Last night Bart Chilton emailed me and stated that he had the necessary votes to implement position limits
on the precious metals. More importantly the CFTC will remove the phony exemptions. The bankers must now prove the existence of metal in other jurisdictions backing up their massive shorts. The next few months should be interesting. I will go into this in the body of my commentary.
The price of gold lowered by $23.80 to $1651.80. The bankers decided in their brilliant wisdom that a raid was necessary due to the massive amount of paper money needed to bail out banks and sovereign nations. The price of silver initially fell in sympathy to gold but rebounded sharply with news of the CFTC position limits. Silver ended the day unchanged at $31.79
In the access market right now, this is where gold and silver ended:
gold: 1655.10
silver: $32.04
so much for the raid.
Let us head over to the comex and see how trading fared:
The total gold comex open interest rose by over 5,000 contracts to 445,391. The increase in OI probably got our bankers to have their collusive meeting in order to orchestrate a massive raid. At one point, gold was down to $1626.24 The front delivery month of October saw its OI remain exactly the same at 707 contracts.
Since we also had no deliveries we therefore lost no gold ounces standing and also we lost nothing to cash settlements. The next big delivery month is December and here the OI rose by over 4,000 contracts to 275,361. The estimated volume today was very high at 183,548 as the bankers supplied much of the non backed paper. The confirmed volume yesterday was 117,239 which is on the low side. (more)
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