Koos Jansen
BullionStar Blogs
Koos Jansen
Posted on 7 Apr 2014 by

January India Silver Import 462 MT

The DGCIS, India’s customs department, just released the trade numbers for January 2014. Strangely For gold and silver they only disclose the import numbers. To figure out net import I’m aware of only one other source; COMTRADE, but they haven’t caught up until January. For gold we know the Indian government implemented the 80/20 rule in August 2013, meaning gold traders have to export 20 % of their imported gold. By knowing how much gold was officially imported we can thus calculate how much was officially exported.

India officially net imported 28 metric tonnes in January 2014, up 12 % m/m, down 77 % y/y.

Gold trade 1-2014

However, the official numbers on gold import have very little correlation to Indian demand as the majority of gold is smuggled into the country. The main reason for this is India’s import duty on gold that was raised in January 2013 from 4% to 6 %, in June to 8 % and in August to 10 %. Resulting in high premiums and increased smuggling. This chart is from Nick Laird, sharelynx.com:

Indian Premiums AU

In this video by Sunny Pannu from Minaurum gold, Indian gold expert Jayant Bhandari explains the current situation in the Indian gold market.

Another result from the restrictions in gold trade is that many Indians flocked to silver. 2013 Indian net silver import broke all records at 6016 metric tonnes. The Indian gross monthly import average in 2013 was 512 metric tonnes. In January 2014 gross silver import was 461 metric tonnes, down 44 % m/m, up 51 % y/y.

Silver trade 1-2014

Koos Jansen
E-mail Koos Jansen on:

  • USGrant

    Typo: Caught is the past tense of catch. Better would be “posted data since January”

    • Ophelia Ball

      (Reuters) – Chinese banks
      are stuck in a lose-lose legal battle between domestic shipyards and
      foreign buyers over billions of dollars in refund guarantees that are
      supposed to be paid out if shipbuilders fail to deliver on time.

      One in three ships ordered from Chinese builders was behind schedule
      in 2013, according to data from Clarksons Research, a UK-based shipping
      intelligence firm. Although that was an improvement from 36 percent a
      year earlier, it was well behind rival South Korea, where shipyards
      routinely delivered ahead of schedule the same year.

      That means Chinese banks may be on the hook to pay large sums to
      buyers if the yards can’t come through per contract, with little hope of
      recouping the cash from the yards. China is the world’s biggest
      shipbuilder, with $37 billion in new orders received last year alone.
      Buyers pay as much as 80 percent of the purchase price upfront.

      Chinese bankers rushed to finance shipbuilding after the 2008 global
      financial crisis as Beijing pushed easy credit and tax incentives to
      lift the industry and sustain industrial employment levels in the face
      of collapsing exports.

      Fees generated by offering such guarantees looked like easy money
      until massive oversupply and falling demand started taking a toll on the
      yards around 2010. Shipyards fell behind schedule and buyers demanded
      their money back. But behind or not, the builders, keen to keep orders
      on the books and prepaid money in their pockets, have submitted
      injunctions against banks in Chinese courts to prevent them from paying
      out.

      “China’s ambitions to take over South Korea as the top major
      shipbuilder meant that all the banks were encouraged to open up their
      wallets and lend money to the shipbuilders without making thorough due
      diligence,” said AKM Ismail, former finance director for Dongfang
      Shipyard, the first Chinese shipyard to be listed on London’s AIM Stock
      Exchange in 2011.

      Since ships cost millions of dollars and can take years to deliver, a
      shipbuilder generally asks for part of the purchase price upfront to
      cover material and labor costs. Buyers normally obtain a refund
      guarantee from a bank to assure their money is returned if the yard
      defaults, and the yard pays the bank’s fee for the service.

      Lawyers say that in many cases, banks did not require shipyards to
      pledge any specific collateral, partly because these guarantees are like
      a form of insurance rather than a loan. That leaves banks stuck with
      the default bill.

      If banks obey local court injunctions and hold off from issuing
      refunds, they risk being taken to court by ship buyers in foreign
      jurisdictions. But if they pay out under the refund guarantee or seek
      compensation from the shipyard for the loss, bankers say they risk
      alienating local governments, which can damage the banks’ business
      interests in the region.

      “The whole issue of refund guarantees has been a big headache,” said a finance executive at China Minsheng Bank.

      “On the one hand, we know that our clients, the shipyards, will be
      saddled with huge debt that they will struggle to repay to us, if they
      can even pay back at all. But at the same time, our credibility is at
      risk, so we have to pay them out.”

      He and other bankers interviewed for this article all spoke on
      condition of anonymity because of the legal sensitivities of the issue.

      http://www.reuters.com/article/2014/04/06/us-china-shipping-refunds-insight-idUSBREA350MZ20140406?ftcamp=crm/email/201447/nbe/AlphavilleLondon/product

    • Lydia Teapotte

      Marc Farber (via GoldCore): “I don’t know the value of a Bitcoin. I
      own gold because when the system breaks down, I want to have some cash.
      With a Bitcoin, there is a scenario where the system breaks down and you
      have no internet access and then what is the value of your Bitcoin?” DS: If
      you need cash, Bitcoin is dependent upon the exchanges. If the
      exchanges go down, you can have lots of supposed value in Bitcoin and
      not be able to access it. Bitcoins in cyberspace does not help one buy
      groceries.

      Chris Powell (GATA): GoldMoney research director Alasdair Macleod
      today provides his most exhaustive analysis yet of China’s gold demand
      and concludes that it is far greater than estimated by Western analysts
      and than what the Chinese government itself wants known — so great as
      to make futile Western efforts to control the gold price. Macleod
      concludes: “For much of 2013 commentators routinely stated that Asian
      demand was satisfied from exchange-traded fund redemptions. But ETF
      sales totaling 881 tonnes covered only one quarter of the West’s
      shortfall against China, the rest coming mostly from central bank
      vaults. Anecdotal evidence from Switzerland is that the four major
      refiners have been working round the clock turning LBMA 400-ounce bars
      into 1-kilo .9999 bars for China. They are even working with gold bars
      that are battered and dusty, which suggests that the West is not only
      digging into deep storage to satisfy Chinese demand at current prices,
      but digging a hole for itself as well.” DS: Clearly the
      West is aware of what it is doing, and if self-preservation was a goal
      would surely choose an economy healing economic collapse to national
      suicide. The situation where the West is deliberately selling the gold
      to the East in order that the West might through leverage and
      rehypothecation come to own the global businesses and global real estate
      through holding the debt secured by real property reminds me of an
      ancient prophecy from Rome. The Sibylline Oracles say, “And if the
      [starry heaven from the huge earth] Held not her throne far off, there
      had not been For men an equal light, but, bought with gold, 45 It had
      belonged to rich men and God must For poor men have prepared another
      world.(Sibylline Oracles, Book VIII, Lines 41-46). It sure looks to me
      like that is happening now. The upside is, heaven far away still holds
      its throne over the earth, and God will not permit rich men to destroy
      His plan for the earth. America will be run through the purge of war and
      disaster and will be preserved to still be a beacon of hope for a time.

