Great and Wonderful Wednesday Morning Folks.
Gold is correcting with the trade at $1,543.90, down $12 and close to the London low at $1,542.60 with the high at $1,559.20. Silver is still gaining although there does seem to be a slight pullback with the trade at $19.385, up 14.8 cents with the low at $19.28 and the high up at $19.69. The US Dollar’s value slid a little with the trade at 98.595 losing 35.4 points so far with the low close by at 98.52 with the high at 98.915. All of this was done before 5 am pst, the Comex open, and the London Close.
Our emerging markets “collapsed currency” watch now shows the Venezuelan Bolivar pricing Gold at 15,419.70 proving 49.94 more Bolivar was added to its value with Silver at 193.608 adding 8.09 Bolivar to its price. The Argentine Peso requires 86,188.51 Pesos for 1 ounce of Gold showing a drop of 3,456.06 A-Pesos after their government adjusted things a bit with Silver now at 1,082.42 showing an increase of .45 A-Pesos, helping to prove we have more strength in Silver than usual. The European version of a collapsed currency, the Turkish Lira, now shows Gold priced at 8,764.64 showing a correction of 100.24 T-Lira so far with Silver pegged at 110.060 T-Lira showing an increase of 3.077 proving the fact that Silver remains Resolute and Strong, no matter what side of the planet we're on!
We had one heck of a drop in physical Silver demands yesterday. The reason most likely is a bad early morning data feed, with the count now at 1,768 fully paid for contracts (8,840,000 ounces) remaining, and with a Volume of 99 up on the board so far with a trading range between $19.425 and $19.215 with the last buy at $19.245. Silver’s Overall Open Interest increased some 1,522 more Obligations giving us a grand total of 225,692 Overnighters on one of the biggest rally days we’ve seen in years. Imagine what will happen to the price when the shorts have no choice but to exit in size?
We have the next few weeks to go thru before the Triple Witch Week with the currency and treasury rollovers and the last days of the fiscal year for the Federal Government (Sept 30th). All eyes should be on our currency from this point forward. The only problem we have left, in order for our country to become more competitive with the planets producers, is the devaluation of our currency. When that happens, precious metals traders will be saying “watch out above”, because that will be the rally of a lifetime for precious metals and the reasons why we say … keep the attitudes positive no matter what and as always …