Great and Wonderful Wednesday Morning Folks,
Gold is trading higher again with the last quote at $1,578.80, up $4.50 after racing to $1,613.30 when the markets reopened last night with the low at $1,575.50. Silver followed a bit, but was the-first-to-not-move, with its last trade at $18.415, up 2.2 cents after reaching $18.895 with the low right here at $18.375. The US Dollar, where most large algos run to when the war drums sound, is barely moving as well yet is trading at 96.89, up 18.02 points and at the high with the low at 96.525. Of course, all this was done before 5 am pst, the Comex open, and the London close, and after Nancy saved us all from a quick Senate acquittal (so says Schumer).
In Venezuela, Gold is now trading at 15,768.27 Bolivar, giving back the exact amount (114.86) taken during yesterday’s missive with Silver 183.920 Bolivar, gaining 2.996 in value, almost catching up to yesterday’s take. Argentina’s currency now has Gold priced at 94,350.19 A-Peso’s gaining 749.86, slightly more than what was taken previously with Silver at 1,100.55 A-Peso’s, capturing back almost all of that which was removed. Turkey’s Lira, which should be showing much larger upward swings because of its proximity to the staged events of the day, now has Gold priced at 9,398.70 T-Lira, showing a gain of 34.95, which is only half of what was taken with Silver at 109.617 Lira, regaining 1.404 T-Lira, as we wait for it’s value to recover all that was taken since Monday. So, why is Turkey’s currency not showing concern, like the others, after the Iran’s missile launches and that downed airplane in their airspace?
January Silver Delivery Requests proved a gain during yesterday’s trade regardless of the change they made, during the Comex trading period, adjusting the demand count from 6 to 5. Then our Resolute Buyer came in with a Volume of 33 inside a trading range between $18.29 and $18.015 (opening) with the last trade priced at $18.316 ending with the adjusted close at $18.345.
Today’s January Silver Delivery Count sits at 16 fully paid for contracts proving either 17 of these purchases (made yesterday) were given receipts here at the Comex, or sent to London, so they can be sent back here again(?), or 27 contracts were settled and this is what is left to deliver. So far this morning we have a Volume of 5 up on the board with a trading range between $18.505 and $18.245 with the last single lot order at the low price (of course). That 1 lot order is far more valuable than the previous 4 (to those that set the price, not the buyer).
Silver’s Overall Open Interest now sits at 234,396 Overnighters proving a gain of 115 Obligations inside yesterday’s 21.4 cent move. Commercial Signal Failure signs are here, but so is the idea of a pullback. Apparently, the shorts still refuse to leave their most uncomfortable positions as the market continues to climb. Now that’s confidence oozing out of every pore, since they have a federal reserve back up system in play installing liquidity and during a non-liquidity crisis in Repos. Nope, nothing to worry about here (yet).
We need common sense to prevail in all things. Prayers are now needed for our soldiers, who are once again in harm’s way, and for peace to prevail. Have your precious metals in hand, keep a positive attitude no matter what, and as always …