Silver’s Resolutes Ain’t Budgin’

in investing •  9 days ago  (edited)

  Great and Wonderful Monday Morning Folks,    

      We’re glad to see our precious metals are returning to higher prices, we remain optimistic regardless of the price swings, because of all the shorting activities behind the price are failing, with Gold at $1,520.10, up $4.70 and close to its high of $1,522.20 with the low at $1,511.50. Silver is leading the charge with the trade at $18.315, up 19.6 cents after getting up to $18.40 with the low at $18.015. The US Dollar’s trade remains Steady Eddie for now with its value at 98.295, close to the low at 98.27 with the high of 98.475. All this activity happened before 5 am pst, the Comex Open, the London close, and the suspension of Parliament.     

      Our emerging market currency watch is showing nothing but positive with the Venezuelan Bolivar pricing Gold at 15,182.00 offering up a 69.91 Bolivar gain with Silver at 182.921, showing a gain of 1.049 in Bolivar value. Argentina’s Peso now prices Gold at 84,772.07 Pesos, showing a slight gain of 4.34 with Silver now at 1,021.19 Pesos, it too gaining 1.04 since Friday’s quote. The Turkish Lira now has Gold pegged at 8,707.56, showing a gain of 74.19 T-Lira with Silver at 104.915, proving a gain of 1.016 in T-Lira value.    

      September Silver Deliveries are not disappointing with the Demand count now at 885, showing a reduction of 215 from Friday’s numbers and with a volume of 237 up on the board so far with a trading range between $18.205 and $17.96 with the last trade at $17.99. We offer another curious note on the trading range numbers for September Silver. The closing price on Friday was below the trading range in Silver. Yes I wrote the right! The trading range was $18.685 and $17.97, but the closing price was $17.968, go figure!       

      Silvers Overall Open Interest is now showing a slight reduction in trading obligations with the total count now at 216,516 Overnighters, proving a slight reduction of 379 helping to support the idea that the Resolutes ain’t budgin’ but are hanging in there even after last week’s tree shaking harvest. Something else to consider here is the Open Interest during the early morning counts compared to the official closing numbers. Is this proving something else? Are we witnessing the re-entry of short/long positions back into the trade once the markets reopen? Is this an indicator for us in the future? We’re doing our best to keep an open mind here, after all, the options board watch we’ve been doing these past few years seems to be proving something supportive to Silver’s price.       

      As mentioned, we’re still looking at the Open Interest numbers on the Silver Options Board for the last months of 2019. We still think these numbers may be showing an exit strategy for the short traders, or part of one, with October’s Open Interest count now at 23,308 compared to August 15th‘s count at 16,487 showing a gain of 6,821. November’s count now stands at 12,791 compared to the last count at 6,285 proving it too gained 6,506. December Silver’s Options Open Interest count now stands at 82,325 showing a loss of 3,181. These numbers show the Call Options increased some 10,146 all the while the Open Interest in the Futures fell. We’re still observing what is going on behind the price, with the opinion they too seem to be suggesting much higher prices in the short term.    

      Time will prove all regardless of the hidden activities. The court cases with convictions can only help our opinions. So keep the attitudes positive hold on tight to the real and as always …   

Stay Strong! 

J. Johnson   

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