by Turd Ferguson
TF Metals Report
Ever since the ECB pronouncements of March 10, The Bullion Banks have been in full panic mode, desperate to cap and contain the 2016 rally before new highs are made. That this effort continues today should come as no surprise.
So as we begin this holiday-shortened week, let’s summarize this again…
Back on January 29, the price of gold was already up $55 on the year. This initial rally was primarily due to Spec short covering as total Comex open interest had fallen from 415,220 on New Year’s Eve to that evening’s 373,424. January 29 was also First Notice Day of the Feb16 contract, thus quite a few Spec longs had been closed out, too, in the waning days of January.