I tried digging further into the total net open interest in gold last night and talked to the person I believe to have the largest, most detailed database of crimex OI anywhere in private hands.

The database shows the same kind of anomalous net OI as presented by Rich at the Scarborough Bullion Desk. I was shocked to see that net open interest was net puts all the way up to 1200! That is right at the current spot price! Additionally there was a sudden addition of puts in the latest day's available trading data all the way up to 1225. The latest data changes have not been verified and integrated into the data base and that will not be available for some days yet, but this is VERY different. Up until late June, the shift from net puts to calls was statistically placed around 950. (this is fuzzy data as usual but 950 was the dominate number) Neither I nor my data source has ever seen a price spread data set like this over the last 12 years. (this is the earliest data in whole, that survived a computer crash in 2003)

I will be gone most of the day today and I just wanted to get this out before I leave. What is going on IS SIGNIFICANT and unprecedented. We just need to see the results to understand it .

Jack