![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
As I mentioned yesterday someone made a big bet against SLV by buying a million bucks worth of July puts (25 strike price). The sheeple got nervous and pucked up Silver from their nervous twitchy little hands.
Ever take an oral exam, NO, NOT LIKE AT THE DENTISTS OFFICE.
You know when an examiner (professor/teacher) asks you questions in school. Remember when you spoke confidently it was because you had studied and were sure of the answer. The people that puke and shake, they didn't study, they are not confident, they speak by running away (Sheeple don't do homework). They buy stuff because they heard something on CNBC or from Joe or Bill or Bob. Really, who has the time for homework. How am I so sure this kind of stuff happens, I used to do it all the time. It's out of FEAR!
I'm not knocking selling anything for a profit (no one gets poor taking a profit), sell for the right reasons.
I'm going to make a checklist as a reminder for me and anyone else playing along. This will serve to remind me of the fundamental reasons why I am long Silver.
Here's to holding the important 40. next level lower 38.2 (I'd love to get more at 38) We need Blythe help to get there though.
Long AGQ (bought a small amount right before close)
Sold some ZSL yesterday (half left) Just a hedge (we went up through 40 really fast)
This from Harvey: " I would like to report that silver is in slight contango up until May 2012 and then it goes into backwardation. The lease rates are negative from zero to 3 months then racket up to positive from 6 months and one year.
The total silver comex OI continues to rise sending our bankers into a tizzy. The open interest reading for today which is basis Friday night was 144,923 from 144,647. Silver had an outstanding day on Friday rising over a dollar to close at $40.60. The open interest should have had a higher reading so we probably lost a few more bankers who covered a tiny fraction of their massive shorts.
With silver rising to $42.00 in Europe early this morning, we probably saw more short covering from European banks. The demand for physical silver is relentless. The front options expiry month of April mysteriously saw its OI rise from 13 to 32. The next front month of May saw the OI fall from 69,555 to 67,178. This is quite normal as we start approaching first day notice.
The estimated volume today at the silver comex was a mind boggling 94,419 contracts. The confirmed volume on Friday was 77,844. So it looks like the bankers used all their firepower in knocking silver down from stratospheric heights. The bankers are losing massive dollars due to their huge short position".
I'm going to make a checklist as a reminder for me and anyone else playing along. This will serve to remind me of the fundamental reasons why I am long Silver.
Here's to holding the important 40. next level lower 38.2 (I'd love to get more at 38) We need Blythe help to get there though.
Long AGQ (bought a small amount right before close)
Sold some ZSL yesterday (half left) Just a hedge (we went up through 40 really fast)
This from Harvey: " I would like to report that silver is in slight contango up until May 2012 and then it goes into backwardation. The lease rates are negative from zero to 3 months then racket up to positive from 6 months and one year.
The total silver comex OI continues to rise sending our bankers into a tizzy. The open interest reading for today which is basis Friday night was 144,923 from 144,647. Silver had an outstanding day on Friday rising over a dollar to close at $40.60. The open interest should have had a higher reading so we probably lost a few more bankers who covered a tiny fraction of their massive shorts.
With silver rising to $42.00 in Europe early this morning, we probably saw more short covering from European banks. The demand for physical silver is relentless. The front options expiry month of April mysteriously saw its OI rise from 13 to 32. The next front month of May saw the OI fall from 69,555 to 67,178. This is quite normal as we start approaching first day notice.
The estimated volume today at the silver comex was a mind boggling 94,419 contracts. The confirmed volume on Friday was 77,844. So it looks like the bankers used all their firepower in knocking silver down from stratospheric heights. The bankers are losing massive dollars due to their huge short position".
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