Great and Wonderful Tuesday Morning Folks,
Gold is flat to lower with the December contract at $1,937.10, down $2.10 after the London low at $1,927.10 with the high to beat at $1,944.10. Silver is positive with December trade at $26.835, up 6.7 cents after its recovery from London’s low at $26.575 with the high to beat at $27.015. The US Dollar’s float now rests at 93.07, down 21.9 points after the centrals pushed its value up during Monday’s activity with today’s low at 93.02 and the high at 93.35. Of course, all this happened already before 5am pst, the Comex open, the London close, and after Chinese officials, Ambassador Lighthizer, and Secretary Mnuchin, talked again about the agreement that China made and reneged on many times already.
Venezuela’s Bolivar now has Golds value at 19,346.79, showing a 208.74 Bolivar pullback with Silver’s trade at 268.015 Bolivar, taking back 2.746 from yesterday’s activities. Argentina’s Peso price for Gold is now at 142,698.22 showing a 1,388.55 A-Peso reduction with Silver at 1,976.99 A-Peso’s pulling back 17.89, which was far more than yesterday’s gains. The Turkish Lira’s price for Gold is now at 14,317.38 T-Lira’s showing a 126.83 pullback which is just over 25% of yesterday’s gains with Silver doing the same, pulling back about 25% with the last trade at 198.339 T-Lira’s.
We’re getting down to the wire here in the August Deliveries with this mornings Demand Count at 14 and with a Volume of 2 up on the board with 2 prices posted, $26.785 and $26.70 with the last trade at the low, providing a gain of 11.2 cents so far today, even while the papers play the price lower. Yesterday’s delivery activity happened in between $26.78 and $26.695 with only 3 contracts swapping hands, and reducing the demand count by 2. The Overall Open Interest in Silver continues to lose its shorts as another 2,241 contracts jumped ship, leaving the overall count at 189,203 Overnighter’s still in trade, as we get closer and closer to the Jackson Hole gathering, the day after the September options expire. So far this month, we have 1,292 contracts delivered, which breaks down to 6,460,000 ounces of Silver. Not bad at all for a cereal month!
August Gold’s Delivery Demand Count now sits at 138 fully paid for contracts with a Volume of 29 up on the board and a trading range between $1,928.50 and $1,920.90. Oops! Make that last trade at $1,915, down $12.70 as another single lot sell order came in reducing the price by another $5.90. Thank you, London! Yesterday’s delivery activity happened in between $1,940 and $1,922.20 with the last trade done at $1,923 with its calculated Comex close at $1,927.70 that had a total Volume of 85, reducing the delivery count by 72. Gold’s Overall Open Interest added more shorts, as another 1,768 Overnighters came in leaving a grand total of 552,334 contracts in trade. So far, for the month of August, 48,809 contracts got receipts, or said another way 4,880,900-ounces were taken out of Comex, one way or another.
Jackson Hole’s Virtual Reality is going to take over the entire week, so we will wait it out to see what is said. I’m hoping that Judy “Shelton” knocks on that Jackson Hole Fed door, like Sheldon does in the Bigger Bang Theory. That would be great; Knock Knock Knock “Gold is money”, Knock Knock Knock “Gold is money”, Knock Knock Knock “Gold is money”! Maybe that would get the point across. Enjoy your day, have a smile on your face and a prayer for all, and as always ….
More J.Johnson content is available with purchase of a JSMineset subscription.