Mr. Stewart Rhodes arrives today that Mr. Rhodes can make some headway in the unnecessary conflict between the Oath Keepers and the various police agencies command and control. Prior to this Ferguson matter, Mr. Andrews has spent years interacting with many of the SWAT team members in the the Metro-St. Louis area. Apparently the five Rams football players who came out of the stadium tunnel for the game yesterday, do not know (don't care?) that Michael Brown was not in the hands-up surrender position when he was shot, as they held their hands in the surrender position. It's too bad these multi-millionaires did not speak to the now-destitute Ferguson black business owners, burned out by rioters, before they made their "statement". The NAACP "March to the Governors Mansion" from Ferguson is actually a ride in a bus. About 15-20 people march for about 30- 50 minutes. The bus stops, the marchers trade places with the riders and the march moves forward. It's going to be a long 120 miles!










Tea Party Crusaders: Fighting against Muslim supremacy has become a European-wide phenomenon, something Shoebat.com has predicted long ago and it will grow with the growth of Islamism. Eventually life for Islamists in Europe will become uncomfortable which plays into the liberal media’s arguments falsely painting conservatives on equal par with Islamists. But despite the media ridicule, in Western Europe, jointly organized protests against “Islamic supremacy” constitute the main focus of European party political activities. The alliance “Cities against Islamization” is an example of transnational cooperation comprising initiatives from Austria, Belgium, Denmark, Germany, Spain, Italy, France, the Netherlands, and England. In Great Britain, a popular movement (the EDL) against Islam is growing consisting largely of young men who demonstrate against Islam. The British media has often claimed that the EDL grew out of the “soccer hooligan” sub-culture. While many who participate in EDL demonstrations are right-wingers, it is otherwise apolitical. EDL encourages a wide spectrum of British citizens to become active in the singular cause of halting Islamic immigration and the Islamification of British cities.




Psalms 9:1 I will praise thee, O LORD, with my whole heart; I will shew forth all thy marvellous works.
2 I will be glad and rejoice in thee: I will sing praise to thy name, O thou most High.
3 When mine enemies are turned back, they shall fall and perish at thy presence.
4 For thou hast maintained my right and my cause; thou satest in the throne judging right.
5 Thou hast rebuked the heathen, thou hast destroyed the wicked, thou hast put out their name for ever and ever.
6 O thou enemy, destructions are come to a perpetual end: and thou hast destroyed cities; their memorial is perished with them.
7 But the LORD shall endure for ever: he hath prepared his throne for judgment.
8 And he shall judge the world in righteousness, he shall minister judgment to the people in uprightness.
9 The LORD also will be a refuge for the oppressed, a refuge in times of trouble.
10 And they that know thy name will put their trust in thee: for thou, LORD, hast not forsaken them that seek thee.








****************










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










Quote:



Gold: $1218. up $42.80
Silver: $16.65 up $1.49


In the access market 5:15 pm


Gold $1212.00
Silver $16.47













Friday, Nov 28th Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Nov (Silver), Dec (Gold, Silver), Jan (Silver) Open Interest










In Silver:




Quote:

Silver OI rose by 1,232 contracts from 153,876 up t0 155,108 as silver down by $1.06 on Friday. The big December active contract month saw it’s OI fall by 2215 contracts down to 1735 contracts. We had 1614 notices served upon for Friday’s delivery. Thus we lost 601 contracts or 3,005,000 oz will not stand.





In Gold:




Quote:

The total gold Comex open interest fell dramatically again by 3,969 contracts from 376,828 down to 372,859 with gold down by $21.40 on Friday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 4,536 contracts for a loss of 6971 contracts. The non active January contract month fell by 273 contracts down to 331. The next big delivery month is February and here the OI rose to 238,915 contracts for a gain of 2161 contracts.





Volume




In Silver:




Quote:

The estimated volume today was excellent at 69,834. The confirmed volume on Friday was huge at 80,675. We also had 517 notices filed today for 2,585,000 oz today.





In Gold:




Quote:

The estimated volume today was fair at 187,859 . The confirmed volume on Friday was excellent at 273,944 with the help of high frequency traders. On this 2nd day of notice in the December contract, we had only 109 notices filed for 10900 oz which basically shows that the Comex is probably having trouble locating any quantity of good delivery bars.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz.
We had 0 dealer withdrawals:
Total dealer withdrawal: nil oz.
We had 0 customer withdrawals:
Total customer withdrawal nil oz.
We had 2 customer deposits:
i) Into CNT: 361,585.300 oz (again just one decimal)
ii) Into Scotia: 621,035.44 oz.
Total customer deposits: 982,620.740 oz.
We had 0 adjustments.
Total dealer inventory: 65.197 million oz.
Total of all silver inventory (dealer and customer) 177.990 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions
Total dealer withdrawal: nil oz


We had 0 dealer deposits:
Total dealer deposit: nil oz


We had 1 customer withdrawal and this one defies logic:
Total withdrawal: 40,600.000 oz (not divisible by 32.15 oz and therefore not kilobars) How on earth can this be????


We had 0 customer deposits:


Total customer deposits: nil oz
We had 1 adjustments:
i) Out of HSBC:
43.46 oz was adjusted out of the dealer and this gold just evaporated into thin air out of the Comex vaults.
Total dealer inventory: 812,870.907 oz or 25.28 tonnes
Total gold inventory (dealer and customer) = 7.888 million oz. (244.35) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 58 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 517 contracts or 8,070,000 oz.





In Gold:




Quote:

Today, 0 notices were issued from JPMorgan dealer account and 22 notices were issued from their client or customer account. The total of all issuance by all participants equates to 109 contracts of which 46 notices were stopped (received) by JPMorgan dealer and 1 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2131 ) x 5,000 oz to which we add the difference between the total OI for the front month of December (1735) minus (the number of notices filed today (517) x 5,000 oz = the total number of silver oz standing so far in November.
Thus: 2131 contracts x 5000 oz + (1735) OI for the November contract month – 517 (the number of notices filed today) =6,745,000 oz of silver that will stand for delivery in December.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (691) x 100 oz to which we add the difference between the OI for the front month of December (4536) – the number of gold notices filed today (109) x 100 oz = the amount of gold oz standing for the December contract month.


Thus the initial standings:
691 (notices filed for the month x 100 oz + 4536) OI for November – 109 (no of notices filed today equals 511,800 oz standing for the December contract month or 15.919 tonnes)


We lost a massive 6,389 contracts or 638,900 oz standing.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,137.00, down 1.39%. WTI January crude was 69.21 up 3.06. Brent crude was 72.54 up 2.39. The spread between Brent and WTI was 3.33 down 0.67. The 30 year US Treasury bond was up 0.0400 at 2.9500. The 10 year T-Note was up 0.0300 at 2.2200. The dollar was down 0.23 at 87.99. The PPT/Dow was 17776.80 down 51.44. Silver closed at 16.46 up 0.88. The GSR was 73.6817 down 1.3183 oz of silver per oz of gold. CIA's Facebook was 75.10 down 2.60 (3.35%). March wheat was up 28.25 at 606.750. March corn was up 1.00 at 389.75. February lean hogs were up 0.700 at 88.925. January feeder cattle were up 3.000 at 234.075. March copper was up 0.052 at 2.898. January natural gas was down 0.081 at 4.007. February coal was down 0.27 at 53.73.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Tue, Dec 2, 2014 - 10:11pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 2 Dec 2014

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










News and Commentary


Mark O'Byrne (GoldCore): Total U.S. national debt hit a new record high overnight at over $18 trillion as the Obama administration continues to pile debt onto the back of the U.S. taxpayer at a rate that would have made George W. Bush look positively prudent. Obama’s policies have continued to favour Wall Street and corporate interests over Main Street. As ever, historical context is all important. The U.S National Debt took 43 Presidents from 1789 until 2008 to reach $10 trillion. The National Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up nearly $8 trillion since President Obama took office. The U.S. national debt is spiralling out of control, seemingly without any plan to ever rein it in and yet the rise above $18 trillion was not reported in mainstream media. The estimated population of the United States is 310,324,851 so each citizen's share of this debt si $56,378.48. The National Debt has continued to increase an average of $2.46 billion per day since September 30, 2012! Compared to this time last year, the national debt has grown by another $1 trillion. Astoundingly, more than $7 trillion of additional US national debt will have been accumulated over the 8 year duration of Obama’s two presidencies, which is more than the accumulated U.S. national debt of all previous U.S. presidents combined. This is not to mention the astronomical expenses of more than $200 trillion of U.S. government unfunded liabilities such as Medicare, Medicaid and social security. Household debt–including mortgages, credit cards, auto loans and student loans — remains close to $12 trillion. The Daily Treasury Statement that was released last Wednesday afternoon as Americans were preparing to eat turkey on Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started. This is just eight weeks ago. they had to do this in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government. Russia’s foreign minister, Sergei Lavrov, pointed out last week that “the seven developing economies headed by BRICS already have a bigger GDP than the Western G7.” This drives home the message that the economic might of the U.S. is waning. It is doubtful whether it will be able to re-establish or indeed maintain the Bretton Woods paradigm which gave the dollar it’s preeminent status.










Zero Hedge: The CME hiked margins last Tuesday and again today. The CME once again hiked both initial and maintenance margins across the board for some 151 pages worth of futures contracts, only this time the required cash for initial positions or to maintain existing spec bets for the front month contract was increased four times as much, from $4235 to $4895 which means the weekly increase in crude margins is now about 20%, which also means that those specs who were in margined, money-losing positions until today, will have to pony up substantially more cash, or else the crude dump will resume and rather quickly. Unless of course, the recently most margined positions happen to be new shorts, who would now rush to cover.










Simon Black (Sovereign Man): It’s easy to dismiss gold repatriation when “foes” like Venezuela were doing it. But when your own allies (the Dutch) think you’re not to be trusted as a custodian of their gold—that’s the end of your credibility. What does this mean to you? The whole system that’s based on the dominance of the US dollar and the US financial institutions is in clear decline. Governments and businesses are screaming for alternatives and some are actively pursuing them. The US has spent the last several years debasing its currency. The Fed’s balance sheet has exploded by 529% since 2008. The US federal government is now just hours away from hitting $18 trillion in debt. Yet they continue to run up huge deficits, blowing their tax revenue on more bombs, drones, wars, and body scanners. They slam foreign businesses with enormous fines (up to $9 billion) for doing business in countries the US doesn’t like. Meanwhile they brazenly and arrogantly spy on their ‘allies’, let alone their own citizens. Is it any wonder they have lost credibility? Bear in mind that the US government’s power – and the dollar’s prominence – are based almost exclusively on US credibility. Where do you think the trend for the dollar is headed when America’s own allies no longer trust the government?








Harvey: The gold Comex today had another good delivery day, registering 1,150 notices served for 1,150,000 oz. Silver Comex registered 174 notices for 870,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 245.45 tonnes for a loss of 58 tonnes over that period. In silver, the open interest fell by a huge 5390 contracts despite Monday’s huge gain in price of $1.49. Looks like some of the shorts are vacating the arena. For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver these past 5 days. The total silver OI still remains relatively high with today’s reading at 150,718 contracts. The big December silver OI contract lowered by 809 contracts down to 926 contracts. In gold we had a tame loss in OI despite the huge gain in price of gold yesterday to the tune of $42.80. The total Comex gold OI rests tonight at 372,025 for a loss of 834 contracts. The December gold OI rests tonight at 3609 contracts. As mentioned above we lost only 834 contracts despite the fact that it costs nothing to roll. All GOFO rates moved closer to the positive but still in backwardation!!





Harvey on PM trading: Gold was hit immediately in yesterday’s access market due to the fact that the banking cartel never allow gold to rise for two consecutive days. The other goal was to keep gold below $1200.00. It is my belief that above that level it is very toxic to the bankers due to the huge derivatives placed on gold to keep it suppressed. Gold hit it’s zenith at 2 am (first London fix) with a price of $1209.00 From there it was downhill, where it hit rock bottom at $1193.25. From there it straddled the 1200 dollar level until Comex closing and access market closing. ($1199.20 and 1199.00). Silver was much more volatile and this is good as it seems the bankers are losing control of their favourite whipping boy. At midnight silver was $16.31. At first London fixing it was $16.43. At it’s nadir at 8 am it was $16.10. At 8:20 at Comex opening it was $16.41. At 11 am at its zenith it was at $16.49, and it generally stayed there until Comex closing. Today, we had a huge increase in tonnage of gold Inventory at the GLD, and its inventory rests tonight at 720.02 tonnes. In silver, we had a huge increase in silver inventory of 2.20 million oz.










Zero Hedge: As reported two weeks ago, following a stunning announcement by the head of Ukraine’s central bank, Valeriya Gontareva, on primetime TV we learned that (virtually) all of Ukraine’s gold was gone, or – in the parlance of Jon Corzine – had “vaporized.” And as we also predicted two weeks ago, it was only a matter of time before Ukraine’s people – the vast majority of whom are innocent pawns in a vast game of realpolitik between the west and east – finally got angry and demanded some answers, if not heads. That time came earlier today when as Interfax.ua reported “a Kyiv-based court has instructed Kyiv prosecutors to bring an action against National Bank of Ukraine (NBU) Governor Valeriya Gontareva on charges of abuse of power or misuse of office to obtain illegal profit, the Vesti newspaper reported on Tuesday.”








Chris Powell (GATA): Hinde Capital CEO Ben Davies elaborates on his call on CNBC Europe Monday morning, hours before the explosive rally in the monetary metals began, that despite recent surreptitious activity in the gold market, the monetary metals have bottomed and markets generally are at an inflection point indicating reversals. DS: I wonder how many times I have heard the bottom called. Someday somebody will probably be right. When the fiat markets go, the increase in gold and silver will be a sight to behold. The stackers' problem then will not be having wealth when everyone else is broke. The problem will be staying alive and holding onto the PMs you were wise enough to accumulate.




Craig Torres (Bloomberg News): Confidential deliberations of the Federal Open Market Committee made their way into a research note circulated among traders. The report — a fly-on-the-wall account of the FOMC’s September 2012 meeting, with hints of Fed action to come that December — prompted a mole hunt that reached the highest levels of the central bank. In their November memo, Alvarez and English asked officials to disclose any communications with Schleiger and Hilsenrath and to hand over e-mail and phone records. Under Fed rules, the general counsel and FOMC secretary investigate if the chain of confidentiality is broken and report their findings to the chairman. The Fed has never disclosed the findings. DS: I haven't heard anything from Hilsenrath lately. Wonder if they burned him?




Paul Craig Roberts & Dave Kranzler (IRD): In a blatant and massive market intervention, the price of gold was smashed on Friday. Right after the Comex opened on Friday morning 7,008 paper gold contracts representing 20 tonnes of gold were dumped in the New York Comex futures market at 8:50 a.m. EST. At 12:35 a.m. EST 10,324 contracts representing 30 tonnes of gold were dropped on the Comex futures market. No relevant news or events occurred that would have triggered this sudden sell-off in gold. Furthermore, none of the other markets experienced any unusual movement (stocks, bonds, currencies). The intervention in the gold market occurred on the Friday after the U.S. had observed its Thanksgiving Day holiday. It is one of the lowest volume trading days of the year on the Comex. As you can see from the price-action on the graph, massive sales concentrated within a few minutes minimize sales proceeds and are at odds with profit maximization. A rational seller would not behave in this way. What we are witnessing in the bullion futures market are short sales designed to drive down the price of bullion. This is price manipulation. Why is manipulation of the price of gold in the futures market not investigated and prosecuted? The manipulation has been blatant and repetitious since 2011. The answer to the question is that suppressing the price of gold helps to protect the U.S. dollar’s value from the excessive debt and money creation of the past six years. The attacks on gold also enable the bullion banks to purchase large blocks of shares in the GLD gold trust that can be redeemed in gold with which to supply Asian purchasers. Whether or not the Federal Reserve and the U.S. Treasury are instigators of the price manipulation, government authorities tolerate it as it supports the dollar’s value in the face of an enormous creation of new dollars and new federal debt. In other words, the illegal rigging of the price of gold in the futures market is deemed by the US government to be essential to the success of its economic policy, just as illegal torture, illegal military invasions and attacks on sovereign countries, unconstitutional violation of habeas corpus, unconstitutional spying on U.S. citizens, and illegal and unconstitutional murder of U.S. citizens by the executive branch are essential to the U.S. government’s “war on terror.” The U.S. government resorts to massive illegality across the board in order to protect its failed policies. The rule of law and accountable government have been sacrificed to failed policies.






