G20 meeting a complete failure/gold and silver/Greece in Selective Default S and P/

Good evening Ladies and Gentlemen:

Gold closed down $1.50 to finish the comex session at $1773.60 (1:30 pm est). Silver on the other hand rose by 19 cents to close at $35.52. Europe got a jolt as the G20 completely snubbed advances by Europe for bailout help. The LTRO refinancing begins its bidding tomorrow with results on Wednesday. The German government approved the financing for Greece but it really wants this Hellenic nation to leave the Euro group and initiate its own currency, the drachma. These topics will be discussed in the body of my commentary.

Let us head over to the comex and assess trading.

The total gold comex OI fell by 2353 contracts due to the raid on Friday. The new OI for today rests at
467,902 contracts whereas the Friday reading was 470,255. The raid did not have its desired results for our bankers and thus another attempted raid today. The front delivery month of February is almost coming to a close. The OI rests tonight at 152 a fall of 107 contracts from Friday's level of 259. We had 95 notices filed on Friday so we lost another 12 contracts to cash settlements or 1200 oz. The next delivery month is April and here the OI fell by 2599 contracts to 261,656. The estimated volume was very weak today at 129,262 compared with the confirmed volume on Friday reaching 164,537.

The total silver comex continues to defy gravity. It rose again by 2330 contracts despite the raid on Friday.
This no doubt is causing our bankers much grief as they desperately try and shake these silver leaves from the tree but each passing day the longs look more resolute in their conviction. The front non delivery month of February saw its OI rise by 10 contracts from 175 to 185 despite no delivery notices on Friday afternoon. We thus gained another 50,000 oz of silver standing. First day notice begins on Wednesday and on Tuesday night we will see how many notices have been filed. On Wednesday night, I will get a good glimpse as to how much metal may stand.

Surprisingly, the drop in OI for March was tiny falling only 1233 contracts to 20,160 from Friday's level of 21,393. Usually the contraction prior to first day notice is around 4000 contracts per day. The estimated
volume today was humongous at 108,398 but that certainly did not translate into a drop in March and a rise in May. For comparison, the May OI registered 49,048 contracts today whereas the reading on Friday was 49,471. Something serious is happening at the silver comex.

With gold and silver hit again in the access market today plus the lousy trading of our gold./silver equities means another round of raids tomorrow. The bums will always raid after options are exercised but before first day notice as they try and discourage players from taking delivery of physical metals. The bankers must conserve as much metal as they can.

MORE

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.

MORE

Greece "rescued" as Europe forges a deal/Gold and silver advance in price/4.2 million oz of silver standing in Feb

Tuesday, February 21, 2012

Good evening Ladies and Gentlemen:

Gold at a good day rising by $33.30 to $1757.80 by comex closing time. Silver also had a stellar day rising by $1.21 to $34.41. As many of you heard the European summit announced a "settlement" on the Greek bailout. I will go over details in the body of my commentary. But first let's have a look at comex gold and silver details.

end

The total gold comex open interest fell by 885 contracts today with a reading of 439,791 and Friday's level of 440,676. The reading today is of course basis Friday. The front delivery month of February saw its OI fall from 376 to 346 for a loss of 30 contracts. We had only 6 delivery notices filed on Friday so again we lost 24 contracts to cash settlements. It seems that many contracts were settled by the bankers this month with fiat bonus cash. The next delivery month is April and here the Oi fell from 238,397 to 235,877.
The estimated volume today was very good at 191,974. The volume is understandable due to the President's day holiday so we had two days of pent up demand. The registered volume on Friday was very tame at 129,945. It certainly appears that the comex is losing some business to London England.

The total silver comex continues in its very narrow width of OI. Today's reading was 106,962 a fall of 308 contracts from Friday's reading of 107,270. The front month of February (an option's expiry month only)
saw its open interest fall from 217 to 130 for a loss of 87 contracts. However we had 124 deliveries on Friday so again we had an increase in silver ounces standing by 37 contracts or 185,000 oz.
This Friday, I believe options, and the Feb. silver contract, go off the board. First day notice will be on Feb 29.2012. Delivery notices will be filed late on the 28th of February. The front delivery month of March
has its OI registered at 29,314 falling by about 1700 contracts from Friday's level of 31,030. The contraction in OI has been smaller than in other months as we enter the first day notice. The estimated volume today was quite good at 80,505 whereas on Friday, the volume was also good at 51,079.

MORE

Greece updates/Iran/High amounts of physical silver standing in February/

 
Saturday, February 18, 2012

Good morning Ladies and Gentlemen:

The boys decided on Friday that a raid was necessary and their motive is to try and quell physical demand for our precious metals.   The global financial scene is rapidly deteriorating and all citizens realize their paper currency is nothing but paper and seek the safe haven of physical gold and silver.  Bank runs are occurring daily especially in the weaker PIIGS nations.  The country welcoming their deposits is Switzerland who then take orders from the depositors to switch to gold and hold that metal as a currency for them.

