Koos Jansen
BullionStar Blogs
Koos Jansen
Posted on 31 Mar 2014 by

West to East Gold Exodus In Full Swing

Chinese gold demand remains extraordinary robust in 2014. Last week (17-03-2014/21-03-2014) wholesale demand, aka SGE withdrawals, was 36 metric tonnes, year to date demand is 523 tonnes.

This is a screen shot from the weekly Chinese SGE trade report; the second number from the left (blue – 本周交割量) is weekly gold withdrawn from the vaults in Kg, the second number from the right (green – 累计交割量) is the total YTD.  

SGE withdrawals week 12 2014

 

Of course the big question is; where on earth is this gold coming from? Let’s have a look at global trade numbers published so far this year to shine some light on this mystery. As I have written about in 2013, the main gold vein that supplied China ran from the UK, through Switzerland, through Hong Kong eventually reaching the mainland. As we all know China mainland doesn’t disclose its gold trade numbers, but the other countries do (to a certain extent, monetary gold is usually not disclosed).

The Physical Gold Distribution From West To East

The UK net exported 1425 metric tonnes in total in 2013. The peak was in May, 338 tonnes were net exported to meet demand in the east after the drop in the price of gold in April, whereafter UK gold export somewhat slowed. Chinese demand came down from unprecedented highs in April, but remained robust throughout 2013. UK gold export and Chinese demand were correlated during last year.

Around new year and the Chinese Lunar year demand for gold in the mainland picked up again as we can see in the chart below (and as I have reported herehere and here).

SGE withdrawals 2014 week 12

Now the global trade numbers from that period are released we again see matching trends in global gold trade and Chinese demand (/SGE withdrawals). In January 2014 there was a steep increase in UK’s net gold export; 143 tonnes in total, 118 tonnes were net exported to Switzerland and 33 tonnes net to Hong Kong.

UK Gold Trade 2008-2014 01-14

What a surprise, there is still gold left in the London vaults. Most analyst thought these vaults were practically empty at the end of 2013. Like Kenneth Hoffman, who stated in December 2013 on Bloomberg TV that the London gold vaults were virtually empty. All gold was exported to Switzerland, remelted into kilobars and sent to China. He also stated: The most interesting thing is, as we look into 2014, if there ever is interest in gold again, that gold is just not there anymore. Well guess what, there is interest in gold again, coming from China. And doesn’t seem to stop at these prices.

Another reason why analysts thought the UK wouldn’t be coughing up more physical gold was because GLD inventory stopped falling since the beginning of January. After being drained for 552 tonnes in 2013, year to date GLD is up 22 tonnes.

GLD gold inventory

A Gift From Switzerland 

Since January the Swiss Customs Department decided to change the way they disclose their gold trade numbers. Previously they only disclosed total gold and silver trade numbers, now they break it down per country. This gives us gold analysts very valuable insights. A pleasant side-effect is that the Swiss publish their data much sooner than all others.

Switzerland gold trade January February 2014

In total Switzerland gross imported 477 metric tonnes of gold in first two months of 2014. The biggest supplier was the UK, smaller ones were Brazil, Burkina Faso, Chile, Peru, Russia, South Africa and the US. Total Swiss gross gold export over this period accounted for 400 metric tonnes.

A we can see from the chart not only did the UK net exported 118 tonnes to Switzerland in January, in February another 114 tonnes were shipped to the Alps. In two months the Brits net exported 232 metric tonnes to Switzerland, while GLD inventory was up! What Keynesian is still selling in the UK? Or more important, how much is there left to sell? There are probably a few thousand tonnes left in the vaults of the Bank of England, but that’s all owned by foreign nations.

As we heard from the biggest Swiss refinery in December 2013, they were having a very hard time throughout 2013 sourcing the gold for demand from China. An event that never happened in the last 37 years, according to the managing director of this refinery. Yet, in February the Brits shipped 114 tonnes to Switzerland. Anybody who knows the seller please comment below.

Also worth noting; in January Switzerland net exported 12 tonnes to China and 85 tonnes to Hong Kong. In February net export to China accounted for 37 tonnes and to Hong Kong 98 tonnes. Coming months will point out if this change, direct exporting to China bypassing Hong Kong, will become a trend.

Reaching Asia

In January Hong Kong net imported more gold than they net exported to the mainland. The Special Administrative Region net imported a staggering 114 metric tonnes (some of this gold is smuggled into the mainland in jewelry form by mainland tourist, please read at the end of this post), while they only net exported 89 tonnes to the mainland.

Hong Kong gold trade 1-2014

Hong Kong - China gold trade 1-2014

Hong Kong - China gold trade monthly 1-2014

If we gather all the data we have from January we must conclude that although the main gold vein is still in full swing, it’s not enough to supply the Shanghai Gold Exchange. SGE withdrawals in January accounted for 246 tonnes.

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This is a screen shot from the monthly Chinese SGE trade report; the second number from the left (blue – 月交割量 ) is monthly gold withdrawn from the SGE vaults in Kg.

SGE withdrawals january 2014

In January China net imported 89 tonnes from Hong Kong, 12 tonnes from Switzerland, domestic mine supply was 36 tonnes, domestic scrap supply couldn’t haven’t been more than 25 tonnes, which leaves 83 tonnes that had to be imported from other countries. I still don’t have any estimates on how much gold China imports from its own overseas mines, however I doubt its 83 tonnes a month. Concluding not only in the UK, also in other countries around the world large stock piles of gold are still being sold to China.

Koos Jansen
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  • Jeffrey

    Thank you Koos!!!!! You postings are priceless!!!!! You help a lot of people, me included, thanks for being a beacon of light!!!!

  • rowingboat

    “In two months the Brits net exported 232 metric tonnes to Switzerland, while GLD inventory was up! What Keynesian is still selling in the UK? Or more important, how much is there left to sell? There are probably a few thousand tonnes left in the vaults of the Bank of England, but that’s all owned by foreign nations.”

    Great work Koos, especially for dispelling the myth that GLD is needed to feed Chinese demand. GLD is a small fraction of investor holdings.

    To help answer your question, sum up net imports into UK from 2000-2012 (and USA, Switzerland) and try to differentiate central bank imports using WGC data and BOE annual reports. That will indicate how much bullion there is to sell by Western investors who drove it from $250 to $1900 (China only became a significant net importer from 2011).

    So who is smarter, Western sellers or Chinese buyers? IMO, that’s rhetorical but until Western Keynesians see reason to change, I’d suggest there’s more tonnage available than many think.

    • sb
      • In Gold We Trust

        That’s more than GLD brought in. I would love to see your excel sheet (xls)

        I get my UK trade numbers from Eurostat. It surprises me you got them from HMRC. To my knowledge HMRC doesn’t disclose UK gold trade. This was confirmed to me many times by HMRC employer Jan Thompson.

        • sb

          You can get the raw data by following the link at the top of the graph, at the bottom of the webpage there are links to two PDFs (EU non-EU summaries). The UK has released the data this month. I can also send you my XLS (it only converts from GBP value to gold volume) if you tell me how to do this.

          • In Gold We Trust

            The data HMRC released is exactly the same as Eurostat has been publishing (my data). Very sad HMRC only publishes in PDF form, split in subcategories, split in geo sections and currency units. #jerks. Eurostat publishes tonnes in an excel sheet.

            On the Eurostat website the currency value and related tonnage always matches up. Only for two months it didn’t, in 2008. #mystery

          • sb

            EUR value is too low for this to be gold in bars. I think it is either low grade product or an error.

          • In Gold We Trust

            It must be error, but made in highly remarkable months. Eurostat is still trying to figure it out for me.

          • In Gold We Trust

            Can it be James Turk made a similar mistake in 1997? When he reported the UK net exported 2473 metric tonnes.

        • Matt

          HMRC started disclosing gold trade this month (for January and backdated). The data is the same as that sent to Eurostat though. Navigator – that is over 8 years, not a single year.

      • Navigator

        So this means that despite the 1300 tons exported in 2013 the UK still had a net import of nearly 2500 tons? UK net imports are higher than China? This is hard to believe.

        • sb

          It looks like UK has at least 2000 tons as of now if you take into account net exports this year (not included in the above graph). Around 800 tons are in GLD. Other ETPs, bullionvaults cannot explain the remaining 1200 tons. I think this gold is mostly held in the BOE vault. Gold in BOE custody was 3700 tons in Feb 2005, it increased by 1300 tons in June 2013 if you believe the virtual tour number. The increase could be even bigger if you assume the 2005 number includes some leased gold and the 2013 number represents actual physical gold in the vault. It is hard to say who owns gold held in BOE custody. I am not aware of any big government buying.

        • In Gold We Trust

          These numbers are cumulative

          • Navigator

            It was sort of explained below. Thanks for the clarification. Makes more sense now.

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          • http://goldchat.blogspot.com/ Bron Suchecki

            Those numbers are not cumulative, they are the as at end of Fed total amount of gold held by the BoE as allocated for other central banks and bullion banks.

          • http://goldchat.blogspot.com/ Bron Suchecki

            Sorry, you were talking about the chart.

            rowingboat – yes, logically if UK shows cumulative net imports of circa 3800t and BoE custodial stocks up 2800t, then approximately 1000t were net added to bullion bank vaults.

            Given London’s historically dominant role in worldwide gold markets we should not underestimate the amount of gold held within London, as Ned Naylor-Leyland tweeted https://twitter.com/NedNL/status/450980251276148736 “there are many private vaults with fully segregated allocated and unencumbered bullion in London. Guessing at least 20″ You don’t have 20 vaults if there isn’t a lot of gold there.

          • rowingboat

            Thanks Bron.
            From the LBMA link ‘sb’ posted: “The Bank of England also offers a custodian service (gold only). In total there is approximately 9,000 tonnes of gold held in London vaults, of which about two thirds is stored in the Bank of England. Those clearing members without their own vault operations – Deutsche, Scotiabank and UBS – will utilise their accounts with the Bank of England or one of the other six custodians. “

            ’59LesPaul’ also posted a link to historical UK import/export data collected by James Turk. I’ve segregated the UK data between bull and bear markets below… only years 2003 and 2004 are missing.

            Holdings ebb and flow with bull and bear markets, but London’s influence does appear to be waning especially given the high rate of Mainland China/HK net imports of bullion and comparing that with UK’s net average from 2000-2012 (5-6x greater).

