The paper metal shorters just keeps at it until the buying stops and the cratering begins
One day the shorters shall blow up and be bailed out
Until the day we grimace
Remember, when reading last sentence, that the gold cratering of this year started at end of February.
Saturday's (9/22) update on Friday's action from Ed Steer:
The CME's Daily Delivery Report showed that 24 gold and 222 silver contracts were posted for delivery on Tuesday within the Comex-approved depositories. The short/issuer turned out to be none other than Deutsche Bank with all 222 contracts. These contracts will be received by seven different long/stoppers. Most will be delivered to JPMorgan, the Bank of Nova Scotia...and Jefferies. The link to yesterday's Issuers and Stoppers Report is here...and it's worth a peek.
There was a really big deposit into the GLD ETF, as an authorized participant added 300,538 troy ounces yesterday. There were no reported changes in SLV.
Nick Laird informed me that Sprott's Physical Silver Trust [PSLV] added another 285,000 ounces to their fund yesterday.
The U.S. Mint had another sales report. They sold 6,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 314,000 silver eagles. Month-to-date the mint has sold 45,000 ounces of gold eagles...7,000 one-ounce 24K gold buffaloes...and 2,275,000 silver eagles. It's been a pretty decent sales month so far...and there are still five business days left.
It was a busy day over at the Comex-approved depositories on Thursday. They reported receiving 627,405 troy ounces of silver...and shipped a very chunky 1,516,525 troy ounces out the door. The link to that activity is here.
As expected, it was another pretty unhappy looking Commitment of Traders Reportyesterday. In silver, the Commercial traders increased their net short position by another 3,202 contracts, or 16.0 million ounces and, according to Ted Butler, about 2,500 of that was Morgan.
The Commercial net short position currently stands at 252.4 million ounces of silver and, according to Ted, JPMorgan is currently short 147.5 million ounces of silver all by itself. JPMorgan's holdings represents 58.4% of the Commercial net short position in silver...and dare I mention that JPM holds short 28.5% of the entire Comex futures market in silver on a net basis.
The 'Big 4' traders...including JPMorgan...are short 44.7% of the entire Comex futures market in silver on a net basis...and the '5 through 8' largest traders are short an additional 8.8 percentage points. As a group, the 'Big 8' short holders hold short 53.5% of the Comex silver futures market on a net basis...and that's a minimum number.
In gold, the Commercial net short position increased by 1,254,200 troy ounces...and now stands at 24.96 million ounces of gold.
Ted says that it was all the 'Big 4'..as they increased their short position by about 1.65 million ounces...and the '5 through 8' and the raptors didn't do much.
As of the Tuesday cut-off, the 'Big 4' traders on the short side are short 14.36 million ounces of gold...and the '5 through 8' traders are short an additional 5.36 million ounces...for a total of 19.72 million ounces held short by the 'Big 8' traders.
As a percentage of the Comex gold market on a net basis, the 'Big 4' are short 31.9%...and the '5 through 8' are short an additional 11.9 percentage points. So, altogether, the 'Big 8' traders are short 43.8% of the Comex gold market on a net basis and, once again, those are minimum numbers.
Reader E.W.F. pointed out in his weekly e-mail to me yesterday that..."The non-reportable gold traders (small speculators) hold their largest net long position since February 4, 2002." |
