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.
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