Great and Wonderful Wednesday Morning Folks,
Gold is trading in the positive with the April contract at $1,575.90, up 10 cents after hitting $1,577.40 with the low at $1,567.90. Silver is in the green as well with the March contract at $17.475 up 1.7 cents after hitting $17.515 with the low at $17.280. The US Dollar is also trading in the green with its value pegged at 97.915, up 8 points after hitting 97.955 with the low at 97.760. Of course, all of this already happened before 5 am pst, the Comex open, the London close, and just days away from the Brexit.
Venezuela’s currency now has Gold’s valued pegged at 15,739.30 Bolivar showing a loss of 21.97 with Silver at 174.532 Bolivar a loss of 4.244 during the overnight. Argentina’s Peso now has Gold priced at 94,696.52 Peso’s proving a pullback of 117.77 with Silver losing 25.42 with its price at 1,050.10 A-Pesos. The Turkish Lira, oddly enough, is showing a gain of 6.42 in Gold’s value with the price at 9,390.13 Lira with Silver at 104.114 Lira pulling back 2.32 more from the previous quote.
The end of January Silver’s Delivery’s is today with the Demand Count (also known as Open Interest) at 10 posted up on the board after another purchase was made and without price during yesterday’s trade. As of our write up, there is no Volume posted yet as we await the Resolute to step in again (purdy please).
Silver’s Overall Open Interest now sits at 231,884 Overnighters proving 6,204 short contracts exited the trade after crushing the price in order to take away the “in the money” profits from the Buyers of Calls and after the Silver Signal was given via the Algo System, which was created to make things more efficient (and more hidden) as the emails and phone calls were replaced, as evidenced, given to the CFTC during its 5 year Silver investigation, proving who’s side the governing body is truly on. How much control a criminal element has, should be the focus of the governing bodies, but their ideas of more control over more issues makes the point mute for now.
Gold’s Overall Open Interest fell by 33,065 Overnighters after yesterday’s options expiration and price crush which brought the new total down to 718,916 Obligations, for the last day of January’s Deliveries. The issue today (besides the final purchases for Jan) and tomorrow, is what is left of the Open Interest in February’s contracts. The total this morning is 102,127 contracts that have to be out by Friday, that is if they do not want to take physical delivery. At present the February OI points to a very heavy demand over 10 million ounces. What we’ve witnessed so far this week is a heavy hand of shorts, forcing the coronavirus fear trade out of the market, to facilitate a theft in value in order to keep the system static.
The game of paper over physical is still showing itself to be in control. We stand right in the front lines at the Comex, knowing the deliveries will take over the control of paper, when the controllers lose sight of sellers, stupid enough to sell at prices below refining. If there is any doubt in your mind about this, let this interview Chris Marcus had with Keith Neumeyer help remove it: Silver Supply and Demand Positions First Majestic For Great Success.
Enjoy the day, keep that smile on your face and a positive attitude in the head, no matter what is going on around you, and as always …