Today was options expiration, and the banksters hammered gold and silver as expected…
Today, somebody was in urgent need of physical silver…
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 .
Gold & silver are headed northbound!
There is no doubt that the silver situation is scaring our bankers to no end…
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 242.56 tonnes for a loss of 60 tonnes over that period.
Looks to me like the comex is bleeding profusely!!
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.
Huge story of the day: Overnight a huge rise in bond yields occurred, then central bank intervention arrived to lower yields.
However, derivatives were detonated on the sudden massive spike:
There is now no question that London is out of gold as London gets deeper into backwardation.
China’s major source of gold will now be the FRBNY.
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:
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.
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?
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.
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.
Our bankster friends are at it yet again…