Basel III Celebrations, Serving Turkey, Brexit, And A Heaping Side Order Of Commotion…
March 29, 2019
Thank God it’s Friday Folks!
The Good Morning Report is brought to you by a higher price in Gold with the June contract at $1,298.30, up $2.90 and right beside the high of $1,298.70. Silver seems to be leading at present with its trade at $15.08, up 10.7 cents making the ratio 86 to 1, with the inevitable and positive sign post just ahead. Of course the high is right here at $15.085 with the low below the Maginot line at $14.95. The US Dollar is still the run to fiat with the trade sitting at 96.69, down 7.4 points and close to the low of 96.665 with the high up at 96.91. All this was done while we sleep and before Comex starts with the probability of much higher prices coming down the pipeline soon enough. Venezuela’s economic situation isn’t improving much, but their politics might be, with the price of Gold now pegged at 12,966.77 Bolivar, losing a whopping 105.87 overnight with Silver losing .948 Bolivar with its value pegged at 150.612.
Aprils First Notice Day is here with the Physical Demand for Silver at 706 obligations waiting for receipts with a Volume of 9 up on the board so far this morning. It’s seems the best directional indicators so far to trade Silver is the Overall Open Interest and the dropping of dollar requirements in the Margins as the shorts get encouraged to add more positions as the Overnight count for Silver jumped 3,236 contracts so far (this morning) even as the Basel III festivities begin as the unexpected “emerging” main course for their dinner wound up being Turkey with a side order of Pepto-Dismal for those who are short Turkish debt instruments. Of course the dinner guests never talk about who cooked the turkey as JP Morgan remains as quiet as a church mouse during the service.