Nothing Says There’s A Problem in Au/Ag Like Comex Open Interest!

Posted at 9:22 AM (CST) by & filed under General Editorial.

    Great and Wonderful Friday before Christmas Folks,

      Gold is trading just below the close at $1,482.90, down $1.50 inside the tightest trading range I’ve seen in a while ($3) with the high at $1,483.60 and the low at $1,480.60. Silver is equally not as “moovy” with its trade at $17.145, down 9/10ths of a penny with the high right there at $17.17 and the low right there at $17.08. The US Dollar is by far more volatile with its value pegged at 97.090 up 13.5 points after reaching 97.160 with the low to beat at 96.975. All of this happened before 5 am pst, the Comex open, the London close, and after very few people even watched the democratic party’s “I hate Trump no matter what” debates.

       Venezuela’s currency now has Gold valued at 14,810.46 Bolivar adding 44.94 more Bolivar than what was taken yesterday with Silver at 171.236 it too gaining 1.45 Bolivar. In Argentina, Gold now has a value of 88,582.52 Peso’s adding 211.20 more, for the holder, with Silver now getting 1,024.24 Peso’s per ounce showing a gain of 8.10 in one day’s trade. The Turkish Lira’s price for Gold now equals 8,788.35 Lira et tu showing a gain of 6.05 Lira with Silver now priced at 101.629 proving a gain of 0.644 in T-Lira Value.

      Red Silver’s Delivery Demands jumped to 471 during yesterday’s trade adding 147 more requests for physical which happened inside a very strange day of trading. Yesterday, the delivery month’s pricing started off at $16.985, with the last “real” trade at $16.975 with a closing price adjusted up to $17.058. Inside yesterday’s trade, the delivery month posted a Volume of 987 and with no prices being posted as I watched the Volume go higher and higher and higher. If I was to use the excuses the Comex has given me in the past, this may have been a spread trade exiting the spread into a delivery.

       This spread trade, would have already been in place, like a “LONG” December contract and SHORT a March contract (example). This spread would have to exit before the last delivery day and if the spreader wanted delivery of physical, he would simply exit the “short” side of the spread and keep the longs. This (Resolute?) trader would also have to have 100% of the margins required per contract in order to stay in the trade. I’m not saying this happened; however, I am using the excuses that Comex representatives, at the delivery desk, gave us in the past. Remember, we are the uncleaned going against a criminal element notarized by the governing bodies. Also, of note, this morning’s activity has seen Zero movement in the delivery month …. What I do not know as of yet is if the entire 987 Volume was a physical “Buy”? Tick Tock!

      Silver’s Overall Open Interest is where the real control of pricing is with today’s added proof that 1,386 more short contracts had to be added into the market in order to keep Silver from adding far more value to the paper already in play with the total now at 209,101 Overnighters. To add to this is Gold’s Overall Open Interest which is now at a New World Record High of 730,040 Overnighters proving 12,506 more short contracts had to be added in order to tell you, Silver and Gold holders, how wrong you are about their price fixes! Nothing Says There’s A Problem in Au/Ag Like Comex Open Interest!

     Normally I would be adding more news info but I’m fighting internet connectivity issues as I try to calculate prices and activities before it goes down again. Have a great weekend, keep the attitudes positive and that smile on your face, as we move into Winter and the longest night of the year. Stay Resolute and …

Stay Strong!

J. Johnson