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#1 2014-08-06 05:41:58

Pirocco
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Question about Comex depositories stocks report

As published on http://www.cmegroup.com/delivery_report … Stocks.xls
This is a snapshot of some days ago:
(Last . separated token of 3 digits is 1/1000 of ounce)
1798_gold_stocks20140731.jpg
1798_gold_stocks20140731.jpg
The column headers are named as follows:
DEPOSITORY | PREV TOTAL | RECEIVED | WITHDRAWN | NET CHANGE | ADJUSTMENT | TOTAL TODAY
In above snapshot, you can see that there was an ADJUSTMENT for HSBC BANK, USA, being that Registered was adjusted down (-104.455) and Eligible adjusted up (104.455).
So this must/should be 104.455 ounces (so a fat 104 ounces) that were reclassified from Registered to Eligible. No gold was shipped / moved, just electronically relabeled.
If there would be gold shipped, RECEIVED and/or WITHDRAWN fields should be above zero.

Now check this:
1798_gold_stocks20140804.jpg
1798_gold_stocks20140804.jpg
Look at what happened for depository JP MORGAN CHASE BANK NA
RECEIVED is 289.350.000, which is also the NET CHANGE, but now there is an ADJUSTMENT where ONLY the Eligible field differs from 0.000, being 594.506.898.
The Registered field is 0.000. How is this possible?
That amount is aside RECEIVED, and it's also bigger so even can't, yet the Eligible didn't drop, so it's like this ADJUSTED gold already was present in the depository, but not reflected in the spreadsheet.

Let's now compare it with the data for the day-earlier report (weekend between):
1798_gold_stocks20140801.jpg
1798_gold_stocks20140801.jpg

Activity Date 8/1/2014
JP MORGAN CHASE BANK NA
PREV TOTAL:
Registered 288.540.533
Eligible 1.016.826.403
Total 1.305.366.936
NET CHANGE:
Registered 0.000
Eligible -595.102.000
Total -595.102.000 <- 18.50975 tonnes left the depository
TOTAL TODAY:
Registered 288.540.533
Eligible 421.724.403
Total 710.264.936

Activity Date 8/4/2014
JP MORGAN CHASE BANK NA
PREV TOTAL:
Registered 288.540.533
Eligible 421.724.403
Total 710.264.936
NET CHANGE:
Registered 0.000
Eligible 289.350.000
Total 289.350.000 <- 8.99979 tonnes re-added to the depository
TOTAL TODAY:
Registered 288.540.533
Eligible 1.305.581.301 <- TOTAL should be 711.074.403 or 22.1169 tonnes, but it's 40.60815 tonnes.
Total 1.594.121.834

The TOTAL doesn't addup, I tried various sums to see if there was an obvious error (ex adding twice a same figure) but so far didn't find any such.
The new Eligible TOTAL is 594.506.898 or 18.4912 tonnes too much.
And that is what is listed in the ADJUSTMENT field.
Comparing PREV TOTAL with TOTAL TODAY, it's like JP MORGAN doubled it's gold stock over the weekend, yet the calculation fails, with some 18.5 tonnes of it popping out of nothing (as in: not present in their data before).

Is it possible that Comex depositories store unlisted gold, ex. gold that has some owner that 'just' uses the depot without intention for futures market / Registered / Eligible, that then later on changes mind, and make it as such?


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#2 2014-08-06 20:22:44

dragafem
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From: Sunshine State
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Re: Question about Comex depositories stocks report

I cannot believe that u actually  have a question. lol

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#3 2014-08-07 01:19:12

TreasureHunter
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Re: Question about Comex depositories stocks report

I just read this today:

The number of open positions in U.S. gold futures fell to a five-year low in recent weeks as the metal meandered in a sideways trading range.

Some analysts see this as potentially supportive since it might be signaling a bottom in prices and therefore a reversal higher, while others say don't read too much into it since speculators also could establish short positions whenever they jump back into the market.

