COMEX Gold Inventories Steady Overall With 40,000 Ounces Moved Out of Deliverable Category

It was announced this evening that President Obama will nominate Janet Yellen as the new Fed Chairman tomorrow, having been denied his first choice of Larry Summers by popular outrage.

There were big adjustments in the registered (dealer) gold inventories at JPM and HSBC yesterday as a total of  over 40,000 ounces of gold bullion moved back to the customer storage category.

In Scotia Mocatta 4,572 ounce of customer gold moved into the deliverable category.

Brinks received about 1,700 ounces of gold into its registered category which will be offered for delivery and Scotia also received 1,618 ounces into storage.  These were the only external transactions.

So as of yesterday there was a total of 731,226 ounces of deliverable gold, and a total of 6,888,160 ounces of gold in all the COMEX warehouses. 

And there are 48 times more claims for the deliverable gold than there is gold to deliver, at least at these prices.   They may dodge, bluff and finesse their way for some time,  the audaciously clever ones that they are, but at last there will come a reckoning, as it comes for all.

Weighed, and found wanting.

Stand and deliver.

Gold Daily and Silver Weekly Charts - Cap, Cap, Cap...

There was some movement in to the COMEX warehouses yesterday, and quite a bit of recategorization of registered gold back to customer storage. I will discuss this later this evening.

The capping of gold and silver is fairly obvious here. They are quite afraid that it might break and run, and that they will lose control of it in what could be an unfolding currency crisis precipitated by Washington's dysfunctional politics.

So let's see what happens as the great credit debate continues to unfold.

Here is an essay by Janet Tavakoli titled Sovereign Debt, Banks, and Gold Part Three which you may find to be of interest.

As a reminder, the Google 'widget' that contains the links to articles is broken and presumably will be fixed in a day or two as I have reported it.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Edginess on the Edge as VIX Moves Higher

Light volumes on light economic news that was dominated by he said - he said on the US debt ceiling and budget discussions, which are taking place not face to face but through media outlets.

We will get the FOMC minutes on Wednesday, and a few more juicier news items after, but really it is all about the political antics in Washington.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

The premiums are rather dour, with only Sprott Silver showing a positive note.

Google seems to have have made some changes, and broken the 'links widget' which I use for Matières à Réflexion.

You can still use them, but I am not able to add any new ones for now. It's always something.