The algo's may still be driving the markets, but it seems some human traders are smarter if not faster. Despite the massive, instantaneous, waterfall-selling of paper Silver last week, especially Friday, COMEX Silver Open Interest actually increased and now stands at a 2-year high of 154,364 contracts. - This with a lower spot price ($29.80) than in April 2011 ($49.00). - In 2011 when spot Silver hit $50, the COMEX reported their inventory of Silver at 99 million ounces, but today with lower spot prices they are reporting 158 million ounces. You have GOT to be kidding me. - I suspect ANY numbers coming out of the COMEX since 2008 are complete BS. The HUGE not-for-profit selling of non-backed paper Silver clearly is not working, as Silver holders buy more at the onset of these raids instead of pitching their contracts as the Cartel wants them to. - At some point I expect to see another MF'd Global failure when it's discovered the physical cannot 'cover' all the paper that has been hypothecated and rehypothecated (made up) but sold anyway. It could be a 'fun' week next week, even if it is only four trading days long.
Today is World Vegan Day
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