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Message: Re: comex silver depletion at 32%

i don't have that information, and i'll just have to wait and see like everyone else. this year a lot more attention is being focused on the comex. it looks like the open interest is continuing to decline as speculators leave the comex altogether. this is something i found at caseyresearch:

With deliveries into the December contract in both gold ands silver still ongoing, it should come as no surprise to anyone that the open interest in both metals was down again on Tuesday. This time gold o.i. fell another 1,938 contracts to 264,796. In silver, the open interest fell another significant chunk...2,609 contracts...to a new low of 82,434. These numbers should be in this Friday's COT. As Ted Butler said in his commentary on Tuesday, we haven't been at these levels of open interest for quite a number of years...as JPMorgan et al are breaking every commodity law in the book to cover their short positions.

Two days before Christmas...December 23rd...is options expiry for the January contract. January isn't a big delivery month as was December...but it's options expiry nevertheless. It's hard to imagine that JPMorgan can get any more blood out of these precious metal stones, but who knows what the hell these guys have up their sleeves. Whatever it is, you can rest assured that neither the Comex nor your mining companies are going to say (or do) anything about it. We'll have to wait and see how the month unfolds.

As far as I'm concerned, the Commitment of Traders numbers are already beyond wildly bullish in both gold and (especially) silver...and are set to blow up at any time. Why they haven't already is a surprise to me...and Ted. But as long as JPMorgan thinks they can get more shorts covered, these markets aren't going anywhere.

http://caseyresearch.com/displayDrp....

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