      Koos Jansen (In Gold We Trust): From looking at the equations we can
      conclude GOFO is the difference in interest rates between US dolars
      (USD) and gold (XAU). When the three months GOFO is negative, it means
      the interest rate to borrow XAU for three months is higher than the
      interest rate to borrow USD for three months; there is more demand for
      XAU than USD. This suggests the value of gold expressed in dollars will
      rise. Bear in mind we live in a ZIRP bubble bath, there is such USD
      supply (out of thin air) that LIBOR is exorbitant low. Nevertheless, we
      can see that when GOFO is trending down the price of gold (XAUUSD) is
      pushed up. If GOFO persist to trend lower it’s very likely the price of
      gold will rise. When we look back a couple of years, we can see that
      every time GOFO dipped in negative territory a strong bull market in
      gold followed. I expect to see the same in coming years. Deutsche bank
      that recently announced to stop participating in the London gold fix
      (and is one of the banks under investigation of manipulating the London
      gold fix) wrote this on GOFO, from their Quarterly Commodities Report
      April 2013: Historically, GOFO rates have only been negative twice since
      1999, but have frequently moved into negative territory over the past
      year. We believe this is a result of on going large shift of gold from
      the west to the east. More recently, with GOFO turning positive, it
      suggests that physical tightness has eased at least in the near term.
      Well guess what, GOFO is back negative again and the west to east gold
      exodus is long from over.

    • In Gold We Trust

      better?

      • Torrance Terrence

        Yes, the Judicial branch has been tearing off little bits of the Constitution over the years, so their masters, the bankers, can continue to steal wealth unimpeded.This was a pretty big decision, and it completely turns on its ear the original intent of the BoR. From the article linked:”The case was decided March 28, 2014. The US Supreme Court unanimously ruled that the Bill of Rights is no longer made up of “Declaratory and Restrictive Clauses.” They are judicially now perceived as “privileges.” A “privilege” can be revoked for the slightest of legislative causes, but a “Right” is “Forever Inviolate” … We the People no longer have that.”Soon, we’ll see them create laws that disallow gun ownership for ANY violation, misdemeanor or felony. “You jaywalked?” “You spat on the sidewalk?” “No guns for you–gun ownership is a privilege, no longer a right.”I don’t think they are necessarily trying to provoke a revolution, though I guess that is possible. While they sure have the weaponry to do it, they also need the military to turn on their fellow citizens. Even 50,000 foreign troops probably can’t defeat 300,000,000 people.I think they are preparing for what little backlash the population can muster, and to make sure they, themselves survive when they perform the next false flag, which may be an EMP or two over the U.S. In the interim, they lljj want to take away as many guns as possible, to further minimize the backlash.

  • yoshi hirata

    WASHINGTON: The US Navy
    believes it has finally worked out the solution to a problem that has
    intrigued scientists for decades: how to take seawater and use it as
    fuel.

    The development of a liquid hydrocarbon fuel is being hailed as “a
    game-changer” because it would signficantly shorten the supply chain, a
    weak link that makes any force easier to attack.

    The US has a fleet of 15 military oil tankers, and only aircraft
    carriers and some submarines are equipped with nuclear propulsion.

    All other vessels must frequently abandon their mission for a few
    hours to navigate in parallel with the tanker, a delicate operation,
    especially in bad weather.

    The ultimate goal is to eventually get away from the dependence on
    oil altogether, which would also mean the navy is no longer hostage to
    potential shortages of oil or fluctuations in its cost.

    Vice Admiral Philip Cullom declared: “It’s a huge milestone for us.”
    “We are in very challenging times where we really do have to think in
    pretty innovative ways to look at how we create energy, how we value
    energy and how we consume it.

    “We need to challenge the results of the assumptions that are the
    result of the last six decades of constant access to cheap, unlimited
    amounts of fuel,” added Cullom.

    “Basically, we’ve treated energy like air, something that’s always
    there and that we don’t worry about too much. But the reality is that we
    do have to worry about it.”

    US experts have found out how to extract carbon dioxide and hydrogen gas from seawater.

    Then, using a catalytic converter, they transformed them into a fuel
    by a gas-to-liquids process. They hope the fuel will not only be able to
    power ships, but also planes.

    http://economictimes.indiatimes.com/news/international/world-news/us-navy-game-changer-converting-seawater-into-fuel/articleshow/33402085.cms

  • Bag of Gold

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

    FDIC Bank Seizures

    The FDIC did not seize any banks this week.

    Commitment of Traders (COT)

    Gold: The commercials go net long by 13,592 contracts which is
    bullish but then again you must believe in the figures which I do not.

    Silver: Commercials go net long by 3313 contracts and that is bullish.

    News and Commentary

    Mark O’Byrne (GoldCore): Bullishly for gold, U.S. Fed Chair Janet
    Yellen said this week that sluggish growth in labour markets mean
    accommodative policies will be needed for some time. Last month, she had
    said that the Fed may end bond buying this fall and raise borrowing
    costs six months after that. While speculators continue to play games
    with the paper or digital price of gold at quarter, half year and year
    end, physical demand continues to be robust globally and especially in
    Asia. ANZ Banking Group said yesterday its gauge of demand in China
    increased last month. China, the world’s biggest buyer continues to
    import huge quantities of gold on a monthly basis and will likely have
    another record year of imports and total demand in 2014. Middle Eastern
    demand remains firm too. Iraq’s central bank is diversifying into gold
    and also has plans to process 11 metric tons for public sale, and will
    import gold bars to sell to goldsmiths.

    Marc Farber (via GoldCore): “I don’t know the value of a Bitcoin. I
    own gold because when the system breaks down, I want to have some cash.
    With a Bitcoin, there is a scenario where the system breaks down and you
    have no internet access and then what is the value of your Bitcoin?” DS: If
    you need cash, Bitcoin is dependent upon the exchanges. If the
    exchanges go down, you can have lots of supposed value in Bitcoin and
    not be able to access it. Bitcoins in cyberspace does not help one buy
    groceries.

    Chris Powell (GATA): GoldMoney research director Alasdair Macleod
    today provides his most exhaustive analysis yet of China’s gold demand
    and concludes that it is far greater than estimated by Western analysts
    and than what the Chinese government itself wants known — so great as
    to make futile Western efforts to control the gold price. Macleod
    concludes: “For much of 2013 commentators routinely stated that Asian
    demand was satisfied from exchange-traded fund redemptions. But ETF
    sales totaling 881 tonnes covered only one quarter of the West’s
    shortfall against China, the rest coming mostly from central bank
    vaults. Anecdotal evidence from Switzerland is that the four major
    refiners have been working round the clock turning LBMA 400-ounce bars
    into 1-kilo .9999 bars for China. They are even working with gold bars
    that are battered and dusty, which suggests that the West is not only
    digging into deep storage to satisfy Chinese demand at current prices,
    but digging a hole for itself as well.” DS: Clearly the
    West is aware of what it is doing, and if self-preservation was a goal
    would surely choose an economy healing economic collapse to national
    suicide. The situation where the West is deliberately selling the gold
    to the East in order that the West might through leverage and
    rehypothecation come to own the global businesses and global real estate
    through holding the debt secured by real property reminds me of an
    ancient prophecy from Rome. The Sibylline Oracles say, “And if the
    [starry heaven from the huge earth] Held not her throne far off, there
    had not been For men an equal light, but, bought with gold, 45 It had
    belonged to rich men and God must For poor men have prepared another
    world.(Sibylline Oracles, Book VIII, Lines 41-46). It sure looks to me
    like that is happening now. The upside is, heaven far away still holds
    its throne over the earth, and God will not permit rich men to destroy
    His plan for the earth. America will be run through the purge of war and
    disaster and will be preserved to still be a beacon of hope for a time.