            1970 – 1980: UK net imported 1,388 tonnes
            1981 – 1999: UK net exported 4,873 tonnes
            2000 – 2012 (excl 2003, 04): UK net imported 3900 tonnes
            2013 – Jan 2014: UK net exported 1,568 tonnes.

          • sb

            Nice summary rowingboat.

            LBMA daily volumes confirm that London is past its peak as gold trading center. They sold lots of gold in nineties (exported 2500mt in 1997 alone according to Turk’s data), then volumes dropped three times reaching minimum in 2004, the new bull market revived volumes but they are far from the level seen in the past.

      • rowingboat

        Thanks for the chart, sb. Another 18 months of 100 tonne/month exports and it’s back to the start.

        Regarding discussion further down, last year Bron Suchecki posted tonnes of gold held in custody by BOE (for central banks and LBMA), end of Feb balance date for the last nine years. I’ve copied below and in brackets inserted global net central bank sales/purchases for the previous year, WGC data.

        The increase of BOE holdings from Feb 2005 to Feb 2013 was 2807 tonnes, so most of those net 3800 tonnes in your chart made their way to BOE.

        Given the global trend I suspect BOE would’ve experienced falling holdings of central bank gold in the 2005-09 period, and increasing holdings from 2010-13. I also suspect most of the 3,433 tonnes in 2005 was central bank gold as Western investor demand didn’t really click into gear until 2004.

        Feb 2005: 3,433t (-470t)
        Feb 2006: 3,422t (-659t)
        Feb 2007: 3,946t (-319t)
        Feb 2008: 4,581t (-484t)
        Feb 2009: 4,737t (-236t)
        Feb 2010: 5,211t (-44t)
        Feb 2011: 5,586t (+77t)
        Feb 2012: 5,518t (+439t)
        Feb 2013: 6,240t (+544t)
        Feb 2014: ????? (+368t)

    • DayStar

      This is DayStar (DS) with the Monday Harvey Report.

      News and Commentary

      Harvey: All last week, I told you that gold and silver will be under
      pressure and the boys did not disappoint me with the criminal antics.
      Manipulation is occurring on all markets and even 60 minutes was given
      the green light to present manipulation by the High Frequency traders.
      And also remember that the bankers use the HFT boys to further their
      cause in metal manipulation. Today is first day notice for the April
      gold contract and over 20 tonnes of gold will stand but that will
      dissipate as Blythe and her cronies offer fiat to our holders instead of
      taking delivery. Also today, the total gold Comex OI collapsed to
      365,000 contracts and this low level was hit in the turmoil of 2009.
      This morning we were greeted with news of a huge corruption scandal in
      China with the former Premier, Zhou. We wonder how far this will
      stretch. In France, the mini election saw the extreme right wingers
      elected which is scary. GOFO’s rates today are off line. I guess the
      LMBA did not like us reporting on this rate as it shows the huge decline
      in good delivery bars. Early this morning, I tried to obtain the rates
      and could not. I asked Bill Holter and others for help but they too
      could not find our rates. The LBMA had been talking about getting rid of
      GOFO rates a few months ago. The banksters don’t like us to have good
      data to track the gold market. Maybe GOFO rates are now only available
      to LBMA members? I guess we will find out for sure on Monday. At this
      point, I think that we can kiss the GOFO rates goodbye. GLD: Gold
      remained at 813.08 tonnes. SLV: silver was unchanged at 10,164.74
      tonnes. DS: Anything that actually has real information
      is either doctored to where it doesn’t or “offed”. I guess GOFO was
      “offed”. Doesn’t some brokerage or bank get this data so that it could
      be provided? They took the silver GOFO rates down two or three years ago
      because they seemed to be in perpetual backwardation and served to
      authenticate just how tight the silver market really is. Now the gold
      GOFO is gone, and probably for the same reason–it shows how tight the
      gold market really is.

      Mark O’Byrne (GoldCore): Faber explained the flaw is at the heart of
      ultra loose monetary policies such as QE. “When you drop dollar bills
      into the economy…it won’t lift all prices and assets equally at the same
      time,” he said. In the 1960s and 1970s, extra money flowing through the
      economy inflated wages; in the early 2000s, money printing inflated
      tech stocks. Thus, money printing creates more bubbles. Some assets go
      up, they overshoot, collapse and cause significant damage. This
      necessitates, in the view of the U.S. Federal Reserve, more money
      printing. It is a vicious cycle we’ve seen since the 1970s: every time
      there is an economic problem, the Fed prints money and creates more
      distortions and bubbles. Bernanke’s tenure saw this trend continue, and
      when it came to assessing the former Fed chairman, Faber didn’t mince
      his words. “He’s been a disaster,” Faber warned. Faber pointed out that
      not only did Bernanke not notice the subprime disaster, he actually
      denied it existed and even helped create it. “Under his tenure at the
      Federal Reserve and under his intellectual influence when working for Mr
      Greenspan, they created the gigantic housing bubble,” Faber said. But
      according to Faber, consumption doesn’t create a strong economy. “Wealth
      doesn’t come from consumerism, it comes from capital spending,” he
      said. And the problem for the U.S. economy is that while debt has
      continued to rise, capital investment hasn’t. In fact, it’s been falling
      sharply for a long time. Faber is no bull on China however, and warned
      he would be very careful about investing there. Faber sees conditions at
      the present time as much worse than many people realise. There are also
      geopolitical concerns that are often left unexamined. On geopolitics,
      Faber warned that the Middle East is a tinderbox and will go up in
      flames.

      Daniel Namosuaia (Solomon Star): The Central Bank of the Solomon
      Islands says investing the country’s gold bars in Hong Kong is important
      because of the closeness to buyers. The bank was responding to
      questions raised by the Malaita Ma’asina Forum (MMF) as to why the bank
      has recently deposited its 31 gold bars in Hong Kong and not kept them
      in the country. The MMF said it does not look right for a country like
      the Solomon Islands, whose economy and currency are going down, to
      deposit its gold bars overseas. “When we deposit these gold bars in Hong
      Kong, they are the ones benefiting and not us here in the country,”
      Charles Dausabea of the MMF said. “It seems that this country has been
      remote-controlled by foreigners. And the central bank and the government
      have to take action against these foreign influences because it seems
      that what the government and the bank are doing is not to benefit the
      people of this country.” But in response the central bank said Hong Kong
      is one of the major gold depositories in the world and is well
      connected by international flights, and hence Hong Kong’s handling and
      shipment of physical gold are very efficient and secure and meet
      international standards. The bank added that Hong Kong is also centrally
      located and close to the main gold markets in the region. “The cost of
      bringing the gold from Hong Kong to the Solomon Islands would be very
      high not only in terms of transportation but more importantly in the
      substantial security cost in moving the gold from Hong Kong to Honiara.

      • DayStar

        Koos Jansen (In Gold We Trust): What a surprise, there is still gold
        left in the London vaults. Most analyst thought these vaults were
        practically empty at the end of 2013. Like Kenneth Hoffman, who stated
        in December 2013 on Bloomberg TV that the London gold vaults were
        virtually empty. What Keynesian is still selling in the UK? Or more
        important, how much is there left to sell? There are probably a few
        thousand tonnes left in the vaults of the Bank of England, but that’s
        all owned by foreign nations [[B]DS: [/B]This foreign gold is probably
        what they are selling. Can Bundesbank get it’s gold back? Why not?]. If
        we gather all the data we have from January we must conclude that
        although the main gold vein is still in open, it’s not enough to supply
        the Shanghai Gold Exchange. SGE withdrawals in January accounted for 246
        tonnes. In January China net imported 89 tonnes from Hong Kong, 12
        tonnes from Switzerland, domestic mine supply was 36 tonnes, domestic
        scrap supply couldn’t haven’t been more than 25 tonnes, which leaves 83
        tonnes that had to be imported from other countries. The conclusion is
        that not only is the UK, but also in other countries around the world,
        are selling large stock piles of gold to China.

        Lawrence Williams (Mineweb): Everything to this observer suggests a
        supply squeeze continuing to develop, which will have to impact prices
        positively sooner or later, regardless of interest rate levels, Fed
        tapering etc. And, as we have pointed out here before Fed tapering
        should be a bit of a red herring given that the European Central Bank,
        representing almost as large a market as the U.S. is currently doing the
        reverse and, if anything increasing easing and further lowering
        interest rates. The gold market is currently too U.S. driven with
        blinkered investors there mainly ignoring what is happening in the rest
        of the world. The squeeze on physical gold which is in process will
        ultimately gain the recognition in the U.S. it requires and gold prices
        will surely recover? But then gold can defy all logical reasoning, but
        overall still probably remains the best long term hedge against monetary
        value depreciation.

        Rush Limbaugh (EIB Network): A miniature firestorm has erupted here
        because of Michael Lewis on 60 Minutes last night claiming that the
        stock market is rigged by a combination of the stock exchanges, the big
        Wall Street banks, and high-frequency traders. High-frequency traders
        are what he focused on in an explanation, answering a question. Steve
        Kroft said, “How does high-speed trading, high-frequency traders…?
        What’s that all about?” The insiders are able to move faster than you,
        they’re able to see your order and play it against other orders in ways
        you don’t understand. They’re able to front run your order. They’re able
        to identify your desire to buy shares in Microsoft and buy ‘em in front
        of you and sell ‘em back to you at a higher price. It all happens in
        infinitesimally small periods of time. The speed advantage that the
        faster traders have is milliseconds, sometimes fractions of
        milliseconds, but it’s enough for them to identify what you’re gonna do
        and do it before you do it at your expense. That drives the price up,
        and in turn you pay a higher prices. The stock market is rigged. The
        United States stock market, the most iconic market in global capitalism
        is rigged by a combination of the stock exchanges, the big Wall Street
        banks, and high-frequency traders. Everybody who has an investment in
        the stock market is a victim.

        Dan Rubock (HiddenSecretsOfMoney.com): “We don’t have free markets,
        and we haven’t had since 1913. You can not have free markets if you
        don’t have free market money. The currency is 50% of every transaction
        there is in society, and if you have a small group of men at the central
        bank having a meeting each month (in the United States it’s the FOMC)
        deciding how much currency there is going to be in the system, and what
        the cost of that currency is (the interest rate) – that’s a manipulated
        market by definition. There is no transaction in society that is not
        manipulated. When people say that the free markets are failing – we do
        not have free markets. When people say that capitalism isn’t working –
        we don’t have capitalism, we’ve got cronyism. We’ve got special favors
        being granted by Congress to the people that lobby them. It skews the
        economy, and creates all of these artificial bubbles that end up
        popping, and everybody loves living in a bubble – so they just want the
        Fed to create the next one.”

