Great and Wonderful Monday Morning Folks,
We are now in the biggest delivery month in Precious Metals. It used to mean something till all the Algos came in and controlled everything, with the governing bodies saying “thank you very much” for the churned fees they get off of every transaction made, with Gold now at $1,464.30, down $8.40 after being dipped to $1,459.80 with the high at $1,470.60. Silver is Silver, tagging along as if it wasn’t necessary, with its trade at $16.97, down 13.6 cents after it was dipped to $16.895 with the high up at $17.100. With trade wars everywhere, with various nations printing money in order to “stay” a nation everywhere, one would assume (incorrectly) that currencies would be collapsing in purchasing power, and they should be, yet here we are with the wildly printed US Dollar now at 98.24, up 3.8 points after being rallied to 98.32 with the low at 98.205. All of this happened already, before 5 am pst, the Comex open, and the end of London’s trade.
In Venezuela, their currency now has Gold gauged at 14,624.70 Bolivar, down only 4 from my last report with Silver at 169.488 down 0.30 Bolivar. In Argentina, where US tariffs are now being applied, Gold is now trading at 87,687.84 Pesos, proving a gain of 153.93 over this 5 day time period with Silver now gauged at 1,015.83 Pesos, showing us a 0.30 A-Peso loss in value. In Turkey, the Lira now has Gold valued at 8,427.81 proving a gain of 26.62 T-Liras with Silver now priced at 97.6612 showing the slightest gain of 0.0998 of a T-Lira. In short last week was all about the bird.
December Silver’s Physical demand count now stands at 2,424 fully paid for contracts waiting for receipts and with a Volume of 40 posted up on the board so far and with a trading range between $16.915 and $16.785 with the last price at $16.895. Last Tuesday’s Open Interest in the December Contract tallied 34,496. Wednesday’s numbers totaled 15,991, with Thursday’s (Yes, the US markets were closed, yet if you had a dedicated full-service broker, they could still place your trade in the ICE markets all day long), and Friday’s numbers being unchanged at 4,702. Last Friday was The First Notice Date for Silver bringing us into todays’ number showing a demand for physicals at 12,120,000 ounces standing for delivery. Nothing to worry about here, since the most trusted Criminal Element claims nothing is out of place with their unverifiable warehoused numbers, and up to 9 individuals being charged for manipulation at their Precious Metals trading desk we’ve written about, and still we wait for Blythe Masters and friends in management to be charged by the DOJ (maybe).
Silver’s Overall Open Interest now stands at 204,887. Last Monday Mornings tally was 224,294 Overnighters, this proves that over last week’s supposed partial trading period, 19,407 Obligations have left the field of play, yet the prices didn’t move. Case in point, last Mondays write up had Gold at $1,463.90 with Silver at $17.00. All last week’s activities in Precious Metals was about the controlling of the price. At the same time feeding the governing bodies their fees which they use to make sure no one wins a court case against those that pay them the most churned fees. This all needs to be investigated publicly, and by those that do not have past links to the Criminal Element’s and the CFTC's revolving doors management system.
We still believe these markets WILL have no choice but let loose the Kraken, yet we are stuck inside the “when” part of the equation. Like Jim, Bill, Denny, and Dave said, during this past weekend’s audio report, it’s all happening right now, yet the “When?” part is financially killing us all involved in the markets. We strongly suggest you take away the instruments that are needed to manipulate the prices by taking delivery. If you can, take delivery out of Comex and send the bars in to Miles Franklin and have them converted into United States Precious Metals Legal Tender. If you are worried about NOT getting your precious metals out of the exchange, the next best thing might be having the Comex Contract as the price spikes instead. It might be a damn good second place as we wait for the last bar to leave The Criminal’s Element of Control!
Keep that smile on your face and appositive attitude in your head no matter what, and as always …