    Koos Jansen (In Gold We Trust): From looking at the equations we can
    conclude GOFO is the difference in interest rates between US dolars
    (USD) and gold (XAU). When the three months GOFO is negative, it means
    the interest rate to borrow XAU for three months is higher than the
    interest rate to borrow USD for three months; there is more demand for
    XAU than USD. This suggests the value of gold expressed in dollars will
    rise. Bear in mind we live in a ZIRP bubble bath, there is such USD
    supply (out of thin air) that LIBOR is exorbitant low. Nevertheless, we
    can see that when GOFO is trending down the price of gold (XAUUSD) is
    pushed up. If GOFO persist to trend lower it’s very likely the price of
    gold will rise. When we look back a couple of years, we can see that
    every time GOFO dipped in negative territory a strong bull market in
    gold followed. I expect to see the same in coming years. Deutsche bank
    that recently announced to stop participating in the London gold fix
    (and is one of the banks under investigation of manipulating the London
    gold fix) wrote this on GOFO, from their Quarterly Commodities Report
    April 2013: Historically, GOFO rates have only been negative twice since
    1999, but have frequently moved into negative territory over the past
    year. We believe this is a result of on going large shift of gold from
    the west to the east. More recently, with GOFO turning positive, it
    suggests that physical tightness has eased at least in the near term.
    Well guess what, GOFO is back negative again and the west to east gold
    exodus is long from over.

    Bill Holter (Miles Franklin): We are clearly painting Russia into the
    very corner that they WANT to be in! Our actions of placing “timid”
    sanctions on Russia are doing two things. First it is displaying and
    revealing our “weakness” (the dollar) which invites further “pushes” and
    secondly is giving Mr. Putin “cause” to abandon the dollar…which we
    really cannot afford. By pushing Russia away from the dollar we are
    showing the world that business CAN be done without using dollars and
    Mr. Putin is showing the world exactly “how” it can be done. What have
    we accomplished with these sanctions? We have allowed Russia off of the
    dollar standard, displayed a template of how to not use dollars and
    lifted the sanctions on Iran. Do you think that maybe our “allies” in
    Israel and Saudi Arabia might have slightly elevated blood pressures?
    Maybe this is exactly how QE is ended. Maybe we really are that close to
    the complete loss of control in the financial markets (I believe we
    are). But, the West MUST have a “reason” or something to point at to
    blame. The system can’t just collapse all on its own for no reason,
    because then the guillotines will be rolled out. Those in charge of the
    system cannot be seen as “fraudsters”, they must be able to point at
    something, anything, and be able to say “look, if XYZ didn’t happen we
    would be fine. Our policies were working, ‘they’ did it”. In a sense,
    “they” will do it. “They” being the Russians, the Chinese, Indians,
    Brazilians etc. but “we” are the ones who originally set up the system
    and made the rules (back when we had the gold) which were fraudulent
    from the inception.

    Bill Holter on US sanctions: The average person must be fooled into
    thinking that his “situation” is not the fault of U.S. policymakers. The
    average person will be wiped out financially and will look for
    retribution. Banks will close and dollars will devalue leaving anyone
    who had saved all their life holding the bag but they must be made to
    believe that it all happened from “external” sources. I truly believe
    this. The dollar will collapse completely on its own if left alone but
    then the populace will call for “blood”. By pushing Russia into a corner
    we will force them to “pull the plug” for us. Brilliant! I do want to
    say that this “thought process” didn’t just recently hit the scene. This
    was the plan going all the way back to 1971 (maybe even 1913). When
    Nixon shut the gold window, we truly from both a legal and moral
    standpoint defaulted to (on) the world. Henry Kissinger cutting the deal
    with the Saudis where only dollars could buy oil was merely a “band
    aid” that bought some time (40 years). They knew then, they have known
    all along and they now know that system itself would need to be changed
    because it was fraudulent. The system as I see it was designed to never
    ever “settle” and thus the term “never pay”. I have used the term
    “everything is worth nothing” and this is where we are headed once the
    knees are cut out from under the dollar. Think about it, your bank
    accounts, insurance policies etc. are all based in dollars, what will
    they be worth should the world one day wake up and say “we don’t want
    dollars”? Actually, they are already saying this, the better phrase is
    “we will not accept dollars”. Our foreign policy now seems to be pushing
    the world toward this eventuality. I cannot believe that this was by
    mistake or that stupidity in Washington is this widespread (well, yes I
    can [DS: They can’t be brilliant and stupid at the same time.])…it had to be the plan all along as far as I’m concerned. DS: The
    objective must be to remove the population and take over the land, else
    they are killing the goose that laid the golden egg for no reason.
    Since they already control the world, what could be their motive? Power!
    More power can be achieved by removing the power of the people, which
    they are doing.

    Shabaz Rana (The Express Tribune): Pakistan has refused to sell gold
    worth $2.7 billion, citing national security reasons, as the
    International Monetary Fund pushes Islamabad to convert the precious
    metal into cash to build foreign currency reserves, The State Bank of
    Pakistan holds more than 2 million troy ounces of monetary gold, having
    $2.7 billion of value at the market rate. It is not counted in gross
    international reserves as it is not deemed to be liquid by the State
    Bank of Pakistan, the IMF says.

    Chris Powell: Tocqueville Gold Fund’s John Hathaway praises the
    federal anti-trust lawsuit brought last week against the London
    gold-fixing bullion banks by the law firm of Berger & Montague in
    Philadelphia and the New York firm of Quinn, Emanuel, Urquhart, and
    Sullivan. “The light of day is going to change the way this gold market
    works,” Hathaway says, “and I think the result will be that supply and
    demand of physical gold will have a much larger influence on the
    direction of the price than over the last year. … It’s incredibly
    healthy that regulators and litigators are sticking their noses into
    this, and I just can’t wait to see the results.”

    Harvey: Gold and silver were propelled northbound due to two
    important factors: i) the poor jobs report whereby the street was
    expecting a greater addition than the 197,000 jobs received. ii) day two
    of negative GOFO’s rates signalling a lack of London good delivery bars
    that the criminal bankers use to attack gold. Gold advanced by $19 but
    silver stayed behind as a signal to our bankers to regroup and attack
    again, possibly by Monday. The bankers care not of the multiple crimes
    that they have been charged with. They continue with reckless abandon!!
    It seems that Putin is not backing down as the escalation continues.
    Obama notified Putin that he is not happy with the 20 billion oil deal
    with Russia and Iran

    Harvey: The jobs report in the USA was released and only 192,000 were
    added. The street had penciled in a greater number. The Nasdaq
    collapsed today down 110 points (equivalent to 440 Dow points) and it
    also witnessed a huge flash crash. GOFO rates were negative for the
    front month and were headed toward negative for the rest. Today, we lost
    1.8 tonnes of gold at the GLD. Fear not! This gold is heading straight
    to Shanghai via the refiners in Switzerland who are working 3 shifts per
    day producing .9999 Kilobars for the Chinese. Gold tonnage tonight at
    the GLD: 809.18 and stands at 809.18 tonnes. Silver: The SLV gained
    673,000 oz today and stands at 10,228.97 tonnes. It seems to me that the
    SLV folks might have a problem in obtaining the necessary silver
    equating with demand for silver. The USA mints are on fire producing
    silver eagles.

    Martin Armstrong (via ZH): This week the state legislature of
    Michigan became the 34th state to demand a “Constitutional Convention”
    in the United States. Pursuant to Article 5 of the US Constitution, if
    2/3rds of the states call for such a convention, (meaning 34 states) it
    must take place. In such a convention, the entire Constitution is
    subject to review and can be altered and changed.

    Mike Hoy: The never-ending creation of paper currency guarantees an
    infinite source of fiat funds to purchase both finite gold supplies
    above ground and ownership of underground gold resources to corner
    future market supplies. The Fed openly admits to creating $55
    billion/month in fiat paper. There are currently 2,500/tons gold
    mined/yr or roughly 80 million oz X $1,350/oz = $108 billion/yr. new
    gold production. In other words, annualized, The Fed is admitting to the
    creation of paper at 6X the amount of worldwide gold production/yr. DS: Hoy
    advocates investing in mining equities. Equities will do you about as
    much good as your physical gold vaulted in Singapore when WWIII
    commences and the economy ceases to function.

