Great and Wonderful Friday Morning Folks,
Gold is still adding digits to its value with the trade at $1,515.50, up $1.10 from the Comex close with the high at $1,518.70 and the low close by at $1,512.10. Silver is giving “the signal” that failed the last time with the trade at $17.92, down 7 cents after hitting a low of $17.845 with the high at $18.025. The US Dollar finally got unstuck and is weakened after being supported like it has with the trade at 96.77, down 34.5 points with the low nearby at 96.735 and the high up at 97.160. Of course, all of this was done before 5am pst, the Comex open, the London close, and after Nancy was given the honors of being Trumps number one fund raising “employee of the month”.
The Emerging Markets Currency watch is something we do to point out what will happen when the plug of support is pulled from the currency tub when measured against the precious metals. For instance, Venezuela is now proving Gold’s worth in Bolivars with the value pegged at 15,136.06 proving an additional 42.95 more Bolivars are needed to buy an ounce with Silver at 178.976 Bolivar proving a loss of 1.348 overnight. Argentina’s currency, unplugged from the Banker’s Matrix, now has Gold valued at 90,770.77 Peso’s showing a gain of 481.41 with Silver at 1,071.61 Peso’s showing a 7.41 A-Peso drop in value. The Turkish Lira, the most recent currency that’s missing it’s plug, now has Gold valued at 9,028.73 showing an additional 52.11 Lira is needed to buy an ounce with Silver valued at 106.765 showing a loss of 0.478 T-Lira.
Keep this thought in the back of your mind, at one time the Argentine Peso was linked 1 to 1 to the US Dollar. When Jim and Bill talk about the value of Gold going into the stratosphere, these emerging currencies help prove the point! Wait till the plug of a primary currency is pulled, then compare that move to these emerging market currency moves that increased the value of precious metals in their respected nations. What a time it will be to remember all those people who quickly responded that this is not going to happen and claimed the idea of Gold going to $80,000+ US Dollars, is not possible! I agree with Jim and Bill! Just look at the hundreds of billions of dollars being created this week (and since Sept 17th) out of thin air, that had to be put into the debt-based system to tell us how wrong we are about Silver and Gold.
How many other emerging market currencies have to be devalued before a primary goes? Will other emerging currencies be used first to keep the system awash in fiat before a primary gets the plug pulled? What will interest rates do to the system, if they are cut, or added to, during this period of time? Do you need any more evidence to hold Silver and Gold? I don’t!
Yesterday’s activities in the December Silver Delivery contract became more active with a Volume increasing to 53 by the Comex close, and by widening the trading range from a penny to a 10.5 cent range between $17.985 and $17.88 with the last single lot trade at the low with the adjusted close at $17.894. Also, of note from yesterday’s activities is the increase in the demands for physical which now stands at 61 proving an additional 5 lot order was added to the demand count but no showing where the other additional volume landed. Was it EFP’s to London or did more pending orders get filled as we close out the week? At this very moment, there has been no activity in the delivery month at all. Maybe when the Comex opens the Resolute buyer will still be Resoluting.
One thing for sure, the Comex shorts are still not afraid (when they should be) as the Overall Open Interest gained another 2,633 more short positions putting the total now at 225,805 Overnighters on a 13.5 cent increase in price. The highest Open Interest in Silver Ever (and so far,) is 244,196. Comex Short Traders are only 18,391 positions away from proving once again that the system is failing as more paper is allowed to be used instead of allowing the supply and demand to control the price. Also, Gold made a new “Life of Paper Contract High” as well with its new total at 755,719 Overnighters proving a paper gain of 6,982 more short contracts against the price.
So much is going on and at the same time so much printing has to happen to keep liquidity high. In the meantime, we still suggest people hold onto the physicals, in their own hands and out of the system. Enjoy the day, have a great weekend, and fear not, because you hold Silver and Gold!