Great and Wonderful Wednesday Morning Folks,
We start the morning off with a slight pullback from the high in Gold which just so happened to hit $1,441 (August) before the sellers came in with the trade now at $1,422.50, up $14.50 and close to the low at $1,420.50. Silver is doing the same (being controlled) with its trade at $15.27 (Sept), up 2.7 cents and close to the low at $15.25 with the high at $15.51. The US Dollar is Steady Eddie this morning with its trade at 96.275, up 1/100th of a point and it too, close to the low at 96.22 with the high at 96.435. Of course all of this was done while we slept, before 5 am pst, the Comex open, and the London close.
Venezuela’s Bolivar now has Gold priced at 14,207.22 giving us a gain of 263.67 Bolivar in the overnight with Silver at 152.509 showing a gain of .749 in Bolivar value. In Argentina, the Peso has Gold priced at 59,965.56 giving us a gain of 852.12 A-Pesos with Silver now at 643.755 proving a gain of .332. The Turkish Lira now has Gold valued at 59,967.61 adding an additional 118.21 T-Lira with Silver pegged at 86.1183 giving us a .1003 in additional T-Lira value as well. All emerging market currencies in overprint are still adding value to our sector, giving the primaries the stomach ache they so deserve. One day these leading currencies will throw up all those “over-shorted shorts” that have piled on these past few years.
July Silver’s Delivery Demands now show a posting of 742 requests waiting for receipts and with the number 4 posted up in the Volume column so far this morning, proving a reduction of 207 receipts as we wait for the actual numbers to be confirmed along with all those papered EFP’s going to London. Silver’s Overall Open Interest only added an additional gain of 247 more shorts in order to sustain the price showing us once again how resolute these buyers really are. What we have here is a set of Very Very Deep Resolute Pockets refusing to let go of their future profit potentials!
Last night was chock a block full of rumors about 2 nations nuclear subs launching torpedoes at each other (once I heard Hal say it, I know it’s just a story) which was being used to blame the price rise in precious metals and that may have been a good reason to see the prices rise. But what is more of a concern (imo) is the fact that the story just so happened to coincide with the meeting of Putin and Trump after the G20 gatherings and the attacks on Silver and Gold via the papered shorts. The timing of this story is suspect and unworthy of any excuse for the precious metals price to rise. Another way to look at this, is the story was being used as the excuse for the rise when it’s really the shorts getting hammered as no buyer is willing to exit during the holiday week here in the USA, at least so far.
The day’s trades are shortened because of our Fourth of July Celebrations. Most American Citizens have ignored the markets this week because the holiday is in the middle of any week, which makes a large portion of us take the whole week off. So be it, I’ll stay right here and watch the fort as we celebrate the greatest nation on our planet. Let our pride show the Red, White, and Blues, that we hold high. Borders surrounding a nation, makes a nation, and we finally got our borders back against a group that is having a hard time of it lately. Muhahahaha … So enjoy your day, and our celebration tomorrow as well. Keep a positive attitude in the head, keep the physical precious metals in hand, and as always …