Great and Wonderful Tuesday Morning Folks,
Gold is trading lower at $1,393.10, down $6.90 after a trip down to $1,387.50 with the high at $1,398.50. Silver ain’t doin’ nuthin’ with the trade literally unchanged from yesterday at $15.05 after the trade dropped to $14.965 with the high close by at $15.105. The US Dollar is still the run to currency with its value pegged at 97.155, up 17.1 points and close to the high at 97.195 with the low to beat at 96.97. All this was done before 5 am pst, the Comex open, and the London close.
The emerging markets have really helped suppress the trade with Gold under the Venezuelan Bolivar now at 13,913.59 taking away another 144.82 in value with Silver losing .549 in Bolivar value. Gold under the Argentine Peso now sits at 58,229.79, it too losing 612.94 in A-Peso value with Silver now gauged at 629.123 losing 2.224 Pesos. The Turkish Lira, which gave the precious metals a boost yesterday now has Gold priced at 7,933.18, losing 130.92 T-Lira with Silver at 85.7052 losing .8338 in T-Lira value.
July Silver Delivery requests now total 729 demands for physical losing 25 receipts either to real physical demand or to those EFP’s going to London, which has clouded most everything these past few years. The Delivery Volume so far this morning is also at zero but there is a buy order out there for 27 more physical Silver contracts at $14.975. We’re hoping this buyer brings in the heat as he gauges the system to his benefit, which will be the boon for everyone in position when the time comes. Silver’s Overall Open Interest remains elevated with the count now at 218,727 Overnighters proving a drop of 2,689 short positions, exiting their trades against the Resolute Longs, and after the Post-Holiday Friday Failure.
The Last Days of Deutsche Bank is echoing Lehman Brother’s demise including the bad bank idea which didn’t work so well for those who had their money in Lehman. I wonder if those who have their monies in the clutches of Deutsche Bank leadership feel comforted by all this. All joking aside, the situation is quite large and unique because Deutsche is right smack in the middle of our Precious Metals Crime Ring being brought out by our Department of Justice with the CFTC being dragged into court after they couldn’t find anything, because all the investigators pledged allegiances to their financial alma maters, not the general public, whose hard earned incomes are simply stolen with no chances of recovery in a court room setting. Once again, Bart Chilton was a major help here, he didn’t come from one of these institutions and he saw something too. Maybe the CFTC would do better for everyone if they hired people who did not work at these crime riddled syndicates.
If this isn’t enough to send the precious metals higher we have China (Officially) Buying Gold For a 7th Straight Month As Treasury Holdings Tumble, this time to the tune of 10 tons creating a stepping stone pattern in its holdings since the beginning of the year and ironically, the same pattern happened in 2015/16 too. As far as the global economy is concerned, things are not moving along at all with the Baltic Dry Index still skidding across the decade’s long bottom. There has been an increase over the past 6 months, but there is a long ways to go in order to convince the world things have gotten better.
Time is running out for the central planners who have steered this ship right into an Iceberg. Still to date, there is no better position to be in than in the physical precious metals and out of the system due to correct. Hang on tight to the real, keep the attitudes positive, and Q the moment when we see real price discovery like we’re seeing real law and order coming back now. All this together, simply helps us to …
Stay Strong!
J. Johnson