The price of gold finished the comex session down by only $2.10 to a close at $1724.50.
Silver finished the regular session at $33.20 down 16 cents. The raid drove the price of gold down to $1717 but that was it and brave souls entered the comex and drove the price back to a minor loss.
Silver was the object of the bankers interest again.  It is much easier to whack this metal as players have abandoned the arena and only physical players wishing actual metal are buying silver contracts.  These buyers are actually quite delighted at the opportunity of picking up cheap metal on these "raid days".

Let us head over to the comex where you will see some very interesting developments.First the gold comex:

The total gold comex open interest rose by 2502 contracts from 438,174 to 440,676 contracts.On Thursday you will recall we had quite a reversal on gold and silver as these metals rebounded from their lows to finish slightly up.  The bigger demand for metals caused our OI to rise.  The bankers lick their chops every time they see higher OI as they try to remove these longs from their contracts.  The front options delivery month of February saw its OI fall from 385 to 376 for a loss of 9 contracts.  We had only 2 delivery notices filed on Thursday so again we lost 7 contracts to cash settlements or 700 oz.  It seems Blythe has no other way to settle upon our longs except to offer them cash and a big fiat bonus. The next delivery month is April and here the OI remained relatively constant at 238,397 dropping by a touch higher of 200 contracts. The estimated volume at the gold comex was a miserable 116,731 as many investors are seeking their metal, or playing, elsewhere. No doubt the MFGlobal commentaries of late showing that customers will not receive any of their money is surely scaring people from playing at the comex in the USA.  The confirmed volume on Thursday, the day of the big reversal registered 182,499 contracts but many of those were high frequency day traders.

The total silver comex OI breached its narrow channel by rising 649 contracts to finish the session at 107,270.  No doubt that this rise is surely bothering our bankers as they know the players are serious in taking delivery.  I am pretty sure that this was the reason for another raid in broad daylight. The front options expiry month of February registered a gain of 30 contracts rising from 187 to 217 contracts.  This is the 8th straight day that we have seen a net OI gain in the front February month which no doubt is a signal to all that silver is needed badly in other jurisdictions.  The bankers buy the front month to secure the metal and send it off probably to London to feed needy investors over there. We are now less than two weeks away from first notice in the March silver contract.  Surprisingly the OI fell ever so slightly from 32,232 to 31,030. The players who sold rolled their contracts to May.  The confirmed volume on Thursday, the day of the reversal was 60,903.  Both volumes are very good as of  late.
MORE

MF Global Customers will not receive their money/Greek decision by Monday/ SLV shorts cover 17% of their shortfall/ Moody's downgrades big Insurance companies in Italy/

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.

MORE

PIMCO,Texas Teacher Reitrement Fund &Soros buys into GLD/Greek bailout no further ahead as potential delay in implementation/ Portugal

Wednesday, February 15, 2012

Good evening Ladies and Gentlemen:

Gold closed up today by $10.70 to $1726.60 by comex closing time.  Silver was ambushed by our bankers after being up considerably during the early part of the comex session.  Silver's final comex resting price was $33.39 up only 7 cents. It was close to $34.00 at the second London fix.  As I pointed out to you on previous commentaries the bankers do not like what they are witnessing in silver.  They are viewing the players as different from before and they are probably scared witless that many are taking delivery.  The last two non delivery months of January and February is all the evidence that they need that some newer and stronger entity is here trying to get as much of physical silver as possible.  You will see below that for the 6th straight session the net OI for the front February month increased again (we remove yesterday's delivery notices from the Feb OI to get net OI)

Let us head over to the gold comex and assess trading today.
The total gold comex surprisingly rose by 4380 contracts yesterday from 426,784 to 431,164. I guess the raid had no damage done to the open interest as gold leaves refused to fall from the gold tree.  The front delivery month of February again saw its OI fall from 493 to 452 for a loss of 40 contracts despite only 1 delivery notice yesterday.  Blythe was handing out the candies in full force today as 40 contracts succumbed to cash settlements.  The next big delivery month is April and here the OI rose from 231,263 to 232,679 as long players certainly took note that the Euro meeting scheduled today was cancelled.  The estimated volume today was very weak at 128,217. The confirmed volume yesterday, with the raid orchestrated by our bankers registered 167,886 as they supplied huge amounts of non backed gold paper.

Silver is the object of the bankers interest.  Today the OI registered a slight retreat of 1320 contracts to 104,872 from 106,192 as it still trades in this very narrow channel.  The front options delivery month of February saw its OI fall 81 contracts from 212 to 131.  However we had 127 delivery notices filed yesterday.  Thus for the 6th straight day, the number of silver oz standing for delivery rose.  Today an additional 50 contracts ( 250,000 oz) are standing.

