this is what ed steer of casey research had to say:
Yesterday's low in gold...$905.70 for the April contract...came within $10 of the 50-day moving average. In silver, the low was $12.43...and the 50-day moving average is at $12.12...so we're getting close. They just have to engineer one more waterfall decline during Comex trading today and it will be "mission accomplished". That's if they can do it...or if they want to do it. So far, the U.S. bullion banks [JPMorgan and HSBC USA] are following their usual script to the letter...what GATA and Ted Butler call the "same old, same old" drill. Hey...it's worked for them for decades, and the CFTC is protecting them...so why should they change their modus operandi now?
Open interest for Monday showed a decline in gold o.i. of 2,211 contracts to 367,342. For silver, the decline was 1,066 contracts to 93,036. There were 141 gold contracts delivered yesterday, with the big issuers being Prudential Bache [100 contracts] and Fortis Clearing [40 contracts]. The big stopper was JPMorgan [95 contracts]. In silver, there were 404 contracts delivered...with the big issuers being JPMorgan [286] and Prudential Bache [78]. The big stoppers were Goldman Sachs [215] and JPMorgan [113]...and, yes, you can be both an issuer and stopper at the same time...as is the case with JPMorgan here. GLD was unchanged, and the SLV was down 100,000 ounces. Comex warehouse stocks in silver were basically unchanged. I was very encouraged by the performance of the HUI yesterday. Is someone sensing a bottom?
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