Data on the CME Group website show open interest in gold futures on the first day of August fell to 358,996 contracts. A CME Group spokesman said this was the lowest level since February 2009.

By contrast, open interest was 427,744 on March 17 when the currently most-active December futures contract hit its high for the year of $1,390.80 an ounce. Open interest was still as high as 416,799 on July 10, when gold hit a nearly four-month high of $1,347.50.

Open interest then fell back by 13.5% through Aug. 1, although it bounced slightly during the early part of this week. Open interest is the number of open positions at the end of a session.

A run-up in gold prices occurred in July largely on speculative-type buying during geopolitical tensions such as those surrounding Ukraine, said Kevin Grady, president of Phoenix Futures and Options LLC.

"Once the market started selling off, that's when open interest took a hit," he said. "A lot of the short-term longs, which we call the weaker longs, just liquidated those positions. They got out. When we broke $1,292.60, which was a very good support level for gold, we saw a tremendous amount of liquidation."

Phil Flynn, senior market analyst with Price Futures Group, suggested the range-bound nature of the gold market lately also may be deterring some participation. "Both the bulls and bears have been frustrated with the market," he said. Additionally, he suggested big banks might be scaling back positions under pressure from regulators.

Jim Wyckoff, analyst with Kitco, said open interest has fallen in a number of commodities that have been in a downtrend, citing grains and softs markets, excluding cocoa. In particular, he pointed to the downdraft in commodity bellwether crude oil since earlier this summer.

"There's a lack of speculative participation in the raw commodities sector right now that you haven't seen in some time. That's because most of them are in bear markets," he said. "The speculative or retail public likes to be bullish and go long markets. When they see prices in a downtrend, they tend to stay away from them."

Additionally, money was flowing into record-setting stocks before a pullback since the end of July. The strength in equities was taking away money that otherwise might have gone into commodities, said Wyckoff and George Gero, precious-metals strategist with RBC Capital Markets Global Futures.

"Open interest was low because the stock market performance siphoned a lot of gold money out of the futures," Gero said. "So we had year-low open interest of (around) 358,000….It shows you the funds have been under-invested in gold."

Equities have fallen back over the last week, and Wyckoff said he suspects the stock market may have put in a top. If so, this could lead to a flow of money back into commodities, he said.

Overall, he outlined both bearish and bullish ramifications for gold from low open interest.

"On a near-term basis, it's bearish because you don't see the retail investor interested in trading gold. That's bearish because most people like to be long (in) markets, the speculators especially….But the very low open interest suggests that we're in a cyclical low in gold. You probably have seen most of the bearish news factored into the gold market and at some point…you're going to see that cycle turn and prices start to go higher."

Flynn also suggested the recently soft open interest could hint at a change in trend.

"My thinking is it means we're closer to a bottom," he said. "I think we're seeing some of the safe-haven money has moved out of gold and into bonds. But you can only do that play for so long. At some point, rates (yields move inversely to bond prices) get so low. So my feeling is we're getting closer to a bottom and perhaps a pretty sizeable move perhaps back to $1,340 or $1,350 soon."

Gero described the low interest as potentially supportive for gold.

"Ultimately, it's bullish because that means there are less people looking to sell and take profits on the way up," he said. In fact, he said, this is part of why gold rose so sharply on Wednesday's rally, since there were limited sell offers as prices rose sharply.

Grady, however, said he did not see the low open interest as having either bullish or bearish ramifications. There is potential for speculators to return on the long side of the market, but they might also go short, or place bearish bets.

"A lot of times what happens is…people may get out, but then the (markets) break key support levels and…they get short and reverse those positions," Grady explained. Open interest then might rise as a market falls.

He did note, however, that many traders might be reluctant to establish short positions with a number of geopolitical hotspots in the world. As an example, he pointed to gold's sharp rise on Wednesday on worries about Russia building up troops near the border with Ukraine.

