Great and Wonderful First Day of July Folks,
Right out of the gate last night the precious metals got attacked with Gold being pushed all the way down to $1,384.70 (the low) after the gapped opening from Friday’s close out at $1,413.70 with the first price quoted at $1,401.80, then dropping immediately to the low with the “right now” price at $1,395.20, down $18.50 and closer to the high than the low. September Silver is where the OOPS showed up with its opening price at $15.315 (barely) gapping down from the $15.341 Friday closing, then being sent down to $15.155 before the immediate recovery with the trade now higher than the opening at $15.33, down 1.1 cent and right beside the high of $15.34. The US Dollar hardly did anything as the precious metals kept the currency violence under control so the currencies look better with the Dollar now at 95.955, up 28.9 points after reaching up to 96.16 with the low at 95.775. Of course all of this was done starting Sunday night at 6pm est, before Monday’s 8am est, the Comex open, and the London close.
The full force of currency debasement was applied within the emerging markets with the Venezuelan Bolivar pricing Gold at 13,934.56 causing a drop in value of 216.73 in Bolivar terms with Silver gaining .449 at 153.108 Bolivar. Argentina’s Peso now has Gold priced under it at 59,257.09, shaving off 1,242.92 A-Pesos with Silver priced at 651.144, losing 1.504 in A-Peso value. Turkey’s Lira has Gold priced at 7,899.32 temporally taking away 280.51 in T-Lira value with Silver now at 86.7990 taking away 1.4496 in value as the predicted squeeze is now on.
July Silver’s Deliveries are now the issue with the total demands for physical now at 1,410 obligations (7,050,000 Troy Ounces) and with 106 Volume up on the board so far this morning. The (July) delivery months opening price was $15.17 gapping down 8.3 cents from Friday’s close with the buyer right there buying up what is offered with the lowest buy order at $15.09 with the current price at $15.245, the high of the day so far. Silver’s Overall Open Interest continues to be elevated but is also losing the over-leveraging with the total count now at 217,500 Overnighters losing 2,392 shorts and after our G20 meeting with Trump in between the Korea’s “peacing it all out” for everyone to see.
This week should be a holiday barn-burner, especially for Silver with the “Power of the Purchase” proving these prices are a bargain for those who see and need the physicals and when the currencies are on fire due to overprinting. We’ll give some room for the shorts to pile on their game in order to make the paper overpower the price. But not for much longer, because it seems Silver is now in play and there may not be enough physical to pay for these paper prices. And now, as I close out today’s earliest morning little precious metals missive, Silver has ticked positive! Enjoy the day, never let the negs take over the positive thoughts in your head, and as always …