by Jeff Nielson, Bullion Bulls Canada:
Not being a “trader” by trade, I don’t tend to get into discussions of “open interest” too much in my commentaries, or even on The Grind.
However, when extreme (i.e. Big Picture) changes place then it’s certainly important to make note of those details around here too. What we have seen is a very sudden surge in open interest: the number of LONG “futures” contracts in the Comex market for gold. Presumably there are similar changes taking place for silver, but the data we have here is exclusively for gold.
We see TWO things happening:
1) A very sudden explosion in open interest, to RECORD LEVELS.
2) A continued depletion if not an acceleration in the collapse of Comex gold inventories.
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