THE RAID IS ON TODAY (see live silver chart bottom of blog), protect yourself against the banksters we could retest 34 like last week.
Gold Silver Update, By Harvey Organ
There is no question that the gold price of $1430 and the silver price of $36.00 are lightening rods to our banking cartel(JPM HSBC). They seem determined to protect these prices at all costs.
Let us head over to to the comex and see how things fared over there today. The total gold comex open interest rose by 4292 contracts with today's reading. Remember that this is basis Friday night. Gold and silver had nice reversals on Friday, so its seems that the banking cartel provided the necessary paper trying to slow our two precious metals from advancing too far. The March options delivery month saw the OI fall from 37 to 36. We had one delivery on Friday so the fall in OI was due to that delivery. All eyes will be on the next big delivery month in gold and this is April. The April OI reading registered 268,991 falling 11,589 contracts from 280,580.
Most of the decline in April was due to rolling their contracts over to June. The estimated volume today was 101,595 despite 11,000 plus rollovers. This is very anemic volume. It seems that more and more players are shying away from the comex to get their physical metals elsewhere.
Now for silver:
The total silver comex OI rose by leaps and bounds today registering in at a huge 138,970 from Friday's reading of 132,677. Generally this necessitates a raid by our cartel members as they are loathe to see this high an open interest. The front delivery month of March saw its OI fall from 1338 to 1303 for a drop of 35 contracts. We had 35 deliveries on Friday so the entire fall in OI was due to those deliveries. It also means no cash settlements. The next front delivery month of May saw the OI rise 5824 contracts to 85,379 from Friday's level of 79,555. Most of the gain in OI was in the May contract month.
The estimated volume in silver was 57,819 which is OK but on a lower level than what we are used to.
The confirmed volume on Friday, the day of the huge reversal in silver came in at 104,614 which is monstrous. The bankers supplied massive unbacked paper trying to keep silver in check.
It looks to me like the bankers are having a lot of problems finding any silver. Also please note that the cash settlements have now been reduced to zero. The longs are standing resolute and want their metal.
Judging from the movements of metal out of the comex vaults, the physical market for silver is on fire in other jurisdictions as well.
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