John Embry tells King World News:
"... you have to understand the extent to which the gain on Friday was fought. There were explosions in open interest on the COMEX. Open interest in gold contracts increased over 14,000 contracts. Open interest increased almost 4,000 contracts in silver.
"These are big numbers....
“Just to put the increase in open interest in silver in context, that’s almost 20 million ounces of silver being shorted. There are only 2.5 million ounces coming out of the ground in a given day. So make no mistake, this move upwards in gold and silver prices is being violently resisted.
"This is all orchestrated so it’s not surprising. The good news is that it is minor because for so many years when you had this kind of increase in open interest it was just a setup to kill the small speculators. But now they are having more and more problems because the guys that are buying on ..." click through for the rest.