Great and Wonderful Thursday Morning Folks,
Gold is higher at the moment with the trade at $1,513.20, up $1.20 after reaching up to $1,518 before being pulled back during London’s trading period with the low close by at $1,510. Silver is still being pressured with the trade at $17.92, down 15.3 cents and right at the low (17.910) with the high at $18.105. As we’ve mentioned over the years, the strength of the US Dollar will be challenged, but for now, the support is still holding strong with its value at 98.72, up 6.2 points with its high close by at 98.76 with the low at 98.495. All of this activity, which is going against our national interests, happened before 5 am pst, the Comex open, and the London close.
The international banking pressures are still controlling the prices of precious metals. In Venezuela the Bolivar is pricing Gold at 15,113.09, dropping 224.71 Bolivar with Silver losing 6.62 Bolivar with its price at 178.98. In Argentina, the Peso has Gold priced at 86,257.92 proving a 584.83 Peso drop in value with Silver doing the same losing 29.68 Pesos with the price at 1,021.30 Pesos. In Turkey, Gold is now getting 8,566.82 Lira for one ounce losing 13.83 Lira with Silver at 101.42 showing it too lost 3.91 in T-Lira value.
September Silver Deliveries continues with the demand count now at 18 fully paid for contracts waiting for receipts and with Zero Volume up on the board so far in the early morning. This proves that only 2 contracts where delivered during yesterday’s heavy drop in price.
Silver’s Overall Open Interest gained more shorts during yesterday’s trades proving an additional 832 Overnighters came on board in the attempt to keep Silver’s price under control bringing the total to 216,256 Obligations. This also says the Resolutes have not budged either as they added the same amount to the long side. These Silver buyers are staying Resolute!
In the 25 years I’ve been doing this business, I have never seen such a high amount of Open Interest in the cereal months within the Silver Options Board as we witnessed over these past few months. Octobers “In The Money Calls” reached 9,175 at expiration and today’s Open Interest in the Futures is still at 1,459 and with a Volume of 209 so far today. All those options just disappeared as the buyers simply took the profits and didn’t use them in the delivery game. Next is the November’s count then the biggest Open Interest on the Options Board (ever?) being December 2019. As a reminder, the largest portion of the held Calls where purchased 3 years ago with the buyer(s) spending 10’s of millions of dollars (in the July, Sept, Dec 2019 options), the time period we are in right now. This is truly something to behold and in our opinion, something for the record books. The DOJ can look at our records of evidence as they go deeper into the criminal’s game of control. Regardless of yesterday’s movements, the game is still on! The Resolutes are still in play, and the Criminal Element has been identified publically, we’re not done yet by a long shot.
Monday is the last trading day of the fiscal year for our Federal Government. Most likely we are seeing the settling out of many positions in order to get ready for the new fiscal year. This settling out includes all the additional currency being (recently) created behind all this activity in order to keep the markets working. In time, we will see the precious metals rally under the US Dollar like those that occurred under the emerging markets we’ve been posting. As a for instance, Argentina’s currency used be pegged at 1 to 1 with the US Dollar. Look at the prices now after their currency was devalued!
We see nothing but positive regardless of the recent activities within our sector. We still suggest you become a physical holder of Silver and Gold and have your retirement accounts set with positions that will benefit one inside the mining and precious metals sectors. So keep the faith, time is on our side, and so are the facts! Keep a positive thought in the head a smile on your face, and as always …
Stay Strong!
J. Johnson