    Shivom Seth (Mineweb): Gold smuggling at just one airport, the Indira
    Gandhi International (IGI) airport, has been revealed to have shot up
    26 times from previous years, with 177.6 kilogram of the precious metal
    intercepted at the airport in this financial year. The data was
    submitted to a petitioner who had asked for a Right to Information (RTI)
    to showcase the high amount of smuggling. Officials said nearly 85
    kilograms of gold have been seized by the customs department since the
    beginning of 2014. Last year, only 6.8 kilograms of gold was seized by
    this time – the first three months. Police said a group from Herat,
    Afghanistan, was stopped for a customs check. Some of the women were
    wearing up to 8 kilograms of ornaments, while others had about 5
    kilograms of gold jewellery and accessories on them, said customs
    officials. With India’s economy showing signs of recovering, and a
    decline in consumer price inflation recorded, economists are predicting a
    change in the government’s strict stand with regards to imports.
    However, some skeptics and analysts have maintained that the reduction
    in the current account deficit is an exaggeration, because gold imports
    have actually been pushed underground by the import curbs imposed over
    the past year, and that any change in the import curbs would not stem
    smuggling. Traders have said that gold demand in India is expected to be
    robust in 2014, likely leading to a further jump in smuggling if the
    curbs on bullion imports remain. Experts have also warned that the
    Indian government’s move to hike import duty on gold has done little to
    curb its demand and made it an even more sought after commodity in the
    near term, pushing up the price of the precious metal. DS: Some
    analysts are warning not be too confident that import duties will be
    curbed as the smuggling is a very profitable business for some
    government officials.

    Ugo Bardi (via SRSrocco) on Different ways to counterfeit gold: Gold
    plated tungsten bars and ingots. There are only a few ways to detect the
    scam. Ultrasonic testing should work, although it may not be enough.
    Tungsten bars buried in gold ingots/bars. This trick is very difficult
    to detect because even drilling a hole in the ingot doesn’t guarantee to
    find the foreign object inside unless you need slice the ingot salami
    style, or remelt it. However, ultrasonic examination will immediately
    detect that there is something wrong inside. Tungsten counterfeit gold
    coins are not known to exist. Jewelry is the easiest to counterfeit.
    Silver can be counterfeited with molybdenum, but it does not seem to be
    an issue due to low profitability. To avoid counterfeit buy thin
    objects. Learn to measure density with a scale. Get a strong magnet to
    test your gold. Trust, but verify.

    The Silver Bug (SprottMoneyBlog): Until recently, the Chinese’s main
    method of acquiring American land at a rapid pace, was to simply buy
    corporations that had large real estate holdings. Now that has changed.
    In a bid to keep the American 2.0 housing bubble afloat, regulations are
    being loosened and investment firms are more than happy to get the
    properties off their books at inflated prices. The most notable change
    came via the popular real estate website Zillow. As The American Dream’s
    Michael Snyder recently reported, “Zillow agreed to make its U.S.
    property listings available to Chinese consumers through a partnership
    with a Beijing-based website.” The concern that this raises is the
    following: do Americans really wish to have a foreign power that they
    owe a vast amount of debt to on their doorstep? The hollowing out of the
    American economy continues, a process that can only exist because of
    the incredibly flawed fiat money system that the world currently finds
    itself on.

    • Notta Lottie

      Jim Rickards (CBC): One of the problems with Chinese investments are
      “wealth management products” which the banks have set up as Ponzi
      schemes, offering high rates of return, but financing them not through
      investment but through the funds of new investors, Rickards said. “How
      long could that go on. It will go on until something happens. There’s a
      failure, a fraud, something will cause a panic and everyone is going to
      run down and try to cash them in,” he said. “They’ve set themselves up
      through wasted infrastructure investment, opaque financial product and
      ponzi financing – they’ve set themselves up for a collapse,” he added.
      If China experiences a softer landing, it will have to be happy with
      growth of closer to four per cent, Rickards estimated. But if it faces a
      crash, or a bank default, growth may decline to two per cent. “The
      world is not ready for this. China is 10 per cent of global GDP. If you
      take Chinese growth rates down from 7-7.5 per cent even to 4.5 per cent,
      let alone 2.5 per cent, which is possible, that’s going to have a major
      impact on the entire world,” he said.

      Brandon Smith (Personal Liberty Digest): Take These Steps Today To
      Survive An International Crisis – Part 9 of 10: Prepare To Survive a
      Nuclear Attack. The human body needs at least two liters of water per
      day. Store enough water for drinking during the two-week fallout period.
      Double that amount to have enough water for sanitation purposes. Also,
      if you are a reasonable distance from the attack and have time before
      the fallout reaches your location, be sure to fill up all containers,
      bathtubs and sinks with as much water as possible from the tap. Even if
      pressure is still available during fallout, the water could be exposed
      and undrinkable. After the two-week danger period, all water taken from
      open sources should be filtered to remove any possible fallout
      particles. Soap and sponges must be stored for washing purposes, and
      staying clean should be a priority. Bathroom sanitation is difficult in a
      fallout scenario. Waste water from cooking and washing can be saved and
      poured into you home toilet for a single flush if water pressure is
      lost, but a better option would be a survival or hunters toilet with
      heavy waste liners and deodorant chemicals. Remember, you won’t be able
      to walk outside for two weeks. A 3-foot hole in the woods is not an
      option. Dumping refuse outside can be done as long as exposure time is
      kept to less than 30 minutes, although you will have to rigorously wash
      off dust and contaminates before coming back inside.

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

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

      Quote:

      Gold closed up $18.80 at $1303.20 (Comex to Comex closing time).

      Silver was up 15 cents to $19.93.

      In the access market tonight at 5:15 PM:

      Gold: $1303.00

      Silver: $19.97

      Thursday, Apr 3rd Gold and Silver Action (basis 1:30 PM EST)

      http://harveyorgan.blogspot.com/2014/04/april-42014gld-posts-loss-of-18-tonnes.html

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

      In silver:

      Quote:

      The total silver Comex OI surprisingly rose again by 1307 contracts
      as silver was down in price to the tune of 25 cents yesterday. I cannot
      wait to see Monday’s OI with the big rise in silver today.The total OI
      now rests tonight at 154,749 contracts. It is surprising that we are
      nearing record levels of open interest happening at the same time as
      record lows in the price of silver. The April contract month saw it’s OI
      fall by 60 contracts up to 3. We had 60 notices served upon yesterday
      so in essence we neither gained nor lost any silver ounces standing for
      the April contract month. The big May contract month saw it’s OI rise by
      289 contracts down to 93,220.

      In Gold:

      Quote:

      The total gold Comex open interest fell today by 1,332 contracts from
      364,740 down to to 363,408 with gold down by $6.10 yesterday. The big
      active contract month is April and here the OI fell by another 1183
      contracts to 1,425. We had 716 contracts served upon yesterday, so we
      lost another 467 contracts or 46,700 oz that will not stand. The next
      non active delivery month is May and here the OI fell by 1047 contracts
      down to 5,282. The next big active delivery month is June and here the
      OI fell by 492 contracts. The OI for June stands at 233,246.

      Volume

      In Silver:

      Quote:

      The estimated volume today was good at 42,094 contracts. The confirmed volume yesterday was good at 37,310 contracts.contracts.

      In gold:

      Quote:

      The estimated volume today was fair at 141,436 contracts. The confirmed volume yesterday was simply awful at 106,949.

      Inventory Numbers

      In Silver Inventory:

      Quote:

      Today, we had good activity inside the silver vaults but questionable as well.

      We had 0 dealer deposits and 1 dealer withdrawals:

      i) out of Scotia: 287,037.99 oz.

      Today dealer withdrawals: 287,037.99 oz.

