J.Johnson’s Latest – These “Resolute Longs” (In Ag) Is The Hidden Issue Here
June 11, 2019
Great and Wonderful Tuesday Morning Folks,
We start our pre-Comex Opening report with Gold continuing to be hit with more short trades with the current price at $1,323.70, down $5.60 and as usual at the low so far at $1,323.60 with the high made before London came in at $1,333.80. Silver is flat, or at the very least, only Sept is trading lower while all the other months are higher with July’s contract at $14.64, up 1/10th of a penny with the low right at the now, at $14.63, with the high at $14.72. The US Dollar is barely moving as well with the trade at 96.775, up 6.4 points and at the high of 97.795 with the low at 97.64. All of this activity was done before 5 am pst, The Comex Open, and the London close.
Our Venezuelan view of Gold under the Bolivar shows another currency attacking real money with its value at 13,220.45, losing another 58.93 Bolivar in the overnight with Silver now pegged at 146.217 dropping another 3.649 in paper value. Argentina’s Peso now has Gold priced at 59,396.27 as another currency is attacking, causing a loss of 233.21 A-Pesos with Silver losing another 2.546 with its price at 656.904 A-Pesos. Even the Turkish Lira is still attacking the real with Gold continuing to lose another 22.14 in Lira value with the price at 7,695.83. Silver under the Lira is pegged at 85.1283, losing .7844 in T-Lira Value.
As mentioned in yesterday’s missive, there were no sales of June Silver or Gold before the early morning report and that continued on all the way thru the end of the Comex trading period with Silver delivery demands now at 3 showing a reduction of one but proving once again, no purchases were done in the Cash markets, which begs another question; if there is no physical trading going on, what is Kitco using to price? Silver’s Overall Open Interest is where our focus has been, (along with the Call options) and for years now, as we see the continuing of a failed strategy moving forward with the Algos adding more short trades with the total count now at 221,880 Overnighters proving an additional 200 more short positions were added during yesterday’s organized attack. AND also proving the Longs are refusing to exit at these prices, even with these added organized price drops. These “Resolute Longs” are the hidden issue here, if they do not exit first, the shorts will have to, and then, fireworks!