MORE

Japan begins Hyper-Printing/Greek GDP falters/European meeting cancelled tomorrow/Moody's threaten UK with downgrade

Tuesday, February 14, 2012

Good evening Ladies and Gentlemen:

Gold closed down by $6.10 to $1715.90 while silver, the object of interest to our bankers, fell by 38 cents
to $33.32. Yesterday we had the silver and gold equity shares weak together with a negative lease on silver.
These two red flags signaled to all the bankers and to the HFT traders that a raid was on and they did not disappoint. However our bankers were thrown a curve ball as late in the day, the big meeting scheduled for tomorrow was called off. We will go into this in the body of my commentary.

Let us head over to the comex and assess trading:

The total gold comex OI fell by 1775 contracts from 428,559 to 426,784. Gold had a somewhat good day yesterday so we saw a tiny bit of bank liquidation. The front delivery month of February saw its OI fall from 538 to 493 contracts for a loss of 45 contracts. We had 27 delivery notices yesterday so we lost 18 contracts to cash settlements. The next big delivery month is April and here the OI fell slightly from 232,524 to 231,263 contracts. The estimated volume today came in at 159,977 as the raid certainly saw an increase volume due to the copious supply of non backed paper and the influence of the HFT traders. The confirmed volume yesterday was very anemic at 113,529.

The total silver comex OI continues to play havoc to our bankers as the OI refuses to buckle. Today the OI registered a gain of 223 contracts from 105,969 to 106,192. The longs are in strong hands. The front option expiry month of February rose from 135 to 212 for a gain of 77 contracts. Generally when we see this, we get a big delivery notice filed and you will see below that we did receive such a notice. We are rapidly approaching first day notice for the March delivery contract (Feb 29.2012). The March OI fell marginally from 38,395 to 36,695 contracts. The March players moved into May. The estimated volume today registered 53,891 which is quite good. The confirmed volume yesterday was also quite good at 50,858.


MORE

Greece Bailout Yes or No?/the USA 2013 Budget/Possible Raid tomorrow/ Moody's downgrade

Monday, February 13, 2012

Good evening Ladies and Gentlemen:

Gold rose by $1.00 to $1723.00 at comex closing time. Silver rose 10 cents to $33.70. Initially
gold and silver rose, however the bankers do not want our precious metals rising in these precarious times so they provided a brick wall with more non backed paper gold and silver selling. It seems that 34.00 dollar per oz is the barrier for silver. Anything over $1750 for gold will bring on much bank selling.

Let us head over to the comex and assess trading today. The total gold comex OI (open interest) fell by
2517 contracts to 428,559 from 431,076 contracts. The huge raid on Friday, caused minor liquidation of some longs in the gold complex. The front delivery month of February saw its OI fall by 248 contracts to 538. We had 229 delivery notices filed on Friday so we lost 19 contracts to cash settlements as Blythe Masters offered copious fiat money to some of our longs instead of letting them stand for actual metal. The next big delivery month is April and here the OI fell by 3104 contracts from 235,628 to 232,524. The estimated volume today at the comex must surely bother our CME folk. It registered a measly 102,890 contracts. The confirmed volume on Friday, the day of the big raid saw its volume come in at 191,182 contracts. To me it looks like many have abandoned the comex to seek their physical elsewhere. They know the game is crooked and the risk of another MFGlobal must weigh on investors. This is the reason for the lowering of the margin requirements in all commodities to entice players to return, but it is a little too late.

The activity in the silver complex is something to be beholden. The total silver complex open interest, after 3 raids, shook our bankers up again today. The OI rests tonight at 105,969 rising by 603 contracts from Friday's level of 105,366. Please remember that all OI numbers are one day back, i.e. we are looking at official OI as of Friday night with Monday's figures. No wonder the bankers threw a tantrum and they decided that another mini raid was necessary today, to scare some of the new silver longs to pitch their long contracts. The front options expiry month of February mysteriously saw its OI rise from 64 to 135 contracts for a gain of 71 contracts despite zero deliveries on Friday. What is even more puzzling is the fact that we got zero delivery notices again today. Generally when we get a rise in OI during an options expiry month, the bankers raid the comex for some physical and send the metal to needy destinations. Something is happening with silver as the world tries to obtain this worthwhile but fast depleting metal. The next delivery month is March and we are a little over 2 weeks to go before first day notice. The OI fell by only 1472 contracts from 39,867 to 38,395. The OI has been staying at these lofty levels and we have not witnessed much roll- over contracts into the May delivery month. The estimated volume at the silver comex today came in at a slightly lower pace of 40,200 contracts. The confirmed volume on Friday was a very healthy 58,209 contracts. Yet we saw nobody leave as the OI remains relatively constant!

