Silver and Gold Better Be In Your Wallet!

Posted at 9:06 AM (CST) by & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

      June Gold is still being held in check after the Sunday night rally sent the noble metal to $1,673.60 with the trade now at $1,644.50 down $9.60 after being dipped to $1,635.70 at the start of London’s time. Silver is leading the decline with the May contract at $14.16 down 37.4 cents after being forced down to $13.945 but only after the price rallied to $14.71. The US Dollar is up 55.8 points at 99.095 and close to the high at 99.165 with the low point at 98.395. Of course, all of this happened already before 5 am pst, the Comex open, the London close, and after everything possible was used, in their wallets, to set price against real “In Hand” value.

      In Venezuela, Gold gained 18.97 Bolivar with the trade at 16,424.44, yet Silver is losing with the trade at 141.423 showing a loss of 5.243 Bolivar. Argentina’s Peso has Gold valued at 105,852.00 proving a gain of 532.48 over the weekend with Silver losing 30.21 A-Peso’s with the trade at 911.547. The Turkish Lira has Gold trading at 10,781.64, it too showing the first money gaining 189.57 Lira’s yet taking 1.8385 Lira value from the second with Silver’s last trade at 92.8552 T-Lira.

      April Silver Deliveries will start in earnest on Wednesday with the demand count now at 900 contracts as we wait for the hold outs – to get out – so we can see what numbers will be used to lie the deliveries and with a Volume of 133 up on the board inside a trading range between $14.115 and $13.915 with the last at $14.025. March Silver’s last day of purchasing concluded with a buy total (Volume) of 80, showing the last trade Mr Resolute (what I call the buyers) made as 400,000 ounces swapped hands. Silver’s Overall Open Interest is still dropping and with the noticeable slowing since we are now at the same levels when Silver rallied the last time with the Overall Count losing 434 Overnighters giving the new total of 141,943 Obligations.

      April Gold’s Open Interest is now at 37,408, showing a much larger issue for the sellers of paper, which is obviously not backed with product, as we have to wait for the end of the month to start the deliveries with this mornings Volume at 5,042 happening inside a trading range between $1,652.80 and $1,613.10 with the last price at $1,617.90. Last Friday’s March close-out actually had no buys in Gold at all! That pending order of 3 stood out all day long with no additions, Spooky! Gold’s Overall Open Interest is now at 528,851 showing a slowing down, yet still removing 1,319 Overnighters.

      I ran across this story this morning; the CFTC quietly (allows) the bail out of Capital One as the governing bodies, who authorized the EFP’s of Silver and Gold to London without objections, are now allowing banks to float a loss, instead of liquidating, or forcing them to exit a bad trade, and letting those that are far more responsible the lead. “So what exactly happened? According to a spokesman for the CFTC, the commodities regulator issued a waiver to protect the bank and its energy clients from “undue disruption,” given the unprecedented market conditions over the past month amid the coronavirus outbreak.” It’s remarks like these that should be challenged but no one is allowed to. If everyone in Commodities has the same set of rules, and these overleveraged algo controlled companies cannot react by protecting their own assets with their machines, then why is the CFTC allowing Randolph and Mortimer Duke to stay in their trade and get a bailout? To add to this that same spokesperson claimed; “We have actively encouraged all market participants to identify regulatory relief or other assistance that may be needed to help support robust, orderly and liquid markets in the face of this pandemic…” All this time, I thought the governing bodies where here to assure us all, that the rules that are set, are equal and apply to everyone, NOT to assure liquidity. Liquidity has been the word used for, and by, manipulators as more paper is allowed to cover what is left of the physicals.

      So here we are, with banks getting vouchers instead of clearing losing trades. These are the things we holders of Silver and Gold have been forced to deal with for too long now. In short, we had another Lehman moment that was stopped because a few bad trades would change everything into something out of the controls of Algos. What’s in your Wallet? Has been the subject we’ve been writing and talking about ever since day one. You can’t even find precious metals at these prices anywhere, and we’re to believe a governing body that helped the situation along to where we are right now? Sorry, my wallet doesn’t have the crap they claim is money, I have physicals.

      So, keep that smile on your face and a positive attitude in the head no matter what. We are at the point of change, and it is up to us to move forward. As Always …

Stay Strong!

J. Johnson

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