Good evening Ladies and Gentlemen:
The banking cartel continued to launch their assault on the precious metals with gold falling by $13.00 to $1722.80 and silver slipping 1 cent to $33.72. The bankers are in no mood to see the rise in the precious metals. The lease rates lowered considerably Thursday night. Could the following have been a harbinger of things to come i.e. the raid on Friday?
Let us head over to the comex and see how trading fared today and determine amounts of metals standing.
We had a vicious raid on Friday and generally the bankers hope to shake many gold leaves from the gold tree and many silver leaves from the silver tree. You will be totally surprised by the data.
The total gold comex OI rose by 1599 contracts from 433,372 to 434,971. The bankers were thoroughly
annoyed that nothing fell in either metal so they raided again today. These crooks are something else.
The front delivery month of February saw its OI fall from 1201 to 1083 for a loss of 118 contracts. We had 54 delivery notices so we lost 64 contracts to cash settlements as Blythe must be getting worried with the huge delivery notices and no real metal to give our longs. The next big delivery month is 7 weeks away and here the OI fell slightly from 239,062 to 238,833.
The estimated volume today at the gold comex was 135,060. The confirmed volume on Friday was a monstrous 204,286. It kind of shows you what a raid will do with respect to volume. No doubt our HFT traders also played a part in bringing down the gold price.
The total silver comex OI rose by a rather large 1131 contracts despite the raid. As I mentioned above, no silver leaves fell as these longs are very strong and they are totally oblivious to any banker raids. The front options expiry month of February saw its OI fall by only 5 contracts despite 73 delivery notices on Friday.
We thus gained 68 contracts or an additional 340,000 oz of silver standing. The next delivery month is March and it is only 3 weeks away. Here the OI fell from 46,622 to 45,083 for a loss of 1500 contracts as these rolled to the future month of April. The estimated volume today was very anemic at 36,392 contracts.
No wonder silver rebounded as the bankers were loathe to supply too much non backed paper. The confirmed volume on Friday was big at 56,010 contracts.
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