The daily activity on Comex is unprecedented and represents the effort some institutions are putting in to "control" the silver price.
There have been huge volumes almost every day in the past month most days exceeding 100,000 contracts ( or 500 million oz)
I have recently been charting daily Comex movements trying to get a better understanding of the struggle that seems to be happening real time.
I didn't start keeping records until earlier last month.
I'm not sure whether the following ppt is clear, but to me it illustrates the trouble that the banks are experiencing in trying to manipulate (suppress) the silver price, manage their short positions and control the market.
- The battle in February
- Reduce open interest for the March delivery month
- Achieved effectively by pushing clients to roll over contracts to May
- So they managed to get Mar OI down to a more "manageable" level
- The battle in March
- Reduce the March open interest
- Beginning of month open interest of 14,334
- Day SEVEN in March and open interest is now 1,759 but deliveries are 9,344 contracts
- Reduce open interest in for the next delivery month of May
- Beginning of the month this stood at 131,136
- Day SEVEN in March and open interest is now 124,502
- Not sure they are comfortable with the current status
- The Ongoing Battle
- Reduce overall short exposure - which is probably equivalent to open interest totals
- Beginning of month this stood at 177,237
- Day SEVEN in March and this stands at 164,162
- (Look ineffective so far)
It is a fascinating battle ...
Hoping to see a breakout in our favour next 1-2 weeks and then exciting times ahead !
