Tuesday, January 11, 2011

Harvey Organ's Daily Report - Another Failed Raid In Silver & Gold


Good evening Ladies and Gentlemen:

Gold closed up by $14.30 to close at 1:30 PM (comex closing) at $1384.00 Silver closed at $29.49 up a huge 64 cents. Today, the banking cartel has shifted a little from their normal strategy in that they start to bombard gold and silver one hour into comex trading.

Gold and silver were on fire during the evening (Japan and Middle east time zones) and the price continued on its northern trajectory even into the London time zone. It only met resistance once comex was well into its session. The raid on both silver and gold with high estimated volumes for the gold comex coming in close to 180,000 contracts. The confirmed volume will be much higher. The silver comex volume was also quite high at 53,673.

Let us go straight to the comex floor and see how things fared today:

The total gold comex open interest rose by 3,790 contracts to 584,989 which is basis Monday. The front option delivery month of January saw its open interest rise from 22 to 54 which is a mystery in itself. The most important front delivery month of February saw it's open interest decline marginally from 318,383 to 306,173 with all of the decline rolling to April. As mentioned, the estimated volume today was rather high at 179,528. The confirmed volume yesterday was also high at 158,055.

And now for silver:

The total silver comex OI fell marginally from 137,079 to 135,683 for a loss of 1396 contracts. With silver rising at the end of the day, we probably witnessed a little of the banks covering some of their shorts. The banks may be getting a little antsy on seeing the "open letter" addressed to Bylthe Masters, commander of commodities at JPMorgan. Will hedge funds begin to load up on silver contracts commencing the first of February, ready to take delivery and settling for 30% premium for cash settlement?

The front option delivery month of January saw its open interest fall from 88 to 56 for a loss of 32 contracts. The delivery notices yesterday was 32 so the entire drop in the front month was due to the delivery notices.

The estimated volume at the silver comex today as mentioned was 53,673 and the confirmed volume yesterday was 49,329. The front delivery of March saw its open interest fall a bit from 75,298 to 73,330 contracts.

to continue reading Harvey's Daily Gold & Silver Report

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