Precious Metals moving higher as US Interest Rates go Pop!
Good Thursday Morning Folks,
Gold is higher in the early morning trade gaining $3.80 with the price at $1,206.70 and right beside its high at $1,206.90 with a low at $1,199.60. Silver has gained 11 cents with its trade at $14.78 and it too is trading right beside its high with its low down at $14.585, sometime way before 5 am pst. The US Dollar is still moving higher with its trade at 95.45, up 4.4 points and it too is right beside its low and nowhere near its high of 95.78. Venezuelan Gold is priced at 298,795,800 gaining another 256,000 Bolivar. Silver, under the same currency, is trading at 3,665,685 gaining 9,941 Bolivar over the past 24 hours.
Oct Silvers delivery count has really fallen off with the totals now at 23 contracts (115,000 ounces) as 59 obligations got settled out during yesterday’s trade with zero volume showing up so far this morning. Silver’s overall Open Interest continues to drop in very slow fashion with the count now at 200,191 overnighters as 54 contracts dropped off the board.
Another bank branch has been identified as part of a money laundering gang as Danske Bank, in Estonia, was caught washing some $235 billion as the compliance officers are now claiming “this is suspicious”, but only years later. Yet inside the very same article a much bigger scheme has been identified … “And while that might seem like a staggering sum ($235 billion) and raise(s) questions about how regulators on the Continent managed to overlook this, the full scale of the money laundering that took place in the Baltics is even more staggering. According to (the) data provided to Bloomberg by the Estonian central bank in Tallinn, Estonian banks handled about 900 billion euros, or $1.04 trillion, in cross-border transactions - a figure that includes the highly suspect non-resident flows - between 2008 and 2015”. All the while, our Federal Reserve printed more dollars to bail out an unknown amount of international banks. If you can recall, Ben Bernanke couldn't answer how many foreign banks got our newly printed fiat, very curious.
It looks like Jay Powell is impressed with the way the jobs market and incomes are picking up here in the states, which in turn has caused the US Treasuries to spike in rates as Powell hinted that he will keep hiking rates for the foreseeable future. Powell’s positive outlook have really caused a stir in all things US Treasuries as one broker calls (this a) "Monster Move" In Treasuries (and) Unleashes (a) Global Market Rout. All our treasury instruments are in full swing right now which in turn has gyrated a number of other debt instruments across the board.
The gyrations in international debt are now quite visible everywhere within the markets. These are the days in which the most agile traders enjoy, but for the Average Joe, it could be the failure of a life time. These are the reasons why the Sinclair/Holter/GATA teams have been stressing the importance of holding one’s own physical precious metals and keeping as little as one can in the third party system, because the system is failing right now! There is real comfort HODLing ones metal, We hope our words of warning helped. So keep your metals in hand, have a positive attitude no matter what, and .. as always
Stay Strong!
J. Johnson
PS, I will post any articles I find regarding Silver’s Isotope predictions.
JJ