Posts Categorized: In The News

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Someone Seems To Be Working Overtime, In Precious Metals
May 30, 2019

 Great and Wonderful Thursday Morning Folks,  

       Gold is trading lower this morning, that’s because yesterday was a positive day and it seems the rules of the exchange is “No Two Day Rallies Ever” with Gold now at $1,282.20, down $4.20 inside another tight trading range after the trade was pushed down to $1,279.20 with a high at $1,285.10. Silver is still signaling the Algos with its trade down 3.8 cents at $14.45 with the high at $14.485 and the low at $14.42, a trade swing of only 6.5 cents (someone seems to be working overtime). The US Dollar, the global currency lynch pin to it all, is now valued at 98.055, up 2 points after reaching up to 98.145 earlier with the low at 98.00. Of course all this is done way before America trades aka the Comex Open, and before the London Close.    

      The Emerging Currencies Market is showing Gold priced under the Venezuelan Bolivar to be trading at 12,805.97, taking back 62.92 Bolivar from yesterday’s gains with Silver at 144.319 gaining .998 in the overnight. The Argentine Peso now has Gold pegged at 56,971.28, losing another 588.77 of A-Peso value with Silver at 642.034 regaining 1.018 Pesos as the Silver Signal points higher under these 2 South American currencies. Turkey, which is closely aligned to the European mess now has Gold pegged at 7,546.81 proving a loss of 195.49 in T-Lira value with Silver at 85.0452 losing another 1.1704 in value.    

      Yesterday was the close out day for the May deliveries with the final count for physical Silver demands showing 194 fully paid for 5,000 ounce contracts waiting for receipts. Only 1 more purchase was made during the day but Harvey Organ’s count shows a settling of 119 leaving a balance. Hmmm, if we had a CFTC commissioner who was actually able to be reached and respond to our requests, we would ask them how this could be, then ask them about those Emergency EFP’s going to London these past few years and if they are really for physical deliveries or another part of the hidden paper play? But alas, these commissioners are not here to help us understand the play, they’re here to do something else. June Silver is now our delivery focus with the starting count at 306 obligations with a volume of 27 up on the board so far this morning. It is very possible that the 27 volume in June is an agreed upon rollover with more to come, time will tell, maybe.  Apparently, yesterday’s rally was all about the shorts exiting their trades as the Overall Open Interest lost 7,140 overnighters in order to stay the price with a possible measure of how much of a spike Ag would make since the longs are refusing to exit their positions, leaving the shorts in trouble. This is what we want to see, hopefully the longs, that have “stayed the trade”, are as serious about their positions as the physical buyers are, who have been sopping up as much physical at these prices, knowing full well the future will be counting Silver with a much higher US$ value.     

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Bill Holter’s Commentary

This was only a matter of time…

Malaysia Proposes Common Asian Gold-Backed Currency
May 30, 2019

For years, gold bulls had speculated that China has been quietly piling up physical gold, awaiting the moment to unveil a gold-backed currency, either after the dollar’s reserve status falters or before.

Today, the Malaysian Prime Minister Mahathir Mohamad took one large step in that direction when he proposed the launch of an Asian version of the euro: a common trading currency for East Asia that, unlike the euro, would be pegged to gold, describing the existing currency trading in the region as manipulative (perhaps in reference to China’s currency setting framework).

According to the Malaysian PM, the proposed common currency could be used to settle imports and exports, but would not be used for domestic transactions.

“In the Far East, if you want to come together, we should start with a common trading currency, not to be used locally but for the purpose of settling of trade,” he said at the Nikkei Future of Asia conference in Tokyo. “The currency that we propose should be based on gold because gold is much more stable.”

He said under the current foreign exchange system, local currencies were affected by external factors and were manipulated. He did not elaborate on how they were manipulated, and whether his complaint was against the dollar or the yuan. That said, Mahathir has long been a critic of currency trading, and according to Reuters, he once accused George Soros of betting against Asian currencies.

Incidentally, during the Asian financial crisis two decades ago, Mahathir pegged the ringgit currency at 3.8 to the dollar and imposed capital controls. That peg was scrapped in 2005.

Earlier this week, the Trump administration said that no major trading partner met the criteria required to be placed on the U.S. Treasury Department’s list of its currency manipulators, it named Malaysia among nine countries that required close scrutiny. In response, Malaysia’s central bank said on Wednesday its intervention in currency markets was limited to managing excessive volatility.

