Large Comex Gold Withdrawal As Paper Price Manipulated Lower
As the Banking Cartel continues to push the paper price of gold lower, the Comex experienced another large withdrawal of gold from its inventories. The largest withdrawals came from the vaults at HSBC and Scotia Mocatta.
In just one day, 321,650 ounces of gold were removed from the Comex:
As we can see from table, 196,764 oz of gold were removed from the HSBC’s vault and a total of 85,584 oz were taken off Scotia Mocatta. The total 321,650 oz removed represents 36% of the total gold in the Registered Category. The Registered category is gold that is available for delivery into the market.
Furthermore, JP Morgan only has 577,937 oz of gold remaining in its vaults. A few weeks ago, JP Morgan experienced a ONE DAY removal of 321,500 oz from its warehouse stocks. This is not a trend JP Morgan can afford to continue.
Furthermore, total Comex gold inventories fell nearly 2 million oz since its high of 10 million ounces at the end of August. This is a 20% decline of total gold warehouse stocks in just three months.
Gold Paper Price Smash During the Swiss Gold-Backed Franc Referendum
Right now the Swiss are voting on whether to back their Swiss Franc with gold. The voting takes place throughout the month and will be tallied on November 30th. It’s no coincidence that the paper price of gold is being smashed during this important Swiss vote, that if passed, could be a huge LOSS for the BANKING CARTEL.
Of course, there are no REAL MARKETS anymore as every thing is being rigged by the Fed and Central Banks. Before the Fed took control of the markets in 2008, the Stock markets and the precious metals all declined in the same fashion. However, today we see a totally disconnect.
The Dow Jones hits another high today, while gold and silver hit new lows. Furthermore, the king base metal, COPPER is down 8% from its high of $3.27 in July to $3.02 today. However, SILVER is down 28% from $21.5 in July to $15.5 today. Thus, silver is down more than three times than copper in percentage terms.
The world will wake up one day to realize the BIGGEST PAPER PONZI SCHEME in history will go the same way as BERNIE MADOFF. Right now, the Banking Cartel has the world convinced that the only way to survive is to continue investing in the largest ponzi scheme in history.
Unfortunately, all PONZI SCHEMES BURST. And, when this one finally goes MADOFF, it will end a way of life for most of those who thought DIGITS in an account were wealth.
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For day number 5 today, someone or group dumped $1.5 billion worth of gold futures onto the market at 00:30 hours this AM in the thinly traded market time frame.
Who “sells” this large amount of gold futures into price weakness? For the last five days in a row?
This blatant market price manipulation has become absolutely odious! I have now stopped paying any attention to this “paper shell game” and will now look at what the gold premium is in Shanghai.
Even better, who buys it. It’s worthless
If the price of silver stays below $20 for any period of time, I have to imagine the silver miners will fold up shop. A good thing actually. They are some of the worst businessmen around. Why they tolerate this price control is something I can’t understand.
Let me just add that I may be dumb for buying silver, but I’m not so stupid as to buy shares of silver miners. “Silver in the ground”? Total BS.
Just been confirmed as of 1:34 PM EST today, that the US Mint is now sold out of silver eagles!
I agree; valuations regarding Silver in the ground (or Gold in the ground) are loaded with all types of risks that most people can’t even imagine – holding physical bullion eliminates the additional counter-party risk the “Miners” inherently carry.
Can you explain your silver in the ground comment?
Demand for physical gold and silver products in ALL weight ranges, but especially in the one ounce coins (eagles, maple leafs, etc.) is now becoming very, very tight. It may well be that time when the masses begin to wake up and smell the coffee!
Only, it will be too late. When everyone wants to buy physical gold & silver, there won’t be any to be had!
I think in the $10 to $15 range even the general public realizes what a screaming deal 999 minted Silver Coins/Bars are compared to holding just a piece of paper that only has $10 to $15 Dollars worth of purchasing power.
The US Mint started today out with a little over 2 million ASE’s This supply is now gone In a little over two hours!
Also this just out from one of the biggest primary dealers; “Premiums for any previously placed purchases for silver eagles are NO LONG VALID”. Unprecedented.
