Saturday, February 11, 2012
Good morning Ladies and Gentlemen:
Somebody did hack into my computer. We are trying to remove the virus.
Before proceeding, we had two bank failures last night as they entered our banking morgue.
1. SCB Bank of Shelbyvile In.
2. Charter National Bank and Trust, Hoffman Estates, IL.
On Thursday we saw gold and silver equity shares languish throughout the day followed by the whacking of the metal in the access market...a sure sign of a major offensive shorting move by the bankers. They did not disappoint, much to the glee of the regulators who stand by collecting their salaries and doing absolutely nothing stopping this collusive and criminal action by the bankers as they supplied copious amounts of non backed paper driving the price of the precious metals lower on Friday. The price of gold finished the comex session at $1722.00 down 17 dollars. The price of silver held its ground falling only 28 cents to $33.60.
Let us head over to the comex and assess the damage.
The total comex gold OI fell by 1071 contracts with the final reading for Friday registering 431,076 contracts. The front delivery month of February saw its OI fall by 32 contracts from 818 to 786. We had only 10 deliveries on Thursday so we lost 22 contracts or 2200 oz of gold standing as Blythe did some cash settlements with these longs. The next big delivery month is April and here the OI fell slightly form 236,981 to 235,628. The estimated volume on Friday was bigger than normal coming in at 191,182 as our banking heroes supplied a great number of non backed paper and drove the metal price down. The confirmed volume on Thursday was also high at 172,861 as the raid commenced on Thursday afternoon in the access market.
The total silver comex OI refused to budge. The final reading for Friday rose by 34 contracts to 105,366
as the commencement of the raid had little effect on our silver longs. The front options expiry month of February saw its OI mysteriously rise for the second straight day to 64 from 34 despite zero delivery notices again. Again this means that some entity needed silver badly and yet no physical silver could be found at the comex silver warehouses to supply these entities with the necessary metal. The next big delivery for silver is March and we are less than 3 weeks away from lst day notice. Here the OI fell slightly from 40,979 to 39,967 contracts as some of the March silver longs rolled to May. It seems that the remaining longs are resolute as they prepare to tackle our bankers as physical silver is depleting around the world. The estimated volume on the silver comex on Friday came in at 58,209 which is very high for silver lately as the bankers tried to shake some of the silver leaves from the silver tree (and probably failed). The confirmed volume on Thursday was also high at 55,297.
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