Seth Lipsky (WSJ): A monetary gadfly in an age of fiat money, Mr. von NotHaus, 70, could be looking at the rest of his life in prison. Nearly four years ago, a jury convicted Mr. von NotHaus of “uttering”—putting into circulation—coins of pure silver that he called Liberty Dollars. The government is also seeking the forfeiture of 16,000 pounds of coins and precious metals whose value it reckons at $7 million. Mr. von NotHaus’s Liberty Dollar poses the opposite danger of Copernicus’ famous monetary principle. That principle, also known as Gresham’s law, holds that bad money drives out good. Mr. von NotHaus has instilled in the government the contrary fear — that good money in the form of silver dollars will drive out the bad money issued by the Federal Reserve. These matters were considered by Judge Voorhees, who has been presiding in the von NotHaus case. They were raised most pointedly in an amicus brief by the Gold Anti-Trust Action Committee, a charity that fights for a constitutional view of money.




Greg Hunter (USAWatchdog): Rob Kirby, "“For large amounts of bullion in the Asian market, the pricing mechanism has completely and utterly divorced itself from the fraudulent paper prices that are being reflected in the exchanges in the Western world. In the Asian market, if you could find . . . physical bullion . . . as cheap as spot plus 50%, you’d be doing really, really, really well . . . and you’d be hard pressed to find serious tonnage at that price in Asia.”




Harvey: James Turk believes that the 122.5 tonnes of gold that arrived in Amsterdam will not be stored there but leased out by their central bank. I sure hope that this is not so. However the GOFO rates this morning went less negative as it seems that they found some gold to lease. James who is very close to the London market states that many investors of Eastern persuasion are now taking delivery of forwards purchased earlier in the year which is putting huge pressure on the London gold and silver market. Thus the reason for the Dutch recall of their gold to the leased. Of course this presents a massive problem for the uSA who have no doubt hypothecated and rehypothecated many of these bars leaving a huge derivative mess over here.




Chris Powell (GATA): Hugo Salinas Price, president of the Mexican Civic Association for Silver, writes today that his country badly needs some good news and encouragement and he again recommends what could be a mechanism of national pride: monetization of Mexico’s own undenominated silver coin, the Libertad, made from metal drawn from the country’s own soil, money that puts its own people to work.




Bill Holter (MIles Franklin): The U.S. may believe we can bankrupt Russia with low oil prices …and this is “our” plan, I don’t believe it is “the” plan. In fact, the argument can be made that not only does this hurt (destroy) our shale industry, crashing oil prices actually endangers our financial system. After six years of trying to reflate the system via outright monetization, would we really risk a wildfire of deflation? I don’t think so. I believe it is much more likely this is a Chinese/Saudi partnership play where they both “win” and the U.S. is left out in the cold. This would also be a terminal event for the U.S. petrodollar and a “polite” way for the Chinese to move center stage. If this is so, we will be watching the formation of a “new world order”, just not the one the Rockefellers had in mind!






This Will Not End Well (In The Short Term)










Susan Duclos (AllNewsPipeline): A power blackout that has shut down nearly the entire city of Detroit, Michigan is giving those Americans a small taste of what an EMP would feel like as elevators are no longer working, leaving workers stuck, gas pumps no longer work leaving police fearing they’ll run out of gas to patrol the city and leaving most Detroit residents in a place of vulnerability and completely unprepared. Was this an attack of some sort by China or other hackers as asked by Fox reporters in the 1st video below? They clearly state that an outage of this magnitude has left residents of Detroit living in the dark ages. While the 2nd video shares more on China and their hacking of our power grid, the 3rd video features a government insider who warns that a North Korean EMP attack upon America in 2014/2015 could leave potentially 100′s of millions of Americans dead.




DailyMail.UK: The world’s first enzymes made from artificial genetic material have been created by scientists in what could be a major step towards generating synthetic life. The enzymes, which do not occur naturally, were created using a synthetic form of DNA called XNA and were capable of triggering chemical reactions in the lab. The findings build on previous work that showed six types of XNA molecules were capable of storing and transmitting genetic information in the same way as DNA and RNA. It had been previously thought that DNA and RNA, which form the basis for all life on Earth, were the only way of storing genetic material. But now the latest research by synthetic biologists in Cambridge shows that this synthetic genetic material is also capable of performing another crucial biological role - catalysing biochemical reactions that are essential for life. Using their lab-made XNAs as building blocks, the team were able to create synthetic enzymes, which they have named ‘XNAzymes’, that could cut up and stitch together small chunks of genetic material, just like naturally occurring enzymes. In 2012 Dr Holliger’s group showed that there were six alternative molecules to the oligonucleotides that form RNA and DNA, which they called XNAs. They demonstrated that these could store information and could even evolve through natural selection. In their latest research, which is published in the journal Nature, the team created four different types of synthetic enzyme from strands of XNA. These XNAzymes were able to perform the role of a polymerase - an enzyme that cuts and joins RNA strands together - in a test tube. One of the XNAzymes they created was also able to join XNA strands together to form longer molecules - a key step towards creating a living system that can replicate itself. Although it will still be some time before these can be used to create living synthetic organisms, Dr Holliger believes that XNAzymes could also be useful for developing new therapies for range of diseases including cancers and some viral infections. Dr Holliger added: ‘Our XNAs are chemically extremely robust and, because they do not occur in nature, they are not recognised by the body's natural degrading enzymes. ‘This might make them an attractive candidate for long-lasting treatments that can disrupt disease-related RNAs.’




RT: Funded by the Pentagon’s research arm, a robot inspired by the world's fastest animal is being developed to run and jump with unprecedented robotic balance and instincts, all with the aim of using it in hostile environments or search and rescue missions. The robot cheetah has evolved, thanks to researchers at the Massachusetts Institute of Technology (MIT), after five years of rigorous testing and ingenuitive uses of existing technology. MIT’s cheetah - which runs on batteries to achieve speeds over 10 miles per hour (mph), jumps as high as 16 inches gallops of at least 15 minutes - runs on 12 lightweight motors supplied with electric power and uses an algorithm that decides the precise amount of force a leg should exert while maneuvering. An internal computer sifts the data from the robot’s many sensors and then commands the motors in accordance. "This is kind of a Ferrari in the robotics world, like, we have to put all the expensive components and make it really that instinctive," Sangbae Kim, MIT professor and leader of the school’s Biomimetic Robotics Lab, told AP. "That's the only way to get that speed."




BioPrepper: Jim Willie warns that, while a collapse is already in the works, Americans have no clue how serious it really is. They’ll know soon enough. In my view we had a systemic breakdown in 2007. Then we had a visible breakdown in 2008… Then we had a further breakdown in 2010 when Europe started to fracture. Then we got more breakdown in 2011 when QE was announced. Now we have further breakdown in 2013 with the gold market ambushes. So, to say “When is the breakdown going to happen,” I usually have a sassy response to my clients: Where have you been? It’s in progress. We’re leading up to a big event. We are having breakdowns in numerous structural elements of the financial system. They’re all breaking down. We don’t know what the actual trigger is going to be. I’m pointing to Deutsche Bank. I think Deutsche Bank is possibly going to be the one big bank they cannot control and that’s where you’re going to get the big break down with contagion hitting numerous western banks and hitting numerous important markets like sovereign bonds. So we’re leading to a climax. We’re getting a chain reaction of breakdown events. They’re in progress. The ‘taper talk’ was a stress test to find out what in the world would break down, and the answer was everything!” In the United States, we are going to have shortages across the board, and that includes gold and silver. Just think food and gasoline. That’s when the riots will start. You are going to see out of control chaos and the government stepping in to restore order. Shortages and price inflation are going to drive people out of their minds. As Jim Willie and Greg Hunter note, the big event is coming. Now is the time to stockpile those items that will be unavailable at almost any price when the severity of the collapse becomes apparent to everyone. Food to keep you alive for extended periods. Essential supplies that you can barter. Gold and silver as a mechanism of exchange. Weapons and ammo to defend what’s yours. We may not be able to predict what will happen or how widespread it will be, but having a well developed preparedness plan will, at the very least, give you a fighting chance at survival. DS: It's not just our government that will intervene. There are Russian and Chinese soldiers already in America waiting for the collapse. Americans will go into slavery. Reportedly, the Russians plan a first strike to take out major cities. That will collapse what remains of the economy, and collapse will force most people into gulags where they can be controlled and the population reduced. America will cease to exist as a country by 2017 unless God intervenes. Reportedly, He is not done with America yet, but 2015 will seem like He has abandoned us. The most important thing is to get right with God and then whether you live or die, you will be prepared to face eternity.








Psalms 10:12 ¶Arise, O LORD; O God, lift up thine hand: forget not the humble.
13 Wherefore doth the wicked contemn God? he hath said in his heart, Thou wilt not require it.
14 Thou hast seen it; for thou beholdest mischief and spite, to requite it with thy hand: the poor committeth himself unto thee; thou art the helper of the fatherless.
15 Break thou the arm of the wicked and the evil man: seek out his wickedness till thou find none.
16 The LORD is King for ever and ever: the heathen are perished out of his land.
17 LORD, thou hast heard the desire of the humble: thou wilt prepare their heart, thou wilt cause thine ear to hear:
18 To judge the fatherless and the oppressed, that the man of the earth may no more oppress.
















****************










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










Quote:



Gold: $1199.20. down $18.80
Silver: $16.41 down $0.14


In the access market 5:15 pm


Gold $1199.00
Silver $16.48













Monday, Dec 1st Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Dec (Gold, Silver), Jan (Silver), Feb (Gold) Open Interest










In Silver:




Quote:

Silver OI surprisingly fell by 4,390 contracts from 155,108 down to 150,718 as silver up by $1.49 yesterday. I do believe we lost a few bankers. The big December active contract month saw it’s OI fall by 809 contracts down to 926 contracts. We had 517 notices served upon for Monday’s delivery. Thus we lost 292 contracts or 1,460,000 oz will not stand.





In Gold:




Quote:

The total gold Comex open interest fell again by 834 contracts from 372,859 all the way down to 372,025 with gold up by $42.80 yesterday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 3609 contracts for a loss of 927 contracts. We had 109 delivery notices yesterday so we lost 818 contracts or 81,800 oz of gold standing for the December contract month. The non active January contract month rose by 485 contracts up to 826. The next big delivery month is February and here the OI fell to 236,278 contracts for a loss of 2637 contracts.





Volume




In Silver:




Quote:

The estimated volume today was fair at 36,563. The confirmed volume yesterday was huge at 129,796. We also had 174 notices filed today for 870,000 oz today.





In Gold:




Quote:

The estimated volume today was poor at 110,510 . The confirmed volume yesterday was huge at 370,767 with the help of high frequency traders. We had 1,150 notices filed for 115,000 oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz.


We had 1 dealer withdrawal:
i) Out of CNT: 612,489.09 oz.
Total dealer withdrawal: 612,489.09 oz


We had 1 customer withdrawal:
i) Out of Delaware: 2981.250 oz.
Total customer withdrawal 2981.25 oz.


We had 1 customer deposits:
i) Into CNT: 600,072.55 oz
Total customer deposits: 600,072.55 oz.


We had 1 adjustment:
i) Out of the Delaware vault:
94,490.544 oz was adjusted out of the customer account and into the dealer account at Delaware.
Total dealer inventory: 64.679 million oz.
Total of all silver inventory (dealer and customer) 177.975 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions.
Total dealer withdrawal: nil oz.


We had 0 dealer deposits:
Total dealer deposit: nil oz.


We had 1 customer withdrawal:
i) Out of Manfra: 32.15 oz (1 kilobar).


We had 1 customer deposit:
i) Into Scotia; 3,215.000 oz (100 kilobars).
Total customer deposits: 3,215.000 oz.


We had 2 adjustments:
i) Out of Manfra: We had 1,224.725 oz removed from the dealer Manfra and this landed into the customer account of Manfra. Manfra has approximately 10,000 or or.31 of a tonne left in its dealer account.
ii) Out of Scotia: 59,683.04 oz was adjusted out of the customer account at scotia and this landed into the dealer at Scotia.
Total dealer inventory: 871,329.222 oz or 27.10 tonnes.
Total gold inventory (dealer and customer) = 7.891 million oz. (245.45) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 58 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 174 contracts or 870,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 501 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1150 contracts of which 587 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2305 ) x 5,000 oz to which we add the difference between the total OI for the front month of December (926) minus (the number of notices filed today (174) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 2305 contracts x 5000 oz + (926) OI for the November contract month – 174 (the number of notices filed today) = 15,285,000 oz of silver that will stand for delivery in December.
We lost 1,460,000 oz standing.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (1841) x 100 oz to which we add the difference between the OI for the front month of December (3609) – the number of gold notices filed today (1150) x 100 oz = the amount of gold oz standing for the December contract month.
Thus the initial standings:
1150 (notices filed for the month x 100 oz + (3609) OI for November – 1150 (# of notices filed today equals 430,000 oz standing for the December contract month or 13.375 tonnes).
We lost a massive 818 contracts or 81,800 oz no longer standing.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,119.00, down 1.58%. WTI January crude was 67.72 down 1.49. Brent crude was 70.54 down 2.00. The spread between Brent and WTI was 2.82 down 0.51. The 30 year US Treasury bond was up 0.0500 at 3.0000. The 10 year T-Note was up 0.0700 at 2.2900. The dollar was up 0.63 at 88.62. The PPT/Dow was 17879.55 up 102.75. Silver closed at 16.47 up 0.01. The GSR was 72.7687 down 0.9130 oz of silver per oz of gold. CIA's Facebook was 75.46 up 0.36 (0.48%). March wheat was down 3.50 at 603.250. March corn was down 8.50 at 381.25. February lean hogs were up 0.075 at 89.000. January feeder cattle were up 1.475 at 235.550. March copper was down 0.007 at 2.892. January natural gas was down 0.133 at 3.874. February coal was down 0.20 at 53.53.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Wed, Dec 3, 2014 - 11:04pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 3 Dec 2014

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










News and Commentary






Mark O'Byrne (GoldCore): The ongoing slump in oil prices looks set to take their toll on London’s “super prime” property markets with attendant consequences for the rest of the London property market. Foreign money that had been flooding into the UK from a whole array of international sources and parking in London real estate is drying up. These sources included Chinese billionaires and U.S. beneficiaries of the Fed’s QE largesse and Russian and Middle-East energy tycoons. Western sanctions on Russia have led to a shuddering halt to Russian money entering the UK. Since Xi Jinping came to power in China in November 2012 there has been a crack-down on corruption in China and the amount of Chinese cash being funnelled through tax-havens and into London property has been greatly reduced. The Fed’s QE has come to an end, for now at least, so U.S. sources of capital have waned. Now the plummeting oil price is leading to a drop in demand from wealthy Middle Eastern elites. Many Gulf States are having difficulty financing their social programs due to the very low price of oil. Control over their countries restless populations is becoming more tenuous. So providing “bread and circuses” is a higher priority than pet investment projects in the UK. The loss of these investment flows to the UK is creating a perfect storm for a crash in “super prime” property. Clearly, the average British worker is being squeezed just to put a roof over his head. Sky news report that, “households with a single breadwinner spent more than they earned last year.” The British taxpayer is mired in debt and struggling to make ends meet. So neither the British public nor foreign investors look likely to buoy the vastly overvalued London property market in the coming months. A housing correction or crash will likely lead to more negative equity among London property buyers and the many British mortgage-holders who are struggling. The nascent recovery in the national UK property market would be snuffed out. This may lead to defaults and further stress on the fragile banking system. It also has ramifications for sterling and UK gilts, both of which are likely to come under pressure. As always, holding allocated and segregated gold as insurance is strongly advised, particularly in the UK.










GoldCore on gold in the economy: Due to fears that Russia will fall into a recession this year, currency wars and the strength of the US dollar, the Russian Central Bank was forced to intervene to stem the decline of the plummeting ruble. The ruble hit record lows at 54.87 to the dollar and the Russian Central bank was forced to sell off $700 million of foreign currency reserves earlier this week. The plummeting ruble is likely to lead to an even greater increase in the Bank of Russia’s demand for gold and exacerbate the already tight physical gold market. Investors will look for guidance from the U.S. non farm payrolls number for November which comes out on Friday. A weaker than expected number after disappointing retail sales this week would lead to a safe haven bid. A better than expected number, would likely see traders sell positions or go short. With stocks continuing to reach new record highs and the Dow Jones Industrial Average at 17,800, gold, after its 40% fall, looks better value versus stocks today. The Dow Gold ratio is now at 15 (Dow at 17,800 and gold at $1,200/oz – see chart above) which is quite high from a historical perspective. We expect a reversion to the mean in the coming years and the ratio to fall below 5 as gold outperforms U.S. stocks.