"There is a big difference between being flat or neutral in a market and being short the market," Grady said. "A lot of longs said 'let me liquidate these positions. I want to get out of these positions because I'm not comfortable with what's going on and the way the market is trading.' But with everything going on in the world, they did not want to get short in the market."

(source: http://www.kitco.com/news/2014-08-06/Op … ming.html)


Chillin' on my exotic treasure island smile

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#4 2014-08-07 02:51:36

Pirocco
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Re: Question about Comex depositories stocks report

dragafem wrote:

I cannot believe that u actually  have a question. :lol:

I ask questions when I'm unable to find answers or it starts to take too long to find them.
In such a case, it has to be asked, and there are two options: either I contact the ctfc either I ask 'around', alike here.
Ex. not that long ago I did the first in a case of silverinstitute historical data and a new demand/supply classification, with some unclarities in linking new back to old, as to have 'same' data before and after the reclassification, required when you want to compare.
Sometimes I do both, as to see if there is any contradiction.
What I noticed in this topics case, is that it looks like possible that commodity exchange depositories store commodity that is not incorporated in their stock spreadsheets.
In order to judge this event on a longer time scale (to see for ex if an opposite event has occurred, gold 'disappearing' without a WITHDRAWN, I would need to parse all the .xls files I downloaded, as to transform them to a series tables from which trends can be constructed, which is alot work without dedicated software.
It may give some insight in how many times and when such 'sneaky' gold changes occurred, but it still wouldn't give any definite answer.

About number of open positions, to judge the current gold price level over a shorter term, it requires determining the part of the price that is due to hedging and indirectly due to price expectations over that term.
If I gather this data from the last $1244.80>$1326.60 price uptrend (+6.6%):
22/07/2014 160191 $1307.00
15/07/2014 156906 $1295.90
08/07/2014 166003 $1322.50
01/07/2014 160455 $1326.60 <- peak uptrend, delta of +97011 gold futures contracts of 100 ounces
24/06/2014 131607 $1312.40
17/06/2014 63444 $1266.90
10/06/2014 63150 $1261.60
03/06/2014 63444 $1244.80 <- start uptrend
... then one can see that this amount of contracts, being net totals (since that is what matters for the price), still sits close to its peak.
During this 6.6% price uptrend, 97011 x 100 = 9.701 Moz gold, or an extra of 301.74 tonnes gold, became hedged against price changes. Owners of 300 tonnes gold decided to lock in their price.
Let's now look which 'kind' of traders decided this, start versus end price uptrend of 6.6%
22/07/2014 160191 $1307.00
Producer/Merchant/Processor/User Long 35624 Short 92941 Net: -57317 <- 133.6 tonnes more planned sales hedged against price drops.
SwapDealer Long 61849 Short 164723 Net: -102874 <- 167.3 tonnes more planned sales hedged against price drops.
ManagedMoney Long 148121 Short 22395 Net: 125726 <- 272.3 tonnes more planned purchases hedged against price increases.
OtherReportables Long 49714 Short 29294 Net: 20420 <- 1.7 tonnes less planned purchases hedged against price increases.
SmallTraders Long 41487 Short 27442 Net: 14045 <- 30.33 tonnes more planned purchased hedged against price increases.

03/06/2014 63444 $1244.80
Producer/Merchant/Processor/User Long 48855 Short 63220 Net: -14365
SwapDealer Long 67407 Short 116486 Net: -49079
ManagedMoney Long 111245 Short 73063 Net: 38182
OtherReportables Long 46087 Short 25118 Net: 20969
SmallTraders Long 36858 Short 32565 Net: 4293

The big money guys show a tendency to end up at the winning side.
The counterparties of swap dealers tend to be big money guys. And money managers are large traders / big money guys too.
Usually, those money managers are the counterparties of the swap dealers.
This all makes clear who drove the cash price up along futures: the big money.
The least to rely on, haha.
The same happened on the silver market, of course it matters there more for the price, since the % of the hedge is usually twice the one of gold, measured against worlds annuals total demand/supply (traded).

