Wednesday, January 5, 2011

Harvey Organ's Daily Gold & Silver Report - Open Interest Rises Despite Shellacking of the Precious Metals

Dear Ladies and Gentlemen:

Today we had another attempted raid and it basically failed. You will see the reasons for the raid on two consecutive days when you see the open interests.

Gold closed down by $5.10 to $1373.50 even though it was down much further hitting its low at 11 pm at 1365.00 From that point it staged a nice recovery closing at the $1373.50 mark. In the access market right now it is trading at $1378.00

Silver was the "mark" for our banking cartel as they needed to quell its jets. Silver finished the day down by 32 cents to close at $29.17. Right now in the access market silver is trading at $29.32. The open interests on both gold and silver and very troublesome for our bankers as they desperately try and shake the leaves from their tree. It is like a monkey hanging onto their necks. You will see what I mean when I disclose the comex trading for you now.

First gold:

The total gold comex open interest rose by 6,185 contracts, This was done with gold falling by $44.00? The new open interest on the gold comex rests tonight which is basis yesterday night at 592,813. When the bankers saw this number last night (they get it one day earlier than us) they called an emergency session for another of their famous midnight oil meetings. The decided that the OI should have contracted and not risen which means all they accomplished yesterday was to lower the price and get more people into the metal.

They decided to attack again and that is why the raid today. The front options delivery month of January saw its OI rise from 38 to 58. This is rather surprising as the corrected gold deliveries for yesterday was only 2. If all options are exercised at the first of the month how could we get an increase in OI in January from 38 to 58? The front delivery month of February saw the OI rise by a huge 3539 contracts to 350,399. That also scared our banking heroes. The estimated volume today was a huge 219,110 and the confirmed volume yesterday was an astounding 241,778 with no switches. Gee!! you have got to love our banking heroes. They supply endless supplies of un backed paper trying to melt the price and they failed miserably.

Now for silver:

The total open interest on silver remained resolute at 136,931 up a huge 645 contracts with a huge pummelling of silver by almost $1.60 yesterday. I think the bankers were more frightened with this figure than with gold. I may be mistaken but the bankers have been trying for the past month to shake the silver leaves from the comex tree and they have failed time after time. The front options delivery month of January saw its OI mysteriously rise from 55 to 59. I do not make this up!!. The estimated volume on the comex today was a monstrous 83,889. The confirmed volume for yesterday was 88,172. This is a far cry from the 16,000 contracts traded during the last week of 2010.

to read the rest of Harvey's Report

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