If these OI numbers are accurate, NY is in full panic mode right about now.

Regards - VHF

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Open Interest Gains During The Silver Attack

J.B. Slear

January 4, 2013

US$ is in its last hurrah’s after yesterday’s FOMC story telling us the Fed wishes to stop QE4 or whatever number it is now. With that tidbit of BS the dollar gets jammed up from 79.50 to a price value of 80.945, up 43 points and 4 points from its high from yesterday’s NYMEX close. Treasuries are all in the negative but barely. Energy Sector is lower overall with Crude Oil down $1.04 at $91.88. Gold was attacked and hammered even harder last night during the Pacific Ocean trade when no one is around to buy, Gold’s trade now stands at $1,636.50 down $38 from the COMEX trade with most of today’s price drive lower carried during the period when no one is trading. Silver is hammered far worse with its trade now down $1.22 at $29.55 after reaching $29.24 right at the London open. Funny thing about all this is the Open Interest in Silver. Yesterday, the OI was at 141,000+, as of right now, the OI has gained and is trading at 143,002 …. The buyers that have been hanging on are not leaving no matter what the bank clowns do, they can’t shake loose the open interest which tells me we ain’t seen nothing yet. If they can’t shake out these deep pocket buyers then the rally (when they finally give up this dollar support) will be spectacular!! Grains are mixed with the Soy complex higher, Corn/Wheat/Oats lower, Live Stock Sector is higher and the Softs are all trading lower. Paper Markets are mixed and confused at the moment and rightfully so. Is this the death march for the shorts in precious metals?? It sure reeks of desperation, especially after the Mint shut down deliveries of Silver Eagles the that last week of Dec and the first week of the new year and still the Silver Eagles had the third highest purchases ever!! It most likely would have been the highest ever if they didn’t shut down deliveries. Deliveries are suppose to be back online again on the 7th, next Monday…. Those that have been in this game as long as I have are no longer worried about price anymore as they are about having the physical, the price scheme is just about over … Stay Long and Strong!!