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J. Johnson’s Latest – Is this Resolute Buyer of Physical Ag the Same As the Resolute Holder of Calls?
June 17, 2019

Great and Wonderful Monday Morning Folks,

      We start our Triple Witch Monday off with Gold not being allowed to trade higher with the price at $1,339.80, down $4.70 after hitting a low of $1,336.60 with the high mark at $1,347.10. Silver is flat with the trade at $14.80, down 3/10ths of a penny inside an 11 cent trading range between $14.865 and the low at $14.755. The last day of trade for the June US Dollar contract is showing our currency trading at 97.455, down 11.5 points after Friday’s stellar climb, with today’s Triple Witch activity being the complete rolling over of all currencies from the June Contracts into Sept’s. Of course all this price movement occurred before 5 am pst, the Comex Open, and the London close.

    Our emerging markets watch now shows the Venezuelan Bolivar price for Gold to be trading at 13,381.25 Bolivar, taking back more than Friday’s gains with Silver now priced at 147.815 it too losing all gains. Argentina’s Peso now prices Gold at 58,924.86, dropping 183.62 Pesos (nothing to Friday’s gains) with Silver priced at 650.905 Pesos losing about half of the last days additions. The Turkish Lira’s price for Gold is at 7,866.86 taking back most but not all of Friday’s gains with Silver pegged at 86.8924, losing most of the gains as well.

     As mentioned before, the deliveries is where it all matters in the commodity sector as Friday became an anomaly when the COMEX simply posted a volume of 40 on the delivery board for June Silver but with NO PRICE! We started the day off with a lonely 1 posted in Open Interest (a single 5,000 ounce contract was waiting for a receipt) and then this 40 lot popped up in the Volume without a posted price, wtf? I have only been trading most things (stocks and commodities) since the early 1990’s and I have never witnessed the additions without a price quote before. Today, I have another “Never Seen Before” observance; the Open Interest in June Silver is now posting 241 deliverable demands for Silver. It is my supposition that this Resolute Buyer, came in somehow, and added 240 more contracts for delivery totaling 1,200,000 ounces the Friday before Triple Witch Week and with Zero Volume up on the board so far this morning. Silver’s Overall Open Interest only dropped some 497 Overnighters since Friday, giving the day, once again, to those Resolute Longs with the count now at 232,478 Total Open Interest. Whoever this guy is, he has their Algo’s gamed. An additional thought, is this some EFP’s coming back from London? Who knows?

   Another ongoing thought here is about the July Silver Options Board and those 10’s of millions of dollars spent on “upside risk” when Trump walked into office. Is this Resolute Buyer of Physical the same as the Resolute Holder of the July, Sept, and December 2019 Call Options? We’re at our point of contention for sure and for certain, as we close out our early morning Precious Metals Report, we are witnessing Silver (and Gold) trading higher with July now at $14.855 after making a new high at $14.885 and with another buy order in the June Delivery Contract for Silver at $14.835 with a count at 28 (140,000 more ounces). We have 8 days of left before the July Options expire and we roll into one of the biggest delivery months out there for Silver, July! So keep your precious metals out of harm’s way, have the attitude pointing towards the positive and as always ….

Stay Resolute!

J. Johnson