This is an excerpt from ED STEER’s Gold and Silver Digest:
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And here's Nick's 1-year Silver Sentiment/Silver 7 Index chart, updated with Thursday's doji. Click to enlarge as well.
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The CME Daily Delivery Report for Day 1 of September deliveries showed that 1,279 gold -- and a whopping 4,862 silver contracts were posted for delivery within the COMEX-approved depositories on Tuesday.
In silver, there were nine short/issuers in total -- and the two biggest were HSBC USA and JPMorgan, as they issued 2,400 and 2,000 contracts...HSBC USA from its own account -- and JPMorgan from its 'client' account. Way down in third and fourth place were International F.C. Stone and ADM, as they issued 227 and 152 contracts from their respective client accounts. There were sixteen long/stoppers in total -- and head and shoulders above all others was JPMorgan, stopping 2,618 contracts in total...1,434 for their client account, plus another 1,184 contracts for their own account. In distant second and third place came Goldman Sachs and ABN Amro, picking up 669 and 460 contracts for their respective client accounts.
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Today, around 3:30 p.m. EDT, we get the latest and greatest Commitment of Traders Report for positions held at the close of COMEX trading on Tuesday. I'm on record as saying that there will be a very large increase in the Commercial net short position in silver...although I'm open to a surprise in that precious metal. Gold's commercial net short position will be higher as well -- and at a new all-time high going all the way back to January 1, 1973 when the futures market in gold first opened for business.
Silver is a bit different in that trading volume wasn't that high (given this was a roll-over week) and total open interest increased by less than 2,000 contracts over the reporting week. Still, prices did rise by a dollar or so to 2-year highs, so it's reasonable to expect an increase in managed money buying and commercial selling by an amount more than the 2,000 contract increase in total open interest. I'm not trying to evasive or cute in avoiding specific contract predictions; I just don't know -- and want to focus on analyzing the data when released."
In the other silver ETFs and mutual funds on Thursday, there was 1,733,664 troy ounces deposited in SIVR, plus 81,728 into Central Fund -- and 17,728 into Sprott.
There was no sales report from the U.S. Mint on Thursday.
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Ed Steer’s Daily Analysis of the Gold and Silver Markets
After eight years of writing about the precious metals for Casey Research, the folks at Stansberry & Associates—who just recently purchased controlling interest in the company—decided that my ‘niche market’ column didn’t fit into their plans.
Since the time that Casey Research was kind enough to offer me a stand-alone column, it became their most highly-rated blog almost from the outset—and has remained that way up to this date...