Italy and its Debt to GDP/Greece debt problems/USA Debt Problems/Gold and silver raid/

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.

MORE

Greece/Iran and Indian Rice/Banks get big break with a $26 billion foreclosure settlement

Thursday, February 9, 2012

Good evening Ladies and Gentlemen:

Gold closed higher by $9.70 to $1739.00. Silver also rebounded nicely rising by 21 cents to $33.88.
Gold jumped immediately at comex opening and remained positive until London was put to bed and that is when the crooked bankers sold their paper metals to drive the price down.

Let us head over to the comex and assess trading today.
The total gold comex OI fell by 3,914 contracts as the raid had a little effect forcing some of the weaker longs to pitch their contracts. The front delivery month of February saw its OI rise by 4 contracts despite 35 delivery notices yesterday. We thus gained 39 notices or 3900 additional gold ounces standing in this delivery month. The next big delivery month is April and it is here that some the biggest contraction from 240,326 contracts to 236,981 for a loss of 3345. The estimated volume today was quiet at 147,155. The confirmed volume yesterday, the day of the raid came in at 162,522 as the bankers supplied all of their non backed gold paper fire power.

The total silver comex OI fell slightly by 676 contracts from 106,008 to 105,332 as raids seem to have no effect on our silver leaves as they refuse to fall from the tree. The front options expiry month of February saw its OI fall by 1 contract despite 41 delivery notices yesterday. We thus gained another 40 contracts or an additional 200,000 oz of silver. We are now 20 days away from first day notice for the March contract.
Here the OI fell from 43,383 to 40,979 which is normal as we witness some rollovers into May. The estimated volume today came in at 46,867 which is becoming the new norm. The confirmed volume yesterday, the day of the raid came in at 69,549. The bankers are throwing a temper tantrum that they cannot force the liquidation of silver longs.

MORE

Greece/S and P threatens USA with another downgrade/

Wednesday, February 8, 2012

Good evening Ladies and Gentlemen:

As promised gold and silver languished today with gold falling by $17.10 to $1729.30
Silver fell by 50 cents to $33.67. It was quite clear that the bankers orchestrated their raid starting yesterday. The signal was sent yesterday morning as gold/silver equity shares were pummeled despite the rising price of the metal. The crooks covered many of their shorts today on the equities as the metal fell due their massive supply of non backed paper. These crooks have been performing this collusive trading for almost a decade now and it is getting monotonous. It works quite well when you have the regulators in your back pocket.

Let us head over to the comex and assess the damage today.

The total gold comex OI rose by a tiny 459 contracts despite the huge runnup in the gold price yesterday.
The new total OI rests tonight at 436,061. The front delivery month saw its OI fall from 1063 to 814 for a loss of 249 contracts. Yesterday we had 262 delivery notices filed so for the first time this month we did not have any cash settlements and we gained additional gold ounces standing. The next big delivery month is April and here the OI rose by a little over 2,000 contracts to 240,326. The estimated volume today was luke warm at 144,390. The confirmed volume yesterday was very good at 173,983.

The total silver comex OI continues to rise ever so slowly but firmly in strong hands. Today it rests at 106,008 a gain of 570 contracts from yesterday. The front options expiry month of February saw its OI fall from 53 to 35 for a loss of 18 contracts. However we had 41 delivery notices filed yesterday so we again gained 23 contracts or 115,000 additional silver oz standing. We are now less than 3 weeks away from first day notice in the March silver contract. Here the OI fell slightly down around 1400 contracts to rest tonight at 43,333. No doubt we lost some March players who rolled into the future month of May. The estimated volume at the silver comex today came in at 58,340 contracts. The confirmed volume yesterday registered 64,605 contracts.
Even though HFT players are huge in the silver comex, it looks like we have a few more players playing and quite possibly standing for delivery in the March contract.

MORE

France/Greek rescue Attempts/Bernanke speaks:Gold and Silver rises/Manufacturing Leaving Japan

Tuesday, February 7, 2012

Good evening Ladies and Gentlemen:

The bankers decided in the wee hours of the morning that it was necessary to raid silver and gold However as soon as Bernanke spoke this morning, the metals skyrocketed when the world realized that we are going to have zero interest rates to infinity. Gold finished the comex session up 23.60 dollars to $1746.40 and silver rose by 45 cents to $34.17. Gold and silver equity shares languished with despair today as they refused to join into the fun. This is the bankers signal that another raid is imminent. Our crooks are at it again.

