Today's Precious Metal Close Banging Moment Brought By The Fine People At The Comex

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Mon, 02/28/2011 - 15:03 | 1004485 HoofHearted
HoofHearted's picture

Haven't seen the numbers of contracts standing for delivery, though they were supposed to be reported at 1:30. Anyone know where to find the numbers?

Mon, 02/28/2011 - 15:13 | 1004527 unky
unky's picture

4250

Mon, 02/28/2011 - 15:20 | 1004552 HoofHearted
HoofHearted's picture

4250 committed to delivery wit delivery scheduled (if I understand Harvey Organ correctly), but 10009 still yet to declare. I'm wanting the number who actually stood for delivery at 1:30. (Of course the JP Morgue may try to convince everyone that fiat with a bonus is better than silver in hand.)

Mon, 02/28/2011 - 15:24 | 1004563 truont
truont's picture

Nah, that "10009" figure is the change (decrease) in MAR open interest since the last CME report (was published 2-25-11).

Mon, 02/28/2011 - 15:27 | 1004576 HoofHearted
HoofHearted's picture

Well, sheee-ite. But thanks for clearing up my misconceptions. Silver still seems like a screaming good deal. Jesse's Cafe Americain has some great graphs showing this...

Mon, 02/28/2011 - 15:30 | 1004583 Lieutenant Dan
Lieutenant Dan's picture

So I saw open interest on friday at 14k or something like that. And I see on futurestradingcharts that there was only 4k of volume, but yet OI decreased to 4k. How does that happen? Cash settlement?

Mon, 02/28/2011 - 15:32 | 1004587 ZeroPower
ZeroPower's picture

?

It was down 10k to just over 4k. Not sure about your #s

Mon, 02/28/2011 - 15:31 | 1004588 tmosley
tmosley's picture

Friday basis, from Harvey: 

Of course, all eyes were focused on the front March contract.  The open interest for March declined from 28,275 to 14,259 pretty close to what I thought.  My guess is that the OI for Monday will turn out to be around 8000 or 40 million oz.  Let us wait and see.

As the above poster said, as of Friday, 4000+ contracts were standing for delivery, having place the required funds in their accounts to take delivery.  The numbers for today are not out yet to my knowledge.  Anyone feel free to correct me if this is not the case.

Mon, 02/28/2011 - 15:16 | 1004540 flacon
Mon, 02/28/2011 - 15:21 | 1004556 truont
truont's picture

Mar Op Int down 10K to 4250 contracts.

That's lower than what was standing for delivery in December on first-delivery-notice day....

Silver comex lives to fight another day.

Mon, 02/28/2011 - 16:47 | 1004828 Math Man
Math Man's picture

And the conspiracy theorists are once again proven wrong.

No shortages, no Comex default, no short squeeze!

But I thought the backwardation meant there was going to be a squeeze when everyone stood in for delivery!

What happened?  It must have been manipulation!

You guys are such jokes. 

See you back below $20 in a few months.

Mon, 02/28/2011 - 17:16 | 1004926 tmosley
tmosley's picture

No short squeeze?  What lunatic asylum are you posting from?

Also, the person you are replying to was wrong.  There were 4000+ standing for delivery and 10000 who had yet to roll or fund their positions to stand.  We won't know the final numbers until tomorrow evening.

You are just another troll corpse on the side of the road.

Mon, 02/28/2011 - 18:34 | 1005210 akak
akak's picture

Can you say "JohnnyBravo 2.0"?

Mon, 02/28/2011 - 18:36 | 1005221 tmosley
tmosley's picture

He does remind me of him.  

Mon, 02/28/2011 - 17:55 | 1005066 Harmonious_Diss...
Harmonious_Dissonance's picture

The great Meth Head wields a plethora of diverse and unique Silver bashing! With such an in depth and detailed explanation of your position, Mr. Meth, I do believe you have layed out a case. Duh nah nah nuh nuh nuh, METH MAN!

