Sorry for the delay in responding as I have a bad case of the flu and have been in bed recovering.
IMO, this is not short covering because there was no volatility to the upside in price. It could have been spread trades but that is a massive amount. It is as if positions just melted away.
Look to GOFO for confirmation of extreme tightness in supply.
TF Metals report had a good piece on this Nov 26/14.
Today we had massive liquidation of silver delivery contracts to the tune of 3,000 tonnes. This makes no sense as there is no cost for holders to roll their contracts forward to the next delivery month. This smacks of illegal cash incentives.
As of the end of trading today, however, there still remains 2,136 tonnes of December silver delivery contracts with 2,009 tonnes in Comex deliverable vaults. Friday, OTC expiry occurs which will likely take standing contracts below tonnage available.
174 tonnes worth of December contracts were liquidated today with virtually none rolling to February. Once again, this indicates that bribes were the order of the day.
There remain 118 tonnes worth of December standing orders and, as of tonight, there are only 27 tonnes of deliverable gold in Comex vaults. There has never been this low level of coverage with only a day to go before first delivery day.
For the last month and more, it has appeared that silver was the cartel's problem child. Now it emerges that gold is is the issue.
Gold contracts for the December month have come down to 292 tonnes. The Comex deliverable vaults contain only 27tonnes or 9.2% coverage. Even if the bullion banks dip into their customer gold, there is only a total of 247 tonnes of cover.
Silver December contracts have come down to a greater degree. Contracts for the December month are currently at 5,136 tonnes while deliverable vaults have 2,009 tonnes or 39% coverage. If customer silver is thrown into the mix, they would have a total of 5,529 tonnes, so could cover.
This is a serious situation for the CME Group. Unless the cartel can hammer the price down during light trading hours during this holiday week, the bullion banks will have to buy material on the market to fill orders, illegally bribe contract holders to roll forward, or default.
Gold is in backwardation to 6 months out and has been for a week. This, to my knowledge, has never happened before, and exacerbates the problem.
IMO, option number 2 will be employed and regulators will turn a blind eye so that the system survives a while longer.
From 4:0PM EST yesterday to 4:00PM EST gold was up 0.1%. That's flat.
On the same timeframes, RMX was up 6.1%. That's substantial.
For today at least, the bashers and trolls were wrong.
At 4:00PM EST gold was at $1199.70. Yesterday at the same time it was $1198.30. At +0.1%, that's what I call flat.
On exactly the same timeframe comparison, RMX was up 6.1%.
The doubters were dead wrong for today at least.
May 31st 2014 |
Marilyn Le Pen
FRANCE is reeling from a triple political shock. Within the space of 48 hours, Marine Le Pen’s populist National Front (FN) triumphed at the European elections, the Socialist Party of the president, François Hollande, bombed with their worst-ever national electoral result and the UMP, the main centre-right opposition, lost its leader, Jean-François Copé, in a party-financing scandal. The upshot is not just consternation on the left and right but an unstable party balance, which could affect French politics for years to come.
The FN’s victory was spectacular on several counts. With around 25% of the vote, it was the first time the party has come top in a national election, pushing the UMP into second place with 21%, and crushing the Socialists, who got a dismal 14%. Ms Le Pen’s party quadrupled its 2009 European score, and was far ahead of the 18% of her father, Jean-Marie, when he got into the 2002 presidential run-off. In the north-west constituency, where Ms Le Pen stood, the FN bagged 34% of the vote.
This is the leader of the French opposition. Her putting this on the table right after the Dutch repatriation of 122 tonnes is not insignificant.
Rubicon management would fight a take over attempt tooth and nail. All they have to do is follow the template set out by Kevin Thompson in the Augusta/HudBay case.
You are delusional. My first entry into Rubicon was in 2008. I have since built a position to 250,000 shares with the last big tranche in Decemebr 2013.
You've been a Rubicon basher for some time, probably because you took big losses that you couldn't afford. Look for another target as your opinion is valueless to me.
Here Comes France: Right-Wing Leader Marine Le Pen Demands Central Bank Repatriate French Gold
First Germany, then the Netherlands, perhaps Switzerland this weekend, and now the French right-wing Front National, which shockingly came first in May's European parliament elections, and whose leader Marine Le Pen is currently polling in first place in a hypothetical presidential election (in both a first and run off round), ahead of president Hollande, has sent a letter to the governor of the French Central Bank, the Banque de France, demanding that France join the list of nations which have repatriated, or at least tried to, their gold.
zerohedge Nov 25/14
By admitting to an IQ of 72, he confirms that he is far below average in intelligence, something we've known for years.
While meatball is an appropriate name for this turkey, the Stockhouse board calls him tickleturd. What do you think is better?