Good Monday Morning Folks,
We start our day off with some red across the board with Gold now at $1,284.70, down $2.70 and up from the low of $1,282.40 with a high at $1,289.20. Silver is leading the dip with its trade at $14.655, down 13.5 cents and right by the low of $14.64 with the high at $14.795. One would think the Dollar would be benefiting from this push but alas, it too is trading down at 97.09, off by 3.5 points in between a high of 97.165 and the low at 97.025. All of this negative trading has already happened, in the land that ignores the (Brexit) vote, just before 5 am PST, and our Comex open.
Gold’s price under the Venezuelans massively printed Bolivar now has the metal priced at 12,830.94 Bolivar, a loss of 11.99 with Silver at 146.367, losing .999 Bolivar. The other South American currency under stress, the Argentine Peso, now has Gold priced at 57,574.66 Pesos proving a loss of 612.85 over the weekend with Silver at 656.734 A-Pesos, losing 10.921 of value in what can only be called a damn good buy zone as they try to resuscitate the fiats value. Good luck with that.
May Silver Deliveries continue on in orderly fashion with the Demands for physical now at 323 contracts waiting for receipts and with a Volume of 13 posted up on the board so far this morning, proving a swap of 5 obligations during Friday’s trading period. As we've mentioned many times before the only way the precious metals can be controlled is by using paper contracts in order to “stay the price” as the buyers of physical take away as much as they can with the Overall Open Interest count now at 202,115 Overnighters proving an additional 1,464 more pieces of paper where needed for price control.
Another Currency under stress is the Turkish Lira. The difference here is this one currency is tied directly to the Eurocurrency via debt based swap financing with the failing currency’s (Euro) team saying Erdoğan’s team (is using) “a roundabout way of saying the central bank - which can print lira - will be used to fund the government, a critical step that without fail, ends in hyperinflation, economic and currency collapse”. Sounds very familiar doesn’t it? After all, this is the exact strategy Venezuela, Argentina, USA, China, and the entire Euro Union is doing right now, and these same central leaders that claim this strategy works, are at the same time, demanding no other nation (with the ability to print) should be allowed to do this because it leads to failure. These central deciders are simply split tongued devils at the helm saying “do as they say, not as they do”.
With all this going on, another part of the world’s currency war is really adding some zest to it all as the 2 largest economies continue on their tit for tat, which in turn is supported by the blah blah blah from media, which continues to agitate the masses as they claim there is no agreement anywhere in site. China and the USA are going at it as Trump is definitely NOT following the wishes of those that engineered us into our off balance trade agreements. Too bad for them, and good for us as we see the central banks opinions meaning less and less as more of their shenanigans get exposed, in court.
No one knows for sure what the end of this currency war will look like, but one thing for certain, those that hold precious metals in any and all form, will benefit, especially when the centrals banks start to buy. After all, if they don’t buy within their own system of fiat, the fiat becomes their failure. On the bright side of things, and as we close out our early morning missive, we see a complete turnaround on precious metals with Gold now up $8 and Silver going into recovery. Let us watch the rally, it will put a smile on our face and a few more digits in our accounts. With all this going on, we will always be able to …