bankstersThe confirmed volume yesterday (which includes the volume during regular business hours + access market sales the previous day) was good at 208,737 contracts as the bankers continued to use non backed paper against all of that demand as they knocked off a few speculators.

JP Morgan

The appetite for gold coming from China is depleting not only gold from the LBMA and GLD, but also the COMEX is bleeding gold.
Last week 38 tonnes of gold was demanded by the Chinese.
India reported that 110 tonnes of gold was imported into the country in the month of March.
That does not include the smuggled gold 
.

Harvey Organ

The total gold comex open interest rose by 8444 contracts from  399,988 up to 408,432 as  gold was up by $6.970 on Friday (at the comex close).  We are in our next non active delivery month of May and here the OI fell by 37 contracts falling to 156. We had 0 notices filed upon yesterday.  Thus we lost 37 gold contracts or an additional 3700 ounces will not stand for gold in May.
The next big active delivery contract month is June and here the OI fell by 5,527 contracts down to 221,660.  June is the second biggest delivery month on the comex gold calendar

roof
Play

With gold & silver taken to the woodshed once again while China was closed, Harvey Organ joined us for an explosive 100th Episode of Metals & Markets, discussing:

  • Metals Smash All About Options Expiration With China Closed On Holiday!
  • 3 Separate MASSIVE Derivatives Messes Could Each Send the System to SMITHEREENS!
  • Why Hypo Bank’s derivatives could take down the entire system
  • Greece On the Brink Of Default- the $5 Trillion End Game is Unfolding!
  • Harvey Reveals the Signal to Watch For That Will Indicate Gold is Going Through the Roof!

The SD Weekly Metals & Markets With The Doc, Eric Dubin, & Harvey Organ is Below:

Harvey Organ

Yesterday was options expiry on the COMEX.  On Thursday we will have options expiry on the LBMA in London and on the OTC market as well.  It was no surprise at all to see the bankers try and whack gold and silver.
Their attempt today was quite feeble.

my-shorts-on-fire

We are now at multi year high in the total OI complex despite the low price. This dichotomy has been happening now for quite a while and defies logic. There is no doubt that the silver situation is scaring our bankers to no end. The COT report on Friday in silver showed the commercials going long in silver in a big way and the large specs going short. 
Is a short squeeze coming?

rocket

Today is options expiry on the COMEX.  On Thursday we will have options expiry on the LBMA in London and on the OTC market as well.  Today was a welcomed change from our bankers normal behaviour of whacking silver and gold during options expiry week, however we still have 3 more days before first day notice.
The big story of the day:  China is set to do its own QE.  This was the rocket that propelled silver and gold today.

Harvey Organ

Monday is options expiry on the COMEX.  On Thursday we will have options expiry on the LBMA in London and on the OTC market as well. The bankers ALWAYS whack the precious metals prior to and during options expiry week.
The boys are also very concerned about the high OI in silver.