Good morning to you all:
First of all, I would like to inform you that Sheila Bair gave employees the long weekend off as there were no casualities that entered the banking morgue.
Gold rose yesterday up by $10,30 to close the comex session at $1344.10. Silver was the big percentage winner as it rose by 52 cents to $23.09.
In the access market, gold finished trading at $1347.00 and silver at$23.22.
As I told you on Wednesday, for the past 8 years or so, the bankers always seem to raid gold on the eve of the jobs report. Even though many know the numbers are fudged,
the media hype this number and the world seems to fixate on the USA jobs number.
On Thursday afternoon we got the Wednesday open interest number for gold and it showed total OI at 621,000 with a high 444,000 OI for the front month of December.
The silver comex OI was 154000 with the front month at a high of 105,000.
That was our clue that the bankers needed to raid and try and shake the "leaves" ie. the open interest on the front month of December to fall.
December is the only month of the year that both gold and silver are delivery months.
I will discuss the jobs number in the regular part of my economic report but suffice it to say, the number of jobs lost was lousy with 93,000 losing their jobs and there is going to be
a revision of another 366,000 job loss adjustment. The USA lost 2.1 million jobs ending March 2010 instead of 1.7 million jobs. Gold and silver just took off and never looked back.
I would like to go into detail on some of the comex numbers.
In gold: the total open interest fell slightly by 1,425 contracts to settle at 620,516. The banking cartel were shaking in their boots when they got this number
Thursday night. We got this number last night. The front month of December saw its open interest decline ever so slightly to 441,487 from 444,000.
The Oct delivery month of gold saw its OI remain very high at 746 ie. 74,600 oz of gold remain to be served.
the total OI rose slightly by a few contracts (70) to 152,725. Again our banker friends did not like that no leaves left the tree.
The front month of December saw its OI fall a bit to 103,244 contracts which is still extremely high after a raid.
The October silver open interest remains at 8 contracts or 40,000 oz to be delivered upon.
Let us now go straight to the silver and gold deliveries and inventory changes.
For comparison, here is Thursday's chart:
and now for last nights data: