Harvey Organ's - The Daily Gold The open interest on the gold...

Harvey Organ's - The Daily Gold



The open interest on the gold comex rose by an astonishing 9543 contracts to close the week (basis Thursday) at 521,384.

I would like to add that if we remove some of the ridiculous spreaders we are close to record territory.

On the silver comex the OI rose in similar fashion to gold by a huge 2026 contracts to 121,609.

It is clear that two huge forces are facing off with each other: the speculator longs and the commercial bankers, the shorts.

The longs want their metal and the commercials are supplying paper not backed by any metal. The regulators are still discussing

the problem and not letting us in on their decisions. As Jeffery Christian of CPM Metals described at the CFTC hearings, one oz of gold has over 100 obligations

searching for it. Something but give!

In another astonishing revelation, the CFTC released the COT report after the market closed last night.


here is gold:

To give you an idea just how badly The Gold Cartel wants to keep the price of gold from exploding, here are latest stats from the COT report (as of last Tuesday)...
*The large specs increased their longs by 32,428 contracts and increased their shorts by 2,748.

*The commercials decreased their longs by 8,802 contracts and increased their shorts by 28,413.

*The small specs increased their longs by 4,842 contracts and decreased their shorts by 2,693.



end.

Please note the massive increase by the longs by a humongous 32,428 contracts. Just look at the commercials: In an united frontal attack,

the commercials reduced some of the longs and massively supplied 28,413 new unbacked contracts to our gold hungry longs.

As I pointed out to you on many occasions, the small specs have left the arena not understanding how they have been fleeced by the bankers
too many times.


In silver:

the long speculators increased their longs by 5318 contracts but also increased some of their short positions by 776 contracts.

The commercials went to town: the smaller raptor banks reduced their short positions on the silver side fearing the massive rise in the silver metal

by the tune of 1420 contracts. However the larger commercials, JPMorgan and HSBC increased their shorts by, get this: an almost unheard of 3949 contracts.
The short position by the bankers on silver total 81,525 or 405 million oz of silver which represents almost 60% of annual production of silver. The net silver short position
by taking the commercial longs from the shorts total an astonishing 51,686 contracts or 258 million oz net short. All of this short position is represented by my good friend
JPMorgan who is short around 240 million of those oz.

Harvey Organ's - The Daily Gold