Loading ...Mark Lundeen on the huge OI in silver and what it means:
“With silver’s OI representing something like 868 million ounces of silver, today’s $0.80 (4%) decline cost the longs $694 million dollars. It will be real interesting to see today’s open interest figures. If OI doesn’t decline by much, or if it actually increased after today’s drubbing, the longs must be holding on to demand for delivery as they don’t seem to care much for their dollars. If that is the case, we could see a panic in the silver market before the year is out.
What’s next? Is the COMEX going to change some long standing rule to protect the big shorts?”We may be watching history here!
Mark Lundeen
From Harvey Organ at http://www.silverdoctors.com/harvey-organ-huge-raid-on-gold-silver/