Great and Wonderful Friday Morning Folks,
They just can’t keep the first currency down like they used to with Gold recovering from yesterday’s dip with the trade at $1,735.50 up $13.60 after reaching $1,742.00 from a low at $1,722.50. Silver is recovering from it’s usual bigger beating with the trade at $17.47 up 10.6 cents after reaching $17.565 from it’s low down at $17.19. The US Dollar’s magnet is pulling it towards par with the value pegged at 99.74 up 33.7 points with its high at 99.895 from the low starting point at 99.40. Of course, all this started before 5 am pst, the Comex open, the London close, and after a Philadelphia Judge of Elections was caught stuffing the ballot box, admitting in court he literally was standing in a voting booth and voting over and over, as fast as he could.
The Venezuelan Bolivar now has Gold priced at 17,333.31 showing a loss of 15.98 with Silver losing 2.447 Bolivar with the price at 174.482. Argentina’s price for Gold now sits at 118,094.77 Peso’s as the currencies pull – pushed the price down only 78.39 with Silver at 1,188.19 A-Peso’s showing a drop of 15.38 overnight. The Turkish Lira’s price, close to settling for the week, now sits at 11,811.85 Lira, and increase of 3.21 T-Lira with Silver’s trade at 118.901 down only 1.516 T-Lira.
May Silver Delivery Demands now shows 148 fully paid for contracts waiting for receipts. Reducing yesterday’s count by 10, and with a Volume of 11 up on the board today with a trading range between $17.435 and $17.385 with the last trade at the high, up 10 cents, and with NO way to confirm if any of these 11 “buys” are spread trade entries/exits or “new buys”. Yesterday’s price, for the claimed 8 lot purchase was at $17.335. The daily delivery chart claimed a trade happened at $17.435 yesterday, but it doesn’t show up in their tick chart after I reported yesterday morning’s starting Volume of 2, which went to 4 with no price posted. Silver’s Overall Open Interest gained another round of Call Option Killers as the count reached 155,795 Overnighters proving 434 more shorts stayed in the trade after yesterday’s punch in the gut price drop.
May Gold’s Delivery Demands now total 445 fully paid for contracts waiting for receipts proving a reduction of 83 contracts from yesterday’s trades with today’s starting point trading range between $1,726.70 and $1,726.60 for the 6 Lot Volume already up on the board. Yesterday proves the importance of watching the delivery numbers as Thursday’s Volume reached up to 528 contracts which just so happened to be yesterday’s Open Interest in the delivery month. The Volume Column does not include any of the previous purchases. These are either additional purchases or more entry/exit swaps in deliveries made in a single day. What this may be telling us is Mr. Resolute ain’t done buy’n and soaked up another 52,800 ounces on the dip! That purchase must have puckered up some of the short traders as the Overall Open Interest dropped 342 Obligations leaving the count at 532,367 paper contracts with only 3 days from their Options roll. Maybe it’s nothing to worry about, maybe it is. After all Silver and Gold are very small markets in the eyes of everyone else but the currency manipulators of the world. But when someone steps in and takes away $92,000,000 worth of marbles, they have less marbles (Gold) and more jacks (Debt) to contend with.
As mentioned here for years, the inability to maintain debt continues to rise and rise (until?) as the virus is now “the blame in the game” as US Commercial Loan defaults, hit a 6 year high. Today’s default news shows a couple of overseas issues with tourism in Japan falling 99.9% in a months’ time with new car sales over in Europe plunging 76% in the same time period, which is also the largest drop ever. These are only a very few examples of the repercussions in the ability to maintain debt payments and staying in business. We expect a sharp increase in these stories, including an epic wave of global bankruptcies, as the world corrects the imbalances in debt, and as the political machine, that seems to have encompassed a few nations politicos, gets fully exposed.
Those that hold the physicals, are not affected by any political news or these highly valued AAA+ rated debt instruments, held by every single central, which are artificially propped up by our ever-so-truthful rating agencies and their positive spin. Back when Jim Sinclair gave the warning, our marbles where placed at Tier 3. Now our marbles are placed as Tier 1 instruments! Since then we simply watch the show, knowing our retirements are in the safety of our own hands and not those that hold more debt than what can be paid. Those that hold debt, are now jacked, with the ratings heading towards Tier 3.
Monday is our Memorial Day. I offer my deepest bow of respect to those that fought, bled, and died before us. If it wasn’t for them, we wouldn’t be here. Have a great and wonderful extended weekend and as always …
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