Gold Daily and Silver Weekly Charts - JPM Saves the Golden Day on the Comex

 

We are certainly in an 'active' month now for gold.

As is shown in the delivery report below, 251,000 ounces of gold have been 'claimed' or stopped month-to-date.

Good new though on the supply front.  someone changed the status of 177, 409 ounces of gold to registered, or 'for delivery' in the JPM warehouse, bringing the total available 547,860.  

 

And it was JPM that put up 246,800 ounces of gold contract up to be stopped in that delivery report out of its house account. 

 

There was intraday commentary on the gold being redeemed out of the Sprott Physical Gold Trust here.   I find the situation to be a bit puzzling, but interesting.  Yes there are 'explanations' but none good enough to quiet my curiosity as of yet.

And there was some very sad news about more dying Wall Street analysts and bankers, people with bright minds and good character, who are being destroyed by the culture of greed and anti-human management on Wall Street as discussed here.

 

This is a sickness that infects our society in many of our key institutions.  There is nothing 'cool' about it.   These people who run these institutions are beasts, attempting to escape the pain of being beasts by losing themselves in the acquisition of things, people and power, and then abusing them. 

 

Have a pleasant evening.

 

 

 

 

SP 500 and NDX Futures Daily Charts - Willful Policy Errors

The factory orders number this morning showed an unexpected contraction.

The US is in a bond and stock bubble.

The Fed is at the heart of the policy errors, but the Congress and the President are not far behind.

Have a pleasant evening.

 

 

 

NAV Premiums of Precious Metal Trust and Funds - 15,230 Ounces Gold Redeemed From Sprott

Since the last time this was posted on May 29, about 15,230 ounces of gold were redeemed from the Sprott Physical Gold Trust.  That represents a bit less than half a tonne, and $18,276,000 at $1200 per ounce.

With the discount to NAV so slim at about 0.32%, or around $58,000, less fees and storage costs, there might be another reason to do something like this other than a pure arbitrage.  I can see someone doing it to take the gold as a long term physical holding, and to essentially avoid the Sprott management fee.  But again, why take it out of the ETF and not the Comex?  Is the Comex somehow more difficult than usual in obtaining physical delivery out of the system?

 

Yes, Sprott has an offer out to acquire some gold and silver assets at GTU and SBT, but an arbitrage on acquisition could be carried out in the conventional way buying and selling the units in size with leverage, not taking delivery of a relatively small amount of gold.

If one were to take that gold and move it into a Far Eastern market where physical commands a premium it might make more sense.

 

Before you ask, the Trust did not 'sell it' because their cash level has not increased commensurately with such an action.  And if an individual holder of the units wanted to raise cash for some purpose, the sale of the units themselves on an exchange is much more cost effective.  No it seems more likely that someone wanted gold bullion for some reason.

Funny way to take your delivery, isn't it?  Out of the ETFs.  Rather than buying futures contracts and standing for delivery on the Comex, for example, or in the so-called wholesale market in London.

Curiouser and curiouser.