Silver looks set to become explosive one way or another very soon, as COMEX open interest has surged to nearly 220,000, only 5,000 contracts away from the all-time record of 224,540:

 

Gold and silver prices continue to consolidate recent gains, after gold was pushed back under the critical 200 day moving average early in the week. 

The metals sold off this morning ahead of the release of today’s FOMC minutes, with gold trading as low as $1245 and silver as low as $18.18.  Both metals quickly recovered all losses once the FOMC minutes were released, as a 150 point plunge in the dollar/ yen pair sent gold prices quickly up $10 to $1257 and silver up .15 to $18.35. 

Silver in particular looks extremely strong, and ready to break out to the upside.

Silver looks set to become explosive one way or another very soon, as COMEX open interest has surged to nearly 220,000, only 5,000 contracts away from the all-time record of 224,540.

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  1. I am personally betting the luciferians Break the All Time High Open Interest Contracts !! why not ? the Comex is collapsing anyway .I am  Stacking like a Madman on a Mission , The ‘Donald the Fiat Paper King  will meet with XI  The Gold Bars  King’ this Week , don’t forget he who has the Au Gold always wins..

    • That guy is dead. https://www.theguardian.com/world/2016/jul/16/indian-businessman-famed-for-240000-gold-shirt-beaten-to-death

      When open interest rises to all time highs prices have been drooping as of late. Say it ain’t so and I’ll shut up about it.

      Syria is some dirty business.

    • Agreed @andrew james

       

      The entire Middle East and Africa have been dirty business areas for a long time now and neither looks to be getting over it any time soon.  🙁

    • Here is a result Dolph…In 1964 gasoline was 26 cents a gal. A silver dollar (silver) bought 4 gals of gas.

      Today, gas is $2.25 a gal. A silver dollar…not a silver eagle…is worth $16 or $18…let’s use $16.

      $16 of worth dollars divided by 2.25/gal equals 7 gals…Tell me again how silver didn’t buy anything.

       

  2. Instead of looking at total OI, I suggest looking at the number of short positions owned by the big 4 and big 8 as noted each week in the CFTC COT report.

    (It is derived from the %age numbers given for big 4/8 plus gross OI.)

    For most of the last 5 years, a high number has been an indicator of a peak price and impending dump.

    The number is very high presently.

    Now, however, I believe, they are trapped, as managed money is no longer playing the back and forth game to anywhere near the extent of the past.

    I no longer go short on such a peak, or at all.

    I think we are getting close to a big move.

    I wish the Thai futures market still had silver futures, but they were discontinued several years ago for lack of interest/volume.

    However, when silver blows, it will undoubtedly take gold with it.

     

     

    • You should go short when it gets near a peak, they can print $$$ to cover margin calls until the cows come home (Hi Central Texan) so it is just a matter of time and margin funds for your account.  They can keep the market capped forever or until it finally breaks due to a new player with somewhat unlimited funds on the buy side like back in 2009.

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