Great and Wonderful Wednesday Morning Folks,
We start the early morning with a positive price in Gold with the trade at $1,466.80, up $13.20 and close to the high at $1,467.60 with the low at $1,456.40. Silver is leading the charge this morning with the trade at $16.99, up 29.8 cents and right at the high’s double 00’s with the low at $16.720. The US Dollar isn’t doing anything in comparison with its trade at 98.225, up 7.4 points with the high at 98.300 and the low at 98.140. Of course, all this was done in preparation, before 5 am pst, the Comex open, and the London close.
Our emerging markets currency watch is quite explosive this morning with the Venezuelan Bolivar pricing Gold at 14,649.67, adding 124.85 to its value with Silver at 169.688 Bolivar, showing a 2.198 addition to its value. In Argentina, the Peso now has Gold’s price at 87,461.14 popping in an additional 579.29 Pesos to its value with Silver adding 11.21 A-Pesos bringing its value to 1,013.04 Pesos. In Turkey, Gold is valued at 8,443.52, showing an addition of 51.85 T-Lira in value with Silver at 97.8017 adding 1.0262 in T-Lira value. One day folks, we’re going to see these heavy fashioned additions added to the price of precious metals but under the US Dollar. They'll Print it and We’ll prove it!
Our November Silver Delivery watch is proving to be a wonderful mess with the total demand count now at 27 fully paid for requests (for 5,000 ounces of Silver each) proving the Resolute Buyer stepped in again adding 22 (110,000 ounces) more buy orders to the mix with a trading range between $16.805 and $16.675 with the last trade of course being at the low end at $16.677, most likely being a 2 lot buy order only! This is where we have the issues, if there are 20 more purchases done during the day, why is the last trade always leading the price when it should be the bulk of the day’s trade? This is price fixing at the register folks! So far this morning we see a Volume of 7 up on the delivery board and with a trading range, ok, a single price for the high, low, and last, at $16.765. Is this price for 1, or 2, or all 7? That apparently is none of our business as far as COMEX is concerned. Silver’s Overall Open Interest is still super elevated with the total count now at 222,630 Overnighters showing us an additional 251 more shorts had to be added in order to keep Silver from blowing thru $17.00 but it will when the last bar has left the controllers of print.
Yesterday, GATA posted our continued adventures of the frauds perpetrated under the sign of COMEX and the CFTC. This pair of “C”s are twins in the frauds against the first money of mankind and all trades surrounding it.
“*JPM, … has been called a criminal enterprise by the Justice Department.”
“*The CFTC … said they could find no wrongdoing by JPM during a five-year period in which the Justice Department called JPM a criminal enterprise.”
Moving forward here, we have to figure the criminal element being identified is one way to end to manipulation, shallow, but still a way. Another way, in which we feel is far more appropriate, is to fully remove the rights to trade precious metals from JP Morgan and it’s Algo friends, and for an extended period of time. This will remove their part of the manipulation with a “Liquidation Orders Only” rule applied to their precious metals trade desk which has been using hedges (synthetic and other what nots) for controlling the prices. This penalty should be no different than any other Futures Commission Merchant that violates the rules of COMEX, even if the CFTC can’t find its own criminals involved in the scheme, the DOJ may be doing this as we write.
The manipulations will end and with sharply higher prices too! Why? Because the shorts are on the wrong side of the price, not the manipulations! With the way the price has swung so far today, another few days like this will send all those newly purchased December Calls at and below the $18 mark, into an “In The Money Scenario”, to the tune of 21,015 purchases! What could go wrong? Stay Tooned, as we wait for a possible insurance policy to be claimed. So, keep your precious metals in hand and away from all third parties, have a smile on your face, and a happy thought in the head no matter what, and as always …
Stay Strong!
J. Johnson