Ready to find out what “Hot” means when combined with “Inflation”?
Good and Wonderful Friday Morning Folks!
Gold continues to go against the short traders as the push for price carries forward its momentum with Gold now at $1,311.90, up $4.60 with the high hitting $1,313.60 and the low at $1,306.50. Silver is hardly up at all with its trade at $15.455, up 1.8 cents with a high at $15.55 and the low right close to the now at $15.435. It seems that since Harvey Organ’s EFP watch of our precious metals futures transfers going to London took away all the trading activity from Comex as we expect another day of sleep once Comex Opens but for now the US Dollar is trading higher at 96.205, up 21.8 points with the high at 96.29 and the low way down at 95.695. That low occurred around 1 am pst, of course the rest of the activity has already occurred way before 5 am pst and the Comex’s (no need to be awake) Open. In Venezuela, Gold’s price is currently set at 13,102.60 Bolivar, losing 32.96 over night with Silver at 154.357, losing .999 Bolivar in value, ironically the exact measure of pure metal inside 1 ounce of real.
March Silver’s Physical Deliver demands got met with a bunch of receipts either here or in London with the total sum dropping 56 obligations, setting today’s starting count at 45 with Zero Volume up on the board so far. The shorts are in the fight of their lives with Silver’s Over All Open Interest gaining more during yesterday’s attempted price push lower, adding an additional 431 more shorts to stay the price, while someone takes away the physicals with today’s Overall total equaling 191,055 overnighters during this weekends “Britain is sick of the MayDay Delay” as the EU supposedly accepts 2 more weeks. We know this term and the game, called Extend and Pretend, and only politicians can do it because of the closed doors they speak behind that the rest of the world is not allowed to hear.
Britain is in the midst of counting the public’s Brexit vote again, just like the 2014 Scottish Independence Referendum count where it didn’t matter who voted, but who counted the vote as we see now a more accurate way of doing things as this link was posted in the JSMineSet facebook page Revoke Article 50 and remain in the EU. Showing 3,008,594 accumulated signatures so far.
In emerging currency market news, Brazil has become the next currency in crisis as their latest last president was arrested causing their currency to wobble and has forced Silver and Gold to new all-time life of contract highs and at the same time the word Oil is involved as well. Apparently this is the second president to be arrested in that nation, another resource wealthy country suffering under a mathematically incorrect monetary system about to implode like the others on that continent.
Our Federal Reserve is really trying to right it’s course after the switch was made to retreat from raising rates as we now get to view the most recent past when Trump had Mnuchin convene with the U.S. ‘Plunge Protection Team’ back in December and making it public that there is a group inside the markets, that is there to make sure the paper markets never falter. Trump placed Powell in his position and Trump is telling the Fed to reduce its balance sheet and the Fed is accommodating. I have to challenge the idea that the Fed is NOT political even though they claim separation. What part of a nation’s currency is not politically motivated, especially if it is fiat with no physical backing? Imo, money is all about physicals (real) and politics (fake).
The direction is set! Currencies are being printed in mass, by those that do not earn it, in order to keep the governments and banks in place. This forces inflation across the board, which in turn will wound more manufacturers because more money will be used for food, energy, and clothing, instead of buying the latest gadgets like cellphones, computers, or autos. So keep your metals in hand, and watch to see what the Fed means when the word “Hot” is used with the word “Inflation”. Have a great weekend and as always …
Stay Strong!
J. Johnson