J. Johnson’s Latest – Silver, Gold, And The Dollar Stagnate, As China Plays Delay Game Again!
Great and Wonderful Thursday Morning Folks,
Gold is lower again, not because of the demands for physical, it’s the increase in paper (Open Interest), with the trade at $1,477.50 (February 2020), down $3.50 with the low at $1,474.70 with the high at $1,482.70. Silver is down 4.1 cents with the March price at $17.22 after dipping down to $17.165 with the high at $17.310. The US Dollar is doing the same, nothing! Its trade sits at 97.685, down 12.9 points and at the low of 97.675 with the high not that far away at 97.825. All of this non-activity happened, after the house and senate sanctioned China, before 5 am pst, the Comex open, and the London close, and maybe just before Trump signs into law, the China Sanctions.
In Venezuela, Gold’s value sits at 14,756.53 Bolivar, gaining 31.96 in the overnight, and with the monthly rollover (into February) completed with Silver now at 171.985 gaining only 0.05 of a Bolivar. In Argentina, the Peso now has Gold’s price at 88,061.35 showing a gain of 75.22 Pesos with Silver at 1,026.33 down by 1.01 Pesos. In Turkey, February Gold is now trading at 8,409.42 T-Lira showing a gain of 3.69 with Silver now gauged at 97.9938 losing 0.1497 T-Lira’s.
November Silver Deliveries have virtually stopped! With the demand count still stuck at 6 and with no Volume posted as of yet. With all the daily activities going on and into this week we find it curious and wonder what stopped it all? Silver’s Overall Open Interest is just as stalled as the Demand count with the total now at 222,663 Overnighters proving a gain of 770 more shorts in order to “stay” the price. The Open Interests in both precious metals have gained sharply, one over the past several years and for no reason (except Trump and Brexit), the other happened because a foreign entity found a way to pile on more papered shorts exactly in this period of time in which our options count comes to its end date. Makes one wonder don’t it?