Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
The Crime of the Century!


 -- Published: Friday, 23 October 2015 | Print  | Disqus 

We will no doubt look back upon the current era as the "crime of the century" for so many different reasons.  Actually, current times represent the worst financial crimes of ALL TIME!  The various crimes and how they are operated are too numerous to list and would probably fill a three volume set of books, let's concentrate on just one.  Central to everything is the U.S. issuing the global reserve currency by fiat knowing full well it truly means "non payment".  The absolute cornerstone to the dollar retaining confidence and thus value has been the suppression of the price of gold.


  Before getting to specifically what I'd like to point out, let's look at a couple common sense points which beg questions.  How is it China has been importing 2,400 tons of gold over the past two and a half years without any upward push to the gold price?  This amount equals almost EXACTLY the TOTAL amount of gold mined annually around the world!  How is it possible that ALL production has been purchased by China and yet the price goes down?  The answer of course is quite simple unless you purposely close your eyes or disingenuously "apologize". 


   The argument from the apologists is that "traders" on COMEX and LBMA believe gold will go lower so they are sellers and this is where the downward pressure has come from.  You as a reader already know that much of the "selling" is done at midnight (or off hours) in the U.S. which is the lunch break in Asia, China specifically.  The massive selling (as much as total global production in less than two trading days) has usually taken place during off hours when the volume is lightest and price moves the most, especially with any significant volume.  The result has been gold now trades at or very near the cost of production and silver well below production costs.  None of this is new, only a refresher.  The reaction in the actual physical markets is backwardation, premiums over spot prices and actual shortages.  Put simply, low price has brought out additional physical demand.


   To the point, the following is a snapshot of inventory movement (or the lack of) within the COMEX gold vaults this month:
 

Initial standings

Oct 21/2015

Gold

Ounces

Withdrawals from Dealers Inventory in oz

  nil

Withdrawals from Customer Inventory in oz  nil

 nil

Deposits to the Dealer Inventory in oz

nil

Deposits to the Customer Inventory, in oz 

nil

No of oz served (contracts) today

13 contracts
1300 oz 

No of oz to be served (notices)

650 contract (65,000  oz)

Total monthly oz gold served (contracts) so far this month

364 contracts
 

36,400 oz

Total accumulative withdrawals  of gold from the Dealers inventory this month

  nil

Total accumulative withdrawal of gold from the Customer inventory this month

184,991.8  oz

  

Only 185,000 ounces have been withdrawn from the customer (eligible) accounts and ZERO from the dealer (registered) accounts.  What is not shown is there have been ZERO dealer deposits and ONLY TWO customer deposits in all month.  One of 32,150 ounces and another of just over 300 ounces for the entire month!  It is clear the large entry was a "kilo" deposit of one ton even though COMEX deals, quotes and supposedly delivers in ounces.   

 

  Why is this interesting you ask?  Because at the beginning of the month there were over 10 tons worth of contracts standing for delivery with dealers only having just over 5 tons available to deliver.  This figure has now dropped to about 3 tons standing ...but the amount of registered gold for delivery is right where it was at the beginning of the month?  How could this be if gold has been delivered?  Is there a "secret stash" where gold is being delivered from or has "settlement" occurred using cash?

 

  I have my own idea as to why no gold at all has entered the dealer's vaults, it is a symptom of the disease.  If gold was so plentiful we should have seen all sorts of movements of gold into dealer accounts to support deliveries, we have seen none, zero, NADA!  Remember, October is an active delivery month which originally had over 10 tons standing for delivery versus 5+ tons available.  If we go out to Dec., this contract has open interest representing some 11+ million ounces ... while dealers claim only 182,000 to deliver! 

 

  Yes, yes, the open interest ALWAYS collapses and delivery "always gets made".  But doesn't it seem strange to you that a market with less than $200 million worth of inventory is the pricing to a $5 trillion monetary asset?  In comparison, a single ranch in Texas just got sold for nearly 4 times the size of what COMEX claims they have available for delivery.  It used to be the tail was wagging the dog.  Now, COMEX inventory has been bled down so far it can be said just a few hairs on the tail is wagging the dog!

 

  Surely I will receive comments like "this will go on forever" or "don't worry, nothing ever comes of these delivery months".  It should be pointed out, as it stands right now a single trade of 1,820 contracts represents the entire deliverable inventory and we have seen on multiple occasions where 3,000-6,000 contracts have been sold (in one trade) to collapse the price.  I ask, how does COMEX keep this in the box when something very "REAL" happens?  "Real" meaning a mere push of our financial system by China?  Or a military shove by Russia?  Or something as simple as a "truth bomb" being released on the American public?  Can an inventory of less than $200 million fiat dollars make good and keep hidden the core crime to the crime of the century?  Is this why China is moving toward a physical exchange?  Once they "take it out ...they will take it up"!

 

Standing watch,

 

Bill Holter

Holter-Sinclair collaboration

Comments welcome, bholter@hotmail.com


| Digg This Article
 -- Published: Friday, 23 October 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.