Gold closed on Friday afternoon at $1426.10 down $8.70 from yesterday. The silver price closed at $37.06 down 33 cents. In the access market gold rebounded to settle at $1430.20 and silver got back most of its losses to close at $37.32.Both are down substantially this morning as well. Gold is trading below its 20dma this morning and Silver is much stronger on a technical basis. Now on to Harvey's Gold and Silver Update: Monday night options for both gold and silver contracts expire. Also on that night, the front month of April gold will go off the board, but the the front month will still trade until all obligations on standing OI are satisfied. And we will see if the CFTC will place position limits and remove those phony exemptions. 99.9% of people responding to the CFTC stated they must implement rules to stop the criminal activity of JPM et al.
Comes Gold:
The total gold comex OI on both official sites fell by only 197 contracts to 504,731 from 504,928 despite a mini raid on Thursday. The front options delivery month of March mysteriously saw its OI rise to 19 from 12 as someone was in need of 700 oz of gold. We saw a contraction of 26,714 contracts which is quite normal. The estimated volume with all of those rollovers came in at 231,403 whereas the confirmed volume on Thursday was 237,806. This is rather on the high side.
Silver comex:
The total silver OI refuses to lower. Despite the raid, the silver OI rose 607 contracts to 137,642 from 137,035.
All eyes are on the front delivery month of March. The OI for March fell 85 contracts to 632 from 717. The deliveries for Thursday registered 80 so we lost 5 contracts due to cash settlements and the remainder of the OI contraction was due to those deliveries. The next delivery month for silver is May and we saw this month stabilize in OI. It actually rose from 78,490 from 78,408. The estimated volume at the silver comex on Friday was 63,114.
The confirmed volume, on the day of the mini-raid , came in at a humongous 100,165 contracts. The bankers threw massive firepower trying to get the silver longs to leave. They failed on Thursday and they failed on Friday.
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