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J. Johnson’s Latest – Is Comex Spoofing the Precious Metals Deliveries?
July 12, 2019

Great and Wonderful Friday Morning Folks,    

     Yes Gold is positive and trading at $1,409.90, up $3.20 after reaching $1,414.20 in the overnight with the low starting point at $1,405.30. Silver is still the most boring trade on the planet and is being dragged along with its price at $15.155, up 9/10ths of a penny after reaching $15.205 with its starting point at $15.12. Even the US Dollar is stagnant with its value at 96.61, down 5.6 points after dipping down to 96.50 before the support mechanism came with the high at 96.735. All this activity being led by Gold, happened before 5 am pst, the Comex open, and the London close.    

     Venezuela’s issues may not be front page news anymore but here, we like to bury the hatchet, so we watch the currencies with this nations Bolivar now pricing Gold at 14,081.38 proving the currency rallied as Gold loses 120.85 in Bolivar value with Silver trading at 151.361 dropping 1.448 Bolivar. Argentina’s Peso, a far more volatile currency (since Venezuela cut off 4 digits to the left of the decimal) now has Gold pegged at 58,797.62 sending Gold down 712.56 Pesos with Silver now at 632.045 taking away almost all of yesterday’s explosive price moves losing 8.252 in A-Pesos value. The Turkish Lira has Gold trading at 8,063.11 showing a minor loss of 3.32 T-Lira with Silver at 86.6603 down .1242 in T-Lira value.  

     July Silver deliveries are chugging along, adding more questions to the fray than any other point, with the demands for physical now at 550 fully paid for contracts proving an additional 9 contracts being added during yesterday’s activities, still waiting for the docs to arrive, and with Zero Volume up on the board so far this morning. With no buy or sells in place, we have no trading range. Our Resolute Longs are getting noticed out there as Alasdair Macleod is using the Whale descriptor to characterize our long term buyer taking on the shorts with the Overall Open Interest in Silver now at 218,122 Overnighters, proving 460 short contracts exited the trade while we observed another anomaly during yesterday’s negative trade.