Harvey Organ suspects MASSIVE short covering by the bankers – Mentions short covering not yet happening in silver.  Are we seeing that short covering this morning in silver as shown by the pop and stout resilience after two pre-market attacks? It does appear the rare yet bullish Loch Ness Monster trade is spotted…

In silver, the total open interest SURPRISINGLY FELL BY ONLY 1858 contract(s) DOWN to 202,779 DESPITE THE THE SLIGHT RISE IN PRICE OF SILVER THAT TOOK PLACE WITH YESTERDAY’S TRADING. BUT MORE IMPORTANTLY WE HAVE NOT WITNESSED ANY OBLITERATION OF OPEN INTEREST AS WE ARE ABOUT TO ENTER FIRST DAY NOTICE IN THE ACTIVE SILVER COMEX MONTH OF JULY… 

The bankers were  probably expecting even more gold leaves to fall from the gold tree with the raid yesterday. An open interest of around 390,000 to 400,000 is core and nothing will move these guys from their contracts.

The amount standing for the silver metal again rose in similar fashion to what we witnessed last month and also in April.  We certainly have a determined entity trying to get its hands on whatever silver is available.