this is from ed steer of casey research:

Not a lot of silver and gold news yesterday. The Comex delivered 60 gold contracts and 14 silver contracts. There were no changes at the U.S. Mint or in silver stocks at the Comex-approved warehouses. Neither were there any changes in GLD or SLV...although after the last three or four days, these ETFs should be owed some pretty big amounts...especially in silver. Ted says that the boyz may engineer a price drop just so they can get out of their obligations to deliver physical metal to the ETFs. This is entirely plausible, as the ETFs are forced to short their own shares if they do not have the metal to deliver right away. Since the custodians are JPMorgan in silver...and HSBC in gold...and since these guys are the ringleaders of the gold cartel...it's no problem for them to arrange that. They've done it before, and they can do it again...and probably will.

That's why Ted and I are [as I've said before] as nervous as two long-tailed cats in a room full of rocking chairs, about the huge deterioration in the COT report and the share price action. We could still rise in price from here in both metals...but if we did, then we'd be way overbought in the metals too...along with the HUI. Then there's no question in my mind that the gold cartel, seeing all the mice in the trap that they could get, would pull the lever and ring the cash register. As I've said since I got back from holidays...it's the "same old, same old" routine. Could they get overrun? Sure...but if they do, it will be for the very first time.

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