Get ready for much, much higher premiums.
“I think in the $10 to $15 range even the general public realizes what a screaming deal 999 minted Silver Coins/Bars are compared to holding just a piece of paper that only has $10 to $15 Dollars worth of purchasing power.”
From Ed Steer’s column today. Apparently it isn’t the general public buying in quantity.
It was another big sales day over at the U.S. Mint. They sold 12,000 troy ounces of gold eagles—2,000 one-ounce 24K gold buffaloes—and another 635, 000 silver eagles.
In the last four business days, the U.S Mint has sold 2,685,000 silver eagles, about twenty times their daily production rate—and I know for a fact that little of this was sales involving the demand from the general public. This was Ted Butler’s ‘Mr. Big’ at the trough.
Our store, along with every other bullion dealer in North America, got an e-mail from A-Mark Precious Metals, Inc. yesterday morning advising us that the U.S. Mint was sold out of silver eagles for the moment—and that should come as no surprise to anyone if you’ve been reading this column for any length of time—and I have three stories about this in the Critical Reads section further down.
Bullion sales have certainly picked up at our store in the last five or six business days, but we’re not exactly being run off our feet, either—and that’s what I’m hearing from other retail bullion dealers we’re talking to, which includes our wholesale supplier. By the way, silver maple leafs from the Royal Canadian Mint have been rationed since sometime in September, but I can tell you that the rationing has nothing to do with retail demand here in Canada, which has been pretty horrid.
It was another huge day in gold over at the Comex-approved depositories on Tuesday—and the silver activity wasn’t far behind, either. In gold, 90,908 troy ounces were reported received—and 135,726 troy ounces were shipped out. In the last six weeks or so, the in/out activity in gold has picked up substantially—and the link to Tuesday’s activity is here.
In silver, there was 1,409,598 troy ounces reported received—and 100,080 ounces were shipped out the door for parts unknown. The link to that action is here.
“Right now the Swiss are voting on whether to back their Swiss Franc with gold. The voting takes place throughout the month and will be tallied on November 30th. It’s no coincidence that the paper price of gold is being smashed during this important Swiss vote, that if passed, could be a huge LOSS for the BANKING CARTEL.”
This is exactly what is going on. The banking cartel doesn’t want to give up its control of all things. So expect the prices to get smashed the entire month. MUST MAKE SWISS VOTERS AFRAID OF GOLD.
Most Swiss I know like buying cheap … so the cheaper Gold price may induce even more Swiss to vote pro-Gold.
Especially those who buy PM now when forced low to influence the vote, knowing that if the vote is yes them prices have to go up as the Swiss will have to buy 100s of tons.
They will figure out how to come up with a no vote. Our freedoms have been taken away from the banking cartel. Truly remarkable and SAD and DEPRESSING.
This truly is the greatest ponzi scheme in history. Let’s see, central banks print trillions upon trillions into the hands of their connected banks, they then manipulate everything anyway they want, and as they print trillions to monetize govt. debt, gold and silver sink in value everyday while stocks are allowed to rip higher every single day. Then they parade their monkeys on CNBC talking about what AWESOME traders they are and that “YOU HAVE TO BE LONG THIS MARKET, MAN,
Look no further than Japan, where government revenues don’t even cover debt service and social security anymore. Therefore, the BOJ monetizes 100% of government debt, and also buy stocks (THAT IS RIGHT: THE BOJ BUYS STOCK ETF’s IN JAPAN) and meanwhile play in the central bank break gold and silver’s back game.
This whole ponzi scheme is a disgrace. The Swiss are no different: they WILL VOTE no! They surely need and want the SNB to continue to print unlimited amounts of francs so they remain in complete control of the Swiss freedoms……..
This is all nuts. And the action in the last week is so obvious to any thinking man or women alive that it is beyond ridiculous.
FU banksters. You are all rotten, worthless criminals.
Westeners have lost their mind and their souls decades ago to be sure…
I too think they will come up with a way to say the vote was negative. That’s who they are, and that’s what they believe in doing, they’re in the position to do it, there is nothing to stop them. It will take more than what we are doing to stop them.
