Silver, which continues to trade as if it is going to explode at any time, leaped to $29.31, gave up most of the early gains, but then gradually began to move higher again. It is almost as if gold has to be taken down in order to keep the price of silver headed for the moon. How long can JP Morgan and the other bums keep this up?

PLAN A, PLAN B, or PLAN C …. which one would The Gold Cartel go to today? And the winner is… PLAN B, which means an attack after the PM Fix and the physical market pricing has concluded for the day. The PM Fix: $1355.

The gold open interest only rose 3930 contracts to 466,978, which is nothing considering the extent of the price move yesterday. The small rise is further anecdotal evidence that yesterday’s surge was mostly due to the end of the liquidation process following The Gold Cartel’s mauling in January.

The exciting OI news was in silver. Its open interest went up a hefty 4350 contracts to 130,601, which tells us the silver bulls are taking on JP Morgan again.

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*The large specs decreased longs by 816 contracts and decreased shorts by 3,270.

*The commercials increased longs by 1,148 contracts and increased shorts by 3,803.

*The small specs decreased longs by 149 contracts and increased shorts by 650.

Have no clue what to make of this report except it would appear Morgan isn’t trying to cover as much as some of us thought they were. If that is the case, silver gets more explosive because Morgan is going to hit the wall with their short position.