Our Currency Watch Continues To Prove The Precious Metals Rally

in investing •  18 days ago  (edited)

   Great and Wonderful Thursday Morning Folks,    

      Day 4 of the week still shows positive price movements for both precious metals (at least in the very early morning) with Gold leading the way at $1,510.70, up $2.80 and close to the high at $1,511.70 with the low at $1,501.70. Silver is flat to higher at $17.70, up 1.7 cents with the high close by at $17.795 with the low down at $17.55. The US Dollar is flat to lower with the value pegged at 98.66, down 2.9 points closer to the low at 98.62 than the high at 98.875. All of this flatness happened before 5am pst, the Comex open, and the London close.    

      Our emerging markets currency watch continues to prove the rally and now shows Gold trading under the Venezuelan Bolivar at 15,088.12 showing a gain of 185.77 Bolivars with Silver at 176.779 Bolivar showing it too gained 3.546 Bolivars since yesterday morning. In Argentina, Gold holders now see its price at 87,358.71 Pesos, adding another 4 digits of value (1,229.73 Pesos) to the left of the decimal with Silver now trading at 1,023.65 Pesos proving it too gained 2.3653 Pesos in the overnight. The Turkish Lira now has Gold priced at 8,600.99 showing it gained 55.33 Liras with Silver at 100.773 showing it gained 1.4339 in T-Lira value.       

      Our October Silver Delivery Demands lost a little ground yesterday but nowhere near earlier with the total count now at 491 Demands for physical and with Zero Volume posted up on the board so far this morning. This demand count proves 54 Obligations where delivered upon either here or in London with no trading range to view so far today. Even though Silver rallied a little yesterday, the shorts didn’t leave nor did any longs as the Overall Open Interest gained 359 more positions giving us 212,658 Overnighters duking it out in the arena of play as the deliveries continue to dry up supply of the real all the while cash is being printed in order to keep the markets moving.    

      China has been the tariff target for quite some time now, however Europe is finally getting some of that trading love as Trump’s team of negotiators slap(s some) Tariffs On European Airplanes, Cheese, Wine, Scotch And Coffee, which starts on Oct 18th. Then we have the liquidity issues that occurred only after the Fed rate was cut with the criminal element leading the cash reductions (or demands) in the banking sector and only because it is too big to (be allowed) to fail for now. We’ll have to see what else gets affected but one thing for sure, the mess is still messing, and the demands for precious metals is still the go to in order to get away from the future mess. Let us not forget the DOJ’s investigations into a certain banks precious metals practice inside the Comex and the legal problems of a certain bank in Germany.     

      We’ll sit tight and enjoy the ride because we are ready for the volatility to start to really pop up in the most sequestered markets in the world, Comex Precious Metals. So, keep your physicals close, clear out all debt, keep a smile on your face and a positive attitude in the head no matter what, and as always …   

Stay Strong! 

J. Johnson     

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