        Jay “tatoott1009” Lee (Tat’s Revolution): Over the past several days
        (up to March 31 currently), a noticeable increase in seismic activity
        has occurred across the Western United States. Specifically, a swarm of
        earthquakes has occurred extending from the Western edge of the
        Yellowstone magma chamber, now Eastward into the center of the National
        Park itself. This building pressure is now manifesting as multiple 3.0M+
        earthquakes, all at a 3.0mile or greater depth inside the Yellowstone
        magma chamber. As if Yellowstone were not enough, the pressure is also
        translating to earthquakes occurring farther Southwest from Yellowstone,
        along the deformed edge of the North American Craton, extending into
        Central California , along the subduction zone of the North American
        Plate (and the Pacific Plate). The heavy earthquake activity along the
        West Coast of the United States , over the past few weeks, has now
        translated in the craton displacement that we were expecting. The
        earthquakes inside the magma chamber at Yellowstone, and the earthquakes
        now occurring at dormant volcanic chains along South / Central
        California, mean we can expect further activity in the near term to
        INCREASE. The increase in activity along the edge of the craton will
        continue into the near term future due to the overall Pacific
        displacement occurring internationally. Until things cool off
        internationally in the West Pacific, we can expect sizable displacement
        to occur along our plate in North America. This means, Yellowstone,
        Colorado, Oklahoma, and other areas along the edge of the edge of the
        craton need to be aware of the possibility of movement in the near term.
        Also.. the odd man out, Southern California , near Baja, sits primed,
        and now showing slight volcanic chamber activity. Expect Salton Sea and
        Mono Lake to be showing some movement soon.

        TruNews: As part of its plan to reduce U.S. greenhouse gas emissions,
        the Obama administration is targeting the dairy industry to reduce
        methane emissions in their operations. This comes despite falling
        methane emission levels across the economy since 1990. The White House
        has proposed cutting methane emissions from the dairy industry by 25
        percent by 2020. Although U.S. agriculture only accounts for about 9
        percent of the country’s greenhouse gas emissions, according to the
        Environmental Protection Agency, it makes up a sizeable portion of
        methane emissions — which is a very potent greenhouse gas. Some of these
        methane emissions come from cow flatulence, exhaling and belching —
        other livestock animals release methane as well. “Cows emit a massive
        amount of methane through belching, with a lesser amount through
        flatulence,” according to How Stuff Works. “Statistics vary regarding
        how much methane the average dairy cow expels. Some experts say 100
        liters to 200 liters a day… while others say it’s up to 500 liters… a
        day. In any case, that’s a lot of methane, an amount comparable to the
        pollution produced by a car in a day.”

        TruNews: An archeology race is on to secure the ancient burial site
        of three Egyptian kings which contains relics that will outshine even
        that of Tutankhamun’s, it has been claimed. British archeologist John
        Romer, 72, believes he has discovered the site where three ancient
        Egyptian priest kings – Herihor, Piankh and Menkheperre – were buried in
        Luxor, Egypt, almost 3,000 years ago. He claims the burial ground will
        yield such magnificent treasures that those discovered in the nearby
        tomb of Tutankhamun in the Valley of the Kings will seem like a ‘display
        in Woolworths’ in comparison. Like a plot out of an Indiana Jones
        movie, experts are now racing to secure the site called Wadi el-Gharbi,
        located in the cliffs on Luxor’s west bank, before the arrival of
        so-called treasure hunters and tomb-raiders.

        Chris Mayer (The Daily Reckoning): Starting with the example of the
        U.S. dollar, Mayer notes that this mere paper or its electronic
        derivative is given enormous value by the taxing power of the government
        that issues it. Value is also conferred on that paper by government’s
        enforcement of legal tender laws requiring its acceptance “for all
        debts, public and private.” Mayer goes on to note other unappreciated
        truisms from the age of fiat money, like the obsolescence of levying
        taxes for national government revenue, a point perhaps made first in
        1945 by the vice president of the Federal Reserve Bank of New York,
        Beardsley Ruml, whose observation has been noted from time to time by
        GATA and certain other gold bugs, like the Tocqueville Gold Fund’s John
        Hathaway. In a fiat money regime, governments create money at will and
        the only purposes of national taxes are to conceal government’s
        money-creation power from the population and to determine how money will
        be distributed, a mechanism of social control. Ruml’s point illustrates
        still other economic myths of the advocates of fiat currency and
        central banking: the myths that central banks need to lease gold to earn
        a little money on a supposedly dead asset and that the International
        Monetary Fund needs to sell gold from time to time to finance aid to
        poor nations. Having the power of money creation without any respect to
        gold, central banks needn’t lease or sell it for any revenue-raising
        purpose. No, central banks need to lease or sell gold only to hamper a
        potentially competitive currency and maintain their own absolute power
        over the world.

        • DayStar

          Bill Holter (Miles Franklin): if you are reading this then it is more
          than likely that you “save” or count your net worth in dollars…which
          will be devalued. To finish, I’d like to point out that the Japanese who
          have never in recent times been big buyers of gold seem to be beginning
          a stampede into the metal. Zerohedge did a piece yesterday that spoke
          of a 5 fold increase in sales at a well known Japanese metals dealer and
          that “lines” were forming for purchases. This in response to “Abe
          nomics” by the Japanese people. Abenomics is the same central banking
          process as our “QE”. People are slowly “figuring it out” and acting in
          their own best interests. This movement is nothing more than what I’ve
          spoken of so often, “Mother Nature”. Investors are beginning to
          understand that currencies are being debased and that their banks
          holding these currencies may not be the safest place to hold savings.
          These are not people speculating to “make a profit”, these are people
          moving into gold to “save”. “Save” as in save purchasing power, get out
          of the system and save their own bacon so to speak. The West can sell
          all the gold and silver futures they’d like to depress prices. This will
          only give better (lower) pricing, entice more buyers to collect the
          physical metal and bring the paper defaults on that much faster. Human
          nature has a way of moving individuals towards self preservation.

          Dr. Paul Craig Roberts (via Zero Hedge): In The genesis Of The World
          War, Harry Elmer Barnes shows that World War 1 was the product of 4 or 5
          people. Three stand out: Raymond Poincare`, President of France, Sergei
          Sazonov, Russian Foreign Minister, and Alexander Izvolski, Russian
          Ambassador to France. Poincare` wanted Alsace-Lorraine from Germany, and
          the Russians wanted Istanbul and the Bosphorus Strait, which connects
          the Black Sea to the Mediterranean. They realized that their ambitions
          required a general European war and worked to produce the desired war.
          In the history I was taught the war was blamed on Germany for
          challenging British naval supremacy by building too many battleships.
          The court historians who gave us this tale helped to set up World War 2.
          We are again on the road to World War. One hundred years ago the
          creation of a world war by a few had to be done under the cover of
          deception. Germany had to be caught off guard. The British had to be
          manipulated and, of course, people in all the countries involved had to
          be propagandized and brainwashed. Today the drive to war is blatantly
          obvious. The lies are obvious, and the entire West is participating,
          both media and governments. DS: In 1871 Albert Pike
          wrote a letter to Bishop Mazzini in Paris outlining his vision of three
          world wars. Two of them have occurred as envisioned, and the third is
          certainly shaping up to happen as Pike described it. Syria will launch
          the Muslim assault against Israel and that will begin WWIII probably
          with an EMP against America and possibly with the Israeli Sampson option
          of nuclear detonations in cities of the nations. Very wealthy and
          powerful men can shape the forces to bring war about. Like Mrs. Gutele
          Schnaper Rothschild said before her death, “If my sons did not want
          wars, there would be none.”

          Zero Hedge: With Chinese authorities increasingly looking like they
          are sticking to their reform promises, fighting moral hazard and
          allowing defaults to occur (in a completely ‘contained’ way, of course);
          the continued crackdown on graft and government corruption has hit a
          new high (or low). As Reuters reports, Chinese authorities have seized
          assets worth at least 90 billion yuan ($14.5 billion) from family
          members and associates of retired domestic security tsar Zhou Yongkang,
          who is at the center of China’s biggest corruption scandal in more than
          six decades. 71-year-old Zhou has been under house arrest since first
          being investigated late last year but the size and scale of the
          corruption is unprecedented including 300 apartments, 60 vehicles,
          bonds, stocks, and gold – “it’s the ugliest in the history of the New
          China.”

          Paul Craig Roberts (Infowars.com): Before the political and
          geographical issues are settled, the Western looting of Ukraine has
          already begun. The Western media, doesn’t tell any more truth about IMF
          “rescue packages” than it does about anything else. The media reports,
          and many Ukrainians believe, that the IMF is going to rescue Ukraine
          financially by giving the country billions of dollars. Ukraine will
          never see one dollar of the IMF money. What the IMF is going to do is to
          substitute Ukrainian indebtedness to the IMF for Ukrainian indebtedness
          to Western banks. The IMF will hand over the money to the Western
          banks, and the Western banks will reduce Ukraine’s indebtedness by the
          amount of IMF money. Instead of being indebted to the banks, Ukraine
          will now be indebted to the IMF. Now the looting can begin. The IMF loan
          brings new conditions and imposes austerity on the Ukrainian people so
          that the Ukraine government can gather up the money with which to repay
          the IMF. The IMF conditions that will be imposed on the struggling
          Ukraine population will consist of severe reductions in old-age
          pensions, in government services, in government employment, and in
          subsidies for basic consumer purchases such as natural gas. Already low
          living standards will plummet. In addition, Ukrainian public assets and
          Ukrainian owned private industries will have to be sold off to Western
          purchasers. Additionally, Ukraine will have to float its currency. In a
          futile effort to protect its currency’s value from being driven very low
          (and consequently import prices very high) by speculators ganging up on
          the currency and short-selling it, Ukraine will borrow more money with
          which to support its currency in the foreign exchange market. Of course,
          the currency speculators will end up with the borrowed money, leaving
          Ukraine much deeper in debt than currently.

