Great and Wonderful Monday Morning Folks,
Gold is recovering from a British hangover but only after a high of $1,745.80 was reached with the London low at $1,728.80 with the “now” price at $1,734.40, down $1.20. Silver is still trading in the positive, even after hitting the side of my screen to see if the price was stuck, with the trade at $15.50, up 5.5 cents after reaching a high of $15.635 with the London low at $15.410. The US Dollar broke below par with the trade at 99.970, down 46.4 points, recovering from a low at 99.84 with the high start at 100.370. Of course all this happened already, before 5 am pst, the Comex open, the London lows, and after 21+ years of absolute proof that the EuroCurrency has retained only 15% of what it was worth when it was conceived against the price of Gold. I’m quite certain the Euro-leaders are patting themselves on the back for this too.
In Venezuela, Gold’s price now sits at 17,322.32, showing a 233.7 Bolivar pullback with Silver’s price reduced by 1.249 with its current value at 154.806 Bolivar. Argentina’s Peso now has Gold valued at 115,096.11 Pesos, offering those that delayed their buying a 1,411.80 discount from Friday’s quote with Silver at 1,028.78 Peso’s, a reduction of only 6.64. Turkey’s Lira price for Gold is trading at 12,114.65 showing a 138.56 T-Lira pullback with Silver losing 0.657 Lira with the price set at 108.261.
April Silver Delivery Demands now sit at 6 fully paid for contracts waiting for receipts and with No Volume up on the board so far this morning. This proves 15 out of 21 demands for physical, were finally fulfilled on Friday even after the Comex Lords of Math posted a Volume of 10 on Friday but gave no price for that 10-lot trade. We are forced to believe this is an exit/entry spread trade because that is what the CME-people tell us it is. As a reminder, we have spoken at length to these people, including real former licensed pit brokers. They all tell us the prices of spread trades are not necessary to post because they only profit off the differences, with my query, “how can anyone have a profit or loss if there is no price to post?” How can I do that in my account? We always get nothing but crickets from the CME Lords of Common Core. Silver’s Overall Open Interest gained another 805 more short contracts in order to control the price with the count now at 143,893 Overnighters. What a coincidence it is to see the Open Interest always gain on the day the Sellers of Calls need a lower price in order to not pay. Especially since today is that day the sellers of these derivatives, settle out by buying back their sold May Call Options. The day this turns, will be a day to remember.
April Gold’s Delivery Demands now sit at 203 fully paid for contracts waiting for receipts and with a Volume of 66 up on the board with a trading range between $1,731.90 and $1,720.00 with the last single lot sell order, so far today, at the low. Friday’s final trading range for the delivery month was between $1,744.00 and $1,714.40 with the last registered trade at $1,723.50 yet that famous “adjusted close” was done at the low, as usual, and with a total Volume count at 221. Gold’s Overall Open Interest also gained more shorts in order to keep things under control with the count now at 499,428 Overnighters showing a gain of 472 more shorts, as we wait for tomorrows count to “not show” any manipulations on the Precious Metals Options Expiration Day. Maybe more concerning is the spread between the COMEX spot price and the next few month’s trades, which should be looked at and with suspicion, with April’s discounted price being $1,720.00 with May’s price at $1,724.30, with June’s price way up at $1,735.80 showing a huge spread of $15.80, between the 2 big delivery months. We are now being led to believe that these past 2 months of staying in place, with a large portion of the mining industry being shuttered because of the airborne CCP19, is giving everyone a better deal as the supplies are being dried up. Only in an Algo trading world can this occur, because it goes against all common sense!
Not only are the precious metals numbers way off kilter, so is the rest of the central banking system, as their print promoters tell everyone they need more cash as the BOJ Launches another round of Unlimited QE, as we see more supertankers off our California coast and as our nations real estate market has had nothing to show with everyone staying in place. Tom Barrack, whose Colony Capital owns $50 billion in a real estate portfolio, used the word “chaos”, but we think the better term would be “Funny you Ask, there’s No Bid”.
Tomorrow is the last day to buy into the April Delivery system for both Silver and Gold. I’ve always thought that when Mr. Resolute wanted to make a real hard statement, it would be on the last day of delivery of any given month. Yeah, I’m waiting for it, and I would wager the shorts in $40k suites are phinkstering about it too. Alas, Mr. Resolute(s) may want to survive this too, so I guess it depends on your level of continence or is it confidence? Let’s find out what the future holds, so in the meantime, hold on tight to the real. Lose no sleep over being away from the markets while the world rushes into bankruptcy. Keep that smile on your face and a positive attitude in your head no matter what, and as always…