Chris Powell (GATA): We have it only through a reliable intermediary that Liberty Dollar founder Bernard von Not Haus, convicted rather strangely almost four years ago of counterfeiting for issuing silver coins worth more than the originals they were supposed to be imitating, received a lenient sentence today from Judge Richard Voorhees in U.S. District Court for the Western District of North Carolina — six months of home confinement and three years of probation. It’s said that the judge observed that von Not Haus’ motivation with the Liberty Dollar was philosophical rather than criminal. It’s also said that the judge recommended the federal government to return to its owners the millions of dollars of metal held by Liberty Dollar for its clients. The judge in the Liberty Dollar case in U.S. District Court for the Western District of North Carolina, Richard Voorhees, yesterday ordered some of the Liberty Dollar’s coinage and metal forfeited to the U.S. government and some silver deposited by Liberty Dollar founder Bernard von NotHaus’ mother returned to her. The judge also recommended that the U.S. Treasury Department consider applications from Liberty Dollar customers for return of their metal if the customers claim not to have been participating in a counterfeiting scheme.






Pam Martens (Wall Street On Parade): Francis Dunleavy, the head of Principal Investing within the JPMorgan Commodities Group wanted John Howard Bartholomew, a young man who had just obtained his law degree from George Washington University two years prior. But it wasn’t his law degree that Bartholomew decided to feature at the very top of the resume he sent to JPMorgan; it was that while working at Southern California Edison in Power Procurement, he had “identified a flaw in the market mechanism Bid Cost Recovery that is causing the CAISO” — the California grid operator — “to misallocate millions of dollars.” Bartholomew goes on to brag in his resume that he had “showed how units in reliability areas can increase profits by 400 percent.” The internal emails at JPMorgan and Bartholomew’s resume are now marked as Exhibit 76 in a two-year investigation conducted by the U.S. Senate’s Permanent Subcommittee on Investigations into Wall Street’s vast ownership of physical commodities and rigging of commodity markets. Senator Carl Levin, the Chair of the Subcommittee, had this to say about the resume at a hearing conducted on November 21. “There’s two things that I find incredible about this. First, that anyone would advertise in a resume that they know about a flaw in the system — signaling that they’re ready and willing to exploit that flaw. And second, that somebody would hire the person sending that signal.” JPMorgan not only hired Bartholomew, according to the Senate’s findings, but within three months from the date of the email to Dunleavy, “Bartholomew began to develop manipulative bidding strategies focused on CAISO’s make-whole mechanism, called Bid Cost Recovery or BCR payments.” By early September the strategy to game the system was put into play. By October the JPMorgan unit was estimating that the strategy “could produce profits of between $1.5 and $2 billion through 2018.”




Chris Powell (GATA): The man who has blown the whistle on the secret and comprehensive U.S. futures market trading by central banks, Eric Scott Hunsader, founder of the market data company Nanex in Winnetka, Illinois, reports via Twitter today that CME Group, operator of the major U.S. futures exchanges, has extended by a year, to the end of 2015, the discount trading rates it offers to central banks, CME Group’s Central Bank Incentive Program. Presumably the document disclosing the extension has been filed with the U.S. Commodity Futures Trading Commission, hough your secretary/treasurer has not yet been able to locate it. But the CME Group’s own Internet site does carry an informational page about the trading program for central banks. Central banks may trade futures directly with CME Group exchanges or may trade through CME Group clearing members, the latter option of course allowing some potentially profitable front-running of central bank trades. The CME Group’s January 29 filing about the Central Bank Incentive Program asserts that “the resulting increase in liquidity” in the futures contracts “benefits all participant segments in the market.” “Liquidity”? Trade against a central bank, an entity empowered to create infinite money, and potentially you trade against an ocean. No ordinary market participants can trade against that. Rather, secret trading by central banks in all major futures markets is the destruction of all markets.






Harvey: The gold Comex today had a poor delivery day, registering 8 notices served for 800 oz. Silver Comex registered 110 notices for 550,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 246.30 tonnes for a loss of 57 tonnes over that period. In silver, the open interest fell by a huge 2296 contracts with Tuesday’s loss in price of $0.14. Looks like some of the shorts are vacating the arena. For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver. The total silver OI still remains relatively high with today’s reading at 148,422 contracts. The big December silver OI contract lowered by 198 contracts down to 728 contracts. In gold we had a huge loss in OI with the loss in price of gold yesterday to the tune of $18.80. The total Comex gold OI rests tonight at 368,121 for a loss of 3908 contracts. The December gold OI rests tonight at 2249 contracts losing 1360 contracts. GOFO is negative, but it is increasing. DS: If it's like James Turk says, the Dutch got their gold back from the Fed in order to lease it into the markets. That may be why the GOFO is coming down. There is still red hot demand in India an China.










Harvey on PM trading: Gold straddled the 1200 dollar mark at midnight as the bankers were adamant to not let gold pass this important mark in the sand. Obviously the bankers have huge toxic derivatives underwritten at these levels. However by 3 am (London first fix) gold traded at $1208.40. Then immediately the bankers went to work knocking the metal back down to exactly 1200 dollars again. It then rose to $1213.00 by the 2nd London fix at 10 am and then it settled as indicated above (Comex closing and access market close). Silver was much more volatile and the bankers were intent on knocking this precious metal down despite gold being higher Generally this is a signal that an attack will be coming forth tomorrow. At 12 midnight, silver was trading at $16.29. By London’s first fix it hit $16.41. However instead of faltering it rose to $16.55 by 4 am and that is when the bankers went to work. They knocked silver down to $16.43 by Comex opening time upon which silver again rebounded to $16.56 by the 2nd London fix. Then it was downhill (and opposite gold) finishing as indicated above. So watch for another attack from our criminal bankers. Today, we had no change in tonnage of gold Inventory at the GLD and inventory rests tonight at 720.02 tonnes. In silver, we had a huge decrease in silver inventory of 2.73 million oz: SLV’s inventory rests tonight at 347.427 million oz.






Chris Powell (GATA): Tocqueville Gold Fund manager John Hathaway grows more radical by the hour, sounding a lot like Hinde Capital CEO Ben Davies in an interview today with King World News, remarking that “we are reaching an inflection point” where trends will reverse “and investors will start to lose confidence in financial assets, the Fed, and central banks in general.” “The physical market is incredibly tight and you can see this in gold lease rates, GOFO, and that kind of thing,” Hathaway says. “That tells me that the link between paper and physical gold is being stretched to the limit and perhaps to a breaking point as bullion banks scramble to find metal to cover their shorts.” Thanks to KWN for steadfastly giving voice to those who would oppose the Evil Empire. To be defeated it needs only to be exposed. DS: Chris' statement, "To be defeated it needs only to be exposed." This is not true. You can know you are standing before the firing squad, but that won't help you. It is true that exposure of evil can often help lead to it's downfall. In the case of the present globalist conspiracy, however, they themselves expose what they are doing, as per the Georgia Guidestones or books like like the ones by Zbigniew Brzezinski ( https://www.amazon.com/Zbigniew-Brzezinski/e/B001IGOFO2 ) or Henry Kissinger (World Order). Albert Pike possibly released his letter of three future world wars to Bishop Mizzini in 1871 https://www.rense.com/general80/pike.htm.






Koos Jansen (BullionStar.com): The Eurosystem is surely up to something with its gold. This can only be seen in advance of a reform of the international monetary system. As Jean-Claude Trichet, former president of the European Central Bank, stated on a financial forum in Beijing at the end of October 2014: The global economy and global finance is at the turning point in a way… New rules have been discussed not only inside the advanced economies, but with all emerging economies, including the most important emerging economies, namely, China. On behalf of China the General Manager of the Precious Metals Department at ICBC (the largest bank in China and the world), Zhou Ming, stated on the LBMA Forum in Singapore in June 2014: International gold prices will return to rational levels after shooting high. With the status of the US dollar as the international reserve currency is shaky, a new global currency setup is being conceived. Uncertain changes will happen to gold’s traditional dollar-pricing so the US dollar’s influence on gold pricing needs to be re-evaluated. With the rise of Asian economies, China and India will continue to be the world’s pillars of physical gold demand. Gold has not only moved from West to East but will continue to move to the East. So, China and Europe are embracing gold prior to the replacement of the US dollar as the world reserve currency. I truly wonder what will replace the US dollar.






Lawrence Williams (MineWeb): Egon von Greyerz, of Matterhorn Asset Management, and one of the leading lights behind the unsuccessful Yes campaign in the recent Swiss Gold Referendum, may have a point regarding the tactics used by the Swiss establishment to secure victory. “We were beaten squarely, but not fairly,” he commented at Mines & Money London on Tuesday. He pointed to examples of the unprecedented campaign by the Swiss National Bank (the country’s central bank) to derail the Yes campaign. How the leader of the Swiss Gold initiative was prevented from appearing in a debate on the referendum on Swiss TV and that the Yes campaign was blocked from receiving donations via PayPal. This was quite apart from appearances by the head of the Swiss National Bank in the Swiss media almost daily to generate opposition to the proposal by someone who normally shuns any kind of publicity. He pointed out that Switzerland was the biggest seller of Central Bank gold in recent years (sold down from 40% of its foreign reserves in 1999) and scathingly referred to it now as being more of a hedge fund than a Central Bank given its reserves have so little gold backing in percentage terms. Von Greyerz is a firm believer that gold is underpriced at the moment – primarily because it is now so out of sync with the huge amounts of debt built up by governments around the world and the huge amount of money printing to preserve the perception that economies are stable to positive by keeping interest rates at or near zero. He is pessimistic on the state of the global economy and the ongoing value of the dollar, which he feels is due for a very large fall as are other weak currencies like the euro, while the value of gold will remain relatively constant – so as the dollar, euro and ultimately all fiat currencies fall gold will appear to rise correspondingly. It is a wealth preserver in the face of currency debilitation. He is looking for a dramatic reset ahead – while this is unlikely to happen overnight, longer term he feels it is inevitable.




Bill Holter (Miles Franklin): Gold and silver have now had three “outside reversal” days to the upside within the last three weeks. Those who follow the precious metals were absolutely shocked (after being shell shocked) to see this type of action the first time in many a moon…not to mention a “three’fer”! Outside reversal days are very rare in any market. One of these may only occur once in a year’s time or even longer. The important thing to understand is when you do see a reversal day and accompanied by big volume, the “trend” is probably changing! That said, “charts” in today’s marketplace are not what they once were. There was a time when charts were very reliable, this changed many years ago. I say “changed” because if you go back to 1988, President Reagan by executive order created the “working group on financial markets” as a result of the ’87 crash…otherwise known as the “plunge protection team” to prevent stock market crashes. Initially, this may have been a good idea with “good intentions”. The problem is this, the “PPT” has morphed into something out of the old USSR which tries to “manage” everything, everywhere, ALWAYS! This obviously changes the value of charts, if they can be “painted” (they are), then they don’t show a true picture, rather, they show a picture those doing the painting want you to see. The game over these past years has been to depress gold and silver prices in order to display them as poor choices and plentiful in supply. This has allowed interest rates to trade far lower than they otherwise would be. Artificially low interest rates have aided the central banks in their numerous “reflation” exercises. The problem now is supply in the physical market has become very tight and pressing prices lower are no longer scaring any more apples to fall from the tree. In other words, those who would be scared out of their positions have mostly sold. Now, lower prices are only acting to bring more and more value investors into the market and increasing demand. The “fulcrum” (price) must be moved to create a balance as it has been incorrectly placed for many years. I believe the old saying “there is no fever like gold fever” is about to surface. So I now wait patiently for the upside explosion as something has changed very drastically in the trading patterns. Though Mother Nature can be mocked via leverage for a spell, her laws can be ignored for only so long because [DS: reality will at some point rear her ugly head].




Zero Hedge: Since the top in oil in June, crude has dropped around 37%… and so has the Russian Ruble. Monday saw the Russian Central Bank (rumored) to intervene to protect the 54 Ruble to the USDollar level. Yesterday saw weakness resume as oil prices slipped and today it appears 55 is the new line in the sand as the USDRUB was smashed 2 handles lower earlier today (only to begin selling off once again since). Russian 10Y bond yields are leaking higher however, +20bps to break the 11% line in the sand.








This Will Not End Well (In The Short Term)






Zero Hedge: Several days ago we heard rumors, unsubstantiated, of an accident at Ukraine’s Zaporozhye nuclear power plant,Europe’s largest and the 5th biggest in the world. Considering Ukraine’s history with nuclear accidents, and resultant panics, we decided it would be prudent to wait for an official confirmation before proceeding with a report. We got the confirmation about an hour ago, when Ukraine’s new/old Prime Minister Arseny Yatseniuk, or “Yats” as his puppetmaster Victoria Nuland likes to call him, said “on Wednesday an accident had occurred at the Zaporizhye nuclear power plant (NPP) in south-east Ukraine and called on the energy minister to hold a news conference.” A “minor” accident that is, which remains a rather nebulous term on the continuum of nuclear power plant “malfunctions.” So minor, in fact, the PM waited almost a week before revealing it to the world. So is this just another Chernobyl? According to Ukraine, “the radioactive meltdown is contained.” RT has more: “There is no threat … there are no problems with the reactors,” Ukraine’s Energy Minister Volodymyr Demchyshyn said at briefing, adding the accident affected the power output system and “in no way” was linked to power production itself. The incident was not made public until Wednesday, when PM Yatsenyuk asked the energy minister to report on what happened and how the ministry is handling the situation. The accident left several dozen towns and villages without electricity, Russian media reported, citing local officials. Of course, there is no way to actually know what is happening on the ground as the NPP is located close enough to the “fog of war”, that its status, and updates thereof, could merely be part of the fog of war. That said, if there is an unspoken message here by Ukraine, which recently handed over its gold to unknown “Western” interests, and suddenly feels neglected by its western allies (as its central bank head is about to find out personally), it is targeted directly at the IMF: “hand over more loans, or the nuclear power plant gets it.” DS: ZH's theory seems really lame to me. The Fukushima incident is known and ongoing, and the West is doing essentially nothing to stop it. If the Ukraine were to push their reactor into meltdown, they would be the ones that are the closest and suffer the most. I can't see where their threat has much credibility. Maybe it's sort of, "If we are going down, you are going down with us!"










Santa Fe New Mexican: ‘Worst Case Scenario’ has happened at US nuclear site — Robert Redford film predicted 2014 WIPP disaster: Plutonium release due to chemical reaction in burst nuclear drum is ultimate catastrophe… Most significant issue is combustible waste exposed to high heat, everyone understands that. The worst case scenario would be if a fire occurs within a breach of a container. The wind could then carry plutonium particles through the atmosphere, traveling considerable distances. Radiation leaked into the air, and temperatures in the underground chamber peaked at nearly 1,600 degrees.










Jesse Walker (Hit and Run Blog): Oath Keepers had organized rooftop anti-arson patrols in Ferguson, Missouri—and that police there had ordered them to stop. Here are some updates on the story: The Oath Keepers are challenging the order in court. The authorities "claim that they had a St. Louis County ordinance that prevented anyone from securing a building or conducting a security operation without a St. Louis County license," one of the group's organizers, Sam Andrews, tells KTVI. The Oath Keepers intend to argue that the regulation restricts businesses, not volunteers. The rooftop patrols have not ceased entirely. There are a number of retired cops in the Oath Keepers, and they're still on the roofs. "They're exempt from local regulations about security," Oath Keepers founder Stewart Rhodes explains to Vice. "[But] you shouldn't have to be a cop to do the right thing by your neighbors." he group is about to try its hand at community organizing. More from Rhodes: "When I get [to Ferguson], my main goal is going to be to organize the community and encourage them to start their own neighborhood watches. They don't need outside help. They should be able to do it themselves. We're going to offer assistance in training them." in Ferguson, what they're being told is you only have two choices: 1) a hyper-militarized police state to stop violence, including arson, or 2) let it go and burn the town down. Twenty different buildings have burned to the ground. That's a false choice.














