(Click on image to enlarge) The CME’s Daily Delivery Report showed that only 11 gold contracts were posted for delivery within the Comex-approved depositories tomorrow, and JPMorgan Chase was the long/stopper on 10 of those contracts. The link to yesterday’s Issuers and Stoppers Report, is here. The GLD ETF showed an increase yesterday, as an authorized participant deposited 57,951 troy ounces. And as of 10:05 p.m. EDT, there were no reported changes in SLV. However, when I was editing this paragraph at 2:54 a.m. EDT, I noticed that the SLV website had been updated. What it showed was that an authorized participant had deposited 964,320 troy ounces of the stuff. The U.S. Mint had a smallish sales report yesterday. They sold 2,000 ounces of gold eagles, along with another 1,000 one-ounce 24K gold buffaloes. Over at the Comex-approved depositories on Monday, there were no reported gold movements, either in or out. But, as usual, there was activity in silver. They reported receiving 120,496 troy ounces, and shipped 458,799 troy ounces out the door. The link to that activity is here. Since yesterday was the 20th of the month, and it fell on a week day, The Central Bank of the Russian Federation updated their Internet site with their July numbers. It showed that they purchased another 200,000 troy ounces of gold for their reserves, which now total 32.2 million ounces. Here is Nick Laird’s most excellent chart. One has to wonder why the sell-off occurred in the first place, especially in silver After the gold rally in Far East trading got capped, the high-frequency traders went to work at 1:45 p.m. Hong Kong time on their Tuesday afternoon, and shortly before the London open they had gold down about fifteen bucks from Monday’s close in New York. But after that low was in, gold rallied right up until shortly after the London p.m. gold fix, and then it got sold down a bit as the rest of the New York trading session unfolded. The high tick came around 10:15 a.m. EDT, and Kitco recorded that as $1,379.50 spot. Gold finished the day in New York at $1,371.00 spot, up $5.40 from Monday’s close. Volume was 144,000 contracts, with 40,000 of that occurring before the London open. Freegold Ventures Limited is a North American gold exploration company with three gold projects in Alaska. Current projects include Golden Summit, Vinasale and Rob. Both Vinasale and Golden Summit host NI 43-101 Compliant Resource Calculations. An updated NI 43-101 resource was calculated on Golden Summit in October 2012 and using 0.3 g/t cutoff the current resource is 73,580,000 tonnes grading 0.67 g/t Au for total of 1,576,000 contained ounces in the indicated category, and 223,300,000 tonnes grading 0.62 g/t Au for a total of 4,437,000 contained ounces in the inferred category. In addition to the Golden Summit Project the Vinasale also hosts a NI 43-101 resource calculation which was updated in March 2013. Indicated resources are 3.41 million tonnes averaging 1.48 g/t Au for 162,000 ounces, and Inferred resources are 53.25 million tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. Please send us an email for more information, [email protected] (Click on image to enlarge) I have a more reasonable number of stories for you today, so I hope you can find the time to wade through them all. I feel like the proverbial man who screamed fire in a crowded theater. Only instead of there being no fire, there are two fires – the long market corner in COMEX gold and the short market corner in COMEX silver both being run by the same crooked bank, JPMorgan. And instead of a panic resulting from screaming fire, the regulators at the CFTC and the CME, as well as the crooks at JPMorgan are pretending that a 23% or 15% market share by one entity is not the market corner it always has been in the past. But along with the pretending comes something else – silence in terms of a rebuttal. My greatest fear is in publicly humiliating myself with false analysis, and my second greatest fear is getting caught up in a legal tangle with the crooks at JPMorgan and the CME for incorrectly calling them crooks. The lack of a rebuttal to my allegations of JPMorgan cornering two markets does diminish my two fears. – Silver analyst Ted Butler, 17 August 2013 The sell-offs in the early afternoon in Hong Kong on their Tuesday amounted to nothing, as most of the precious metals finished more or less unchanged from where they closed on Monday. I was expecting some rather unhappy price action in New York as some sort of follow-through, but that didn’t happen either. So one has to wonder why the sell-off occurred in the first place, especially in silver which got smoked for almost three percent in about ten minutes. In the thinly-traded Far East markets it had to be JPMorgan’s high-frequency traders, as volume went from next to nothing to monstrous in the space of an hour, and they still have that short-side corner on the silver market that they can’t get rid of. As I said on Saturday, it’s a mug’s game trying to second guess what “da boyz” are going to be doing from one minute to the next, and yesterday’s price action makes that abundantly clear. However, with JPMorgan under legal assault from all directions, it will be interesting to see if their precious metal price management scheme is one of casualties. If it is, it can’t happen soon enough to suit me. Not too much happened price wise in all four precious metals up until 1:45 p.m. Hong Kong time on their Wednesday, and at that time once again, a willing seller showed up in the silver market, however they only dropped the price by two bits this time. But the night is young, and London open is thirty minutes away as I write this paragraph. And as I hit the send button on today’s effort at 4:46 a.m. EDT, I note that all four precious metals are trading down from their Tuesday close in New York. Gold is off about eight bucks, and silver is down about 20 cents. Volumes are heavier than I like to see at this time of day, but virtually all of it is of the high-frequency trading variety. The dollar index is up 14 basis points. Before heading off to bed, I’d like to mention something that’s cooking over in the energy department at Casey Research. This is Marin Katusa’s bailiwick, and his commentary is entitled “The World’s Next Monster Energy Play.” It certainly sounds interesting, and if energy is something that you have a keen interest in, this commentary/offer is something you should consider. It doesn’t cost a thing to read about it, and you can find out more by clicking here. That’s all I have for today, and I’ll see you here tomorrow.