Bill Holter’s Commentary
A whiff of inflation?
Truly, This Is An Anomaly!
April 25, 2019
Great and Wonderful Thursday Morning Folks,
Gold is lower in the last hours of trade in London with the value at $1,278.20 down $1.20, recovering from the low at $1,275.20 with the high so far at $1,280.40. Silver is leading the early morning dip with its trade at $14.905, down 9.1 cents and right beside the low of $14.895 with the high right at the magic marker price at $15. The US Dollar continues to be rallied, in fact the value is the highest since April ‘18, with its trade at 98.015, up 16 points and right beside its high at 98.02 and a low at 97.715. All this of course was done while we sleep, before 5 am pst and way before the Comex Open.
Venezuela’s currency now has Gold priced at 12,766.02, a gain of 41.94 Bolivar with Silver at 148.764 Bolivar, it too gaining .251. Argentina, another nation under emerging market currency stress, now has Gold priced at 56,016.66 Pesos GAINING 200.658 overnight with Silver GAINING 24.348 with the price now at 654.705 Pesos. Once again, these contracts control 100 ounces of Gold and 5,000 ounces in Silver. Our belief is these price swings will happen in the primaries soon enough, so get ready to get your game on!
Silver’s April Deliveries are all but dead with the demand count still at 1 and with zero Volume up on the board. Ag’s Overall Open Interest dropped 5,521 Overnighters during yesterday’s rally with today’s activity all focusing on the May Options expirations then the rolling over into May’s Deliveries, where the Open Interest in this contract still remains quite elevated at 44,669 contracts or 223,345,000 ounces standing in the way. There are 20,483 Call options in May Silver with a much smaller amount of Put options that will be either closed out or exercised into contracts making the next day or 2 interesting (we hope). Maybe we’ll see some excitement going into next week.