Submitted by SD Contributor Marshall Swing
Commercials picked up 1,270 longs and a smallish 382 shorts to end the week with 46.49% of all open interest, slightly higher than last week, and now stand as a group at -71,670,000 ounces net short, another huge decrease of over 500,000 ounces net short from the previous week. None of the speculators seem to comprehend what these criminals are up to in their strategy to get out of net short positions.
Large speculators got suckered out of a massive -1,519 long contracts and picked up 720 shorts for a net long position of 42,790,000 ounces, a mammoth decrease in their net long position of well over 10,000,000 ounces from the prior week. They are playing right into the commercial’s hand but no one is willing to see what is happening for what it really is and they are greedy so more power to them as they get killed like lambs to the slaughter. I say this every week but no one seems to listen. They will deeply regret these net short positions they are accumulating and they will NEVER be able to sell those positions when the price of silver drops way down because there will be no longs to match them.
Small speculators increased 835 longs and covered -516 shorts for a net long position of 28,880,000 ounces a significant increase of over 6,500,000 ounces net long from the prior week.
The commercials struggled somewhat this week in their effort to work their way out of their massive short positions they have accumulated, however, they did manage to decrease their net short exposure by tremendous long purchases. Every long they buy decreases their exposure.
It now appears that the CFTC commissioners are going to white-wash their investigation into silver manipulation and probably not even institute any position limits except maybe on the speculators as Bart Chilton seems convinced there is no manipulation and the massive short positions are bonifide hedge positions. What rubbish!!
I have been saying for years that Chilton is nothing but a good cop shill of the producer
For your convenience, if you would like to contact the CFTC and express your views to them, I have provided you their phone numbers and I hope earnestly that you fill up their phone lines: http://www.cftc.gov/Contact/index.htm and email addresses as well:
ggensler@cftc.gov Chairman Gensler
bchilton@cftc.gov Commissioner Chilton
jsommers@cftc.gov Commissioner Sommers
Somalia@cftc.gov Commissioner O’Malia
mwetjen@cftc.gov Commissioner Wetjen
dmeister@cftc.gov Director Meister
How long must the there exist no free market for speculators in the COMEX metals? How much ill-gotten gain from speculators, at the hands of these producer/merchants, is enough for these commissioners to act and do their jobs to ensure a free market can counter their massive open interest monopolies?
The only way to beat the producer/merchants at their game is to go long and stay long. Easier said than done when you watch price drop significantly below your buy price, I know.
See you next week!
Marshall
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Since We Have No Interpretation of This COT Report Here–I’ll Repost What I Said 30 minutes after this report came out on Friday:
This Is Probably THE most Important COT Report I’ve Seen Since 12-30-2011.
The Commercials Added 1270 Long Contracts and Added 382 Short Contracts. Basically, They Did Almost Nothing Since Last Week. Why Is This So Important?
The
COT report is a measure, in my mind, of relative
acceleration/deceleration of adding and subtracting net short positions
for the criminal banksters. This last report shows this downside
momentum of reducing net shorts has fizzled to an almost zero net change
condition.
Thus, as of Tuesday, these banksters have decided
now that they’ve seen an inflection point in the silver price, that
there’s just no steam left in the downside, and in general, silver
prices should climb from here.
If this interpretation is
correct, (remember, this is all a guessing game), we’ve seen a low for
the year at that $26 handle and we should start to see that fake rally I
have been thinking about that should occur before July 4th.
I
originally thought it could rise to $30-32 and that it should drop again
to see $28 before July 4th before we see a rally above $32. I’ll stick to that guess.
But, more importantly, the COT Report shows an deceleration point.
We should see a rally in the silver price first so that they can do
what they always do. What I’ve been saying, for a few weeks now, is that
I’ve been looking for them to start increasing their net weekly short
totals into a price rise. This will CONFIRM that we’re well into a
rising trend. Remember, I had guessed that the $26 handle silver price
we saw two weeks ago was most likely the low for the year.
Currently,
the commercials have now dropped their net shorts as a percentage of
total inventory to 50.31%. Their net short as a percentage of registered
inventory is now at 200.7%
Did You All See This About JPM?
JPMorgan finds itself enmeshed in an insider-trading investigation in
Japan, also reported by Reuters. Regulators have named the bank as the
source of leaked confidential information about a $505 million secondary
offering by Nippon Sheet Glass in 2010. That investigation is part of a
wider probe into insider trading related to secondary offerings, a
situation described as “endemic”. READ MORE
On Tuesday, Japan’s Securities and Exchange Surveillance Commission
recommended that Asuka Asset Management be fined for short-selling
Nippon Sheet Glass shares after illegally obtaining information ahead of
a stock sale that JPMorgan was underwriting.
A
sales executive for the US bank — which is already reeling from a shock
$2.0 billion loss on derivatives trading — was the source of the leak,
Dow Jones Newswires reported, citing an unidentified source.
