posted on Jul, 25 2009 @ 08:04 PM
Some scam averse investors go for smaller weight ingots , others willingly pay the extra premium for "Mint Sealed" SAE's (500oz box) , currently
around spot +$1.99).
Silver is both priced , and manipulated in the futures market. In terms of production off-take , the ISHARES ETF: SLV
, has arguably been the
most bullish Silver fundamental since Bucky Hunt had the temerity (some might say stupidity) , to take-on the Comex shorts. Question is , does the
custodian JPM , really hold the goods ?
In this market , the ironies never cease. JPM , one of the largest commercial shorts , entrusted with SLV's entire 281,863,452.300oz bullion
position. Little conflict of interest maybe ?
While Friday's COT
shows a modest reduction in commercial short interest (1,522 Silver
contracts) , we still face a concentrated short position of 63022.
Short interest of 204,226 contracts successfully capped Gold last week. We may have languished in this band a little too long imo. If the BB's are
willing to raise their ante next week, Gold could be testing the $930 support zone , and even with the COT structure slightly more bullish
**Bearish USD/Treasury news could alter the landscape most riki-tik**