COMEX

Weird Things Happening at COMEX

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You have got to see this.

A huge inflow was seen yesterday at the COMEX in registered gold and I mean huge. We haven’t seen these kind of numbers since 2013.

My correlations suggest that the GLD ETF is seeing the same inflows when this happens and I checked GLD yesterday and yes, we saw another 10 tonnes of gold inflows at the start of the month of June 2016. This bodes very well for the price of gold.

For silver we see continued tightening in physical silver. I expect to see silver explode in a month or two from now when the blue line intersects with zero.

COMEX Paper Silver Leverage Alert

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What we saw in gold at the COMEX is now spilling over to the silver side.

Remember this chart? The spike in paper gold leverage in January 2016 started the huge gold rally from January 2016 till now. Gold went up from $1050/ounce to $1300/ounce today.

 
Silver hasn’t done anything yet, but I now see signs of the same thing happening on the silver side. Paper silver leverage is building a spike now. I predict that in the next few years, we will see silver spike upwards.
 
The huge inflows in the SLV ETF is confirming my suspicion. The funds know what will happen. As these funds gobble up all the silver, this will add to the silver deficit in the years to come. See red chart below:

COMEX: gold paper leverage unwinding

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What nobody is talking about is that at the COMEX, the paper gold leverage is unwinding and as I predicted, this goes together with a rise in gold price. Don’t say I didn’t warn you, you could have perfectly bought your gold at that spike in leverage.

 
We did have a record low in registered inventory at the COMEX, which was a problem (see blue chart below). If some people would take their gold for delivery, we would see a COMEX default due to the high leverage. But there was another option of course: a COMEX default can be resolved by a price hike. Higher prices can fix everything and that’s what we saw happening in the previous weeks. Registered gold stocks were going up while the gold price went up. But when you look at the chart here, this is just a tiny blip higher, we are still miles away from the top in 2013 and I believe gold will keep going up in price to that level eventually.

Weird things happening at COMEX silver

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Something very interesting is happening in the COMEX silver space. Registered silver (blue chart) is rapidly closing in on zero and you would expect something to happen to the price of silver.

Just as registered gold has bottomed to zero, the gold price has also bottomed out.

Now when we look at the physically backed ETF’s, we see it all happened this year. Funds were buying gold into the GLD trust again (red chart), which explains the small rise in registered COMEX gold inventories this year. We also saw a lot of COMEX volume at the start of this year. The gold price moved up this year.

But for silver nothing is happening at the SLV. Silver inventories (red chart) were flat.

Now coming back to the COMEX silver inventories. I find it very weird that the price of silver isn’t moving at all, while inventories drop to historic lows and I have no idea why. Clearly, silver should be going up when you look at the negative correlation in this chart below.

COMEX-Registered-Silver-022416

COMEX Registered gold disappeared: prepare for a bull run in gold

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It’s official, the COMEX registered gold amount is so low it’s now negligible. HSBC and Scotia Mocatta have removed 80% of their registered gold following J.P. Morgan.

This is how it looks now:

And leverage is asymptotic at an eligible/registered gold ratio of 85 to 1.

I can pretty much predict now that the gold rally has officially begun.

Also, China gold imports from Hong Kong were through the roof, they were so through the roof that Beijing decided to stop reporting SGE withdrawals. U.S. Mint silver sales hit a new record in January 2016 at more than 6 million ounces and gold sales hit another record.

And when there is no gold anymore, what do they do? They run to silver.

COMEX silver registered stock is disappearing at an alarming pace. So I expect a huge reversal in silver price soon.

 

CME Protests at COMEX Gold Stock lows

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What a coincidence that we saw protests at the CME, which had a halt in its trading platform, at the same time that COMEX registered gold stock hit a new decade low. Registered gold is now so low, that we can actually just stop reporting on it. Are we finally seeing the final nail in the coffin? Did somebody not get delivery? I have no idea. Note that Bitcoin is at the same time starting to move up which means something is going on.

https://www.youtube.com/embed/Kaka1ySnX1o?feature=player_embedded

New lows in registered gold (blue) at 151384.629 troy ounces.

Record leverage at 45 eligible to registered gold.

On another note, repatriation of gold from the U.S. is gaining pace and gold imports to Asia are accelerating. Premiums have gone down a bit, but are still robust. U.S. mint silver sales are still on track to hit records. U.S. mint gold sales were weaker.

This is not going to end well: COMEX registered stock hits new low

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This absolutely doesn’t look good for holders of COMEX physical gold stock. Get your gold while you can… Registered stock dropped to 202054.54 troy ounce or 6 tonnes.

This is how the paper to physical gold leverage looks like. Eligible to registered gold is at 34 to 1.

Silver is also getting scarcer as stock is falling.
Which is confirmed by the sudden rise in premium.

COMEX Leverage Hits New All Time High

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The COMEX just release its gold stock numbers and we have a new peak in leverage of paper gold against physical gold.

JP Morgan converted a record amount of 89000 ounces of registered gold into eligible gold, which sent the leverage soaring to 21.

 
This is how it looks like and physical shortage with cash settlement is on the horizon: