Great and Wonderful Friday Morning Folks,
Gold is trading at $1,701.30 down $21.30 and right close to the usual low of London at $1,696.60 with the high to beat at $1,726.10. Silver is leading the beatings, even though the inventory arguments persist, with the trade at $25.595, down 59.8 cents after the dip down to $25.48 with the high at $26.235. The US Dollar continues to see support, for now, with the trade at 91.875, up 45.7 points with the high right there at 91.96 and a low at 91.405. Of course, all this happened before 5 am pst, the Comex open, the London close, after more money is being passed out by Team Biden, and after the governing body in commodities did its homework on the WallStreetBetz – SilverBackApes.
Gold, under the Venezuelan Bolivar, is now priced at 16,991.73, a savings of 284.65 with Silver trading at 255.68, a 7.19 Bolivar discount over yesterday morning. In Argentina, Gold lost 2,494.97 Peso’s overnight with the current buy price at 154,447.29 with Silver buyers seeing a 63.76 discount over yesterday’s gains with its last trade at 2,324.16 A-Peso’s. Lastly, Gold under the Turkish Lira, didn’t even lose half of yesterday’s gains, with the last trade of the day at 12,906.14 Lira down 16.71 with Silver losing 2.36 (more than yesterday’s gains) with its last buy at 194.20 T-Lira.
March Silver’s Delivery Demands now has a count of 1,148 fully paid for 5,000-ounce contracts waiting for delivery with a Volume of 16 already up on the board with a trading range between $26.20 and $25.705 with the last buy at $26.725, down 43.7 cents, so far today. Thursday’s full day of ICE Deliveries happened in between $26.41 and $26.04 with the last buy at $26.17, with Comex Calculating its Close at $26.162, a gain of 6 cents which had a total of 37 new swaps that helped increase the demand count by 12 contracts. Silver’s Overall Open Interest proves a gain of 543 Overnighters bringing our early morning total to 156,662 “shorts over physicals” as the draining continues, unabated.
March Gold’s Delivery Demands now has a count of 309 fully paid for 100-ounce contracts waiting for receipts with a Volume of 58 already up on the board and a trading range between $1,715.90 and $1,699 with the last swap of London at $1,699.20 down $23.10 so far today. Yesterday’s full day of ICE Delivery demands had a total of 18 swaps that happened in between $1,737.50 and $1,720.20 with the last buy at $1,721, and a CCC at $1,722.30, gaining 80 cents on the day, which helped reduce the delivery demands by a whopping 1,726 contracts, that got something, like a receipt, or was sent to London via EFP, so they can take delivery over there, or to short a delivery contract into the Comex open, maybe. Not only did the Demand Count fall quite a bit, so did the Overall Open Interest, as 7,840 “papers over physicals” left the field of play leaving 468,453 Overnighters to keep things in control.
I listened to yesterday’s CFTC hearing (last month’s congressional one too) and am grateful they addressed the WallStreetBetz-Silver-Back-Apes and their want for physical Silver. This had to be done after the Congressional Hearing over GameStop, a failing mall-queen, which just so happened to have certain hedge funds shorting a combined total of 140% “short over actual shares” (an accusation from WSB), which these “low IQ crayon eating retards” traded against, and buried! When these reddit site members mentioned they wanted to go after the Silver Shorts in Comex, the governing bodies perked up. The CFTC employee, claimed during the audio hearing, that their investigation into the WSBz-Apes proved to be mute, or not even noticeable. Another person in the hearing mentioned they are reading the sites and are making adjustments accordingly (algo?).
I thought they would gloss over the issue, and they did, imo, the had no choice. How can a regulator determine from the names used in Reddit, and match those with real accounts that are buying physicals in stores or at the Comex? For example, is there a real person named “FlamingKitty”, “Physical_Farmer_4222”, “FartInACrowdedElevator”, or “JakeFromStateFarm” that have checking accounts and all proper verifications needed in order to trade in commodities? The Reddit site is all about privacy, so these people make up names, then gain followers based on their points of view and humor. My thoughts, in all things investing; was/is real names, matching SS numbers, addresses, et al, have to be used period, at least I thought so, I best leave room to be wrong here since the CFTC has done its homework.
In the meantime, the deliveries continue, Comex claims to have deliverable metals, our electronic manufacturers still have needs, and the premiums are still high! Now there is another group, that wants physicals at any price. This group has more pictures from the “Low-IQ-Apes” that are truly inspirational!
We haven’t even seen their Billboard Signs yet, so Stay Tooned, keep buying up physicals, and welcome any and every one including fake names, into the purchases of physicals while the printing of dollars continues, weakening everyone’s purchasing power and retirement accounts. Enjoy your weekend, find a smile no matter what, and as always …
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