Gold and silver were hit on the comex opening. However they both rebounded and as of now, gold is trading at its all time high and silver is also at a 31 yr high. Very soon, silver will reach its all time high.
Now lets get Harvey's take on the comex action:
The total gold comex OI, on both official sites, rose by 3198 contracts to rest tonight at 509,131 contracts from yesterday's level of 505,933. Gold had a pretty good day yesterday. Thus we had super demand coupled with the bankers obliging by supplying the needed paper. The front options expiry month of March saw its OI mysteriously rise from 42 to 82 as it seems that someone was in great need of physical gold. We had zero deliveries yesterday so the entire rise in OI increased the gold oz standing. All eyes will now begin to be focused on the next delivery month in gold and that is April. The April OI contracted by 12,432 contracts to 208,067 as we are within a week of first day notice. The OI in April yesterday registered 220,499. The contraction in OI is quite normal.The OI standing in April is a touch to the high side with a week to go. The estimated volume at the comex today was rather low at 152,370 with some switches (roll-overs to June) and the huge run-up in gold price. The confirmed volume yesterday with smaller switches came in at 158,919. I think our bankers are starting to worry about gold as well as silver!!
As for silver:
I first want to report that we have a very very slight contango in silver for the first year out and then we go into severe backwardation. Silver lease rates have fallen off quite a bit but investment yields are still next to nothing as well. If lease rates exceed investment yield then we should have backwardation.
The total silver comex OI rose by 2239 contracts to rest tonight at 135,988 from yesterday's level of 133,949. The bankers throw a temper tantrum whenever total OI exceeds 135,000 in silver. The front delivery month of March saw its OI fall from 875 to 843 for a loss of 32 contracts with zero deliveries yesterday. We therefore got some cash settlements today as Blythe opened up her pocket book. The next front delivery month of May saw the OI rise from 75,855 to 77,100. Probably after receiving the cash settlement plus a bonus, investors bought the May contracts hoping to try their skill again. The estimated volume today was on the slowish side at 57,189. The confirmed volume yesterday was better at 64,170.
Silver target is for 40 bucks by end of march, and then re-buy at 35
Gold target 1540 over the next two months
Now lets get Harvey's take on the comex action:
The total gold comex OI, on both official sites, rose by 3198 contracts to rest tonight at 509,131 contracts from yesterday's level of 505,933. Gold had a pretty good day yesterday. Thus we had super demand coupled with the bankers obliging by supplying the needed paper. The front options expiry month of March saw its OI mysteriously rise from 42 to 82 as it seems that someone was in great need of physical gold. We had zero deliveries yesterday so the entire rise in OI increased the gold oz standing. All eyes will now begin to be focused on the next delivery month in gold and that is April. The April OI contracted by 12,432 contracts to 208,067 as we are within a week of first day notice. The OI in April yesterday registered 220,499. The contraction in OI is quite normal.The OI standing in April is a touch to the high side with a week to go. The estimated volume at the comex today was rather low at 152,370 with some switches (roll-overs to June) and the huge run-up in gold price. The confirmed volume yesterday with smaller switches came in at 158,919. I think our bankers are starting to worry about gold as well as silver!!
As for silver:
I first want to report that we have a very very slight contango in silver for the first year out and then we go into severe backwardation. Silver lease rates have fallen off quite a bit but investment yields are still next to nothing as well. If lease rates exceed investment yield then we should have backwardation.
The total silver comex OI rose by 2239 contracts to rest tonight at 135,988 from yesterday's level of 133,949. The bankers throw a temper tantrum whenever total OI exceeds 135,000 in silver. The front delivery month of March saw its OI fall from 875 to 843 for a loss of 32 contracts with zero deliveries yesterday. We therefore got some cash settlements today as Blythe opened up her pocket book. The next front delivery month of May saw the OI rise from 75,855 to 77,100. Probably after receiving the cash settlement plus a bonus, investors bought the May contracts hoping to try their skill again. The estimated volume today was on the slowish side at 57,189. The confirmed volume yesterday was better at 64,170.
Silver target is for 40 bucks by end of march, and then re-buy at 35
Gold target 1540 over the next two months
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