Great and Wonderful Tuesday Morning Folks,
It almost always impossible to see a positive price on the last delivery day of the month. Ok, it’s rare to see, and today we have one of those occasional moments that will hopefully carry us thru the day with June Gold up $3 at $1,726.80 after touching the high at $1,728.00 with the low at $1,706.00. Silver is up as well with the July contract at $15.370 up 2.9 cents with a high at $15.455 and the low at $15.085. The US Dollar, after recovering above par during Monday’s trade, is back below it again with the price at 99.525, down 57.2 points and close to the low at 99.485 with the high mark at 100.295. Of course, all this happened already before 5 am pst, the Comex open, the London close, and after a Chinese brokerage firm was reportedly forced to retract what may have been an honest unemployment outlook for its country. Maybe they forgot to wait for the approved story, like we get here.
The pullbacks in the emerging markets seem to have less and less of an impact lately with Venezuela’s price for Gold now at 17,246.42 Bolivar, saving the buyer 75.90 with Silver’s price reduced by 1.298 with today’s value pegged at 153.508 Bolivar. Argentina’s currency now has Gold valued at 114,776.76 Peso’s, showing a reduction of 319.35 overnight with Silver at 1,021.61, offering the buyer a 7.17 A-Peso savings from yesterday price. The Turkish Lira also gained in value taking away 33.40 Lira’s with Gold price now at 12,081.25 with Silver doing the same, losing only 0.713 T-Lira’s with the price at 107.548.
Today is the last day for April Deliveries with Silver’s demand count still at 6 and after no additional purchases were made during yesterday’s trade, but the CME did change the closing price down to $15.201, a price drop of 5 cents. So far this morning, we see a 2-lot swap and with 2 prices at $15.010 and $14.995, can you guess which price is the last? Also, of note is the May Contract count, which will start to matter this Friday after Thursday’s closing numbers tells us the number of contracts standing for delivery. May Silver’s Open Interest now stands at 22,299 which translates to 111,495,000 ounces which is way too much for the CME to deal with. Something must have spooked the shorts; I say this because we actually had a reduction of 3,337 short contracts in the Overall Open Interest with today’s starting count at 140,556 Overnighters. Normally we would see a reduction going into the next months deliveries. This seems to be a bit early, and something to look forward too since the OI has dropped considerably since the March Options came off the board.
Today’s numbers for the last day of April Gold deliveries shows a 79 count reduction leaving 124 fully paid for contracts waiting for receipts, so they can start the delivery process with yesterday’s Volume reaching 169 inside a trading range between $1,731.90 and $1,712.10 with the very last trade of the day done at $1,716.90 (a 2-lot buy) and of course that “non-manipulated close” way down at $1,711.90. So far this morning, the Volume inside the delivery month is at 6 with a one price trading range at $1,716.60 (high/low/last), a gain of $4.70 and right close to yesterday’s last trade. May Gold Deliveries are usually unimportant yet, we do have a demand count at 7,733 which brings a possible order for 773,300 ounces of the real. Friday will give us the starting count as we wade thru the rest of the week. Gold’s Overall Open Interest is doing the exact opposite of Silver’s showing a gain of 3,156 more shorts being added with the total now at 502,584 Overnighters.
This CCP19 virus has done so much damage to the entire global economic system it’s hard to imagine that things will turn upward right away like the president is suggesting. Yes, we are Americans and we have always fought thru the many hardships of the past and we will again. We have the drive to push forward, a creative mind, the freedom of speech, the right to bear arms, and a never quit attitude! The events that have already occurred, will make Silver and Gold, the most run after assets as the markets filter thru the rest of the 2.2 trillion, then the next multiples of trillions after that. Why do I say this? Because the only answer every single central banker has, and over the centuries, is more money NOW and more control NOW! They even have the help of the governing bodies who just so happen to be educated to believe the same things, and nothing else. Which is being met with, no tax revenues, no Velocity of Money increase, and a much lower employment, and the obvious bankruptcies (of all shapes and sizes) in the very near future.
So, keep the faith, hold the real in your hands, and have a smile on your face and a prayer for all. Regardless of everything else, we are all on this planet together, and together we will survive, if we divide, we fall. As always …