Good Friday Morning Folks,
We start the early morning precious metals report with Gold flat at $1,277.10, down 70 cents inside a $3.50 trading range between the high at $1,279.60 and the low at $1,276.10. Silver is leading so far with its value at $14.67, up 5.3 cents inside another super tight range between $14.68 and $14.60. The US Dollar is trading higher at 97.755, up 16.9 points and closer to the high at 97.79 with the low down at 97.54. As usual, all of this non-activity is done way before America wakes and the Comex Open.
Our Emerging Market Currency watch shows the Venezuelan Bolivar pricing Gold at 12,755.04 regaining some 38.95 in Bolivar value with Silver now at 146.517 Bolivar, losing another .149 in value, but should start to rise in the very near future. Argentina’s Peso now has Gold priced at 57,159.49 making this an 838.03 Peso regain as we await the days we see this type of activity to arise in all the primary currencies. Please remember the Venezuelan Bolivar has had a huge collapse in value, then 4 zeros were lopped off, left of the decimal, supposedly adding more value to their paper contracts called fiat. Argentina has yet to do this but it is well within their abilities to do so since Venezuela did it first.
The May Silver Comex Deliveries are really adding some intrigue with the demands for physical still at 1,011 obligations waiting for receipts and with a Volume of 13 up on the board so far this morning. We don’t have the totals for yesterday’s delivery receipt count yet, so we can’t really say how many of those contracts actually stood for delivery until Harvey gets his stats (we trust his abilities period!). What we do know so far is only 112 obligations dropped off the May Count during yesterday’s large volume movement with very little change on the OI count. Silvers Overall Open Interest continues to gain with the total now at 202,504 Overnighters proving another 898 contracts had to be added into the mix in order to stay the price.
The British backlash is happening as we remember the most important part of any election, those who count the vote vs. the real numbers, as the population says in unison; 'A plague on both your houses!' (all these) Disillusioned voters hammer Tories AND Labour in local elections while the Lib Dems praise 'awesome' gains as (the) main parties lose hundreds of seats and furious voters. Maybe the British subjects will be heard this time, only the counters will tell.
If that isn’t enough to make one want to buy precious metals in that country, the rest of Europe may find the reasons as we see this title, EU Elections: "The Battle For Europe Has Begun". This article is chock a block full of statements, made by both sides in support and against with the populations supposedly being the final deciders. The Yellow Jackets are in almost all European countries now, and their memories of how they were beatened by the current standing political units who support the union and not their people are easy to remember since their physical scars are still healing. The Yellow Jackets also have the support of our nation (with no military involvement) with a long standing message of support from Trump’s Q being quite clear; WWG1WGA! The message on John F. Kennedy’s Bell.
Then there’s Deutsche Bank’s insolvency issue caused by their manipulations or being on the wrong side of the trade. Are they still considered a bank or is it a dead carcass of rotting flesh stinking up all investments in Europe and abroad? It seems everything in politics and investments, are on life support these days. No brain activity at all, but the machine is keeping the body alive for now as we wait the day the precious metals move like they are in the emerging currencies.
There is no need to do anything else if you are positioned properly in physical precious metals and with some risk in the markets. All positions work well together regardless of the different levels as we all wait for the Algo’s to get stepped over when their programming finds an unsolvable problem. Have a great weekend, hold on tight to the real, and keep a smile on your face with a positive attitude in the head no matter what is going on around you, and as always …