The Numbers Behind The Price, Tells Us The Real Story
April 2, 2019
Good Tuesday Morning Folks,
Gold is flat in our early morning report with the trade at $1,293.70, down 50 cents and ironically, trading closer to the high at 1,295.30 with the low at $1,289.50. The Silver signal is pointing lower with the trade at $14.995, down 10.5 cents and near its bottom at $14.965 with the high up at $15.085. The US Dollar is still the go to currency with support showing up within the European trading session giving the trade 16.1 more points of support so far with the value pegged at 96.96, after reaching up to 97.045 before calming down with the low to beat at 96.845. All this was done way before 5 am pst and before the Comex sleep. Very little news is coming out of So. America leading many to suspect more is going on within the emerging markets currency melee especially within Venezuela, where Gold’s price is now pegged at 12,920.83 losing another 18.98 Bolivar with Silver now at 149.763 Bolivar, losing .699 overnight.
April Silver’s delivery demands sure got a large distribution completed during yesterday’s trades with the count now at 197 obligations waiting for receipts with a volume of 10 up on the board so far this morning. Proving 509 contracts (over 2,500,000 ounces) were needed immediately making this pullback in price very interesting indeed. The numbers behind the price swings are telling, as the Overall Open Interest increased again while demand for physicals did the same with the count gaining 2,153 totaling 199,556 Overnighters. Maybe if we see more demands for physicals, we’ll continue to see lower prices, go team Algo!
Bill Holter’s Commentary
For those interested, GATA has documented the price manipulation of gold for the last 20 years. Here is an update of proof gathered over the years…
Chris Powell: Gold Market Manipulation Update, April 2019
April 2, 2019
[SLIDE 1: Introduction]
Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Mines and Money Asia Conference
Hong Kong Convention and Exhibition Centre
Tuesday, April 2, 2019
Mining Investment Asia Conference
InterContinental Singapore Bugis Hotel
Thursday, March 28, 2019
Most of us come to this conference to discover what mining assets are worth financially. Most people go to financial conferences generally to discover what various assets are worth.
For almost 20 years my organization, the Gold Anti-Trust Action Committee, has documented why mining assets particularly and other assets generally can not be valued accurately or even valued at all without first taking into account the largely surreptitious intervention in the markets by governments and central banks, surreptitious intervention that lately has become almost comprehensive.
Bill Holter’s Commentary
Another real reason the Fed cannot ever raise interest rates…it is called shooting one in one’s own foot!
Jim Grant: The Fed Was Technically Insolvent Last Year. Why Didn’t Anyone Care?
March 29, 2019
In finance today, comfort trumps propriety. As necks are tieless, so are earnings “adjusted.” As shirts are untucked, so are balance sheets encumbered. In the 21st century way of doing business, freedom of action is the beau ideal. Neither clothing nor rules should constrain it.
Has anyone noticed that the Federal Reserve is solvent again? Unlikely, as few realized that it was technically insolvent. At the Sept. 30 reporting date, cumulative unrealized losses in the system’s open market account totaled $66.4 billion, almost twice the $39.1 billion of capital available to absorb that hypothetical loss.
These are matters of form, not function, you will hear. The Fed does not mark itself to market. It pays its earnings into the Treasury, rather than retaining them. And it returned to technical solvency in the fourth quarter on the back of the year-end bond rally.