The CME Daily Delivery Report showed that 5 gold a

first_img The CME Daily Delivery Report showed that 5 gold and 149 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday.  The biggest short/issuer was Jefferies with 147 contracts—and there were about a dozen long/stoppers—and you can take a look at yesterday’s Issuers and Stoppers Report linked here, if you wish to see the list.  The CME Preliminary Report for the Friday trading session showed that 24 gold and 403 silver contracts are still open in the September contract—and don’t forget to subtract the figures in the previous paragraph to get the up-to-date number. There was a withdrawal from GLD yesterday.  This time it was 250,032 troy ounces—8 metric tonnes of the stuff.  And as of 1:18 a.m. EDT this morning, there were no reported changes in SLV. The U.S. Mint had a sales report.  They sold 2,000 troy ounces of gold eagles—500 one-ounce 24K gold buffaloes—and 100,000 silver eagles. Month-to-date the mint has sold 39,500 troy ounces of gold eagles—8,000 one-ounce 24K gold buffaloes—1,760,000 silver eagles—and 400 platinum eagles.  Based on these sales numbers, the silver/gold ratio for the month stands at 37 to 1. There was a very decent amount of gold shipped out of the Comex-approved depositories on Thursday—160,755 troy ounces to be exact—with virtually all of it coming out of Canada’s Scotiabank.  Nothing was reported received—and the link to that activity is here. In silver, it was almost the same thing, as 282,291 troy ounces were shipped out—and with the exception of a few thousand ounces, it came out of Scotiabank as well.  Nothing was reported received there, either—and the link to that activity is here. Here’s a very sad looking 5-year silver chart—and what it shows is that the closing price on Friday was the lowest in four year—and it takes us all the way back to the beginning of the runaway bull market in silver in September of 2010.  All the gains in the interim have vanished thanks to JPMorgan et al. Sponsor Advertisement The first photo is of an osprey that reader Mark O’Brien sent me yesterday.  We met at the Casey Conference here in San Antonio—and he’s provided a photo for us before—and this one is certainly worth sharing as well.  The second is an echidna that Nick Laird found wandering around his yard—and since most won’t have the foggiest idea of what they are, it’s worth posting as well. But looking forward as I did several times last week, we should now only concern ourselves with how da boyz react when the technical funds begin to cover as the next rally commences.  Will they let the tech funds off easy like they did last time, or will this time be different?  Stay tuned. I’m done for the day—and the week. I’ll be here on Tuesday, but that report will be brief as well, as Monday is a travel day—and I get back into Edmonton in the evening. Since the 20th of the month fell on a weekend, the good folks over at The Central Bank of the Russian Federation updated their website with August’s data yesterday.  It showed that they increased their physical gold reserves by another 300,000 troy ounces during that period—and they now hold 35.8 million troy ounces in their reserves.  Here’s Nick’s most excellent chart showing that change. Brad Robertson sent us the 5-minute tick gold chart once again—and you can see the big volume spike that occurred at 10:45 a.m. in New York, which shows as 8:45 a.m.MDT on this chart.  The big volume spike was on the secondary low, not the absolute low. The gold stocks opened down a bit—and continued lower, hitting their low tick a few minutes before 2 p.m. EDT, which more or less coincided with the low tick in gold.  The HUI closed down another 1.69%. The Commitment of Traders Report, for positions held at the close of Comex trading on Tuesday, was pretty much in line with the expectations that both Ted Butler and I had. The Commercial net short position in silver fell by 6,394 contracts, or 32.0 million troy ounces.  The Commercial net short position is now down to 117.8 million troy ounces, which is still shy of its low back in late May/early June.  The managed money long selling/short buying accounted for 5,925 contracts of the decline during the reporting week.  Ted pegs JPMorgan’s short-side corner in the Comex gold market at 13,000 contracts, down a thousand from the prior week’s report. The Commercial net short position in gold dropped by 21,712 contracts or 2.17 million ounces—and the new and improved Commercial net short position now stands at 7.62 million troy ounces.  The Managed Money in the technical fund category accounted for 19,912 contracts of the total amount.  As Ted Butler says, it’s the Commercial traders running the Managed Money up and down through the moving averages that is determining the price, which they do for fun, profit—and price management purposes.  Supply and demand fundamentals no longer matter.  Ted says that JPMorgan’s long-side corner in the Comex gold market was unchanged at 25,000 contracts, or 2.5 million ounces, compared to the prior week’s report. And, without doubt, there has been massive improvement since the Tuesday cut-off.  Of course we’ll have to wait until next Friday’s report before we see how much it was. Here’s Nick Laird’s “Day of World Production to Cover Comex Short Positions” of the 4 and 8 largest traders in all physical commodities traded on the Comex.  Three of the four precious metals are still permanently pinned to the right-hand side of this chart—and gold would be there as well, except for JPMorgan’s long-side corner in that metal. After the obligatory down tick at the 6 p.m. open in New York on Thursday evening, the silver price never got a sniff of positive territory after that—and followed almost an identical path to gold except for the fact that the HFT boyz and their algorithms really put the boots to the technical funds, as they closed silver just off its low tick of the day. The high and low were recorded as $18.595 and $17.78 in the December contract. Silver closed in New York yesterday at $17.79 spot, down a whopping 73 cents from Thursday’s close.  Net volume was very heavy at 64,000 contracts.last_img

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