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IN SILVER, WE HAVE NOW SET THE NEW RECORD OF OPEN INTEREST AT 243,411 AND AGAIN THIS HAS BEEN SET WITH A LOWE PRICE. THE PREVIOUS RECORD WAS YESTERDAY AT 242,895 CONTRACTS WITH A SILVER PRICE CLOSING OF $16.40.
ON THE DEMAND SIDE WE HAVE THE FOLLOWING:
1.HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH 27 MILLION OZ AND APRIL 1.8 MILLION OZ)
2.HUGE OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/
3.HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION
AND YET WE HAVE A CONTINUAL LOWE PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)