Euro Elections, The Yellow Jacket Memories, + A Dead Deutsche
May 3, 2019
Good Friday Morning Folks,
We start the early morning precious metals report with Gold flat at $1,277.10, down 70 cents inside a $3.50 trading range between the high at $1,279.60 and the low at $1,276.10. Silver is leading so far with its value at $14.67, up 5.3 cents inside another super tight range between $14.68 and $14.60. The US Dollar is trading higher at 97.755, up 16.9 points and closer to the high at 97.79 with the low down at 97.54. As usual, all of this non-activity is done way before America wakes and the Comex Open.
Our Emerging Market Currency watch shows the Venezuelan Bolivar pricing Gold at 12,755.04 regaining some 38.95 in Bolivar value with Silver now at 146.517 Bolivar, losing another .149 in value, but should start to rise in the very near future. Argentina’s Peso now has Gold priced at 57,159.49 making this an 838.03 Peso regain as we await the days we see this type of activity to arise in all the primary currencies. Please remember the Venezuelan Bolivar has had a huge collapse in value, then 4 zeros were lopped off, left of the decimal, supposedly adding more value to their paper contracts called fiat. Argentina has yet to do this but it is well within their abilities to do so since Venezuela did it first.
The May Silver Comex Deliveries are really adding some intrigue with the demands for physical still at 1,011 obligations waiting for receipts and with a Volume of 13 up on the board so far this morning. We don’t have the totals for yesterday’s delivery receipt count yet, so we can’t really say how many of those contracts actually stood for delivery until Harvey gets his stats (we trust his abilities period!). What we do know so far is only 112 obligations dropped off the May Count during yesterday’s large volume movement with very little change on the OI count. Silvers Overall Open Interest continues to gain with the total now at 202,504 Overnighters proving another 898 contracts had to be added into the mix in order to stay the price.