What has this to do with the comex depositories?
Little to nothing? :D
Because 99% of those contracts doesn't end in delivery of the metal anyways. It just gets relabeled where it sits. Why? Due to people that didn't want it long term, they only bought it to chew out some free dollars from the underlying market. Something to ponder about when thinking of adding to the stack when the comex position sits high (like now).
The lack of a correlation between depositories stock trend and price trend also supports this.
Which relation do you see TreasureHunter?


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#5 2014-08-07 07:54:38

dragafem
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From: Sunshine State
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Re: Question about Comex depositories stocks report

..and post #4 was the exact reaction I was looking for regarding  yr reaction to my previous post(#2) lol

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#6 2014-08-07 10:09:40

Pirocco
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From: EUSSR
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Re: Question about Comex depositories stocks report

dragafem wrote:

..and post #4 was the exact reaction I was looking for regarding  yr reaction to my previous post(#2) lol

I also look for a reaction.
So far yours had little substance.
If a butterfly would shear your post it probably gets erased by its slipstream.


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#7 2014-08-07 11:36:10

Stax
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Re: Question about Comex depositories stocks report

Isn't there a disclaimer at the bottom of the figures page that essentially states the figures are "not to be relied upon" ?
(i.e. Bogus)


"Strike hard, Strike sure"

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#8 2014-08-07 13:24:09

Pirocco
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Re: Question about Comex depositories stocks report

Stax wrote:

Isn't there a disclaimer at the bottom of the figures page that essentially states the figures are "not to be relied upon" ?
(i.e. Bogus)

That is since a couple years now I think.
I also think that this is to avoid being targeted with a legal case if there would be errors.
Take for ex. Silver Institute. It often revises figures upto 5 years ago.
I didn't actually check it, didn't came to my mind yet, but I don't think it has such disclaimer.
Maybe because they so far never had someone trying to make a legal case with it.
Maybe that was the trigger for the disclaimer of this stock reports case.
And the exact statement is not the one that you quote here.
It's this:

The information in this report is taken from sources believed to be reliable; however,                    
the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness.                   
This report is produced for information purposes only.

That is a substantial difference with your quote.


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#9 2014-08-07 14:11:28

Stax
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Re: Question about Comex depositories stocks report

the wording may be different, but it means the same thing.

Is Fort Knox full of Gold ?


"Strike hard, Strike sure"

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#10 2014-08-07 14:51:52

Pirocco
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Re: Question about Comex depositories stocks report

Stax wrote:

the wording may be different, but it means the same thing.

It's not upto you to decide that, it's upto the reader, and if you use quotes then you suggest readers that it is what was written there, which is not the case.

Stax wrote:

Is Fort Knox full of Gold ?

Is Fort Knox empty of Gold?
Do you know?
Do I know?
What evidence is there?
Do you know?
Do I know?
I don't, because so far this subject wasn't of interest to me.
And I also don't really care, since there are production figures available, and since it doesn't really matter who owns how much gold, it's more the size of the stockpile as a whole, that matters.

About the subject of this topic, that interests me more than Fort Knox Gold or no Gold, and since none so far gave an answer, I asked the comex for an explanation.

Hello,

I like to ask a question related to this spreadsheet / report.
I assume that the RECEIVED and WITHDRAWN columns are for metal that actually got shipped to, or shipped away from, the depository.
There is also a column ADJUSTMENT, that I so far assumed as used for reclassification of existing stock in the depository, being Registered > Eligible or vice versa.

But, very occasionally, there is an ADJUSTMENT that only has 1 field filled (ex. only Eligible), with the other (in this ex. Registered), as 0.000.
What explains this?
No metal shipped to/away, no reclassification of existing, yet more metal added, suggesting that there is stock in the depository that wasn't entered in the spreadsheet so far.