ERYN BROWN (LA Times): There are four California hospitals included on a federal government list of 35 facilities "designated as Ebola treatment centers", but they are all in central California. Half of California's population lives in southern California where there are no facilities. In October, the UCLA, UC San Diego, and UC Irvine medical centers had been included on a list of "priority" hospitals willing to treat Ebola patients in California, should any illnesses emerge. "The administration will support these hospitals in meeting this public health need in California," Chapman said in a statement at the time. On Tuesday afternoon, L.A. County and state officials said that a hypothetical Ebola patient materializing in Southern California this week might still receive treatment at those hospitals as they awaited the CDC check. "These medical centers stand ready to accept an Ebola patient if necessary," a county spokesman told The Times. According to California's state health department, the Sacramento and Bay Area hospitals included on the federal list thus far have a total of eight beds available to care for Ebola patients. Currently, there are no suspected or confirmed cases of Ebola virus disease in California. Comment: Being an RN (who chooses not to practice), I know about fifty more RN's . Of the ones I have asked (about 20), not ONE has received ANY training on Ebola. CEO's of hospitals (all non-medical and ALL overpaid) have been on TV claiming they're staff is ready. Ready for what??? DS: Where Ebola patients arrive for treatment, they are being spirited away by night and the next day it's, "Ebola patient? What Ebola patient?" The Dallas area just got 240,000 premium hazmat suits for dealing with Ebola. Texas is being taken to the cleaners. Hundreds of their coal fired electrical plants are being shut down. The HAARP scalar weather weapons have shut down much of the rain over Texas for years prompting an extreme drought there. The Feds opened the border and let illegals pour across by the millions flooding Texas with criminals, terrorists, and indigents.








Dave Hodges (TheCommonSenseShow): Obama may or not be paranoid, although his treatment of the military would indicate that he is. Unquestionably, President Obama is suffering from NPD (Narcissistic Personality Disorder) and ASPD (Antisocial Personality Disorder). This is very concerning because a leader with NPD would not hesitate to put his needs ahead of the country that he is leading. This fact, combined with his definitive diagnosis, of an ASPD sufferer means that a person with the combination of these two traits would not hesitate to carry out acts of extreme violence against individuals and groups perceived as being a threat to the authority and position of President Obama. We, indeed, have much to be concerned over and based upon the evidence, I would encourage the Cabinet to invoke Section Four of the Twenty Fifth Amendment. This President is not capable of discharging his duties under the disabilities clause. https://www.thecommonsenseshow.com/2014/12/03/obamas-mental-illnesses-ju...




Zero Hedge: After Abysmal Thanksgiving Spending, Cyber Monday Is Latest Dud, Rising Less Than Half 2013 Pace. This year, many shoppers stayed home. The NRF had predicted that 140.1 million customers would visit retailers last weekend. Instead, only 133.7 million showed up. The slow start may make it harder for retailers to hit sales targets over the next month. The NRF had predicted a 4.1 percent sales gain for November and December -- the best performance since 2011. And it may still get it... if all retailers go "full Amazon" and liquidate their wares well below cost, leading to another wave of retail bankruptcies and even more evil, evil deflation.








Mattinblack: Why the Dollar has not Collapsed … Yet! Accounting Irregularities, public confidence, government declares a boom! Treasury sales for Gold? According to World Bank whistleblower Karen Hudes, the US dollar is set to crash and will be replaced with a new, interest free, gold-backed currency. On the U.S. dollar, Nenner predicts, “Timing is our business, and we’ve always said the dollar is going to collapse in end of 2014. ” The facts spell doom for the U.S. dollar. Short of attempting – highly unrealistically – to increase its manufactured output by nearly 50 percent and to sell the increased output abroad, America can’t dig itself out of the hole — at least not if it sticks with free trade. The ultimate outcome will surely be a total collapse of the dollar.




John Little (OmegaShock): For some reason, most American Christians have lost so much discernment that they’ve forgotten what the Bible says about demons and Satan. Worse, more and more people are becoming interested in communicating with the spirit world, and we see this in the movies that Americans watch and in the dramatic rise in the sale of the Ouija Board. I am distressed to discover that this vile ‘game’ is an American invention, and it is targeted straight at your children. And, you probably have no idea how vulnerable your kids really are. Here is what the Daily Mail had to say about the current sales of Ouija Boards: Ouija boards are flying off the shelves. Not in the super- natural sense — but the commercial one.
The device, said to be a method of contacting the spirit world, is experiencing an unexpected renaissance. Google reports that sales of the board are up 300 per cent, and it is threatening to become a Christmas ‘must buy’. Yes. Let’s celebrate the birth of Jesus by inviting Satan into our lives. What a wonderful idea (sigh). There are plenty of ways to invite demons into your life, and into the lives of your family. But, I don’t know of many that are quite so popular as this. Parents, please pray that God would protect your kids from the evil that is out there.


Luke 10:20 Notwithstanding in this rejoice not, that the spirits are subject unto you; but rather rejoice, because your names are written in heaven. Matthew 10:8 Heal the sick, cleanse the lepers, raise the dead, cast out devils: freely ye have received, freely give.
Matthew 12:24 But when the Pharisees heard [of Jesus casting out demons], they said, This fellow doth not cast out devils, but by Beelzebub the prince of the devils.
25 And Jesus knew their thoughts, and said unto them, Every kingdom divided against itself is brought to desolation; and every city or house divided against itself shall not stand:
26 And if Satan cast out Satan, he is divided against himself; how shall then his kingdom stand?
27 And if I by Beelzebub cast out devils, by whom do your children cast them out? therefore they shall be your judges.
28 But if I cast out devils by the Spirit of God, then the kingdom of God is come unto you.
29 Or else how can one enter into a strong man's house, and spoil his goods, except he first bind the strong man? and then he will spoil his house.
30 He that is not with me is against me; and he that gathereth not with me scattereth abroad.












****************










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










Quote:



Gold: $1208.50. up $9.30
Silver: $16.36 down $0.05


In the access market 5:15 pm


Gold $1210.00
Silver $16.43













Tuesday, Dec 2nd Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Dec (Gold, Silver), Jan (Silver), Feb (Gold) Open Interest










In Silver:




Quote:

Silver OI surprisingly fell by 2296 contracts from 150,718 down to 148,422 as silver was down by $0.14 yesterday. I do believe we lost a few more bankers. The big December active contract month saw it’s OI fall by 198 contracts down to 728 contracts. We had 174 notices served upon for Tuesday’s delivery. Thus we lost 24 contracts or 120,000 oz will not stand.





In Gold:




Quote:

The total gold Comex open interest fell again by 3,908 contracts from 372,025 all the way down to 368,121 with gold down by $18.80 yesterday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 2249 contracts for a loss of 1360 contracts. We had 1150 delivery notices yesterday so we lost 210 contracts or 21,000 oz of gold standing for the December contract month. The non active January contract month fell by 160 contracts down to 666. The next big delivery month is February and here the OI fell to 232,811 contracts for a loss of 3467 contracts.





Volume




In Silver:




Quote:

The estimated volume today was poor at 21,173. The confirmed volume yesterday was huge at 69,449. We also had 110 notices filed today for 550,000 oz today.





In Gold:




Quote:

The estimated volume today was poor at 76,187 . The confirmed volume yesterday was fair at 180,780 with the help of high frequency traders. We had 8 notices filed for 800 oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz.
We had 1 dealer withdrawal:
i) Out of CNT: 551,073.54 oz.
Total dealer withdrawal: 551,073.54 oz.
We had 4 customer withdrawal:
i) Out of Delaware: 1029.9 oz (one decimal)
ii) Out of Brinks: 600,072.55 oz
iii) Out of CNT: 600,000.55 oz
iv) out of Scotia: 60,900.37 oz.
Total customer withdrawal 1,262,003.37 oz.
We had 2 customer deposits:
i) Into Delaware: 985.100 oz, (one decimal)
ii) Into JPMorgan: 600,072.600 oz.
Total customer deposits: 601,057.100 oz oz.
We had 1 adjustment
i) Out of the CNT vault:
387,344.25 oz was adjusted out of the customer account and into the dealer account at CNT.
Total dealer inventory: 64.535 million oz.
Total of all silver inventory (dealer and customer) 176.763 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions.
Total dealer withdrawal: nil oz.


We had 0 dealer deposits:
Total dealer deposit: nil oz.


We had 2 customer withdrawal
i) Out of Manfra: 1224.725 oz
ii) Out of Scotia: 3300.000 oz (not kilobars as not divisble by 32.15)
Total customer withdrawal: 4524.725 oz.


We had 1 customer deposit:
i) Into Scotia; 32,000.000 oz perfectly round number and not kilobars as not divisible by 32.15 oz.
Total customer deposits: 32,000.000 oz.


We had 1 adjustments:
i) Out of HSBC:


We had 96.46 oz ??? removed from the dealer HSBC and this landed into the customer account of HSBC. a touch over 3 kilobars!!
Total dealer inventory: 871,232.762 oz or 27.098 tonnes.
Total gold inventory (dealer and customer) = 7.981 million oz. (246.30 tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 57 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 110 contracts or 550,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 8 contracts of which 5 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2415 ) x 5,000 oz to which we add the difference between the total OI for the front month of December (728) minus (the number of notices filed today (110) x 5,000 oz = the total number of silver oz standing so far in November.
Thus: 2415 contracts x 5000 oz + (728) OI for the November contract month – 110 (the number of notices filed today) = 15,165,000 oz of silver that will stand for delivery in December.
We lost 120,000 oz standing.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (1849) x 100 oz to which we add the difference between the OI for the front month of December (2249) – the number of gold notices filed today (8) x 100 oz = the amount of gold oz standing for the December contract month.


Thus the initial standings:
1849 (notices filed for the month x 100 oz + (2249) OI for November – 8 (# of notices filed today equals 409,000 oz standing for the December contract month or 12.72 tonnes).
We lost 210 contracts 21,000 oz standing.
This initiates the month of December for gold.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,079.00, down 3.57%. WTI January crude was 67.66 down 0.06. Brent crude was 69.92 down 0.62. The spread between Brent and WTI was 2.26 down 0.56. The 30 year US Treasury bond was down 0.0100 at 2.9900. The 10 year T-Note was up 0.0000 at 2.2900. The dollar was up 0.29 at 88.91. The PPT/Dow was 17912.62 up 33.07. Silver closed at 16.43 down 0.04. The GSR was 73.6214 up 0.8527 oz of silver per oz of gold. CIA's Facebook was 74.88 down 0.58 (0.77%). March wheat was down 13.75 at 589.500. March corn was up 0.75 at 382.00. February lean hogs were down 2.125 at 86.875. January feeder cattle were down 0.725 at 234.825. March copper was down 0.020 at 2.872. January natural gas was down 0.069 at 3.805. February coal was down 0.01 at 53.52.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Thu, Dec 4, 2014 - 11:39am
Nana
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Thank You Daystar

For the Harvey report.

Thu, Dec 4, 2014 - 9:54pm
DayStar
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Joined: Jun 14, 2011
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~~Harvey 4 Dec 2014

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










News and Commentary


Mark O'Byrne (GoldCore): Despite the worst sentiment towards gold we have seen since the brief 30% price fall in 2008, gold continues to eke out gains in all major currencies. So far in 2014, gold is 14.3%, 12.3%, 5.8% and 0.4% higher in japanese yen, euros, sterling and dollars respectively. Gold is again acting as a hedge against currency weakness and the ongoing devaluation of currencies as stealth currency wars continue. Overnight, gold rose to over EUR 986/oz and looks set to challenge the significant and important level of resistance that is EUR 1,000/oz due to euro weakness and concerns that Draghi may launch the ECB money printing ‘Bazooka’ in 2015. There is a perception that gold has performed badly recently and in 2014 due to the recent dip in gold prices in dollar terms and despite the fact that gold is actually higher even in dollar terms in 2014. This focus on gold solely in dollar terms is misleading. It shows a peculiarly dollar centric way of looking at the world. It is important for investors in the UK, EU, Japan and elsewhere to always consider performance in local currency terms. Gold is not “priced in dollars” solely as is frequently, simplistically asserted. Rather the Comex price of gold in dollars is a leading benchmark price and is one of the most commonly quoted prices of gold in the world. Traders and speculators tend to speculate on gold in dollar terms. The mood music and the psychology is as bad as we have seen it in the gold market – worse than after the sharp 30% fall in 2008 after Lehman. It is even worse than very low level of public interest shown towards gold in the period prior to the crisis in 2007. Sentiment then was neutral. Today it is negative. There is little or no new buyers coming into the market. Demand in western markets is primarily from existing bullion owners adding to allocations and from investors opting to own gold in safer allocated and segregated storage. This is bullish from a contrarian perspective. In terms of the cycle of market emotions, we are as close to ‘depression’ as we have seen. Momentum is clearly down and gold remains technically vulnerable going into year end. We subscribe to the market adage to never catch a falling knife and are cautious in the short term and advise dollar cost averaging into positions. However, we remain confident that the recent price falls are setting the stage for a new bull market as there are still strong fundamentals including very high demand from the Middle East, India and China.










GoldCore on China demand: Demand from Asian store of wealth buyers has been strong again this week. India, the world’s second biggest gold buyer after China, last week scrapped a rule mandating traders to export 20% of all gold imported into the country. Gold trading on China’s largest physical bullion bourse is already exceeding last year’s record volume as the world’s biggest gold buyer seeks to exert its influence on the global market according to Bloomberg. The volume of all contracts on the Shanghai Gold Exchange (SGE), including those in the city’s free-trade zone, was 12,077 metric tons in just the 10 months to October, compared with 11,614 tons during all of 2013, according to data on the bourse’s website. This may climb to 17,000 tons by the end of the year, the exchange’s Chairman Xu Luode told a conference in Shanghai today.








Feiwen Rong (Bloomberg News): China’s central bank has circulated a draft plan to ease restrictions on gold imports, said people with knowledge of the matter, in a move that may lead to lower prices in the world’s biggest market for bullion. The People’s Bank of China drafted a plan that will open up gold imports to qualified miners as well as all the banks that are members of the Shanghai Gold Exchange, according to the people, who asked not to be identified because the proposal hasn’t been made public. China Gold Coin Inc., a maker of commemorative gold and silver coins, could also qualify to import bullion, they said. Chinese regulators are pushing to open up the country’s gold trade and lure foreign investors as part of its broader effort to link the mainland to global markets. In September the country began offering international institutions access to yuan-denominated gold contracts in Shanghai’s free-trade zone, a move that may extend its influence over prices while boosting the role of its currency in global trade.










Harvey: The gold Comex today had a poor delivery day, registering 0 notices served for 800 oz. Silver Comex registered 57 notices for 185,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 244.51 tonnes for a loss of 59 tonnes over that period. In silver, the open interest fell by a small 917 contracts with Wednesday’s loss in price of only $0.05. Looks like some of the shorts are vacating the arena. For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver. The total silver OI still remains relatively high with today’s reading at 147,505 contracts. The big December silver OI contract lowered by 117 contracts down to 611 contracts. In gold we had a good gain in OI with the rise in price of gold yesterday to the tune of $9.30. The total Comex gold OI rests tonight at 370,912 for a gain of 2,791 contracts. The December gold OI rests tonight at 2,105 contracts losing 144 contracts. GOFO rates are still negative but increasing.










Harvey on PM trading: Gold straddled the 1206 dollar mark at midnight as the bankers were adamant to suppress the price having sent the signal to the boys earlier via silver yesterday. By 3 am (London first fix) gold traded at $1203.00. Gold hovered at these lower values and hit its nadir at $1202 at 5 am. By 9 am (news from the ECB of non action) saw gold shoot up to $1213. However the suppression scheme was still on and gold was knocked down to close at $1207.50 at the Comex closing time and $1205.50 at the access closing time. Silver performed much better than gold. At 12 midnight, silver was hovering around $16.45. By London’s first fix it remained at $16.45. At 8 am it hit its nadir at $16.39 and in sympathy with gold it shot up immediately on the ECB no news to $16.65. By Comex closing time it reversed to $16.55 staying clear of the key $16.60 resistance level. It closed in the access market at $16.46. Today, we had no change in tonnage of gold Inventory at the GLD / inventory rests tonight at 720.02 tonnes. In silver, we had a huge decrease in silver inventory of 2.204 million oz. SLV’s inventory rests tonight at 345.223 million oz.










