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And Then There’s This…Thursday, December 4th, 2008
Contrarian Profits (December 4th, 2008) Writes:
Wednesday’s action in the gold market world-wide was nothing short of a yawner from one end to the other. Ditto for silver. Volume was very low as well…so I wouldn’t read a thing into yesterday’s price action.
With deliveries into the December contract in both gold ands silver still ongoing, it should come as no surprise to anyone that the open interest in both metals was down again on Tuesday. This time gold o.i. fell another 1,938 contracts to 264,796. In silver, the open interest fell another significant chunk…2,609 contracts…to a new low of 82,434. These numbers should be in this Friday’s COT. As Ted Butler said in his commentary on Tuesday, we haven’t been at these levels of open interest for quite a number of years…as JPMorgan (NYSE:JPM) et al are breaking every commodity law in the book to cover their short positions.
Two days before Christmas…December 23rd…is options expiry
...Ambrose Evans-Pritchard, Amid Depression;, bloomberg, China, Chris Powell, Christmas, commodity law;, contrarian profits, Depression, Dow 30, Europe, European Central Bank, Federal Reserve System, Financial Times, Jpmorgan, London, Market Commentary, precious metal stones;, Southeast Asia, Ted Butler, United States
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