The Daily Gold and Silver Report

Gold closed down by $16.20 to $1366.00 (comex closing time).  Silver fell by 8 cents to $21.67  (comex closing time)

In the access market at 5:00 pm, gold and silver finished trading at the following prices :

gold: 1367.10
silver:  $21.67

At the Comex, the open interest in silver rose by a rather large 2408 contracts to 150,968 contracts despite silver‘s fall in price yesterday.  The silver OI is still  holding firm at these highly elevated levels. As I mentioned to you yesterday, the bankers will try and do everything possible to remove as many longs from the silver arena as possible. They must know something is up!!

The open interest on the entire gold comex contracts fell  by 4081 contracts to 372,950 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month  is 940,500 or 29.2 tonnes.The number of silver ounces standing in this non active month of June  remained constant at 705,000 oz

Tonight, the Comex registered or dealer inventory of gold remained the same at  1.434 million oz or 44.60 tonnes.  This is still dangerously low.  The total of all gold at the comex also remained the same  at 7.706 million oz or 239.68 tonnes of gold.

JPMorgan’s customer inventory shows no  change and rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes.  Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.

The total of the 3 major bullion dealers, Scotia , HSBC and JPMorgan have in the Comex dealer account only 30.02 tonnes of gold

The GLD  reported a loss in inventory of 1.51 tonnes of gold inventory. The SLV inventory of silver  remained firm with no losses or gains in inventory.

In physical stories we have reports from, Bill Holter and Chris Powell of GATA on the departure of Gary Gensler and maybe others at the CFTC.

On the paper side of things,we have Ron Paul tackling USA involvement inside Syria, Reuters, Matt Scuffham on the bail-in of the UK’s Co Op Bank, Ambrose Pritchard Evans on what will happen to the world if Bernanke “tapers” and finally Michael Snyder of Economic Collapse Blog as he discusses the plight of Detroit and the USA in general.

We will go over these and many other stories but first…………………

Let us now head over to the comex and assess trading over there today.
Here are the details:

First Richard Russell, on gold trading last night :

*Richard Russell last night…

“It looks like the great gold rip-off is completed and over. A few of the banks (JPM) spread the rumor that gold was heading for $1,000 and that the bull market in gold was toast. This set off a panic in gold and silver, which served the perpetrators well.

As the metals swooned, the crooks, who had sold the metals short, made a tidy fortune as the metals collapsed. At the same time, they loaded up on cheap gold and silver. In all, quite a play, during which a good many duped investors dumped their silver and gold.

I understand that there is now a huge speculative short position in gold on the Comex. This position will have to be covered. This means driving the shorts out of the market. Thus, the manipulators will have cleaned up — first by selling the metals short, and then by loading up on the metals at the bottom of the panic in preparation for (hopefully) the ride up.

My guess is that China and Russia soaked up a good deal of the bargain-priced gold near the bottom of the panic. China waits patiently while the US spends its way into bankruptcy. Which reminds me, there’s still lots of talk about the true amount of gold owned by the US. Then why the hell doesn’t the government or the Fed finally audit our gold holdings and put an end to the rumors? From what I understand, neither the Fed nor the US government want an audit. If the gold is really there, then why don’t they put an end to all the rumors? For heaven’s sake, let’s have an audit — or is there really something to hide?

I feel we are besieged with rumors, secrets, lies and manipulations. I’ve felt this way before, but I’ve never felt this strongly that we (Americans) are being lied to and manipulated. What’s to hide? Jesus told us that we must know the truth, and the truth will make us free. Then for God’s sake, start telling us the truth! My intuition tells me that if it’s a secret, it’s probably evil. Ultimately, good or bad, everything comes to light– although it may take time.” – Richard Russell.

The total gold comex open interest fell  by 4081 contracts from  377,031 down to to 372,950 with gold falling by $4.20 yesterday. The front active month of June saw it’s OI fall by 437 contracts from  1382 down to 945. We had 414 deliveries served upon our longs on Monday.  We thus lost 23  contracts or 2300 oz that will not stand in this delivery  month of June. The next delivery month is the non active July contract and here the OI fell by  68 contracts down to 651.  The next active delivery month for gold is August and here the OI fell by 4083 contracts from 212,754 down to 208,671. The estimated volume today was bad at 123,017 contracts.    The confirmed volume yesterday was atrocious at 82,551. It seems that the many now realize that the Comex is a crooked game so investors are seeking other means to acquire gold.

The total silver Comex OI surprisingly rose  despite as silver‘s fall  in price by 20 cents yesterday. It’s total OI is up by 2408  contracts to 150,968. The longs in silver remain resolute, willing to take on the criminal bankers who today threw a tantrum with their raid, as their object of the exercise was to remove some of those stubborn longs from the silver open interest. I doubt very much if today’s raid would have any effect on the total OI.  The front non active June silver contract month shows a loss in OI  of 4 contracts resting tonight at 25. We had 4 notices filed yesterday so in essence we neither gained nor lost any silver contracts. The next big delivery month is July and here the OI fell by only 437 contracts down to 57,686. We are less than  two weeks away from first day notice (June 28.2013) and judging from the relatively high OI in July, we may see some fireworks in silver.  The estimated volume today was good coming in at 57,686 contracts.  The confirmed volume on Friday was  good at 43,115.

