How close are we to the turn in fortunes?

   Good Monday Morning Folks,   

       Gold started getting monkey hammered within hours of the Sunday night opening with the trade now at $1,197.10, down $8.60 and right beside its low of $1,196.40. The high we started off with in December Gold was $1,208 with all of this happening before 5am pst. Silver is down 16.9 cents with the trade at $14.49 inside a trading range between $14.70 and $14.425. The US Dollar continues on with its value now at 95.605, up 30 points with the high at 95.680 and the low at 95.26. In Venezuela, Gold is trading at 296,772,700 Bolivar losing 2,390,900 over the weekend with Silver at 3,591,129 losing 52,189 Bolivar.   

        October Silver’s delivery count remains stagnant with 4 contracts still posted with zero volume so far. The overall Open Interest for Silver slowed a bit on Friday with the count at 201,154 contracts losing 270 overnighters. James Mc, of Le Metro Pole Café fame, has been talking about the volume increases in Silver’s futures trades at the same time the OI stagnates, making one wonder how close we are to the turn in fortunes? Prices may not be the indicator, but the activity behind those prices including the options board are.  

        Italy is still the topic of trade in the EU as the centralists continue to be upset with the way the elected in Italy are performing their campaign promises which goes against the planned EU demands of higher taxes and less of everything else. Salvini also made the comment “the exit from the euro(currency) is not in the agenda, not today, tomorrow or the day after …" hmmm, have you noticed only the shortest of time terms are being used here? I could be wrong but I still think the movement away from this failure in the European Currency is the real issue, so do many others because most Italian stocks and debts are still being dumped.   

        The situation now is all about contagion. Which nations hold the largest amounts of the losers compared to the winners and the other issues of the currency liquidity inside the losing issuer(s)? This is a currency mess and Greece is getting some whiplash from its neighbors debt issues as the spreads on debt get wider and wider causing more problems in more places. 

         HODLing precious metals and keeping a positive attitude is what this is all about. Because the metals are still being sucker punched towards the end of this write up. All this will change, as the debt game unfolds sending currency values to zero and everything under that currency straight up in price. So keep your metals in hand, positive thoughts in the head, and as always …   

Stay Strong! 

J. Johnson