Let us head over to the comex and assess trading and amounts of precious metals standing.
The total gold open interest at the comex rose by 631 contracts despite a mini raid yesterday. Again this accomplished nothing as the bankers were hoping to shake some gold leaves from the tree. They will try again tomorrow as long as Bernanke will not open his mouth. The front delivery month of February saw its OI fall 20 contracts from 1083 to 1063. We had 3 delivery notices yesterday so we thus lost 17 contracts to cash settlements. If players have plucked 100% of the contract price it would be unheard of for them to roll. They would have done it 2 weeks earlier or so. For many years, almost 100% of the front month deliveries were done in the first 2 days. Now we are witnessing it takes the entire month to settle upon our longs. This is why I know that Blythe is in there offering cash settlements to roll to a future month instead of the longs taking physical from the comex. The next big delivery month is April and here the OI remained relatively constant at 238,227 dropping by about 600 contracts. The estimated volume at the gold comex came in at 160,390 contracts, which is quite low compared to last year. The confirmed volume yesterday was 144,803 which is also quite low.

The total silver comex OI rose by 898 contracts to 105,438 from 104,540. It is starting to break out of its narrow band width of OI trading. This, no doubt will be a concern to our bankers. They do not want to see enthusiasm building up in either of our two precious metals. The front options expiry month of February saw its OI fall from 81 to 53 for a loss of 28 contracts. We had 67 delivery notices so we thus gained 39 contracts of additional silver standing and thus lost nothing to cash settlements. I knew early this morning, that the bankers needed silver elsewhere as only 14 contracts were standing last night. They took whatever silver they had and sent it off to places that needed it like London England, the physical capital of the world.
Demand for both metals were huge over there. The demand is also huge here if you look at the sales by the mints in both Canada and the USA. In 3 weeks we will be coming up to first day notice for the March silver contract. With today's reading, the OI dropped only 249 contracts from 45,083 to 44,834 so we did not experience any rollovers today. Thus the volume is increasing in the silver comex and it may not be just the HFT traders. Someone may want to get a greater piece of the physical silver offered at any comex location possible.
The estimated volume today at the silver comex continues to rise coming in at 62,071. The confirmed volume yesterday was a touch lower at 49,044 contracts.

MORE

Greek talks Falter/Sprott offering memorandum/jobs report analysis

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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Greece PSI still nowhere in sight/SLV short 26million oz/China heading for hard landing/ MFGLobal on the missing funds/

Thursday, February 2, 2012

Good evening Ladies and Gentlemen:

Gold finished higher by $11.40 to $1758.50. At first, gold had been repelled from the banker's strong resistance $1750 line in the sand early in the European session. However it then recovered to pierce this resistance and finish well above the resistance to close at its high. The fact that gold did this prior to the jobs report is definitely an extremely bullish sign. Silver finished higher by 43 cents to $34.15. Tomorrow is the jobs report and as always the bankers monkey around with the gold and silver metal prior to its release. Expect a big revision from the adjustments to the B/D model which occur in the January month and announced always on the first Friday of February. Let us head over to the comex and assess trading, inventory movements and amounts of metal standing.

The total gold comex OI rose by 4961 contracts to finish the comex session at 430,094 from 425,133.
The front delivery month for gold saw its OI fall from 3458 to 1783 for a loss of 1675 contracts. Since we lost 1036 contracts through delivery notices we lost another 639 notices or 63900 oz to cash settlements.
Blythe must have been very busy today. The next big delivery month is April and here the OI rose to 237,961 from 231,072. The estimated volume at the gold comex today was 145,684. The confirmed volume yesterday registered 132,408 which are both very weak volume numbers.

The total silver comex OI rose by 174 contracts. The front options expiry month of February saw its OI rise from 141 to 191 for a gain of 50 contracts even though there was no delivery notices yesterday. Thus we gained additional silver ounces standing and lost nothing to cash settlements. Generally this is a sign that London England has run out of silver metal. We are now approaching the next delivery month of March which is less than 4 weeks away and here the OI fell from 47,300 contracts to exactly 46,000 contracts for a loss of 1,300 contracts. No doubt that some rolled over from March to May. The estimated volume at the silver comex was 58,718 contracts and the confirmed volume yesterday was 51,265. The volume here has been rising and this may be due to the high frequency day traders who are jumping on the bandwagon thinking that silver is in play due to lack of metal from London. They are day traders and you see from the OI numbers that they exit their positions at the end of the day.

MFGlobal and our vaporizing 1.2 billion dollars/Greece and Portugal/Gold and silver raid prior to first day notice

Good evening Ladies and Gentlemen:

I guess our boys decided that a raid on silver and gold was necessary prior to first day notice.  The object of the exercise was to dampen the spirits of the long holders into taking cash and depositing it into the brokerage account in order to take delivery of gold and silver.  Gold closed down by 3.00 dollars to $1729.80 whereas silver fell by 25 cents to $33.50.  I would have to say that the raid was a total wipe out for our bankers.

