silver, un signal de plus, LE signal? / zero livraisons le 2-09

il n'y a pas eu d'avis de livraison ( donc pénurie de livraisons ) , jeudi2-09.. et ça rappelle à Murphy un break out d'anthologie qui avait eu lieu sur le cuivre dans des conditions similaires.. en 1987 ===> drapeau rouge pour le cartel...
pour la simple et bonne raison que les avis sont édités quotidiennement et qu'une abscence de notice signifie bien une impossibilité à livrer et non un arrêt des demandes de livraison.. .
ceci pour certains qui penseraient qu'il n'y a eu tout simplement aucune demande de livraison ce jour là .ba voyons .. rires ..
inutile de dire que ce signal ne vient pas tout seul... et que c'est pour ça que je le relaie ici,

www.lemetropolecafe.com

What a day! The US jobs report came in better than expected, which led to the usual Gold Cartel drubbing of the gold price. Gold was slammed down to $1237, a pretty good hit. Meanwhile over at the silver ranch, its price was hit pretty good too, down to $19.46. But, while gold struggled, silver popped right back to the $19.58 level, down only a handful of cents on the day.
About that time Adrian emailed me saying there were no silver deliveries yesterday, which had me instantly salivating. Twenty three years ago I was gearing up to make a play for the copper market after building a position for more than a year. The price had been stuck in a 55 cent to 60 cent range when the spreads between the contract months (contango) began to narrow. It might have even gone into backwardation, which means the front Comex months traded over the back months … indicating physical market tightness. Then one day in early May of 1987 there were NO deliveries, which got me jumping up and down and buying hundreds and hundreds of cheap copper options, as "the trade" thought copper was going to be dead price-wise because of the introduction of fiber optics. The Trade (the copper industry) forgot to take Asia into account. Well, copper roared from that day on, until the stock market crash, but then it went right back up, ending the year about $1.46 per pound.
I will never forget that day… NO DELIVERIES!
Adrian followed up shortly with this email…
Bill,
I sent this alert to Premium Subscribers of marketforceanalysis.com with silver at 19.54 this AM.

******************
There were ZERO delivery notices issued in silver yesterday. There were only 9 notices the day before. On First Notice day (Aug 31) there were only 292 issued against 3,002 contracts of Open Interest. This is VERY bullish.
This is another sign that a physical shortage is growing. The shorts have an interest to make deliveries quickly to stop paying insurance and storage fees on the bullion that they have sold through their short position. The fact that there is a dearth of deliveries is a big red flag. The price action is confirming this as silver is once again outperforming gold.

The cartel can not solve this problem with paper. A big move is close at hand.
Regards
Adrian Douglas
I am out west and left my laptop command post to get a quick breakfast. When I returned, the price of silver had rocketed to $19.93 per ounce, which took gold up close to $1250 in the process.
The operative word in yesterday’s MIDAS headline was PANIC! The frantic buying right on the bell was a precursor for today and what is to come. Odds are the news of no deliveries today leaked and really spooked a short or two … ones that knew how important this news really is.

le 13 aout dernier, Adrian signalait une chute très importante des transactions journalières silver sur le LBMA


www.lemetropolecafe.com


Bill,
You may want to re-run this commentary from 8/15. I speculated that the massive drop off in LBMA silver trading to the lowest level EVER indicated that investors were abandoning the unallocated paper silver and going to the physical allocated bullion. I think we are seeing the first signs of this.
Cheers
Adrian
Bill,
I always say there are no coincidences in the precious metal markets. Well, look at this "coincidence". ..
QUOTE
Ounces transferred in silver fell 32.7 percent to a daily average of 57.2 million. 'The substantial fall in silver ounces transferred, for the second month in a row, brought this measure to the lowest level since these statistics were first produced in 1996,' the LBMA said.
END
With all the smoke billowing out of the physical silver market and a drain of silver inventory on-going at the Comex and JPM & HSBC reducing their shorts as shown by the Bank Participation report I can only interpret that this massive drop off in silver paper trading has moved to the physical market. Could it be that we have exposed the LBMA unallocated bullion fraud to the extent that investors are ceasing their business there on a massive scale? How otherwise could the trade suddenly decline to the lowest level since 1996? There is also a big drop off in paper gold trading. Could it be that the GATA exposure of the LBMA fraud has hit the bull’s eye? Only time will tell but if this is true that will not be very much time!
QUOTE
http://www.lse.co.uk/FinanceNews.asp?ArticleCode=3mb1uv0tavljxgw&Artic
leHeadline=Daily_gold_transfers_dip_in_July__LBMA
Daily gold transfers dip in July - LBMA
Fri, 13th Aug 2010 17:15
LONDON, Aug 13 (Reuters) - Gold ounces transferred between accounts held by bullion clearers fell 15.3 percent to a daily average of 17.6 million ounces in July from a month earlier, the London Bullion Market Association (LBMA) said on Friday.
The clearing statistics measure how much gold and silver are transferred on a net basis between the accounts held at the bullion clearers.
Based on an average fixing of $1,193 an ounce, 3.2 percent below the June average, value fell to a daily average of $21 billion. The number of transfers declined 3.2 percent to a daily average of 1,684.
Measured year-on-year, gold statistics were mixed. Ounces transferred fell 0.3 percent, but value jumped 27.3 percent and the number of transfers rose by 27.8 percent.
Ounces transferred in silver fell 32.7 percent to a daily average of 57.2 million. 'The substantial fall in silver ounces transferred, for the second month in a row, brought this measure to the lowest level since these statistics were first produced in 1996,' the LBMA said.
Based on a 2.7 percent drop in the average fixing price, the value of transfers fell to a daily average of $1.03 billion.
The number of transfers fell 12.9 percent to a daily average of 290. Measured year-on-year, ounces transferred fell 36.8 percent and value decreased 15.1 percent. The number of transfers fell 6.5 percent.
END
Cheers
Adrian

à titre d'illustration, j'ai fait un graph de la nette short position des 4 plus gros commerciaux silver ..

les 4 plus gros, parcequà eux seuls, ils font le marché .. du fait de leur short position concentrée.. ( en ce moment, ils détiennent 82% de la nette short postion des commerciaux )




comme vous le voyez, leur nette position short est bien plus basse que lors des précédents tops silver .. et si je vous mettais le même graphe en % de l'open interest, c'est encore plus criant ..

ya donc un très net pb à shorter pour eux, en ce moment, et ça c'est tout à fait nouveau

Marie, ton excellent graph montre aussi, outre ce que tu expliques, à quel point "ils" se sont, jusqu' ici, avérés aptes à augmenter graduellement leurs shorts juste aux points bas pour les bazarder juste aux points hauts... et là, "ils" les augmentent à nouveau, ce qui tend à valider la thèse d'un probable Breaking Out (à court terme qui plus est) des métaux.

