Today we got a little surprise in that gold rebounded from its lows to close at $1249.20 at comex closing time and silver was up 18 cents at $17.29 The comex options expiry had little effect on both metals. In silver, we now have an all time high in silver OI at 206,748 which represents 1.03 billion oz. Generally when you get a record high OI, you also have high prices for your commodity.
Please remember that even though comex options have expired we still have London’s LBMA and OTC to contend with. They expire on Friday morning.
In silver, the open interest rose by
another 711 contracts up to 206,748 despite the fact that the price
was silver was up only by 11 cents with respect to yesterday’s trading.
In ounces, the OI is still represented by 1 over BILLLION oz (1.03
BILLION TO BE EXACT or 147% of annual global silver production (exRussia
&ex China)We are now at multi year highs in OI with respect to
silver
In gold, the total comex gold OI ROSE by 2448 contracts, UP to 497,884 contracts AS the price of gold was UP $3.00 with TUESDAY’S TRADING(at comex closing).
1. Today, we had the open interest in
silver rise by 711 contracts up to 206,748 despite the fact that the
price of silver was UP by only 11 cents with TUESDAY’S trading. The gold open interest ROSE by A LARGE 2,448 contracts AS gold ROSE by $3.00 YESTERDAY. Somebody
big is standing FOR SILVER and surrounding the comex with paper longs
ready to ponce once called upon to take out physical silver.
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