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J. Johnson’s Latest – Is Today The Right Side of a V Bottom in Silver?

November 6, 2019

 Great and Wonderful Wednesday Morning Folks,    

      Gold has turned positive even with all that newly added “Never Ever Been Seen Before Life of Contract High in Comex Paper Open Interest” with the trade at $1,486.30, up $2.60 after the punch in the price gut low at $1,483.80 with the high at $1,490.30. Silver is simply not allowed to respond in kind as we observe the continual shorting without product as the paper game is allowed to overrule price discovery, until it can’t any longer, with its trade at $17.450, down 11.8 cents after being dipped to $17.36 with a high at $17.62. The US Dollar, really a basket of currencies set to trade against the precious metals, is down 18 points as well with the value at 97.625 and right beside the low of 97.61 with a high only 16 points from the low at 97.77. All of this activity happened before 5 am pst, the Comex open, and the London close.     

      Maybe observing the emerging markets currencies can prove how little the metals move under the US Dollar with all other currencies supporting the Dollar’s control (for now) with Gold, under the Venezuelan Bolivar now trading at 14,844.42, proving a 154.81 Bolivar drop in value of the first currency, as the government supports its fiat, with Silver now at 174.282 knocking off a hefty 50.94 in Bolivar value. In Argentina, the first currency’s price now stands at 88,664.54 showing a drop of 92.55 Peso’s with Silver at 1,040.96 Peso’s losing 30.38 A-Peso’s overnight. In Turkey, the Lira now has Gold pegged at 8,559.02 showing a loss of 67.12 T-Lira with Silver losing 2.707 with its price at 100.455 T-Lira.   

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