Great and Wonderful Wednesday Morning Folks,
Gold is confused at the moment as I observed the quotes before the write up with buyers and sellers pushing their opinions in price with December Gold now unchanged at $1,474.30, after reaching a high of $1,479.20 with a low at $1,472.30. Silver is attempting to signal the short attack, the one the criminal element might be using to trigger an Algomated stampede, with March Silver now trading at $17.215, down 5 cents after reaching up to $17.325 with the low at $17.205. Of note here, we now use the March Silver Contract because the amount of Open Interest leads the futures trade, at least it used to. The US Dollar, the one the President is saying is too high with J. Powell stating the opposite, is trading at 79.895, up 15.3 points and close to its high at 97.925 with the low at 97.730. All of this was done before 5 am pst, the Comex open, and the London close.
In Venezuela, Gold is now priced at 14,724.57 Bolivar gaining another 57.93 with Silver at 171.935 showing a gain (which includes the rollover increase) of 1.348 in Bolivar value. In Argentina, Gold is now priced at 87,986.13, proving a gain of 692.65 A-Pesos with Silver at 1,027.34 showing a gain of 12.12 A-Pesos. In Turkey, the Lira has Gold valued at 8,405.77 proving a gain of 9.78 T-Liras with Silver gaining 0.491 with its price at 98.1435 T-Lira.
Today’s story line seems to be “The Silencing of the Resolute” buyers in Silver (and by extension Gold) as the Open Interest in the delivery month stagnated at 6 yesterday regardless of all the higher prices being offered. So far today the numbers have yet to change as well. One notable thing here is the Silver and Gold contract rollovers. December Silvers Open Interest fell sharply and the March OI increased. But December Gold’s Open Interest still remains above the February Contract, which will most likely roll over by the close of today. My guess is the algos needed more time to adjust to all those newly created pieces of paper that had to be applied in order to steer Gold’s price lower, but that should clear up today.
Silver’s Overall Open Interest increased by 621 more contracts as the market closed 11 cents higher during yesterday’s trade bringing the totally ridiculous Open Interest Count to 221,893 Overnighters willing to trade in the algo arena. At the same time, Gold’s Overall Open Interest is still gaining more short trades as the price is “Silenced” once again by paper, not the lack of physical buying.
Most likely everyone by now knows the newly created layer of paper covering Gold and a singular Comex Delivery Warehouse that is using this device. HSBC is the name which initials stand for the “Hongkong and Shanghai Banking Corporation.” Is China stepping into the controlling side of our markets and with permission? We are suspect and expect more will come out now that the precious metals teams of GATA.org and the Sinclair group gather more and more data as we wait for our Silented Resolute, to take away their play.
Keep the faith, and keep your precious metals in your hand and away from their paper trade. Never, in the history of printed fiat, has this ever ended well for the holders of papered currency! Keep that smile on your face and good thoughts in the head no matter what, and as always …
Stay Strong!
J. Johnson