Loading ...Silver was a stick in the mud overnight and stayed that way early on the Comex. While it did not follow gold lower, it failed to gain any traction from yet another theoretically favorable COT report, which showed the commercials getting even less short with the large specs getting more so. This is the second time in three weeks such an unusually bullish report has surfaced. As covered here, the first one resulted in one reasoned super bullish silver forecast after another. Rarely ever has one report elicited so many bullish calls. Two weeks later the price of silver was 20 cents lower this morning. Perhaps this one will be a game changer, as it, while even more theoretically bullish, received relatively little comment.
What continues to receive a great deal of coverage here is the continued growth of the silver open interest, which grows more staggering by the day. It rose another 516 contracts to 243,411. No sense in repeating the potential significance of what is going here, but odds are that it will lead to the dramatic. As the price is off the charts low, it ought to lead to a price explosion at some point. But for now, the price action could not be more lethargic and controlled. Today silver barely revealed a pulse in early trading.