Great and Wonderful last trading day of the month folks,
We start our day with Gold’s price, which over the past month, has rallied $152.90 (at today’s price) and is now correcting a little, with the trade at $1,534.30, down $2.60 with the low at $1,530.60 and the high so far to beat at $1,541.90. Silver, which started the month out at $16.065, is now trading at $18.47, up $15.2 cents for the day and after pushing up to $18.575 with the low at $18.165. This makes Silver’s rally for the month $2.40 under the US Dollar. Hopefully we’ll see more additions to the price before the close of today. The control mechanism for the world’s economy, the US Dollar, is now at 98.485, up only 3 points after reaching to 98.55 with the low at 98.355. Of course, all of this was done sometime before 5 am pst, the Comex open, and the London close.
Our emerging markets currency watch has really shown the climb when currency values collapse with the Bolivar in Venezuela giving Gold a value of 15,323.82 Bolivar, losing 108.87 in value with Silver now at 184.469 Bolivar, it too seeing some end of the month settling showing a drop in value of 1.299. In Argentina, Gold is now priced at 88,808.96 showing a loss of 744.53 Peso’s overnight with Silver losing 9.13 Peso’s with the price now at 1,068.70. In Turkey, the Lira now has Gold at 8,953.84 T-Lira dropping 60.45 in Lira value with Silver at 107.798 Lira showing a 0.733 loss since yesterday’s early morning quotes. Not such a bad month at all for everyone holding onto precious metals while currencies lose value. Hopefully Silver and Gold are in your wallet, after all, the warning signs are everywhere.
We are now in the September Silver Delivery cycle with the total demand for physical Silver showing a contract count at 6,743 demands for physical, as we wait for those that didn’t get the call from their brokers that they are on margin call and need to get out of the contract or put the needed cash in to take delivery, with the Volume for this contract now at 532 so far this morning. Today’s trading range for the delivery contract is between $18.02 and $18.41 with the last buy at $18.33. We’re now seeing the Wayne’s World’s “Schwing” in the delivery price, plan on seeing more, and a lot more!
Silver’s Overall Open interest is now at 224,288 Overnighter’s proving a drop of 4,083 Obligations leaving the field of play as we head towards our 3 day holiday, a massive hurricane that can definitely pick up more energy from the coronal hole on the Sun facing our planet today, (I’ve watch Suspicious Observers for years now), the Brexit Exit commotions (going on for 3 years now), the China/USA currency war, and the Federal Reserve Anti-American-Free-Elections involvement which seems to be supporting anyone against the countries electoral vote. Nothing to worry about at all huh?
China’s currency war against the USA (inside the Eurodollar system?), has had some affect’s inside their economy as China Reels As Pork Prices Explode To Record Levels. That’s because China, who promised and lied, isn’t dealing with the same type of bend over politician they’ve been dealing with over the decades. Anyone thinking that China is prepared, better look at Mother Nature and what she has been saying for a while now.
The United States IS, and has been, the bread basket of the world ever since the motor age. China has stopped purchasing all foods from us yet our media only sees how bad things are here completely ignoring what it has done to the pockets books of the Chinese population. This story has a history that only a commodities dude would know. Back in the 1990’s China came here while we had tremendous snowfall in the winter and an immediate melt off at the turn of Spring that caused flooding within the Winter Wheat harvest. What happened during Bill Clinton’s presidency wiped out all our stored Wheat reserves sending Wheat into Life of Contract highs here, after we found out that China pretty much took it all and at the cheapest prices they could muster using the media as a weapon. I know, I watched and was amazed how they played the media like Nero played the fiddle. This event went against the American public price wise because they took it all before we knew the real damage the flooding caused. Now the actions of the Chinese government has placed the burden on their own people. Oops! Now think about our weather this past growing season and the stopping of their purchases at the lowest prices (during harvest). When China needs to fill its food basket after they’ve drained everyone else, they’ll be right here buying.
Argentina has officially defaulted on their debt instruments again stressing these obligations all over the world as we leave the month, and as the reverse in precious metals is happening again with green across the board after the Comex open.
We see no reason to liquidate positions like some have done as the events of the world are not slowing down but are speeding up. In fact, we see more reasons to be adding more physical precious metals as the world’s debt instruments start to do their counter party risk to everyone not paying attention. Please have a wonderful extended holiday period, keep the attitudes positive no matter what, and as always …