The SESC did not name the alleged source, but JPMorgan was reportedly
one of only two underwriters taking part. The other, Daiwa Securities,
has said that it was not involved in the inquiry.
In a statement, JPMorgan said it “takes this matter extremely
seriously and will continue to take measures to enhance our internal
control”.
“We are cooperating fully with the authorities on this matter,” it added. READ MORE
Jake;
Here’s A Story About That Rumor I Posted Yesterday ( I Also Posted Highlights Of That PIMCO LUNCHEON):
Market rumor: Pimco and JP Morgan halt vacations to prepare for economic crash
Everybody Stay Here!—I’ll Be At The First Tee In 5 Minutes
On June 1, market rumors were coming out of a hedge fund
luncheon stating that Pimco, JP Morgan, and other financial companies
were cancelling summer vacations for employees so they could prepare for
a major ‘Lehman type’ economic crash projected for the coming months.
These rumors came on a day when the markets nearly came to
capitulation, with the DOW falling more than 274 points, and gold
soaring over $63 as traders across the board fled stocks and moved into
safer investments.
Pimco and JP Morgan Chase are not the only financial institutions
worried about a potential repeat of the 2008 credit crisis. On May 31,
one day before Pimco rumors began to spread around the markets, World
Bank President Robert Zoellick issued the same warnings of a potential
‘rerun of the great panic of 2008′.
Market indicators over the past two months in Europe have been
signalling an economic slowdown, with the potential for total economic
collapse increasing over the past few weeks. The US markets have
dropped more than 1000 points
since their highs in March, and on Friday, all gains for the year were
completely wiped out after the shocking jobs report was issued.
When one company decides to cancel vacations, or impose additional
workloads on their employees due to projected events, it is not
considered relative news. However, when several institutions, analysts,
and even the head of the World Bank acknowledge a coming crisis, then
everyone needs to come to the realization that something big is on the
horizon that will have an effect on both Wall Street and Main Street.
The rumors out on June 1 regarding Pimco and JP Morgan should be a wake
up call to all investors that Friday’s market drops across the board
are just the beginning of what could be a repeat of 2008, only much
worse this time around.
READ MORE
Jake;
‘Beware a rerun of the Great Panic of 2008′: Head of World Bank warns Europe is heading for ‘danger zone’ as world markets suffer bleakest day of the year so far
The head of the World Bank yesterday warned that financial markets face a rerun of the Great Panic of 2008.
On the bleakest day for the global economy this year, Robert Zoellick said crisis-torn Europe was heading for the ‘danger zone’.
Mr Zoellick, who stands down at the end of the month after five years in charge of the watchdog, said it was ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.
Read more: http://www.dailymail.co.uk/news/article-2153324/Markets-facing-rerun-Great-Panic-2008-Head-World-Bank-warns-Europe-heading-danger-zone-bleakest-day-global-economy-year.html#ixzz1wlMnlbBW
I wonder how much it’s costing them to buy up those longs? and great to see both of you guys again, your everywhere. Lol
We SD readers may not be 1 day ahead of the info curve, but we are usually the same day on curve. And the rest of the world just reacts. This crunch has been outlined in the last several days with Willie, Steve Quayle, Sinclair and Summers . If the wrecking crew must put off ther vacations to handle this hurricane it’s a pretty good chance that we can prestage our exits from whatever markets we use including even the basic bank accounts My hat is off to Jake and Marshall for their posts relating to the coming storm.. If anyone sees sighs of the incoming storm let us know and we can plan accordingly
forgot one thing. Ben B said when the equity markets drop by 15% (they are down by 10% as of 6-1) and unemployment starts up, this is a signal to start QEIII. When ben lies and says there is no chance of QEIII that is the signal it will start within 1 week or so.
Thank you Marshall and all the posters. What can I say? I’m didn’t fall off the tater truck today but it wasn’t too long ago. I’m learning. LOL.
P.S. If any of you are offended by my comments, please don’t take it to heart. I believe what I believe and you may be hard pressed to change my mind. I think the world of what I learn here on a daily basis, after reading and researching, I have changed my mind on several issues. So, keep posting your opinions and if someone gets down on you, back up your claims. I tend to go on my personal feelings while AGX, Mammoth, Jake, Wombat, 427, M45 and others actually post back up material. Some of us are just ‘ole country arses that have common sense but don’t know about all the charts and graphs. I have a great respect for all here. Keep stacking. It’s time to cook a burger that wasn’t bought from the grocery store.
P.S. Da Yooper. A wood stack 100 ft. high. You are da man. Honestly, stack your wood high and get ready for the winter. You are indeed da man.