Comex gold/May contract month:

June 18/2013

the June contract month:

Gold
Ounces
Withdrawals from Dealers Inventory in oz
nil
Withdrawals from Customer Inventory in oz
202.48 oz (Scotia)
Deposits to the Dealer Inventory in oz
nil
Deposits to the Customer Inventory, in oz
12,178.435 (Scotia) oz
No of oz served (contracts) today
 11 (1,100  oz)
No of oz to be served (notices)
934 (93,400 oz
Total monthly oz gold served (contracts) so far this month
8471  (847,100  oz)
Total accumulative withdrawal of gold from the Dealers inventory this month
78,856.579 oz
Total accumulative withdrawal of gold from the Customer inventory this month
259,153.01 oz
We again had no activity at the gold vaults
The dealer again  had 0 deposits and no  withdrawals.

JPMorgan’s vault gold declines

Good evening Ladies and Gentlemen:

Gold closed up  by $1.30 to $1398.40 (comex closing time).  Silver rose by 6 cents to $22.46  (comex closing time)

In the access market at 5:00 pm, gold and silver finished trading at the following prices :

gold: 1404.10
silver:  $22.56

I am not going into the trading of gold and silver because you all know that it is manipulated throughout all time zones, so I will not waste your time.

At the Comex, the open interest in silver rose by 739 contracts to 145,734 contracts with silver‘s fall in price on Tuesday by 32 cents.  The silver OI is  holding firm at elevated levels . The open interest on the entire gold comex contracts fell  by 2909 contracts to 375,970 which is extremely low. There is no question that all of the weak speculators in gold have now departed.  Only the strong remain. The number of ounces which is standing for gold in this  June delivery month  is 936,400 or 29.12 tonnes.The number of silver ounces, standing for delivery is represented by 620,000 oz. No doubt this level will climb as the June month proceeds.

Tonight, the Comex registered or dealer gold lowers to  1.513 million oz or 47.06 tonnes.  This is getting dangerously low.  The total of all gold at the comex fell slightly and now it is just below the 8 million oz at 7.985 million oz or 248.36 tonnes of gold.

The GLD  reported another loss in gold inventory to the tune of 2.7 tonnes. The SLV inventory of silver also remained firm with no losses.

We have physical stories today from Addison Wiggin on the fraudulent leasing of gold and silver;Jessie from the Jessie’s American cafe on the low registered gold inventory at the Comex with additional inputs from zero hedge with respect to JPMorgan’s inventory. Dr Paul Craig Roberts discusses the price manipulation of gold with the GoldMoney.com report.

Finally, Adrian Ash discusses events in India where the government banned all credit related purchases of gold.  That is correct, gold can only be purchased with cash.  Gold paid no attention as it rose soon after the announcement.

On the paper side of things, we have a report from Dave of Denver/the Golden Truth who is paying attention to the signals that are being emanated out of the junk bond market.

We have  great commentaries for you from Bill Holter  on the ramifications of the past 6 days of global trading and how we must prepare for the inevitable.

Wolf Richter provides a superb presentation on how China is gobbling up all major assets that it can find.

Pivotfarm gives a good thorough analysis on what is going on in Egypt today.

We will go over these and other stories but first…………………

Let us now head over to the comex and assess trading over there today.
Here are the details:

The total gold comex open interest fell  by 2909 contracts from  375,970 down to 373,061 with gold falling by $14.60 yesterday. The front active month of June saw it’s OI fall by 225 contracts from 3540 contracts down to 3315. We had 63 contracts served upon our longs yesterday.  We thus lost 162  contracts or 16,200   that will not stand this month. The next delivery month is the non active July contract and here the OI fell by 62 contracts up to 537.  The next active delivery month for gold is August and here the OI fell by 2725 contracts from 215,940 down to 213,215 . The estimated volume today was poor at 129,971 contracts.    The confirmed volume yesterday was also poor at 126,177 contracts. It looks to me like all of the paper gold longs have been washed out!!

The total silver Comex OI completely plays to a different drummer than gold. Its OI rose by 739  contracts to 145,734,  with  silver‘s fall in price to the tune of 34 cents yesterday.  The front non active June silver contract month shows no gain or loss in OI contracts. We had 0 notices filed yesterday so in essence we neither gained nor lost any silver ounces standing for metal for the June contract month.   The estimated volume today was fair, coming in at 39,988 contracts.  The confirmed volume yesterday was better at  at 42,750.

