In The News Today

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J. Johnson’s Latest – Have The Resolute Longs Taken Over?
July 5, 2019

 Great and Wonderful Friday Morning Folks,   

     The day after our Independence Celebration shows Gold to be trading at $1,416.20, down $4.70 after being forced down to $1,412.70 and with a high to beat so far at $1,426.80. Silver is doing the usual, following along as if it had no importance whatsoever with its trade at $15.265, down 7.1 cents with its low at $15.22 and the high to beat at $15.37. The US Dollar is still benefiting from all the overseas investors, maybe they like Trump as much as our population, regardless the Dollar continues higher at 96.54, up 20.54 points and close to the high at 96.575 with the low we need to see get crushed at 96.315. All of this was done way before 5 am pst, the Comex open, and the London close.    

     Our Emerging Markets Currency watch is showing 14,144.30 Venezuelan Bolivars are needed to buy 1 ounce of Gold, taking back 62.92 in Bolivar value with Silver at 152.459 losing .05 of a Bolivar. In Argentina, Gold requires 59,123.10 Pesos for 1 ounce, proving a loss of 842.46 Pesos with Silver at 637.279 Peso’s, as the lagging metal was sent, sharply lower losing 6.476 Pesos, both metals getting hit in OUCH type fashion. Turkey’s issuance, the Lira has Gold’s requirements at 7,940.63 with Silver now pegged at 85.5939 T-Lira, losing .4241 in T-Lira value.    

      July Silver Deliveries are now showing a demand count of 727 requests for physical and with a Volume of 10 up on the board so far this morning, in between a trading range between $15.25 and $15.175 with the last trade only showing 2 contracts being swapped out at the lowest price before the Comex open. This demand drop proves 15 obligations got their receipts and have come off the board since Wednesday’s early report. Silvers Overall Open Interest lost only 1,017 Overnighters with the total count now at 221,273 Obligations still proving the longs may have the upper hand against all these papered shorts.