by Harvey Organ, HarveyOrgan.Blogspot.ca:
The total silver comex continues to baffle the bankers and CME officials. It seems that the big bad Wolf (JPMorgan) has huffed and puffed trying to blow down the silver longs from the silver tree to no avail. On Friday, the total OI rests at 113,766 a rise of 133 contracts from Thursday. These longs are resolute and ready to take on the bankers in July (after they do battle with the gold shorts in June). The front delivery month of May saw its OI surprisingly rise by one contract despite 3 delivery notices on Thursday. So again we slowly increased additional ounces standing by 4 contracts or 20,000 oz. It seems that the modus operandi of these stoic longs is a slow and sure approach and obtaining as much silver as there is available.
The next delivery month for silver is July and here the OI fell by a tiny 528 contracts as some of these boys decided to stay in the game but roll to September. The estimated volume at the silver comex on Friday was 44,860 which is still quite good. The confirmed volume on Thursday was astounding at 55,373. The high volume and constant OI means our bankers are not happy campers this weekend.