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J. Johnson’s Latest – The Resolute Longs Are Keeping the Board Game Tight
July 11, 2019

Great and Wonderful Thursday Morning Folks,    

      Gold is trading higher with the price at $1,422, up $9.50 after touching the high of $1,429.40 with the current price close to the low at $1,419.40. Silver is following along with the trade at $15.30, 8.3 cents higher than the Comex close and inside a tight trading range between $15.345 and $15.26.  The US Dollar took a 40 point hit during yesterday’s testimony with Jay Powell in front of the House of Representatives with the trade continuing downward with the current value pegged at 96.495, down 20.8 points and close to the low at 96.455 with the high at 96.695. All of this was done way before 5 am pst the Comex open, and the London close.    

      Venezuela’s Bolivar now has Gold priced at 14,202.23 giving us a gain of 250.69 Bolivar with Silver gaining 1.848 Bolivar with its price at 152.809. Argentina’s Peso now has Gold pegged at 59,510.18 as it too added 1,112.12 A-Pesos to the price with Silver adding 8.412 Pesos with the trade at 640.297. Turkey’s Lira has Gold priced at 8,066.34 putting an additional 39.51 Lira into its value with Silver now trading at 86.7845 adding only .0723 in T-Lira value.    

      The July Delivery demands for Silver are now showing the requests at 541 demands and with a Volume of 10 up on the board so far this morning. The count proves a drop in demands of 13 (delivered receipts or EFP’s to London) as we remain curious about the buyer and his real intentions. The trading range within the delivery month is in between $15.23 and $15.205 and with a buy order out there for an additional 57 lot at $15.20, with a single lot sell order at $15.215. This price variance is only a $75 addition to the entire 5,000 ounce purchase, why squabble over table scraps when the table itself is huge and holds all the value? Yesterday’s price rise proved the shorts had to add another 1,134 more paper contracts in order to stay the price as more and more buy orders popped up during the day as the Resolute Longs keep the board game tight with the total count now at 218,582 Overnighters, keeping the shorts up against the wall of deliveries with only one answer to the problem; much higher prices in order to slow demand. Still, the point of contention!