Mon, 02/28/2011 - 18:28 | 1005195 Clay Hill
Clay Hill's picture

Hi all, first post. Love the site. Deeply honored to give Meth Man junk # 10. *yay*

Mon, 02/28/2011 - 21:10 | 1005557 Al Gorerhythm
Al Gorerhythm's picture

For the newbies out there, who happen to read Meth Man's postings and are caught up in his unsubstantiated calls, be aware that there have been many before him who have made the same calls, who earned undeserved respect as market callers, such as; Jon Nadler of Kitco, Jeffery Christian of CME Group, Members of the Federal Reserve and other Central Banks, JP Morgan analysts, HSBC head honchos etc, who have been left with a mouth full of crow. This guy has yet to recognize that his meal of roast carrion rests before him on a silver platter. 

To overcome the confusion instilled by such posters, I highly recommend to you this article, posted on the Silver Bear Cafe. It re-establishes reality and being based on market realities, it delivers a hammer blow to the rather devilish and unsubstantiated dart throwing calls of this obvious troll.

http://www.silverbearcafe.com/private/02.11/capitalizing.html

Read for understanding and research the unknowns that may arise from it. Be aware also that posters like this, who cut and paste their same remarks, thread after thread, obviously have an agenda to promote and nothing of substance to offer.

Math Man has yet to post a thesis, it's all hyperbole, wishful thinking and ad hominem attacks. 

There have been some who have learned from others on this site and have been worth the while trying to open their eyes to the facts of the matter. However, this guy leaves a foul taste in one's mouth and the only solution is to gargle, spit it down the drain and don't entertain the thought of reaching out again.

Mon, 02/28/2011 - 21:45 | 1005663 Clay Hill
Clay Hill's picture

Mr.Al G.,

 
Thanks for the heads-up, and the link.

 I'm not a trader, and I completely cashed out of the market after a job change last year.  I've been lurking here for a while now, and buying Silver in various forms for years.

It really wouldn't matter to me if the price rockets to $100 or drops to $0.01, I will still be buying Silver... and lead.

Oops... forgot to say...  bitchez.

Tue, 03/01/2011 - 01:33 | 1006189 Math Man
Math Man's picture

I have yet to post a thesis?

Silver only costs around $5/oz to dig out of the ground.

Rumors of shortages and short positions have caused a 70% run in six months. (neither of which exist)

Backwardation is now occuring because producers are hedging their forward production.

PRODUCERS CAN LOCK IN $27/OZ IN PROFITS IN THE FUTURES MARKET.

What more do I need to say?

The price of silver CAN NOT STAY HERE.

It will be substanialy lower soon.

 

Tue, 03/01/2011 - 07:15 | 1006401 Al Gorerhythm
Al Gorerhythm's picture

That's not a thesis. That's conjecture. More cut and paste.

Tue, 03/01/2011 - 07:26 | 1006409 Math Man
Math Man's picture

Where is the conjecture?  It is all fact.

The conclusion - silver will go lower becuase of XXX, is the thesis.

 

Tue, 03/01/2011 - 11:37 | 1007029 akak
akak's picture

You disingenuous trollish comments in this forum are much more full of feces than they are of theses.

Tue, 03/01/2011 - 11:06 | 1006891 matt5hansen
matt5hansen's picture

If silver investors are idiots, why are you here?  

Also, have you looked at the profits for silver mining companies?  If they can dig silver out of the ground for $5, why aren't there massive profits?  It seems to me, that we would be seeing buyouts every other day if they could really book a profit of $27/oz.

 

Mon, 02/28/2011 - 21:05 | 1005564 c-rev with a twist
c-rev with a twist's picture

I think I just threw up in your mouth.

Mon, 02/28/2011 - 22:50 | 1005805 Al Gorerhythm
Al Gorerhythm's picture

What are you doing that close?

Mon, 02/28/2011 - 21:44 | 1005659 Hephasteus
Hephasteus's picture

Are we big enough jokes to not have to switch identies every 2 weeks.

Are you going to create an elaborate backstory about who you are and what you do. Some people call it information agents, or spys or illuminati. We just call it sociopath.

Mon, 02/28/2011 - 23:24 | 1005891 lawrence1
lawrence1's picture

Ignorance and stupidity like yours should be a crime. Sorry you missed the PM bull market and Im sure you're too afraid to short, so you can only bullshit.