Regards,

Donald Duck
Speedy Gonzales Highway 144
Disneyland

The answer was:

Hello,

The adju stment column is for firm s to be able to trans fer material be tween the regis tered and eligible categories.  In addition, the adjustm ent column allows the depo sitory or ware house to m ake changes to their inven tory in eit her of the categ ories for various circum stances as needed.

(I added those spaces in the text to prevent a google sentence search for finding this post)
Conclusion? Avoidance of answering. Because "various circum stances" says nothing.
It's quite simple:
1) Stock X in depository
2) ADJUSTMENT without RECEIVED and/or WITHDRAWN
3) Stock X+Y in depository
Where did Y come from?
or
Where did Y go to?
"Various circum stances".
Heh! tongue


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#11 2014-08-07 15:01:19

Pirocco
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Re: Question about Comex depositories stocks report

So the remaining option now is to dig through the daily snapshot .xls files that I accumulated over time, as to have at least an idea on how many times this occurs, their quantity range, and eventual time matches with gold price/market based events/changes.
Does anyone know software that can parse xls files to csv or other common text files so parsable without format knowledge?


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#12 2014-08-07 15:11:02

Stax
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From: United Kingdom
Registered: 2013-09-03
Posts: 102
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Re: Question about Comex depositories stocks report

Zzzzzzzzzzz


"Strike hard, Strike sure"

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#13 2014-08-07 15:39:04

Pirocco
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Registered: 2011-05-24
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Re: Question about Comex depositories stocks report

Stax wrote:

Zzzzzzzzzzz

That's a good summary of your activity here.


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#14 2014-08-07 17:16:30

screaming eagle
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From: Sydney
Registered: 2014-01-05
Posts: 432
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Re: Question about Comex depositories stocks report

Pirocco wrote:

So the remaining option now is to dig through the daily snapshot .xls files that I accumulated over time, as to have at least an idea on how many times this occurs, their quantity range, and eventual time matches with gold price/market based events/changes.
Does anyone know software that can parse xls files to csv or other common text files so parsable without format knowledge?

This program offers a free trial and might help you out. This batch converter might also help you out.

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#15 2014-08-07 18:20:54

dragafem
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From: Sunshine State
Registered: 2012-01-16
Posts: 4,318
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Re: Question about Comex depositories stocks report

Pirocco wrote:
dragafem wrote:

..and post #4 was the exact reaction I was looking for regarding  yr reaction to my previous post(#2) lol

I also look for a reaction.
So far yours had little substance.
If a butterfly would shear your post it probably gets erased by its slipstream.

dude,dont get me wrong.If we had a sarcasm smiley I would have put it there.I am amazed by yr vast knowledge and interest towards precious metals. I just read and observe if u dont mind. U post some valuable point but try to put yr post shorter and more to the point and next time I might take the time to read the whole lot wink

I think I made a good observation about u.U keep an eye on all these graphs and what not hence u bought heaps of metal on the top....care to explain that?

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#16 2014-08-07 19:43:54

bron suchecki
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From: Perth, Western Australia
Registered: 2009-07-09
Posts: 1,311
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Re: Question about Comex depositories stocks report

I can see that a depository may have made recording errors in its vaults and need to make adjustments to correct these, but the adjustment you have found is way too big to just be a recording error. I cannt work out what the other circumstances could be.

For what it is worth, and doesn't explain this situation, I have observed errors in the spreadsheet but these are only over public holidays where figures in a cell in the spreadsheet have the last report's figures - it is like they don't clear the spreadsheet and someone is just typing over the report's last figures and they don't type "0" into a cell where no figures are reported to the cftc.

It does not seem to me that this spreadsheet report is computer generated so human errors are going to occur. I also note the recent cftc fine of JPM for inaccurate reporting. Basically seems like neither banks nor cftc really care too much about accuracy.


Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint.