          Brandon Smith (Personal Liberty Digest): Take These Steps Today To
          Survive An International Crisis Part 6 of 10: Find Alternative Shelter.
          There are no guarantees during a full-spectrum disaster. Having all your
          eggs in one basket is not only stupid, but unnecessary. Always have a
          plan B. That means scouting an alternative location for you and your
          family in the event that your current shelter comes under threat. This
          location should be far enough away from large population centers but
          still within a practical range for you to reach them. It should also
          have a nearby water source, and be defensible. Establishing supply
          caches near this site is imperative. Do not assume that you will be able
          to take all of your survival supplies with you from your home. Expect
          that surprises of the frightening variety will arise.

          • DayStar

            Harvey’s comments on Monday price action (basis 1:30 PM EST)

            Quote:

            Gold closed down $10.40 at $1283.40 (Comex to Comex closing time).

            Silver was down 4 cents to $19.73.

            In the access market tonight at 5:15 PM:

            Gold: $1284.00

            Silver: $19.75

            Friday, Mar 28th Gold and Silver Action (basis 1:30 PM EST)

            http://harveyorgan.blogspot.com/2014/03/march-31gld-loses-389-tonnes-of-goldno.html

            Total, Mar (Silver), Apr (Gold), May (Silver) Open Interest

            In silver:

            Quote:

            The total silver Comex OI surprisingly rose again by 1,564 contracts
            as silver was down in price to the tune by another 8 cents on Friday.
            The total OI now rests tonight at 149,654 contracts. The big March
            active delivery month for silver is now off the board. The April
            contract month saw it’s OI rise by 17 contracts up to 249. The big May
            contract month saw it’s OI rise by 152 contracts up to 93,969.

            In Gold:

            Quote:

            The total gold Comex open interest fell dramatically today by 16,864
            contracts from 382,195 all the way down to 365,331 with gold down by
            $0.90 on Friday.The OI for the March non active gold contract month is
            now off the board. The next big active contract month is April and here
            the OI fell by another 24,853 contracts to 6,486. The next non active
            delivery month is May and here the OI fell by 98 contracts down to 6603.
            The next big active delivery month is June and here the OI fell by
            13,214 as the Comex players refused to roll as they just vacated the
            arena. The OI for June stands at 234,079.

            Volume

            In Silver:

            Quote:

            The estimated volume today was awful at 28,418 contracts. The confirmed volume on Friday was good at 49,640 contracts.contracts.

            In gold:

            Quote:

            The estimated volume today was awful at 118,203 contracts. The confirmed volume on Friday was very good at 247,283.

            Inventory Numbers

            In Silver Inventory:

            Quote:

            Today, we had good activity inside the silver vaults.

            We had 1 dealer deposits and 0 dealer withdrawals:

            i) Into CNT: 113,326.800 oz.

            Total dealer deposit: 113,326.800 oz.

            Today we had no dealer withdrawals.

            We had 2 customer deposits:

            i) Into Delaware: 600,916.596 oz

            ii) Into Scotia: 141,199.990 oz.

            Total customer deposits: 742,116.586 oz.

            We had 2 customer withdrawals:

            i) Out of HSBC: 103,160.840 oz

            ii) Out of Scotia: 643,366.27 oz.

            Total customer withdrawal: 746,527.110 oz.

            We had 1 adjustment:

            i) Out of CNT: 136,970.58 oz was adjusted out of the customer and this landed in the dealer at CNT

            Registered (dealer) silver: 53.427 million oz

            Total of all silver: 179.790 million oz.

            In Gold Inventory:

            Quote:

            We had 0 dealer withdrawals.

            Total dealer withdrawals: nil oz.

            We had 1 customer deposits today:

            i) Into HSBC: 32,103.24 oz

            Total customer deposit: 32,103.24 oz

            We had 0 customer withdrawals:

            Total customer withdrawals: nil oz

            Today we had 1 adjustments

            i) Out of JPMorgan: a rather large 229,400.692 oz was adjusted out of
            the customer account and into the dealer account. This should lead to a
            settlement.

            Thus tonight, we have the following JPMorgan inventory levels in gold:

            JPM dealer inventory remains tonight at 443,498.01 oz or 13.794 tonnes.

            Today, 2470 notices were issued from JPMorgan dealer account and 170
            notices were issued from JPMorgan’s client or customer account. The
            total of all issuance by all participants equates to 2642 contracts of
            which 0 notices were stopped (received) by JPMorgan dealer and 505
            notices stopped by JPMorgan customer account. Today JPMorgan was all
            over the issuance dept of gold.

            The Total dealer Comex gold remains tonight at 876,637.302 oz or
            27.26 tonnes of gold. The total of all Comex gold (dealer and customer)
            rests at 7,740,844.453 oz or 240.77 tonnes.

            Tonight, we have dealer gold inventory for our 3 majorbullion banks
            (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
            only 23.454 tonnes:

            i) Scotia: 157,966.367 oz or 4.913 tonnes

            ii) HSBC: 152,612.868 oz or 4.747 tonnes

            iii) JPMorgan: 443,498.01 oz or 13.794 tonnes

            Total: 23.454 tonnes

            Brinks dealer account, which did have the lion’s share of the dealer
            gold, saw its inventory level remain constant tonight at only 89,129.259
            oz or 2.772 tonnes. A few months ago Brinks had over 13 tonnes of gold
            in its registered or dealer account.

            Delivery Notices

            In silver:

            Quote:

            The CME reported that we had 186 notices filed for 930,000 oz today.

            In gold:

            Quote:

            Today we had 2642 notices served upon our longs for 100 oz of gold.

            Contracts Left To Be Delivered + Month-To-Date Summary

            In silver:

            For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

            http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

            In silver:

            Quote:

            To calculate what will stand for this active delivery month of March,
            I take the number of contracts served for the entire month at 186 x
            5,000 oz per contract or 930,000 oz to which we add the difference
            between the OI standing for March (249) minus the number of contracts
            served today (186) x 5,000 oz.

            Thus in summary:

            186 contracts x 5000 oz per contract (served) or 930,000 oz + (249)
            OI standing for March – (186) number of notices filed today x 5000 oz =
            1,245,000 oz. This is the first day notice standings for silver ounces
            standing in the April contract month.

            In gold:

            Quote:

            In order to calculate what will be standing for delivery in March, I
            take the number of contracts served so far this month at 2642 x 100 oz =
            264,200 oz and add the difference between the number of OI for the
            front month (6486) minus the number of notices filed today (2642)

            OI Summary:

            2642 notices x 100 oz per contracts already served this March month
            or 264,200 oz + (6486) the OI for the front March month – the number of
            notices served today (2642) x 100 oz = 648,600 oz, the number of oz
            standing for the April contract month (20.174 tonnes). This is the first
            day notice standings for April gold

            As you will see below we have only 16.319 tonnes in the registered or
            for sale category for the big 3 (JPMorgan, HSBC, and Scotia) and 19.091
            tonnes if you include Brinks. If you include tiny Manfra, we end up
            with a total dealer gold of only 19.83 tonnes. We have witnessed little
            gold enter the dealer except from Brinks and adjustments

            Dealer Inventory Summary:

            i) The total dealer inventory of gold settles tonight at a level of 27.26tonnes.

            i) a) JPMorgan’s customer inventory rests tonight at 887,530.116 (27.605 tonnes).

            ii b) JPMorgan’s dealer account rests tonight at 443,498.01 oz (13.794 tonnes).

            iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
            collectively only 23.454 tonnes of gold left in their dealer account,
            and what is totally remarkable is the fact that little gold entered the
            dealer Comex vaults despite December and February are the busiest months
            for the gold calendar. Another oddity is that the only gold that does
            enter the customer account are kilobars and kilobars are generally of
            demand from Eastern persuasion.

            Select Commodity Prices

            The Bloomberg Baltic Dry Index (BDI) was 1,362.00, down 0.80%. WTI
            May crude was 101.38 down 0.29. Brent crude was 107.76 down 0.31. The
            spread between Brent and WTI was 6.38 down 0.02. The 30 year US Treasury
            bond was up 0.0200 at 3.5600. The 10 year T-Note was up 0.0100 at
            2.7200. The dollar was down 0.06 at 80.12. The PPT/Dow was 16457.66 up
            134.60. Silver closed at 19.76 down 0.06. The GSR was 65.0202 down
            0.3128 oz of silver per oz of gold. CIA’s Facebook was 60.24 up 0.23
            (0.38%). May wheat was up 1.75 at 697.250. May corn was up 10.00 at
            502.00. June lean hogs were down 2.400 at 127.175. May feeder cattle
            were down 1.650 at 177.850. May copper was down 0.017 at 3.026. May
            natural gas was down 0.114 at 4.371. June coal was down 0.05 at 60.40.

            Thank you for reading the Harvey Report!

            There is much more on Harvey’s blog http://harveyorgan.blogspot.com.

            Goooood day!

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

  • 59LesPaul

    Here’s a link to an article written by Alisdair Macleod dated 30th July 2013 regarding custodial gold held at the Bank of England. The figure for 3/13 was 6284 tons but this then dropped to 4977 tons in 6/13. I wonder how much custodial gold is now held at the Bank of England as at 3/14.

    http://www.goldmoney.com/research/research-archive/untangling-gold-at-the-bank-of-england

    • Navigator

      If that rate is sustained the BOE should be out of gold sometime this summer. Just a rough estimate.

    • http://goldchat.blogspot.com/ Bron Suchecki

      Macleod’s article about the 1300t was debunked here http://www.screwtapefiles.blogspot.com.au/2013/07/bank-of-england-vault-floor-layout.html as the BoE itself confirmed http://gata.org/node/12859 “The
      number of bars mentioned in the app cannot be used to infer a change in the
      amount of custodial gold held by the Bank of England as the figure is
      deliberately non-specific”
      It will be interesting to see how Macleod explains the 1300t “increase” when, as I expect, the next BoE annual report shows a similar amount held as the previous year.

  • Peter Trzaska

    Worthy work disseminating the official figures. As you’d doubtless confess yourself, though, that does not tell a great deal of the story. You won’t get that from any of the established ‘experts’ who time after time reveal only a reliability to get it completely wrong. Businessmen, every single one of them, and all misleading you. The biggest problem with this data is that it represents the visible tip of the iceberg. Below is the real market, a market the ‘experts’ neither see nor have access to. There is a very good reason, when all the figures are set down on paper, you are left floundering….where is this gold coming from?! Enjoy looking for it in the official figures! OR, ditch the morons, and learn about Gold from those who know.

