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J. Johnson’s Latest – FOMC Unleashed Vs. The Resolute(s) Day!
July 31, 2019

Happy Hump Day Morning Folks,  

     Gold is trading higher with its value at $1,443.50, up $1.70 inside a tight trading range between the high at $1,445.40 and a low at $1,440.00. Silver is attempting to signal with its trade at $16.47, down 8.3 cents and close to the low at $16.465 with the high to beat at $16.60. The US Dollar is still holding in there with its value pegged at 97.84 up 3.1 points and close to its high at 97.885 with the low to beat at 97.755. All of this was done before 5 am pst, the Comex open, and the London close.    

     It looks like all the commotions in currencies are within the emerging markets as we observe Gold’s value under the Venezuelan Bolivar now priced at 14,416.96 putting forth a gain of 18.98 with Silver now valued at 164.494 losing .20 of a Bolivar. Gold in Argentina is now priced at 63,355.08 proving a gain of 261.76 A-Pesos with Silver now at 722.920 providing a gain of 1.257 Pesos. Gold under the Turkish Lira continues lower with its value now at 7,977.07 dropping another 36.61 T-Lira with Silver down .6579 with its price now at 91.0311.  

     Today we start the August Delivery cycle for Silver with the delivery count totaling 1,062 requests and with a Volume of 47 up on the board in the early morning inside a trading range between $16.51 and $16.46 with the last trade being the low so far. This is an increase in physical demands of 57 more 5,000 Ounce contracts on our August “First Notice Day” (even though it’s July 31st). The shorts keep piling on with Silver’s Overall Open Interest now totaling 239,266 Overnighters keeping Silver from rising any higher (until?). At the same time they seem to be attempting to rise up and surpass the record breaking OI high at 244,196 Obligations meaning we’re only 4,930 held contracts away from breaking that all time papered high! Go Team Fiat Failure! Team Failure may need a much larger short quantity than the last time just to keep Silver from doing something positive on the FOMC Unleashed Vs. The Resolute(s) day.