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Silver Is The Most Manipulated Market Out There (And For A Reason)
May 29, 2019

Great and Wonderful Wednesday Morning Folks,   

      Our first paragraph of the day is all about the positive in precious metals under the US Dollar, with Gold’s trade at $1,288.50, up $6 and close to the high at $1,290.30 with the low at $1,283.80. Silver is following, like a spoiled child being dragged along, with its trade at $14.35, up 3 cents inside an 8 cent trading range between $14.40 and $14.32. Even the US Dollar is still in a positive with its trade at 97.895, up 5.3 points with a more volatile trading range, with its high so far at 97.94 and a low at 97.75. All of this of course is done while we sleep, before 5 am pst, before the Comex opens, and the London close.      

      Our emerging markets currency watch shows Gold’s price under the Venezuelan Bolivar to be trading at 12,868.89 gaining back 6.99 Bolivar with Silver’s trade at 143.321 losing an additional 1.148 Bolivar since yesterday’s quote. Argentina’s Peso now has Gold priced at 57,560.05, losing 6.764 with Silver at 641.016 A-Pesos, losing 6.267. The Turkish Lira has Gold pegged at 7,742.30 it too losing 24.71 Lira overnight with Silvers price at 86.2156 losing 1.0411 Lira. It seems the emerging markets are still holding all the volatility for now but that will change in time.   

      The May Silver Deliveries are still in play with the Demands for Physical at 194 fully paid for positions proving a drop of 25 contracts in yesterday’s trading activity. What is not shown is the Volume during yesterday’s trade which totaled 97 with Harvey Organ evidencing 77 of these notices being delivered during the trading day. This is telling us the demands are still there and someone is stepping in at the very last moments, to make sure their orders do not stay in the hands of the bankers for very long and at the same time, proving there is still product to play with (for now).    

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Bill Holter’s Commentary

THE biggest story of the weekend!

“A Big Wake Up Call”: Chinese Bond Market Roiled By First Ever Bank Failure
May 28, 2019

Late last Friday, we reported that several hours after the market close, China’s financial regulator and central bank made a shocking announcement: for the first time in nearly 30 year, China would take control of a bank, in this case the troubled inner Mongolia-based Baoshang Bank, due to the serious credit risks it poses.

 

 

 

 

 

 

 

 

 

 

 

The news which highlights the potential for increased stress at regional lenders that piled into off-book financing in recent years, was strategically timed to hit ahead of the weekend, and with the market closed, it avoided an immediate panic selling waterfall. However, the fact that in China banks are now fair game for failure, and will soon join the record surge in Chinese corporate defaults…

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The European Union is a Mess!
May 28, 2019

 Great and Wonderful Tuesday Morning Folks,   

      We start our post-holiday trading day with Gold being pressured lower after yesterday’s upward slant and subsequent to the weekends Euro-Elections data coming out with the August Gold futures trade now at $1,287.80, down $1.40 from Friday’s close and right beside the low at $1,286.90 with the high at $1,292.60. July Silver is leading the charge lower with the trade at $14.465, down 9 cents and beside its low of $14.45 with the high at $14.61. The US Dollar is still benefiting from the Euro-Commotion with its value pegged at 97.63 up 15.3 points and just off its high at 97.715 with the low at 97.57. All of this was done way before 5 am pst, the Comex open, and before the London close.   

      The emerging markets mayhem continues with our check on Venezuela’s inflationary pressures its currency causes it’s people with Gold at 12,861.90 Bolivar adding 56.93 over the past 3 days with Silver now at 144.469 losing .849 Bolivar. In Argentina, the Pesos pressure now has Gold pegged at 57,627.69 losing 164.21 Pesos with Silver at 647.283 A-Pesos, losing 8.582. The Turkish Lira now has Gold pegged at 7,767.01 losing 28.876 Lira with Silver at 87.2567, et tu losing 1.1681 T-Lira as it seems all (5) eyes are on the emerging sector to keep precious metals steady at a time when the world is kicking out the socialists and, all at once.     

      The primary focus for us is the delivery system in the futures as May Silver’s final days are here with a demand count still at 219 requests for physical and with Zero Volume up on the board so far this morning. This is only 1,095,000 ounces of Silver standing for delivery, with today being the last trading day for the June Options with tomorrow being the last day these May Silver delivery demands have to be met, in which the bankers have to give the receipts for physicals. It even appears that the Short traders are continuing on as well with the Overall Open Interest in Silver now at 211,708 Overnighters proving a gain of 1,452 more shorts in play, in order to stay the price. This here is our proof that the price is being faked by the amount of paper shorts.

