Great and Wonderful Monday Morning Folks,
The precious metals are barely moving with June Gold at $1,697.00 down $1.70 after the dip hit a low at $1,685.00 with the high nearby at $1,699.70. Silver, the tag a long kid, continues to be dragged along with its July trade at $15.440, down ½ a penny after hitting a low of $15.325 with the high up at $15.585. The amazing Dollar, that had 2 trillion reasons to drop in value, is still above par with the trade at 100.085, up 24.9 points after its recovery from 99.750 with the high at 100.185. All of this of course, was done before 5 am pst, the Comex open, the London close, and after May Crude Oil dropped another $5.84 with the price at $12.44 per barrel.
Silver, under the Emerging Markets, seems to be pointing the way again with the Venezuelan Bolivar pricing Gold at 16,948.79, showing a reduction of 82.89 Bolivar since Friday mornings quote, with Silver gaining 0.649 Bolivar with its value pegged at 154.207. Argentina’s Peso now has Gold valued at 111,668.88, showing a 337.61 A-Peso reduction with Silver gaining 6.24 with its price at 1,016.07 Peso’s. Gold, under the Turkish Lira, is bucking the trend with the noble metal gaining 26.10 Lira with its new price at 11,768.06 with Silver gaining 1.180 T-Lira with its price pegged at 107.081.
April Silver’s Delivery Demands have been completely stagnated with last weeks total Volume reaching 6 with the receipt count still at 23, unchanged from last Wednesday’s total, and still with no Volume up on the board today, leaving us with the adjusted Friday close at $15.237. Silver’s Overall Open Interest, gained another 51 contracts to start off this week’s tally at 141,200 Overnighters waiting for the inevitable increase in price because there is a minimum of 2 trillion reasons for the predicted rise.
April Gold’s Delivery Demands are doing the exact opposite of Silvers. The receipt requests have been stellar and continues to show more and more Resolute Buyers coming in, even at these prices, with the Demand Count now at 851 fully paid for contracts and with a Volume of 77 up on the board today with a trading range between $1,688.60 and $1,680.00 with the last buy at $1,683.40 down $5.80 from Friday’s close. Last Friday’s trading range was between $1,725.00 and $1,684.90 with the adjusted close at $1,689.20. This proves the increase in receipt requests being too much for the sellers to settle out (on Friday) which caused the demand count to rise by 23 more requests for physicals. I wonder what would happen to the price discoveries, if these requests were forced into receipts the day the buyer puts in his order, instead of allowing the shorts to hold back on the fill like they do? The Overall Open Interest gained another 2,523 giving us a total of 494,030 Overnighters willing to sell with the hopes that these buyers will exit their purchase orders. Good Luck there shorties!
“Volume Liquidity is in tatters. There is no depth to this market”, so says BOA and the market liquidity issues are everywhere! Especially within the commodities as it seems, the algos are looking for the blinking eyes of a trader in fear, but can’t seem to see one because everything is controlled by an algo with no eyes to see. Most will point at Silver and Gold and say “see? … there’s nothing to worry about”. If that was true, then why is China cutting the one and five-year prime rate loans, despite its story claiming a “V-Shaped Recovery”? The other “why” question we have is what will the M2 Velocity of Money look like when they finally add 2 trillion plus reasons, is put into the chart?
We’ll know more enough, as more and more data comes out and as we all hope and pray, that the world is done with the CCP-19 that has devastated the world’s economy in “one fell swoop”. The worlds governments have regained the religion of borders, and protecting its own. That includes everything we grow and produce, as we are all forced to regroup as we recreate our economies as we reshape the future once again. So, keep the faith, hold Silver and Gold like the Resolutes, and hold on tight to the idea that mankind, regardless of its own stupidity, always seems to find a way out. It is this reason why we …