RE: Commodities retreat??Yesterday from Toronto's own Harvey Organ:
https://harveyorgan.blogspot.com/
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Gold todayfinished the comex session at $1344.50 up $3.50 from Friday. Silverwas under more pressure than gold today. It finished the comex sessiondown 7 cents to $27.38.
The bankershuddled this afternoon and they decided that a raid needed to be calledupon. The attacked gold and silver in the access market where thecounterparties are few in number.
Rightnow gold is trading at $ 1333.60 down a full 11.00 from today's comexclosing. Silver is trading at $26.87 down another 51 cents. Thebankers are thoroughly worried about the high open interest on the goldand silver contracts i.e. the front delivery contract month of Februaryis not rolling over. The total silver OI contracts remain stubbornlyhigh as well. Let us go over to the comex trading and see how thingsshaped up:
First gold:
The totalgold open interest rose by 2266 contracts to rest tonight at 580,750from Friday's level of 578,484. The front options delivery month ofJanuary saw its OI surprisingly rise to 17 from 14 today. (The comexfigures for today are basis Friday..remember we always get the OIfigures 1 day back..rules of the house and the bankers make great use ofit).. Since we had only 5 deliveries on Friday, we got a few moreoptions exercised contracts, surface to the top. The very importantfront delivery month of February saw its OI fall marginally again to213,089 from 225,141. The bankers needed a much greater roll over andthis totally is causing our bankers to freak out. If a huge number oflongs stand for delivery the game is over for them.
Theestimated volume today was a monstrous 250,391 with minor rollovers.The confirmed volume for Friday was a very respectable 193,760. Thebankers tried hard today to shake the gold leaves from the gold tree andfailed miserably. They are trying it again in the access market andthey will try again tomorrow morning. What crooks!!.
And now for silver:
The totalopen interest for silver dropped marginally by 2245 contracts to 133,596from 135,841. The bankers needed more silver leaves to fall. Thefront January options expiry month saw its OI mysteriously rise from 65to 76 for a gain of 11 contracts. Remember we had 17 notices on Fridayso we gained a few oz of silver standing for delivery. Bankers are nothappy about this either. The front delivery month of March is still amonth away yet again the open interest is remaining resolute. Today'sreading is 70,270 whereas Friday it was at 71,722. The estimated volumeat the silver comex today was 69,655. The confirmed volume Friday wasquite high at again 69,183. Demand for silver is mighty high.
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