The total silver comex open interest exploded by almost 5000 contracts rising to a level not seen for a couple of years. The final reading for the silver comex came in at 140,275 from Thursday's level of 135,440. As I pointed out to you on many occasions, any total open interest at figures greater than 135,000 necessitates our banking ninjas into action. Their mission: to remove as many of the silver leaves from the tree. They are frightened to death of the many that may stand for delivery.
The front options expiry delivery month of February saw its open interest fall from 182 to 148 for a drop of 34 contracts. However on Thursday we had 87 deliveries so all of the fall was due to deliveries and we got more standing for delivery.
All eyes are on the front month of March as this trading off goes off the board, I believe, a week from Wednesday. First day notice will be on Feb 28.2011as we are getting close to D-Day. The front delivery month shocked our bankers to no end as the open interest actually rose by 111 contracts instead of seeing roll-overs to the next delivery month of May. The volume on the silver comex was quite different than its older cousin gold. The estimated volume on Friday was a very good 62,058 and the confirmed volume on Thursday was also respectable, coming in at 68,308.
And now for our famous banksters, JPM and HSBC: these guys continued on their criminal way by supplying another 5500 contracts totally un-backed by silver.
The small specs that were long silver added largely to their longs to the tune of 2191. Those that were short followed the banksters by adding 2258 to their short position.
In a nutshell; the bankers are trying to suppress the price by supplying massive paper in both silver and gold. The regulators who gave 60 days grace took over for an extended holiday except for Bart Chilton who is doing his best trying to expose this fraud.
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