'2008-like' set up in silver

Below is a chart that should put many on notice about how the silver market is being played but also the similarity with 2008 from which silver went from prices of around $9 right up to $48 in just 3 years.  We have not had COMEX open interest so high against a price so low since that infamous turnaround.

Bill Holter had this to say last Friday (and it’s gotten worse since!) to put it into context:

“On Thursday the open interest in COMEX silver ROSE 3,164 contracts, this represents 15.8 million ounces.  The all-important December contract rose by 4,588 contracts or roughly 23 million ounces!  23 million ounces is the equivalent to 12 days of global silver production.  Let me explain this a little further, total volume for the day was 466 million ounces, open interest for Dec. with just one month left before first notice day for delivery stands at 616 million ounces.  The entire world (excluding China because they do not sell their production) only produces 700 million ounces of silver per year, yet the COMEX in one day trades two thirds of all production on the planet and has contracts outstanding with only 1 month left for nearly 90% of all global production.”