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Theresa May Out and with One Hell of a Huge Q drop!
May 24, 2019

Happy Friday Morning Folks!   

      Gold is lower during the London trade with the now price at $1,282.10, down $3.30 inside another one of those tight trading ranges between a high of $1,284.70 and the low at $1,280.30. Silver is inside an equally tight trading range with its current price at $14.55, down 6.3 cents and at the same exact price as May Ag’s quote with the high to beat at $14.595 and the low at $14.52 as we wonder about the old adage before Algos took over; “never sell a quiet market”. The US Dollar has a wider range with its value now at 97.675, down 4.8 points within the early morning range between 97.775 and 97.555. All this non-activity was done way before 5 am PST, The Comex open, and before Teresa May finally leaves office.   

      The Venezuelan Bolivar now has Gold pegged at 12,804.97 Bolivar, regaining another 52.93 overnight with Silver now at 145.318 it too gaining back another .799 in Bolivar value. Argentina’s Peso now has Gold priced under the fiat at 57,791.90 Pesos, a regain of 513.23 Pesos in a huge swing upward with Silver now at 655.865, adding back another 6.603 A-Pesos in whopper type fashion. Turkey’s Lira, our newly added emerging market currency, now has Gold at 7,795.77 T-Lira, losing 36.59 from yesterday’s early morning quote with Silver pegged at 88.4248, a loss of .3506 in value.   

      May Silver’s delivery demands are now at 209 contracts waiting to be filled and with a Volume of 13 up on the board so far this morning, proving a drop of 48 obligations during yesterday’s trade as the deliveries keep it all real. Silver’s Overall Open Interest proved a point during yesterday’s mini-rally, which caused a few shorts to exit their trades as the count dropped 714 Obligations making the count now 210,256 Overnighters. How tight is the trade and what would happen if the rest of the overwhelming short positions got spooked and exited their trades, which in turn would force the prices higher in order to slow down demand? We don’t have the answers to these questions, but we do believe these inquiries will be answered in very short order.    

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The Demands Remain the Game…
May 23, 2019

  Great and Wonderful Thursday Morning Folks,   

      Gold is up again with the trade at $1,276.80, a gain of $2.60 and right close to the London high at $1,277.50 with the low at $1,272.10. Silver is tagging along with its trade barely up 2.1 cents at $14.47 with its high at $14.48 and the low at $14.40. The US Dollar finally broke thru the upside resistance with its value pegged at 98.07, up 18.9 points after reaching up to 98.14 before settling down a bit with the low at 97.94. Of course all this non-activity already happened before 5 am pst, the Comex Open, the London close and, “May”be before a prime minister is forced out of office.     

      The Venezuelan Bolivar now has Gold priced at 12,752.04, gaining back another 15.98 Bolivar with Silver only able to scratch back .20 of a Bolivar so far today with its price at 144.519 Bolivar. Argentina’s Peso now has Gold valued at 57,278.67, a regain of 166.23 A-Pesos within a 24 hour period with Silver pegged at 649.262 almost gaining back all of yesterday’s pullback as the climb equaled 2.176 A-Pesos. Then we have Turkey’s little fireside fiat sale putting Gold’s price at 7,832.36 showing an increase of 41.90 T-Lira with Silver gaining .5055 as well with Ag’s value at 88.7754 T-Lira.

      The May Deliveries for Ag seem to be gaining some more drama as the demands for physical increased with the count adding 32 more buy orders putting the requests for physicals at 257 and with Zero Volume up on the board so far this morning. During yesterday’s Comex trading coma we witnessed May Silver’s trading prices widen a bit after the early morning report, but more importantly was the Volume which exceeded a 150 count inside an 8 cent window. Whether these purchases are another batch of EFP’s to London, a real delivery request, or another paper trade exiting out, cannot be answered until Comex pulls its head out and gives the majority of traders the information. Regardless, the demands remain the game, and this is where it all begins and ends. The Overall Open Interest for Silver continues to climb with the count now at 210,970 showing a gain of 116 more shorts to stay the “Delivery” price for now.    