NYSun: von NotHaus’ demarche is one of the few direct challenges to what the Foundation for the Advancement of Monetary Education likes to call “legal tender irredeemable electronic paper ticket money.” That refers to the scrip being issued by the Federal Reserve. Von NotHaus had designed and circulated a medallion made of pure silver, the same specie that was fixed on by the Founders of America as the basis of the constitutional dollar. A jury found, among other things, that von NotHaus’ Liberty Dollar violated federal law against private coinage and was similar enough to American legal-tender coin that it constituted counterfeiting. “Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” the prosecutor, Anne Tompkins, said after von NotHaus was convicted. She suggested that such schemes “represent a clear and present danger to the economic stability of this country.” In the three and a half years since the jury reached its decision, Judge Voorhees allowed constitutional and procedural objections to be heard but in the end supported the jury. The government on Tuesday asked for a prison sentence of at least 14 years and as much as 17 ½ years. The government was also seeking forfeiture of some 16,000 pounds of Liberty Dollar coins and specie, which in 2011 it had valued at nearly $7 million. There may yet be surprises, but the sagacity of Judge Voorhees’s handling of this case lies in, among other elements, the fact that he has left no great incentive for either side to make an appeal. Whatever happens, the logic now is for the issues raised in the von NotHaus case to be pursued in the political arena. We are coming up on the 50th anniversary of the Coinage Act of 1965, which stripped silver from our common coinage. President Lyndon Johnson, who signed the bill into law, called it “the first fundamental change in our coinage in 173 years.” He noted that during that nearly two-century span our coinage of dimes, quarters, half dollars, and dollars have contained 90 percent silver.”




Chris Powell (GATA): Hong Kong fund manager William Kaye comments about the surprising upward reversal in gold and silver prices, which he attributes to heavy physical demand offsetting the usual price suppression focused on futures market delivery dates and option expirations.




DS: Northwest Territorial Mint appears to be following in the footsteps of Tulving in that they have accumulated many complaints by people that paid for their bullion and never received it. In Tulving's case, he is suspected of playing the futures market, and perhaps that is what happened with Northwest Mint as well. At any rate, a survival blog dropped them as an advertiser and many customers are angry about the long shipping delays.




Nathan McDonald (Sprott Money): Clearly the story of the missing Ukranian gold goes much deeper than first assumed and is incredibly complex. It is a strong possibility that it was western central banks that encouraged Governor Gontareva to commit political suicide and sell her citizens hard money for fiat dollars. Regardless of the motivation, it is clear the people of Ukraine are not going to take this lying down. They have been through enough grief and turmoil as of recently, they should be and are angered that they are being sold out by one of their own. Perhaps, people in the West should take note of this and think long and hard about the actions of their central bankers, who clearly don’t have their citizens’ best interest at heart. Perhaps it’s time people took notice and stand up for what is right.




Alastair Macleod (GoldMoney): Russia faces the reality that pricing the rouble in US dollars through the foreign exchanges leaves her a certain loser in a currency war against America and her NATO allies. Russia's foreign exchange reserves and debt relationships suggest that a rouble to gold exchange standard could work for Russia so long as fiscal discipline is maintained and credit expansion moderated. Once a rate is set, the Russians would not be restricted to just buying and selling gold to maintain the rate of gold exchange. The CBR has the power to manage rouble liquidity as well, and as John Butler points out, it can issue coupon-bearing bonds to the public which would be attractive compared with holding cash roubles. In short, the central bank could easily counter any tendency for roubles to be cashed in for gold by withdrawing roubles from circulation and by restricting credit. The greatest threat to a rouble-gold parity would probably arise from bullion banks in London and New York buying roubles to submit to the CBR in return for bullion to cover their short positions in the gold market. This would be eliminated by regulations restricting gold for rouble exchanges to legitimate import-export business, but also permitting the issue of roubles against bullion for non-trade related deals and not the other way round. So we can see that the management of a gold-exchange standard is certainly possible. Western economists schooled in demand management will think it madness for the central bank to impose a gold exchange standard and to give up the facility to expand the quantity of fiat currency at will, but they are ignoring the empirical evidence of a highly successful Britain which similarly imposed a gold standard in 1844. They simply don’t understand that monetary inflation creates uncertainty for capital investment, and destroys the genuine savings necessary to fund it. Instead they have bought into the fallacy that economic progress can be managed by debauching the currency and ignoring the destruction of savings. DS: Western banks understand well enough. They are intentionally destroying western currencies as a means to undermine the powerful western sovereign nations. If you destroy a nation's currency, you destroy the nation, and that is what the globalists have done.




Zero Hedge: ECB head Mario Draghi made it clear where the real battle is taking place in the world this morning. When asked what form QE would take, his response was to the point… “On what sorts of assets should be included in QE… we discussed all assets BUT gold” and gold dropped, right on cue. So to summarize, the ECB will willingly take on Greek bank CDOs, Italian 3rd lien espresso shop loans, Spanish condo HELOCs, and Portuguese Used-Car ABS… but not – never – gold. It appears we now know who the enemy really is… not deflation but the dreaded barbarous relic, gold. Perhaps this is why, as Kyle Bass so eloquently noted: “Buying gold is just buying a put against the idiocy of the political cycle. It’s That Simple”




Bill Holter (Zero Hedge): The “deflation” option which is no option at all. If by “mistake” deflation does take hold, all fiat currencies will be deemed worthless because the issuing sovereign will have bankrupted. In other words, the currencies will still end up busted and we will experience hyperinflation by another road. With either inflation (printing) or deflation (defaults), all fiat currencies will bust. Do you hold or save these? As the advertisement says, “what’s in your wallet”? DS: Hope it's silver and gold, otherwise you are holding vaporware, and it will dissipate with the "glowing" (CBR) dawn of the new age.




Henry Meyer, Ilya Arkhipov and Olga Tanas: Putin said today in his annual address to parliament regarding efforts to defend the country’s currency against speculators, which is trading near a record low. “The authorities know who these speculators are and the instruments we can use to influence them, The time has come to use these instruments.” The “good part” of Putin’s address is that he said he’d like a reduced government role in the economy and more freedom for business activity, said Luis Saenz, head of equity sales and trading in London for Moscow-based BCS Financial Group. “The bad part is that Putin’s recipe for overcoming the crisis is made mostly from general proclamations.” The speech has become an annual tradition after then-President Boris Yeltsin first delivered it in 1994. Putin has previously used the occasion to declare major policy initiatives, including an effort he backed two years ago to goad companies and individuals to repatriate capital by ending the use of offshore destinations. “I am sure if none of this happened, they would have invented another excuse to hold back the growing potential of Russia,” Putin said of the sanctions. “Every time they believe that Russia gets too strong, they use these instruments. But it’s pointless to talk to Russia in the language of force.” DS: If Putin's intervention is jawboning instead of printing, then that is consistent with a free economy and a reduced government role in planning the economy. Reduced central planning actually strengthens an economy as it improves allocation of capital resulting in economic growth.




Zero Hedge: With Venezuelan bonds trading at 50% of face value, CDS implying an 84% chance of default, a black-market FX rate that signals massive devaluation is likely, and a teetering-on-the-brink of social unrest population entirely dependent on President Maduro’s generosity (and the military junta), it is perhaps not entirely surprising that they are trying any trick in the book to bolster reserves. The Venezuelan Central Bank issued a statement today (akin to Europe’s hookers-and-blow GDP adjustment) that enables them to count a whole new set of ‘assets’ as potential international reserves including “stones” and “precious metals held in their vaults on behalf of foreign financial institutions.” Hey presto… new reserves. Did Venezuela just say they will use foreign-deposited gold in their vaults as reserves? Confiscation? And if that wasn’t enough, a massive blackout just hit Caracas.
















This Will Not End Well (In The Short Term)










Michael Snyder (EconomicCollapseBlog): Could rapidly falling oil prices trigger a nightmare scenario for the commodity derivatives market? The big Wall Street banks did not expect plunging home prices to cause a mortgage-backed securities implosion back in 2008, and their models did not anticipate a decline in the price of oil by more than 40 dollars in less than six months this time either. If the price of oil stays at this level or goes down even more, someone out there is going to have to absorb some absolutely massive losses. In some cases, the losses will be absorbed by oil producers, but many of the big players in the industry have already locked in high prices for their oil next year through derivatives contracts. The companies enter into these derivatives contracts for a couple of reasons. Number one, many lenders do not want to give them any money unless they can show that they have locked in a price for their oil that is higher than the cost of production. Secondly, derivatives contracts protect the profits of oil producers from dramatic swings in the marketplace. These dramatic swings rarely happen, but when they do they can be absolutely crippling. So the oil companies that have locked in high prices for their oil in 2015 and 2016 are feeling pretty good right about now. But who is on the other end of those contracts? In many cases, it is the big Wall Street banks, and if the price of oil does not rebound substantially they could be facing absolutely colossal losses. It has been estimated that the six largest “too big to fail” banks control$3.9 trillion in commodity derivatives contracts. And a very large chunk of that amount is made up of oil derivatives. By the middle of next year, we could be facing a situation where many of these oil producers have locked in a price of 90 or 100 dollars a barrel on their oil but the price has fallen to about 50 dollars a barrel. In such a case, the losses for those on the wrong end of the derivatives contracts would be astronomical. Relying on counterparties to pay out cannot make risk vanish; it only masks the risk of default by transferring the risk to counterparties, who then transfer it to still other counterparties, and so on. This illusory vanishing act hasn’t made risk disappear: rather, it has set up a line of dominoes waiting for one domino to topple. This one domino will proceed to take down the entire line of financial dominoes. The 35% drop in the price of oil is the first domino. All the supposedly safe, low-risk loans and bets placed on oil, made with the supreme confidence that oil would continue to trade in a band around $100/barrel, are now revealed as high-risk. At this point, the five largest banks in the country account for 42 percent of all loans in the United States, and the six largest banks control 67 percent of all banking assets. If those banks were to disappear tomorrow, we would not have much of an economy left. DS: The elites plan for all the banks to fail except for ten. The ten surviving banks will probably be the central banks of the ten regions of the world. Oil derivatives would be a good trigger to initiate the implosion of the 1.2 quadrillion in derivatives currently outstanding. However, a moth landing on a keyboard at the Federal Reserve might have the same effect. :=)






Zero Hedge: We had a 2nd Hindenburg Omen in 3 days – didn’t end well before (2 days after FOMC) and tomorrow we have payrolls…










Tyler Durden: After last week’s jerk higher (now revised even higher to 314k), this week saw a modest 17k drop to 297k (magically back below the 300k Maginot Line) but still missed expectations. Obviously, initial claims still linger near 14 year lows but the smoother 4 week average rose around 5k to 299k. Continuing claims rose 39k and has hovered at these decade-long lows for 6 weeks now – though unadjusted Regular State (ex) employees claiming UI benefits jumped 125K from 2.065 million to 2.190 million.. It appears the trend of improvement has ended/stabilized.










Live Free or Die (AllNewsPipeline): Afterburner with Bill Whittle and PJ Media tells us exactly how nearly EVERY American across the country, suddenly and within moments, could quickly find we have LOST EVERYTHING, followed quickly by MILLIONS OF DEATHS across the nation. Though we have put out many stories about the tragedy that a sudden EMP strike would unleash upon our country, Whittle proves to us JUST HOW CLOSE we may be to our entire world crashing down here, leaving only a fraction of Americans still living within 10 years. Also, check out the 2nd video below from Qronos16 featuring a CNN report on this very possibility: Is it ONLY A COINCIDENCE that our announcer mentions a CATASTROPHIC LOSS OF LIFE in America by 2025, the same year that the Deagel website warns the US population will be REDUCED TO 69 MILLION people FROM over 316 million people NOW? WHAT do THEY know that we don’t know?










Paul Craig Roberts (RINF Alternative News): In the West truth is dying, because anyone who departs from the official line is branded “controversial.” In other words, truth or the search for it is controversial. People who persist in chasing after truth or alternative explanations to the official line are discredited by those who are not served by the truth or alternative explanations. Whistleblowers, once protected by federal law, have been turned into traitors. The point is that talking about what is possibly a serious problem is stymied by name-calling and shooting the messenger. I experience it all the time. For example, on December 3 in the London Telegraph, a reporter, Hamish MacDonald said that I am “controversial” for raising questions about “the US government’s reaction to the spread of the [ebola] virus” and for “questioning the official story of the September 11 terrorist attacks.” In other words, believe the official line because independent thinking is “controversial.” It seems odd that a British reporter would settle on his own on me and on University of Illinois law professor Francis Boyle as examples of controversial bloggers. Perhaps he was handed the story by the CIA, as German journalist Udo Ulfkotte confesses he often was. The absence of thought is how humanity walks into armageddon. But we mustn’t think or we are controversial. Not only must we not think, we must not report on the thinking of others. Like Professor McPherson who is “just reporting the results from other scientists,” I made myself “controversial” by merely reporting the findings of architects, engineers, physicists, chemists, first responders, pilots, and former high government officials concerning the destruction of three WTC skyscrapers and difficult flight maneuvers by inexperienced pilots. We are supposed instead to dismiss these thousands of experts and their professional experience as “conspiracy kooks” or worse. Remember, British prime minister David Cameron declared skeptics of the 9/11 official line to be as dangerous as Islamic State terrorists.






Dave Hodges (TheCommonSenseShow): The churches of America continue to fail in their primary duty to their members, namely, to preach the word of God for the purpose of saving souls. There are the continuing assaults upon our churches and there are new threats to the viability of the Christian churches in America as well. There is only one inescapable conclusion, the Christian spirit in America’s churches is largely dead on arrival. It is highly likely that your pastor is bought and paid for by DHS or the EPA or some other alphabet soup federal agency. The message of the Bible has been subverted to promote the message of the government. According to the Washington Post, churches in Prince George County, a Maryland county, are being offered tax breaks for incorporating environmentalism into their sermons. Subsequently, 30 pastors have started preaching ‘green’ ministries to avoid extra taxes. The number of participating pastors is certain to grow as the symbolic globe of the New World Order is replacing the traditional cross. Churches in a Maryland county are being offered tax breaks for incorporating environmentalism into their sermons. According to the Washington Post, 30 pastors have started preaching ‘green’ ministries to avoid extra taxes. This is all EPA driven and controlling the message of the church has long the goal of the government. It is hypocritical and unconstitutional that the government does everything it can do to keep the word of God from reaching our children in public schools, but the government can’t wait to control the message from the pulpit. And in Maryland, the word of Jesus is being replaced by the dictates of environmental director Adam Ortiz. Someone should remind Mr. Ortiz that the allegation that man is the primary cause of CO2 has been disproven and that the exposed “Climategate emails” revealed the fraud behind the “green movement”. Despite the exposed fraud of the movement, the pseudoscience continues. All Pastor’s who lead 501-C-3 churches, need to fall to their knees and beg for God’s forgiveness for leading his flock astray through espousing the false doctrine of government over the King of kings. According to Yahoo Answers, nearly all churches are a 501-C-3 tax exempt status. In the meantime, save your tithe for the home Bible study group that you are going to form. Stop feeding the beast.




Matthew 13:37 And He said, "The one who sows the good seed is the Son of Man,
38 and the field is the world; and as for the good seed, these are the sons of the kingdom; and the tares are the sons of the evil one;
39 and the enemy who sowed them is the devil, and the harvest is the end of the age; and the reapers are angels.
40 "So just as the tares are gathered up and burned with fire, so shall it be at the end of the age.
41 "The Son of Man will send forth His angels, and they will gather out of His kingdom all stumbling blocks, and those who commit lawlessness,
42 and will throw them into the furnace of fire; in that place there will be weeping and gnashing of teeth.
43 "Then THE RIGHTEOUS WILL SHINE FORTH AS THE SUN in the kingdom of their Father. He who has ears, let him hear.
















****************










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










Quote:



Gold: $1207.50. down $1.00
Silver: $16.52 up $0.16


In the access market 5:15 pm


Gold $1205.50
Silver $16.46













Wednesday, Dec 3rd Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Dec (Gold, Silver), Jan (Silver), Feb (Gold) Open Interest










In Silver:




Quote:

Silver OI surprisingly fell by another 917 contracts from 148,422 all the up to 147,505 as silver was down by $0.05 yesterday. I do believe we lost a few more bankers. The big December active contract month saw it’s OI fall by 117 contracts down to 611 contracts. We had 110 notices served upon for Wednesday’s delivery. Thus we lost 7 contracts or 35,000 oz will not stand.





In Gold:




Quote:

The total gold Comex open interest rose today by 2,791 contracts from 368,121 all the way up to 370,912 with gold up by $9.30 yesterday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 2105 contracts for a loss of 144 contracts. We had 8 delivery notices yesterday so we lost 136 contracts or 13,600 oz of gold standing for the December contract month. The non active January contract month fell by 140 contracts down to 536. The next big delivery month is February and here the OI rose to 235,749 contracts for a gain of 2,938 contracts.





Volume




In Silver:




Quote:

The estimated volume today was the lowest in quite some time registering a tiny 18,842. The confirmed volume yesterday was good at 43,151. We also had 57 notices filed today for 285,000 oz today.





