Great and Wonderful Friday Morning Folks,
We start our early morning report with Gold and its confusions, with the June contract down 40 cents at $1,740.50 after reaching up to $1,748.90 with the low at $1,736.80. Today, finally, Silver is leading with the trade up 40.9 cents at $16.565 after hitting $16.705 with the low at $16.155. Par still surrounds the US Dollar, no matter how much is printed. How long this will last, is up to some Algo with the trade at 100.39, down 11.7 points after hitting a low at 100.195 with the high nearby at 100.420. Of course, all this happened already, after 2.2 trillion was created out of thin air, before 5 am pst, the Comex open, the London close, and after China’s bank HSBC taps the BOE for its GLD Bars.
Gold under the Venezuelan Bolivar is now valued at 17,383.24 showing an increase of 193.75 Bolivar with Silver gaining 8.24 with the price now at 165.443 Bolivar. Argentina’s Currency has Gold’s value pegged at 117,608.46 giving our noble metal a 1,436.10 A-Peso gain with Silver showing a 57.33 A-Peso pop with the trade now at 1,119.44. Gold’s value under the Turkish Lira is now at 12,038.72 showing an increase of 49.74 Lira’s with Silver proving a gain of 4.926 T-Lira’s with its price at 114.556.
May Silver Deliveries now has a Demand Count of 378 up on the board with a Volume of 23 so far today inside a trading range between $16.59 and $16.505 with the last trade at the low (what else is new for London?) up 36.9 cents. This proves an increase of 3 – 5,000-ounce contracts above yesterday’s tally which had a total Volume of 49 “swapping” contracts within a trading range between $16.12 and $16.005 with the last trade at the high with the adjusted close above that at $16.135 proving the demand had more action than the centrals could handle. The fear is showing up in the numbers behind the price again with Silver’s Overall Open Interest at 141,302 Overnighters. An increase of 4,718 paper shorts in order to keep Silver from doing more damage to the short traders’ accounts. Also, of note is the closing prices for the 2 front months in Silver suggesting a shortage of product in the eyes of us “old school traders” with May’s close at $16.136, with June’s close at $16.115, giving the delivery month a 2.1 penny premium in an Algo Controlled world. Let’s see how this unfolds.
May Gold’s Demand Count now sits at 1,573 fully paid for contracts with an early morning trading range between $1,745.10 and $1,739.70 with the last trade at $1,742.30 and with a Volume of 591 already up on the board today. Yesterday’s final trading range inside the delivery month was between $1,743.10 and $1,720.50 with the last trade at $1,736.50 with the adjusted close at $1,738.10 ending with a Volume of 672. The Demand Count from yesterday to today increase by 478 – 100-ounce contracts for that barbarous relic that the centrals kept telling everyone is worthless. Gold’s Overall Open Interest is now at 520,235 Overnighters, proving an increase of 4,779 short contracts being added or else the price would have gone much higher.
Whoever Mr. Resolute is (or how many there are), he keeps coming in and mucking up the Comex Stalls in both metals at a time when many mining facilities remain shuttered and for over 1 ½ months’ time. Our southern neighbor’s central bank, BOM cut rates ½% yesterday, as they too are having financial issues and are suffering from the CCP19 virus as this article claims 30 crematoriums across Mexico City are at full capacity. The truth about this airborne topic still needs honest vetting yet the media continues to be everyone’s enemy no matter where one turns. Who are they supporting after all?
The events of the week have been supportive for the precious metals. Gold is still, not that far away from making new life of contract highs and Silver seems to be ready to catch up. Reminder; Silver has yet to reach the 1980 high which Gold blew thru like a hot knife thru a bar of butter way back in 2011. So, we wait, with physicals in our hands and positive thoughts in the head, with a smile on our faces because, the controllers seem to be losing it. Have a great weekend, and keep the faith. With that we will always …
More J.Johnson content is available with purchase of a JSMineset subscription.