Great and Wonderful Monday Morning Folks,
It’s our President’s Day Holiday for most, yet money rarely sleeps, with April Gold down $2.70 with the trade at $1,820.80 recovering from the low of $1,815.50 with the high at $1,827.10. Silver is not following protocol with the trade at $27.69, up 36.2 cents from the starting low at $27.45 and the high to beat at $27.74. The US Dollar Index is still moving slowly, even with all the political commotion going on, with the value pegged at 90.37, down 10 points and right smack in the middle of its London range between 90.46 and 90.25. Of course, all this happened overseas, and in London’s time, while we holiday, and after the Democratic lawyers were caught doctoring evidence in the no-longer-in-office-impeachment-case, and after they already retracted a false statement they tried to use as a fact. When will they be called out for constantly lying to the American Public?
Since Friday morning, Gold gained 40.95 Bolivar in Venezuela with the last trade at 18,185.24 with Silver’s last price at 276.55, a gain of 5.49 Bolivar. Gold in Argentina also gained 354.99 Peso’s with its last price at 161,022.17 with Silver gaining 48.70 with its last price at 2,449.05 A-Peso’s. The Turkish Lira’s last price for Gold traded at 12,690.85 proving a loss of 63.64 with Silver gaining 2.48 T-Lira’s with the last buy at 192.99.
February Silver’s Delivery Demands now shows a total of 406 fully paid for 5,000-ounce contracts waiting for receipts and with a Volume of 1 up on the board and a $27.51 price attached to that purchase. Friday’s delivery trades had no swaps at all, but they did Calculate a Comex Closing price of $27.323, a gain of 28.1 cents, dropping the demands by 125 contracts that most likely got efp’d to London because we don’t have the Silver(?). With the rumors everywhere about No Physical Silver in any size, we did get to see an additional gain in Silver’s Overall Open Interest as another 1,901 more shorts got added to keep the markets liquid bringing the early morning total to 182,758 contracts willing to trade against the physicals.
February Gold’s Delivery Demands are still heavily elevated, especially for this late date in the month, with 3,111 fully paid for 100-ounce contracts still waiting for receipts and with an additional Volume of 306 already up on the board with a trading range between $1,823.40 and $1,815.90 with the last buy at $1,817.30, down $4.30 so far today. Friday’s full day of delivery trade happened in between $1,827.50 and $1,809.20 with the last swap at $1,823.20, a loss of $3.30 on the day, that helped reduce the demand count by 2,143 contracts getting receipts or were sent to London giving us today’s early morning count. Gold’s Overall Open Interest lost 3,813 paper contracts bringing this morning’s early total to 504,518 shorts willing to trade against the physicals.
Ronan continues to keep us abreast of the Silver issues in the City of London, as SLV warns, it can’t find Physical Silver either. They simply have too much demand for the real, supposedly imposed upon SLV’s paper investment, by a group of basement-dwelling kids with free checks to trade with and a cellphone app. This story is only adding to the shortage stories we know are real, here in the states, as the difficulty of finding the real is truly getting discussed daily, regardless of Comex’s Controlling Paper Price, which they are obligated to deliver at. Of note, we’re only 8 days away from the March Options coming off the board (expiring) with the 26th of February being the First Notice Date for the March Deliveries. The third month of the year just so happens to be a primary delivery month in Silver, like February is for Gold. This may be the point to watch as the Open Interest in March needs to drop a lot, in order to keep things steady. What happens next is all up to the physical buyers.
As mentioned above, money rarely sleeps, or holidays! Treasuries, Currencies, Petroleum (think petrodollar), and Precious Metals, are the only things trading today, which is why we are here keeping watch! Have a wonderful day, keep the faith, and let the markets roll on. None of this matter, that is, if you have Silver and Gold in hand … As always …
More J.Johnson content is available with purchase of a JSMineset subscription.