      We had 2 customer deposits:

      i) Into HSBC: 643,366.27 oz

      ii) Into Scotia: 600,149.15 oz.

      Total customer deposit: 1,243,515.42 oz.

      We had 3 customer withdrawals:

      i) Out of CNT: 298,056.0000 oz ????? (can someone rationally explain this exact withdrawal)

      ii) Out of HSBC: 600,321.78 oz

      iii) Out of Scotia: 1,119,033.07 oz.

      Total customer withdrawal: 1,119,033.07 oz.

      We had 0 adjustments:

      Registered (dealer) silver: 53.436 million oz

      Total of all silver: 177.891 million oz.

      In Gold Inventory:

      Quote:

      We had 0 dealer withdrawals.

      Total dealer withdrawals: nil oz.

      We had 3 customer deposits today

      i) Into HSBC: 99.86 oz

      ii) Into JPMorgan: 16,075.0000 oz or 5,000 kilobars.

      iii) Into Scotia: 100.06 oz

      Total customer deposit: 16,274.92 oz

      We had 2 customer withdrawals:

      i) out of Scotia: 99.867 oz

      ii) out of HSBC: 100.06 oz

      total customer withdrawal: 199.92 oz

      Today we had 0 adjustments

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

      JPM dealer inventory remains tonight at 317,060.418 oz or 9.861 tonnes.

      Today, 0 notices were issued from JPMorgan dealer account and 0
      notices were issued from JPMorgan’s client or customer account. The
      total of all issuance by all participants equates to 60 contracts of
      which 8 notices were stopped (received) by JPMorgan dealer and 17
      notices stopped by JPMorgan customer account.

      The Total dealer Comex gold remains tonight at 753,191.671 oz or
      23.427 tonnes of gold. The total of all Comex gold (dealer and customer)
      rests at 7,824,047.264 oz or 243.36 tonnes.

      Tonight, we have dealer gold inventory for our 3 majorbullion banks
      (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
      only 19.514 tonnes:

      i) Scotia: 157,966.367 oz or 4.913 tonnes

      ii) HSBC: 152,404,838 oz or 4.740 tonnes

      iii) JPMorgan: 317,060.418 oz or 9.861 tonnes

      Total: 19.514 tonnes

      Brinks dealer account, which did have the lion’s share of the dealer
      gold, saw its inventory level remain constant tonight at 101,974.259 oz
      or 3.1718 tonnes. Several months ago they had over 13 tonnes of gold in
      its registered or dealer account.

      Delivery Notices

      In silver:

      Quote:

      The CME reported that we had 0 notices filed for nil oz today.

      In gold:

      Quote:

      Today we had 60 notices served upon our longs for 6,000 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 April,
      I take the number of contracts served for the entire month at 461 x
      5,000 oz per contract or 2,305,000 oz to which we add the difference
      between the OI standing for March (xxx) minus the number of contracts
      served today (0) x 5,000 oz.

      Thus in summary:

      461 contracts x 5000 oz per contract (served) or 2,305,000 oz + (3)
      OI standing for March – (0) number of notices filed today x 5000 oz =
      2,320,000 oz. This is rather large for a non active delivery month.

      We neither gained nor lost any silver ounces today for the April silver contract month.

      In gold:

      Quote:

      In order to calculate what will be standing for delivery in April, I
      take the number of contracts served so far this month at 4178 x 100 oz =
      417,800 oz and add the difference between the number of OI for the
      front month (1425) minus the number of notices filed today (60)

      OI Summary:

      4178 notices x 100 oz per contracts already served this March month
      or 417,800 oz + (1425) the OI for the front March month – the number of
      notices served today (60) x 100 oz = 554,300 oz, the number of oz
      standing for the April contract month (17.24 tonnes). We lost 46,700 oz
      of gold that will not stand in the April contract gold month.

      Dealer Inventory Summary:

      i) The total dealer inventory of gold settles tonight at a level of 23.427 tonnes.

      i) a) JPMorgan’s customer inventory rests tonight at 1,030,042.709 (32.04 tonnes).

      ii b) JPMorgan’s dealer account rests tonight at 317,060.418 oz (9.861 tonnes).

      iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
      collectively only 19.514 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 1,205.00, down 2.43%. WTI
      May crude was 101.14 up 1.91. Brent crude was 106.72 up 1.93. The spread
      between Brent and WTI was 5.58 up 0.02. The 30 year US Treasury bond
      was down 0.0600 at 3.5900. The 10 year T-Note was down 0.0700 at 2.7300.
      The dollar was up 0.20 at 80.42. The PPT/Dow was 16412.71 down 160.29.
      Silver closed at 19.96 down 0.02. The GSR was 65.2455 up 0.6859 oz of
      silver per oz of gold. CIA’s Facebook was 56.75 down 5.97 (9.52%). May
      wheat was up 0.50 at 669.750. May corn was up 6.00 at 501.75. June lean
      hogs were down 4.250 at 120.550. May feeder cattle were up 0.550 at
      178.525. May copper was down 0.024 at 3.023. May natural gas was up
      0.075 at 4.439. June coal was up 0.00 at 60.10.

      Thank you for reading the Harvey Report!

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

      Goooood day!

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

      __________________

      http://www.tfmetalsreport.com/forum/4132/harvey-organ-should-be-interesting-read-today

  • Inrageous
  • Lydia Teapotte

    TruNews: A senior CIA official has died in an apparent suicide this
    week from injuries sustained after jumping off a building in northern
    Virginia, according to sources close to the CIA. CIA spokesman
    Christopher White confirmed the death and said the incident did not take
    place at CIA headquarters in McLean, Va. “We can confirm that there was
    an individual fatally injured at a facility where agency work is done,”
    White told the Washington Free Beacon. “He was rushed to a local area
    hospital where he subsequently died. Due to privacy reasons and out of
    respect for the family, we are not releasing additional information at
    this time.” A source close to the agency said the man who died was a
    middle manager and the incident occurred after the man jumped from the
    fifth floor a building in Fairfax County.dd

    Russia Today: A group of lower house members of Parliament are urging
    Russian oil and gas producers and traders to stop using the US dollar.
    They say this means sharing profits with the United States and marrking
    Russia vulnerable to Western sanctions. “The dollar is evil. It is a
    dirty green paper stained with blood of hundreds of thousands of
    civilian citizens of Japan, Serbia, Afghanistan, Iraq, Syria, Libya,
    Korea, and Vietnam,” one of the authors of the motion, Mikhail
    Degtyaryov of the conservative nationalist party LDPR, said in an
    interview with Izvestia daily. Degtyaryov also said that Russia already
    had a bilateral agreement with China allowing payment in national
    currencies and this proved that such step was possible. “Our national
    industrial giants will not suffer any losses if they choose to make
    contracts in rubles or other alternative currencies,” the MP said.
    “Russia will benefit from that. We should act paradoxically when we deal
    with the West. We will sell rubles to consumers of our oil and gas, and
    later we will exchange rubles for gold. If they don’t like this, let
    them not do this and freeze to death. Before they adjust, and this will
    take them three of four years, we will collect tremendous quantities of
    gold. Russian companies will at last become nationally oriented and stop
    crediting the economy of the US that is openly hostile to Russia.”
    Degtyaryov is known for drafting an official bill banning the US dollar
    in Russia. He told reporters that this document has been recalled from
    parliament and amended with a ban on the euro and promised to resubmit
    the new draft to the lower house in the near future. On Wednesday the
    head of leading state-owned bank VTB, Andrey Kostin, also urged Russia
    to start transitioning to ruble payments with all its trading partners,
    including China and Western Europe. Kostin also said the switch should
    begin as soon as possible and that exporting companies should lead the
    way in adopting the change. According to the banker the plan could help
    to lower the country’s dependency on “the whims of US and EU
    authorities.” However, industry experts have warned against hasty moves,
    saying that sometimes the transition to a different currency was simply
    impossible.