Let us head over to the comex and assess trading.  First day notice is tomorrow.  However I still do not have delivery notices going into tomorrow.  This will be important so I will post it tonight in my comments sections.
The total comex gold OI today fell by 3551 contracts from 433,710 to 430,159.  On Friday we had a very good day for gold so again a few bankers bit the dust. The front options expiry month of January is now complete.  The big delivery month of February saw its OI rest tonight at a monstrously high 29,103 contracts.  I will still need tomorrow's OI data to see how many rolled into April.  The next front month of April saw its OI rise from 175,305 to 213,997 for a rollover of 38,692 contracts.  This snapshot would be as of Friday as all OI numbers are 24 hours back.  The estimated volume at the gold comex today was very very light at 184,065.  I would have thought that more rolled to the April month today.  The confirmed volume on the gold comex on Friday was very high at 343,879 but many were rollovers.

The total silver comex OI fell marginally by 121 contracts from 102,006 to 101,885.  Since silver had a great day on Friday we again lost some bankers who could not stand the heat.  The front options expiry month of January is now off the board.  The new front options expiry is now February and here the OI rose from 124 to 159 as these guys will be given a futures contract for February and thus automatically stand for metal.  The next big delivery month for silver is March and here the OI stayed quite constant rising by 500 contracts to 49,053.  The estimated volume at the silver comex today was anemic at 31,583 contracts.  The confirmed volume on Friday was also anemic at 34,752.

Gold and silver rise again/Greece/Italy/Portugal/Spain all in turmoil as Fitch downgrades

Saturday, January 28, 2012

Good morning Ladies and Gentlemen:
Before commencing my report, here our Friday's entrants to the banking morgue:
1. Bank East, Knoxville Tennessee
2. Patriot Bank of Minnesota, Forest Lake MN
3. First Guaranty Bank and Trust of Jacksonville Fla, Jacksonsville FL
3. Tennessee Commerce Bank of Franklin, TN
The price of gold rose on Friday finishing the comex session at $1731.80 up $5.80 on the session. The price of silver rose by only 5 cents to close at $33.75. However in the access market both metals shot up considerably. Here is how they finished the evening:
Gold: 41737.30
Silver: $33.99
If gold and silver hold up on Monday, this will be the first time in a decade that these metals were not smashed prior to or right after options expiry. For many years the bankers modus operandi was to raid these precious metals prior to options expiry as they wanted to preserve as much physical as possible. They would knock the paper price of metal below the level where many options were written whether puts or calls. For the past several months, the bankers new ploy was to attack right after options expiry but before first day notice to inflict pain on those who exercised. The plan was to prevent the longs from putting up the entire contract price. If Monday holds up this will be a massive defeat to our bankers as many options were suddenly "in the money" and many will stand for metal. I will report on the progress of these longs for you once the delivery month of February commences for gold, and the non delivery options expiry month of February for silver.
Let us head over to the comex and assess trading, inventory levels, a final amount of silver and gold standing for January and then position levels by our major players with our COT report.
The total gold comex open interest fell by 1287 contracts from 434,997 to 433,710.
This occurred with gold sharply rising on Thursday which generally means that we lost some
of our banker friends. The front options expiry month of January saw its OI fall from 62 to 6
for a loss of 56 contracts. We had 61 delivery notices on Thursday so we gained 5 contracts
or 500 oz of additional gold standing. First day notice for the gold contract is this Tuesday.
Here the OI contracted from 110,572 to 75,705 which is a considerable drop. Monday night
we will receive delivery notices and on Tuesday we should be a good glimpse on how many gold oz will be standing. As always I will report this to you. The estimated volume on the gold comex on Friday was a very large 310,459 as we had considerable rollovers. The confirmed volume on Thursday was very high at 358,282. Now we await to see if we have many determined longs standing for February.
The total silver comex OI continues to trade in a narrow channel. On Friday, the resting OI for the silver comex rested at 102,006 down 510 contracts from Thursday's level of 102,514. The front options expiry month of January saw its OI drop from 84 to 52 for a loss of 32 contracts. We had 43 delivery notices on Thursday, so we gained another 11 contracts of additional silver or 55,000 oz. The next big delivery month is March and here the OI dropped from 51,142 to 49,576. Since silver had a great advance on Thursday, this must indicate some banking liquidation as they are probably scared out of their minds with the rapid rise silver. The estimated volume on the silver comex was an extremely anemic 31,194. The confirmed volume on Thursday came in at 43,149. If Butler is right, that the comex volume is approaching 100% for the HFT traders, this does not look good for our bankers as our longs are resolute and there is no activity whatsoever that will force the silver leaves to leave the silver tree. However I caution you that volatility in the silver comex will be like a yo-yo.