  • b

    Karen Hudas, 170,000 tons.
    Where is the gold coming from?
    She is the only person to provide an answer, naturaly the gold community denies and refuses to discuss it.
    Go to her website and find out where the gold is coming from.
    Email and ak her, she is happy to tell anyone, she has been telling the world for years.

    • In Gold We Trust

      I know her story. It would be great if she would have a single shred of evidence. Does She?

      • ExWarmist

        Apparently the gold in Hawaii is in “Certificate” form…

      • DayStar

        Universal Consciousness

        God is the author of life. Living things are all around him, and in
        Him we live and move and have our being. His throne, the altar, the
        winds; all around Him lives. He can make stones come alive and speak.
        In the beginning before the Fall when man lived in the Garden, the
        material earth even cooperated with man in what he wanted to do. The
        animals could talk to him. Things did not wear out and break down as
        they do now, but the earth in Adam’s day was still under construction.
        Because God’s creatures have free will, God needed a solution for the
        disobedience that would inevitably come from creatures with free will.
        God brought sin into the world in order that He could use sin to destroy
        the power of sin. This temporary sinful time is working out God’s
        solution for free will. God has temporarily permitted the dominance
        of evil transgression in this world in order that for His creation He
        might justly destroy the terrible consequences of disobedience. When He
        is done with this temporary time of creation, He will recommence the
        creation from a fresh start, but He will retain the solution for free
        will that He created in this present age. That is, He will forever keep
        the solution of the sacrifice of Christ that He has created for
        the transgressions that spring from free will.

        When God reboots the creation, the Second Law (increasing
        entropy) will be repealed or at least controlled (e.g. waste will be
        efficiently recycled). In those days, works will speedily progress of
        themselves. It appears that inanimate matter will be imbued with a
        sense of helpfulness, perhaps as a result of God’s loving
        providence, perhaps as a result of the mind of the builder, perhaps as a
        result of the living earth that is aware of what a man is trying to do,
        but instead of resisting man, matter will cooperate. Now things resist
        man. Then things will help him. The creation will support man. In
        fact, Baruch even says that in those days, animals will come out of the
        woods to help. Imagine a goat to keep your lawn and a deer to trim your
        shrubs. The creation is not intended to always be at odds with man,
        nor will it be. As we examine God’s creation we should know that the
        pervasive nature of life and consciousness is the result, not the cause,
        of creation. The video you linked about universal consciousness even
        acknowledges a Creator, and if there is a Creator, then He must have
        existed before the conscious creation. With Him is where our allegiance
        and focus must lie. All else is the work of His hands.

        God upholds all things by the word of His power and by Him do all
        things consist, so God’s power is present in all things. There is not
        any place or time to which you can flee where God is not. Further, God
        is all powerful. When He acts, His action is immutable. There is nothing
        that can thwart Him, for everything owes its continued existence to
        Him. He transcends time and space. When He wills it to be so, He cannot
        be resisted, but the essence of God is love. Because His essence is
        love, everything He does is for the ultimate benefit of those that love
        God. However, had He not implemented the imperfection of this present
        age, disobedience by creatures of free will would certainly have
        happened. Transgression can happen in a pristine environment, as we have
        seen in Adam. If God had not provided this present fallen age, in
        eternity the just wages of transgression (death) would
        have eventually separated Him from His creation. He ultimately would
        be separated forever from men that disobeyed, because there would be no
        just remedy for the man’s transgression against the God of all.
        Though God’s discipline in this present world for the moment does
        not seem pleasant, its end is the peaceable fruit of righteousness.
        God’s severity in the present time prevents an eternity of severity in
        which men would be lost to Him. The present short time is a supreme act
        of love by God in which He even sacrificed His Son, the Maker, as an
        eternal remedy for transgression that springs from creatures of free
        will. He wants everyone to be in eternal fellowship with Him, and He
        wants it so much He humbled Himself to rebellion and blasphemy and His
        Son to ridicule, shame, and death to bring it about.

        Jesus has already paid the just penalty for the sins of men: death,
        for the wages of sin is death. Because Jesus died in our place, not one
        person has to suffer forever for his transgression. Every
        transgression of men can be blotted out and forgotten, because the
        Creator died for His creation. The living God that created a living
        universe has already by the death of His Son paid the price that
        can reconcile the alienated creation to Himself. Because there is
        continuity between the physical material of this present time and the
        time to come, because there is continuity of man’s spirit after death,
        and because there is continuity in man’s resurrected material body
        with his dead body, the blessing of Christ’s sacrifice during this
        present time carries over into the world come. The new earth
        retains physical continuity with the world that now is (Ecc 1:4).
        Because the renewed and restored earth retains physical continuity with
        the one in which He died, the blessing of Christ Jesus’ sacrifice for
        sin continues to be effective in the world for all ages to come.

        Merely knowing that the universe is full of life and that God’s
        presence is not far from every one of us is not enough. It is necessary
        to understand the will of the Creator of that universe as well as His
        existence. The Creator has revealed His will through His word, and that
        is how we come to really know Him. Through His word He asks obedience
        of us in this world. Obedience to His word results in a life lived in
        harmony what He has made. The life conformed to His will is a life of
        love, for God is love. His power protects and guides those that love
        Him. He will not ultimately spare us from death, for He has said that
        all must die, but He will be with us as we pass into death, and He will
        take us to be with Him thereafter. He will never leave us nor forsake
        us if we trust and obey Him. We must believe on Him and obey Him to be
        in harmony with Him and what He has made, and isn’t that what you are
        trying to accomplish?

        DayStar

    • Navigator

      That quantity of gold is equal to or greater than the total estimated gold mined in all of human history. Hudes is essentially a quack.

  • USGrant

    Great as always. Typo in two places. Not “vain” but vein if the flow is coming back to the heart if that represents China.. Artery if being pumped away from the heart.

    • In Gold We Trust

      Fixed :)

    • wifesanurse

      Unless we are talking pulmonary artery and vein, then it is opposite. Artery to heart vein away from heart.
      I know…i’m a smart azz.

      • leadyouliferite

        Live your life rite!

        Below is a list I try to live my life by.

        He cleans up after himself.

        He cleans up the planet.

        He is a role model for young men.

        He is rigorously honest and fiercely optimistic.

        He holds himself accountable.

        He knows what he feels.

        He knows how to cry and he lets it go.

        He knows how to rage without hurting others.

        He knows how to fear and how to keep moving.

        He seeks self-mastery.

        He’s let go of childish shame.

        He feels guilty when he’s done something wrong.

        He is kind to men, kind to women, kind to children.

        He teaches others how to be kind.

        He says he’s sorry.

        He stopped blaming women or his parents or men for his pain years ago.

        He stopped letting his defenses ruin his relationships.

        He stopped letting his penis run his life.

        He has enough self respect to tell the truth.

        He creates intimacy and trust with his actions.

        He has men that he trusts and that he turns to for support.

        He knows how to roll with it.

        He knows how to make it happen.

        He is disciplined when he needs to be.

        He is flexible when he needs to be.

        He knows how to listen from the core of his being.

        He’s not afraid to get dirty.

        He’s ready to confront his own limitations.

        He has high expectations for himself and for those he connects with.

        He looks for ways to serve others.

        He knows he is an individual.

        He knows that we are all one.

        He knows he is an animal and a part of nature.

        He knows his spirit and his connection to something greater.

        He knows future generations are watching his actions.

        He builds communities where people are respected and valued.

        He takes responsibility for himself.

        In times of need, he will be his brother’s keeper.

        He knows his higher purpose.

        He loves with fierceness.

        He laughs with abandon, because he gets the joke.

        A lot of these values have been lost in the world. Not only children
        look up to adults, adults look up to their leaders. When was the last
        time we had a leader that exhibited these qualities? I’m sure there are
        many explanations for those that seek a need to point the finger but
        this list starts and ends with me. You can substitute she in the list
        for most but not all.

      • Save_America1st
      • Save_America1st
  • Greg

    This website is the primary reason I have maintained my gold holdings. That says it all. Thanks Mr. Jansen. Greg

  • 59LesPaul

    Here’s a link to an article by James Turk from 21st April 2003. In the second table it shows net exports of gold from London between 1991 and 2002 of 4021.20 tons. In 1997 the UK exported a staggering 2472.9 tons of gold.

    http://www.gata.org/node/4247

    In 2001 the gold price bottomed at $250. I guess that the gold price was allowed to rise then because London was basically out of gold. From 2005-2012 London net imported app. 3700 tons of gold as the price rose. In 2013 London net exported 1435 tons. Maybe they have 2500-3000 tons left that they can afford to export. After that runs out in a couple of years, who knows.

  • Navigator
  • DayStar

    This is DayStar (DS) with the Monday Harvey Report.

    News and Commentary

    Harvey: All last week, I told you that gold and silver will be under
    pressure and the boys did not disappoint me with the criminal antics.
    Manipulation is occurring on all markets and even 60 minutes was given
    the green light to present manipulation by the High Frequency traders.
    And also remember that the bankers use the HFT boys to further their
    cause in metal manipulation. Today is first day notice for the April
    gold contract and over 20 tonnes of gold will stand but that will
    dissipate as Blythe and her cronies offer fiat to our holders instead of
    taking delivery. Also today, the total gold Comex OI collapsed to
    365,000 contracts and this low level was hit in the turmoil of 2009.
    This morning we were greeted with news of a huge corruption scandal in
    China with the former Premier, Zhou. We wonder how far this will
    stretch. In France, the mini election saw the extreme right wingers
    elected which is scary. GOFO’s rates today are off line. I guess the
    LMBA did not like us reporting on this rate as it shows the huge decline
    in good delivery bars. Early this morning, I tried to obtain the rates
    and could not. I asked Bill Holter and others for help but they too
    could not find our rates. The LBMA had been talking about getting rid of
    GOFO rates a few months ago. The banksters don’t like us to have good
    data to track the gold market. Maybe GOFO rates are now only available
    to LBMA members? I guess we will find out for sure on Monday. At this
    point, I think that we can kiss the GOFO rates goodbye. GLD: Gold
    remained at 813.08 tonnes. SLV: silver was unchanged at 10,164.74
    tonnes. DS: Anything that actually has real information
    is either doctored to where it doesn’t or “offed”. I guess GOFO was
    “offed”. Doesn’t some brokerage or bank get this data so that it could
    be provided? They took the silver GOFO rates down two or three years ago
    because they seemed to be in perpetual backwardation and served to
    authenticate just how tight the silver market really is. Now the gold
    GOFO is gone, and probably for the same reason–it shows how tight the
    gold market really is.