    Chris Powell: Egon von Greyerz says he sees the United States entering a hyperinflationary period.

    TruNews: At least 40 central banks have invested in the yuan and
    several others are preparing to do so, putting the mainland currency on
    the path to reserve status even before full convertibility, Standard
    Chartered said. Twenty-three countries have publicly declared their
    holdings in yuan, in either the onshore or offshore markets, yet the
    real number of participating central banks could be far more than that,
    said Jukka Pihlman, Standard Chartered’s Singapore-based global head of
    central banks and sovereign wealth funds. Pihlman, who formerly worked
    at the International Monetary Fund advising central banks on
    asset-management issues, said at least 12 central banks had invested in
    yuan assets without declaring they had done so. The US dollar is still
    the world’s most widely held reserve currency, accounting for nearly 33
    per cent of global foreign exchange holdings at the end of last year,
    according to IMF data. That ratio has been declining since 2000, when 55
    per cent of the world’s reserves were denominated in US dollars.
    Pihlman said “a great number of central banks are in the process of
    adding [yuan] to their portfolios”. “The [yuan] has effectively already
    become a de facto reserve currency because so many central banks have
    already invested in it,” he said. “The [yuan] may become a de facto
    reserve currency before it is fully convertible.”

    Koos Jansen: “Compulsory insurance”, “bounded compensation” and
    “different rates for different risks” are important aspects in the
    design of the deposit insurance system. Bounded compensation meaning
    that a policy holder will receive compensation in full if the amount is
    within the stipulated limit. With the introduction of the deposit
    insurance system, depositors, for the first time, will face the reality
    that bank deposits may not in fact all be safe and secure. The limited
    compensation feature in the deposit insurance system is expected to have
    bullish effects on the price of gold. In the minds of the Chinese
    people gold is a hard currency, the asset of minimal risk. The defensive
    nature of gold in the face of defaults is highlighted. This article
    concerns depositors, but we should be on the watch for signs that banks
    themselves are encouraged to hold gold as hedge against financial risks:
    for this hedge to be effective, the value of gold must rise by a large
    magnitude to make up for any such systemic losses – if official bailouts
    are to be avoided. This would mean that a large rise in the price of
    gold is implied in the policy! DS: This move will
    probably have the effect of reducing deposits and people move money to
    buy gold. If the deposits are leveraged, the withdrawals may cause
    problems for the banks. The CB could quietly back up the banks as long
    as people were buying gold. However, even though there is deposit
    insurance, the move increases risks to depositors. People will large
    accounts are now seriously at risk whereas before, they were backstopped
    by the government printing press. There is also the reality that
    insurance deposits are never enough for a systemic collapse. In the US
    for example, the FDIC has perhaps enough insurance money to cover 2% of
    deposits. The Chinese would probably build a similar system that would
    default in a global crash. The resulting stress would leave depositors
    exposed to bail-ins, just like everyone else. Remember, the Chinese are
    part of the cartel and have been committed to thinning the herd for a
    long time with their Draconian one child policy.

    TruNews: A Dutch former top banker who came under fire for taking a
    large pay-off after the nationalization of his troubled bank was found
    dead along with his wife and daughter on Saturday in what police called a
    family tragedy. Jan Peter Schmittmann, 57, ran the domestic operations
    of Dutch bank, ABN Amro, between 2003 and 2007 and was widely criticized
    for landing an 8 million euro ($10.95 million) pay-off after the bank’s
    collapse and subsequent nationalization. Police said they visited his
    house in the wealthy commuter town of Laren early on Saturday after
    being alerted by a family friend. There they found his body along with
    those of his 57-year-old wife and 22-year-old younger daughter.

    John McCrank (Reuters): Fears that high-speed traders have been
    rigging the U.S. stock market went mainstream last week thanks to
    allegations in a book by financial author Michael Lewis, but there may
    be a more serious threat to investors: the increasing amount of trading
    that happens outside of exchanges. Some former regulators and academics
    say so much trading is now happening away from exchanges that publicly
    quoted prices for stocks on exchanges may no longer properly reflect
    where the market is. And this problem could cost investors far more
    money than any shenanigans related to high frequency trading. When the
    average investor, or even a big portfolio manager, tries to buy or sell
    shares now, the trade is often matched up with another order by a dealer
    in a so-called “dark pool,” or another alternative to exchanges. But
    the rise of “off-exchange trading” is terrible for the broader market
    because it reduces price transparency a lot, critics of the system say.
    The problem is these venues price their transactions off of the
    published prices on the exchanges – and if those prices lack integrity
    then “dark pool” pricing will itself be skewed. Around 45 dark pools and
    as many as 200 internalizers compete with 13 public exchanges in the
    U.S. “The exchanges have basically become the liquidity venue of last
    resort,” said Manoj Narang, chief executive of HFT firm and technology
    vendor Tradeworx.

    Lawrence Williams (Mineweb): Roberts and Kranzler comment that
    Quantitative Easing “serves to support the balance sheets of a few
    over-sized banks and to finance the federal budget deficit at an
    artificially low rate of interest. In other words, QE supports failed
    banks and federal fiscal irresponsibility. In order to successfully
    carry off this blatant misuse of public policy, the price of gold, a
    measure of the dollar’s value, must be suppressed. The Federal Reserve’s
    lack of integrity speaks volumes about the corruption of the US
    government.” Both gold bears and gold bulls may each draw comfort from
    the Roberts/Kranzler article; the former feeling that Fed action may
    thus put a cap on any likely gold price mega rise thus curtailing upside
    risk, while the latter may draw a positive in that despite these
    apparent Fed machinations the gold price appears to be holding up
    reasonably well at around current levels and so far shows few signs of a
    decline to the $1050 level suggested by Goldman Sachs analysts – and
    indeed by those from some other banks too. But the gold fight, as
    Roberts obviously sees it goes on. Maybe the Fed and its allies are
    winning the battle at the moment, but there is a feeling that ultimately
    they may lose the war, but it could yet take some time.

    Bill Holter (Miles Franklin): With only 54,000 tonnes of recoverable
    gold on planet earth and 170,000 tonnes already mined, we are passed the
    inflection point in world gold production. We also reached a peak in
    our standard of living in 2000 or 2007. The world economy is declining.
    We have lived through an era of “bountiful goods” when in fact our
    resources are actually limited. It is because of this reality that a “re
    pricing” looms large and will arrive whether invited or not. Protect
    yourself and do it now.

    Voice of Russia: It can be said that the US sanctions have opened a
    Pandora’s box of troubles for the American currency. The Russian
    retaliation will surely be unpleasant for Washington, but what happens
    if other oil producers and consumers decide to follow the example set by
    Russia? During the last month, China opened two centers to process
    yuan-denominated trade flows, one in London and one in Frankfurt. Are
    the Chinese preparing a similar move against the greenback? We’ll soon
    find out.

    Zero Hedge: The CEO of local financial institution Bank Frick &
    Co. AG, Juergen Frick, was shot dead in the underground garage of the
    bank located in the city of Balzers.

