Comex Silver OI Oh My

There is no doubt that another major low is near.

24
Wed, May 29, 2019 - 10:22am

As projected in yesterday's podcast, Comex silver open interest did indeed surge on yesterday's washout. This makes the likelihood of a bottom here VERY high and draws near the end of this long downtrend that dates back to February.

The final number is +6,027 to 217,605 contracts. Keep in mind that there was then a CoT survey at yesterday's close. For the 4-day week, price fell 10¢ but open interest was up 7,000 contracts...almost ALL of it coming in on the Friday-Monday drop of 30¢. Thus, EXPECT Friday's CoT to reveal a Large Spec NET short position of at least 20,000 contracts...

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