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Silver’s Open Interest is now about 162,000, a new multi year record
The US Dollar is down 21.9 points with the trade at 82.65 at its lower end with a low of 82.585 so far. Treasuries are still showing weakness in the further out Notes/Bonds with the shortest term trading flat. Energy Sector is on the slow climb with Crude Oil up 16 cents at $93.53 leading its byproducts higher with Natural Gas trading lower. Gold is lower giving the signal that is not talked about over a phone that the short trade is still the focus of the day, Gold is down $1.50 at $1,571.00, a dollar off its low. Silver is higher by 6.2 cents at $27.20 after it rallied up to $27.370 before the boys of London came calling. The most important issue we see here is the gain in Open Interest in Silver. It has now surpassed 162,000 which means as the anti-metals dudes keep piling on, the more the strong buyers come in. These are deep pocketed longs with enough cash in the accounts to keep their positions and not jump ship when the Comex traders come in with their 5,000 position “short at the market” plays. Something is going to pop in the Silver Pit, we hope the shorts get their comeuppance along with their well needed religious experience. Grains are mixed with Soy Beans, Soy Meal, Oats, and Wheat, trading slightly lower, Bean Oil, Corn, and Rice moving higher. Softs are mixed as well with Coffee, Cotton trading higher, Cocoa, Sugar moving lower, Live Stock Sector is mixed based on meat types with Live/Feeder Cattle moving higher, Lean Hogs trading lower. Paper Markets continue to climb in “Stepford Wives” fashion as our media continues to point to overseas nations as the problem when the biggest debtor is USA oriented. With strong buyers coming into the precious metals market, the central bank system will have to come up with something different in order to try and scare out these deep pocket buyers. Have your Pop Corn at the ready, this is going to be interesting ….. as always, …. Stay Strong!!
JB Slear
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
817-717-5489
Fax: 817-764-2537
www.FortWealth.com
Don’t risk what you cannot afford to lose….
2013-04-09 08:45:24
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