by Harvey Organ, Harvey Organ Blog:

SILVER IS UP 16 CENTS TO $16.77/LIBOR RISES FOR THE 44TH CONSECUTIVE DAY AS DOLLARS IN EUROPE AND ASIA DISAPPEAR/IRAN IN PANIC AS THEY CANNOT FIND DOLLARS/TRUMP AND RUSSIA READY TO FACE OFF WITH EACH OTHER OVER SYRIA

GOLD: $1356.35 UP $13.85 (COMEX TO COMEX CLOSINGS)

Silver: $16.77 UP 16 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1353.40

silver: $16.67

For comex gold:

APRIL/

NUMBER OF NOTICES FILED TODAY FOR APRIL CONTRACT:0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR 657 FOR 65700 OZ (2.043 tonnes)

THE COMEX IS OUT OF GOLD

For silver:

APRIL

121 NOTICE(S) FILED TODAY FOR
605,000 OZ/
Total number of notices filed so far this month: 140 for 700,000 oz

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Bitcoin: BID $6795/OFFER $6895: up $16(morning)
Bitcoin: BID/ $6863/offer $6962: up $79 (CLOSING/5 PM)

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Let us have a look at the data for today

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In silver, the total open interest SURPRISINGLY FELL AGAIN BY A HUGE 8504 contracts from 235,354 FALLING TO 227,175 DESPITE YESTERDAY’S 8 CENT RISE IN SILVER PRICING. . WE AGAIN HAD CONSIDERABLE COMEX LIQUIDATION. BUT DUE TO THE RISE IN PRICE, WE MUST HAVE WITNESSED CONSIDERABLE COMEX SHORT COVERING BY OUR BANKERS AS THEY HAVE NOW CAPITULATED AND WE SHOULD START TO SEE SILVER MOVE ON A HUGE NORTHERLY TRAJECTORY. WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER HUMONGOUS SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 4179 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 4179 CONTRACTS. WITH THE TRANSFER OF 4179 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 4179 CONTRACTS TRANSLATES INTO 20.895 MILLION OZ ON TOP OF THE FALL IN OPEN INTEREST IN SILVER AT THE COMEX AND THE STRONG AMOUNT OF SILVER OUNCES STANDING FOR APRIL COMEX DELIVERY.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF APRIL:

19,740 CONTRACTS (FOR 8 TRADING DAYS TOTAL 19,740 CONTRACTS) OR 98.700 MILLION OZ: AVERAGE PER DAY: 2468 CONTRACTS OR 12.338 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 98.700 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.10% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 817.195 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR FEB 2018: 244.95 MILLION OZ

ACCUMULATION FOR MARCH 2018: 236.67 MILLION OZ

RESULT: WE HAD A HUGE SIZED LOSS IN COMEX OI SILVER COMEX OF 8504 WITH THE DESPITE THE 12 CENT RISE IN SILVER PRICE. WE MUST HAVE HAD CONSIDERABLE SHORTCOVERING BY THE BANKERS. WE ALSO HAD ANOTHER STRONG SIZED EFP ISSUANCE OF 4179 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 4179 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE LOST A CONSIDERABLE 4325 OI CONTRACTS ON THE TWO EXCHANGES: i.e. 4179 open interest contracts headed for London (EFP’s) TOGETHER WITH AN DECREASE OF 8504 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.60 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY IN THIS NON ACTIVE APRIL DELIVERY MONTH.

In ounces AT THE COMEX, the OI is still represented by WELL OVER 1 BILLION oz i.e. 1.136 BILLION TO BE EXACT or 162% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT APRIL MONTH/ THEY FILED: 4 NOTICE(S) FOR 20,000 OZ OF SILVER

IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51 WITH TRADING ON APRIL 9.2018.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
HUGE OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION
AND YET WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT). IT ALSO LOOKS LIKE BANKER CAPITULATION IN SILVER AS THEY STRUGGLE TO REMOVE SOME OF THEIR HUGE OBLIGATIONS.

