Great and Wonderful Wednesday Morning Folks,
Gold has returned to the green zone after yesterday’s paper attack with the price for December Gold now at $1,528.00 up $13.90 with the high at $1,529.10 and the low at $1,504.50. Silver is higher as well with the September trade at $17.145, up 16 cents with the high right here at $17.18 and the low down at $16.855. The US Dollar did get a boost during yesterday’s activities with the Dollar now at 97.54, down 9.1 points and close to its low at 97.505 with the high not that far away at 97.68. All of this happened before 5 am pst, the Comex open, and the London close.
The emerging markets currency watch is wishy washy this morning with Venezuela’s gold price now at 15,260.90 Bolivar taking back about 50% of yesterday’s gains with Silver now at 171.236, it too losing 2.746 Bolivar. Argentina’s Peso now has Gold priced at 85,039.92 proving a gain of another 3,645.04 A-Pesos with Silver pegged at 954.207 Pesos proving a gain of 32.239, giving the nation another Whooper day for metals and a very bad for the currency’s value. Turkey’s Lira now has Gold priced at 8,566.04 showing a loss of 67.36 in T-Lira value with Silver at 96.1051 losing 1.7086 T-Lira.
August Silver’s Delivery Demands are now at 181 fully paid for contracts proving a drop in count of 29 from the previous days total and with Zero Volume up on the board so far this morning. Yesterday’s sudden attack inside Comex’s paper markets proved the shorts are in trouble with the Overall Open Interest now at 234,432 Overnighters proving a gain of 1,389 more short positions being added in order to keep Silver from going any higher than it did. It appears that the Resolute Longs in Silver are still buying the dip whenever the paper is dumped. The Physical Silver deliveries will be our boon, especially if the buyer is a manufacturer who needs product now.
Let’s go back to 2016 with Keith Neumeyer, from First Majestic, during an interview telling us he was approached by a electronics manufacturing firm who needed to lock in physical product. This interview was done back in August of that year, around the time when the Open Interest in Silver started to make headlines as it broke higher and higher during the 2016 election cycle and the Brexit Vote. If this buyer did come in with a long term contract for physical Silver, then we have a real serious game on situation where not only are the physical demands picking up, and staying, but so are the purchases of those who see Silver as a long term real store of value when the fiats collapse.
So sit tight with your physical precious metals in hand, and outside the third party system built to protect itself with your hard earned income. Keep the attitudes positive, a smile on your face, and as always …
PS; BTFD = Buying the Futures Dip ;)