    Mark O’Byrne (GoldCore): Faber explained the flaw is at the heart of
    ultra loose monetary policies such as QE. “When you drop dollar bills
    into the economy…it won’t lift all prices and assets equally at the same
    time,” he said. In the 1960s and 1970s, extra money flowing through the
    economy inflated wages; in the early 2000s, money printing inflated
    tech stocks. Thus, money printing creates more bubbles. Some assets go
    up, they overshoot, collapse and cause significant damage. This
    necessitates, in the view of the U.S. Federal Reserve, more money
    printing. It is a vicious cycle we’ve seen since the 1970s: every time
    there is an economic problem, the Fed prints money and creates more
    distortions and bubbles. Bernanke’s tenure saw this trend continue, and
    when it came to assessing the former Fed chairman, Faber didn’t mince
    his words. “He’s been a disaster,” Faber warned. Faber pointed out that
    not only did Bernanke not notice the subprime disaster, he actually
    denied it existed and even helped create it. “Under his tenure at the
    Federal Reserve and under his intellectual influence when working for Mr
    Greenspan, they created the gigantic housing bubble,” Faber said. But
    according to Faber, consumption doesn’t create a strong economy. “Wealth
    doesn’t come from consumerism, it comes from capital spending,” he
    said. And the problem for the U.S. economy is that while debt has
    continued to rise, capital investment hasn’t. In fact, it’s been falling
    sharply for a long time. Faber is no bull on China however, and warned
    he would be very careful about investing there. Faber sees conditions at
    the present time as much worse than many people realise. There are also
    geopolitical concerns that are often left unexamined. On geopolitics,
    Faber warned that the Middle East is a tinderbox and will go up in
    flames.

    • DayStar

      Daniel Namosuaia (Solomon Star): The Central Bank of the Solomon
      Islands says investing the country’s gold bars in Hong Kong is important
      because of the closeness to buyers. The bank was responding to
      questions raised by the Malaita Ma’asina Forum (MMF) as to why the bank
      has recently deposited its 31 gold bars in Hong Kong and not kept them
      in the country. The MMF said it does not look right for a country like
      the Solomon Islands, whose economy and currency are going down, to
      deposit its gold bars overseas. “When we deposit these gold bars in Hong
      Kong, they are the ones benefiting and not us here in the country,”
      Charles Dausabea of the MMF said. “It seems that this country has been
      remote-controlled by foreigners. And the central bank and the government
      have to take action against these foreign influences because it seems
      that what the government and the bank are doing is not to benefit the
      people of this country.” But in response the central bank said Hong Kong
      is one of the major gold depositories in the world and is well
      connected by international flights, and hence Hong Kong’s handling and
      shipment of physical gold are very efficient and secure and meet
      international standards. The bank added that Hong Kong is also centrally
      located and close to the main gold markets in the region. “The cost of
      bringing the gold from Hong Kong to the Solomon Islands would be very
      high not only in terms of transportation but more importantly in the
      substantial security cost in moving the gold from Hong Kong to Honiara.

      Koos Jansen (In Gold We Trust): What a surprise, there is still gold
      left in the London vaults. Most analyst thought these vaults were
      practically empty at the end of 2013. Like Kenneth Hoffman, who stated
      in December 2013 on Bloomberg TV that the London gold vaults were
      virtually empty. What Keynesian is still selling in the UK? Or more
      important, how much is there left to sell? There are probably a few
      thousand tonnes left in the vaults of the Bank of England, but that’s
      all owned by foreign nations [[B]DS: [/B]This foreign gold is probably
      what they are selling. Can Bundesbank get it’s gold back? Why not?]. If
      we gather all the data we have from January we must conclude that
      although the main gold vein is still in open, it’s not enough to supply
      the Shanghai Gold Exchange. SGE withdrawals in January accounted for 246
      tonnes. In January China net imported 89 tonnes from Hong Kong, 12
      tonnes from Switzerland, domestic mine supply was 36 tonnes, domestic
      scrap supply couldn’t haven’t been more than 25 tonnes, which leaves 83
      tonnes that had to be imported from other countries. The conclusion is
      that not only is the UK, but also in other countries around the world,
      are selling large stock piles of gold to China.

      Lawrence Williams (Mineweb): Everything to this observer suggests a
      supply squeeze continuing to develop, which will have to impact prices
      positively sooner or later, regardless of interest rate levels, Fed
      tapering etc. And, as we have pointed out here before Fed tapering
      should be a bit of a red herring given that the European Central Bank,
      representing almost as large a market as the U.S. is currently doing the
      reverse and, if anything increasing easing and further lowering
      interest rates. The gold market is currently too U.S. driven with
      blinkered investors there mainly ignoring what is happening in the rest
      of the world. The squeeze on physical gold which is in process will
      ultimately gain the recognition in the U.S. it requires and gold prices
      will surely recover? But then gold can defy all logical reasoning, but
      overall still probably remains the best long term hedge against monetary
      value depreciation.

      Rush Limbaugh (EIB Network): A miniature firestorm has erupted here
      because of Michael Lewis on 60 Minutes last night claiming that the
      stock market is rigged by a combination of the stock exchanges, the big
      Wall Street banks, and high-frequency traders. High-frequency traders
      are what he focused on in an explanation, answering a question. Steve
      Kroft said, “How does high-speed trading, high-frequency traders…?
      What’s that all about?” The insiders are able to move faster than you,
      they’re able to see your order and play it against other orders in ways
      you don’t understand. They’re able to front run your order. They’re able
      to identify your desire to buy shares in Microsoft and buy ‘em in front
      of you and sell ‘em back to you at a higher price. It all happens in
      infinitesimally small periods of time. The speed advantage that the
      faster traders have is milliseconds, sometimes fractions of
      milliseconds, but it’s enough for them to identify what you’re gonna do
      and do it before you do it at your expense. That drives the price up,
      and in turn you pay a higher prices. The stock market is rigged. The
      United States stock market, the most iconic market in global capitalism
      is rigged by a combination of the stock exchanges, the big Wall Street
      banks, and high-frequency traders. Everybody who has an investment in
      the stock market is a victim.

      Dan Rubock (HiddenSecretsOfMoney.com): “We don’t have free markets,
      and we haven’t had since 1913. You can not have free markets if you
      don’t have free market money. The currency is 50% of every transaction
      there is in society, and if you have a small group of men at the central
      bank having a meeting each month (in the United States it’s the FOMC)
      deciding how much currency there is going to be in the system, and what
      the cost of that currency is (the interest rate) – that’s a manipulated
      market by definition. There is no transaction in society that is not
      manipulated. When people say that the free markets are failing – we do
      not have free markets. When people say that capitalism isn’t working –
      we don’t have capitalism, we’ve got cronyism. We’ve got special favors
      being granted by Congress to the people that lobby them. It skews the
      economy, and creates all of these artificial bubbles that end up
      popping, and everybody loves living in a bubble – so they just want the
      Fed to create the next one.”

      Jay “tatoott1009” Lee (Tat’s Revolution): Over the past several days
      (up to March 31 currently), a noticeable increase in seismic activity
      has occurred across the Western United States. Specifically, a swarm of
      earthquakes has occurred extending from the Western edge of the
      Yellowstone magma chamber, now Eastward into the center of the National
      Park itself. This building pressure is now manifesting as multiple 3.0M+
      earthquakes, all at a 3.0mile or greater depth inside the Yellowstone
      magma chamber. As if Yellowstone were not enough, the pressure is also
      translating to earthquakes occurring farther Southwest from Yellowstone,
      along the deformed edge of the North American Craton, extending into
      Central California , along the subduction zone of the North American
      Plate (and the Pacific Plate). The heavy earthquake activity along the
      West Coast of the United States , over the past few weeks, has now
      translated in the craton displacement that we were expecting. The
      earthquakes inside the magma chamber at Yellowstone, and the earthquakes
      now occurring at dormant volcanic chains along South / Central
      California, mean we can expect further activity in the near term to
      INCREASE. The increase in activity along the edge of the craton will
      continue into the near term future due to the overall Pacific
      displacement occurring internationally. Until things cool off
      internationally in the West Pacific, we can expect sizable displacement
      to occur along our plate in North America. This means, Yellowstone,
      Colorado, Oklahoma, and other areas along the edge of the edge of the
      craton need to be aware of the possibility of movement in the near term.
      Also.. the odd man out, Southern California , near Baja, sits primed,
      and now showing slight volcanic chamber activity. Expect Salton Sea and
      Mono Lake to be showing some movement soon.

      TruNews: As part of its plan to reduce U.S. greenhouse gas emissions,
      the Obama administration is targeting the dairy industry to reduce
      methane emissions in their operations. This comes despite falling
      methane emission levels across the economy since 1990. The White House
      has proposed cutting methane emissions from the dairy industry by 25
      percent by 2020. Although U.S. agriculture only accounts for about 9
      percent of the country’s greenhouse gas emissions, according to the
      Environmental Protection Agency, it makes up a sizeable portion of
      methane emissions — which is a very potent greenhouse gas. Some of these
      methane emissions come from cow flatulence, exhaling and belching —
      other livestock animals release methane as well. “Cows emit a massive
      amount of methane through belching, with a lesser amount through
      flatulence,” according to How Stuff Works. “Statistics vary regarding
      how much methane the average dairy cow expels. Some experts say 100
      liters to 200 liters a day… while others say it’s up to 500 liters… a
      day. In any case, that’s a lot of methane, an amount comparable to the
      pollution produced by a car in a day.”

      TruNews: An archeology race is on to secure the ancient burial site
      of three Egyptian kings which contains relics that will outshine even
      that of Tutankhamun’s, it has been claimed. British archeologist John
      Romer, 72, believes he has discovered the site where three ancient
      Egyptian priest kings – Herihor, Piankh and Menkheperre – were buried in
      Luxor, Egypt, almost 3,000 years ago. He claims the burial ground will
      yield such magnificent treasures that those discovered in the nearby
      tomb of Tutankhamun in the Valley of the Kings will seem like a ‘display
      in Woolworths’ in comparison. Like a plot out of an Indiana Jones
      movie, experts are now racing to secure the site called Wadi el-Gharbi,
      located in the cliffs on Luxor’s west bank, before the arrival of
      so-called treasure hunters and tomb-raiders.