Ensuite, le fait de savoir s'"ILS" seront capables de pérenniser leur habituelle tactique est et reste, certes, déterminant, mais en tout cas, ce que je vois, basiquement et prosaïquement, c'est une hausse des nos actifs et, compte tenu de mon analyse panoramique des mines du secteur (postée en forum privé) qui montre combien de nos chéries sont en stand by avant skyrocketting en cas de contexte favorable, cela me paraît encourageant; sans préjuger des résultats de "leurs" manœuvres à venir...

Ça veut juste dire que la moindre étincelle peut, à tout moment, (vraisemblablement avant mercredi) littéralement embraser le secteur ...

A vos souris matelots, ya grave de la maille à faire sur les mines...!

yep Sandro ..

pour recadrer les choses, sur l'impact de ces 4 plus gros traders silver, je remets le graph du mois dernier avec la short position comparéé
del'ensemble de la catégorie commerciale, des 4 plus gros et des banques us ..

la courbe rouge ne fait qu'un avec la courbe grise, la grise ( celle des 4 plus gros, dépassant parfois la rouge )... puisque les courbes étant sous l'axe o, plus il y a de shorts, plus elles "baissent"

ça se passe de commentaires

Butler aussi voit ça "at hand" et explique que la position Short de Silver est 23 fois plus importante que sur Gold (je vous rappelle que la Short position GOLD est déjà la plus importante des matières 1eres, Silver excepté) ce qui ne peut pas durer; il anticipe donc un divorce entre l'évolution du gold et celle du Silver qui s'apprête à attaquer le verrou des 20$ juste au début de sa saisonnalité la plus favorable... il serre les miches le verrou, c'est rien de le dire...
Un ratio de 63 est délirant et totalement injustifié compte tenu, notamment de ce qui précède et de la rareté relative des deux métaux underground et plus encore above ground

Petit aparté perso en complément: je vous rappelle une fois de plus, que tout l'OR extrait depuis que l'histoire s'écrit existe toujours, il a seulement changé de mains, mais il existe, ce qui n'est plus le cas du SILVER qui a été détruit...

http://news.silverseek.com/TedButler/1248708118.php

je viens d'aller jeter un oeil sur les notices de livraison ..
apres l'interruption du 2 , ça reprend à minima.. ==> 125 livraisons effectuées le 3-09

alors qu'il reste 1764 contrats sept ..

à suivre ..

pour ceux qui ne comprennent pas le mécanisme des livraisons sur le comex .. et en quoi consiste la fameuse "delivery notice", avis de livraison ( bon de livraison, si vous préférez ) ==> ci dessous explications détaillées de Douglas ..

les mots clefs à retenir sont :
issuer : celui qui donne son " bon de livraison', le vendeur
stopper : celui qui a demandé la livraison, l'acheteur
front month contract : le contrat à terme d'échéance la plus courte ( c'est comme ça qu'on se rend compte combien l'anglais est "rapide".. 3 mots suffisent, alors qu'en français, il en faut 10..)

www.lemetropolecafe.com

There were some questions and requests about the importance of the lack of deliveries in silver, as highlighted in Friday’s commentary. Adrian has taken the time to clarify the key points…
Andy,
You are one of many who have asked the same question today so here is a pre-prepared answer:
We talk of longs and shorts but when it comes to the current front month contract we should talk of buyers and sellers because at that point there must be a delivery process instigated. The current front month contract is SEP. Anybody who held contracts long going into what is known as “First Notice Day” (August 31 for SEP) is now OBLIGATED to take delivery and anybody holding contracts short is OBLIGATED to make delivery to the longs. (There can always be agreements to settle in cash but only if both parties agree but the obligation is for delivery). If you don’t want to take delivery or you don’t want to make delivery you have to roll or sell or cover your position BEFORE First Notice day.
The process is that if you are still holding a long contract on First Notice day you are “standing for delivery”. You have to pay in full for your contract to your broker. The sellers (the shorts) must now issue “delivery notices” to inform the buyers that they will deliver bullion to them. Let’s take SEP. On first notice day there were 3,002 contracts long and the same number short. But those holding the longs don’t know who the holders of the 3002 short contracts are. So the delivery notice process is to match up the buyers with the sellers. Let’s say you are holding 100 contracts. You need some one to tell you where your silver is going to come from. So the sellers of the 3,002 contracts have to issue a delivery notice to the clearing house to let them know they are a seller and they are ready to hand over the appropriate amount of silver. The sellers have 30 days to issue these notices. In theory the holders of 3,002 should ALL have received a delivery notice by the end of the 30 day notice period (Last Notice Day). These are assigned by the clearing house to the longs who are said to have “stopped” the notice while the seller has “issued” the notice. The delivery notice is sent by the clearing house to your broker. The clearing house assigns them in proportion to the holding. Once you have the delivery notice your broker will then transfer the money you have paid in full for your contract to the account of the seller at his broker. Now that he has confirmed his readiness to deliver and the money has been transferred you will then receive a “Warehouse receipt” with specific bar numbers and weights and with that you can collect your metal and take it away from the designated Comex depository. You can not take delivery with a “delivery notice” you have to pay the money and get the warehouse receipt.
Until the warehouse receipt has been issued the silver storage and insurance is paid by the seller. So they should want to start the process as soon as possible and issue delivery notices on the first notice day. Delaying issuing delivery notices indicates that the sellers don’t have metal in the “registered inventory” of the Comex. If a delivery notice is issued and money is transferred the Warehouse receipt MUST be issued but if the seller doesn’t have registered metal he can not enter specific weights and serial numbers on the warehouse receipt because he doesn’t have any warehouse metal. So the seller delays issuing the delivery notice (which he can do because he has 30 days to issue). He then has to find some metal to put on the exchange or see if he can lease metal from an investor who has metal on the exchange or see if he can offer cash to buy a delivery notice from a long who has already received one. So a “dearth of delivery notices” means that the sellers don’t have the bullion available because if they did the notices would be instantly issued on First Notice day. For example if we had seen 2600 delivery notices issued on first notice day this would have been bearish because it would mean there is plenty of bullion to meet deliveries and a large proportion is being offloaded to the buyers at the first opportunity.
Taken to the limit, if the seller FAILS to issue a delivery notice by last notice day then that is a “default”. The seller is obligated to deliver and he has failed in his obligation to start the transfer of metal from him to a buyer.
It doesn’t mean we will see a default this month but it suggests that the sellers are in trouble and scrambling for supply as signaled by the reluctance to issue delivery notices and the price action.

