Great and Wonderful Wednesday Morning Folks,
Gold is flat this September 11th with the trade at $1,499.00, down 20 cents yet closer to the high at $1,502.90 than the low at $1,492.90. Silver is flat as well with its trade at $18.165, down 2.1 cents with the low at $18.065 and the high to beat at $18.335. The US Dollar’s trade now stands at 98.595, up another 28.8 points and right beside the high at 98.605 with the low way down at 98.28, all of this of course was done while we slept, before the Comex Open, and the London close.
Gold is still correcting in our emerging markets currency watch yet Silver may have proven itself to have bottomed out. In Venezuela, Gold is now priced at 14,971.26 Bolivar, showing a loss of 13.99 with Silver now at 181.42 Bolivar, proving a gain of 1.50. In Argentina, Gold is now priced at 83,923.68 taking out another 105.53 Peso’s with Silver at 1,016.99 gaining 7.98 in Peso value. Our European currency in crisis, the Turkish Lira, now has Gold valued at 8,640.92, it too showing a reduction in value of 21.88 with Silver now pegged at 104.69 showing the currency added .680 T-Lira in value.
We had a rather large delivery of receipts or physicals settled out in the September Silver Delivery System with the demand count now at 598 proving a reduction of 320 fully paid for demands with a Volume of 84 up on the board so far with a trading range between $18.070 and $18.065. This is a ½ penny trading range with 84 contracts being traded. Talk about tight, now the Volume posts 88 with the last additions/subtractions trading at the high ($18.07).
The Open Interest within Silver’s entire trading program has stagnated for some reason with the total count now at 217,532 Overnighters, proving a minor drop of 78 since yesterday’s quote as it seems both sides are again doing that “whoever blinks first” thing as we trip into next week’s Triple Witch Week in which all the currencies within the exchange rolls out into the December contracts, all Treasuries either get settled out or rolled over, then the Options in Precious Metals come off the board the following week, September 25th. Then we have the end of the fiscal year for our Federal Government. We have plenty to see and nothing to worry about (COUGH!).
Evidence is piling higher and higher suggesting the Federal Reserve is not siding with the American population at all as Trump continues to hammer the Chairman by claiming the Fed Should Cut Rates "To ZERO Or Less", So US Can Refinance Debt And Lenghten Maturities. American Automakers have enough problems competing against all the other manufacturers whose currencies are far weaker because their rates are negative while ours is still on the opposite side of Zero. If the whole world is giving money away for taking a loan, and our manufacturers are not able to do that, then our economy is being held back unfairly run by a gang of bankers not on our side.
Our day of remembrance is here! September 11th changed everything in our country as the neocons, at the time, dusted off an old “Go To” Patriots Act which took more rights away from American Citizens than anything else. We still have no idea who bought all those American Airline “Puts” days before, or even why building 7 was called a “pull”. That day also permanently changed up the Precious Metals trading time for Silver and Gold by reducing the trading hours inside the United States by 1 hour. After almost 2 decades we still are dealing with 1 less hour of chart time each and every day, why are we still dealing with less hours of trade when absolutely all other commodities were brought back to normal weeks later? Glad I have a memory that still works (sometimes).
I pray for those that were killed by terrorists on that day, who got inside our country with the help of many in order to attack the entire financial arena. Today is Patriots Day, in remembrance of our fallen, including out first responders who have finally been given the help they so deserve. Say a prayer to our Fallen Americans, keep a steady eye on the centrals and the game they play. Hold on tight to the real, and as always …
Stay Resolute!
J. Johnson