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Jim Sinclair’s Commentary

The latest from John Williams’ www.shadowstats.com

– Economic Downturn Continued into Second-Quarter 2019; Faltering April Freight Volume Presaged Declines in Production and Retail Sales
– April Manufacturing Turned Negative Year-to-Year for First Time Since 2015, When Freight Volume Also Turned Negative, Signaling the Onset of an Unofficial Double-Dip Recession in Production and Manufacturing
– Production and Manufacturing Suffered Heavy Downside Revisions Along With Unexpected Sharp Declines in April Activity
– April Single-Unit Building Permits Signaled an Unexpected Deepening Downturn
– April Existing-Home Sales Declined Month-to-Month and Year-to Year
– Fourth-Quarter 2018 and First-Quarter 2019 Quarterly Contractions in Real Retail Sales Held in Place, Along With an Unexpected, Sharp April Decline
– Shutdown-Disrupted Retail Sales Data Remain of Suspect Quality
– Latest Round of Economic Data Implied Downside Revisions to First-Quarter 2019 GDP, With an Intensifying Second-Quarter Downturn
– Surging Consumer Optimism Tends to Mirror the Tone of the Popular Press
– Market Sentiment Should Continue Shifting Towards Renewed Fed Easing

“Bullet Edition No. 10”

www.shadowstats.com

Jim Sinclair’s Commentary

First Ford had stopped making all but two cars, but kept its truck line, etc. Now Ford is slashing 7k jobs. Ford is getting ready. Ford is the only auto manufacturer who didn’t take the last bail out. Ford is planning to stay alive while others do not.

Ford Slashes 7,000 Jobs as Sweeping Disruption Hits Automakers
May 20, 2019

Ford Motor Co. plans to eliminate about 7,000 salaried jobs — about 10% of its global white-collar workforce — as pressures mount on automakers to keep pace with massive technological shifts amid signs global car demand has peaked.

Eliminating the positions will save Ford about $600 million a year, Chief Executive Officer Jim Hackett wrote in a memo to employees Monday, seven months after the company informed employees of a salaried workforce “redesign.” The majority of the cuts will be completed by May 24 in North America, and by the end of August in markets including Europe, China and South America.

“To succeed in our competitive industry, and position Ford to win in a fast-changing future, we must reduce bureaucracy, empower managers, speed decision making, focus on the most valuable work, and cut costs,” Hackett wrote. “Ford is a family company and saying goodbye to colleagues is difficult and emotional.”

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That Must be the Best Duct Tape in the World Holding it All Together
May 22, 2019

Great and Wonderful Wednesday Morning Folks,   

      Gold is trading at $1,275.20, up $2 inside another tight trading range between the high at $1,276.30 and the low at $1,272. Silver is leading the mini-charge with its trade at $14.45, up 4 cents inside its own tight range between $14.455 and $14.37. The US Dollar is also stuck in between a bunch of non-volatility with its trade at 97.84, down 5.6 points after reaching as high of 97.97 before the buyers stopped with the low down at 97.81. All of this non-activity happened while we sleep, before 5 am pst, and the London close.   

      Our emerging markets gold for currency swap shows that Venezuela’s price for Gold is now at 12,736.06 Bolivar, regaining 31.96 in value with Silver recovering .898 with its current price at 144.319 Bolivar. Argentina, which lead the charge yesterday, now has the Peso/Gold swap valued at 57,112.44 losing 362.54 Pesos with Silver losing 2.425 A-Pesos with its price at 647.086. Our new addition, the Turkish Lira now has Gold priced at 7,790.46, a gain of 85.59 Lira with Silver now pegged at 88.2699, gaining 1.1964 Lira overnight. We see the level waters of the primary currencies unmoved, but those tributaries leading to the primaries are sure stirred up. We still expect one (if not all) of the primary currencies within the Dollar’s currency basket to go volatile. The problem we have is almost all of them (currencies within the basket) have serious issues within the central bank manipulations schemes, with any or all of their concerns, possibly sending the precious metals into the stratosphere pricewise, we simply don’t know which one goes first, or if that even really matters anymore.    

      Our May Silver deliveries carry on with the demand for physicals now at 225, dropping only 2 contracts into the delivered bin and with a Volume of 49 up on the board so far this morning with a price range between $14.40 and 14.39 (this is the real SPOT price, not Kitco’s). This is a super tight buyer/seller agreement and the antipodal of last week’s story, (is someone “not on our side” reading this too?). The big trading point is our Open Interest within Silver’s overall numbers with the count continuing to gain as another 367 more shorts got added to the fray proving the count at 210,854 Overnighters “staying” the trade (keeping prices steady). Our point being, the buyers, who are continually being punished for thinking Silver should be higher in value, are refusing to exit their positions as the shorts keep adding. Normally the buyers would cave by exiting their trade, bleeding and wounded. This may be another attempt at scaring the trade lower, but it could also mean the shorts are against the ropes. Only the deliveries will matter in this game, and when the shorts can’t deliver … Boom!!     