Hope this helps

Adrian

traduction
pour aller à la limite du processus .. si le vendeur ne peut pas délivrer un avis de livraison, le dernier jour où cela lui est autorisé, c'est une défaillance.
le vendeur est obligé de livrer le métal qu'il a vendu, au prix et dans les quantités convenues... et il a échoué dans son obligation de commencer le transfert du métal vers l'acheteur , à la date convenue
ça ne veut pas dire que nous assisterons à une défaillance ce mois ci,
mais ça suggére que les vendeurs sont en difficulté et dans la merde pour l'approvisionnement, qui est souligné à la fois par la réticence à émettre des avis de livraison et l'action des prix.

je souligne réticence à émettre des avis de livraison.. puisque vous devez bien comprendre que c'est bien au vendeur qu'il appartient de faire connaitre à l'acheteur, le moment venu, qui va le livrer des quantités qu'il a réservé à terme,( puis confirmé en ne roulant pas son contrat sur l'échéance suivante et en s'acquittant du prix de la totalité des quantités demandées auprès de son courtier ...) le tout avec ce fameux avis / bon de livraison

en ce qui concerne le calendrier et les dates, par exemple
le dernier jour pour demander livraisons sur les contrats sept, était le 31 aout dernier .. par conséquent, l'open interest des contrats sept représente donc à partir de cette date, la quantité totale de métal demandée en livraison pour ce mois ci
les vendeur ont 30 jours, apres le 31 aout, pour aviser les acheteurs, via l'avis / bon de livraison

Faisant suite à l'article de Midas, j'ai cherché à savoir quelle avait été la hausse du CUIVRE, après cette absence de bons de livraison de mai 1987.

En avril 1987 les cours du cuivre était alors à 1.483 $ /t, ce qui était un haut de fourchette d'alors.
En mai les cours montaient à 1.518$, 1.693 $ en juillet… 2.866 $ en décembre 1987… + 88%
pour culminer à 3.496$ en décembre 1988 avant de baisser lentement. cours multipliés par 2,3

Une hausse équivalente de 88% sur le Silver amènerait l'Argent à 37,5 $ l'once dans 8 mois ?
Sans squeeze, mon objectif est de 32$-34$au printemps.

Les cours multipliés par 2,3 nous ramèneraient à 46$ ... très en dessous du Peak des frères Hunt en 1980, où l'argent a touché les 54$
-------------------------------------------------------------------------------

Faisant actuellement une Analyse sur le silver, j'ai cherché à rapprocher la dernière analyse d'Alf Field
"Elliott wave Gold update 23" publiée en 2008 sur Gold-Eagle

cela donnerait à peu près ceci
MAJOR ONE Bas de Nov 2001 = 4,07 à mars 2008 20,76$ à 21 en séance... cours multiplié par 5,1
MAJOR TWO la vague de consolidation de mars à novembre 2008 de 21 à 9$.
MAJOR THREE devrait amener les cours à 5 fois le plus bas de 9$, soit 45$...
MAJOR FOUR consolidation de 29% retour sur le support à 34$
MAJOR FIVE 34 x 5 nous donne une cible à 174$

La fin de ce mouvement pourrait être en 2014 ... m'enfin je ne suis pas un pro de l'AT
et, par ailleurs, la ou les réformes monétaires à venir vont troubler le jeu.
---------------------------------------------------------------------------------

Pour revenir aux bons de livraisons du Silver, voilà une mise-à-jour de la situation

Citation :

Comex Dealers Borrow Physical Silver Despite Reporting Increased Inventory

Uff, this one really puzzled me so I put few hours into investigating which side is not honest and what explanation could be made for what’s currently happening at Comex – regarding physical silver.
By looking Comex daily inventory reports, open interest contracts left to deliver physical by the end of Sep 2010 and delivery notices sent to clients waiting on physical silver, I crunched numbers and come up with a logical explanation.
Here goes.
As of yesterday, there are 1,513 OI contracts left to deliver physical silver by the end of Sep 2010 (each contract stands for delivery of 5,000 ounces of physical silver).
2 days ago this number was at 1,621 with delivery notice of 148 contracts so yesterday’s OI contracts left should be 1,473 (and not 1,513).
This already provides us with first interesting discovery…
…that actually there were additional buyers of Sep 2010 contracts that got scared of waiting on Dec 2010 (next delivery month for physical silver) and are panicking to get their physical silver already this month.
This new buyers panic to get additional 40 contracts equaling 200,000 ounces of physical silver.
I can’t stress this enough – this additional buyers want to trade their paper silver (Dec 2010 silver contracts) for physical silver and are scared to wait on Dec 2010 to get physical and are pressing COMEX to deliver them physical silver already this month.
Next info from latest Comex silver inventory report is that yesterday 354,346 ounces were withdrawn from Comex’s customers inventory.
And for the biggest revelation is same report that showed that on September 7th 2010, Comex dealers took a lease from Comex customers for 2.3 million ounces of physical silver (actually 2,298,863), equaling 460 contracts.
Why are dealers leasing from customers (which cost them certain fee), when they report to store in Comex warehouse 54.1 million ounces?
If they owned 54.1 million ounces of physical silver – why would they pay storage and insurance fee on this reported silver, plus paying a new fee to lease additional 2.3 million ounces of silver from customers?
With total number to deliver in Sep 2010 being around 13 million ounces and dealers reported registered silver inventory being 54.1 million ounces, there shouldn’t be a problem to just deliver this amount and still have 41.1 million in their warehouses.
Are they so generous to pay so many fees (insurance, storage, lease…) or they actually don’t own this reported 54.1 million ounces of PHYSICAL silver?
Paper silver is in abundance but when clients demand 15 million ounces of physical then we see what’s happening.
By the way, dealers shipped this leased 2.3 million ounces in 72 hours after getting it from customers inventory. Actually they leased 460 contracts on Sep 7th 2010 and they will deliver 456 contracts from Sep 9th to Sep 13th 2010.
Hmm, looks like they are fast to ship physical when they lease it from the ones actually having the physical but they don’t bother to ship in first 10 days of this month from their warehouses (where physical silver, standing for delivery is less than 30% of their reported inventory of physical).
Conclusion of this messy stuff going on at Comex this month is that Comex don’t own as much physical silver as they claim.
And this explains why in last 3 days happened the following:
- increase in OI contracts (new buyers wanting delivery this month and not waiting on Dec 2010),
- lease of physical which they shipped in 72 hours after getting it
- price of silver cruising around $20 and refusing to drop below $19.6
With paper trading vs physical silver going on at Comex at around 100:1, I’d be surprised if their real physical silver inventory is even 10% of their reported inventory.
But on paper, they are increasing their physical silver inventory since paper can handle everything – lies, deceptions, fraud…
Share and Enjoy:

