J. Johnson’s Latest – Ag – We Have Plenty Of Options To Look At
September 23, 2019
Great and Wonderful Monday Morning Folks,
The Triple Witch Week is over and now the fun begins with Gold trading slightly higher at $1,526.50, up $11.40 and close to the high at $1,528.70 with the low at $1,517.90. Silver seems to be leading at the moment with its trade at $18.47, up 62.1 cents with its high close by at $18.495 with the low at $17.99, hopefully we’ll never see that low price again. December’s US Dollar is also finding support with its value pegged at 98.335, up 19.9 points after reaching 98.455 with the low down at 98.07. All of this happened between the Sunday night open, the Comex open, and the London close.
We see nothing but green prices across the board in our emerging markets currency watch. In Venezuela, Gold’s price is now at 15,245.92 Bolivar showing a gain of 167.79 since Friday mornings report with Silver now at 184.47 Bolivar giving the people stuck under that fiat a 5.594 Bolivar gain. In Argentina Gold is now priced at 86,500.31 Pesos giving “those that know” a 1,179.81 Peso gain with Silver also gaining 34.51 Pesos. This is a 172,550 A-Peso gain in one day inside a single futures contract. In Turkey, the Lira now has Gold pegged at 8,733.84 showing an increase of 127.39 Lira with Silver gaining 3.58 Lira with its price at 105.68.
September Silver’s Delivery count has dropped off quite a bit on Friday with this morning’s count now at 53 fully paid for 5,000 Ounce Contracts waiting for receipts and with a Volume of 44 up on the board inside a trading range between $18.265 and $18.21 with the last purchase being the high so far proving a gain of 52.7 cents.
Even with our price jump Silver’s Overall Open Interest rose even more with the count now at 211,837 Overnighters proving an additional 641 more contracts had to be added in order to keep Silver from moving higher. Please keep in mind this number is a live count done while we write. The idea here is this early morning count may be a way to gauge the daily game the shorts need in order to keep the price rise from not blowing thru their Algo’s control. Compare the early morning count with the official Friday closing (all nightly Comex closings) count to observe the before/after Comex antics, it may help.