    Jim Willie (via USAWatchdog.com): Dr. Willie says, “The United States
    is going to find itself in a place where the U.S. Treasury bond is no
    longer of value. They are going to create a lot of paper, mythical,
    fictional, phantom demand, and that is going to cause the system to
    break.” Countries holding Treasury bonds are not waiting as Dr. Willie
    contends, “They have already started dumping. In the thirty days ending
    March 13, foreign nations dumped $100 billion in Treasury bonds. The
    United States tried to keep that quiet.” Dr. Willie goes on to say, “The
    new dollar, the Republic dollar, that will come about will have to be
    devalued 80%, which is going to result in a tremendous increase in
    imported prices.” Dr. Willie predicts that import price increase will
    eventually be a whopping “400%.” Willie says before it’s over, the USA
    will suffer. He predicts, “The local American citizens are going to
    wonder ‘how come the shelves are empty?’ This is third world, guys.” On
    gold and silver prices, Dr. Willie predicts, “They are going to move it
    to $5,000 to $7,000 an ounce, and silver $200 to $400 per ounce. Because
    all the world’s central banks are going to need gold, they are going to
    sell Treasury bonds to buy gold to make for a solution to their banking
    systems. What’s the solution? It’s legitimate reserves, hard asset gold
    reserves.” In closing, Dr. Willie predicts, “I think you are going to
    see, by the end of this year, that the dollar is mortally wounded and
    Treasury bond regarded as toxic paper.”

    Live Free or Die (B4IN): John Embry says the artificial control of
    markets will soon end in disaster, Embry further warns of a potential
    ‘flash-crash’ that could be triggered by the ‘petro-dollar’ movement.
    “The move by major nations to price oil in other currencies is huge.
    These other nations are sick and tired of the advantage the United
    States has enjoyed. This is why there is a move to start pricing
    international transactions in a currency other than U.S. dollars. This
    could be the thing that brings the U.S. dollar to its knees. Robert
    Fitzwilson addressed the potential of a flash-crash in the dollar, and I
    think the petro-dollar movement could certainly trigger something like
    that…You have to ask yourself why the West is handing its gold over to
    these countries who will use it to attempt to destroy the dollar?” A
    WONDERFUL QUESTION we have to add…why IS the West handing over its gold
    to these countries intent upon destroying the dollar UNLESS THAT IS THE
    PLAN??? They’ve clearly been searching for a way to bring in their ‘new
    economic system’; is this part of ‘the way’? “The long-term prospects of
    what the West is doing with its gold price suppression scheme are
    horrifying. I almost can’t believe this is occurring because it’s hard
    to believe Western central planners are this stupid and arrogant. (If
    this is the plan to help destroy the US dollar, maybe they aren’t so
    ‘stupid’ after all!)

    Zach Royer (B4IN): Free Energy Made in Taiwan: Tesla’s designs and
    patents are in the public domain. Through research, study, help from
    others, divine inspiration, and over 30 years of electronics engineering
    experience, James Robitaille of the Fix the World Organization (FTW)
    took one 1-hour class with an organization who has been building (and
    suppressing) these generators for over 20 years, and was able to figure
    out how to build it. We raised the money for the prototype through
    crowdfunding and donations from over 1,000 people who believed in us. It
    took us 5 months to build the prototype, and once we got raw power, on
    March 25th of 2014 we open sourced the plans and gave away the
    technology to the world. Our Quantum Energy Generator (QEG) provides
    10KW of power output for less than 1KW input, which it supplies to
    itself. Now that this raw power source is achieved and shared so freely,
    there will be many variations and improvements. Humanity will be
    co-developing the future of the QEG, and will be free from the
    enslavement of the oil and energy industries. FTW has never, nor do we
    ever intend, to own or control the QEG. It is a gift to the world. Now
    that we have given away the technology, it is up to the people to build,
    research, promote, prove, demonstrate, innovate and share. It belongs
    to humanity and it is up to the people now to spread the QEG around the
    world. We encourage people in every country to take the initiative,
    organize in local teams, create forums, websites, youtube videos. Gather
    your engineers, your business managers, source the parts, raise the
    funds, and distribute them to your people.

    Brandon Smith (Personal Liberty Digest): Take These Steps Today To
    Survive An International Crisis – Part 10 of 10: Prepare Your Mind For
    Calamity. The most valuable resource you will ever have is your own
    mind. The information held within it and the speed at which you adapt
    will determine your survival, whether you have massive preparations or
    minimal preparations. Most people are not trained psychologically to
    handle severe stress, and this is why they die. Panic equals extinction.
    Calm readiness equals success. The state of our financial system is one
    of perpetual tension. The structure is so weak that any catalyst or
    trigger event could send it tumbling into the abyss. Make no mistake;
    time is running out. We may witness a terrifying breakdown in a month or
    in a year, but the path has been set and there is no turning back. Take
    the steps above seriously. Set your goals for the next four weeks and
    see how many of them you can accomplish. Do what you can today, or curse
    yourself tomorrow. What’s it going to be?

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

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

    Quote:

    Gold closed down $5.20 at $1298.00 (Comex to Comex closing time).

    Silver was down 4 cents to $19.89.

    In the access market tonight at 5:15 PM:

    Gold: $1297.00

    Silver: $19.85

    Friday, Apr 4th Gold and Silver Action (basis 1:30 PM EST)

    http://harveyorgan.blogspot.com/2014/04/april-7no-change-in-gold-inventory-at.html

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

    In silver:

    Quote:

    The total silver Comex OI surprisingly rose again by 2,036 contracts
    as silver was down in price to the tune of 15 cents on Friday. The total
    OI now rests tonight at 156.785 contracts. It is surprising that we are
    nearing record levels of open interest happening at the same time as
    record lows in the price of silver. The April contract month saw it’s OI
    rise by 13 contracts up to 16. We had 0 notices served upon on Friday
    so in essence we gained 13 silver contracts or 65,000 additional ounces
    will stand for the April contract month. The big May contract month saw
    it’s OI fall by 3009 contracts down to 90,211.

    In Gold:

    Quote:

    The total gold Comex open interest fell today by 570 contracts from
    363,409 down to to 362,838 with gold up by $18.80 on Friday. The big
    active contract month is April and here the OI fell by another 140
    contracts to 1,285. We had 60 contracts served on Friday, so we lost
    another 80 contracts or 8,000 oz that will not stand. The next non
    active delivery month is May and here the OI fell by 959 contracts down
    to 4323. The next big active delivery month is June and here the OI fell
    by 3292 contracts. The OI for June stands at 229,954.

    Volume

    In Silver:

    Quote:

    The estimated volume today was weak at 30,534 contracts. The confirmed volume on Friday was good at 52,277 contracts.contracts.

    In gold:

    Quote:

    The estimated volume today was simply awful at 87,112 contracts. The confirmed volume on Friday was slightly better at 158,689.

    Inventory Numbers

    In Silver Inventory:

    Quote:

    Today, we had fair activity inside the silver vaults

    We had 0 dealer deposits and 0 dealer withdrawals:

    Today dealer withdrawals: nil oz.

    Total dealer deposit: nil oz.

    We had 1 customer deposit:

    i) Into Delaware: 498,354.224 oz.

    Total customer deposit: 498,354.224 oz.

    We had 3 customer withdrawals:

    i) Out of Brinks: 16,119.96 oz

    ii) Out of HSBC: 20,846.16 oz

    iii) Out of Delaware: 2054.60 oz.

    Total customer withdrawal: 39,020.72 oz.

    We had 0 adjustments:

    Registered (dealer) silver: 53.436 million oz

    Total of all silver: 178.351 million oz.

    In Gold Inventory:

    Quote:

    We had 0 dealer withdrawals.

    Total dealer withdrawals: nil oz.

    We had 2 customer deposits today

    i) Into HSBC: 31,972.440 oz

    ii) Into Scotia: 1607.50 oz

    Total customer deposit: 33,579.940 oz

    We had 1 customer withdrawal:

    i) out of Brinks: 291.700 oz

    total customer withdrawal: 291.700 oz

    Today we had 0 adjustments

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

    JPM dealer inventory remains tonight at 317,060.418 oz or 9.861 tonnes.

