Saturday, April 3, 2010
Thursday, April 1, 2010
443,447 ozs withdrawn from the dealer's (registered) inventory
303,838 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 53.79 Mozs
Total customer inventory 62.05 Mozs
Combined Total 115.84 Mozs
ZERO ozs withdrawn from the dealers (registered) category
1,383 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.35 Mozs
Total customer inventory 7.67 Mozs
Combined Total 10.02 Mozs
In silver 443447 oz left the dealers inventory answering in a small way, the huge number of oz standing. As I pointed out to you yesterday,
25 million oz of silver are waiting for the silver to arrrive. Today .443 million oz was withdrawn from the dealer inventory
Also 303,838 oz of silver in a continuing trend left the customer inventory at the comex.Something is spooking silver owners..(maybe the unlawful leasing of owners silver without their knowledge?)
In gold, no action to speak of.
OK lets go to the deliveries:
Since April is the delivery month for gold, lets see what happened:
Note: we got 2786 notices issued or 278600 oz of gold. The total number of oz for the two days number 10,681 contracts or 1.068 million oz.
What is left?
My commentary: I will need a few days of gold notices to determine exactly who and how much are standing. Needless to say, the number of gold oz standing is huge.
Lets go to silver. Remember that April is an off delivery month for silver and it only represents options exercised for silver metal. All options exercised generally go for physical metal.
The usual amt of silver on an off month is around 1 million oz for the entire month.
Lets see what we have so far:
Already we have 1.4 million oz of silver exercised for metal. This must disturb the comex boys as well as the huge amt of gold notices.
It looks like 29 contracts remain to be served or 145000 oz.
Lets go to the big gold story of the day:
Gordon Brown the former chancellor of the exchequer of England and now Prime Minister has lied to his nation about the sale of gold. He originally told the world that the bank of England recommended the sale of the gold. You will recall that the British auction for that gold allowed the lowest bid to win the tender. This gold then went to the bankers to offset their gold shorts.
But now look at annex 29 of the freedom of information just received. Here we see for the first time usa gold that was sold through auction.
In the first program 23 and 15 tonnes of gold were sold in 1975. However a larger program of a huge 491 tonnes of gold sold during 1978-1979. The auction of 1979 offered two grades of gold .995 fineness
and the .9000 or as I often refer to it as coin-melt. Another name for .900 gold is coin-melt!
London Good Delivery is .995 finess as that is the only gold you can deliver. The coin melt gold that was sold had to be refined at a London refiner or a Swiss refiner.
However what is important in this revelation, is that this gold had to come from Fort Knox. Fort Knox is the only facility in the world that has official reserves that is not .995 finess. Fort Knox took in roughly
6900 tonnes of coin-melt in 1933 as the double eagles and single eagles previously minted where melted down. All gold coins handed in by not so clever Americans were also melted down.
The usa decided not to refine their gold and classified all of their holdings as official reserves.All of this gold moved into their new facility at Fort Knox in 1937.
If gold was sold in 1979-1980 I can assure you that gold has left usa shores, in the past 30 years, to keep the usa dollar propped up.
No wonder the refiners have been working overtime. They are refining the usa gold coin melt as it is this gold that is seeping into the marketplace.
As my good friend, Don Jack often tells me: it would appear that the gold at Fort Knox is less than stated.
If gold left in 1979-1980 it would also appear likely that gold has been disappearing from the largest gold facility in the usa.
The last official gold sale on record is 1974. That "sale" was coin-melt gold and the purchaser immediately returned the gold to the usa. The purchaser wanted London Good Delivery Gold.
Now for the first time we have two big sales occurring after 1974, approximately 38 tonnes in 1975 and 491 tonnes in 1979.
You may recall that gold was skyrocketing in late 1979 and reached its pinnacle in January 1980. The sale of gold was meant to thwart gold's rise.
Dave Kranzler who is quite knowledgeable on the physical side of gold comments:
Here is another story released from England today on the Freedom of information released on "Brown's Bottom":
The Challenger Christmas reports on planned layoffs show the layoffs have stabilized. However they were still up for the month:
It seems that any good number is met with tremendous glee from Wall Street.
The following was ignored:
but the next stat is very important. To have increased spending and to have life in the economy one must see commercial paper rise in quantity. Lets see what we got:
My goodness: commercial paper shrank for the 3rd straight week.
This is why I am having trouble reading Wall Street and their recovery.
Gary Gensler is going to put position limits on energy. I wonder if he has got the guts to place position limits on the precious metals.
Here is the story on the energy front:
You will note that assets are now worth either 44 cents on the dollar or 39 cents on the dollar. Remember a few months ago, the Fed Chairman revealed that the Fed has not lost a penny.
I guess he lied.
Now you know what bank assets are like if they have to conform to FASB.
OK lets see how individual states are doing :
This first story from Jim Sinclair is a real corker:
How are things in Missouri: