Powell’s Head’s is in the Noose, Thank You Dudley! You-Did-Right!
Great and Wonderful Thursday Morning Folks
Gold is trading lower with the December contract at $1,545.20, down $3.90 after dropping to $1,542.70 during the London trading period with the high at $1,559.80 which happened just before the drop in value. Silver is not budging one bit and seems to want to go higher with the trade at $18.60, up 14.4 cents coming off its high at $18.75 with the low at $18.41. The US Dollar, the focus of world bankers, is now at 98.205, up 8.5 points with the high at 98.265 and the low not far away at 98.100. All of this of course happened before 5 am pst, the Comex open, and the London close.
Those that hold Gold in Venezuela are happier with their savings, even after today’s pullback, proving that 106.86 Bolivar was removed from yesterday’s quote with the trade at 15,432.69 Bolivar. Silver, on the other hand is now at 185.768 adding .30 of a Bolivar in the overnight. Argentina’s Peso now has Gold pegged at 89,553.49 showing that 2,014.94 Pesos were removed from the value with Silver at 1,077.83 proving an additional 32.88 Pesos were added to the price. Over in Turkey, the Lira has Gold gauged at 9,014.29 losing 12.43 in T-Lira value with Silver at 108.531 showing an addition of .753 T-Liras being added as we head towards the end of a really good week.
August Silver deliveries are now over with the last day’s additions showing 7 trades in total were made before the Comex close giving the Resolute buyer another chance to take out more physicals before the end of the month making the “receipters” a little jittery and probably thankful too that more was not added. Tomorrow is the last trading day for those Silver traders in the September contract with today’s Open Interest count at 14,877 showing a drop in count of 16,077 obligations with Harvey Organ’s posts showing spread traders were liquidating their positions as we observe the “norm” of large OI drops on the last days of trade after the options come off the board.
Silver’s Overall Open Interest now stands at 228,371 Overnighters showing a monster drop of 12,794 obligations (proving a portion of the spreaders re-entry) leaving the field of play, either bleeding out to never come back or getting ready to push the price going into tomorrow or after the holiday. This is truly a point of contention to consider as we wait for more data regarding the China – US currency war and whose side the Federal Reserve is really on after the mouth of Dudley possibly spoke for those that were gagged. Now we have something Ron Paul supporters have been wanting to do for decades, as Senator Thom Tillis called for the Senate Banking Committee to probe the Federal Reserve’s independence after Bill Dudley infamously suggested the upcoming presidential election "falls within the Fed’s purview", hinting that it is ultimately the Fed - through its monetary policy - that picks the US president.
Now that Dudley has put the Powell’s head into the noose on the pre-drop podium, “…this manufactured disaster-in-the-making presents the Federal Reserve with a dilemma: Should it mitigate the damage by providing offsetting stimulus, or refuse to play along? If the ultimate goal is a healthy economy, the Fed should seriously consider the latter approach.” I can hardly wait to hear what Ron Paul has to say about this foo paw, let him hit that Red Button as hard as he can and as often as possible!
To add to the fray, the former Bill Clinton appointed Treasury Secretary, and accused Lolita Express passenger, Larry Summer’s decided to step in and give us his view telling everyone that Powell has the Worst Case of Trump Derangement Syndrome in the Financial World! That’s truly a debatable topic after watching over 3 years of media meltdown and after Summer’s accusations with mutual friend of the Clinton’s, Jeffrey Epstein. We’ll wait for Trump to say what I think all of us want to hear “If Dudley didn’t already do it, then Yes! Gold shall destroy FED.” We Q the moment as we wait for higher prices in precious metals at the same time China and its financial arms, with the all those tricks up their sleeves, get exposed after these past few decades where they have been allowed into the G8 with the help of former president Bill Clinton.
So much intrigue is going on, not only in the financials, but politics, and international relationships. All are being tested as we speak and as we observe the markets starting to add more value to the precious metals once again, and after the Comex opened. So keep you physicals close, have a positive attitude no matter what, and as always …
Stay Strong!
J. Johnson