
Thursday, February 16, 2012
Good evening Ladies and Gentlemen:
We again started our day with another of those famous raid days.Even though Europe was down badly, the USA markets opened strongly on more juicing of figures. The precious metals traded up with the algo players as gold ended the day at $1727.60 up $1.00 by comex closing time. Silver finished the day at $33.47 up 8 cents. The attempted raid today was orchestrated for two reasons:
1. the rise in OI in silver with its accompanied silver deliveries
2. the rise in OI in gold.
The bankers allowed the Dow to rejoice with their fudged figures and so they let gold and silver rise with the general markets.
Let us head over to the comex and assess trading.
The total gold comex OI rose by a rather large 7010 contracts from 431,164 to 438,174. The bankers licked their chops with that increase and their modus operandi was to remove those gold leaves from the gold tree. With "great" news coming from the employment side, negated that activity and gold and silver rose.
The front options delivery month of February saw its OI fall from 452 to 385 for a loss of 67 contracts despite zero deliveries yesterday. It seems that the only way that Blythe can remove gold longs is to pay them off with paper fiat bonus money in order to roll to a future month. The next big delivery month is April and here the OI rose by almost 6000 contracts from 232,679 to 238,603. The estimated volume at the gold comex was very light today at 162,453. The confirmed volume yesterday was also tame at 151,273.
The total silver comex continues to baffle our bankers. Even though silver was down yesterday for most of the day only to tread above the par line at the end of the comex session, saw its total OI rise again by 1749 contracts from 104,872 to 106,621. These longs are all in very strong hands and it seems that they want metal and they will risk the consequences of a failure a la M.F. GLOBAL to obtain silver metal.
We are now approaching the big delivery month of March (first day notice Wednesday, Feb 29./2012)
which is less than 2 weeks away. Here the OI marginally fell from 34,175 to 32,232 as the March players rolled into April and July. The estimated volume at the silver comex today came it at 52,185 which is fairly decent. The confirmed volume yesterday was even better at 67,577 contracts.
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