Impressive rally in Precious Metals – Resolutes?

in #investing6 months ago

     Great and Wonderful Thursday Morning Folks,    

      Gold has turned higher in the overnight with the trade now at $1,512.40, up $9.20 and close to the high to beat at $1,513.70 with the low just below the Maginot line at $1,496.80. Silver is following with its price at $18.305, up 13.5 cents with the high to beat at $18.380 and a low at $18.085. The US Dollar, the one currency that refuses to lose support, even when the President is saying “drop the value so we can compete” publicly, is now trading at 98.55, down 7.8 points inside a very tight trading range between 98.67 and 98.495. All of this was done before 5 am pst, the Comex open, and the London close.     

      Our emerging markets currency watch is mixed (for now) with the Venezuelan Bolivar holding Gold’s price at 15,105.10 Bolivar adding 133.94 in value with Silver at 182.821, improving the value by 1.401 Bolivar. In Argentina, the Peso’s price for Gold now stands at 84,951.52, an increase in value of 1,027.84 with Silver now trading at 1,028.39 adding 11.40 Peso’s to its value. Over in Turkey, the Lira has surged in price as the central over there cut rates by 3.25% now putting Gold’s price at 8,578.12 showing a reduction in value of 62.80 Lira’s with Silver’s trade at 103.867 showing a loss of .823 Lira as we suspect this to only be a temporary pullback and should follow the norm (higher) real soon.       

      Yesterday was an impressive day inside Silver’s Delivery Month with the demand for physicals now at 696 fully paid for obligations showing us the Resolute Buyer is still demanding product as he increased the demands by 98 more (5,000 ounce) contracts during yesterday’s trade and with a total Volume of 318 buy/sells taking place after our secondary post. As of this morning’s activity, we see a Volume of 53 up on the board so far with a trading range between $18.165 and $18.070 with the last trade at $18.145.     

      Silver’s Overall Open Interest is now at 217,625 Overnighters showing us the entire increase from yesterday’s secondary note being inside the Deliveries. The additions total 93 in count compared to the 98 added yesterday inside the September contract, so someone owes us 5 more contracts (joke). How much control do they really have if there is arguably no product to sell at these super cheap prices? We haven’t seen a single ounce leave Comex yet (thank you Harvey for your posts) so far this month.      

      China and the USA agreed to disagree but with less tariffs for a week or two, as the two financial titans slice up the playing field as many financial readers try their very best to find out what the truth really is since everyone inside main stream media has an agenda to not tell any truth at all. Looking across the board after the write up, we see the precious metals are making newer highs as the Resolute Buyer may be the one to have popped in again adding another 14 contracts into Septembers Volume. Go Resolute!     

      So keep it real, by holding on tight to the physicals, make sure they are in your hands and no one else, keep a smile on your face, and a positive attitude no matter what, and as always …   

Stay Strong! 

J. Johnson