The Global Economy Has Not Only Slowed, It’s Almost Stopped!
April 17, 2019
Great and Wonderful Hump Day Morning Folks,
After all the days of morality beatings, we start this day of with a positive note with Gold trading higher at $1,278.10, up 90 cents after reaching $1,282.10 before the London button of control was pushed with the low right here at $1,276.80. Silver is trading higher as well at $14.942 up only 2.2 cents and at the low of $14.93 with the high so far at $14.99. It seems the US Dollar is getting more volatility then the precious metals are allowed with its trade at 96.575, down 7.7 points and up from its low at 96.46 with a high so far at 96.785. This is a 32.5 point swing with Silver doing 11.5 cents and Gold only a $5.30 swing all before 5 am pst and the Comex open. Apparently in Venezuela, Gold is still dropping hard in value with the latest pricing under a currency in heavy print at 12,765.02 Bolivar losing a whopping 89.89 overnight with Silver at 141.173 crushing Silvers price by 7.641 Bolivar. Amazing volatility, one day, it will be proven under the US Dollar, British Pound, and the Eurocurrency.
April Silver Delivery Demands are still stuck at 1 with Zero Volume up on the board so far this morning. I watched all day yesterday to see if a fill would occur when a posted 28 count buy order was placed in the Bid at $14.945. It sat out there like a dead fish rotting in the sun all day long with no takers. Not that it matters anymore because it really does seem that the Comex pricing mechanism has become irrelevant when it used to be the place for real price discovery. The Open Interest in Silver continues to gain proving once again that the issues in Ag are only increasing the pressure under the lid as another 1,536 short trades are added into the Silver futures count now totaling 224,850 Overnighters in order to stay the price.. It proves pure and simple, this market is controlled, but only until there is no more physical to sell at this price.
What’s amazing to me is how everyone who does not or never has traded in commodities, tells everyone else to stay away at the time when everyone should be salivating because of the manipulations and the slowing of physical extractions, and completely ignore the fact, that commodities are exactly where all the banks recover their losses when the time comes (Ag leverage at 5,000 ounces a contract). It really is frustrating to be in the commodities business when commodity firms are not allowed to talk openly, but everyone who doesn’t trade, disses the price mechanism everyone uses to quote. Who’s helping who by doing this?