Source AgAuPM.com

PANIQUE AU COMEX

Petit résumé de l'épisode précédent. ( voir texte intégral en vo sur l'url donnée à la fin de ce résumé )

L'Open Interest des contrats septembre était de 3002 contrats.
Chaque contrat portant sur 5.000 onces d'argent, l'OI représentait près de 15 Moz

Le 8 septembre, l'OI ne représentait plus que 1621 contrats, donc 1.381 avaient été livrés.
1.381 x 5.000 oz= 6,9 Moz
Le 7 septembre, les vendeurs du Comex ont loué 2,3 Moz d’Ag à des clients Comex, soit l’équivalent de 460 contrats, afin de pouvoir répondre à leurs obligations.
6,9 Moz - 2,3 Moz = 4,6 Moz

Officiellement, sur les livres d'inventaire, les dealers disposent de 54,1 Moz dans leurs entrepôts.
Cette semaine, pour livrer 6,9 Moz, ils ont du en emprunter 2,3.
Ils ne disposaient donc réellement que de 4,6 Moz, 8,5% seulement des stocks officiels.


Apparemment, de nombreux investisseurs fuient le papier et veulent toucher leur physique.
voir la mise à jour de Argentum Aurum Precious Metal
Il resterait aujourd'hui 1.544 contrats, soit près de 7,72 Moz, qui vont être difficiles à trouver...
Cela devrait se sentir prochainement dans les cours...


Il est difficile de ne pas faire un rapprochement avec le dernier article de Jim Willie, qui évoque comment, cet été, des investisseurs agissant de concert et très bien informés sur les stocks exacts du LBMA, ont systématiquement et délibérément vidés ces stocks de tout l'or disponible.

N'assiste t'on pas à un phénomène rigoureusement identique sur le silver du COMEX ?

extraits de la Hat Trick Letter de JW

Citation :

It has come to my attention that coordinated raids of the London Metals Exchange have taken place, all very legal, but done in a manner that its officials do not realize the scope of the organization. Several buyers acted in organized coordinated fashion. The raids took place in July and continue. The buyers went into the market with a massive volume compared to what can be considered normal. The buyers were ringed around the globe, in direct communication. In at least two instances agents within the inner sanctum of the London gold market worked in collusion with the buyers, the agents volunteering valuable information where certain quantities existed. This data enabled optimal positioning for the trades, where demand was made where supply laid. The buyer then cleaned all the physical out in one sweep, with pressure given by attorneys when necessary. The sellers obviously had misjudged the buyers financial resources and inside knowledge. A degree of military precision was demonstrated, along with seemingly unlimited financial resources. Hints of hidden unconditional political backing was mentioned, for applied pressure, although in vague terms. No trace of their activity was evident, as would be expected with numerous high volume demands for delivery. No insurance register spikes were permitted, as the buyers flew under the normal radar screens when lifting the gold bullion without protection. The raid, or legal surgical removal, might have been the largest ever. They took advantage of deep insider knowledge, even deeper pockets, and precise execution team to pull off the event. In doing so, the LBMA members inventories were nearly drained. The London officials scrambled to replenish their raided gold supply. Members of the exchange are in the process of having cut off their entire raw precious metal supply at the source. On the following week, the LBMA shut down all trade data.

The financial press reported data darkness, but omitted the story about global coordinated legal
raids on gigantic gold supply at numerous supply sources. They undoubtedly did not know about the raid, or were ordered not to report it. That would have been damaging for the gold cartel. In the aftermath, a note came from a well established trusted gold banker source. He hinted at knowing at least one or two participants in the coordinated raid. He said "The Boyz at the LBMA probably had digestion problems, and are putting their inventory books back in order after some of their member inventory was raided the other day. From what I hear, theydid not see that one coming. A second wave should hit them not before long. They are absolutely defenseless. It is called feeding one's adversaries their own medicine while turning the tables on them." Incredibly, the group has managed to solicit the cooperation of two agents from inside the LBMA, exploiting a division inside. People within the LBMA are working to destroy the LBMA. My guess is that 15 to 20 parties worked closely together, with military precision and without telltale insurance contracts that would serve as warning flags internally.
... snip ...

merci Menthal pour ces 2 forts interessants articles ..
le topo de JW sur lbma est incroyable !!
je sais pas comment il dégotte ses infos .. puisque les stocks lbma gold et silver sont pas disponibles pour le public .. mais ça chauffe en tout cas

Jim Willie cite un article de "The Numismater" où Patrick A. Heller écrivait le 3 août dernier:

" En règle générale, je considère que lorsqu'un événement se reproduit une fois, cela peut être une coïncidence mais lorsqu'il survient deux fois, c'est la reproduction d'un schéma"

Il y a eu une ruée sur les stocks de Silver inventoriés du Comex depuis le 26 juin.
Maintenant, il y a d'étranges développements sur les stocks d'or inventoriés du Comex.
1) Ces mouvements équivaudraient grossièrement aux quantités nécessaires aux vendeurs pour qu'ils puissent honorer leurs livraisons
2) Cela pourrait indiquer que des quantités inhabituellement importantes d'or pourraient être retirées du Comex à la fin du mois d'août.

(reproduction d'un schéma ... cf ce qui s'est passé sur le LBMA)
Lire la suite dans la langue de Shakespeare

Citation :

Because they are in bonded warehouses, they are eligible to be delivered against COMEX contracts if the owner of the metal so chooses. However, the owner may also chose not to make this metal available to deliver against a COMEX contract and just use the bonded warehouse for only storage purposes. The advantage to an investor is that it gives him or her the flexibility to go in either direction. The eligible inventories are often referred to as customer inventories.

