The Phaserl


Low Prices Will Cure Low Prices

by Bill Holter, Miles Franklin:

It looks as if another COMEX expiration has come and gone without any “fireworks.” I must say, I in no way expected what has occurred, the longs evaporated unlike any time past AND with the knowledge that physical supplies are very tight. Were this any other market, a short squeeze for the ages would have been forced. With less than one week to go, silver had almost 300 million ounces contracted for and gold 16 million. These bled down to almost 20 million silver ounces and just over 1.1 million gold ounces as of Friday. Silver is in the clear so to speak because COMEX claims 65 million ounces in available inventory. Friday’s action saw another bleed as gold also looks to be coming in under the existing inventory with only 500,000+ ounces standing versus 870,000 inventory ounces held.

We have seen this happen many times before where the open interest bled down heavily going into first notice day, but never anything like this. The open interest for both December contracts was staggering with just one week to go… but then just evaporated. What happened was VERY odd because in past expirations, though total open would shrink slightly, much of it would be rolled into the next active contract. This has not happened and makes very little sense because there is almost zero cost (premium) to move out to the next contract? This expiration saw THE biggest build in open interest, followed by THE biggest evaporation ever.

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