Great and Wonderful Tuesday Morning Folks,
Today we have Gold barely heading higher with the trade at $1,317.30, up $2.30 near the high at $1,318.80 with the low at $1,312.20. Silver is hardly higher with the trade at $15.43, up 1/10th of a penny with its high at $15.475 and the low at $15.345. The sleep time Comex wouldn’t be labeled as such if we saw any form of real movement proving our markets have more traders than algos, but alas, even the US Dollar refuses to move with its trade at 96.21, down 1.5 points and at the low of 96.19 with the high up at 96.47. Of course all of this was done way before 5 am pst and what used to be real live trading at the Comex.
The Venezuelan Currency Swap now shows Gold’s inflationary price at 13,156.53 gaining 47.94 Bolivar overnight with “still stuck” Silver at 154.107, unchanged from yesterday’s count. The Argentinian Peso now has Gold priced at 55,575.54, up over 146% from the beginning of 2018 with Silver at 658.14 up 122.72% under the same time period, helping to prove what the values of precious metals can do for the individual as the currency heads to zero. Also of note is the time structure here. This is a longer duration of time allowing us 2 views at the same time. One where the currency collapses quickly (Venezuela) and one under better control (Argentina). Under the US Dollar, our precious metals can go either way, fast or slow. Regardless, the outcome will be the same, much higher prices! Also of note, Argentina has yet to cut off some zeros from its currency’s back side. That’s an unused weapon so far which will be used in the future.
March Silver’s Delivery Demands showed a jump in Open Interest during yesterday’s activities with the spot month receiving another order for physical to the tune of 22 contracts (110,000 more ounces) with the count barely dropping from 44 to 40 proving additional purchases were needed before we started the next month’s delivery process. Of note, these increased demands for physical in Silver, are constant, continual, and draining the reserves. Reserves that the shorts need to stay the price with the Volume in the March contract still showing zero up on the board so far this morning. Silver’s Overall Open Interest continues to gain more shorts as the increase shows the addition of 768 more positions in play totaling 194,272 Obligations as the tug of war game goes on between the papers and the rocks.
Apparently we are not alone when it comes to the MayDelay topic as a public opinion poll was taken in Britain proving only 7% of Britons support May's handling of the Brexit. I’m quite certain those few that support Teresa May’s delay tactics see’s this 7% as a starting point that will only increase if they can delay some more. Go Team! Another nation ignoring its tax payers and is proving these financial supporters are the bigger problem for their leaders is France, as the Yellow Jacket protests become a normal occurrence as the EU continues to lose, and misuse, its taxpayers revenues.
Turkey’s currency crisis is still up in the news as the nation is on (the) verge of collapse as the overnight swaps hit 700%, with their CDS’s soaring. What is not being told at all in regards to the emerging market currencies in collapse, is the counter party risk, and the insurances to those parties whose returns on investment have stopped. Has Venezuela defaulted already and that subject is simply not being reported? How about Argentina or Turkey? Are they defaulting on some debts, all debts, or certain ones? How are the counter parties reacting as these nations go under liquidation? What we need here is either solid facts that support the realities, or we need some more whistleblowers to tell it like it is, like these 2 individuals going against the Morgue, as we wait for more manipulation data.
There is simply too much commotion going on as the markets refuse to move. We’ll stay right here in physical precious metals because this game is closer to its end. The only thing Silver and Gold are waiting for, is the shorts to get stomped, like the Mueller Investigation, or Venezuela’s currency that sent Gold and Silver into a spike that went into the millions of percentages in return, yes millions of percentages! Have a great day, keep that smile on your face and a positive attitude no matter what, and as always …