silver imports into India/Greece/Bank of America mortgage putbacks/Sprott silver arrives/

Thursday, February 23, 2012

Good evening Ladies and Gentlemen:

Gold closed the comex session up $14.90 to finish at $1784.90 (1:30 pm). Silver sensed trouble at the comex inventory levels and responded in kind rising by $1.30 to $35.44. I would like to report on some strange behaviour with respect to the CME reporting on the front February open interest. At 1:30 pm yesterday, the CME reported 94 contracts open. Early this morning somehow this OI was changed to 130 contracts open for Wednesday's resting level. On the bulletin board, they recorded 125 OI for the front delivery month this morning.
It is very interesting in that the OI is always 24 hours back so how on earth can they fool around with the yesterday's official data today? Today the gold price rose exactly 1% similar to the gain yesterday of 1%. On Tuesday it rose 2%. With the gold/silver shares floundering again today, it is odds on favourite that we are witnessing the beginning of another raid.

Let us head over to the comex and see the data and then you can decide for yourself what gives.

The total gold comex OI rose again by an astonishing 9,246 contracts which will excite our criminal banks. They are seeing a big increase in OI and they usually lick their chops with delight when they see total open interest rise dramatically. No doubt it was the bankers that provided the necessary non backed gold paper.
The front delivery month of February saw its open interest fall from 300 contracts to 208 contracts for a loss of 92 contracts. We had 24 delivery notices filed yesterday so again we lost 68 contracts due to cash settlements which seems the norm of late. The next delivery month is April and here the OI rose by 6,156 contracts to 257,506 from 251,418. The estimated volume was again quite low at 139,722 compared to the confirmed volume yesterday of 194,673. It seems that the bankers were willing to provide less paper gold today and allow the price to rise. Let us see if they attack tomorrow.

The total silver comex OI rose by a tiny margin of 420 contracts as the bankers are more frightened to supply the non backed silver paper. As I described above, the front February contract reporting has been very strange these past 24 hours. As I have pointed out , the OI officially reported at 1;30 pm by the CME is now 125 contracts and they reversed yesterday's level back to 94 so the gain in contracts
is now 31 contracts with zero notices filed yesterday. We thus gained 155,000 contracts of additional silver standing. The front March contract goes off the board tonight as does the March gold/silver options.
The March OI stands tonight at 24,966 a fall from 29,215 contracts or a contraction of 4,249.
We will have to wait until first day notice to see how many of these contracts will stand for metal plus all the option holders who will also stand for physical silver. The estimated volume on the silver comex was quite high today at 87,297 as many rolled into May. The confirmed volume yesterday was also very high at 93,555.

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