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#17 2014-08-07 22:34:52

bron suchecki
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From: Perth, Western Australia
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Posts: 1,311
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Re: Question about Comex depositories stocks report

Ed Steer quoting Ted Butler http://www.caseyresearch.com/gsd/editio … d-reserves

"Ted pointed out something that I'd missed in Tuesday's column on Comex gold inventories---and that was the fact that the 595,102 troy ounces that the report showed withdrawn from JPMorgan on Friday was, with the exception of a few ounces, totally reversed in Monday's report from the Comex."

That got me to look at these numbers again. If you subtract the 594,506.898 Monday adjustment from the Friday figure of 595,102.000 you get 595.102. That is not a coincidence. In other words, the Friday figure was a fat finger keying error, where someone in JPM keyed in 595 comma 102 instead of 595 point 102!


Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint.

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#18 2014-08-08 00:06:49

bron suchecki
Silver Stacker
From: Perth, Western Australia
Registered: 2009-07-09
Posts: 1,311
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Re: Question about Comex depositories stocks report

Posted on it here http://www.goldchat.blogspot.com.au/201 … inger.html. Makes me wonder if the whole gold industry is held together with spreadsheets tongue


Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint.

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#19 2014-08-08 03:00:24

Stax
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Re: Question about Comex depositories stocks report

Pirocco wrote:
Stax wrote:

Zzzzzzzzzzz

That's a good summary of your activity here.

You do take the bait well !
The words "Pram" and "Dummy" (Comforter)  spring to mind
lol


"Strike hard, Strike sure"

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#20 2014-08-08 03:28:37

Pirocco
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Re: Question about Comex depositories stocks report

dragafem wrote:
Pirocco wrote:
dragafem wrote:

..and post #4 was the exact reaction I was looking for regarding  yr reaction to my previous post(#2) lol

I also look for a reaction.
So far yours had little substance.
If a butterfly would shear your post it probably gets erased by its slipstream.

dude,dont get me wrong.If we had a sarcasm smiley I would have put it there.I am amazed by yr vast knowledge and interest towards precious metals. I just read and observe if u dont mind. U post some valuable point but try to put yr post shorter and more to the point and next time I might take the time to read the whole lot wink

I think I made a good observation about u.U keep an eye on all these graphs and what not hence u bought heaps of metal on the top....care to explain that?

I didn't and still don't know how to get you. That's what I ment with little substance. You placed posts but no clear statement or even purpose of the post.

About making shorter posts, I have two options: I claim something, and the reader blindly believes it, or I claim something, and show where the claim is based on. I prefer the latter, because once you understand how I came to the claim and where I got the data for it, you can just ignore my long posts. I consider that more efficient and on the longer term, better. Independency is always good. There are some others out there, that make claims, without giving the data, as to make you dependent on further reading them, with no way to verify the claims.
I don't make long posts because it's fun or because I don't have anything else to do. I make them because I think it's worth it. Alot people lose in the silver market. I don't like that. I see others in the same boat not as milking cows or class pupils. I see them as people that try the same as me: escape the parasites theft. This is a morale story. If you don't like it too, ignore it as well. That's all I can say.

About me buying heaps of metal on the top, not exactly true - never paid above $32.5 and it went never above it earlier (ignoring 1980 here), yet true in the degree of comparing $32 to today.
How it came? Simple: back then I didn't know the things I now say. The capital error I made was that I thought that the dollars created in the quantitative easing operation would be spent. They weren't, because the Fed raised the reserve requirements with them too. Looking back I can only conclude that QE were a scam, the purpose was not to spend more dollars, but to make speculators think so. They got me. Now trying to do better.


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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#21 2014-08-08 04:53:44

Pirocco
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From: EUSSR
Registered: 2011-05-24
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Re: Question about Comex depositories stocks report

bron suchecki wrote:

Ed Steer quoting Ted Butler http://www.caseyresearch.com/gsd/editio … d-reserves

"Ted pointed out something that I'd missed in Tuesday's column on Comex gold inventories---and that was the fact that the 595,102 troy ounces that the report showed withdrawn from JPMorgan on Friday was, with the exception of a few ounces, totally reversed in Monday's report from the Comex."

