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Faulty London Financial times story on silver/Summer doldrums

by Harvey Organ, HarveyOrgan.Blogspot.ca:

Good evening Ladies and Gentlemen:

Gold closed up today up by $6.90 to $1612.90. Silver finished the comex session up by 6 cents.
We have lot of ground to cover as I guess you all saw the London Financial times article by Jack Farchy which suggests that the silver manipulation is over. I can tell you that it is bogus. We will go over this story and others from Europe, but first let us head over to the comex and assess trading today.

The total comex gold OI fell by a rather large 5198 contracts falling from 394,877 to 389,679. Gold had a good day on Friday so some of the rats are leaving ship as the bankers sense trouble. The August delivery month saw its OI fall from 3854 to 2960 contracts for a loss of 894 contracts. We had 799 delivery notices on Friday so we lost another 95 contracts. The Sept gold delivery month saw its OI fall by 80 contracts from 1356 to 1276. The October delivery month is generally small and here the OI dropped by 70 contracts to 28436. The estimated volume today was extremely low at 83,013 as many are seeking to purchase metal in other venues. The confirmed volume on Friday was better at 143,386.

The total silver comex OI again did the reverse of gold by rising by 603 contracts from 123900 to 124,503. The August delivery month saw its OI fall from 10 to 7 for a loss of 3 contracts. We had 2 delivery notices on Friday so we lost 1 contract. The next big delivery month is September and here the OI fell from 57,326 to 56,474 as some are already rolling over to December.

Read More @ HarveyOrgan.Blogspot.ca

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