In Gold:




Quote:

The estimated volume today was awful at 67,405. The confirmed volume yesterday was fair at 152,913 even with the help of high frequency traders. The Comex now has no credibility and many investors have vanished from this crooked casino. Today we had 0 notices filed for nil oz .





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz.


We had 0 dealer withdrawals:
Total dealer withdrawal: nil oz.


We had 3 customer withdrawal:
i) Out of Delaware: 1008.05 oz
ii) Out of Brinks: 19,627.46 oz
iii) Out of HSBC: 20,403.29 oz
Total customer withdrawal 41,038.8 oz.


We had 1 customer deposit:
i) Into Scotia: 599,497.330 oz.
Total customer deposits: 599,497.33 oz.


We had 0 adjustments
Total dealer inventory: 64.515 million oz.
Total of all silver inventory (dealer and customer) 177.321 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions.
Total dealer withdrawal: nil oz.


We had 0 dealer deposits:
Total dealer deposit: nil oz.


We had 2 customer withdrawals
i) Out of HSBC: 37,738.997 oz
ii) Out JPMorgan: 19,901.587 oz.
Total customer withdrawal: 57,640.584 oz.


We had 0 customer deposits:
Total customer deposits:nil oz.
We had 0 adjustments:


Total dealer inventory: 871,232.762 oz or 27.098 tonnes.
Total gold inventory (dealer and customer) = 7.861 million oz. (244.51) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 59 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 57 contracts or 285,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (1849) x 100 oz to which we add the difference between the OI for the front month of December (2105) – the number of gold notices filed today (0) x 100 oz = the amount of gold oz standing for the December contract month.
Thus the initial standings:
1849 (notices filed for the month x 100 oz + (2105) OI for November – 0 (# of notices filed today equals 395,000 oz standing for the December contract month or 12.29 tonnes).
We lost 136 contracts 13,600 oz standing.





In Gold:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2472) x 5,000 oz to which we add the difference between the total OI for the front month of December (611) minus (the number of notices filed today (57) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 2472 contracts x 5000 oz + (611) OI for the November contract month – 57 (the number of notices filed today) =15,130,000 oz of silver that will stand for delivery in December.
We lost 35,000 oz standing.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 1,019.00, down 5.56%. WTI January crude was 66.70 down 0.96. Brent crude was 69.64 down 0.28. The spread between Brent and WTI was 2.94 up 0.68. The 30 year US Treasury bond was down 0.0300 at 2.9600. The 10 year T-Note was down 0.0300 at 2.2600. The dollar was down 0.29 at 88.62. The PPT/Dow was 17900.10 down 12.52. Silver closed at 16.49 up 0.06. The GSR was 73.1656 down 0.4558 oz of silver per oz of gold. CIA's Facebook was 75.24 up 0.36 (0.48%). March wheat was up 0.25 at 589.750. March corn was up 7.75 at 389.75. February lean hogs were down 0.250 at 86.625. January feeder cattle were up 1.125 at 235.950. March copper was up 0.043 at 2.915. January natural gas was down 0.156 at 3.649. February coal was down 0.02 at 53.50.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Thu, Dec 4, 2014 - 9:55pm Nana
DayStar
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Joined: Jun 14, 2011
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RE: Thanks

Thanks for DOTS, Nana. God will get His repentant America, but the remaining question is, how many will be left when that happens? I just hope people will wise up before death and destruction are forced upon them, and they have no hope and no where to turn. Repentance can fend off much evil. I pray in Jesus' name that God gets the repentance He desires from America sooner rather than later. Only then will He relent from the plagues He is bringing upon us. I pray the remnant will be big and strong and will not fear to stand, and will have the faith to claim this nation back.

DayStar

Fri, Dec 5, 2014 - 11:07am
Mr. Fix
Offline
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NY
Joined: Jun 8, 2012
10801
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Hello DayStar, I'm really enjoying this thread.

I am particularly fascinated by your daily “this will not end well” updates.

I'm hoping you might take the time to listen to something I listen to this morning by Jim Willie on “true news”.

https://www.trunews.com/thursday-december-4-2014-jim-willie/

It can be downloaded as a “podcast”. In it, he seems to have determined that “The New World Order” being brought to us by our banker overlords will fail in a spectacular fashion. He seems to be under the opinion that 95% of the world will be aligned against them, and that they will go down in flames, resulting in a “gold standard”, which would essentially free mankind from some of the overpowering parasites holding them down right now.

Jim Willie and Dave Hodges have a polar opposite point of view on Vladimir Putin. Willie sites a lot of compelling evidence to support his assertion that Vladimir is not aligned with our banking overlords.

Seeing as you follow these things, and have at least a good working knowledge of Jim Willie, I am curious as to what your opinion on this current podcast is (it can also be listened to online). It takes about an hour, and he does cover a lot of old ground, but I did find some distinct “new news” woven into his update, and although there are some obvious hard times in America's immediate future, his current line of thinking could actually be interpreted as “this very well might end okay for us”.

Your thoughts are always appreciated by me.

Mr. Fix.

PS,

Have you gotten off the ground yet?

"When the student is ready, the teacher will appear."
Fri, Dec 5, 2014 - 6:48pm
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RE: Mr. Fix

Mr. Fix, I have the means to do it, but winter is not conducive to it, and I am working 8-5, so no time.

Bix Weir is another alt-news guy that believes there are a lot of good guys out there working hard against the NWO. Hawk is another one that believes there is a whole spook economy that is against the NWO. IMO, the NWO is aware of these spooks, and has planned accordingly. There is even one modern day dream that sees patriot resistance getting slaughtered. My confidence is in the Sibylline Oracles, a non-canonical oracle from God, that says the NWO wins unless God intervenes. The Sibyls and others (even the elites, re: Lindsey Williams) say God will intervene, so at some point the NWO will lose for a time in America. The Russians and Chinese get kicked out, and America returns to its roots. I don't know if these forces Bix and Willie and Hawk seem to know about will have any part to play in that, or if they get their rears handed to them when the balloon goes up, but there will be a remnant that survives in America. America will again be a beacon of hope for a few years until the NWO regroups and invades. God will again intervene, and He will rescue His people like Moses rescued the children of Israel. The survivors will return to a mostly vacant Israel, rebuild the temple, and live happily ever after until the last week of this present age (ca. 2037-38). That is my current thinking.

It's possible Vlad has gone rogue, or he may just be playing his role in the third world war. My bet is he is simply doing what he is told. The Russians I know here don't think much of him. Rick Wiles says he has already decided to nuke America. There are definitely already Russian troops in America. I doubt if that is for a good purpose. I think Barry and Vlad are working together to do us in. Several people have had dreams about Russians in America, and one I heard says they will enslave us, but it will not last long. Two years could seem like forever if you have an oppressive occupier making life miserable for you.

DayStar

Fri, Dec 5, 2014 - 7:47pm
Mr. Fix
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Thank you for the reply DayStar:

Trying to figure out what motivates Vladimir Putin seems to be the crux of figuring out where this is headed.

No doubt, Obama will leave this country so weak that Vlad could simply walk in and declare himself the next president, and he would have little opposition.

I don't have the link, but if you check out the video (audio) that Abguy4 posted on DOTS earlier today, it seems to be a reasonably well reasoned assessment of why the elite overlords will fail in a spectacular fashion.

Essentially, it argues that they are morons, driven only by the desire for power and control, but have lost their ability to actually think through any situation. It seems like even small set backs for them drive them wildly off schedule, and this would be consistent of someone who needs to hire a “committee” to come up with a new plan when the first one doesn't go as expected.

As part of my nightly regiment of study, I've come across an interesting video (audio) entitled “The Strangest Secret”, by Earl Nightingale. I'm starting to explore some of the tried and true old stuff, such as “Think and Grow Rich”, and a few other classics.

This particular clip which can be found here:https://www.youtube.com/watch?v=NSiPbuotH4c

It outlines the basics of my perspective on things, in that what we have euphemistically referred to as “The Evil Empire” is currently violating so many spiritual and natural laws, that the universe itself (God), will conspire against them.

At the risk of using that word (semantics), I think “God's Intervention” is virtually guaranteed.

At least according to my studies, there can be no other outcome.

I do not by any stretch of the imagination consider Vladimir Putin one of the “good guys”. But I do suspect that he along with many others have decided not to go along with “the agenda” because he has enough power that he does not feel the need to be subservient to his puppet masters any longer. Also, I think he got where he is much more on his own merits, (all evil and underhanded), then Obama did, which for the most part, he (Obama) was appointed to his position. Also, I seem to get the general sense that Vladimir Putin puts the needs of Russia ahead of the New World order agenda, which is quite contrary to Barack Obama.

Of course, in this international endgame chess match, Vladimir may just have the ultimate poker face, he is obviously far more polished and considerably less transparent than Obama.

It might just be my own biases, but I do have a hard time picturing Vladimir and Barack agreeing on very much.

I've paid close attention to what prophecies that you follow, and the collapse of the United States, and a two-year occupation by Russia is well within the realm of possibility.

I would consider myself reasonably well prepared for such an outcome, because the first thought that came to mind when you wrote “ Two years could seem like forever if you have an oppressive occupier making life miserable for you.", is that you just described my marriage, and I've been practicing for a long time.

Thank you for your thoughts on the subject, I guess we will wait and see.

I'm wishing you the best of luck in the spring, looking forward to hearing about you going airborne.

"When the student is ready, the teacher will appear."
Fri, Dec 5, 2014 - 10:42pm
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~~Harvey 5 Dec 2014

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










News and Commentary






Mark O'Byrne (GoldCore): The European Central Bank will decide early next year whether to follow the Federal Reserve, Bank of England and the Bank of Japan with quantitative easing or money creation to buy government bonds and other assets but will not buy gold, its president Mario Draghi said yesterday. Speaking in the ECB’s new 1.3 billion euro headquarters, an imposing Frankfurt skyscraper designed to show the strength of the ‘single’ currency, Draghi threw down the gauntlet to Germany and signaled that he would not allow opposition from Germany or anyone else to stop the ECB’s QE. Despite the fact that it has failed in Japan and is meeting with mixed success in the UK and U.S. In his clearest language yet, Mario Draghi underlined his desire and commitment to debt monetisation, and argued the case for creating new money to buy assets such as government bonds. He made the comments during the question and answer period of his monthly press conference following the ECB’s monetary policy meeting. Interestingly, Draghi ruled out the printing of money to buy gold bullion. He was asked what types of assets the ECB would buy as part of its quantitative easing program. He responded, “we discussed all assets but gold.” [DS: It is interesting that Draghi did admit that gold is an asset. I guess one reason they are not considering it is they are trying to move all the gold from the West so they will have no cash assets when the elites pull the plug on the Euro and the world economy.] The fact that the ECB may soon print money to buy very risky European corporate, bank and sovereign debt from vulnerable economies such as Spain, Italy and Greece and has, from some unexplained reason, ruled out buying gold will make the Germans and others opposed to ECB QE very nervous. This is likely leading to increasing tensions and divisions. Indeed, Die Welt reported yesterday that Draghi had lost the support of the majority of the ECB Executive Board. Draghi’s remarks, which came within minutes of a meeting where he clashed with German officials over his ambitions, set him on a possible collision course with the euro zone’s biggest and single most important country.










GoldCore on ECB (European Central Bank) QE (Quantitive Easing, i.e. money printing): Painting a gloomy picture of the euro bloc’s prospects, Draghi announced that the ECB expected economic output to be lower in the coming years than it had predicted three months ago, while a slump in the price of oil may lead to lower inflation. Consumers and businesses are welcoming the fall in oil prices and lower inflation but today low inflation is seen as a trigger by central bankers including Draghi, the ex Goldman Sachs banker, to print money to buy government bonds. Savers, people and businesses concerned about inflation throughout the world and indeed in Germany oppose this.






GoldCore on Venezuela: A reform to Venezuela’s central bank law will allow the country to hold international reserves in a broader range of currencies than before as well as in diamonds and precious metals. The bank will now also be able to hold reserves in diamonds and precious metals other than gold, which already makes up the majority of its reserves. The change may help the OPEC nation shore up its tumbling international reserves by allowing it to include loans from China that are denominated in renminbi. DS: Venezuelan President Hugo Chavez was probably killed by western intelligence agencies inducing cancer in him with something like polonium or a microwave induced cancer. Before he died, Chavez repatriated 160 tonnes of gold from the Fed that, arguably, was the proximate cause of his demise. Now, Argentina, almost alone in the community of nations at this time is having severe problems with its economy. However, they have made no moves to get rid of their gold, so the economic mayhem there continues. Yesterday, they even defiantly announced they will add to their stash of hard treasure by buying jewels and other items of value, presumably platinum and palladium and silver, but I don't know how they plan to acquire it. Most people will not sell items of value for Venezuelan paper.










Harvey: The gold Comex today had a poor delivery day, registering 0 notices served for 800 oz. Silver Comex registered 13 notices for 185,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 240.36 tonnes for a loss of 63 tonnes over that period. In silver, the open interest fell by a small 1507 contracts with Wednesday’s rise in price of $0.16. Looks like some of the shorts are vacating the arena. For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver. The total silver OI still remains relatively high with today’s reading at 146,915 contracts. The big December silver OI contract lowered by 38 contracts down to 573 contracts. In gold we had a loss in OI with the fall in price of gold yesterday to the tune of $1.00. The total Comex gold OI rests tonight at 368,913 for a loss of 1,999 contracts. The December gold OI rests tonight at 1975 contracts losing 130 contracts. We had no change in tonnage of gold Inventory at the GLD, and inventory rests tonight at 720.02 tonnes. We had no change in silver inventory. SLV’s inventory rests tonight at 345.223 million oz. All the months of GOFO rates (one, two, three six and 12 month GOFO) moved positive and are increasing.










Harvey on PM trading: Gold started out pretty good during the Asian time zone and by 3 am (first London fix) gold hit $1206.39. Then the boys proceeded their usual whack job and by Comex opening it retreated to $1200.00 only to rebound again to hit its zenith again at $1206.40 just before the jobs report. Then it went straight down and stayed there for the rest of the day. Silver traded in the exact same fashion as gold. By 3 am silver hit its zenith at $16.50 and by Comex opening time 8:20 it again it his zenith at $16.52 only to be bombed by the crooks with the jobs report down to $16.24 and it rebounded a bit to $16.29 and it stayed there for the rest of the day.








Koos Jansen (BullionStar.com): Chinese wholesale gold demand, measured by withdrawals from the Shanghai Gold Exchange (SGE), remains strong. In week 47 withdrawals accounted for 52 tonnes, year to date the counter has reached 1,813 tonnes. Corrected by trading volume on the Shanghai International Gold Exchange (SGEI), Chinese wholesale demand in week 47 was in between 49 and 52 tonnes, year to date in between 1,795 tonnes and 1,813 tonnes. My research on the Shanghai Gold Exchange and the structure of the Chinese gold market was, inter alia, confirmed in September this year by the work of Na Liu (CNC Asset Management Ltd.). As myself and Na concluded, Chinese wholesale gold demand equals withdrawals from the Shanghai Gold Exchange and this is far greater than demand reported by the World Gold Council. Na met with the World Gold Council members and the meeting resulted in the WGC revising their estimate of Chinese gold reserves from 1,066 tonnes to 1,275 tonnes.






Alasdair Macleod (GoldMoney): Each commodity market has its own story to tell: oil prices are falling because OPEC can’t agree production cuts, steel faces a glut from overcapacity, and even the price of maize has fallen, presumably because of good harvests. In local currencies this is not so much the case. Of course, the difference between prices in local currencies and prices in US dollars is reflected in the weakness of most currencies against the dollar in the foreign exchange markets. This tells us that whatever is happening in each individual commodity and in each individual currency the common factor is the US dollar. On average there has been a shift of preferences towards holding dollars and away from holding commodities. Looked at in this light we can see that a trend of destocking can develop solely for financial rather than business reasons, because businesses which account in dollars face financial losses on excess inventory. It is the function of speculators to anticipate these decisions, which is what we have seen in recent months. Macro-economists, who are Keynesian or monetarist by definition, are beginning to interpret falling commodity prices and a rising dollar as evidence of insufficient aggregate demand, which left unchecked will lead to deflation, increasing unemployment, bankruptcies, falling asset prices, and bank insolvencies. It is, they say, an outcome to be avoided at all costs by ensuring that aggregate demand is stimulated so that none of this happens.