In gold, the open interest ROSE BY A CONSIDERABLE SIZED 5719 CONTRACTS UP TO 499,588 WITH THE GOOD SIZED GAIN IN PRICE/YESTERDAY’S TRADING ( GAIN OF $5.25). WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL. THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 5003 CONTRACTS : JUNE SAW THE ISSUANCE OF 5003 CONTRACTS AND ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 499,588. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD OI GAIN IN CONTRACTS ON THE TWO EXCHANGES: 5719 OI CONTRACTS INCREASED AT THE COMEX AND A FAIR SIZED 5003 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 10,722 CONTRACTS OR 1,072,200 OZ =33.34 TONNES

YESTERDAY, WE HAD 5634 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 72,179 CONTRACTS OR 7,217,900 OZ OR 224.50 TONNES (8 TRADING DAYS AND THUS AVERAGING: 9022 EFP CONTRACTS PER TRADING DAY OR 902,200 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 8 TRADING DAYS IN TONNES: 224.50 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 224.50/2550 x 100% TONNES = 8.80% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.*** THE ACCUMULATION OF EFP CONTRACTS IS RISING PER MONTH.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 2268.98 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY 2018: 649.45 TONNES

ACCUMULATION OF GOLD EFP’S FOR MARCH 2018: 741.89 TONNES

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX WITH THE GAIN IN PRICE IN GOLD TRADING YESTERDAY ($5.25 GAIN). WE HAD A VERY LARGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5003 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 5003 EFP CONTRACTS ISSUED, WE HAD A GOOD NET GAIN IN OPEN INTEREST OF 10,722 contracts ON THE TWO EXCHANGES:

5003 CONTRACTS MOVE TO LONDON AND 5719 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 37.449 TONNES).

we had: 3 notice(s) filed upon for 300 oz of gold at the comex.

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With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD UP $13.85 : WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD/

Inventory rests tonight: 859.99 tonnes.

SLV/

WITH SILVER UP 16 CENTS TODAY: NO CHANGES/

/INVENTORY RESTS AT 320.196 MILLION OZ/

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First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY A CONSIDERABLE 8504 CONTRACTS from 235,679 DOWN TO 227,175 (AND AWAY FROM THE NEW COMEX RECORD SET YESTERDAY/APRIL 9/2017). THE PREVIOUS RECORD OTHER THAN WAS ESTABLISHED AT: 234,787, SET ON APRIL 21.2017 ALMOST ONE YEAR AGO. THE PRICE OF SILVER ON THAT DAY: $17.89.

TODAY’S TRADING WITH THE RATHER LARGE COMEX LOSS OF CONTRACTS, SURPRISINGLY OCCURRED AGAIN WITH THE RISE IN PRICE OF SILVER (8 CENTS//). THUS FOR TWO STRAIGHT DAYS WE MUST HAVE HAD SOME CONSIDERABLE BANKER SHORT COVERING. OUR BANKERS ALSO USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 4179 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD AGAIN ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI LOSS AT THE COMEX OF 8504 CONTRACTS TO THE 4179 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE LOSS OF 4325 OPEN INTEREST CONTRACTS AND THAT NO DOUBT WAS OUR BANKER SHORTCOVERING. WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN APRIL (SEE BELOW). THE NET LESS IN OI TODAY IN OZ ON THE TWO EXCHANGES: 21.625 MILLION OZ!!!

RESULT: A LARGE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE RISE IN SILVER PRICING / YESTERDAY (8 CENTS/BANKER SHORTCOVERING) . BUT WE ALSO HAD ANOTHER VERY GOOD SIZED 4179 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR APRIL, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS
i)WEDNESDAY MORNING/TUESDAY NIGHT: Shanghai closed UP 17.76 POINTS OR 0.56% /Hang Sang CLOSED UP 168.97 POINTS OR 0.55% / The Nikkei closed DOWN 107.22 POINTS OR 0.49%/Australia’s all ordinaires CLOSED DOWN .44% /Chinese yuan (ONSHORE) closed UP at 6.2870/Oil UP to 66.31 dollars per barrel for WTI and 71.67 for Brent. Stocks in Europe OPENED IN THE GREEN . ONSHORE YUAN CLOSED UP AT 6.2934 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.2854 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR /CHINA RETALIATES WITH TARIFFS/ TRUMP RESPONDS TO NEW TARIFFS AND IT NOW LOOKS LIKE A FULL TRADE WAR IS BEGINNING/

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