The numbers behind the price, tells us the real story

in investing •  2 months ago

  Good Tuesday Morning Folks,    

      Gold is flat in our early morning report with the trade at $1,293.70, down 50 cents and ironically, trading closer to the high at 1,295.30 with the low at $1,289.50. The Silver signal is pointing lower with the trade at $14.995, down 10.5 cents and near its bottom at $14.965 with the high up at $15.085. The US Dollar is still the go to currency with support showing up within the European trading session giving the trade 16.1 more points of support so far with the value pegged at 96.96, after reaching up to 97.045 before calming down with the low to beat at 96.845. All this was done way before 5 am pst and before the Comex sleep. Very little news is coming out of So. America leading many to suspect more is going on within the emerging markets currency melee especially within Venezuela, where Gold’s price is now pegged at 12,920.83 losing another 18.98 Bolivar with Silver now at 149.763 Bolivar, losing .699 overnight.       

      April Silver’s delivery demands sure got a large distribution completed during yesterday’s trades with the count now at 197 obligations waiting for receipts with a volume of 10 up on the board so far this morning. Proving 509 contracts (over 2,500,000 ounces) were needed immediately making this pullback in price very interesting indeed. The numbers behind the price swings are telling, as the Overall Open Interest increased again while demand for physicals did the same with the count gaining 2,153 totaling 199,556 Overnighters. Maybe if we see more demands for physicals, we’ll continue to see lower prices, go team Algo!     

      Two former traders from Barclays were sentenced to as much as five years in prison by a London judge for manipulating a benchmark interest-rate in favor of their bank's trading positions….The traders were charged with manipulating the Euro interbank offered rate, which is tied to trillions of dollars of loans and derivatives. In this article, the focus is on the traders and not their bosses, who not only showed them the ropes, but were also part and parcel to the programming of these Algos as they were being created. Then we have another story of those lowly employees who simply did what they were told by their bosses as “..The trial of a Chicago programmer who allegedly created the software used by Navindar Singh Sarao, the "flash crash trader" who pleaded guilty in November 2016 to one count of wire fraud and one count of spoofing futures markets, began on Monday, with Sarao expected to testify as the prosecution's key witness.”     

      Turkey’s latest issues with its international currency swings and restrictions is still being dealt with and the confusions have to be maddening for those within the EU mess as Moody’s is claiming “…The erosion of Turkey’s foreign currency reserves is a credit negative and Central Bank use of reserves to prop up the Turkish Lira currency poses renewed questions on its transparency and independence. All this is, is Banker Blah Blah with the end result … Reserves = Printing More.      

      No need to talk about Britain anymore, we’ll simply wait for another vote and act surprised when a new date is introduced as we stay in place. We’ll hold onto real precious metals, while the numbers behind the price, tell us the real story. Precious Metals Prices have no choice but to spike the price, the only question left is when? Harvey Organ sent out this notice about the CME’s data release this morning, only adding to the feeling of frustrations we get from the lack of accurate real time data;     

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Enjoy the day, keep a positive attitude in the head with a smile on your face, because, that’s all we need to do while we wait for much higher prices as the court cases and demands prove our case.   

Stay Strong! 

J. Johnson  

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