Great and Wonderful Wednesday Morning Folks,
Gold is leading the trend so far with the trade at $1,495.10, up $7.60 and being pushed lower from its high already reached at $1,498.10 with the low at $1,490.70. Silver is still under the control of the Algo makers with the trade at $17.545, up 4.5 cents after reaching up to $17.615 with the low only 10 cents from the top. The US Dollar’s trade remains constant, as if all that printing doesn’t do anything but get spent with none of it showing up in the usual places with the trade at 97.315, up 5.9 points with its high at 97.39 and the low at 97.22. All of this of course was done while we slept, before 5 am pst, the Comex open, and the London close.
In Venezuela, Gold is now valued at 14,932.31 proving a gain of 47.94 Bolivar over yesterday’s price with Silver now at 175.231 showing a loss of 0.998 in the overnight. Argentina’s Peso now has Gold valued at 87,572.20 giving the real money a 621.81 A-Peso gain in value with Silver at 1,028.73 showing a drop of 1.86 in A-Peso value. In Turkey, the Lira now has Gold’s value pegged at 8,644.15 proving a loss of 51.13 in value with Silver at 101.439 it too losing 1.495 in T-Lira value.
Yesterday turned out to be a physical Silver buying frenzy at the Comex and all within that ½ penny range as the Volume jumped from 8 to 51 yet no additional price increases posted, including that 11 lot buy order offered 6.5 cents higher than the last. Why did the sellers not take that higher price when it was offered? Hello McGoverningBody! Selling at the higher price means more profits to the seller and he doesn’t want that? Am I missing something? Why is the seller not taking the higher price? We believe it’s about controlling the price and nothing else, and right at the delivery. We know these are additional buys because the Open Interest in the October Silver Delivery system jumped to 135 fully paid for contracts waiting for receipts, proving at least 23 of those 51 were real purchases, with the possibility of the other 28 replacing other buyers that were waiting to get their receipts which were finally delivered.
So far this morning the delivery demands show a Volume of 15 up on the board with a trading range between $17.52 and $17.485. Silver’s Overall Open Interest remains elevated and gaining more positions in order to keep the prices steady with the total count now at 214,579 Overnighters proving a gain of 778 more short contracts in order to stay the price while the system remains controlled.
Have you noticed how the printing frenzy the Federal Reserve has been on for several weeks has suddenly stopped being reported on in the financials? Now we have China doing the same to its currency, adding liquidity to a system flush with cash but overloaded with uncollectable debt as well. Is someone cashing in on those uncollectable Chinese debt instruments or are they simply keeping their currency pegged at a sharply uncompetitive price below ours? So many questions that need answers but with very few out there able to find the solutions in order to trade proper, which is why we keep seeing trading and hedge companies continuing to collapse under all this malfeasance.
Sitting in precious metals the whole time is a massive comfort while all this commotion carries on. We strongly suggest that everyone consider keeping some of their retirement wealth in the physicals while all this gets sorted out, and sorted out it will! In closing, keep that smile on your face, a positive attitude in your head no matter what, and as always …