      Chris Mayer (The Daily Reckoning): Starting with the example of the
      U.S. dollar, Mayer notes that this mere paper or its electronic
      derivative is given enormous value by the taxing power of the government
      that issues it. Value is also conferred on that paper by government’s
      enforcement of legal tender laws requiring its acceptance “for all
      debts, public and private.” Mayer goes on to note other unappreciated
      truisms from the age of fiat money, like the obsolescence of levying
      taxes for national government revenue, a point perhaps made first in
      1945 by the vice president of the Federal Reserve Bank of New York,
      Beardsley Ruml, whose observation has been noted from time to time by
      GATA and certain other gold bugs, like the Tocqueville Gold Fund’s John
      Hathaway. In a fiat money regime, governments create money at will and
      the only purposes of national taxes are to conceal government’s
      money-creation power from the population and to determine how money will
      be distributed, a mechanism of social control. Ruml’s point illustrates
      still other economic myths of the advocates of fiat currency and
      central banking: the myths that central banks need to lease gold to earn
      a little money on a supposedly dead asset and that the International
      Monetary Fund needs to sell gold from time to time to finance aid to
      poor nations. Having the power of money creation without any respect to
      gold, central banks needn’t lease or sell it for any revenue-raising
      purpose. No, central banks need to lease or sell gold only to hamper a
      potentially competitive currency and maintain their own absolute power
      over the world.

      Bill Holter (Miles Franklin): if you are reading this then it is more
      than likely that you “save” or count your net worth in dollars…which
      will be devalued. To finish, I’d like to point out that the Japanese who
      have never in recent times been big buyers of gold seem to be beginning
      a stampede into the metal. Zerohedge did a piece yesterday that spoke
      of a 5 fold increase in sales at a well known Japanese metals dealer and
      that “lines” were forming for purchases. This in response to “Abe
      nomics” by the Japanese people. Abenomics is the same central banking
      process as our “QE”. People are slowly “figuring it out” and acting in
      their own best interests. This movement is nothing more than what I’ve
      spoken of so often, “Mother Nature”. Investors are beginning to
      understand that currencies are being debased and that their banks
      holding these currencies may not be the safest place to hold savings.
      These are not people speculating to “make a profit”, these are people
      moving into gold to “save”. “Save” as in save purchasing power, get out
      of the system and save their own bacon so to speak. The West can sell
      all the gold and silver futures they’d like to depress prices. This will
      only give better (lower) pricing, entice more buyers to collect the
      physical metal and bring the paper defaults on that much faster. Human
      nature has a way of moving individuals towards self preservation.

      Dr. Paul Craig Roberts (via Zero Hedge): In The genesis Of The World
      War, Harry Elmer Barnes shows that World War 1 was the product of 4 or 5
      people. Three stand out: Raymond Poincare`, President of France, Sergei
      Sazonov, Russian Foreign Minister, and Alexander Izvolski, Russian
      Ambassador to France. Poincare` wanted Alsace-Lorraine from Germany, and
      the Russians wanted Istanbul and the Bosphorus Strait, which connects
      the Black Sea to the Mediterranean. They realized that their ambitions
      required a general European war and worked to produce the desired war.
      In the history I was taught the war was blamed on Germany for
      challenging British naval supremacy by building too many battleships.
      The court historians who gave us this tale helped to set up World War 2.
      We are again on the road to World War. One hundred years ago the
      creation of a world war by a few had to be done under the cover of
      deception. Germany had to be caught off guard. The British had to be
      manipulated and, of course, people in all the countries involved had to
      be propagandized and brainwashed. Today the drive to war is blatantly
      obvious. The lies are obvious, and the entire West is participating,
      both media and governments. DS: In 1871 Albert Pike
      wrote a letter to Bishop Mazzini in Paris outlining his vision of three
      world wars. Two of them have occurred as envisioned, and the third is
      certainly shaping up to happen as Pike described it. Syria will launch
      the Muslim assault against Israel and that will begin WWIII probably
      with an EMP against America and possibly with the Israeli Sampson option
      of nuclear detonations in cities of the nations. Very wealthy and
      powerful men can shape the forces to bring war about. Like Mrs. Gutele
      Schnaper Rothschild said before her death, “If my sons did not want
      wars, there would be none.”

      Zero Hedge: With Chinese authorities increasingly looking like they
      are sticking to their reform promises, fighting moral hazard and
      allowing defaults to occur (in a completely ‘contained’ way, of course);
      the continued crackdown on graft and government corruption has hit a
      new high (or low). As Reuters reports, Chinese authorities have seized
      assets worth at least 90 billion yuan ($14.5 billion) from family
      members and associates of retired domestic security tsar Zhou Yongkang,
      who is at the center of China’s biggest corruption scandal in more than
      six decades. 71-year-old Zhou has been under house arrest since first
      being investigated late last year but the size and scale of the
      corruption is unprecedented including 300 apartments, 60 vehicles,
      bonds, stocks, and gold – “it’s the ugliest in the history of the New
      China.”

      • DayStar

        Paul Craig Roberts (Infowars.com): Before the political and
        geographical issues are settled, the Western looting of Ukraine has
        already begun. The Western media, doesn’t tell any more truth about IMF
        “rescue packages” than it does about anything else. The media reports,
        and many Ukrainians believe, that the IMF is going to rescue Ukraine
        financially by giving the country billions of dollars. Ukraine will
        never see one dollar of the IMF money. What the IMF is going to do is to
        substitute Ukrainian indebtedness to the IMF for Ukrainian indebtedness
        to Western banks. The IMF will hand over the money to the Western
        banks, and the Western banks will reduce Ukraine’s indebtedness by the
        amount of IMF money. Instead of being indebted to the banks, Ukraine
        will now be indebted to the IMF. Now the looting can begin. The IMF loan
        brings new conditions and imposes austerity on the Ukrainian people so
        that the Ukraine government can gather up the money with which to repay
        the IMF. The IMF conditions that will be imposed on the struggling
        Ukraine population will consist of severe reductions in old-age
        pensions, in government services, in government employment, and in
        subsidies for basic consumer purchases such as natural gas. Already low
        living standards will plummet. In addition, Ukrainian public assets and
        Ukrainian owned private industries will have to be sold off to Western
        purchasers. Additionally, Ukraine will have to float its currency. In a
        futile effort to protect its currency’s value from being driven very low
        (and consequently import prices very high) by speculators ganging up on
        the currency and short-selling it, Ukraine will borrow more money with
        which to support its currency in the foreign exchange market. Of course,
        the currency speculators will end up with the borrowed money, leaving
        Ukraine much deeper in debt than currently.

        Brandon Smith (Personal Liberty Digest): Take These Steps Today To
        Survive An International Crisis Part 6 of 10: Find Alternative Shelter.
        There are no guarantees during a full-spectrum disaster. Having all your
        eggs in one basket is not only stupid, but unnecessary. Always have a
        plan B. That means scouting an alternative location for you and your
        family in the event that your current shelter comes under threat. This
        location should be far enough away from large population centers but
        still within a practical range for you to reach them. It should also
        have a nearby water source, and be defensible. Establishing supply
        caches near this site is imperative. Do not assume that you will be able
        to take all of your survival supplies with you from your home. Expect
        that surprises of the frightening variety will arise.

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

        Harvey’s comments on Monday price action (basis 1:30 PM EST)

        Quote:

        Gold closed down $10.40 at $1283.40 (Comex to Comex closing time).

        Silver was down 4 cents to $19.73.

        In the access market tonight at 5:15 PM:

        Gold: $1284.00

        Silver: $19.75

        Friday, Mar 28th Gold and Silver Action (basis 1:30 PM EST)

        http://harveyorgan.blogspot.com/2014/03/march-31gld-loses-389-tonnes-of-goldno.html

        Total, Mar (Silver), Apr (Gold), May (Silver) Open Interest

        In silver:

        Quote:

        The total silver Comex OI surprisingly rose again by 1,564 contracts
        as silver was down in price to the tune by another 8 cents on Friday.
        The total OI now rests tonight at 149,654 contracts. The big March
        active delivery month for silver is now off the board. The April
        contract month saw it’s OI rise by 17 contracts up to 249. The big May
        contract month saw it’s OI rise by 152 contracts up to 93,969.

        In Gold:

        Quote:

        The total gold Comex open interest fell dramatically today by 16,864
        contracts from 382,195 all the way down to 365,331 with gold down by
        $0.90 on Friday.The OI for the March non active gold contract month is
        now off the board. The next big active contract month is April and here
        the OI fell by another 24,853 contracts to 6,486. The next non active
        delivery month is May and here the OI fell by 98 contracts down to 6603.
        The next big active delivery month is June and here the OI fell by
        13,214 as the Comex players refused to roll as they just vacated the
        arena. The OI for June stands at 234,079.

        Volume

        In Silver:

        Quote:

        The estimated volume today was awful at 28,418 contracts. The confirmed volume on Friday was good at 49,640 contracts.contracts.

        In gold:

        Quote:

        The estimated volume today was awful at 118,203 contracts. The confirmed volume on Friday was very good at 247,283.

        Inventory Numbers

        In Silver Inventory:

        Quote:

        Today, we had good activity inside the silver vaults.

        We had 1 dealer deposits and 0 dealer withdrawals:

        i) Into CNT: 113,326.800 oz.

        Total dealer deposit: 113,326.800 oz.

        Today we had no dealer withdrawals.

        We had 2 customer deposits:

        i) Into Delaware: 600,916.596 oz

        ii) Into Scotia: 141,199.990 oz.

        Total customer deposits: 742,116.586 oz.

        We had 2 customer withdrawals:

        i) Out of HSBC: 103,160.840 oz

        ii) Out of Scotia: 643,366.27 oz.

        Total customer withdrawal: 746,527.110 oz.

        We had 1 adjustment:

        i) Out of CNT: 136,970.58 oz was adjusted out of the customer and this landed in the dealer at CNT

        Registered (dealer) silver: 53.427 million oz

        Total of all silver: 179.790 million oz.

        In Gold Inventory:

        Quote:

        We had 0 dealer withdrawals.

        Total dealer withdrawals: nil oz.

