COMEX Silver Open Interest plunged to MULTI-DECADE lows Monday, closing at just 101,275 contracts.
With First Notice Day arriving for the May26 contract, OI for the May contract plunged by OVER 50% Monday, declining -8,966 contracts on the day, closing at just 8,710.
However, just 5,647 of those contracts rolled to the next two Front Months, with the July contract gaining just 4,918 contracts, and the September contract gaining 729.
Total OI declined another -3,104 contracts as a result, leaving COMEX Silver OI at just 101,275 at the close- the lowest COMEX OI in decades, & threatening to drop BELOW 100,000 today, as another 3,000-5,000 May26 contracts are likely to be closed out today before the contract goes off the board.
The CME is attempting to undo the self-inflicted damage caused by halting metals markets twice in the past 6 months to stop major silver price breakouts - as they have cut silver margins by 21+% this week, reducing non-HRP margins to 11% & HRP margins to 12.1%.
We suspect this won’t be enough to entice gamblers back into the CRIMEX CaSINo however…
SILVER TO $350-$500? MICHAEL OLIVER’S NOT BULLISH ENOUGH!
INVESTMENT DEMAND WILL DRIVE SILVER TO 4 FIGURES & INTO A MANIA!!
