Good morning Ladies and Gentlemen:
Before commencing, I would like to report that one bank entered our prestigious list of bank failures, having entered the morgue
late last night:
Gold yesterday closed basically at par up only 10 cents to 1214.90. Silver closed up 4 cents to 18.04.
However, the gold and silver banker cartel certainly were in the wings as we witnessed the open interest surge 13,394 contracts
to 539,047. It looks like JPMorgan and HSBC are not giving up supplying the necessary short paper. It is amazing that the speculators
keep coming back for more, oblivious to the fact that they have been fleeced by these criminal banks for the past 15 years.
The silver comex suprisingly is behaving differently to gold, rising by a smaller percentage--up by 1,439 contracts to 124,580.
The open interest on the silver comex has remained in a tight range of between 120,000-125000 contracts. As I pointed out to you there has been
massive activity at the silver comex with silver leaving the customer inventory coupled with the huge leasing of customer silver and its return.
We have witnessed massive SLV silver leave the depositories over in England for destinations unknown. There has been no additions to silver inventories
at the SLV for some time. However lately the GLD has seen additions to its inventory.
The COT released last night is very interesting:
Here is the latest COT report on silver:
Here we see that the longs on silver shortened a bit their positions by a tiny 588 contracts.
Those that were short added a tiny 133 positions to their short list.
In the commercial category, those commercials that were long increased those positions by a small 139 contracts.
And those commercials who have been short, namely JPMorgan, HSBC etc increased their paper shorts by 349 contracts.
Surprisingly it was the small speculators that entered the game as they increased their long positions by a healthy 1189 contracts
and those that were short increased those positions by a small 258 contracts. Usually the speculators get it wrong.. let us see what next week brings.
In summary in silver we are basically marking time. Everybody held their positions from the previous week.