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There Is A Real Problem For The Central Shorts
May 21, 2019

Great and Wonderful Tuesday Morning Folks,  

     Gold is lower under the US Dollar with the trade at $1,272 down $5.30 with the low right here at $1,271.20 and the high to beat at $1,277.70. Silver is doing the same with its trade at $14.375, down 7 cents with its trade right at the low of $14.36 and our high to beat at $14.46. At least the Dollar is heading higher against the metals with the value pegged at 97.945 up 18.1 points and it too is right beside the forced number at 97.975 with the low to beat at 97.78. All this opposing activity was recorded before 5 am pst, the Comex open, and before the London close.    

     In Venezuela, Gold is now priced at 12,704.10, losing 38.95 Bolivar in value with Silver doing the same, continuing its slide downward with its trade at 143.421, losing .249 of a Bolivar. In Argentina, Gold has reversed with its trade gaining 6.95 Argentinian Pesos with the price at 57,474.98. Silver is trading at 649.511, it too regaining 2.17 A-Pesos. Since Turkey is now acting out by cutting its interest rates from 25.5% to 24% we’ll start looking at the power of precious metals under that currency as well with Gold now priced at 7,704.87 Lira with Silver gauged at 87.0735.    

     The Silver Deliveries for the month of May still have some intrigue to deal with as we see the demands for physical at 227 and with a Volume of 22 up on the board so far this morning, proving a drop of 126 demands as either receipts for physicals have been dished out, a short trader exited, or some EFP’s going to London, sometime over the past 3 days. Even though the price of the precious metals keeps getting played with, the real fear factor is not in the price but the numbers behind the price that is proving the thesis that there is a real problem for the central shorts who constantly try to scare the trade lower. No one on the Long side is getting out! That is our point here! The Overall Open Interest in Silver continues to climb with yesterday’s additions putting on another 979 more shorts in order to stay the price making the new total now 210,487 Overnighters. This is what most stock chartists cannot see nor understand. Commodities Open Interest and Volumes will be what tells us when the pressure is too much for the shorts, not the charts. Charts are like Hollywood, simply pretty pictures with no intelligence because the chart uses the fake prices to paint the exact opposite of what is really going on.  

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Bill Holter’s Commentary

It looks like “sunrise” for the vampires!

Transparency

READ: The transcribed interview of Trisha Anderson by the Committee on the Judiciary, joint with the Committee on Oversight and Government Reform.

READ: The transcribed interview of William Sweeny by the Committee on the Judiciary, joint with the Committee on Oversight and Government Reform.

READ: The transcribed interview of Loretta Lynch by the Committee on the Judiciary, joint with the Committee on Oversight and Government Reform.

. . .

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Posted by & filed under In The News.

The Continuing Saga Of The Lone Ranger’s (Missing) Horse
May 20, 2019

Great Monday Morning Folks,    

      Gold is trading up at this very second, with the price at $1,275.90, up 20 cents inside a very tight trading range between $1,278.70 and $1,273.30. Silver is equally as flat, this time trading lower at $14.385, down 3/10ths of a penny with its range set so far between a high of $14.44 and its low at $14.355. The US Dollar is also equal in flatness with its trade barely making a move at 97.795, down 2.9 points after reaching as high as 97.875 before turning down with the low so far at 97.76. All of this non activity being done way before 5 am pst, the Comex open, and the close in London.    

      In Venezuela, the price of the real currency is taking a beating with Gold now at 12,743.05, losing 111.86 in Bolivar value with Silver at 143.670, losing .999 Bolivar. Argentina’s Peso has Gold priced at 57,405.48 proving a loss of 291.66 Pesos with Silver at 647.341, it too continuing to lose as another .806 A-Pesos have been removed over the weekend. Turkey’s Lira now shows Gold breaking thru its life of contract high over the past few days with Silver next in line, as we wait for the inevitable break in confidence within the primary currencies.       

      May Silver Deliveries remain the question with the total demand for physicals stuck at 353 requests with a Volume of 7 up on the board so far this morning showing no changes since Friday’s early morning count. This has been proven as typical since we’ve been writing up our early morning trade report, COMEX cannot seem to post real live data, even though all transactions are done in a computerized trading system. In short, all this data should be accurate, live, and without mistakes, and here we sit, still waiting for COMEX to catch up. Even the COT reports should be updated daily by now, Hello!! Silver’s Overall Open Interest remains elevated at 209,508 Overnighters proving only 94 Obligations left the field of play as very few “longs” have left the trade even as the shorts piled on almost all of last week.   

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