Harvey on email from Koos Jansen: Just after I reported on the repatriation of 122.5 tonnes of gold by The Netherlands from the Federal Reserve Bank of New York (FRBNY) and about the Eurosystem allocating as much of its gold reserves as possible – a global run on gold which can only be seen in advance of a reform of the international monetary system, the next Eurosystem member that will repatriate gold has come forward, Belgium. In Europe so far; Germany has been repatriating gold since 2012 from the US and France, The Netherlands has repatriated 122.5 tonnes a few weeks ago from the US, soon after Marine Le Pen, leader of the Front National party of France, penned an open letter to Christian Noyer, governor of the Bank of France, requesting that the country’s gold holdings be repatriated back to France, and now Belgium is making a move. Who’s next? And why are all these countries seemingly so nervous to get their gold ASAP on own soil?




Harvey on global financials: European stocks are all up, the Euro is up, and the USA dollar index is up to 88.83. The Japanese 10 year yield is at .42% !!!! Japan is buying 100% of its bond issuance. The Japanese yen vs USA cross is now at 117.70 yen/dollar. The Nikkei Japanese stock average is now above 17,000. The Yen/USA rate rose above the 119 barrier. Oil: WTI 66.29. Brent: 69.08. All eyes are focusing on oil prices since coupled with enormous amounts of derivatives could trigger a global collapse. A drop to the mid 60′s would cause major defaults. Gold was down and the yen was down. Japan is to buy the equivalent of 108 billion usa dollars worth of bonds per MONTH or $1.3 trillion. Japan’s GDP equals 5 trillion USA. Thus bond purchases are 26% of Japan's GDP. Japan plans to buy 100% of all new Japanese debt, and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt. Polls show Abe will win a landslide in his election bid Dec 14, 2014. DS: Political psyops in a xenophobic, highly nationalistic society is a sight to behold. If TPTB said the sky was green, probably half the population would accept it. The Japanese cannot believe their government is intentionally doing them in.




Tyler Durden: Last week, Zero Hedge first showed a chart so simple, even a Krugman could get it: at this point (and really ever since USDJPY 110 and higher), any incremental Yen devaluation is destructive for the Japanese economy, leading to an unprecedented surge in corporate bankruptcies and, ultimately, economic depression. The obvious logic here led even the Keynesian studs at Goldman to declare that “Further yen depreciation could be a net burden.” Unfortunately for Abe and Kuroda, halting the Yen devaluation here would be suicide, as Japan now needs its currency to devalue every single day to mask the fact of the underlying economic devastation, or else the Japanese people may (and should) vote Abe out, which would lead to a prompt end to Abenomics, an epic collapse in the Nikkei, and put thousands of weak-Yen chasing Mrs. Watanabes in margin call purgatory.




Zero Hedge: The Bank of Russia this week made its heaviest currency intervention in more than a month, according to WSJ, to try to stem the escalating trend of Ruble collapse… but it’s not working. Chatter of three significant interventions this week (which are quite apparent in the USDRUB chart) have had less and less positive impact on the currency and even with warnings of jail for FX speculators, the post-intervention selling continues. It appears, however, that the main pressure today is in the Russian bond market as 10Y RUB Bonds cracked 80bps higher to 12.04% yield… the pressure mounts on Putin.




Tyler Durden: It appears the growth-is-back-just-look-at-the-jobs-number meme is not flowing through to the oil complex. WTI just broke below $66.00 (having earlier broken below and bounced back above) and is now down almost 1% on the week having retraced most of Monday’s kneejerk dead-cat-bounce. This will be the lowest weekly close since July 2009 and down 9 of the last 10 weeks. And Despite the USD strength gold and silver surged and oil faded… (gold’s best week in 2 months, silver’s best in 6 months, oil down 9 of last 10 weeks)




Zero Hedge: When we first explained to the public here, that the excessive leverage and currently squeezed cashflow of many US oil producers could “trigger a broader high-yield market default cycle,” the world’s smartest TV-anchors shrugged off lower oil prices as ‘unequivocally good’ for all. Now, as a 40% collapse in new well permits and liquidations occurring at the well-head, the world outside of credit markets is starting to comprehend the seriousness of the crash of a sector that was responsible for 93% of jobs created in this ‘recovery’. US Factory Orders Tumble, Miss By Most Since January, but, but, but payrolls data was awesome!! US Factory Orders tumbled 0.7% in October (missing 0.0% expectations) for the 3rd month in a row (for the first time since June 2012). Rather notably, the only other time we had 3 straight months of factory orders declines was in the recession and the 2012 decline was saved by QE3. The data was ugly across the board: Non-durable orders -1.5%, non-defense, ex-air tumbled 1.6%, and inventories-to-shipments levels are at the year’s highs. More problematically for GDP enthusiasts, October inventories of manufactured nondurable goods decreased 0.5% to $249.0 billion driven by petroleum and coal products (but wait lower oil prices are unequivocally good right?)






This Will Not End Well (In The Short Term)










LaRouchePAC: Lyndon LaRouche warned on Wednesday that this is worse than the nuclear chicken game that was spun out in RAND Corporation scenarios at the height of the Cold War. In the current case, the NATO side is weak and impotent—all bluff. Russia, in stark contrast, has built up a formidable strategic military force, preparing to fight World War III, while the policies of the British, the Obama Administration, and the Republican Party have bankrupted the United States and Europe. The U.S. economy is a wreck, destroyed for the sake of building the biggest financial bubble in recorded history. Trans-Atlantic derivatives contracts, currently outstanding, are in excess of $1.7 quadrillion dollars. Under the Obama tenure, the U.S. Federal Reserve has built up a portfolio of junk in excess of $5 trillion. The whole trans-Atlantic system, LaRouche told colleagues on Wednesday evening, is hopelessly bankrupt. “Under the current management,” LaRouche added, “the United States is hopelessly bankrupt. If the U.S. ever actually got into the war that Nuland and the GOP are peddling against Russia, Wall Street would instantly collapse.” LaRouche continued, “Where is the real wealth? Where is the human wealth in the United States and Europe? The simple answer is that it is gone.” And all the lies in the world cannot conceal that fact, so long as the suckers wake up and stop reading and believing the fake propaganda.










Susan Duclos (AllNewsPipeline): In Karen Hudes latest webcam release from December 4, 2014, the World Bank whistleblower explains that the time has arrived, the new currency which will replace the dollar and other fiat currencies, Aurom, will contain gold within the currency itself. Karen explains how this will occur in an orderly manner in an attempt to prevent the US greenback from fully crashing, and updates us on the new “coalition for the rule of law.”




Josey Wales: This whole thing is a set up. All the protests around the country are being orchestrated to divide this nation. This is just what our government did in Egypt, Syria, Iraq, Lebanon. Arab spring? This is just the birthing pains of the coming New World Order. It all starts with civil unrest. The conspiracy theorists have been telling you it’s coming, now it’s here. They are just getting warmed up. Dahboo777 walks us through the events and the tactics used to get these people into the streets and what to expect from here.










Adan Salazar (Market Daily News): Shoppers participating in the post-Thanksgiving consumerist phenomenon known as Black Friday typically tend to purchase useless material possessions they don’t really need. This past holiday, however, many Americans demonstrated that they’re more interested in their Second Amendment rights than flat screen TVs or cheap DVDs. According to the FBI, last Friday saw a staggering 175,000 background checks processed via the agency’s National Instant Criminal Background Check System, a number the agency says made Friday the second highest gun purchase day ever. https://marketdailynews.com/2014/12/05/americans-bought-more-guns-than-f...










Bob Fletcher: Many years ago a plan was put into place, literally unconstitutional in content, but sold to the Americans as a necessary program. It may have been, at that time., but it was s left to fester under careful attention of a crooked few persons. It has grown into a nightmare for the future Americans who may survive the next global disaster. Continuity of Government is achieved at the cost of Continuity of America, and our Constitutional way of life! A Continuity of Operations Plan (or Continuity of Government Plan) has been a part of U.S. government operations since at least the Cold War, when President Dwight D. Eisenhower provided (via executive order) various measures designed to ensure that the government of the United States would be able to continue operating after a nuclear war. These measures included construction of underground facilities such as "Mount Weather", a hollowed-out putatively nuclear-proof mountain in western Virginia with a mailing address in Berryville, Virginia. The public can now tour one such facility, intended to house the entire United States Congress, on the grounds of the Greenbrier Resort in White Sulphur Springs, West Virginia. Other provisions of the plans included executive orders that designated certain government officials to assume Cabinet and other Executive branch positions and carry out the responsibilities of the position if the primary office holders are killed. There has been a formal line of succession to the presidency since 1792 (currently found in the Presidential Succession Act of 1947, 3 U.S.C. § 19). This runs from the Vice President to the Speaker of the House of Representatives, President pro tempore of the Senate, and then through the Cabinet secretaries in a sequence specified by Congress. Continuity of government plans is not limited to the federal government. The majority of states have constitutional provisions that provide for the succession of government in the event of an "enemy attack." The hideouts have been taken over by the Elite few, and will be there survival, while millions, above ground eat at each other in the ultimate final days. https://www.bobfletcherinvestigations.com/underground-hideouts.html






DS: Don Patton book on the Biblical Flood and the Ice Epoch. It is instructive in that the Bible draws a parallel between the time of the Flood and the last days. Patton explains from a catastrophist's point of view how a global flood could have been induced. He also suggests a theory of catastrophic ice deposition from extraterrestial sources that can explain how massive glaciation could have been achieved. This site has links to the full text of Patton's book. https://www.creationism.org/patten/PattenBiblFlood/






Luke 17:26 And as it was in the days of Noe, so shall it be also in the days of the Son of man.
27 They did eat, they drank, they married wives, they were given in marriage, until the day that Noe entered into the ark, and the flood came, and destroyed them all.
28 Likewise also as it was in the days of Lot; they did eat, they drank, they bought, they sold, they planted, they builded;
29 But the same day that Lot went out of Sodom it rained fire and brimstone from heaven, and destroyed them all.
30 Even thus shall it be in the day when the Son of man is revealed.
















****************










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










Quote:



They provide the Comex data. I also provide other pertinent data that may interest you. So if you wish you can view that part on my website.


Gold: $1190. down $17.50
Silver: $16.29 down $0.23


In the access market 5:15 pm


Gold $1190
Silver $16.29













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


http//harveyorganblog.com/




















Total, Dec (Gold, Silver), Jan (Silver), Feb (Gold) Open Interest










In Silver:




Quote:

Silver OI fell by another 590 contracts from 147,505 down to 146,915 as silver was up by $0.16 yesterday. I do believe we lost a few more bankers. The big December active contract month saw it’s OI fall by 38 contracts down to 573 contracts. We had 57 notices served upon for Thurs. delivery. Thus we gained 19 contracts or an additional 95,000 oz will stand.





In Gold:




Quote:

The total gold Comex open interest fell today by 1999 contracts from 370,912 all the way down to 368,913 with gold down by $1.00 yesterday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 1975 contracts for a loss of 130 contracts. We had 0 delivery notices yesterday so we lost 130 contracts or 13,000 oz of gold standing for the December contract month. The non active January contract month fell by 140 contracts down to 536. The next big delivery month is February and here the OI fell to 233,468 contracts for a loss of 2,281 contracts. The estimated volume today was awful at 107,347.





Volume




In Silver:




Quote:

The estimated volume today was quite weak registering a tiny 24,578. The confirmed volume yesterday was fair at 35,979. We had 13 notices filed for 65,000 oz today.





In Gold:




Quote:

The confirmed volume yesterday was also bad at 123,117 even with the help of high frequency traders. The Comex now has no credibility and many investors have vanished from this crooked casino. Today we had 0 notices filed for nil oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz


We had 0 dealer withdrawal:
Total dealer withdrawal: nil oz


We had 3 customer withdrawal:
i) Out of CNT: 89,879.300 oz (one decimal)
ii) Out of Brinks: 50,936.56 oz
iii) Out of Scotia: 690,991.740 oz
Total customer withdrawal 821,807.600 oz.
We had 2 customer deposits:
i) Into Scotia: 612.489.06 oz
ii) Into Brinks; 631,090.08 oz.
Total customer deposits: 1,243,579.14 oz.
We had 1 adjustment
from the Delaware vault:
35,756.757 oz was adjusted out of the dealer and this landed into the customer account of Delaware
Total dealer inventory: 64.579 million oz.
Total of all silver inventory (dealer and customer) 177.773 million oz.





In Gold Inventory:




Quote:

Today, we had 2 dealer transactions
On the dealer withdrawal side:
i) Out of Brinks: 62,259.74 oz
ii) Out o Scotia: 87,849.414 oz.
Total dealer withdrawal: 150,109.154 oz.
We had 0 dealer deposits:
Total dealer deposit: nil oz.
We had 2 customer withdrawals
i) Out of HSBC: 192.910 oz
ii) Out Scotia: 3098.07 oz.
Total customer withdrawal: 3290.98 oz.
We had 1 customer deposits:
i) Into Scotia; 19,901.568 oz.
Total customer deposits:19,901.568 oz.
We had 0 adjustments:
Total dealer inventory: 721,123.608 oz or 22.429 tonnes.
Total gold inventory (dealer and customer) = 7.727 million oz. (240.36) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 63 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 13 contracts or 65,000 oz.





In Gold:




Quote:

Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2485) x 5,000 oz to which we add the difference between the total OI for the front month of December (573) minus (the number of notices filed today (13) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 2485 contracts x 5000 oz + (573) OI for the November contract month – 13 (the number of notices filed today) = 15,225,000 oz of silver that will stand for delivery in December.
We gained 95,000 oz standing.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (1849) x 100 oz to which we add the difference between the OI for the front month of December (1975) minus the # gold notices filed today (0) x 100 oz = the amount of gold oz standing for the December contract month.
Thus the initial standings:
(1849) notices filed for the month x 100 oz + (1975) the number of OI notices for the front month of December served upon – (0) notices served today equals 382,400 oz or 11.89 tonnes.
We lost 130 contracts or 130,000 oz that will not stand.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 982.00, down 3.63%. WTI January crude was 65.84 down 0.86. Brent crude was 69.07 down 0.57. The spread between Brent and WTI was 3.23 up 0.29. The 30 year US Treasury bond was up 0.0000 at 2.9600. The 10 year T-Note was up 0.0500 at 2.3100. The dollar was up 0.74 at 89.36. The PPT/Dow was 17958.79 up 58.69. Silver closed at 16.29 down 0.20. The GSR was 73.2413 up 0.0757 oz of silver per oz of gold. CIA's Facebook was 76.36 up 1.12 (1.49%). March wheat was up 4.25 at 594.000. March corn was up 5.25 at 395.00. February lean hogs were down 1.000 at 85.625. January feeder cattle were down 1.075 at 234.875. March copper was down 0.013 at 2.903. January natural gas was up 0.153 at 3.802. February coal was down 0.35 at 53.15.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Mon, Dec 8, 2014 - 11:18pm
DayStar
Offline
Joined: Jun 14, 2011
2586
14106

~~Harvey 8 Dec 2014

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










News and Commentary


Mark O'Byrne (via SgtReport): SGT inverviewed Mark O'Byrne. These topics were covered: Gold performing well in all currencies in 2014. A yes vote to Swiss gold referendum would have been “icing on cake” for gold market. Existing fundamentals sound due to India and China demand and Russian, Chinese and other central bank demand. Germans can’t get their gold reserves. Do how did the Dutch get their 122 tonnes of gold? Is Germany being prevented from holding gold to prevent independent foreign policy action? The mind boggling scale of the U.S. $18 trillion national debt and over $100 trillion to $200 trillion in unfunded liabilities. How humongous is a billion, a trillion and a quadrillion? The illusion of digital “wealth” and the coming wealth transfer when system implodes.



Mark O'Byrne on the US debt: I went into Google News to see the debt hit $18 trillion – because when we hit $18 trillion debt I thought that could be a penny dropping for people and I thought some of the media might say “oh, wow, maybe the recovery isn’t as strong as we thought” and there would be some interesting coverage of this but it was barely covered at all. Things have been quite Orwellian for a while but I actually think it’s becoming more Orwellian and it’s amazing that you could hit the 18 trillion number in terms of national government debt – it does not cover unfunded liabilities which are between $100 trillion and $200 trillion – so it’s just incredible that this number would be hit. It’s increased roughly $1 trillion per year under the Obama presidency, in this so-called ‘recovery’ and it’s pure propaganda that it’s a recovery. You can’t have a recovery when the balance sheet of your nation is deteriorating in a massive way which is what is happening. And there is no reduction in debt, either the nominal national debt or the unfunded liabilities so it makes a complete mockery of the so-called ‘recovery’ meme that goes on.