On July 28, there was a sizable withdrawal of 96,592 ounces from dealer inventories. This is relatively close to the 89,400 ounces of gold standing for delivery of maturing July contracts, which is not particularly remarkable by itself. However, on that day, there were still 112, 977 open August contracts, representing 11.3 million ounces of gold. This liability exceeds the entire COMEX registered and eligible gold inventories. What is unusual this time around is that normally contracts maturing within a month have long since been closed out or rolled over into future months. Though only a small percentage of these maturing August contracts are likely to be delivered, there is a strong likelihood that deliveries in the next month will be much higher than usual. If this is developing, the move on this day to deliver so much gold against maturing July contracts may have been a ploy to create the image that available physical gold is plentiful.

Owners of August long contracts would need to state by July 30 whether they were going to close out (by selling their contract), roll over, or stand for delivery of their contracts. If the delivery option is selected, the contract must be fully paid by that day.

On July 30, a massive 367,716 ounces of gold (3.2 percent of all COMEX registered and eligible inventories) were reclassified from customer inventory to dealer inventories. The same day, JPMorgan Chase issued delivery notices of 368,500 ounces, virtually identical to the amount that was reclassified.

OR ET ARGENT EN BACKWARDATION

Gold and silver COMEX contract prices went into backwardation on July 23.
In normal commodity markets, the prices of future month contracts are higher than the current or “spot” month, typically by the amount of the interest rate and transaction costs. The standard condition is called contango. When the spot month price is higher than one or more future months, the market is said to be in backwardation. If spot month prices remain higher than the near future months for more than two or three days, that is a sign of a physical supply squeeze, which often foretells a near term rise in the price.

At the close on July 29, the COMEX July, August and September gold contracts settled at the exact same price. While not technically in backwardation, it is also not a normal contango market. The moves of COMEX gold inventories on July 28 and July 30 could be indicators of one or more of the following conditions:

• There is a supply squeeze where there just isn’t enough gold to meet delivery requirements; or,

• One or more dealers such as JPMorgan Chase may literally have no metal immediately available to meet delivery requirements; or,

• Much larger than normal amounts of gold will be withdrawn from COMEX warehouses in the next month.



These moves of COMEX gold inventories are the akin to the run on COMEX silver inventories since June 16. If both are happening at the same time, as I suspect, they will almost certainly result in much higher precious metals prices by September. Roughly two months ago, I thought there was a high probability for much higher gold and silver prices by the end of July. That did not happen. I think my conclusion as to the direction of the market is still valid, but the timing will take one to two months longer than I originally thought.

Another significant news development not covered by the mainstream American media:

On July 29, London’s Financial Times ran a story explaining what their researchers think was behind the huge gold swaps handled by the Bank for International Settlements this year.

The Financial Times reported that more than 10 banks based in Europe swapped gold to the BIS in order to obtain U.S. dollars. Among the participating banks named in the article are HSBC, Societe Generale, and BNP Paribas. Two central bank officials told the paper that the commercial banks needed the U.S. dollars to meet demands from depositors to withdraw funds from the dollar accounts. The article does not speculate why investors may want to liquidate their holdings of U.S. dollars, but I think the main reason is a concern about the future decline in the value of the dollar.

The article goes on to say that much of the gold used as collateral in the swap came from the unallocated accounts of private investors. Although these investors, in theory, own the gold in unallocated accounts, this gold is now subject to a prior claim by the BIS should the owners want to remove or sell their position. This very possibility is one of the reasons I have urged readers to close out their unallocated gold storage accounts and turn them into physical gold under their direct control. Other gold for the BIS swaps was leased from central banks in emerging nations.

These swaps emphasize what I have regularly stated – gold is a safe financial asset that is more desirable for collateral than any of the world’s currencies. The central banks may talk about this not being true, but their actions belie their words.

Here’s one story that did get mainstream media coverage:

The Houston Chronicle carried a recent story disclosing that the University of Texas Investment Management Co. had allocated $500 million to purchasing gold, nearly 3 percent of the university’s total investment fund of $22.3 billion. On Aug. 1, the Chronicle carried a story discussing the reasoning behind this change in investment direction. The first reason discussed was the growing U.S. debt crisis. UTIMCO’s CEO, Bruce Zimmerman, also mentioned fiscal and monetary stimulus programs as being a potential source of inflation, where gold would typically outperform other asset classes. About the growing federal budget deficit, the article even quoted former Federal Reserve Chair Alan Greenspan as saying, “Unless we start to come to grips with the long-term outlook, we are going to have major problems. I think we misunderstand the momentum of this deficit going forward.”

Source: the Numismaster

Jim Willie dans la même lettre du premier septembre livre de nombreuses informations sur ce Gold Swap de la BIS... mais...
bon, c'est une lettre confidentielle, on ne peut pas tout mettre en forum public

Quelques chiffres précis sur les livraisons de septembre:
1er Sept : 292 contrats silver soit 1,46 Moz
2 sept : 408 contrats silver soit 2,04 Moz
3 sept : 9 contrats silver soit ............... 45.000 onces
.
oui ! 45.000 onces .. Ces messieurs se vantent d'avoir 51,8 Millions d'onces dans leur entrepôt du Comex, ils devaient en livrer près 29%, ce qui n'est pas peu ... mais au moment de montrer la couleur de leur argent, le 3 septembre, ils ne peuvent montrer que le Millième des stocks annoncés ?

Le reste doit être du même acabit que l'Or de Fort Knox, qui désormais dans les livres de la Fed est intitulé: "Deep Storage Gold"

Les mines d'argent US vont devoir accélérer la cadence de production pour fournir ces messieurs du Comex, car le marché des pièces consomme la presque totalité de la production domestique.





Comme mentionné dans le post précédent, la semaine dernière, pour livrer 6,9 Moz, ils ont du en emprunter 2,3 Moz.
Comme le montre le graphe ci-dessous, il y a eu de sérieuses négociations fin août, le silver lease rate s'est brutalement envolé de 463%




Depuis que les dealers du Comex ont emprunté 2,3 millions d'onces d'Argent le 7 septembre, 548 contrats silver ont été demandé à la livraison, soit 2,24 Millions d'onces.
Rien qu'hier, lundi 13 septembre, 230 nouveaux contrats ont été ajoutés...

Il n'est pas étonnant que les cours marquent chaque jour de nouveaux plus hauts....
Les dealers cherchent désespérement 7,5 millions d'once d'Ag réels avant la fin du mois.