Big Burger:
2oz Im going to tell Michell Obama on you with that bugger
I SEE WE’RE IN FOR TANK ON MONDAY DOW FUTURES -90 RIGHT NOW —LOOKS LIKE IT MIGHT BE A GOOD IDEA FOR JPM EMPLOYEES TO STAY HOME ROFL!
The Above Chart Is Delayed 15 Minutes I Think. Here Is A Site That I Believe Is 5 Minutes Delayed. As An Example—When I Put That Chart Up INO Said It Was -90 When The CME Quote Was -97 (The CME Quote Won’t Allow A Cut And Paste Of It’s Images) But—You Can Get Close To Real-Time Quotes That Are Auto-Updated Every Few Minutes: LINK
P.S. Da Yooper. A wood stack 100 ft. high. You are da man. Honestly, stack your wood high and get ready for the winter. You are indeed da man.
Big Burger:
Yo brother 2 oz
I meant MY TREES ( which I havent cut down as yet ) are 100ft high not my wood stack
i have some tall ladders but not that talllllllllll
will be in touch have some thoughts to run by you before
I move & loose internet for a spell
A Petition Has Just Appeared For Signatures Asking For Jamie To Resign—LOL!
Jamie Dimon must resign or be removed from the New York Federal Reserve Board of Directors
Jamie Dimon is CEO of JP Morgan Chase, one of the largest and most
powerful banks in the world. Because the bank is “too big to fail”, it
enjoys the protection of US taxpayers. As such, Mr. Dimon has a
responsibility to safeguard the bank’s financial strength – not just for
the sake of his shareholders, but for the public good.
Mr. Dimon
failed in that duty. He personally approved a very risky trading
strategy that not only lost billions of dollars for the firm but also
had the potential to destabilize the world’s financial markets.
Jamie Dimon risked depositors’ money and all of our futures. Despite
this, Jamie Dimon still sits on the board of directors of the Federal
Reserve Bank of New York – an institution charged with supervising JP
Morgan Chase and other Wall Street banks.
The fox is guarding the henhouse. It is entirely unacceptable to have Mr. Dimon involved in the governance of the New York Fed, an organization that oversees his activities, decisions, and potential losses.
Mr.
Dimon also leads lobbying campaigns to maintain the right to carry out
the kind of risky trading that recently lost billions and continue to
put the world’s economy at risk.
Jamie Dimon should
immediately resign his post at the New York Federal Reserve Bank. If he
will not, then the Federal Reserve System should take whatever action is
needed to remove him immediately from that position. READ MORE
JAKE?
Yes Jamie?
I Feel A Little Tipsy.
Well–You Should Stop Denying It, Jamie, And Face Up!
You Have To Testify on June 13th—What Happens When They See Your Bloodshot Eyes After You’ve Been Drinking?
Maybe I Can Testify As One Of The Blues Brothers?
Who Do You Think You Are Jamie?
Are You On A Mission From God?
2oz;
Jake;
Investors Brace for Slowdown
Pressure Builds for Action by Policy Makers as Global Economic Worries Deepen
Euro inches down towards 2-year low vs. dollar after rebound
Well you know how there’s these folks on YT saying that some person is doubling in for some other person.
Michael Branson is actually David Icke
Stephen King is actually Price Phillip
Stacy Herbert is actually Tina Turner (good luck Max!)
Jake is actually Jamie Dimon
Yes ladies and gentlemen. Jake is evil, just like Bert was! Just kidding.
Best,
R3K
All markets thought the world are heading into a fear factor this past week. Monday on the other side of the world is starting on a vary bad foot. Expect Fear Factor
Asia stocks tumble, Tokyo hits 28-year low amid global rout
LOL. Sorry about those comments. Had nothing to do with subject at hand. I think I got a little ticked yesterday about the “lay down your arms military people and quit maiming comment”. Maybe it was Widget, I’m not sure. Anyway, I kind of went on a little rant then promptly apologized. So it was just on my mind that I probably say some things at times that may not set well with others. I was just pointing out there are some really market savvy people here with a knowledge well beyond mine like you Mammoth, AGX, Danno, etc. I suck up that knowledge like a Hoover and store it. Me, I’m an average Joe with enough common sense to learn from all. I think I was pre-apologizing just in case I go off. LOL.
I wasn’t getting down on anyone I just didn’t explain well enough.
Thanks to all.
Yeah Yooper. I know you meant the height of the trees. Just a little humor there. I’ve got more wood stacking and splitting to do later but I managed to cut/split two 70-80 foot trees Saturday. Muscle aches all over.
Oh yeah, I contacted MOB and offered her a bite of the burger but got no response. Go figure. LOL.
2oz;
10-4 that 427. I too offer no apologies on my content, only the way I say things. Just the fact the DOC lets me use his site I try to be a little civil, but sometimes ya just gotta let it out. LOL.
Ok 2oz just one more thing
Very cool.Simple man. That would be me. Still having problems posting video’s. When I post them I just get a black screen.