Harvey Organ's Gold & Silver Report
April 25, 2016
Today, we had the open interest in silver rise by a HUGE 2556 contracts up to 201,787 despite the fact that the price of silver was DOWN 19 cents with FRIDAY’S trading. In ounces, the OI is still represented by 1 BILLLION oz (1.009 BILLION TO BE EXACT or 143% of annual global silver production (exRussia &ex China)We are now at multi year highs in OI with respect to silver.
Tomorrow is options expiry on the comex. However we have to wait until Friday afternoon as the London’s LBMA options expire along with the bankers OTC options.
So expect the prices of our precious metals to remain subdued to the rest of the week. The open interest in silver continues to rise despite Friday’s weakness in price. Somebody is accumulating massive amounts of silver and the longs are waiting patiently ready to pounce.
((( GOT SILVER )))