Le 7 septembre, Patrick Heller écrivait dans "Numismater" qu'il y avait un nouveau venu sur le marché du Silver, un conglomérat allemand. Ce nouveau venu fait des vagues, car il ne joue pas le jeu du Silver-papier ou électronique, il veut du physique.
Ach, ça ce n'est bas de jeu !

Personnellement, cette information me rappelle des rumeurs qui circulent depuis un an, d'une alliance entre l'Allemagne, les émirats et la Russie (ou était ce la Chine ? ) sur le marché des métaux précieux...

Citation :

Souvenez vous des informations reprises par le GATA en août 2009 sur l'Allemagne demandant le rapatriement de ses stocks d'or toujours "confiées" ou coincées aux Etats Unis.
Souvenez vous en mai 2009 de Dubaï cherchant à rapatrier son Or de Londres pour ouvrir le Dubai Multi Commodity Center ... Gold jusqu'alors gardienné par HSBC dans ses entrepôts de Londres.
(un des articles sur le sujet)
Souvenez vous de Hong Kong rapatriant son or jusqu'alors entreposé à Londres, c'était également en septembre dernier (l'un des articles) ...
Souvenez vous que cette livraison a été à l'origine de l'affaire des lingots fourrés au tungstène..

Souvenez vous que c'est aussi début septembre 2009 que la Chine a fait une campagne de communication officielle pour que les chinois investissent dans le Silver.

Le 9 septembre, le suisse Cash Guru écrivait que des gros Hedge Funds asiatiques avaient investi massivement dans le Silver du 25 au 27 août.
voir le graphique des volumes


Tout cela est il un raid concerté et mené avec une précision militaire, comme l'écrit Jim Willie ?
Est ce un délit d'initié sur la hausse immédiate des Métaux Précieux ?
... ou une bonne analyse technique, qui me semble évidente, d'une très violente jambe de hausse dans les semaines et mois à venir qui nous mènera à plus de 32$ l'once au printemps prochain?

L'analyse Elliottiste d'Alf Field revisitée par Menthalo sur le silver trouve un parfait écho ici sous la plume d'Israel Friedman, ami et mentor de Ted Butler.

Citation :

Price Points and the Coming Silver Squeeze
To define what I mean by shortage in silver, I say categorically that I’m not interested in the level of world inventories of silver, COMEX inventories and the guru’s stories. I am only interested to know if the users are receiving their shipments of silver on time. When a delay of silver shipments occurs, and affects most the users, I will consider this as a shortage.

Let’s see the stages of a shortage.
1) Pre-shortage
the users will have to wait 3 to 6 weeks extra for shipments.
Then the prices can rise to $20-30/oz.

2) Shortage
the users will wait an extra 6 weeks to 4 months for silver.
Then the prices can rise above the old all-time highs of $50/oz.

3) Super shortage
the users have to wait more than 4 months for their silver shipments.
The price will range from $100 to prices you won’t believe.

If this last scenario occurs, and gold has plenty of supply, the price of silver, at a minimum, will equal the price of gold. And my crystal ball tells me that silver can exceed the price of gold by a great deal.

You should be asking, how did I calculate the prices for the different stages?

silver 1000oz Comex Bar Stack_100x128My calculation is very conservative. I only take into consideration the future deficits between the producers and users, which is running currently at around 50 million ounces annually. I also take into consideration that private investors have 400 million ounces in bullion and coins that they will sell in some stages.

-In stage one, pre-shortage,
I think investors will be willing to sell 50 million ounces at a price between $20 to $30.

-Stage two, shortage,
investors will sell 200 million ounces between $30 and $100.

-And the remaining 150 million ounces will be sold in stage three, super shortage and the prices will be truly shocking.

These prices are very conservative, in my opinion, because they don’t take into consideration the naked shorts, new investments, or those banks worldwide that sold silver certificates without real silver backing, only derivatives backing.

Septembre va être chaud, mais décembre le sera plus encore ...
et nous ne sommes qu'au tout début de cette histoire

Silver Is Ready to Move to Centre Stage

2010 September 13



by James Turk

http://goldmoney.com/gold-research/silver-is-ready-to-move-to-centre-stage.html

Mise à jour des anomalies, voire des bizarreries du COMEX
où il semblerait que certains vendent à découvert du métal qu'il ne possèdent pas,
et livrent du métal qui ne leur appartient pas,
le métal des ETF dont ils sont les gardiens ...

à la fois gendarmes et voleurs ?

voici l'article de Argentum Aurum Precious Metal du 17 septembre

http://agaupm.com/

Citation :

Nothing Logical With Comex Gold And Silver Reports

Looked at fresh reports from Comex for gold and silver delivery notices, open interest contracts left to deliver, inventory of dealers and customers warehouses…
…and I’m coming up with numbers that don’t match even 2 days in a row.
.
For example in Comex gold reports:
- this week Comex issued already delivery notices to deliver 102 contracts (equaling 10,200 ounces of physical gold), yet open interest contracts (OI) instead of going down by this 102 contracts went UP by 61 contracts.
- in last 4 days total number of gold (OI + delivery notices contracts), also went UP by 148 contracts where normal would be that total would be the same.
- yesterday’s Comex gold inventory report claims 0 ounces of gold leaving Comex dealers warehouse BUT 1,608 ounces of gold being deposited at Comex customer warehouse.
From where have 1,608 ounces of gold being added – maybe from digital gold transactions of few mouse clicks that changed virtual zeros into ones and puff, we got 1,608 ounces of virtual gold?!?
Same magic is done with Comex silver since yesterday’s report say 0 silver being withdrawn from Comex dealers silver warehouse but magically 300,984 ounces of silver came to Comex customer silver warehouse.
.
I’d sure love to know how this trick is being done almost daily at Comex.
.
Hmm… maybe I could share with you my theory how they do it.
Either Comex dealers warehouse contain little or no physical silver at all OR they are getting physical silver from some other sources to cover their asses (for now).
Comex dealers like JP Morgan and HSBC are the ones owning huge paper short positions in gold and silver and are also custodians for GLD (HSBC) and SLV (JP Morgan).
What a conflict of interest when top manipulators (JP Morgan and HSBC) are paper shorting physical gold and silver (selling something they don’t have) and delivering gold and silver that they don’t own but store for others (GLD and SLV buyers).
This conflict of interest could be explained how this dealers are adding physical silver and gold to Comex customer warehouse (not from Comex dealers warehouse but directly from their vaults).
Since I can’t prove this, I’ll leave this as speculation from my side but this would explain why GLD and SLV are not obligated to deliver physical gold and silver to holders of GLD and SLV but can settle with paper money.
Like I said in my before posts – paper can handle everything but in real life price of gold (currently +2.9%) and silver (currently +5.3%) went UP this week.
Comex dealers days, doing hocus-pocus fraud tricks, are numbered.

