The GLD etf saw a big raid yesterday as 14.53 tonnes was extracted. Like thieves in the night, they waited until late in this swoon to do it. GLD inventory rests tonight at 671.77 tonnes. There is no gold left to extract at the Crimex. It has largely been ransacked and sits at a mere 151,000 ounces in deliverable. We’ve seen all that gold “hedged” by “producers” at $1,170-$1,190, and yet per usual not a single ounce entered the Crimex.

There was a good-size drop in open interest on the Crimex as it fell about 7,695 on Thursday. I believe this is more “producer/processor/user” (aka Crime Syndicate) short covering. Since the last CoT, with PoG at $1,167, open interest dropped 28,100 paper contracts. The CoT, reported later today, reflects PoG at $1,118. But it looks like the paper-gold shuffle and liquidation intensified further on Wednesday and Thursday.

The Crime Syndicate has been a busy beaver of late, ransacking what’s left of the vaults and flipping over the paper-gold apple cart. At the same time, “investments” into vehicles like 90-day Kenyan T-bills are encouraged.

Going into the made-up fictitious jobs number today, Challenger Grey reports a large increase in layoffs in the energy sector. Initial claims are starting to run high.

No. 3 platinum producer Lonmin is in a desperate attempt to raise more capital ($400 million) so it can continue producing the metal at large losses.

Yesterday, Glencore (GLNCY) announced even further copper production cuts; formerly 400,000 mt, now 455,000. If there ever was a Glencore copper inventory liquidation, it has been more than absorbed now. The commodity-glut myth demonstrated with actual data: