Great and Wonderful Tuesday Morning Folks
The pullback in Gold seems to be a “failed one day wonder” as the Nobel metal has completely reversed and is now $6.70 higher than the Comex close, at $1,396.10 and close to the high of $1,397.30 with the low at $1,386.20. Silver is flat at $15.195, up 2/10ths of a penny after reaching as high as $15.24 with the low at $15.16, barely an 8 cent move after the attempted beating applied since Sunday nights starting trade. The US Dollar, which all banks seem to be supporting in order to weaken their currencies, is now trading at 96.30, down 10.9 points after dipping down to 96.185 and after the high of 96.455 was reached as well. This was done after yesterday’s US Dollar’s rally which sent the Dollar up 74.3 points, and for no reason. All of this was done while we slept, before 5 am pst, the Comex open, and the closing bell in London.
Venezuela’s Currency, the Bolivar, has been beaten to a pulp these past few years but is still in use and now has Gold priced 13,943.55 Bolivar, proving a gain of 8.99 in the overnight with Silver now trading at 151.760 Bolivar, losing 1.348 taking away all of Monday’s gains and a bit more as well. Argentina’s Peso has Gold priced at 59,113.44 showing an additional loss of 413.65 A-Pesos with Silver at 643.423 dropping off a whopping 7.721 A-Pesos in the overnight. Turkey’s Lira, now has Gold gamed at 7,904.22 Lira, showing an increase of 4.90 in the overnight with Silver at 86.0180, proving a loss of 0.781 T-Liras, as the emerging market currencies continue the attempt to pound out a weaker value in precious metals, a game these short traders know will be lost soon enough.
The July Deliveries in Silver are now showing a demand count of 951 fully paid for contracts seeking physical and with a Volume of 71 up on the board so far today inside a 4 cent trading range between $15.14 and $15.10. This proves a receipt count drop of 459 demands for physical either getting delivered or were dropped off during yesterday’s attempt to weaken those Resolute Longs. Silver’s Overall Open Interest is where we see the most glaring issue out there, the additional shorts that had to be added in order to attempt to scare these Resolutes, but they (our strong buyers) refuse all attempts to date with the total count now at 220,009 proving the addition of 2,509 more shorts in order to stay this price.
It must be dismal to be a broker at any central bank these days as Deutsche Bank's NYC Employees are giving up, knowing full well their careers are going to take a hit, but they stay anyways, because there is nowhere else to go. Their jobs have been taken over by algo’s that trade without human intervention or concern 24/7/365. “Junior employees spend part of their days sending out resumes - and their bosses either don't care, or are actively encouraging them. Everybody - even the executives and managers - seems to be waiting for the next shoe to drop in Frankfurt”. The drop or complete closing of this “bad bank” most likely will occur around the time Deutsche Bank gets the final DOJ charge brought out for the public to see with all their friends in high places (at other centrals banks or their minion banks) getting caught out as well. The cabal hates “talking rats” and all of Deutsche Bank became that but only after the biggest rat got caught out after the Bart Chilton Silver Investigation, the biggest rat being the CFTC. The CFTC is implicated because they couldn’t find what the DOJ found because the CFTC is the supporting mechanism in all this. They helped keep the central banks precious metals game going and for oh so long, yet we/they see the truth prevail once again.
How bad is the situation now, when a branch of the US Federal Government, which has this huge revolving door between the leaders of the centrals and this governing body that is supposed to protect the people who invest, against all illegal trading activity? Instead the CFTC is major rat member and part of this game that is failing. Time will prove all, especially after the precious metals reach newer “life of contract highs” in the primary currencies as the game is forced into the great unwinding.
It looks like the ECB won’t raise rates this month as the promise to print moves forward, and since the G20 is over with very little “news” for us peons to digest, so we’ll simply wait it out. We’ll keep our physical precious metals in hand, and with a positive attitude in our heads, because we feel we are correct in what we say and in every way. So enjoy your day, keep it positive, and hang on for dear life! It’s what makes us all …