Great and Wonderful Monday Morning Folks,
April Gold gapped higher right at the opening, but is now trading at $1,590.00, up $11.80 after hitting $1,594.70 with the low that filled the gap at $1,581.60. Silver gapped and filled as well with the trade now at $18.25 up 13.7 cents (a penny above the open) with its “right at the open” high at $18.375 with the low at $18.145. If there was a currency scare, it would have shown up in the Dollar, and it’s not, with the currency value pegged at 97.720, up 7 points and right by its high at 97.74 with the low to beat at 97.590. Of course, all this already happened, before 5 am pst, the Comex open, the London close, before the end of the months position squaring, the options expiration, and the final days of Brexit (at last).
Our emerging markets currency watch continues to lead with Gold under the Venezuelan Bolivar now at 15,880.13 proving a gain of 256.63 Bolivar with Silver at 182.272 Bolivar giving those that hold another 4.295 gain in value. In Argentina, Gold is now priced at 95,370.97 A-Pesos showing a gain of 1,511.44 over the weekend with Silver now at 1,095.44 Peso’s adding 26.14 to its value. The Turkish Lira now values Gold at 9,456.09 showing a weekend gain of 163.78 Lira with Silver at 108.529 Lira proving the addition of 2.656 in value.
January Silver’s Delivery requests jumped quite a bit during Friday’s Comex trading period as the Volume increased from the posted 100 in the early morning write up to 280 confirming how strong the demands for physical are, proving 1,400,000 ounces of physical traded on Friday alone, with a trading range for the last batch between $17.870 and $18.050 with the adjusted closing price at $18.057. As of this morning, January Silver’s Volume is at 2 with no price once again and with a Demand Count of 228 proving that 52 contracts might have gotten settled somewhere in between the open and closing of Comex, then there’s the 103 contracts that were on the board Friday morning that got settled, or traded, or whatever?
This morning’s Overall Open Interest in Silver is now calculated at 233,436 Overnighters proving the point that Silver would be substantially higher in price, if there were restrictions placed on the Bankers Paper. This proves 2,517 more shorts had to be added in order to stay the price. Silver’s short traders are now only 7,760 positions away from breaking new ground in paper over price.
Gold’s Overall Open Interest is now calculated at 788,262 Overnighters, proving 11,842 sellers, jumped the rat-infested ship of shorts since Friday’s write up, and just before tomorrow’s Options Expiration Day, then Wednesday’s Last Trading Day for January, ending with Friday’s First Notice Day for February Deliveries. There may be one hell of a punch coming this week to the precious metal’s prices, we’ll sit right here and report it.
This last week, of the first month of the new year, may be quite telling. We pray the virus scare is contained at the same time the containing of precious metals prices gets removed. Let us keep a positive thought no matter what is going on around us, have that smile ready for everyone you meet, and no matter what, have the convictions of JOB and stay the course, as always…