o sooner had I sent in my Wednesday rant, when rallies began in both gold and silver shortly after London opened. The rallies really developed some legs once Comex floor trading got underway in New York. But, it all came to an end at the London p.m. fix. Then, shortly after London closed for the day, the New York bullion banks went to work and erased not only the wonderful N.Y. gains…but all the gains in London as well!

However, prices did manage to recover slightly, later in electronic trading in New York.

Open interest on Tuesday’s big down day in both metals was something out of the Twilight Zone. Gold open interest, which should have fallen off a cliff, rose 3,565 contracts to 372,697. And in silver, o.i only fell 116 contracts to 101,629…hardly worth