May 5, 2011
Today, the banking cartel decided to continue with its massive assault on gold and silver. The bankers are desperate as the end game is now being played out. This is why I have cautioned you against playing with these bullies. It is best to thumb your nose at these clowns by buying the physical metal from dealers or from banks. I also will caution you that you may see a discrepancy between the paper price of metal and the price of the physical metal you buy.
Gold closed today down $26.60 to $1514.19. The silver price was also hit hard, falling by $3.32 to $39.38.
Let us now head over to the comex and see how events shaped up over there.
The total gold comex OI fell by only 5561 contracts despite the huge attack by the bankers. Today’s comex OI rests at 522,323 (basis Tuesday) whereas the Tuesday reading (basis Monday) came in at 527,884. Not much liquidation here. The bankers were quite annoyed that not many leaves fell from the gold tree. The front options expiry month of May saw its OI rise surprisingly from 116 to 162. There were only 2 deliveries yesterday so we gained in gold oz standing and lost nothing to Blythe Masters and her court of merry men (JPMorgan). The next front month of June which will become the Battle of Waterloo saw its OI fall marginally from 342,856 to 335,266. The bankers needed a bigger drop here. The estimated volume at the gold comex today was a monstrous 214,373 with hardly any switches. The confirmed volume yesterday was also huge at 218,289. It kind of shows you the massive fire power by the banking cartel with non backed gold paper. The regulators are still in a daze as they do not know what to do.
And now for silver:
The total silver open interest shocked the living daylights out of bankers today. The total OI rose by 1340 contracts. The bankers were hoping to see huge number of silver leaves fall from the tree. They were shocked as there was no liquidation whatsoever. I guess that was the reason for another raid today. All eyes are on the front delivery month of May. The OI fell from 1052 to 692 for a loss of 360 contracts and only 77 deliveries yesterday. We lost a huge number of silver oz again to Blythe. She must have offered huge premiums again. The next front month for silver is July and here we saw the OI lowered from 78,417 to 77,868. The estimated volume at the silver comex today was 152,930 with no switches. (this represents 765 million oz or over 100% of annual silver production). The confirmed volume yesterday was an astonishing 179,916 or close to 900 million oz of silver.
This article was posted: Thursday, May 5, 2011 at 3:25 am