From Ed Steer:
(The Casey Research )


.......Changes in open interest for Friday were as follows. Gold o.i. rose 799 contracts and silver went the other way, down 1,841 contracts. There were 716 contracts delivered into on the Comex on Friday, so this contributed to the decline in open interest by that much. Still, over 1,100 longs got liquidated and 1,100 shorts got covered, which is nothing to sneeze at.

Hopefully, the worst of the tech fund long liquidation is behind us...now that the old high of $850 in gold was tested...and held. But as the prices of both metals continue to rise towards the tech fund buying points of the 20- and 50-day moving averages, it will be interesting to see if there is any effort by the Boyz to sell these metals down once they reach that price area. We'll have to wait and see. However, once we finally do break above those moving averages and the tech funds start to buy more aggressively, it will be of more than passing interest to see if the '8 or less' traders...the bullion banks...will go short against them once again...just like they've always done. Ted Butler has more about that in his latest commentary...which I've posted further down.

Both Ted and I have talked about the silver and gold ETFs quite a bit in the last week or so...and how the gold ETF is down big in physical holdings while the silver ETF has rapidly gone in the other direction. ....