Mon, 02/28/2011 - 21:01 | 1005553 tgarfield
tgarfield's picture

just go to the cme site.  Open interest has dropped hard the last two weeks.  From about 50K to 4K.  High was 84K.

http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_futures.html

Total open interest is at about the lowest level in the last few years.

Mon, 02/28/2011 - 15:03 | 1004486 Xibalba
Xibalba's picture

"Nobody in here but us chickens".....

Mon, 02/28/2011 - 15:43 | 1004618 disabledvet
disabledvet's picture

"dem Chickens' is organizin'"

Mon, 02/28/2011 - 22:53 | 1005809 StychoKiller
StychoKiller's picture

"Put the ramp down!  You're going to be a pie!" -- Mrs. Tweedy, "Chicken Run"  :>D

Mon, 02/28/2011 - 15:04 | 1004488 Duke of Doubt
Duke of Doubt's picture

The $64 question is did it work today to cause the longs not to stand for delivery?

Mon, 02/28/2011 - 15:05 | 1004501 unununium
unununium's picture

At this point they've got to be losing significant money on the banging activity itself.

 

Where is RoboTrader these days?  Aka old catfish mouth?  My NFLX March $210 puts are up 300% and I want to skewer him.

Mon, 02/28/2011 - 21:45 | 1005661 Hephasteus
Hephasteus's picture

Nobody shows up for just deserts.

Mon, 02/28/2011 - 22:54 | 1005814 StychoKiller
StychoKiller's picture

With good reason, "deserts" are full of sand!  :>D

Mon, 02/28/2011 - 15:04 | 1004489 barkingbill
barkingbill's picture

im so sick of these bastards, their wars and their lies and their manipulations. 

Mon, 02/28/2011 - 15:13 | 1004528 Confuchius
Confuchius's picture

In the Islands there is a saying:

"Time longer than rope"

Mon, 02/28/2011 - 15:04 | 1004494 NOTW777
NOTW777's picture

buy the dips - great support 32-31; BO intact

Mon, 02/28/2011 - 15:06 | 1004497 Sudden Debt
Sudden Debt's picture

I've got a lot of time to see this unfold, and the longer it takes the more I buy :)

This weekend I was hopeing that that it could stay at these levels for another 6 months or so.

Mon, 02/28/2011 - 15:07 | 1004510 PY-129-20
PY-129-20's picture

+1

They will lose the war.

Mon, 02/28/2011 - 15:08 | 1004513 Harmonious_Diss...
Harmonious_Dissonance's picture

<insert random it costs $5 per ounce to dig it out of the backyard at my beachhouse comment here>

Mon, 02/28/2011 - 15:11 | 1004521 unwashedmass
unwashedmass's picture

yeah, those are the costs at GPL, right? love that company.

 

of course, i'm not mad at JPM, they put in a nice dip like this, and its buying time again.....

Mon, 02/28/2011 - 15:12 | 1004526 EscapeKey
EscapeKey's picture

[generic "you can't eat it" mockery response]

Mon, 02/28/2011 - 15:42 | 1004616 akak
akak's picture

And don't forget, silver to $2.00 by June.

Mon, 02/28/2011 - 16:19 | 1004733 AR15AU
AR15AU's picture

<random Nadler comment about disappointing number of Indian marriage licenses leading to gold bubble collapse>

Mon, 02/28/2011 - 15:05 | 1004500 Arthor Bearing
Arthor Bearing's picture

I'm not a trader but thank you thank you thank you for spelling all of this out for me, ZH has been an invaluable resource and education for me

Mon, 02/28/2011 - 15:06 | 1004503 jesse livermoore
jesse livermoore's picture

it will just be bigger and better when it blows up

Mon, 02/28/2011 - 15:07 | 1004506 Sudden Debt
Sudden Debt's picture

Can they stand for delivery even if they're not in the money?

 

Mon, 02/28/2011 - 15:47 | 1004622 batting500
batting500's picture

I believe the answer is "Yes".

It would rarely happen though, and ussually in error.

 

Good Luck...

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