Gold closed up by $15.80 to $1628.10 at comex closing time. Silver rose by 70 cents to $31.72.
Today we saw a mini-crash of the Euro-Swiss Franc to below the floor 1.20 (E/CFH). Spanish bonds
yields rose to 5.68% with credit default swaps on this nation rising as well. German and UK production both fell setting the stage for Europe to bleed red ink. The Netherlands released data showing that its GDP has contracted these past two quarters. However the USA showed up to rescue the day causing Europe to show only tiny losses as did the USA.
The total silver comex has now completely dumbfounded analysts and commissioners at the CFTC. We had a monstrous raid and a loss of over $2.00 in the silver metal and yet the OI actually rose by 654 contracts instead of contracting big time. The total OI rests this weekend at 117,088 compared with yesterday's level of 116,434. As I told you silver is trading quite differently to gold and it seems that these long entities may be willing to take on JPMorgan.The front non delivery month of March saw its OI fall by one contract. We had one delivery so everything matches. We neither gained nor lost any silver ounces standing. The next big delivery month for silver is May and here the OI rose by 383 contracts to 50,878. We are still 3 1/2 weeks to first day notice but the OI for the front month is remaining resolute. This will be worth watching. The estimated volume today at the silver comex was a weak 41,248 compared to the massive raid volume on Wednesday at 73,780. The bankers must be in a tizzy as no silver leaves are falling from the silver tree.
"that would be wrong...we don't do that"
Blythe Masters On The Blogosphere, Silver Manipulation, Gold-Axed Clients And Doing The "Wrong" Thing
JPMorgan has intimate access to US government officials, and particularly the Federal Reserve, who will in turn take advantage of all JPM facilities, including its trading desk, to preserve the sanctity and foundations of the $30+ trillion in custodial assets and rehypothecation system, which further means that any potential implication that fiat money is impaired has to be wiped out. As it so happens, soaring prices of gold and silver are the primary if not only means left to express rising doubts in the future viability of the dollar, but in the viability of the fiat system in the first place. Which means that the Fed is, without a doubt, one of the biggest "clients" of the Fed in a symbiotic crosshold, where what the Fed wants, JPM has to execute and vice versa.
This brings us to the transcript of Blythe's interview on CNBC, in which a primary topic, ironically, was whether or not Jamie Dimon's firm manipulates the prices of precious metals, and particularly silver. What followed was the usual avalanche of platitudes that only a muppet can love: