Metals Update

Gold and silver rebounded beautifully from yesterday. Gold rose by $12.70 to$ 13140.70 Silver on the on the other hand did exceptionally well rising by 44 cents to $33.40. In the access market silver is now trading at $30.55 and gold at 1411.40. The banksters seem intent on building a wall at around 1420.00 or so, gold's previous high, if it can break that mark we could rally to 1520-1540.





The total gold comex open interest rose big time at14,285 contracts to rest at 502,119 contracts.The estimated volume at the Comex fell off again as the speculators seems to have left the area. Only players willing to take delivery seem want in right now, at 136,153. Look at the confirmed volume yesterday when the banking cartel provided loads of unbacked paper gold shorts. The confirmed volume was at 234,182 contracts.
In Silver, total comex OI fell by only 5090 contracts and that surprised me. I had expected a bigger contraction due to the increase in maintanence and initial holdings.


The estimated volume at the silver comex was nothing short of beautiful. The estimated volume today was a superb 118,542. The confirmed volume on the comex on Friday was get of load of this ; 180,614.

We have now scared off the week players and now the remaining players are resolute. Our banking cartel are not happy with this result. The Friday introduction of CME raises did nothing to our resolute longs. I think we have another 5 or 6 % move left in silver before we pull back to 30 at worse.