by Harvey Organ, HarveyOrgan.Blogspot.ca:
Good evening Ladies and Gentlemen:
Gold closed at up today to the tune of $1.80 at $1619.70. However the star of the show was silver rising by 54 cents to $28.04. Something happened today which has not happened in many years. The cartel could not whack silver and especially gold into it’s big delivery month of August. Since I have been following gold and silver at the comex, today was the first time that the bankers could not fleece any option holders on gold and silver. The bankers at one point would whack both metals, on the eve of option’s expiry. Usually this occurs 4 days prior to first day notice. After we continually bombarded the CFTC with these facts, the bankers switched tactics and raided right after options expiry and right up until first day notice, trying to prevent holders from plunking their money down and exercising their options and taking delivery. This is the first time that all 4 days have seen a rise in our precious metals. The bankers are now terrified. There must be major supply problems in England. Wait until you see what happened on the delivery front (below)
Let us head over to the comex and assess trading today.
The total gold comex OI fell by 5045 contracts with gold rising on Friday. We probably lost some bankers who threw themselves over the bridge as they tried to cover their massive shortfall.