sourceAgAuPM

Le Silver dans les starting blocks mais gare aux faux départs CT

Le silver vient de faire une belle poussée up depuis le 23 août, date à laquelle il touchait la limite inférieure du canal haussier.
Le triangle de compression de la semaine précédente sous la résistance à 19,8$, qui prenait appui sur la médiane de ce canal haussier montrait un mouvement évident pour la semaine qui vient de s'écouler.
En hebdo la similitude entre les bougies du mouvement de aout-septembre 2007 et celles de la même période en 2010, induisait cette poussée haussière.
L'hésitation de vendredi laissant une mèche haute, laisse planer un doute sur la poursuite immédiate de la hausse.

Regardons les cycles précédents, lorsque la résistance a été franchie.
2003 la phase de hausse démarre en Sept à 5,12 pour ne s'arrêter qu'à 8,29 en Avril 2004
2005 la phase de hausse démarre en Déc à 8,27 pour ne s'arrêter qu'à 14,85 en Mai 2006
2007 la phase de hausse démarre en Déc à 15,15 pour ne s'arrêter qu'à 20,76 en Mars 2008

2010 si nous avons franchi en séance la résistance de 20,76 vendredi, nous terminons la séance et la semaine en dessous à 20,74.
RIEN N'EST JOUE La jambe de hausse proprement dite n'a pas commencée.

Si on regarde les graphes en Daily, la bougie de vendredi évoque celle du 13 mai dernier qui avait été suivie d'une consolidation effaçant la hausse précédente.



Les investisseurs hésitent sur la résistance de 2008 et sur la médiane de la partie supérieure du canal haussier.

La tangente sup du haut du canal depuis nov 2008 est actuellement à 22,6
Celle du canal haussier LT nous attend au printemps vers 32-34$


Les commentaires des uns et des autres sélectionnés sur :

Citation :

Silver prices could be forming a bearish technical chart pattern and the market could be prime for profit-taking. John Person, president, National Futures.com, said on Friday silver prices formed a “Doji” pattern on Japanese candlestick technical chart work. That suggests indecision on the part of traders. In bull markets the gap between where prices open and close is wide, but Friday silver saw those prices close together. That signals less commitment by bulls, he said. Silver prices could pull back by $1 to $1.25 an ounce, with support at $19.50 “not out of the question,” Person said.

by Debbie Carlson de Kitko NewsKitco News

Citation :

Silver prices may run into chart resistance around $21 an ounce, says Commerzbank. Spot silver touched a high of $21.03 so far Friday, pulled along by gold. The metal was last at $21 in March 2008, when it peaked at $21.35, Commerzbank reports. “The closeness to this mark, a 30-year high, should attract further financial investors. It is therefore probably only a matter of time before this price level is reached,” Commerzbank says in a report early Friday. “That said, it is unlikely to advance beyond this mark very quickly because of the technical resistance to be expected.” At 8:32 EDT (1232 GMT), spot silver was up 9 cents to $20.89.

By Allen Sykora de Kitco News




Sur le fond, il faut renforcer en physique, encore et toujours.
Car nous sommes dans la phase 1 de pénurie de Friedman et entrerons mi ou fin 2011 dans la phase 2
J'y reviendrai très bientôt

n81
sur le TCT, pour ceux qui sont en turbo Call, soyez vigilants à prendre vos pv régulièrement.

Sur le fondamental...
Les dealers du Comex qui prétendaient avoir 51 Moz en entrepôts au 31 août, n'ont pas été capable de livrer l'Argent demandé par les acheteurs. Au 7 septembre, les dealers n'avaient que 4,6 Moz à livrer, 8,5% des stocks officiellement annoncés.
Ils avaient du emprunter 2,3 Moz. Il leur restait 7,72 Moz à livrer avant la fin septembre.
-
Aujourd'hui, au royaume d'UBU, les inventaires du COMEX ont augmenté, le Silver fantôme est passé de 51 Moz à 53,7 Moz en entrepôt.
Mais les dealers n'ont réussi à trouver que 801.277 onces supplémentaires en les empruntant Jeudi 16...
Ce qui a fait monter les taux d'emprunt Silver de banque à banque: le 1 mois a pris 45,2% et le 6 mois 80%
Il reste 6,9 Moz à livrer avant fin septembre, soit 10 jours de bourse.

Vendredi était un jour des 4 sorcières... il est important de noter que les Banksters n'ont réussi à faire baisser les cours qu'à 20,60.
Néanmoins, s'ils ont emprunté aux cours de jeudi, c'est qu'ils espèrent pouvoir en racheter plus bas à CT...
Ce n'est pas une nouveauté que ce marché est manipulé par le Silver-papier ou électronique, à grands coups de baguettes magiques.
...
La nouveauté, c'est que les investisseurs sortent de cette virtualité. -38% deux mois de suite sur le Marché de Londres
Les investisseurs veulent désormais du Physique... mais à Londres comme à NY, les entrepôts sont vides.

Les lecteurs de Jim Willie savent qu'il y a eu collusion entre grands banksters internationaux et notamment avec deux grandes banques françaises, dont les "comptes métaux" de particuliers ont récemment servis à un très gros swap international...
Le dernier Jim Willie évoque même un accord secret entre banquiers au pays du chocolat , un accord très inquiétant pour ceux qui auraient un compte-métal chez ces gens-là... suffisamment inquiétant pour que de très gros capitaux allemands aient fui vers Hong-Kong.
La Chine décidément devient le centre du Monde financier !

SLV a servi à plusieurs reprises à boucher les trous au moment des livraisons, ses stocks réels sont plus virtuels que jamais.

Le rapport de la BIS sur les dérivés dénonce que le Silver réellement produit par les mines en 2009, a été vendu 44 FOIS.

Quels seront les investisseurs possédant du physique, qui seront assez sots pour brader aujourd'hui leur Silver à 20$ l'once, quand il vaudra 50% de plus dans quelques mois...
Il nous reste à casser cette résistance qui bloque les cours depuis 2008 et qui a tenu la semaine dernière, puisque nous avons clôturé en dessous.