        We had 1 customer deposits today:

        i) Into HSBC: 32,103.24 oz

        Total customer deposit: 32,103.24 oz

        We had 0 customer withdrawals:

        Total customer withdrawals: nil oz

        Today we had 1 adjustments

        i) Out of JPMorgan: a rather large 229,400.692 oz was adjusted out of
        the customer account and into the dealer account. This should lead to a
        settlement.

        Thus tonight, we have the following JPMorgan inventory levels in gold:

        JPM dealer inventory remains tonight at 443,498.01 oz or 13.794 tonnes.

        Today, 2470 notices were issued from JPMorgan dealer account and 170
        notices were issued from JPMorgan’s client or customer account. The
        total of all issuance by all participants equates to 2642 contracts of
        which 0 notices were stopped (received) by JPMorgan dealer and 505
        notices stopped by JPMorgan customer account. Today JPMorgan was all
        over the issuance dept of gold.

        The Total dealer Comex gold remains tonight at 876,637.302 oz or
        27.26 tonnes of gold. The total of all Comex gold (dealer and customer)
        rests at 7,740,844.453 oz or 240.77 tonnes.

        Tonight, we have dealer gold inventory for our 3 majorbullion banks
        (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
        only 23.454 tonnes:

        i) Scotia: 157,966.367 oz or 4.913 tonnes

        ii) HSBC: 152,612.868 oz or 4.747 tonnes

        iii) JPMorgan: 443,498.01 oz or 13.794 tonnes

        Total: 23.454 tonnes

        Brinks dealer account, which did have the lion’s share of the dealer
        gold, saw its inventory level remain constant tonight at only 89,129.259
        oz or 2.772 tonnes. A few months ago Brinks had over 13 tonnes of gold
        in its registered or dealer account.

        Delivery Notices

        In silver:

        Quote:

        The CME reported that we had 186 notices filed for 930,000 oz today.

        In gold:

        Quote:

        Today we had 2642 notices served upon our longs for 100 oz of gold.

        Contracts Left To Be Delivered + Month-To-Date Summary

        In silver:

        For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

        http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

        In silver:

        Quote:

        To calculate what will stand for this active delivery month of March,
        I take the number of contracts served for the entire month at 186 x
        5,000 oz per contract or 930,000 oz to which we add the difference
        between the OI standing for March (249) minus the number of contracts
        served today (186) x 5,000 oz.

        Thus in summary:

        186 contracts x 5000 oz per contract (served) or 930,000 oz + (249)
        OI standing for March – (186) number of notices filed today x 5000 oz =
        1,245,000 oz. This is the first day notice standings for silver ounces
        standing in the April contract month.

        In gold:

        Quote:

        In order to calculate what will be standing for delivery in March, I
        take the number of contracts served so far this month at 2642 x 100 oz =
        264,200 oz and add the difference between the number of OI for the
        front month (6486) minus the number of notices filed today (2642)

        OI Summary:

        2642 notices x 100 oz per contracts already served this March month
        or 264,200 oz + (6486) the OI for the front March month – the number of
        notices served today (2642) x 100 oz = 648,600 oz, the number of oz
        standing for the April contract month (20.174 tonnes). This is the first
        day notice standings for April gold

        As you will see below we have only 16.319 tonnes in the registered or
        for sale category for the big 3 (JPMorgan, HSBC, and Scotia) and 19.091
        tonnes if you include Brinks. If you include tiny Manfra, we end up
        with a total dealer gold of only 19.83 tonnes. We have witnessed little
        gold enter the dealer except from Brinks and adjustments

        Dealer Inventory Summary:

        i) The total dealer inventory of gold settles tonight at a level of 27.26tonnes.

        i) a) JPMorgan’s customer inventory rests tonight at 887,530.116 (27.605 tonnes).

        ii b) JPMorgan’s dealer account rests tonight at 443,498.01 oz (13.794 tonnes).

        iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
        collectively only 23.454 tonnes of gold left in their dealer account,
        and what is totally remarkable is the fact that little gold entered the
        dealer Comex vaults despite December and February are the busiest months
        for the gold calendar. Another oddity is that the only gold that does
        enter the customer account are kilobars and kilobars are generally of
        demand from Eastern persuasion.

        Select Commodity Prices

        The Bloomberg Baltic Dry Index (BDI) was 1,362.00, down 0.80%. WTI
        May crude was 101.38 down 0.29. Brent crude was 107.76 down 0.31. The
        spread between Brent and WTI was 6.38 down 0.02. The 30 year US Treasury
        bond was up 0.0200 at 3.5600. The 10 year T-Note was up 0.0100 at
        2.7200. The dollar was down 0.06 at 80.12. The PPT/Dow was 16457.66 up
        134.60. Silver closed at 19.76 down 0.06. The GSR was 65.0202 down
        0.3128 oz of silver per oz of gold. CIA’s Facebook was 60.24 up 0.23
        (0.38%). May wheat was up 1.75 at 697.250. May corn was up 10.00 at
        502.00. June lean hogs were down 2.400 at 127.175. May feeder cattle
        were down 1.650 at 177.850. May copper was down 0.017 at 3.026. May
        natural gas was down 0.114 at 4.371. June coal was down 0.05 at 60.40.

        Thank you for reading the Harvey Report!

        There is much more on Harvey’s blog http://harveyorgan.blogspot.com.

        Goooood day!

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

  • Obama
  • atarangi
  • DayStar

    I didn’t get to this last night, but here is a bit from Greg Hunter as he goes One-on-One with Professor William Black of UMKC.

    Greg Hunter’s USAWatchdog.com

    White collar crime expert Professor William Black thinks the nation’s
    top bankers continue to get away with massive financial crime. The
    most recent $10 million fine of former Bank of America CEO Ken Lewis
    for fraud illustrates the ongoing problem. Professor Black says, “He’s
    not paying $10 million. Bank of America is paying the $10 million. So,
    he could care less, and he didn’t have to admit anything. And,
    unlike the typical Securities and Exchange settlement, he didn’t have
    to agree not to disparage the settlement. So, immediately he disparaged
    the settlement as a bunch of junk that wasn’t true. . . . In this case,
    the fact came out that Lewis testified, the subject of this complaint
    was allegedly securities fraud at hiding the losses at Merrill Lynch
    which was acquired by B of A and said hey, it’s not me, it’s Ben
    Bernanke and Hank Paulson . . . who ordered me to cover this up.
    Professor Black goes on to say, “So the web is very tight and very
    protective of all these people, and they will trade off any amount of
    money in settlement that will be paid by the bank to insure the
    officers, even the ex-officers never have to pay and never are
    prosecuted. Even today, we are well into 2014, and the Department of
    Justice record is intact. There have been zero prosecutions of
    the elite officers who led the epic epidemic of fraud. It was the most
    destructive in world history, zero of them even unsuccessfully
    prosecuted, much less prosecuted.”

    On JPMorgan’s involvement with the $65 billion Madoff Ponzi scheme,
    where the bank paid $2.5 billion for restitution and to settle fraud
    charges, Black says, “This was dirty as all hell. If it had come
    to a trial, instead of JPMorgan settling on this, it could have blown
    them completely out of the water.” Professor Black contends
    that it’s not just JPMorgan, but many big banks committing rampant
    unprosecuted criminal fraud, and he says, “In all these
    civil fraud cases, which are now in the scores, the Justice Department
    and the Federal Housing Finance Administration and the various home loan
    banks have brought, all of those actions could have
    been brought as criminal prosecutions. . . . Only the Justice Department
    can bring criminal cases, and they have absolutely refused. . . . The
    bigger news is they are simply not investigating any of the big guys.
    They are only looking not just at minnows, but pan fried or small
    cases.”

    On the LIBOR rate rigging fraud by the world’s 16 biggest banks,
    Professor Black says, “This is the largest cartel in world history by
    orders of at least three and probably four orders of magnitude. This is
    LIBOR, the London Inter-Bank Offered Rate. This is price fixing of this
    rate that is then used to set the price of over $300 trillion in
    financial product. A trillion is a thousand billion. This is massively
    bigger than the real economy. In order to fix this rate, all the banks
    not only had to agree to form a cartel and cheat the rest of the world,
    but had to do so for years. If even a single one of them had defected,
    and made it public, the whole thing falls apart. . . .And guess what,
    our old friend JPMorgan is back as one of the entities that engaged in
    this fraud.”

    On the rash of banker deaths and suicides, Black states, “We don’t
    know, but we do know one of the recent ones abroad had told people he
    had feared an investigation of his role in Deutsche Bank. The reason we
    are into these stupid rumors and such is the failure to do real
    investigations of the large entities and real investigations as was done
    in the Savings and Loan crisis. It was even done in the Enron era. We
    haven’t mentioned the obvious, and that is big finance is the leading
    financial contributor to both parties.”

    What is the result of massive rampant unprosecuted fraud? Professor Black says, “If
    you don’t have any accountability, you not only make certain that there
    is going to be a next blow-up, but it will be worse. . . . We have
    effectively removed the criminal laws for a particular elite class of
    frauds.”

    DayStar

  • ag1969
  • Silverthumb

    According to minutes of a secret FED meeting in 1997, the US had at that time, 11billion dollars of gold left. Doing the math, if gold was trading at that time for $300/ounce, with 12 Troy ounces to a pound, and 2200 pounds /metric ton, we get a figure of 4166 metric tons. If we use American tons we get a figure of 4583 tons. That is substantially less than the over 8000 tons they claim to have. With all the manipulative games they have played since 1997 I can now clearly see why Germany has to wait 7 years to get 300 tons of its own gold returned. Maybe they can borrow it from China, who imports and/or produces over 300 tons in a quarter. The emperor wears no clothes. GOLD. Get some while you still can.

    • In Gold We Trust

      The Fed’s gold certificates are always valued at $42.22.

  • sb

    An interesting article about US gold moving East

    http://www.marketoracle.co.uk/Article44942.html

  • bruinjoe

    Jim Wiley wrote that the Saudi gold being held in London was being sold to keep the price in check. If that is true then we may have to wait a while before the west runs out of gold.

  • Wil Martindale

    I doubt we will ever be able to truly know the whereabouts and movements of the world’s gold supply with any real accuracy, there is so much secrecy and obfuscation involved. But when the East breaks the Western paradigm of “gold as a commodity” we will certainly know a lot more about gold as a reference point to currencies used in international debt settlement. When gold is remonetized, we’ll have a better handle on it. http://roacheforque.blogspot.com/

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