Loading ...From Harvey Organ
The total silver Comex OI surprisingly rose again by 431 contracts despite the fact that silver was up yesterday to the tune of 1 cent. Tonight the silver OI complex rests at 171,136 contracts. In ounces, this represents 856 million oz or 123% of silver annual production. In commodity law generally the OI is represented by 3 to 5% of annual production. These silver contracts are in very strong hands and as I have indicated to you on countless occasions, this will continue to bring nightmares to our bankers. Probably this is as good a reason as ever for the bankers to raid on a continual basis trying to force those longs to puke their interests. We are now in the next big delivery month of September and here, the OI for September fell only 15 contracts down to 609 contracts. We had 26 notices filed yesterday so we gained another 9 contracts or 45,000 additional oz will stand for the September contract month.
The December silver contract tonight rests at 127,208 contracts for a loss of only 52 contracts. No doubt the December contract month may provide all the fireworks if our major entity tries to take delivery of much of the comex silver. The estimated volume today was very good at 44,158. The confirmed volume yesterday was awful at 28,723 contracts.