GOLD RECOVERS FROM LAST NIGHT’S 7 PM FLASH CRASH BUT STILL DOWN $3.65/SILVER DOWN 10 CENTS

by Harvey Organ, Harvey Organ Blog:

DESPITE THE DROP IN PRICE OF GOLD YESTERDAY, OPEN INTEREST RISES BY OVER 7,000 CONTRACTS/WAR OF WORDS BETWEEN INDIA AND CHINA INTENSIFY AS INDIAN TROOPS ARE STATIONED ON DISPUTED CHINESE LANDS/TRUMP TO ANNOUNCE A TRADE WAR WITH CHINA TOMORROW: CHINA IS FURIOUS!

In silver, the total open interest FELL BY A TINY 1023 contracts from 207,258 DOWN TO 206,233 WITH THE FALL IN THE PRICE THAT SILVER TOOK WITH RESPECT TO YESTERDAY’S TRADING (DOWN 5 CENT(S). WHEN YOU COMPARE THE HUGE GAIN IN OI FOR GOLD THEN YOU MUST ADMIT THAT IT SURE LOOKS LIKE BOTH THE SPECULATOR SHORTS AND THE BANKER SHORTS ARE HAVING SEVERE PROBLEMS TRYING TO COVER THEIR SHORTFALL WHICH CANNOT COME TO FRUITION. THE LONGS REMAIN STOIC AND NOTHING WILL BUDGE OUR SILVER LEAVES FROM DEPARTING OUR SILVER TREE. YESTERDAY’S TRADING IS EVIDENCE OF THAT.

 In ounces, the OI is still represented by just OVER 1 BILLION oz i.e.  1.030 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 2 NOTICE(S) FOR 10,000OZ OF SILVER

In gold, the open interest ROSE by A MONSTROUS 6,896 despite the FALL in price of gold ($0.65 yesterday.)  The new OI for the gold complex rests at 455,605. Yesterday we had the bankers supplying a major amount of short paper to newbie longs who entered the arena again like gangbusters.  The specs shorts covered what they could. .No wonder a flash crash was orchestrated at 7.01 pm last night with the intention of cooling gold’s jets. It seems that the raid failed again.  The bankers are losing control over the precious metal markets

we had: 73 notice(s) filed upon for 7300 oz of gold.