In The News Today

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J. Johnson’s Latest – Is It Possible The CFTC Is Under Investigation?
July 26, 2019

Happy Friday Morning Folks,   

      Gold got Comex Paper thrown at it yesterday but has fully regained its strength and has turned to the positive with December Gold’s trade at $1,433.00 up $5.50, close to the high at $1,433.60 with the low at $1,426.40. As a side note, commodity trading requires following the highest open interest when quoting a price because that specific month is where all the trades focus. September Silver (still has the highest OI) is trading at $16.52, up 10.9 cents and has fully regained all of yesterday’s attempt to weaken the value with the high at $16.53 and the low at $16.355. The US Dollar’s value now stands at 97.65, gaining 9.8 points as the entire week proved the Dollar had gained in value with today’s high at 97.68 and the low at 97.505. All this was done somewhere around the 5 am pst mark, before the Comex open, and the London close.    

      Our emerging markets overview is still showing pressure on the metals with Venezuela’s price for Gold now standing at 14,312.09, regaining 20.98 in Bolivar value with Silver now at 164.994 down another 1.049 Bolivar so far today. In Argentina, Gold is pegged at 62,099.77 showing a gain of 817.95 Pesos with Silver at 715.893 giving us a gain of .823 in A-Peso value. Over in Turkey, the Lira has Gold priced at 8,074.77 still losing 64.02 in value with Silver at 93.0770 it too losing 1.4587 of T-Lira value. It must be remembered that the Gold prices posted here in the emerging markets currencies, do not have the carry trade costs added like it is in the December Comex price. In short, the loses would be deeper than posted. But that will correct as we move forward in time.

       July Silvers delivery period is just about over. The demands for physical now stand at 77 fully paid for contracts waiting for receipts, giving us a drop in count of 36 contracts, either getting their physicals here, or getting the paper transferred over to London. So far this morning there is no Volume posted and we have no trading range to deal with either. What we do have from yesterday is a Volume of 64 at the same time only 36 contracts got receipts giving us the “possibility” the Resolute Buyer(s) is/are still sucking up the physicals by adding contracts on top of their already existing orders. Silvers overall Open Interest now stands at 235,155 Obligations showing a 1,350 count loss as the shorts dipped the price in order to weaken their obligations on options expiration day that only took out 1,300+ Call options in Silver but had to deliver upon even more deeper in the money Calls. Of note, the last trading day for July is Monday then we start to focus on August’s deliveries with its count now at 1,146.   

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Bill Holter’s Commentary

A little bit of very real history, I remember it well! My question, is past prologue and what will it look like when the jig is up and COMEX finally irrelevant? Mad Max comes to mind because confidence in ALL markets will be broken…

Silver Manipulation Confirmed: 2008 Price Plunge From $21 to $9 Explained
July 25, 2019

By Chris Marcus of Arcadia Economics

Over the past few years there’s been rampant speculation as to whether the silver market is manipulated. Finally, I believe it’s safe to say that we can remove all doubt.

Because in the process of recording a series of interviews with the world’s top silver experts for an upcoming book called “The Big Silver Short”, some rather stunning verification of the manipulation has been uncovered.

As well as evidence that the manipulation has most certainly affected the price.

Where To Begin…

In particular, an interview I did with former CFTC commissioner Bart Chilton (who oversaw the agency’s investigation into the silver market) confirmed much of what has long been alleged.

Where he stated with incredible clarity that the silver market has indeed been manipulated. While also sharing details about what actually happened during the time of the collapse of Bear Stearns, and in the months after.

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