J. Johnson’s Latest – The Resolute Longs Own “The Play of The Day”
June 18, 2019
Great and Wonderful Tuesday Morning Folks,
It’s happening! We have a good rally starting in Precious Metals and ironically during the Triple Witch Week with Gold at $1,353.70, up $10.80 and right beside the high at $1,354 with the low at $1,342.10. Silver is tagging along with the trade at $14.94 up 11.6 cents and at the high with the low at $14.80 with the US Dollar, now at 97.20 in the September contract with its high at 97.26 and the low at 96.885. All of this was done because of Mario Draghi, before 5 am pst, the Comex Open, and the London close.
Gold, under the Venezuelan Bolivar, is now showing a price at 13,520.08, gaining 138.83 in Bolivar value with Silver at 149.213 Bolivar, up by 1.398 in the overnight. Gold under the Argentinian Peso is now trading at 59,532.92, gaining 608.006 A-Pesos with Silver gaining 6.112 Pesos with its price at 657.017. The Turkish Lira is pricing Gold at 7,900.00, gaining 33.14 with Silver gaining only .2864 in T-Lira value. All 3 of these emerging market currencies, in crisis, are helping to push the values towards a re-pricing within the majors, as they should.
June Silver Deliveries are as clouded as they can be with last Friday’s “simply added” Demands for Physical, fogging up the issues with the deliverable count dropping 37 contracts during yesterday’s trade leaving a balance of 204 Receipts waiting for physical and with Zero Volume up on the board so far this morning. Harvey Organ’s count last night didn’t show a reversal of EFP’s and I’m not sure how we would be able to see such an event if it were to occur, so we wait for more data to come out or be figured out in the days and weeks ahead. Silver’s Overall Open Interest dropped only 193 obligations in the overnight with the count now at 232,285 Overnighters, as we see the shorts continuing to attempt to scare away deliveries by continuing to add more and more paper to the trade till they pass that all time paper contract high of 243,411 Open Interest put into place April 9th, 2018 in order to keep Silver prices in check. We’re only 11,126 more contracts away from making a new record and the “shorts” may have to do this before the end of this month. That is, if all those “Deep in the Money Calls” in July Silver get exercised into future contracts. Wouldn’t that be a kick in the head to the short trades?