Great and Wonderful Tuesday Morning Folks,
Late last night, I observed the hammer coming back to nail the precious metals lower. To me, the desperation is becoming more obvious by the day, as Gold reversed with the April contract at $1,725.50, up $2.50 after being dipped to $1,704.60 with the high to beat at $1,731.40. Silver has yet to recover, but it will soon, with the May trade at $26.35, down 32.8 cents and recovering from the low of $25.82 with the high starting point at $26.745. On the other side of all this is the US Dollar, the continually printed currency of the world, now valued at 91.135, up 9.9 points after going all the way up to 91.405 before the drop with the low at 91.07. Of course, all this happened before 5 am pst, the Comex open, the London close, and after a Texas judge got arrested for, you know, that thing called voter fraud the SCOTUS can’t, won’t, or refuses to hear, in its compromised court.
The Venezuelan Bolivars latest price for Gold is now at 17,233.43 showing another drop of 172.79 Bolivar overnight with Silver losing 6.19 with the last buy price at 263.17 Bolivar. Further south the Argentine’s are paying 1,007.52 less for an ounce of Gold with the last price at 155,435.30 Peso’s with Silver pulling back 46.49 with the last price at 2,373.85 A-Peso’s. The Turkish Lira’s value took away 10.02 from Gold with the last price posted at 12,643.19 Lira with Silver’s last trade at 193.11, down 2.41 T-Lira’s.
March Silver’s Delivery Demands now stands at 3,872 fully paid for 5,000-ounce contracts and with a Volume of 83 already up on the board with a trading range between $26.385 and $25.86 with the last buy at the high, yet the price is down 36.2 cents from Monday’s Comex close. Yesterday’s full day of delivery trade happened in between $26.99 and $26.49 with the last purchase price at $26.52, up 11.8 cents with the Comex Calculated Close at $26.647, a gain of 24.5 cents that had a total of 519 swaps. Of note during yesterday’s Comex delivery activity, the Demand Count was increased by 4 contracts bringing the total to 4,781 contracts with the reduction of 909 to bring us to todays count. Silver’s Overall Open Interest continues to pull back as another 2,440 contracts left the field of play leaving 158,706 Overnighters to trade against what is left in a warehouse that promises it has the metals but never allows a 3rd source to verify.
March Gold’s Delivery Demands now stand at 919 fully paid for contracts waiting for receipts and a Volume of 444 already up on the board with a trading range between $1,728.50 and $1,708.70 with the last buy at the high, a gain of $6 so far today. Yesterday’s full day of delivery happened in between $1,747 and $1,720.30 with the last swap at $1,720.40, a loss of $7.70 before the CCC was done at $1,722.50, down $5.60 that had a total of 407 swaps that helped reduce the demands by 648 contracts that got receipts, maybe. Gold’s Overall Open Interest is also losing support as another 1,070 contracts left the game leaving 468,198 contracts at the Comex to trade against the physicals helping to prove that most of the activity is happening inside the deliveries.
A type of panic and response can be seen in the commodities. Over the past 3 days, we’ve witnessed the “cleansing of the longs” in Petroleum, Silver, Gold, and the “changing of the shorts” in the US Dollar and all Treasuries with the exception being the short-term Eurodollar. This happened just after Fed Chair Powell, and Treasury Sec Yellen made claims that everything is “old school good” for the Petrodollar. Yet, those discussions didn’t help the 30 year US-T at all with loan rates now above 3%.
The Reddit Apes are taking on the Comex. This time they are asking for, and getting support, under a GoFundMe page for the big “SILVER SQUEEZE” – Billboard Signs. Is that brother Andy Schectman, JM Bullion, SD Bullion, and First Majestic making “TOP” donations? Will there be more funds of support? Stay Tooned! Comex has an obvious problem, and in the famous words of Bill Engvall, Here’s Your Sign!
Make it a great day no matter what, because attitude is everything. So, keep the faith, hold on tight, and look for those sign posts just ahead. As always …
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