Standing Against The Machine, and now RIP, Mr. Bart Chilton
April 29, 2019
Good Monday Morning Folks,
Gold continues to trade lower under the control of the banking system with the price now at $1,283, down $5.80 and of course at the low of $1,281.80 with the high at $1,289.10. Silver is following with the trade at $15, down 8.3 cents with the low right there at $14.99 and the high at $15.115. The US Dollar is flat to higher with the value pegged at 97.78, up 5.4 points with the high right there as usual at 97.80 and the low down at 97.665. All this of course was done while we sleep, way before the 5 am PST, and the London close.
Venezuela’s Bolivar now has Gold pegged at 12,813.96, a 1 Bolivar gain with Silver’s price at 149.813, down .349 Bolivar in what seems to be the quietest of trading periods under the beaten down emerging currency. Another (so called) emerging currency under stress now has Gold priced at 58,879.22 Argentine Pesos, a gain of 1,071.85 over the weekend. This is Ginormous as one calculates a single 100 ounce contract trade!! Silver under the same conditions is now at 688.309, gaining 10.845 A-Pesos (have fun calculating the return under a 5,000 ounce contract) in another big price jump.
April deliveries have already been completed with today being a day of position squaring as we wait for tomorrow’s delivery numbers to start off the demand cycle for one of the leading delivery months out there with its count now at 33,226 contracts still in play with a volume of 6,195 up on the board so far this morning. Even if we reduce the count by the full Volume number, we still have a 135,155,000 ounces standing for delivery. This will not do as far as the banks are concerned, but for those that hold the physical? Let us see what happens next? It seems the Overall Open Interest is continuing to trek lower with the early morning and unverifiable count now at 212,943, proving a loss of 1,175 Overnighters as we wait for what we all know will happen soon enough.