On the heels of an explosive mid-week surge in the price of gold and continued weakness in the US dollar, today the man who predicted the massive mid-week spike in gold ahead of time warned King World News that the West is now collapsing. London metals trader Andrew Maguire also spoke with KWN about what…
Silver manipulation – a lot has been written about the subject, not many have grasped how it works exactly. The age of algorhythm trading (best known as High Frequency Trading, or HFT) allows for manipulative tricks to be rolled out in a very clever way. The “intuitive” way to manipulate the price of a commodity to the downside is…
On the heels of Washington desperately moving to buy more time to deal with its financial crisis, today Canadian legend John Ing warned King World News that China is preparing to unleash the “worst nightmare” for the United States. Ing, who has been in the business for 43 years, also stated that the Chinese are about…
In the aftermath of another takedown in gold and silver, today the man who predicted this downside action ahead of time told King World News “There is absolutely no question that we are now very much in the end game.” William Kaye, who is one of the savviest and most well-connected hedge fund managers in…
With an eerie calmness in global markets, even with the continued chaos in Washington, today a man who has been trading major markets for over four decades told King World News, “Western manipulators are going to be crushed by the growing tidal wave of physical gold demand.” He also spoke about the incredible and historic…
Gold ended lower Friday for a fourth straight day, its sixth loss in seven sessions, and closed at its lowest price in three months. From a week ago, prices tumbled 3.2%. On Friday, gold for December delivery fell $28.70, or 2.2%, to settle at $1,268.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price…
It was precisely a month ago when, in “Vicious Gold Slamdown Breaks Gold Market For 20 Seconds [5]” we wrote: There was a time when, if selling a sizable amount of a security, one tried to get the best execution price and not alert the buyers comprising the bid stack that there is (substantial) volume for…
On the heels of a plunge in the price of gold and silver, today London metals trader Andrew Maguire spoke with King World News about the takedown in gold and silver, and he told KWN the “Vampire Squid” is very busy in the gold market. He also spoke about what is taking place in the…
On the heels of tremendous volatility in key global markets, today a 42-year market veteran warned King World News that there is something incredibly important which investors absolutely must be aware of in case there is a “catastrophic event.” Hathaway, who is one of the most respected institutional minds in the world today when it…
Last week was a fairly quiet week in terms of COMEX gold inventories, but that quietness was broken by an extremely large withdrawal of over 160,000 on one day, which led to a large fall in total gold inventories for the week. This week the quietness returned and the only major thing to note was a large transfer of gold from eligible to registered status, though we did hit a new cyclical low for total COMEX gold inventories and we are currently at 2005 levels of inventories.
Keeping track of COMEX inventories is something that is recommended for all serious investors who own physical gold and the gold ETFs (GLD,PHYS, and CEF) because any abnormal inventory declines may signify extraordinary events behind the scenes that would ultimately affect the gold price.
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Source: http://www.sharelynx.com
We will take a closer look at these numbers, but let us first explain the COMEX a little more for investors who are unfamiliar with it.
Introduction to COMEX Warehousing
COMEX is an exchange that offers metal warehousing and storage options for its clients. The list of their silver warehouses can be foundhere and their gold warehouses can be found here. In the case of silver and gold, the metal is stored at these official warehouses on behalf of banks and their clients and can be used to settle futures contracts, transferred between clients, or withdrawn from the warehouse. This offers large holders of precious metals a convenient way to store their metal with minimal storage fees – very convenient indeed if you hold large amounts of gold or silver and you don’t want to store them in your basement.
Silver and gold stored in these warehouses can fall into two categories: Eligible and Registered.
Eligible metals are those that conform to the exchange’s requirements of size (1000 ounce bars for silver and 100 ounce bars for gold), purity, and refined by an exchange approved refiner. Eligible metals are stored at COMEX warehouses on behalf of banks or private parties, but are not available for delivery for a futures contract.
Registered metals are similar to eligible metals except that these metals are also available for delivery to settle a futures contract. COMEX issues a daily report on gold, silver, copper, platinum, and palladium stocks, which lists all the metal that is currently stored in COMEX warehouses and how much eligible and registered metal is present.
This information allows investors insight into how much metal is currently backing COMEX futures contracts, what large gold and silver owners are doing with their metals, and how many clients are requesting delivery of their metals. There is a lot more to glean from this information but for the purpose of this article we will focus on the gold drawdown.
This Week’s Changes: Large Transfer Increases Registered Gold While Total Gold Continues to Drop
Let us now take a deeper look at the gold draw-downs being seen in the COMEX warehouses.
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Last week we saw a large transfer of eligible gold to registered status (making it eligible for delivery) in the JPMorgan warehouse, but total gold held at COMEX warehouses continued to fall for the week and ended the week 7,665 ounces lower.
Registered gold increased by a large amount for the week because of this transfer but, as investors can see in the chart below, the long-term view is this was merely a blip in a continuing decline of registered gold inventories.
Read the full article at Seeking Alpha
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01 OCTOBER 2013 Jesse’s Cafe Americain ‘O sir, to willful men, The injuries that they themselves procure Must be their schoolmasters.” William Shakespeare, King Lear There were 3,215 ounces of gold bullion taken out of the HSBC warehouse. The JPM warehouse had 7,143 ounces changed from deliverable to eligible. Perhaps the price action freed up some…
Odd that the mainstream media is not discussing the 4% spike in precious metals this morning as vociferously as they discussed the imminent demise of gold and silver yesterday. With stocks having given back all the Shutdown gains, gold and silver prices are surging higher retracing all yesterday’s losses as Treasury yields fall and the USD weakens…
Published on Oct 1, 2013
http://usawatchdog.com/david-morgan-m… David Morgan of Silver-Investor.com thinks a financial calamity is on its way. Morgan predicts, “I do not see hyperinflation, I see more disruption or currency crisis. You don’t have to have hyperinflation to have a currency crisis.” Even though Morgan doesn’t see hyperinflation, he contends gold and silver prices will head much higher. He sees the true price of gold right now “between $5,000 and $7,000 an ounce” and silver at “$100 per ounce.” Morgan predicts, “I think there is going to be a day in the future that you just can’t get it. The only monetary asset outside of counter-party risk is physical gold and silver.” Join Greg Hunter as he goes One-on-One with precious metals expert David Morgan.
