Ag - Huge Purchases means Lower Prices!!
Great and Wonderful Friday Morning Folks,
They just keep beating the metals lower and lower with Gold’s trade now at $1,501.50, down $13.70 after they forced to price down to $1,497.20 with the high starting point at $1,514.40. Silver is down 33.2 cents with the price at $17.715 after it was pushed to $17.62 with the high to beat at $18.065. One would expect the Dollar to be rallied in heavy fashion but it’s not, as the trade will prove, with its value stuck at 98.815, up 5 points after being pushed to 98.955 with the low to beat at 98.79. All of this was done by Algo’s, while we slept, before 5 am pst, the Comex open, and the London close.
In Venezuela, Gold is now trading at 14,996.23 Bolivar proving a reduction in price of 117.67 in Bolivar value (here is the current “old” price before they reduced all the zeros = 31,210,215.78 VES). Silver is now trading at 176.93 Bolivar showing a reduction of 2.05 Bolivar (its new “old” price = 366,607.33VES before the zeros were removed). In Argentina, where the zeros haven’t been dropped yet (the Peso used to be tied to the Dollar 1 to 1) shows Gold trading at 85,836.14 Pesos, a loss of 421.78 with Silver now at 1,012.75 Pesos, proving a loss of 8.55 in A-Peso value. In Turkey, Gold’s price is now pegged at 8,496.20 T-Lira, down another 70.62 with Silver losing 1.18 Lira with it price at 100.24.
September Silver Deliveries wasn’t a disappointment after all as we found out the Resolute Buyer made a rather large purchase on the very last day of delivery. In fact, our Resolute came in and may have bought 470,000 Ounces of Physical Silver on this very last day of trade. This is proving how devious things have become because of this criminal element called JPMorgan and the Algo’s they created to bypass all the law breaking they got caught doing with emails and text messages. In our opinion, the Algo’s system simply bypassed the laws of manipulations. Our accusations are the Algo’s have signals they respond to, including Algo’s that respond to news articles before the articles can be read. This computerized system of manipulation completely removes the human emotion that used to in our markets.
Now we enter the October Silver Delivery cycle with its First Notice Day count at 1,206 and with a Volume of 139 up on the board so far this morning with a trading range between $17.83 and $17.39 with the last trade at $17.450. It’s obvious the back months are leading the Spot price when, by the laws of trade, the Spot price should be leading the Futures prices, but with so much paper and so little “real” Silver, the more buying of physicals means lower prices! Silver’s Overall Open Interest remains elevated but did show a slight reduction of 1,255 Overnighters with the total count now at 215,001 Obligations still in trade. Once again, the Open Interest is staying elevated even though the Algo’s (without brokers to accuse) cannot remove these Resolute Buyers. These prices are depressing to say least. But the actions behind these price fixes are something else to behold.
The Criminal Element has already been identified and will eventually see large swaths of investors taking their trades somewhere else instead of in the clutches of an accused bank that is if these investors can find their brokers. Is that already happening? I would wager it’s going on now! JPMorgan has been a member of the “Creature From Jekyll Island” since the beginning of the Federal Reserve. This is Titanic and Lusitania all tied together, how far down the rabbit hole will the investigations go?
We remain diligent that the truth will set the prices free, just like in the lands of Venezuela, Bolivia, and Turkey, where the manipulations of their currency have proven themselves and as well as our views of safety, if one is holding physicals. Have a great weekend, keep the attitudes positive, have a smile on your face no matter what, and as always …
Stay Strong and Resolute!
J. Johnson