Great and Wonderful Thursday Morning Folks,
Gold is trading higher with the price at $1,422, up $9.50 after touching the high of $1,429.40 with the current price close to the low at $1,419.40. Silver is following along with the trade at $15.30, 8.3 cents higher than the Comex close and inside a tight trading range between $15.345 and $15.26. The US Dollar took a 40 point hit during yesterday’s testimony with Jay Powell in front of the House of Representatives with the trade continuing downward with the current value pegged at 96.495, down 20.8 points and close to the low at 96.455 with the high at 96.695. All of this was done way before 5 am pst the Comex open, and the London close.
Venezuela’s Bolivar now has Gold priced at 14,202.23 giving us a gain of 250.69 Bolivar with Silver gaining 1.848 Bolivar with its price at 152.809. Argentina’s Peso now has Gold pegged at 59,510.18 as it too added 1,112.12 A-Pesos to the price with Silver adding 8.412 Pesos with the trade at 640.297. Turkey’s Lira has Gold priced at 8,066.34 putting an additional 39.51 Lira into its value with Silver now trading at 86.7845 adding only .0723 in T-Lira value.
The July Delivery demands for Silver are now showing the requests at 541 demands and with a Volume of 10 up on the board so far this morning. The count proves a drop in demands of 13 (delivered receipts or EFP’s to London) as we remain curious about the buyer and his real intentions. The trading range within the delivery month is in between $15.23 and $15.205 and with a buy order out there for an additional 57 lot at $15.20, with a single lot sell order at $15.215. This price variance is only a $75 addition to the entire 5,000 ounce purchase, why squabble over table scraps when the table itself is huge and holds all the value? Yesterday’s price rise proved the shorts had to add another 1,134 more paper contracts in order to stay the price as more and more buy orders popped up during the day as the Resolute Longs keep the board game tight with the total count now at 218,582 Overnighters, keeping the shorts up against the wall of deliveries with only one answer to the problem; much higher prices in order to slow demand. Still, the point of contention!
I truly enjoyed listening to Jay Powell respond to why the Federal Reserve was really there yesterday. I took his answers, in total, as saying it is to control the price of (Silver and) Gold against the Dollar. They claim that one of their sole purposes is to make sure more Americans are employed, but if they do not label all nations within the G20 as currency manipulators with the exception of one or two, the Fed is ignoring all the other points, intentionally too! If a country devalues its currency against another country, by keeping their nations interest rates lower than another’s, it props up the others currency. If the same country gives tax breaks on materials to help keep that manufacturers costs down, it offers a very unfair advantage to the buying nations trades which is why Trump has added Tariffs to the mix. The Tariffs are getting the point across. These Tariffs are exposing the interest game the central planners have been using, and at a time when the exposures will do the most damage to the manipulating nations trades (and the buyer's needs).
Trump totally reversed the rising rates the Fed has been clamoring to do, because all the other nations are intentionally keeping their rates down in order to sell more of their stuff at the same time, it makes our manufactured products unfairly overpriced. Not only that, this game robs us when we are forced to borrow at higher rates. Trump has warned Chairman Powell that he can be fired, making sure Powell does exactly what the boss told him to do. If Powell refuses to do what his employer told him to do, Powel will be Trumped, and that may be the plan all along. Firing Powell may allow the Treasury to take back the job that was taken away in the middle of the night Dec 23rd 1913, when the Federal Reserve Act was voted upon while most people had no idea it was up for a vote. This is when the old Tariff system was removed and replaced with the “tax the people” idea that was forced upon us.
Needless to say, times are changing and the international currencies is where the battle is to be fought. Regardless of the outcome, Silver and Gold holders are going to benefit, which is why we post our understandings in the hope you have prepared ahead of time. So hold on tight to the real stuff, get out of debt, and keep a positive attitude in the head no matter what, and as always …