Great and Wonderful Friday Morning Folks,
Gold is doing it again, going higher 3 days in a row with June Gold at $1,757.80 up $12.60 and right close to the high at $1,760.20 with the low at $1,742.20. Silver, the red headed step child, is still being dragged along with the July contract at $15.625, up 9.9 cents with the high nearby at $15.655 and the low at $15.440. The US Dollar is still stuck under the support of the algos (not real trading) with the value pegged at 100.430, down 10.5 points after it rallied to 100.975 with the low nearby at 100.375. Of course all this was done, while we slept, before 5 am pst, the Comex open, the London close, and after one of the last surviving Mall Queens prepares for bankruptcy. These closures remind me of the days of Montgomery Wards and Zody’s which were around before the malls showed up, now it’s the malls turn, as we watch online shopping take over everything.
Venezuelans are now paying 40.95 more Bolivars per ounce for Gold with today’s price at 17,556.03 with Silver buyers being charged less with the price at 156.055 Bolivar as 1.698 got shaved off its value. In Argentina, Golds price gained another 410.18 Peso’s with the trade at 116,507.91 with Silver losing 10.4 in A-Peso value with the price at 1,035.42. The Turks had to add another 60.71 Lira’s to yesterday’s price for Gold in order to buy an ounce with today’s price at 12,253.21 with Silver buyers getting an 0.896 T-Lira discount with the price at 108.918.
April Silver Delivery Demands now show a post of 21 fully paid for contracts after yesterday’s total Volume reached 21 inside a trading range between $15.665 and $15.43 for the first 20 contracts, with the last single lot buy/sell at $15.36 with the Comex adjusted close at $15.348. So, what are we to believe here? Did those Resolute 23s magically get filled all at once after 5 days of waiting, as this new order got added, or is there more hanky panky behind the numbers and price? As of right now, there is no volume and no price to offer within the delivery system as we wait out the closing of the April Options this coming Monday, then the last trading day for the April delivery cycle hits Tuesday, with the First Notice day for the May contracts arriving on Thursday. The Shorts in Silver had to add another 1,329 more contracts in order to keep Silver from rising any higher yesterday, and in order to set up the futures price crush, once again, for Monday’s Options Expiration. Don’t you worry, just like negative Crude Oil, it’s all about the largest holders of positions and not the masses of traders the regulators cater to. The governing bodies are making sure this theft is legal as they look the other way till their paychecks get stopped, with the total count now at 143,088 Overnighters.
April Gold Delivery demands now shows a count of 406 fully paid for contracts, proving 140 buy orders finally got receipts after yesterday’s trading range between $1,745.10 and $1,734.00 with the last buy order price at $1,741.40 yet the closing price was adjusted down to $1,733.30. As of right now, today’s Volume shows 67 more contracts got traded out with a singular price of $1,744.00. Gold’s Overall Open Interest gained another 743 short contracts in order to surprise us with Monday’s declines into the Options Expiration with the total count now at 498,956 Overnighter’s still in the trade. After watching this game as long as we have, I’m sure we all hope that one day, Mr. Resolute will step in on Options Expiration Day, and simply load up on the physical buys and bury or blow out the shorts. Wouldn’t that be a hoot?
This game we are all forced to deal with, has been a challenge to say the very least. We have observed institutional manipulations using Algo’s to control the prices, as the thefts occur in all sectors of commodities and stocks. The game is coming to an end because the Algos and their government employed bodies can no longer hide behind anything, as they allowed physical products to trade into the negative by all the fake products, they claim have value. Nobody with a working brain is going to hold a debt instrument in conditions like these, with no one working, and in fear of not having a job going into the rest of the year. What about the Cattle Rancher or Pig Farmer, or the Soybean, Wheat, Corn farmers after they witnessed Crude Oil going negative? If they are on the wrong side of a futures hedge, they could seriously lose everything because an Invisible Enemy is inside the regulators who are suppose to make sure everything is fair. Not for one side of the trade but for everybody. Imo, it is right here that they have failed our nations investors, but not the companies these regulators came from.
We even have a guy who claims to have the only computer program, that thinks his computers knows everything about the markets and thinks only he can save the world, and that the elected president should be listening to him because he has a stellar track record with many governments asking for his direction. Of course, his resume is lacking about 10 years of not working, when he was governed into an 8 by 10.
Holding physical precious metals, with a nice supply of food, toilet paper, and ammo, is still the most comforting. We’re still waiting for the Market Makers to come up with all those negative options below Zero for petroleum, when all they really have to do is sell a Call or sell a Put and get the same outcome if the market goes below zero again, but don’t let that get in the way of their story. In the meantime, have a great weekend, keep that smile on your face with the knowledge that physical Silver and Gold is a hell of a lot safer than leaving your money in the hands of those that have computers that know better than you. Keep that smile on your face and a prayer in the heart and as always ….