    Today, 0 notices were issued from JPMorgan dealer account and 0
    notices were issued from JPMorgan’s client or customer account. The
    total of all issuance by all participants equates to 84 contracts of
    which 12 notices were stopped (received) by JPMorgan dealer and 26
    notices stopped by JPMorgan customer account.

    The Total dealer Comex gold remains tonight at 757,391.641 oz or
    23.558 tonnes of gold. The total of all Comex gold (dealer and customer)
    rests at 7,861,535.464 oz or 244.52 tonnes.

    Tonight, we have dealer gold inventory for our 3 majorbullion banks
    (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at
    only 19.514 tonnes:

    i) Scotia: 157,966.367 oz or 4.913 tonnes

    ii) HSBC: 152,404,838 oz or 4.740 tonnes

    iii) JPMorgan: 317,060.418 oz or 9.861 tonnes

    Total: 19.514 tonnes

    Brinks dealer account, which did have the lion’s share of the dealer
    gold, saw its inventory level remain constant tonight at 106,174.219 oz
    or 3.302 tonnes. Several months ago they had over 13 tonnes of gold in
    its registered or dealer account.

    Delivery Notices

    In silver:

    Quote:

    The CME reported that we had 11 notices filed for 55,000 oz today.

    In gold:

    Quote:

    Today we had 84 notices served upon our longs for 8,400 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 April,
    I take the number of contracts served for the entire month at 472 x
    5,000 oz per contract or 2,360,000 oz to which we add the difference
    between the OI standing for March (16) minus the number of contracts
    served today (11) x 5,000 oz.

    Thus in summary:

    472 contracts x 5000 oz per contract (served) or 2,360,000 oz + (16)
    OI standing for March – (11) number of notices filed today x 5000 oz =
    2,385,000 oz. This is rather large for a non active delivery month.

    We gained nor 65,000 additional silver ounces today for the April silver contract month.

    In gold:

    Quote:

    In order to calculate what will be standing for delivery in April, I
    take the number of contracts served so far this month at 4262 x 100 oz =
    426,200 oz and add the difference between the number of OI for the
    front month (1285) minus the number of notices filed today (84)

    OI Summary:

    4262 notices x 100 oz per contracts already served this March month
    or 426,200 oz + (1285) the OI for the front March month – the number of
    notices served today (84) x 100 oz = 546,300 oz, the number of oz
    standing for the April contract month (16.99 tonnes). We lost 8,000 oz
    of gold that will not stand in the April contract gold month.

    Dealer Inventory Summary:

    i) The total dealer inventory of gold settles tonight at a level of 23.558 tonnes.

    i) a) JPMorgan’s customer inventory rests tonight at 1,030,042.709 (32.04 tonnes).

    ii b) JPMorgan’s dealer account rests tonight at 317,060.418 oz (9.861 tonnes).

    iii) The 3 major bullion banks (JPMorgan, HSBC, and Scotia) have
    collectively only 19.514 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 1,186.00, down 1.58%. WTI
    May crude was 100.73 down 0.41. Brent crude was 105.82 down 0.90. The
    spread between Brent and WTI was 5.09 down 0.49. The 30 year US Treasury
    bond was down 0.0300 at 3.5600. The 10 year T-Note was down 0.0300 at
    2.7000. The dollar was down 0.20 at 80.22. The PPT/Dow was 16245.87 down
    166.84. Silver closed at 19.87 down 0.09. The GSR was 65.2693 up 0.0238
    oz of silver per oz of gold. CIA’s Facebook was 56.95 up 0.20 (0.35%).
    May wheat was up 6.50 at 676.250. May corn was down 2.50 at 499.25. June
    lean hogs were up 1.125 at 121.675. May feeder cattle were up 0.325 at
    178.850. May copper was up 0.017 at 3.040. May natural gas was up 0.037
    at 4.476. June coal was up 0.55 at 60.65.

    Thank you for reading the Harvey Report!

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

    Goooood day!

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

    __________________

    http://www.tfmetalsreport.com/forum/4132/harvey-organ-should-b

  • Severin

    As always, great article Koos!

    Question: Can you get figures about China’s silver imports/exports too?
    Does Shanghai play the same role for silver as for gold?

    • In Gold We Trust

      Chinese silver trade is publicly available. It’s on my “to do” list..

      • Mad5Hatter

        Yes, the Judicial branch has been tearing off little bits of the Constitution over the years, so their masters, the bankers, can continue to steal wealth unimpeded.This was a pretty big decision, and it completely turns on its ear the original intent of the BoR. From the article linked:”The case was decided March 28, 2014. The US Supreme Court unanimously ruled that the Bill of Rights is no longer made up of “Declaratory and Restrikkjjctive Clauses.” They are judicially now perceived as “privileges.” A “privilege” can be revoked for the slightest of legislative causes, but a “Right” is “Forever Inviolate” … We the People no longer have that.”Soon, we’ll see them create laws that disallow gun ownership for ANY violation, misdemeanor or felony. “You jaywalked?” “You spat on the sidewalk?” “No guns for you–gun ownership is a privilege, no longer a right.”I don’t think they are necessarily trying to provoke a revolution, though I guess that is possible. While they sure have the weaponry to do it, they also need the military to turn on their fellow citizens. Even 50,000 foreign troops probably can’t defeat 300,000,000 people.I think they are preparing for what little backlash the population can muster, and to make sure they, themselves survive when they perform the next false flag, which may be an EMP or two over the U.S. In the interim, they want to take away as many guns as possible, to further minimize the backlash.

  • hydra

    Yes, the Judicial branch
    has been tearing off little bits of the Constitution over the years, so
    their masters, the bankers, can continue to steal wealth unimpeded.

    This was a pretty big decision, and it completely turns on its ear the original intent of the BoR. From the article linked:

    “The case was decided March 28, 2014. The US Supreme Court
    unanimously ruled that the Bill of Rights is no longer made up of
    “Declaratory and Restrictive Clauses.” They are judicially now perceived
    as “privileges.” A “privilege” can be revoked for the slightest of
    legislative causes, but a “Right” is “Forever Inviolate” … We the People
    no longer have that.”

    Soon, we’ll see them create laws that disallow gun ownership for ANY
    violation, misdemeanor or felony. “You jaywalked?” “You spat on the
    sidewalk?” “No guns for you–gun ownership is a privilege, no longer a
    right.”

    I don’t think they are necessarily trying to provoke a revolution,
    though I guess that is possible. While they sure have the weaponry to
    do it, they also need the military to turn on their fellow citizens.
    Even 50,000 foreign troops probably can’t defeat 300,000,000 people.

    I think they are preparing for what little backlash the population
    can muster, and to make sure they, themselves survive when they perform
    the next false flag, which may be an EMP or two over the U.S. In the
    interim, they want to take away as many guns as possible, to further
    minimize the backlash.

  • Alb Einstein

    So Silver is interesting – because looking at the demand in India it’s almost certainly true to say that over the last 12 months, global silver demand must have increased, yet price is down. At the same time we’ve seen no ETF physical liquidation in Silver (like we did in Gold) and more over I’m not aware of large central bank silver hoards – so the question I have is where is the metal coming from to fulfil the increased demand?

    Kitco claims that it’s manufacturing capacity that is putting a cap on the silver eagles produced in the US, but I’d suggest that seems unlikely when you consider the increased physical demand over the last 12 months and a lack of free market price increase.

Copyright Information: BullionStar permits you to copy and publicize blog posts or quotes and charts from blog posts provided that a link to the blog post's URL or to https://www.bullionstar.com is included in your introduction of the blog post together with the name BullionStar. The link must be target="_blank" without rel="nofollow". All other rights are reserved. BullionStar reserves the right to withdraw the permission to copy content for any or all websites at any time.