Precious Metals Continue To Be Pressed Lower

Posted at 10:22 AM (CST) by & filed under General Editorial.

Great and Wonderful Tuesday Morning Folks,

      Gold is being hammered upon with the trade at $1,571.90 down $10.50 after being knocked down to $1,569.10 with the high to beat at $1,584.50. Silver is doing the opposite (ok, not leading Gold lower this time), with the trade up 1 penny at $17.68, recovering from the low at $17.61 with the high to beat at $17.770. The US Dollar may be getting all this support from the printing going on in other nations with the trade now valued at 97.735, up 11 points after it reached 97.81 with the low at 97.635. Of course, all of this happened before 5 am pst, the Comex open, the London close, and as China starts to close down some gambling hubs that do not include the exchanges tied to every other global exchange (keeping watch).

      In Venezuela, Gold’s value now sits at 15,699.35 Bolivar, giving the buyer a 149.85 discount from yesterday’s quote with Silver at 176.579 Bolivar losing 1.248 since yesterday morning. Argentina’s Peso now has Gold’s value pegged at 94,974.24 showing the gains in currency against a 470.76 A-Peso loss in product value with Silver at 1,068.43 Pesos proving a 4.57 loss. The Turkish Lira now has Gold trading at 9,403.36 as it too shaves off 75.23 T-Liras with Silver doing the same, taking away 0.799 in value with the price set at 105.749 Lira.

      February’s Silver Delivery count now sits at 112 contracts waiting for receipts to be delivered between here, the British island, or somewhere in between, and with a Volume of 32 up on the board so far today with no prices or trading range posted. The demand count fell by 9 from yesterday with Monday’s Volume reaching 15 with the trading range unchanged from yesterday’s write up. Silver’s Overall Open Interest continues lower with this mornings count at 228,264 Overnighters proving a reduction of 1,215 Obligations.

      February Gold’s Delivery requests show a count of 3,584 demands proving a reduction of 1,395 receipts during yesterday’s activity with this morning’s trading range between $1,577.70 and $1,563.20 with the last trade, of course, at the low and with a Volume of 56 posted so far this morning. Gold’s Overall Open Interest continues to contract as well with the count now at 675,623 Overnighters proving a reduction of 3,495 paper contracts used to contain the price, as we wait for more data surrounding all things political, financial, airborne, and viral.

Last night’s show didn’t go so well for any of the participants (except Trump) as the computer errors were many, the claims of winning equal to the errors, and now the idea some democrats might want to consider demanding a paper ballot instead of letting computers do the counting with their past few years of accusations that “Russia, Russia, Russia”, is interfering with everything on the internet. Will the party’s friends in media now claim that Russia helped Trump win in Iowa? Waiting for it, or the idea of a total flip, from the “hanging chads” to trusting computers to do the counting because they are accurate “towards” a (de)fault, and now back to paper?. Stay Tooned for more comedy, because the race towards a distant second place during the 2020 election is heating up!

      We’re waiting for more incubation information regarding China’s pandemic and praying they are able to contain it, as the international spread still seems to be gaining momentum. What we want to see is a reduction, which can only occur after a peak. So, keep that smile on your face, a prayer for all, and a positive thought in the head no matter what, and as always …

Stay Strong!

J. Johnson