"My point is this, someone very real and very big is standing for gold. This “someone” would not be bribed to go away last month and does not look like they will go way this month!
Who is this long who all of a sudden cannot be bribed to stand down?
As you know, I have speculated the Chinese (and Russia) have been positioning themselves to abandon the dollar as the reserve currency. I theorized nearly two years ago it was the Chinese who held the long month after month and rolled them …until they won’t and then demand delivery.
I still believe this is the case as the open interest in silver has stayed so high, only pockets as deep as a sovereign could have sustained the losses. It also needs to be said again, no market has ever seen open interest expand to all time record highs …while the price was plumbing multi year lows.
A reconciliation will come at some point, either open interest needs to be washed out or price skyrockets, one or the other."