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J. Johnson’s Latest – Can You Feel The Stress in Silver? I Bet The Bankers Do!
August 6, 2019

Great and Wonderful Tuesday Morning Folks,  

Gold is trading flat to lower in the early morning with the trade now at $1,474.50, down $2 and recovering from the low at $1,468.20 that was made only a few minutes ago, today’s high to beat is at $1,486.80 made after yesterday’s reopening. Of note, Gold is not even $458 away from making new all-time highs (really not that far away at all). Silver is flat as well but still trading positive with the price at $16.40, up 7/10ths of a penny with its low at $16.365 and the high to beat at $16.53. The US Dollar did what the president wanted yesterday but it wasn’t enough with the trade now at 97.405, up 9.7 points after dipping down to 96.98 before the sudden recovery with the high close by at 98.48. All of this of course was done sometime before 5 am pst, the Comex open, and the London close.  

     Our Emerging Markets Currency watch is a mixed bag this morning. In Venezuela, Gold is still gaining value with the price now at 14,726.57 proving a gain of 34.96 Bolivar, however, Silver is now priced at 163.795 showing a loss of .649 Bolivar. Argentina’s Peso now has Gold priced at 66,925.96 Peso’s adding another 1,333.35 in value with Silver now trading at 744.435 adding another 10.227 A-Peso to its price. Turkey’s Lira now has Gold valued at 8,160.23 showing us a loss of 1.02 T-Lira with Silver’s trade at 90.7615 as it loses .58 in T-Lira value.    

     August’s Silver’s Delivery Demands now show a count of 414 fully paid for contracts. This is only an 11 count drop from the previous days quote even with yesterday’s early morning Volume at 32 with the obvious note that the Volume always goes higher during the trading day. So far this morning the Volume is at 17, but once again, we have no trading range to offer, but those quotes in parenthesis are still ticking away as the opaque view remains the same, confusing. All the proof we need to show that Silver is about to do something major (up or down) is in the Open Interest. That count keeps going higher even with the price stuck in the mid $16’s with the early morning quote at 238,508 Overnighters proving a gain of 618 more short contracts being added in order to keep Silver from breaking through to newer highs. This is bringing us closer and closer to that commercial signal failure we’ve been waiting for. Can you feel the stress in Silver? I bet the bankers do!