Great and Wonderful Early Wednesday Morning Folks,
Gold continues upward with that “in your face look” proving the trade gained $5.20 of value with the price at $1,426.70, after starting off lower at $1,416.70 with the high nearby at $1,427.40. Silver is following along (for now) with the trade at $16.57 up 9.4 cents close to the high at $16.595 with the low at $16.35. The US Dollar is still holding onto its value with the price at 97.335, down 8.3 points with the high at 97.57 and the low close by at 97.28. All this was done around 4:30 am pst, before the Comex open, and the London close. All done earlier than normal because I want to watch the entire Mueller hearing.
In the Emerging Markets Currency watch we see gains in both metals across the entire board. Venezuela’s Bolivar now has Gold priced at 14,249.17, regaining more than yesterday’s loss with Silver now at 165.493, adding an additional 1.249 Bolivar to its price. In Argentina, Gold has a value of 60,371.82 proving a gain of 413.75 Pesos with Silver jumping 8.771 A-Pesos with its price at 706.133. Over in the land of Turkey, Gold is priced under the Lira at 8,169.01 giving the Nobel metal a 70.18 T-Lira jump in value with Silver now pegged at 94.8409 Lira proving a gain of 1.3068 in value.
July Silver’s delivery demands are now showing 156 fully paid for requests for physical and with a Volume of 8 up on the board so far this morning with a trading range to report between $16.31 and $16.30. This proves a drop in OI of 243 obligations either delivered here or transferred over to the City of London (or?). Yesterday, I had forgotten to give the price gain in July Silver after I wrote about the $16.29 and $16.295 trading range for Monday’s trade. The closing price for the delivered product was $16.34 on Monday’s close. No trades are registered at this price but that is what they closed it at. Yesterday’s closing price for July Silver was $16.405 although there were no registered (prices or) trades in the delivered month but we did see a Volume of 72 (still trying to figure that one out). All the Open Interest in Silver is now at 234,975 Papered Obligations giving us a proven gain of 1,783 more contracts added to the mix in order to keep Silver in place. With all these pieces of paper being added to the fray, one has to wonder how much higher Silver would be if the US Dollar wasn’t so strong?
One day, the Dollar will react accordingly, then the call will be watch out above! In the meantime, today is testimony day for Team Mueller with the biggest question I have I wish would be asked of Mr Mueller; If Putin was really involved with the Trump win, why was he not subpoenaed to testify? Maybe because he would show up? Who knows, but today should be something else. To add to today’s activity Veritas has posted its latest exposure within Google adding more information to the reasons why we need to investigate to obstructionists of truth. It was announced this week that the internet companies are now being investigated and we think it couldn’t happen to a more honest group. We recall all the evidence that was produced during the election cycle when comparing search engines and their findings on the same topic, with all others, except Google, showing the same answers.
In the meantime, hang on tight to the real, let the world do its thing, keep a positive attitude in the head no matter what, and as always …