Metals Update

For those of you who are listening to the the jokers on financial media suggesting that there is plenty of silver, please take a look at the exploding silver lease rates: (you can find them on KITCO.COM)

all lease rates above 1%. take a close look at the 30 day lease rate where it registers 1.2% and it is higher than the 60 and 6 months and 1 yr lease rate. What does this mean? Simple!!! there is no silver at any vault.
When you have the lease rate at 1% and investment rate at .1% per annum, you are automatically in backwardation by a full .9% per annum. I think there is plenty of trouble ahead.

As many of you are already aware gold and silver were up on (Silver as been on fire). Gold climbed by$3.50 to $1388.20. However the star of the show was silver climbing by 73 cents to $32.30. During the session it reached a high of $32.87 as the banksters panicked and started to cover their massive shorts.

The total gold comex open interest rose by 2369 contracts to 481,548 from Thursday's level of 479,179.

The front February delivery month saw its open interest rise from 648 to 653 despite 4 deliveries on Thursday.  The next delivery month of April saw its open interest also rise from 311,585 to 312,764. However the volume at the gold comex was still very low coming in at an estimated 104,766. The volume on Thursday was also quite low at 103,537.

This is of concern to our commissioners as business is leaving for London. It may indicate that investors want the physical metal and are not willing to wait for a future month to obtain their physical metal.

The total silver comex open interest rose to an unheard of 150,615. We reached this level before but that was when we had considerable calendar spreads which had no economic benefit. These spreaders have since departed so this volume is a true indication of demand. The rise in open interest from Thursday was a rather large 2349 contracts. Despite schemings of you know who, the massive buying in silver continued on Friday and the banksters finally gave up by covering massive short positions.

The estimated volume at the silver comex yesterday was 103,401 which is huge with small amounts of rollovers. The confirmed volume yesterday was also high at 103,195. The banksters are running scared!!