Good Friday Morning Folks,
We start the day off with Gold trading higher at $1,207.60, up by $6 and trading right beside its high of $1,207.70 with its low at $1,200.90. Silver is up as well with the early morning quote at $14.685, it too right beside its high of $14.69 with its low at $14.54 sometime around 5am pst. The US Dollar continues to confound everyone with its value at 95.43, up 1.8 points and closer to its low of 95.40 than the high at 95.585. Gold under the failing Venezuelan Bolivar is now at 299,163,600 gaining another 678,800 over the past 24 hours with Silver at 3,643,318 losing 22,367 Bolivar.
October Silver’s delivery numbers have dropped off even more with the count now at 4 (20,000 ounces) losing 19 obligations with zero volume up on the board so far today. I don’t think I've ever seen a number this low this early in a delivery month. Does it mean something? Not sure, but it is noteworthy. Silver’s overall Open Interest gained 1,233 overnighters bringing the count to 201,424 and on a positive rally day which means to me, new shorts coming in to keep the prices stable.
The attacks on Italy’s bonds continue as the European central bank leaders carrying on telling the nation’s leaders they are wrong in not accepting foreign control as “Deputy Premier and Interior Minister Matteo Salvini blasted European Commission President Jean-Claude Juncker and Economic Affairs Commissioner Pierre Moscovici after they criticized the Italian government's budget plans” … Salvini adding … “I don't get up in the morning thinking about the judgement that people like Juncker and Moscovici, who have ruined Europe and Italy, have of the (Italian) government and of Italy."
The US bond routing continues as it seems every measure of debt instrument is pointing to much higher rates, sooner than later, as the 30 year Treasury becomes the next debt instrument to have "broken above its multi-year base" which "should lead to significantly higher yields for investors .." claimed by DoubleLine's Jeff Gundlach. Now the debt gyrations are hitting the longest held debts out there. This should be quite supportive for Silver and Gold as things move forward. But first, we first have to get past the Unemployment numbers due out shortly.
Speaking of moving forward, Q has posted a dozy last night which is the starting quote of the earliest morning precious metals report out there with some real news to look for. Who will be arrested first in the latest sham in USA politics? Could it be Feinstein for her obvious obstruction of a Congressional hearing? After all she is a member of this Senate committee, and she literally withheld the evidence for 60 days before reporting it. Then there is the leaking to the press with the plausible denial routine that will be used between Feinstein and her DSA team. Or could the arrests be that of Podesta and the DNC, a signal Q gave back on Nov 1st 2017 when the EMS was originally brought up? Did those people who thought they had “Hillary’s special untraceable cell phones” (made in China) get a different message than everyone else when the EMS went out over most of Americas cell phones? (OK my wish here).
I have no clue as to how all this will pan out. In fact I don’t think too many do understand all that is going on, but one thing for sure and for certain, is precious metals held in hand. The markets will eventually react in accordance to supply and demand issues that have recently been removed by algo trading. Those who HODL precious metals will be thankful they were able to retain their purchasing power when the Dollar loses its value like those currencies within the emerging markets. So have an outstanding weekend, HODL the physicals, watch the Q Posts, keep a positive attitude no matter what, and as always …