J. Johnson’s Latest – The Resolutes Longs Are Forcing The Shorts To Add More Shorts
August 8, 2019
Great and Wonderful Thursday Morning Folks,
Gold has a correction happening with the trade down $9.70 at $1,509.90 after dipping down to $1,503.50 with the high to beat at $1,518.60. Silver is following along with the trade at $17.045 down 15.1 cents and close to the low at $17.01 with the high to beat at $17.225. While all this pressure is being applied to slow the precious metals reactions, the Dollar ain’t doin’ much with its trade at 97.435, up by 9 points and close to the high at 97.45 with the low to beat at 97.255. All of this of course was done way before 5 am pst, the Comex open, and the London close.
It’s still all positive in our emerging markets currency watch. Venezuela is still adding value to the Nobel metal with the trade now at 15,080.13, adding 39.95 more Bolivar with Silver at 170.237, it too adding .999 in Bolivar value. Argentina’s currency has added 551.83 Peso’s to the price of Gold with the trade at 68,709.53 Pesos with Silver trading at 775.606 adding 8.734 Pesos. In Turkey, Gold is now trading at 8,293.45 Lira adding 25.42 in value with Silver’s trade now at 93.5853, it too adding .5360 Lira.
August Silver’s Physical Demand count now stands at 436 fully paid for 5,000 ounce contracts waiting for receipts and with a Volume of 28 up on the board so far this morning. Once again, we have another day of no trading range (yesterday) to offer in the delivery month. We’re still challenging the opaque here, if the count is real, how can the additional 29 contracts be added to the mix without a price? Also of note, the closing price for the delivery month now stands at $17.156, adding .751 cents to the price from the previous day’s close. Maybe today we’ll see some lower price swings as the stage is set for an attempt at beating the Resolutes. The big question for today; are the Resolutes going to add more Longs? Stay Tooned!