Well…..RD, the thing is that this will all coming crashing down one way or another. The can keep gold at 700 an oz really, if they want.
But that congress in the U.S. and around the world, ahem–Japan, can’t balance their budgets and haven’t addressed any of the long-term structural issues with entitlements, etc. then you can count on them having to print and print and print until it all ends. And that is exactly what we are RIGHT NOW witnessing in Japan. Japan’s profligacy is going to end in a hyperinflationary nightmare. It will be the first developed world for everyone to witness and behold how these grand illusions all end.
The U.S. will have another bust as QE3 stimulus starts to wear off. And when it does, the one and only thing that has shown signs of improvements will correct big time—the stock market. When it does, QE4 is going to come. Will idiotic American’s wake up then? I don’t know.
In the meantime, the Swiss Gold Initiative has the banking cartel working overtime. They simply cannot allow the first country since Bretton Woods ended to go back on a gold standard. Not only would that present a HUGE blow the the cartel’s powers, but it will also cause havoc in the Physical markets that are clearly as tight as a drum.
None of this frankly should surprise me. The banking cartel was never going to go down easy. Because the banking cartel, which allows the greedheads in Washington D.C. to also stay in control, will gasp at every single last ditch effort to remain in control of the printing press and wealthly powers. These takedowns prove they are going to let nothing stand in their way…….if that means bankrupting all the silver miners, so be it so far as they are concerned. If that means Bk’ing all the marginal gold producers, the cartel will do it. There own interests take precedence over everything!
They will one day lose. And Japan will be done within two years if not any month now and we’ll get to see how the banking cartel and the central banks are not and cannot control their ulitmate faith–which is either hyperinflation or a deflationary bust. It is clear—Japan will go hyperinflatonary and so will be.
The Swiss are very lucky people They can protect themselves. But I doubt they will. Mankind has gotten too stupid for its own good. Printing money only makes matters worse–not better. Japan has proven this. it will be proven here too.
Peace all, and one day we will witness the greatest human crash of all time. An economy built on nothing but lies and propandga and worth printed fiat will simply not hold together.
Good luck,
Frank
Great post Frank!!!
Not much to add, except for the Million Dollar questio:
When does China dump the Dollar?
I do believe the swiss will not vote for gold in the swiss CB because the propaganda is going to be in overdrive mode in the next few weeks.
Westerners have been sold to paper fraud for decades and seems to really love it (they are buying less than very poor indians when they even have mansions at several million dollars) so that this charade can continue for a while.
The only think which could hasten the fall is if official BRICS power decide that enough is enough and launch a new more competitive system compared with this of the west.
I had great hopes in the past but I am not too sure now but I am not an insider…
Indeed, RD. Believe it or not though…..almost all countries have been sold on the awesomeness of paper backed by nothing, which can be printed to pay for transfer payments, and even more awesomeness inflation. So this works for the little people as they get their transfer payments. And it works for the wealthy as they consolidate wealth. And the shrinking middle class is simply too stupid to stand up to it as they continue to believe voting for the blue team or red team is going to fix everything for them.
And paper is clearly the greatest gift every for politicians and government because it allows not only their paid for lifestyles for doing nothing, but it also guarantees that government gets big, bigger, biggerer, biggest!
And that is why they will fight tooth and nail not to lose these powers. It is why the Swiss Gold Initiative is such a big deal—it would be a huge blow to the current power structure. But the Swiss have been getting sold on the benefits of infinite paper as much as any other country. That is why I hold no hope…..and even if the vote for truly a yes for the SGI, it is too imporant for the status quo to lose. So they will most definately have something up their sleeve to stop a yes vote in its tracks.
In fact, it is amazing but this is the single most signficant vote in the last 40 years and their is barely any coverage on it.
We are doomed. The only way to protect yourself from currency debasement is to buy stock indexes.
What I find interesting is the dollar index has gone clear up to 87.5, metals to have a reverse correlation to the dollar index.
All a manifestation and reflection of market manipulation Dana.
Great write up.
Great reply Frank!
Not sure which comes first, market crash or gold moonshot.