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Message: Side note on the Gold Open Interest

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teedot

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Side note on the Gold Open Interest

posted on Jun 16, 09 06:40AM

Friday's changes in open interest. Looks as though there is more downside come

Considering the beating gold and silver took, we both expected a far more impressive set of numbers...but we didn't get them. Gold o.i. only dropped 4,736 contracts to 383,603...on volume of 111,839. And silver o.i. actually rose! Only by 196 contracts [to 109,232 on volume of 34,681 contracts] but on such a big price decline, this was unexpected. Ted and I both agree that these criminals [the bullion banks...mostly JPMorgan] can hide their tracks by going long instead of covering their shorts...this would skew the open interest numbers. After the licking that both metals got yesterday, I'm expecting some big drops in open interest when the numbers become available from the Chicago Mercantile Exchange later this morning. If we don't get it, then we've probably still got a lot of down-side pain ahead of us.

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