L'Or a clôturé la semaine dernière au dessus de sa résistance à 1265$, qui fait partie de la suite de Fibonacci et est donc essentielle.
Le Gold commence la semaine en fanfare avec un nouveau plus haut historique ce lundi en séance à 1283,43$

Voir la vidéo du dimanche 19 septembre Jim Willie, invité de Max Keiser, qui rend public les diverses révélations de sa lettre confidentielle
Suivez le lien
Vous noterez qu'il cite une information, datant de la veille, de l'un de ses insiders, disant que tout est en train de craquer.

pour Menthalo et parceque ton texte ambigu induit en erreurs certains de nos lecteurs

Citation :

Menthalo

Vendredi était un jour des 4 sorcières... il est important de noter que les Banksters n'ont réussi à faire baisser les cours qu'à 20,60.
Néanmoins, s'ils ont emprunté aux cours de jeudi, c'est qu'ils espèrent pouvoir en racheter plus bas à CT...
Ce n'est pas une nouveauté que ce marché est manipulé par le Silver-papier ou électronique, à grands coups de baguettes magiques.

je rappelle donc pour une nème fois que :

les 4 sorcières est une journée d'expiration ( tjs un vendredi et selon un calendrier précis) aux usa
-des options sur actions, indices
-et futures ( contrats à terme ) actions et indices,

et n'a strictement rien à voir avec la cloture des options gold et silver, ( qui était le lundi 27 sept ), pas plus qu'avec l'expiration des futures gold ou silver .. et qui s'est d'ailleurs passée sans encombre .. le cartel ayant échoué ds ses tentatives de faire baisser sensiblement les options, pour la cloture

http://fr.wikipedia.org/wiki/Jour_des_quatre_sorci%C3%A8res

tout simplement parceque gold et silver sont des commodities ( mat 1eres ) et pas des indices ou des actions... et que le calendrier est donc totalement différent

pour mémo, calendrier des dates des 3 et 4 "sorcières" dont la dernière était le 17-09 et la prochaine le 15 octobre 2010

http://www.lobourse.com/sorcieres.php


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

mais passons à l'essentiel ==> des nouvelles du front ......

et cette fois ci essentiellement sur le gold ..
d'après les relevés d'Adrian Douglas, HSBC est salement dans la mouise, puisque sur les 5237 ( 523.700 onces ) avis de livraison pour le contrat gold d'octobre , c'est lui qui en a émis la quasi totalité, à l'exception de 25 contrats
en clair, c'est hsbc et seulement hsbc qui doit livrer ces 523.700 onces pour le contrat octobre
en clair et pour gold, hsbc serait la seule bullion bank à shorter .. ça c'est une news !

www.lemetropolecafe.com

COMEX Warehouse Stocks Sep 29, 2010
SILVER
ZERO ozs withdrawn from the dealer’s (registered) inventory
173,259 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 54.38 Mozs
Total customer inventory 56.35 Mozs
Combined Total 110.73 Mozs
GOLD
ZERO ozs withdrawn from the dealers (registered) category
65,182 ozs deposited in the customer (eligible) category
Total dealer inventory 2.89 Mozs
Total customer inventory 8.00 Mozs
Combined Total 10.89 Mozs
There were a hefty 65Kozs of gold deposited in the customer inventory. In silver there were once again massive movements. 0.17 Mozs were withdrawn from the customer inventory while there was an internal transfer of 0.6 Mozs from the customer inventory to the dealer inventory by way of an internal "adjustment". The physical market remains very tight as evidenced by the perpetual large shuffling of ounces.
There were 0 delivery notices issued in the SEP gold contract. The SEP gold delivery notice total for the month is 648 notices or 64,800 ozs.
There were 0 delivery notices issued in the SEP silver contract. The total delivery notices for the month in silver stand at 2,510 or 12.6 Mozs. It is intriguing that there were no delivery notices because there were 29 contracts open yesterday and today is last delivery notice day; talk about going down to the wire for issuance! It now appears the final amount that stood for delivery was 12.7 Mozs or 24% of the dealer inventory. We will see how much leaves the warehouse.
We now turn our attention to the OCT contract. In gold there are 11,503 contracts of open interest. This suggests there are 1.15 Mozs standing for delivery. If that is the case the Comex registered warehouse inventory is going to be heavily depleted. Watch this space.
Cheers
Adrian

toujours et encore des pbs sur les avis de livraison silver

******************
COMEX Warehouse Stocks Sep 30, 2010

SILVER
ZERO ozs withdrawn from the dealer’s (registered) inventory
336,752 ozs deposited in the customer (eligible) inventory
Total dealer inventory 53.87 Mozs
Total customer inventory 57.20 Mozs
Combined Total 111.07 Mozs
GOLD
5,000 ozs deposited in the dealers (registered) category
ZERO ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.89 Mozs
Total customer inventory 8.00 Mozs
Combined Total 10.89 Mozs
There were 5Kozs of gold deposited in the customer inventory. In silver there were once again massive movements. 0.33 Mozs were deposited in the customer inventory while there was an internal transfer of 0.5 Mozs from the dealer inventory to the customer inventory by way of an internal “adjustment” which is most likely related to the SEP deliveries.
There were 5,237 delivery notices issued in the OCT gold contract. The OCT gold delivery notice total for the month is 5,237 notices or 523,700 ozs. Who is going to provide such a large amount of gold? HSBC issued 5,350 delivery notices (the entire issuance except 25 notices!) and they stopped 54. If you had any doubts as to who are the mega-shorts in gold then look no further. JPM issued none and stopped 2,977 and Deutsche Bank issued none and stopped 1,482. I smell a rat that HSBC is 100% on the sell side and DB and JPM are 100% on the buy side! How is that possible? Does HSBC advertize in the WSJ “Come and trade gold futures at HSBC…but we only accept short sales. If you want to be long then open an account with JPM or Deutsche Bank”? It would seem this is only possible if they are trading for their own account. Where is the CFTC?
There were 21 delivery notices issued in the OCT silver contract. The total delivery notices for the month in silver stand at 21 or 0.1 Mozs. JPM issued 19 and stopped none while BNS issued none and stopped 21. Well what do you know? What a coincidence that two bullion banks are on either side of the trade in silver too!
The Open Interest in OCT gold is 6,521 contracts. Together with the issued delivery notices this suggests that the total amount standing for delivery could be 1.17 Mozs or 41% of the dealer inventory.
Cheers
Adrian