Great and Wonderful Tuesday Morning Folks,
It’s happening! We have a good rally starting in Precious Metals and ironically during the Triple Witch Week with Gold at $1,353.70, up $10.80 and right beside the high at $1,354 with the low at $1,342.10. Silver is tagging along with the trade at $14.94 up 11.6 cents and at the high with the low at $14.80 with the US Dollar, now at 97.20 in the September contract with its high at 97.26 and the low at 96.885. All of this was done because of Mario Draghi, before 5 am pst, the Comex Open, and the London close.
Gold, under the Venezuelan Bolivar, is now showing a price at 13,520.08, gaining 138.83 in Bolivar value with Silver at 149.213 Bolivar, up by 1.398 in the overnight. Gold under the Argentinian Peso is now trading at 59,532.92, gaining 608.006 A-Pesos with Silver gaining 6.112 Pesos with its price at 657.017. The Turkish Lira is pricing Gold at 7,900.00, gaining 33.14 T-Lira with Silver gaining only .2864 in value. All 3 of these emerging market currencies are pushing the values towards a re-pricing within the majors, as it should.
June Silver Deliveries are as clouded as they can be with last Friday’s “simply added” Demands for Physical, fogging up the issues with the deliverable count dropping 37 contracts during yesterday’s trade leaving a balance of 204 Receipts waiting for physical and with Zero Volume up on the board so far this morning. Harvey Organ’s count last night didn’t show a reversal of EFP’s and I’m not sure how we would be able to see such an event if it were to occur, so we wait for more data to come out or be figured out in the days and weeks ahead. Silver’s Overall Open Interest dropped only 193 obligations in the overnight with the count now at 232,285 Overnighters, as we see the shorts continuing to attempt to scare away deliveries by continuing to add more and more paper to the trade till they pass that all time paper contract high of 243,411 Open Interest put in place April 9th, 2018 in order to keep Silver prices in check. We’re only 11,126 more contracts away from making a new record and the “shorts” may have to do this before the end of this month. That is, if all those “Deep in the Money Calls” in July Silver get exercised into future contracts, wouldn’t that be a kick in the head to the short traders?
The Resolute Longs got a boost while we slept, as Trump accused Draghi of manipulating the Euro. This is great, factual, and to the point, because all central banks are gaming against the interest rates of the USA money flow as they keep their rates lower, print more, buy more, as the citizens of our land are forced to pay higher rates because of these manipulations. What gets me is this is happening right on time, with all those Options still in play which were purchased a while back making me think this was the plan all along! Once again, it’s the Resolute Longs who own the play of the day as the see more pricing being added to the metals with the hope that at the end of the Comex trade, the prices stay where they are or go higher, for the rest of the week.
So hang in there, keep those precious metals in hand, have a positive attitude no matter what is placed in front of you, and as always …