Great and Wonderful Monday Morning Folks,
August Gold has made a new Life of Contract high in the early morning with the trade at $1,938.20, up $40.70 with the high nearby at $1,941.90 and the low at $1,899. September Silver seems to be leading the charge with its trade at $24.56, up $1.71 with the high up at $24.82 and the low at $22.94. The US Dollar is finally heading in the right direction as well. After all, a trillion here and a trillion there, makes for a damn good anchor with the value now pegged at 93.76, down 62.5 points, with the low right here at 93.705 and a high way up at 94.375. Of course, all this happened while we slept, before 5 am pst, the Comex open, the London close, and after another professor from the English Dept at Rutgers University declares that proper use of grammar is a hidden form of racism because it disadvantages students of “multilingual, non-standard ‘academic’ English backgrounds.” I say, don’t worry, we have apps to fix that with no “feelings” to hurt or convey and it’s cheaper to boot, and they can be used for home schooling too.
Since the Dollar is finally making the plunge, the emerging markets currency activity should really start to pop with Gold’s price under the Venezuelan Bolivar now at 19,357.77 proving a 477.40 Bolivar gain with Silver at 245.293 Bolivar giving the holder an additional 17.977 Bolivar gain in value. Argentina’s Peso now prices Gold at 139,233.37 Peso’s giving the noble metal a 3,574.96 gain over the weekend with Silver adding 130.55 A-Peso’s with the last price at 1,764.34. Gold under the Turkish Lira, is now priced at 13,276.55 Lira giving the holder a 330.25 gain with Silver’s last trade at 168.235 T-Lira adding an additional 12.365.
July Silver’s Delivery Demands, one of the most ignored plights (Comex-deliveries) in the overall topic called precious metals, now has an Open Interest tally at 1,031 fully paid for 5,000 ounce contracts and with a Volume of 35 already up on the board with a trading range between $24.37 and $24.195 with the last trade at $24.355 up $1.547 so far today. Last night, when trading started, Silver’s Volume hit 14 contracts with no price posted. What is more striking about this, is Friday’s trades within the delivery system. July Silver’s Delivery Demands dropped by 239 contracts with the full day’s trading range between $23.07 and $23.065. That’s a ½ penny trading range that had a Volume of 189, yet the Comex price fixers decided to allow the settling price to be much lower than any trade occurred at $22.808, dropping the value by 13.7 cents by the end of the day. I wonder if the version of “law” within the CFTC books is equal to the version of law under the eyes of the DOJ? That may be answered soon enough (JPM) as we pile on the questions as to how 189 contracts can trade in a ½ penny range but 35 has much more of a spread? Today’s buyers must not be part of the club. Silver’s Overall Open Interest now sits at 186,346 Overnighters going against the physicals proving a gain of 474 since Friday’s tally.
July Gold’s Delivery Demands now has 524 fully paid for contracts posted and with a Volume of 165 already up on the board providing a trading range between $1,938 and $1,901.50 with the last trade at the high, up $40.70 so far today. The physical demand count has increased by 388 contracts from Friday’s tally that had a Volume of 474 with a single price for a trading range at $1,884.30. Yet the Comex Price Fixers settled the trade at $1,897.30, a gain of $8.20 (from Thursday’s close) even though there were no trades near that price. Gold’s Overall Open Interest also gained 1,088 more shorts going against the physicals bringing the tally to 610,362 Overnighters. Tomorrow is the July Options expiration day with Wednesday being the last day for July buyers, who need physicals immediately. Not only that, August Gold, a primary delivery month for the noble metal, has an Open Interest of 197,548 contracts. This tally has to drop or we may see $38,284,802,400 in purchases. What can go wrong? Nothing! That is if you have your metal already.
The events of the year, have really taken a toll on just about everything in finance and economics. Everything has changed! What had value, no longer has it. What didn’t have value and was considered a barbarous relic, is all of a sudden, the must have. That’s why we are here, sticking to the topic that has been ignored by the fake media and the fake financial system that supported the media Creature Style. Their game is over, and ours has just begun.
So, sit tight – you are right! Holding precious metals while the world hated it is proving to be one of the best decision’s one could have made. Most of those, that are trading in the various sectors of precious metals, have been beaten to a pulp, lying in pools of blood, with cuts and bruises, missing teeth, and with broken bones to boot. How could they have survived all this and still be right here and in place? Determination! I don’t know about you, but I think the central banks bullies, in the playgrounds of our sector, are getting tired. We may be a bloody mess, but we’re outlasting the bullies, like Steve Rogers, We Can Do This All Day Long! Prayers for all, and as always …