That got me to look at these numbers again. If you subtract the 594,506.898 Monday adjustment from the Friday figure of 595,102.000 you get 595.102. That is not a coincidence. In other words, the Friday figure was a fat finger keying error, where someone in JPM keyed in 595 comma 102 instead of 595 point 102!

Let's check with my snapshots.

JP MORGAN CHASE BANK NA
PREV TOTAL    RECEIVED    WITHDRAWN    NET CHANGE    ADJUSTMENT    TOTAL TODAY
(Last . separated token of 3 digits is 1/1000 of ounce)

Activity Date: 7/31/2014       
Registered        288.540.533    0.000    0.000    0.000    0.000    288.540.533
Eligible        1.016.826.403    0.000    0.000    0.000    0.000    1.016.826.403
Total        1.305.366.936    0.000    0.000    0.000    0.000    1.305.366.936 <- no change

Activity Date: 8/1/2014    FRIDAY
Registered        288.540.533    0.000    0.000    0.000    0.000    288.540.533
Eligible        1.016.826.403    0.000    595.102.000    -595.102.000    0.000    421.724.403
Total        1.305.366.936    0.000    595.102.000    -595.102.000    0.000    710.264.936 <- WITHDRAWN Eligible of -595.102 ounces

WEEKEND

Activity Date: 8/4/2014    MONDAY
Registered        288.540.533    0.000    0.000    0.000    0.000    288.540.533
Eligible        421.724.403    289.350.000    0.000    289.350.000    594.506.898    1.305.581.301
Total        710.264.936    289.350.000    0.000    289.350.000    594.506.898    1.594.121.834 <- RECEIVED Eligible of 289.350 ounces + ADJUSTMENT Eligible +594.506(.898) ounces

So yes, it appears sure that friday someone made an error with a scale 1000, and the 595(.102) remainder is precisely what ended up monday as net WITHDRAWN on friday.
Explanation found.
So begin to end of the story is that JPM added 288,754.898 ounces, being 8.9813 (near to 9) tonnes gold monday evening versus friday morning
A Cyprus story sized movement over the weekend.
It's no wonder they make typo errors like this. Why do they not use comma's as scale 1000 token separator and a period for the fraction/decimal or vice versa?
Instead of this crazy 'all the same' periods.
In Europe, it's the opposite, there the fraction is separated by a comma and the scale 1000 tokens with periods.
Or why not just dig/ignore the fraction.
For gold it matters the GSR value more, but ohwell, for these big amounts, what does a single ounce bias matter?
And they even have 1/1000 accuracy in their Silver_stocks.xls. For what is that good?
All silver ETF's don't show a fraction, except for IShares, that until april this year had a 3 digit fraction but before and after the last 2 were zero / nonexisting anymore.
Silly people over there, at the Comex administration, an accuracy of 1/1000 of an ounce silver, a resolution with an 'investment' value of $USD 0.02 at current price. 2 dollarcents on billions.
This detail causing the period/comma/calculation mess. Doesn't this also mean that they must use a calculator instead of spreadsheet cell formulas?
Maybe they need some mails to dig that. And so far that answer "various circumstances" they returned as reason. Circumstance of a typo. tongue

So, the begin of the answer, was actually found in the thursday report.
I started with friday, and without looking at PREV TOTAL (sometimes I forget/am too late to take a snapshot), and thus missed that initial decrease relative to thursday, only comparing old TOTAL TODAY with new.

Weird change explained. No manipulation. Any hanging heads out there? tongue


Silver won't save you if you act as clueless and careless as with your bank account.
Get in- not disinformed. Last is easiest, visit www.zerohedge.com & Co and hurry to their bullion shops.
Futures: http://forums.silverstackers.com/topic- … ilver.html #9
Central Banks inflict you less gold and fiat: http://forums.silverstackers.com/topic- … tners.html #19

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