Happy Hump Day Morning Folks,
Gold did a fine job of recovering from yesterday’s attempted smash and with some more follow thru with Gold now at $1,340, up $11.30 after reaching as high as $1,344.80 with a low down at $1,329.30. Silver is still being dragged along with its trade up 7.6 cents at $14.845 after it too reached higher at $14.895 with the low at $14.775. Looking at the US Dollar, we see the buyers are still buying, as if to escape the failings of another currency, with its value pegged at 97.030, up 3.1 points after reaching up to 97.075 with the low recovery happening after it dipped to 96.845, all of this was done while we sleep, before the Comex Open, and the close of London.
The Venezuelan Bolivar now has Gold priced at 13,383.25 Bolivar, gaining 103.87 overnight with Silver at 148.264 adding back 1.398 in Bolivar value. In Argentina, the Peso has Gold priced at 59,888.42 Pesos, jumping up 229.52 in the overnight with Silver now pegged at 663.466, a regain of 3.621 A-Pesos overnight. The Turkish Lira now has Gold pegged at 7,658.87, losing another 62.07 in T-Lira value with Silver at 84.8592, it too losing .5346 in value. This is what keeps me charged up every single time I write. These movements are not for the faint of heart, and I for one, truly look forward to seeing these rises under the primaries. Oh Boy!!
June Silver deliveries are trying to show a slow start for the summer, but like the weather, that too may change as we observe the June Silver Delivery demands at 4 fully paid for contracts and with Zero Volume up on the board so far this morning. What I have been observing these past few days is an order out there to buy up to 94 more contracts at a specified price but not taken. This buyer may be trying to trigger moves in one direction or another than remove the order only to replace it again. If this is one person, this act is illegal, if it’s an Algo, it may not be illegal, who the hell knows anymore? One thing for sure the CFTC is quiet on the subject. Even with yesterdays attempted smash the Sellers of Silver continue on suiciding themselves by adding more shorts and refusing to get out while the prices move higher with the Overall Count now at 216,370 Overnighters after another 2,079 more shorts entered the trade in order to stay the price. Good luck with that!
Deutsche Bank and Venezuela are in the same story again with Gold being in the middle as Bloomberg reports that Venezuela has also defaulted on a gold swap agreement valued at $750 million with Deutsche Bank, prompting the German bank to seize the precious metal which was used as collateral, and close out the contract. (Now my question here, is this why we have EFP’s going to London?) Deutsche Bank has been in hot water and for so long, it’s hard to believe there is any meat left on the bone (or even if any bone is left) after boiling for so long, but they’re still here and trading lower and lower till the shares finally reaches zero, unless there is a buyout. That may “have” to happen in order to keep their books out of everyone’s view, just like LTCM when the Federal Reserve orchestrated a buyout to hide its supposed super heavy short positions in Silver and Gold.
Europe is still in a cluster after the elections and the takeover by the conservatives of each nation with this being added Italian Stocks, Bonds Slide After EU Triggers Disciplinary Process Over Public Debt as the EU deciders tell the nation to “work harder” for them. This is backfiring already, and the weight of it all will fall upon the Euro-Currency, as we remind everyone what Jim Sinclair said over 10 years ago; The Euro-Currency is a group of bankrupt nations hiding behind a No Constitution Currency. We can now add with great certainty that it can only be supported by a criminal element because the population under its control, is getting madder and madder by the day.
In closing, we see our precious metals still rising in value as the US Dollar took a sharp turn lower. As mentioned last week, this week may be our turning point for all who believe in real money. Real money that has survived everything mankind has done to itself, so why not HODL the facts themselves as the world explodes under the realms of paper? Keep your precious metals in hand, have a positive attitude no matter what, and as always …