ED STEER: World's Bullion Banks Net Short 50% of Total Silver Open Interest!
Gold's tick higher at the 6:00 p.m. open of Globex trading in New York on Sunday evening was dealt with in the usual manner -- and from that point it was was engineered lower until 'da boyz' set its low tick at the noon silver fix in London. It ensuing and impressive rally from there got lightly stepped on twice during the New York trading session, but it still managed a positive close.
The low and high ticks in gold were recorded by the CME Group as $3,304.40 and $3,352.90 in the August contract...an intraday move of $48.50 an ounce. The August/October price spread differential in gold at the close in New York yesterday was $27.90...October/December was $28.00 -- and December/ February26 was $27.20 an ounce.
Gold was closed in New York on Monday afternoon at $3,335.50 spot...up $1.40 on the day -- and 40 bucks and a bit off its Kitco-recorded low tick. Net volume was very heavy 216,500 contracts -- and there were a bit under 19,500 contracts worth of roll-over/switch volume out of August and into future months...mostly October and December.
I saw that 142 gold, plus 352 silver contracts were traded on Friday and Monday combined -- and I'll be more than interested in how much of this shows up in tonight's Daily Delivery and Preliminary Reports.
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