Today - Silver is leading the charge!
Good Tuesday Morning Folks,
It looks like those that remembered are still in the game as Gold turned higher immediately after the reopening of trade last night with the price now at $1,296.80 up $5.70 and close to the high of $1,297.90 then that low at $1,292. Today, Silver is leading the charge with its trade at $15.425 up 15.1 cents and it too right beside the high at $15.45 with a low at $15.31. Today’s activity is definitely NOT about the Dollar because it has been stagnant for oh too long with the trade now at 96.13 down 4.4 points but inside an active trading range between 97.245 and 96.885, of course all this is done way before 5 am pst and the Comex Open. The failings in Venezuela are many with more failings being introduced with fake players getting exposed, with Gold now trading at 12,951.79 Bolivar, gaining a whopping 21.97 (one day this will be in US$) overnight with Silver gaining 1.198 Bolivar with the price now at 154.057.
March Silver’s Delivery demands are now at 414 contracts waiting for receipts for physical with a Volume of 3 up on the board so far this morning losing 121 receipts somewhere between here and London. It is important to understand that Harvey Organ’s numbers show the totals bought and sold but only in receipts transferred, after these trades in the “spot” month are made. Some of these trades are “allowed” because the traders are playing the game with the required 100% margins but never take delivery. This is why spot month trading is so misunderstood by most that do not play the game but write about it, and is why we help define the process. Silvers Overall Open Interest is continuing to fall ever so slightly with the total count now at 190,953 Overnighters proving a drop in OI from yesterday’s early morning count by 1,040 obligations.
It looks like Bill Blain said it right in his article about the all encumbering Brexit blah blah when he simply stated "MAKE IT STOP". We must remember that politicians are nothing but hyper bull shit artists who live off the attractions and distractions created for the camera, and that it is ultimately “we the people” that will turn them off. London is the epicenter of this calamity and the stuff in the pot, that it has been slowly cooking in, is starting to boil with Teresa May being the last one who put the lid on top (20:25). We’re watching for feathers to fly.
Still the weaknesses within the European Union are not giving us any form of comfort since traders are stuck in the quagmire of televised fakery with Italeave being another pot on the stove at boil. In another pot on the stove called Venezuela, US Diplomats have been asked to leave, and with this past weekend’s power outages with various Hitman from various Agencies of various countries, who can blame them?
We still see nothing but the best reasons ever to be in physical precious metals and almost nothing else. The markets have not be acting proper for way too long and with Brexit, Italeave, and everybody else who wants out of the union but are not allowed, are nothing to the debt accumulations built up over the past few decades. So we wait, because we have the time and they have the markets, in this game, time always wins. So keep your metals close, have a positive attitude no matter what is placed in front of you, and as always …
Stay Strong!
J. Johnson