Comex gold/May contract month:

June 5/2013

the June contract month:

Gold
Ounces
Withdrawals from Dealers Inventory in oz
nil  (0 oz)
Withdrawals from Customer Inventory in oz
21,034.434  oz (JPMorgan, HSBC)
Deposits to the Dealer Inventory in oz
nil
Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
 333 (33,300  oz)
No of oz to be served (notices)
2982 (298,200 oz
Total monthly oz gold served (contracts) so far this month
6382  (638,200  oz)
Total accumulative withdrawal of gold from the Dealers inventory this month
100.000 oz
Total accumulative withdrawal of gold from the Customer inventory this month
35,324.352 oz
We again had good activity at the gold vaults
The dealer had 0 deposits and 0  dealer withdrawal.
We had 0 customer deposits today: (very strange for a huge delivery month of June)

Gold and silver shine/Gold continues to bleed from GLD vaults in London

At the comex, the open interest in silver fell by a healthy 6834 contracts to 148,154 contracts) as it is still holding firm at elevated levels . The open interest on the gold contract fell by 3,623 contracts to 416,206. The total amount of gold ounces standing for April rose quite sharply to at 36.18 tonnes as somebody badly needed some physical gold. Silver rose by 5,000 oz to finish the month at 3,770,000 oz

Today, physical gold continues to leave London with 2.41 tonnes of gold departing for the shores of China/and or Russia. Silver saw an advance of almost 1/2 million oz.

Cyprus announced that 90% of depositors over 100,000 euros will lose their hard earned cash: 37.5% will go for worthless Bank of Cyprus shares, 22.5% will be held as a buffer and 30% will be held “temporarily” as an additional buffer. Trust me, they will never get back that money.

We had good commentaries today from Mark Grant, Ambrose Evans Pritchard, Jim Sinclair, Peter Cooper, Chris Hart, Dave Kranzler, Eric Sprott, Rob Kirby, James Turk and Eric King.

We will go over these and other stories but first…………………….

Let us now head over to the comex and assess trading over there today:

The total gold comex open interest fell by 3623 contracts today from 419,829 down to 416,206, with gold falling by $8.20 on Friday. It looks like we had short covering. The front April OI is now off the board. We had 562 notices filed late Friday night, even though we had only 9 contracts outstanding, so we gained 55,300 additional oz of gold which will be standing for the April gold contract month. The next non active contract month is May and here the OI rose by 66 contracts to 1514. The next big contract month is June and here the OI fell by 6,356 contracts from 250,714 down to 244,358. The estimated volume today was fair at 127,729. The confirmed volume on Friday was huge at 267,492 contracts.

The total silver comex OI fell by a hefty 6834 contracts from 154,988 down to 148,154 with silver‘s $0.34 fall on Friday. No doubt we lost some paper players who refused to roll. Those that remain are stoic and ready to take on the bankers at their crooked game.The front non active delivery month of April is now off the board. We had 2 delivery notices filed today (we had only 1 remaining to be filled), so in essence we gained 1 silver contracts standing for delivery in April. The next big delivery month for silver is May and here the OI fell by 13,852 contracts to stand at 9,346. We are 1 day away from first day notice for the May silver delivery month (Tuesday April 30/2013). The estimated volume today was good, coming in at 64,187 contracts which equates close to 321 million oz of silver. The world produces 700 million oz per year ex China ex Russia so in essence today’s volume equates to 45.8% of annual silver production. We had confirmed volume on Friday at 115,355 contracts which is a huge volume day . (577 million or 82.4 % of annual silver production)

Comex gold/April contract month:

April 29.2013 April gold.
April comex gold Final
Gold
Ounces
Withdrawals from Dealers Inventory in oz
nil
Withdrawals from Customer Inventory in oz
66,885.276 oz
Deposits to the Dealer Inventory in oz
nil
Deposits to the Customer Inventory, in oz
49,194.875 (Scotia)
No of oz served (contracts) today
576 (57,600 oz)
No of oz to be served (notices)
off the board
Total monthly oz gold served (contracts) so far this month
11,632 (1,163,200)
Total accumulative withdrawal of gold from the Dealers inventory this month
169,318.45 oz
Total accumulative withdrawal of gold from the Customer inventory this month
1,010,666.2 oz

We had huge activity at the gold vaults.

The dealer had 0 deposits and 0 dealer withdrawals.
We had 1 customer deposits on Friday:2. Into Scotia: 49,194.875 oz

total customer deposit: 49,194.875 oz

We had 1 customer withdrawal:

i) Out of Scotia: 66,885.276 oz

We had 2 adjustments

i) It seems I struck a nerve with the CFTC on that 76,315.116 oz deposit into HSBC dealer (it was also deposited into the customer account)

today they adjusted out 76,315.116 oz out of HSBC dealer

2*. They adjusted another 4752.114 oz out of the dealer JPMorgan and into the customer account of JPMorgan. No gold entered the customer from outside.