Koos Jansen (BullionStar.com): Withdrawals from the Shanghai Gold Exchange (SGE) – currently the best indicator of Chinese wholesale demand – keep up a strong pace. In week 48 (November 24 – 28) SGE withdrawals accounted for 54 tonnes, year to date 1,867 tonnes have been withdrawn. SGE total trading volume is still very little compared to the Shanghai Futures Exchange (SHFE), let alone the Comex or the London Bullion Market. However, SGE withdrawal data is extremely significant, but these numbers are almost never disclosed by mainstream media outlets, nor by the World Gold Council, Thomson Reuters GFMS or CPM Group.










Harvey: The gold Comex today had a poor delivery day, registering 0 notices served for 800 oz. Silver Comex registered 13 notices for 185,000 oz. A few months ago the Comex had 303 tonnes of total gold. Today the total inventory rests at 240.36 tonnes for a loss of 63 tonnes over that period. In silver, the open interest fell by a small 1507 contracts with Wednesday’s rise in price of $0.16. Looks like some of the shorts are vacating the arena. For the past year, we have been witnessing massive liquidation of contracts despite the fact that it cost nothing to roll. This makes no sense and it smacks of cash settlements which are totally illegal. Since I have been following Comex data, I have never witnessed such a massive liquidation in both gold and silver. The total silver OI still remains relatively high with today’s reading at 146,915 contracts. The big December silver OI contract lowered by 38 contracts down to 573 contracts. In gold we had a loss in OI with the fall in price of gold yesterday to the tune of $1.00. The total Comex gold OI rests tonight at 368,913 for a loss of 1,999 contracts. The December gold OI rests tonight at 1975 contracts losing 130 contracts. Today, we had no change in tonnage of gold Inventory at the GLD / inventory rests tonight at 720.02 tonnes. In silver, we had no change in silver inventory. SLV’s inventory rests tonight at 345.223 million oz. GOFO rates all moved closer to the positive and out of backwardation!!










Sandrine Rastello: India’s current-account deficit widened more than estimated to the largest since the quarter through June 2013 as exports slowed and gold imports surged. The July-September shortfall in the broadest measure of trade widened to $10.1 billion from $7.8 billion the previous quarter, the Reserve Bank of India said in a statement yesterday. That compared with a $9.4 billion median estimate in a Bloomberg survey of 16 economists. The gap amounts to 2.1 percent of gross domestic product, lower than the 2.5 percent the central bank considers sustainable. The Reserve Bank of India in November scrapped a requirement for trading companies to export 20 percent of imported gold. Known as the 80:20 rule, it was part of a series of curbs imposed over the past two years to contain the current-account deficit, which hit a record $88 billion in the fiscal year through March 2013. In May, the government allowed more companies to ship in the metal.










Tim Price (via Sovereign Man Blog): As investors we are all trapped within a horrifying bubble. We must play the hand we’ve been dealt, however bad it is. But there are now growing signs of end-of-bubble instability. The system does not appear remotely sound. Since political vision in Europe, in particular, is clearly absent, the field has been left to central bankers to run amok. The only question we cannot answer is: precisely when does the centre fail? The correct response is to recall the words of the famed value investor Peter Cundill, when he confided in his diary: “The most important attribute for success in value investing is patience, patience, and more patience. THE MAJORITY OF INVESTORS DO NOT POSSESS THIS CHARACTERISTIC.” But the absence of patience by the majority of investors is fine, because it leaves more money on the table for the rest of us. The only question remaining is: in what exact form should we hold that money?






Patrick Graham (Chris Powell): Changes in the size of a loosely defined global “dollar zone” could lead to faster than expected shifts in the composition of world currency reserves, potentially eroding the role of the U.S. unit, said a study published on Sunday. The study, part of a quarterly review by the Bank for International Settlements argues the dollar’s domination of reserves stems chiefly from the extent to which many currencies are tied either formally or through trade links like a dependence on oil or other dollar-priced commodities. As a result, while the dollar’s overall value has declined by 18 percent since the 1970s against major currencies, and by more than half against the euro and yen, its share of reserves has fallen just 5 percentage points from 66 percent to 61 percent.




Bill Holter (Miles Franklin): these events are a change to policy which has stood the test of 70 years time. For the last 70 years, the world has stored their gold at the New York Fed and never asked for it back. Other than Germany withdrawing 1,000 tons from the Bank of England in 2001, Venezuela is the only country to ask for their gold back…until now. The only way to describe what is beginning to happen is to call it a bank run, The Mother of all Bank Runs and an “old fashioned one” at that! This will be very interesting to watch exactly because of the “old fashionedness” and the scramble for what we have been told and taught for so long to be a worthless barbarous relic, gold. Current day bank runs as you know have been papered over time and again, just look at Fed, ECB, and BOJ balance sheets to understand this fact. They continually printed new monies and bought failing paper from dying banks to keep them alive. The creation of new money was the key, the fact that gold cannot be created out of thin air is the sticking point. As this bank run progresses, please keep in mind the central banks will be telling anyone willing to listen, what the true definition of money is …by their actions…without actually saying it. As central banks fight over gold, they will be standing publicly and buck assed naked telling the world exactly what money is and what it isn’t. Watch as the central banks fight over what today are meaningless dollar amounts of gold. Do you understand what I am trying to say here? For central banks to even care about a few billion dollars is a ridiculous thought, but maybe its not “just a few billion dollars”? Maybe they are beginning a fight over “all the money in the world”? Please understand, this is for all the marbles!






This Will Not End Well (In The Short Term)










Mac Slavo (SHTF Plan): While outrage continues to brew over the non-indictment of the officer that choked Eric Garner to death for selling “loose” untaxed cigarettes on the streets of New York, the NYPD is digging in, as the above New York Daily News image suggests. Amid anti-police sentiments, the NYPD has claimed that members of the “Black Guerilla Family” are threatening to shoot on-duty police officers in New York. The group is known as an “ideological African-American Marxist revolutionary organization composed of prisoners” set up in the sixties, with inspiration from black leaders including Marcus Garvey. The New York Daily News carried the exclusive, and included a photo of document with the typed warning: “On 05 Dec. 2014 @ approx 1846 hours, OC#(redacted) forwarded a credible threat to Detectives assigned to Homicide Section in reference to Officer Safety. The threat has been verified and is currently being disseminated to lower command. Sources state that 10 BGF members (Black Gorilla Family) have began preparing to shoot an on duty police officer. Further info will be made available as it becomes ready.”










Susan Duclos: Steve Quayle, who brings on investigator and researcher Bob Fletcher, jump right into the topic of Nibiru and Planet X! Fletcher talks about the “connections between the missing billions of dollars, secrets of space programs, and future space oriented disasters INCOMING! As well as the science, astronomical experts, historic proofs, amazing space information being kept from us all!” Fletcher explains right up front that there was a time he would not even associate his name with Nibiru and Planet X because it was “science fiction” in his mind, until he started uncovering vanishing money, thousands of underground facilities in Russia, United States and China, and other suspicious activities that related to this highly controversial topic. Fletcher determined that “something is really strange”, and the digging began in earnest. Quayle reminds listeners as well about the deaths of many scientists and astronomers, which he has been tracking for two decades. DS: Quayle reminded us that the head of the Naval Observatory and a former head of the CIA were both murdered to keep the lid on Nibiru. John Moore has recently had a lot to say about what he knows about Nibiru. There is actually a photo of it, which is the first one I have seen after years of sensationalized pieces on the 10th planet. I was impressed that Fletcher, Moore, the Hagmanns, and Quayle are all supporting the veracity of Nibiru. If so, we could be in for "interesting times" as the Chinese curse goes. We have a asteroid inbound that is due 27 Sep 15. I have not heard when Nibiru is supposed to make its closest approach, but John Mulinde said God told him there would a financial collapse followed by a series of natural disasters, and then God would remove His protection and let nature take its course. It looks like all John predicted are lining up nicely. It would mean, though, that we get financial collapse before 27 Sep 15. https://www.bobfletcherinvestigations.com/photos.html. redirect.disqus.com/url?url=http%3A%2F%2Fwww.allnewspipeline.com%2FDoomsday_Lairs_Underground_Bunkers_Cities.php%...








Steve Quayle Alert (Walmart Warehouse, Boone North Carolina): I just came back from town, I ran to Walmart to pick up a few things before the snow comes in. Well, needless to say I spent more than I intended due to the following info. As I was at the Deli counter I asked about some slaw, I was told that they are not getting the salads in and some cold cuts because the warehouse is empty. Walmart's warehouse is empty, as I shopped around I noticed empty and sparse shelves. I spoke to the butcher, and the man putting up dairy goods and they said the same thing. So I picked up my Ham for New Years, and other food items. I did notice plenty of chunky soups and other storable goods. But who is to say that when they are gone they will be replaced, they had NO Hanover green beans in the large cans and the guy said they do not know if they will be getting more in. Being told several times by several different departments that the warehouse is EMPTY is a little nerve rattling . Please tell people, now is the time to prepare...the clock is getting to close to midnight and is ticking loud and clear...May GOD bless you and your family, thank you for all you do...Joy










Vortex Courage (Red Pill Reports): A US Supreme Court ruling has forced the Smithsonian institution to release classified papers dating from the early 1900′s that proves the organization was involved in a major historical cover up of evidence showing giants human remains in the tens of thousands had been uncovered all across America and were ordered to be destroyed by high level administrators to protect the mainstream chronology of human evolution at the time. The allegations stemming from the American Institution of Alternative Archeology (AIAA) that the Smithsonian Institution had destroyed thousands of giant human remains during the early 1900′s was not taken lightly by the Smithsonian who responded by suing the organization for defamation and trying to damage the reputation of the 168-year old institution. DS: The Smithsonian lost and had to release records revealing their actions.


















****************










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










Quote:



Gold: $1194.70 up $4.70
Silver: $16.22 up $0.02


In the access market 5:15 pm


Gold $1203.75
Silver $16.36











Friday, Dec 5th Gold and Silver Action (basis 1:30 PM EST)


http//harveyorganblog.com/




















Total, Dec (Gold, Silver), Jan (Silver), Feb (Gold) Open Interest










In Silver:




Quote:

Silver OI rose by 445 contracts from 146,915 up to 147,360 even though silver was down by $0.23 on Friday. I do believe we lost a few more bankers along the way. The big December active contract month saw it’s OI rise by 43 contracts up to 616 contracts. We had 13 notices served upon for Fri. delivery. Thus we gained 56 contracts or an additional 280,000 oz will stand.





In Gold:




Quote:

The total gold Comex open interest rose today by 1207 contracts from 368,913 all the way up to 370,120 with gold down by $17.50 on Friday (at the Comex close). We are now into the big December contract month where the number of OI standing for the gold metal registers 1963 contracts for a loss of 12 contracts. We had 0 delivery notices served on Friday so we lost 12 contracts or 1200 oz of gold will not stand for the December contract month. The non active January contract month rose by 60 contracts up to 524. The next big delivery month is February and here the OI fell to 234,103 contracts for a gain of 635 contracts.





Volume




In Silver:




Quote:

The estimated volume today was unbelievable registering a tiny 12,882. ??? The confirmed volume on Friday was good at 43,105. We had 1 notices filed for 5,000 oz today





In Gold:




Quote:

The estimated volume today was awful at 56,855. The confirmed volume on Friday was fair at 167,283 even with the help of high frequency traders. The Comex now has no credibility and many investors have vanished from this crooked casino. Today we had 2 notices filed for 200 oz.





Inventory Numbers




In Silver Inventory:




Quote:

Today, we had 0 deposits into the dealer account:
Total dealer deposit: nil oz


We had 0 dealer withdrawal:
Total dealer withdrawal: nil oz


We had 4 customer withdrawal:
i) Out of CNT: 125,949.9 oz (one decimal)
ii) Out of Brinks: 304,844.210 oz
iii) Out of Scotia: 60,920.8 oz (one decimal)
iv) Out of HSBC: 572,304.612 oz.
Total customer withdrawal 1,064,019.522 oz.
We had 1 customer deposits:
i) Into CNT; 600,325.78 oz.
Total customer deposits: 600,325.78 oz.
We had 1 adjustment
from the brink’s vault:
99,998.96 oz was adjusted out of the dealer as an accounting error.
Total dealer inventory: 64.479 million oz.
Total of all silver inventory (dealer and customer) 177.169 million oz.





In Gold Inventory:




Quote:

Today, we had 0 dealer transactions


Total dealer withdrawal: nil oz.
We had 0 dealer deposits:
Total dealer deposit: nil oz.
We had 2 customer withdrawals
i) Out of Brinks: 398.54 oz
ii) Out Scotia: 9984.947 oz.
Total customer withdrawal: 10,393.487 oz.
We had 4 customer deposits:
i) Into Scotia; 74,644.677 oz
ii) Into HSBC: 10,383.487 oz (arriving from our two withdrawals)
iii) Into JPMorgan; 100,633.624 oz
iv) 803.75 oz (Manfra).
Total customer deposits:186,465.538 oz.
We had 0 adjustments:
Total dealer inventory: 721,123.608 oz or 22.429 tonnes.
Total gold inventory (dealer and customer) = 7.903 million oz. (245.83) tonnes)
Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 57 tonnes have been net transferred out. We will be watching this closely!





Delivery Notices




In Silver:




Quote:

The total number of notices filed today is represented by 1 contracts or 5,000 oz.





In Gold:




Quote:

Today, 0 notices was issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 2 contracts of which 2 notices were stopped (received) by JPMorgan dealer and 0 notices were stopped (received) by JPMorgan customer account.





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_Lon...




In Silver:




Quote:

To calculate the number of silver ounces that will stand for delivery in December, we take the total number of notices filed for the month (2486) x 5,000 oz to which we add the difference between the total OI for the front month of December (616) minus (the number of notices filed today (1) x 5,000 oz = the total number of silver oz standing so far in November.


Thus: 2486 contracts x 5000 oz + (616) OI for the November contract month – 1 (the number of notices filed today) = 15,505,000 oz of silver that will stand for delivery in December.
We gained 280,000 oz standing.





In Gold:




Quote:

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (1851) x 100 oz to which we add the difference between the OI for the front month of December (1963) minus the # gold notices filed today (2) x 100 oz = the amount of gold oz standing for the December contract month.


Thus the initial standings:
1851 (notices filed for the month x 100 oz + 1963) the number of OI notices for the front month of December served upon – (2) notices served today equals 381,200 oz or 11.856 tonnes.
We lost 12 contracts or 1200 oz that will not stand.





**************




Select Commodity Prices




The Bloomberg Baltic Dry Index (BDI) was 982.00, down 3.63%. WTI January crude was 63.01 down 2.83. Brent crude was 66.11 down 2.96. The spread between Brent and WTI was 3.10 down 0.13. The 30 year US Treasury bond was down 0.0600 at 2.9000. The 10 year T-Note was down 0.0500 at 2.2600. The dollar was down 0.23 at 89.13. The PPT/Dow was 17852.48 down 106.31. Silver closed at 16.38 up 0.09. The GSR was 73.5165 up 0.2752 oz of silver per oz of gold. CIA's Facebook was 76.52 up 0.16 (0.21%). March wheat was up 4.00 at 598.000. March corn was down 4.75 at 390.25. February lean hogs were down 0.500 at 85.125. January feeder cattle were down 3.000 at 231.875. March copper was down 0.018 at 2.886. January natural gas was down 0.207 at 3.595. February coal was down 0.08 at 53.07.




Thank you for reading the Harvey Report!










There is much more on Harvey's blog:
https://harveyorganblog.com/.




Goooood day!




**************
Tue, Dec 9, 2014 - 6:08am
erewenguy
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All the money in the world

Daystar - I always appreciate your daily excerpts and always read them just to get another take on what I may have already read. This morning you captured something from Bill Holter's "Bank Run" article that I overlooked earlier but hit me solidly between the eyes this morning.

"As central banks fight over gold, they will be standing publicly and buck assed naked telling the world exactly what money is and what it isn’t. Watch as the central banks fight over what today are meaningless dollar amounts of gold. Do you understand what I am trying to say here? For central banks to even care about a few billion dollars is a ridiculous thought, but maybe its not “just a few billion dollars”? Maybe they are beginning a fight over “all the money in the world”? "

Tue, Dec 9, 2014 - 10:31pm erewenguy
DayStar
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RE: Erewenguy

Erewenguy, I am glad you find Harvey useful. The fact that you and others find my efforts useful is what keeps me going. Thank you.

DayStar