Portugal 10 yr bond at 15%/Private PSI deal in Greece a non starter/USA raises debt ceiling to 16.4 trillion

Good evening Ladies and Gentlemen;

Gold closed up today for the second straight day to the tune of $26.50 to finish the comex session at $1726.30. Silver followed her older and wiser cousin by 61 cents to $33.70. Today is options expiry so this day had saw some early resistance from the bankers but not much. Gold and silver are being viewed as a safe haven with all the noise of sovereign defaults. Today Portugal saw its 10 yr bond rise above 15% signalling that it too will join Greece in bankruptcy momentarily. Japan for the first time saw a trade deficit as the nuclear damage is certainly having an effect on their economy.

Let us now head over to the comex and assess trading, inventory movements and amounts of metal standing.
The total gold comex OI fell by 7965 contracts despite gold's big advance. Many bankers jumped ship with the news yesterday that the USA Fed policy is for ZIRP to continue to 2014. As far as I am concerned, it will continue to infinity. The front options expiry month of January saw its OI rise by 51 contracts despite only 1 delivery notice yesterday. We thus gained 50 contracts or 5000 oz of additional gold standing. The front delivery month of February saw its OI contract from 121,002 to 110,512 as all of these players rolled into April. The estimated volume today was a monstrous 316,070 contracts. The confirmed volume yesterday was also huge at 323,392. It seems that many are trying to locate as much physical as possible.

The total silver comex OI certainly did not follow in the footsteps of its older and wiser cousin, gold. Here the OI fell by 509 contracts from 103,025 to 102,516 despite the huge advance in silver yesterday and today. It looks like we had a few post-mortems for our bankers today. The front options expiry month of January saw its OI rise by 43 contracts despite 34 delivery notices. Thus 77 contracts or 385,000 additional oz of silver are standing in January. The next big delivery month is March and here we saw the OI remain relatively constant at 51,142 dropping by a little less than 500 contracts. The estimated volume today was very weak at 37,154. The confirmed volume yesterday was a lot better coming in at 55,886.
I have been telling you that the silver comex has been trading differently to gold for at least the last 3 months.
It seems that the high frequency traders are almost the entire volume at the comex and these guys are nothing but day traders. Thus silver can move in monstrous directions as the remaining longs are by definition are strong in nature and cannot be suckered into selling. The other issue is that Butler believes now that JPMorgan is now liquidating its short position and will soon be going long. This will be the end game as nobody will supply the paper short.

(courtesy ted Butler from his paid subscription. Special thanks to Ted and Ed Steer)


"If JPMorgan is not selling but is, in fact, buying, then a very different scenario could develop, similar to how I have speculated in the past. If JPMorgan is buying and not the technical funds, then a very different and bullish scenario emerges. If JPMorgan decides not to put its head back into the lion’s mouth and withdraws from manipulating silver, then a new silver chapter may have begun. Let me be clear – there is no way of determining for sure who is buying and selling today and this past Friday; only future COTs will reveal that. If it turns out that JPMorgan is buying back more of its short position on these rallies that would suggest much higher prices to come and maybe real soon. This goes to the heart of the silver manipulation. Take away the big silver short and you should take away the manipulation itself. I’m not saying that is the case, just that it might be. I would play it, as I always do, like it may be the end of the manipulat ion, simply because if it is, there will be little likelihood of second chances to get on board easily."
"That’s not to say that the commercials will roll over and play dead. I sense a profound lack of true liquidity since the MF Global disaster, in which the HFT operators are now responsible for an even higher share of total volume than before. I think that the HFT share of silver volume has approached 100% at times recently, rendering the silver market to its most illiquid state in my experience. More than anything else, this low true liquidity environment is behind the price spikes of Friday and today. In such a low liquidity environment we must be prepared for more price volatility, not less. We must be prepared for whatever may come, but we must also hang on to silver positions like never before. Be prepared for volatility that will rattle your bones. But volatility is a two-way street and up is one of the ways. So is up big."
end

All Eyes Turning to Portugal as Greek Default a Reality/FOMC report: ZIRP until 2014

Good evening Ladies and Gentlemen;

Gold closed up today by a rather large $33.60 to $1699.80. Silver also responded in kind rising by $1.16 to $33.09. Gold and silver responded with the FOMC announcement that zero rate interest policy (ZIRP)
will be with us for at least until 2013 and 2014. Gold and silver were down before the announcement, but then jubilation erupted with the news sending all bourses and commodities higher including the Dow. We will go into the FOMC announcement in the body of my commentary but first let us head over to the comex and assess trading, inventory movements and delivery notices.

