Cartel Failed yesterday

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mike97

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Cartel Failed yesterday

posted on Oct 01, 2010 10:19AM

The cartel despite its best efforts failed to take the price of gold and silver down yesterday. I think we are poised for an historic run in silver to $30+ by years end.

Harvey Organ last night.

http://harveyorgan.blogspot.com/

Gold closed down $.70 to finish the comex session at 1307.80. Silver closed at 21.79 down 14 cents.

The gold comex OI fell a bit today to the tune of 2220 contracts. Its final resting position tonight is 617,188.

The silver comex OI rose a tiny bit today to 154,714 for a gain of 54 contracts.

As I promised you the high OI is unstable for our cartel bankers. They assembled at midnight last night to plan todays attack. Their game plan was to orchestrate a downside "outside day reversal" to get the technical guys selling silver and gold. The total volume on the gold comex today net of any switching was a very high 171,821 contracts. The boys threw everything but the kitchen sink at the longs trying to force these guys

to cough up their long positions. Slowly but surely, our determined sovereign wealth funds and other large speculators rose to the occasion and bought every offering that was supplied to them. At one point today, gold was at 1296 and silver fell to a low of 21.60. The plan was foiled and the cartel spend a lot of ammunition to no avail.

Before going into the delivery notices and inventory changes, a few final numbers on the comex for you to study.

In gold, the October front month has an initial OI of 6521 contracts or 652100 oz of gold, tonight.

The big December contract has OI at a humongous 429,432. This number will grow as we get closer to delivery of the December contract.

In silver the October front month in this non delivery month totals 33 contracts and this represents the total of silver options exercised for the October contract.

These guys always take delivery. The big December silver contract OI stands at 106,743 which is very large on the same wavelength as gold.