Gold at (1:30 am est) $1224.50 down $1.00
silver was : $17.72: UP 2 CENTS (unchanged)
Access market prices:
For comex gold:
NOTICES FILINGS TODAY FOR MARCH CONTRACT MONTH: 1 NOTICE(S) FOR 100 OZ. TOTAL NOTICES SO FAR: 45 FOR 4500 OZ (0.1399 TONNES)
For silver: MARCH
343 NOTICES FILED TODAY FOR 1,715,000 OZ/
Total number of notices filed so far this month: 1763 for 8,815,000
Late FRIDAY night after receiving the preliminary data for Monday, I wanted to think about the data overnight as well as to see if this fits with Ted Butler’s assertion of basically collusion with some of the Hedge Funds (managed money)
If you have not read Ted Butler yet, I urge you to read it (in last night’s commentary) and then study today’s OI data.
One could see that the original plan of the bankers was to raid gold and silver with the object to get the gold down to an OI level of 390,000 contracts and silver down to the 165,000 area. They have done this quite a few occasions starting in 2011 and continuing to this year.
I now believe Butler’s assertion is correct in that the hedge funds are no longer playing the game especially in silver. He correctly portrays the hedge funds as as the Washington Generals losing every time with the Harlem Globetrotters the victors all the time.
Now everything makes sense:
the ‘salary’ for each ‘Washington General’ hedge fund was paid in cash settlements. That is how these hedge funds would continually lose for 5 years and still play in the game.
It also explains, a huge obliteration of open interest on an active contract as we head into first day notice.
the boys were being paid for their work and they then reload with fiat bonus and play again.
It also explains how the amount standing of each month lowers as the month proceeds. Each of the collusive players are waiting to be paid.
However, somehow, the hedge funds (Washington Generals) did not want to play anymore with the bankers (Harlem Globetrotters). The hedge funds decided not to sell on any huge whack. This is why Thursday’s OI reading on silver hardly moved despite a 74 cent drop in price. The huge follow through yesterday orchestrated by the bankers (Harlem) also ended in failure. That is why at 1:00 o’clock they could see that the OI hardly budged so they raced as fast as they could to cover. The price of silver instead of being down by 8 cents, it rallied to unchanged at comex closing time and then up 19 cents upon access closing time.
We are not seeing the same game yet in gold but it may be in its infancy. However in silver, something is scaring our Washington Generals to not play the silver fraud any more.(lack of silver maybe?)
Let us have a look at the data for today
This post was published at Harvey Organ Blog on March 6, 2017.