Here are the prices of gold and silver at 5 pm from the access market:

Gold; $1710.30
silver: $33.28

The total gold comex OI fell by 9610 contracts to 427,032 from yesterday's level of 436,642. The raid certainly had an effect on some of our gold longs. You will see in the silver section, the raid had no effect as silver is in extremely strong hands. The front options expiry month of gold saw its OI fall from 14 to 11 for a loss of 3 contracts. We had two delivery notices yesterday so we lost only 1 contract to cash settlements.
We are rapidly approaching the delivery month of February. The open interest for this month fell from 139,274 to 121,002 which is very low. Many rolled into the next delivery month of April. We will have to wait and see how many of February will stand for delivery.

The total silver comex OI hardly budged in total contrast to gold. It fell a measly 5 contracts to 103,025.
The front options expiry month of January saw its OI fall from 99 to 41 for a loss of 58 contracts. We had 97 delivery notices yesterday so we gained 39 contracts of additional silver oz. standing.
The next delivery month for silver is March and here the OI again hardly budged falling by less than 100 contracts to 51,522. The estimated volume today at the silver comex was tame in comparison to gold coming in at 41,164. The confirmed volume at the silver comex yesterday was extremely meek at 32,614.
It seems only the strong willed and determined investors are willing to play with the crooked bankers.

European turmoil /Portugal/Illinois/

Good evening Ladies and Gentlemen:

Today we had the risk is off trade as Europe is in turmoil due to the lack of progress in dealing with
Greece and other PIIGS nations. They announce a deal for the new mechanism for funding yet no deal can be found written anywhere. These will be discussed in the body of the commentary but first let us head over to the comex.


The price of gold closed at the comex at $1664.20 for a loss of 13.80. The price of silver also fell by 32 cents to $31.93. Tonight is the state of the Union message and always the bankers want to make Obama look good so they bomb the precious metals so to make the paper dollar supreme. Options are expiring on Thursday and tomorrow Bernanke deliveries his FOMC two day statement, so again the bankers have their fingers on the sell button.


The total gold comex OI fell by 1800 contracts or so to 436,642 with gold advancing by 14.00 dollars yesterday. We had some banker liquidation. The front options delivery month of January saw its OI fall from 42 to 14 for a loss of 28 contracts. We had 29 delivery notices yesterday so we gained 1 gold contract or 100 oz of additional gold standing. We are now exactly one week away from first day notice and here the OI fell by 9000 contracts as most rolled into April. The new OI for February rests tonight at 139,274 which is on the low side. Of course, we will have to see how many resolute longs we will have willing to take on the likes of the bankers and Blythe Masters. Will they be tempted with bonus fiat dollars to roll or take physical delivery. The estimated volume at the gold comex today came in at 163,849 which is very low for a rollover period. The confirmed volume yesterday was slightly better at 171,616. There is no question that much business has been taken away from the comex to other jurisdictions probably due to the crookedness of the bankers and of course, the MFGlobal scandal.

Gold and Silver advance/Euro breaks to the upside/No Greek deal

Good evening Ladies and Gentlemen:

Today's commentary is will short as I have arrived home late today.

The price of gold rose by $14.30 to $1678. Silver also rose by 59 cents to $32.24.
I would like to caution you that we have the FOMC meeting results on Wednesday and Thursday is the dreaded options expiry. So be careful as our bankers surely raid around these events.

Let us head over to the comex and assess trading, inventory movements and of course amounts of gold and silver standing.

The total gold comex OI fell by 2833 contracts from 441,320 to 438,487. Because gold had a good day on Friday we must have seen some liquidations probably by our banker friends. The front options expiry month of January saw its OI fall from 53 to 42 for a loss of 11 contracts. We had 11 delivery notices on Friday so we neither gained nor lost any gold and thus no cash settlements. The next big delivery month for gold is next week as first day notice is next Tuesday the 31st of January. Here the OI fell from 156,621 to 148,308 and this movement to a futures month is on schedule. Nothing earth shattering here. The estimated volume at the gold comex came in at 147,018 which is very mild. The confirmed volume on Friday with a big rise in gold came in at 153,683 which is also tame. Due to the confiscation with respect to the MF GLobal fiasco fewer players are playing the comex casino.

The total silver comex OI rose in contrast to gold. The new Oi rests tonight at 104,406. In gold we had liquidation but in silver we had accumulation of the metal by stronger hands. The front options expiry month of January saw its OI fall from 152 to 108 for a loss of only 44 contracts despite 114 delivery notices on Friday. We thus gained 70 contracts of additional silver standing (350,000 oz) and lost nothing to cash settlements. The next big delivery month is March and here the OI rose from 51,351 to 53,024. We are still quite away from first day notice which is Feb 28.2012 for March delivery. The estimated volume at the silver comex was very light at 42,910. The confirmed volume on Friday was also light at 46,146.